Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 78

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 78
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 |     |       |    39,413 |
| Charged to other comprehensive income      |     |            |      - |     |             |       - |     |            |       - |   |     |       |   2,342 |   |     |       |     2,342 |
| Income statement credit / (charge)         |     |            |  4,314 |     |             |  18,620 |     |            | 322,431 |   |     |       |  (9,881 | ) |     |       |   335,484 |
| At December 31, 2023                       |     |            | 31,511 |     |             | 199,019 |     |            | 634,894 |   |     |       | 185,997 |   |     |       | 1,051,421 |

(*)For the year 2024, related to Mattr’s pipe coating business unit acquisition. For more information see note 34.

(**)For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions.

| - 54 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized
to the extent it is probable that future taxable profits will be available, against which such losses can be utilized. The utilization
of such tax losses may also be restricted by the nature of the profit, expiration dates and / or potential limitations on their yearly
consumption. In determining the amount of deferred taxes to be recognized, Tenaris considered existing evidence, both positive and negative,
including the historical taxable profits and the projections of future taxable profits prepared by management to assess the probability
that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable
profits will be available.

Deferred tax assets related to tax losses as of the end of 2024 and 2023
include $623.8 million and $550.3 million respectively, recognized
in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings in the past years. Under the Luxembourg tax law,
tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption