Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002694
Chunk: 34

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 34
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 and will also suffer a loss on deferred tax charge
as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all impacts of
a further devaluation of the Argentine peso against the U.S. dollar.

As of March 31, 2025, the total equity of Argentine subsidiaries represented
approximately 12% of Tenaris’s total equity and the sales made by Argentine subsidiaries during
the period ended March 31, 2025, amounted approximately to 15% of Tenaris’s total sales. Assets
and liabilities denominated in Argentine peso as of March 31, 2025, are valued at the prevailing official exchange rate.

This context of volatility and uncertainty remains in place as of the issue
date of these Consolidated Condensed Interim Financial Statements. Management continues to monitor closely the evolution of the main variables
affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate
course of action in each case. These Consolidated Condensed Interim Financial Statements should be read taking into account these circumstances.

| 25 |

| 21 | Cash flow disclosures |

|       |                                                                     |     | Three-month period ended March 31, |     2025 |   |     |     |     2024 |   |
|:------|:--------------------------------------------------------------------|:----|:-----------------------------------|---------:|:--|:----|:----|---------:|:--|
|       |                                                                     |     | -Unaudited                         |          |   |     |     |          |   |
| (i)   | Changes in working capital (*)                                      |     |                                    |          |   |     |     |          |   |
|       | Inventories                                                         |     |                                    |  204,777 |   |     |     |      574 |   |
|       | Receivables and prepayments, contract assets and current tax assets |     |                                    |  (24,929 | ) |     |     |  (62,847 | ) |
|       | Trade receivables                                                   |     |                                    |   77,023 |   |     |     |  168,911 |   |
|       | Other liabilities and current tax liabilities                       |     |                                    |    3,784 |   |     |     |  (31,433 | ) |
|       | Customer advances                                                   |     |                                    |