Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004943
Chunk: 22

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 22
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 entity specific estimates. If all significant inputs required to value an instrument are observable,
the instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of the
valuation date.

The fair value of all outstanding derivatives is determined using specific
pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair
value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency,
based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.

If one or more of the significant inputs are not based on observable market
data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using management assumptions which
reflect the Company’s best estimate on how market participants would price the asset or liability at measurement date. As of June
30, 2025, and December 31, 2024, main balances in this level include a liability related to the shares to be settled under the share buyback
programs. Unobservable inputs related to this balance include assumptions regarding average purchase prices of previous periods, and management's
past experience related to the conclusion of the share buyback program itself. A reasonable change in the inputs used would have not affected
the fair value of the liability materially. For more information see note 23.

Borrowings are comprised primarily of fixed rate debt and variable rate
debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured
at their amortized cost. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately 99.3%
of its carrying amount including interests accrued as of June 30, 2025, as compared with 98.3% as of
December 31, 2024. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market
rates for discounting cash flows.

| 17 | Investments in non-consolidated companies |

This note supplements and should be read in conjunction with note 14 to
the Company’s audited Consolidated Financial Statements for the year ended December 31, 2024.

|                                                             |     | Six-month period ended June 30, |      2025