Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 24

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 24
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 |                                    18.8 | % |     |      |  19.0 | % |     |     |                     |    |

| 14 |

| Half-year report 2025 - Interim management report |

Net sales of tubular products and servicesdecreased 11% to $5,686 million in the first
half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling
prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and
Canada and 7% internationally compared to the first half of 2024.

Operating results from tubular products and services amounted to a gain of $1,068 million
in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating
income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain
from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average
selling prices and the corresponding impact on margins.

Others

The following table indicates, for our Others business segment, net sales, operating income
and operating income as a percentage of net sales for the periods indicated below:

|                               | Millions of U.S. dollars | 2025 | For the six-month period ended June 30, |   |     | 2024 |      |   |     |     | Increase / Decrease |    |
|:------------------------------|:-------------------------|:-----|----------------------------------------:|:--|:----|:-----|-----:|:--|:----|:----|:--------------------|:---|
| Net sales                     |                          |      |                                     322 |   |     |      |  342 |   |     |     | (6                  | %) |
| Operating income              |                          |      |                                      65 |   |     |      |   78 |   |     |     | (17                 | %) |
| Operating income (% of sales) |                          |      |                                    20.2 | % |     |      | 23.0 | % |     |     |                     |