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Tenaris S.A. Form 6-K Summary: Six Months Ended June 30, 2025

Business Context and Reporting Period

This filing reports the Consolidated Condensed Interim Financial Statements for Tenaris S.A., a global steel pipe manufacturer, for the six-month period ended June 30, 2025. The report was signed on July 30, 2025. The Company operates primarily through its "Tubes" segment, serving the Oil & Gas, industrial, and power sectors globally.

Key Financial Metrics

Note: All amounts in thousands of U.S. dollars unless otherwise stated.

Material Changes vs. Prior Period

• Revenue Decline: Net sales decreased by approximately 11.2% year-over-year, driven by lower volumes and pricing in the Oil & Gas sector. The Tubes segment saw sales drop from $6.42 billion to $5.69 billion.
• Profitability: Despite lower revenue, Net Income attributable to shareholders remained relatively stable, decreasing only 3.2% due to significant cost reductions and a favorable reversal in litigation provisions.
• Usiminas Litigation Provision: A major driver of the income statement was the provision for the Usiminas acquisition litigation. The expense dropped from $170.6 million in 2024 to $6.3 million in 2025 following a Supreme Court of Justice (SCJ) decision in Brazil that capped attorney fees and modified the monetary adjustment mechanism.
• Equity in Earnings: Equity in earnings of non-consolidated companies swung from a loss of $34.3 million in 2024 to a gain of $46.7 million in 2025, largely due to the reduced litigation provision impact on the Ternium investment.
• Share Capital Reduction: The Company cancelled 90.8 million treasury shares in May 2025, reducing issued share capital from $1.16 billion to $1.07 billion.

Guidance, Outlook, and Risks

Management Commentary & Outlook: The filing does not contain specific forward-looking financial guidance for the full year 2025. Management notes that the Company is unable to predict the ultimate outcome of ongoing legal proceedings or the impact of new U.S. tariffs on steel imports.

Key Risks and Contingencies:

• U.S. Tariffs: The U.S. government announced a 25% tariff on imported steel (effective March 2025), increased to 50% in June 2025 for most products. The Company states it cannot quantify the impact on its business or financial condition at this time.
• Argentina Exchange Controls: Significant foreign exchange restrictions remain in Argentina. The Company holds a net short exposure of $28.1 million in Argentine pesos. Further devaluation could result in losses on deferred tax charges.
• Legal Proceedings:
  • CSN/Usiminas: The SCJ ordered indemnification, but the Company has filed an extraordinary appeal to the Supreme Federal Tribunal. The potential exposure is estimated at approximately $107.9 million.
  • Petrobras: Civil claims for damages totaling approximately $36.5 million are pending, alongside administrative proceedings by Brazil's General Controllers Office (CGU).
  • Veracel: Litigation regarding a 2007 accident remains pending with an estimated exposure of $21.4 million.
• Saudi Arabia Land Title: A settlement was reached regarding cancelled title deeds for land plots in Saudi Arabia, resulting in a cash recovery of approximately $56.2 million.

Investor Verification Checklist

• Usiminas Litigation Status: Verify the current status of the extraordinary appeal filed with the Brazilian Supreme Federal Tribunal regarding the CSN indemnification claim.
• U.S. Tariff Impact: Monitor the finalization of U.S. steel tariffs and any potential exclusions or trade negotiations that could affect the Company's North American operations.
• Argentina FX Exposure: Track the evolution of the Argentine Peso exchange rate and the lifting of foreign exchange controls, given the Company's 16% sales exposure in the region.
• Share Buyback Execution: Confirm the progress of the new $1.2 billion third share buyback program approved in May 2025.
• Working Capital Trends: Review the continued reduction in inventory levels (down $223 million year-over-year) to ensure it aligns with demand forecasts.