Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 21

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 21
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2025, included in this half-year report.

Certain information contained in this discussion and analysis and presented elsewhere in this
half-year report, including information with respect to our plans and strategy for our business, includes forward-looking statements that
involve risks and uncertainties. See “Cautionary Statement Concerning Forward-Looking Statements” in this half-year report.
In evaluating this discussion and analysis, you should specifically consider the various risk factors identified in “Principal Risks
and Uncertainties”, other risk factors identified elsewhere in this half-year report and other factors that could cause results
to differ materially from those expressed in such forward-looking statements.

Market Background and Outlook

Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production
cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained
relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with
the recent financing of Pemex, may start to recover some activity after its extended decline.

Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect
U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time.

For the second half, as anticipated in our last conference call, our sales will show a moderate
decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will
also be affected by the recent increase in tariff costs.

| 12 |

| Half-year report 2025 - Interim management report |

Results of Operations

Selected income statement data

| (all amounts in thousands of U.S. dollars, unless otherwise stated)           |     | Six-month period ended June 30, |       2025 |   |     |       |   |     |     |       2024 |   |     |       |   |
|:------------------------------------------------------------------------------|:----|:--------------------------------|-----------:|:--|:----|------:|:--|:----|:----|-----------:|:--|:----|------:|:--|
|                                                                               |     |                                 |            |   |     |     % |   |     |     |            |   |     |     % |   |
| Net sales                                                                     |     |                                 |