Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 3

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 3
---
  |     |   459 |   |     |      21 | %  |
| Operating margin (% of sales)                       |     |    19.0 | % |     |    18.6 | % |     |    |    |     |  14.7 | % |     |         |    |

Net sales of tubular products and services increased 6% sequentially
and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North
America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased
following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur
pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had
lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated
by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

Operating results from tubular products and servicesamounted to
a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million
in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter
as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

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:

| Others                        |     | 2Q 2025 |   |     | 1Q 2025 |   |     |     |    |     | 2Q 2024 |   |     |     |    |
| Net sales ($ million)         |     |     166 |   |     |     157 |   |     |   6 | %  |     |     192 |   |     | (14 | %) |
| Operating income ($ million)  |     |      29 |   |     |      36 |   |     | (21 | %) |     |      52 |   |