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

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 25
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Net sales of other products and services decreased 6% to $322 million in the first half
of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing
and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

Operating results from other products and servicesamounted to a
gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived
from our oilfield services business in Argentina and from the sale of sucker rods.

Selling, general and administrative expenses, or SG&A,declined from $1,005 million
in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline
in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

Other operating resultsamounted to a loss of $50 thousand in the first half of 2025,
compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision
for ongoing litigation related to the acquisition of a participation in Usiminas.

Financial resultsamounted to a gain of $67 million in the first half of 2025, compared
to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger
net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In
the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine
bond previously recognized in other comprehensive income.

Equity in earnings (losses) of non-consolidated companiesgenerated a gain of $47 million
in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity
investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision
for ongoing litigation related to the acquisition