Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004943
Chunk: 9

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 9
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 | Accounting policies and basis of presentation |

These Consolidated Condensed Interim Financial Statements have been prepared
in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”)
and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed
Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December
31, 2024. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial
Statements for the year ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards
(“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU.

The preparation of Consolidated Condensed Interim Financial Statements
requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities
and the disclosure of contingent liabilities as of the reporting dates, and the reported amounts of revenues and expenses for the reported
periods. Actual results may differ from these estimates. The main areas involving significant estimates or judgments are impairment of
goodwill and long-lived assets; impairment of investments in associates; income taxes (including recoverability of deferred tax assets);
obsolescence of inventory; contingencies; allowance for trade receivables; post-employment and other long-term benefits; business combinations;
useful lives of property, plant and equipment and other long-lived assets and fair value estimation of certain financial instruments.
During the period there were no material changes in the significant accounting estimates and judgements.

Tenaris carefully assesses the potential impact of climate change and energy
transition on its business and on the risks to its markets and its tangible and intangible assets and adapts its business strategy accordingly.
These events did not impact materially management judgments and estimates used in the preparation of these Consolidated Condensed Interim
Financial Statements. For further information, see note 36 to our audited Consolidated Financial Statements for the year ended December
31, 2024.

Material intercompany transactions, balances and unrealized gains (losses)
on transactions between Tenaris’s subsidiaries have been eliminated in consolidation. However, since the functional currency of
some subsidiaries is their respective local currency, some financial gains (losses) arising from intercompany transactions are generated.
These are included in the Consolidated Condensed Interim Income Statements under Other financial