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Annual Report

2025

TENARIS S.A.

26, Boulevard Royal - 4

Floor

L-2449 - Luxembourg

R.C.S. Luxembourg: B 85203

Annual Report 2025

TABLE OF CONTENTS

LETTER FROM THE CHAIRMAN 5

CERTAIN DEFINED TERMS 7

PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION 9

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS 10

RISK FACTORS 11

Risks Relating to our Business and Industry 11

Risks Relating to our Structure 19

Risks Relating to shares and ADSs 20

INFORMATION ON THE COMPANY 22

Overview 22

History and Development of the Company 23

Business Overview 25

Our Competitive Strengths 27

Business Segments 28

Our Products 29

Production Process and Facilities 30

Sales and Marketing 38

Competition 46

Capital Expenditure Program 49

Raw Materials and Energy 51

Product Quality Standards 55

Research and Development 56

Insurance 57

Organizational Structure and Subsidiaries 58

Operating and Financial Review and Prospects 61

Overview 61

Operating Results 63

Liquidity and Capital Resources 69

Trend Information 73

Critical Accounting Estimates 77

Corporate Governance Statement 78

Corporate Governance 78

Summary of differences with NYSE standards 85

Directors, Senior Management and Employees 88

Directors and Senior Management 88

Compensation 96

Board Practices 97

Employees 100

Share Ownership 101

Recovery of Erroneously Awarded Compensation 102

Major Shareholders and Related Party Transactions 103

Major Shareholders 103

Related Party Transactions 104

SUSTAINABILITY STATEMENT 107

Sustainability in Tenaris 107

Basis for Presentation 108

Policies and Procedures 109

The Administrative and Management Bodies 111

Annual Report 2025

Due Diligence 112

Strategy and Business Model 113

Double Materiality Assessment 114

Identifying and Assessing Material Impacts, Risks and Opportunities 114

Material Impacts, Risks and Opportunities (“IROs”) 117

Environment 119

Environmental Management System 120

Climate Change 121

Air Quality 130

Water Management 132

Circularity 135

Biodiversity 138

EU Taxonomy (Article 8 of Regulation (EU) 2020/852) 139

Social 147

Human Capital 147

Health and Safety 154

Community Relations 159

Our Value Chain 165

Governance - Business Conduct 174

Compliance Culture 176

Business Conduct Compliance Program 177

Business Conduct Risk Management 179

Monitoring, Investigations, Audit Reviews and Compliance Assurance 179

Compliance Line 181

Human Rights 183

Annexes 186

Annex I: Sustainability Statement Accounting Policies 186

Annex II: Sustainability performance indicators 192

Annex III: ESRS Content index 199

Annex IV: SASB Iron & Steel Producers Content Index 203

Annex V: Independent Limited Assurance Report 203

LEGAL AND FINANCIAL INFORMATION 218

Financial Information 218

Consolidated Statements and Other Financial Information 218

The Offer and Listing 220

Offer and Listing Details 220

Additional Information 221

Exchange Controls 221

Taxation 222

Documents on Display 229

Quantitative and Qualitative Disclosure about Market Risk 230

Description of Securities Other Than Equity Securities 233

American Depositary Shares 233

Controls and Procedures 235

Principal Accountant Fees and Services 236

Purchases of Equity Securities by the Company and Affiliated Purchasers 238

Insider Trading Policy 242

Cybersecurity 243

FINANCIAL STATEMENTS 245

Consolidated Financial Statements 245

Annual Accounts (Luxembourg GAAP) 331

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MANAGEMENT CERTIFICATION 351

EXHIBITS 352

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LETTER FROM THE CHAIRMAN

As I write this letter, the world of energy is witnessing a conflagration at its heart in the Middle East. The

Strait of Hormuz, through which 20% of the world’s oil and 20% of its LNG should pass, is effectively closed,

and many of the producing fields in the region are being shut in while some are being damaged by the

hostilities. The longer the conflict continues, the greater will be its impact on the energy industry and the

global economy. As we confront this new reality, our immediate priorities are the safety of our employees

and supporting our customers.

__________________________________

2025 was a year in which Tenaris demonstrated the resilience of its operations in the face of a disruptive

geopolitical environment and lower activity in key markets. Thanks to our global industrial system and flexible

supply chain, the depth of the service we offer our customers and the commitment of our employees, we

were able to respond rapidly to the tariffs and other challenges we faced during the year. These same

elements will help us to navigate the challenges ahead.

Our results remained remarkably stable through the year, which we completed with an EBITDA of $2.9 billion

and net income of $2.0 billion on net sales of $12.0 billion. Free cash flow amounted to $2.0 billion, all of

which was distributed to shareholders through dividends and share buy backs. We are proposing a further

increase of the annual dividend per share of 7% over that for the previous year. At the same time, we

maintained a net cash position of $3.3 billion.

In the USA and Canada, the year was marked by further oil and gas industry consolidation and productivity

improvements, a lower rig count, and the extension of Section 232 tariffs to the imports of all steel products,

including the steel bars we require for our seamless pipe operations at Bay City, and their subsequent

increase to 50%.

In this environment, Tenaris raised the performance of its US production and supply chain system, with its

Koppel steel shop, main pipe production plants at Bay City, Hickman and Ambridge and various pipe

processing facilities acting in concert to achieve record levels of production and supply 90% of our US sales.

In both the US and Canada, we strengthened our market position and extended the differentiation we offer

under our Rig Direct® service model. As customers targeted operational efficiencies, we continued to

develop and roll out our RunReady™ and well integrity services that support them by increasing safety and

reliability at the well site.

Major oil and gas companies are seeking new production reserves to meet a more resilient long-term demand

outlook, and are looking beyond the shales to deepwater developments and exploration in frontier regions.

Tenaris, with its capacity to develop products for complex operations and to support fast-track development

with services and the integrated supply of advanced coated line pipe solutions at scale, is working with most

of these companies as they develop such projects.

As new offshore projects are sanctioned around the world, we see many opportunities to renew our order

backlog, while we execute on existing commitments. Currently, we are delivering casing for Shell’s Sparta

20K project in the US deepwater, extending our services for ExxonMobil’s operations in Guyana and

preparing a service base for TotalEnergies GranMorgu development in Surinam, while planning the

production of seamless and welded line pipe and coating for the third phase of TPAO’s Sakarya gas

development in the Black Sea.

In Latin America, the Mexican government is taking steps to address the financial difficulties of Pemex, which

took a toll on oil and gas drilling activity in the country last year, while, in Argentina, domestic companies

have been able to raise $4 billion in financing to develop infrastructure and expand production and

operations at the Vaca Muerta shale. We supplied the Vaca Muerta Sur pipeline and are currently supplying

the Duplicar Norte pipeline. We are also investing to expand our new fracking and coiled tubing service

business and expect to put a third set of equipment to work before the end of the year.

In Venezuela, following the intervention of the US government, we are resuming our service to Chevron’s

operations and building up our service capabilities in the country to support future increases in drilling

activity.

In the Middle East, where many oil and gas operations are currently being affected, we consolidated our

presence with the award of a long-term agreement for the supply of OCTG to the Northwest Field

Annual Report 2025

development in Qatar, while, in the Emirates, we enhanced our Rig Direct® service to ADNOC, delivering a

record amount of OCTG. In Saudi Arabia, although conventional drilling activity was reduced during the year,

we completed an expansion at our local large diameter facility from which we are supplying line pipe for the

development of gas infrastructure, in addition to the OCTG we supply for Aramco’s drilling operations.

Our globally integrated industrial and supply chain operations have been key to our ability to respond

effectively to the different events we faced during the year. We continue to invest in enhancing the efficiency

and digital integration of these operations as well as reducing their environmental impact. This includes the

integration of advanced AI capabilities into our industrial and administrative processes.

We made further progress towards our mid-term target of reducing the carbon emissions intensity of our

operations as we brought our second wind farm in Argentina into operation. The two wind farms now supply

essentially all of the energy requirements for our electric steel shop and operations in Campana.

As an industrial company, our commitment to the safety of our employees and the sustainability of our

communities is absolute. Although our safety indicators have improved this year, we continue to reinforce

our preventive actions and monitor our performance in these aspects.

The reach of our community education programs, which are focused on strengthening technical education

and employment prospects, now extends to 18,000 students and teachers. Our Roberto Rocca Technical

School in Campana, for example, opens its doors, to offer technical programs and the opportunity to receive

internationally recognized technical qualifications, to almost four times as many students as its quota of full-

time students. We have now decided to build a further Roberto Rocca Technical School in Veracruz to extend

a network that also includes schools sponsored by our sister company Ternium in Monterrey, Mexico and

Santa Cruz (RJ), Brazil.

Tenaris, with its presence across the world, competitive differentiation in product and service, the quality and

compliance of its decentralized operations and the financial strength to support its strategy, remains well

placed to confront an unpredictable and volatile future.

I would like to thank all our employees and the communities which sustain our operations for their constant

commitment and engagement, that have made possible our results and achievements this year. I would also

like to thank our customers and suppliers for their ongoing trust and support.

Sincerely,

Paolo Rocca

March 30, 2026

Annual Report 2025

CERTAIN DEFINED TERMS

Unless otherwise specified or if the context so requires:

• References in this annual report to “Tenaris”, “we”, “us” or “our” are to Tenaris S.A. and its

consolidated subsidiaries. See “II. Accounting Policies A. Basis of presentation” and “II. Accounting

Policies B. Group accounting” to our audited consolidated financial statements included in this annual

report.

• References in this annual report to “the Company” are exclusively to Tenaris S.A., a Luxembourg

société anonyme

• References in this annual report to “San Faustin” are to San Faustin S.A., a Luxembourg

société

anonyme

and the Company’s controlling shareholder.

• “ADSs” refers to the American Depositary Shares, which are evidenced by American Depositary

Receipts, and represent two shares each.

• “API” refers to the American Petroleum Institute.

• “BAT” refers to the best available technologies.

• “billion” refers to one thousand million, or 1,000,000,000.

• “BRL” refers to the Brazilian real.

• “CBAM” refers to the EU Carbon Border Adjustment Mechanism.

• “CCS” refers to carbon capture and storage.

• “DMA” refers to the Double Materiality Assessment.

• “EAF” refers to electric arc furnaces.

• “EC” refers to the European Commission.

• “EMS” refers to the Environmental Management System.

• “ESG” refers to Environmental, Social and Governance.

• “ESRS” refers to the European Sustainability Reporting Standards.

• “ETS” refers to the European Emissions Trading System.

• “EU” refers to the European Union.

• “EUR” refers to the Euro.

• “FCPA” refers to the U.S. Foreign Corrupt Practices Act.

• “GHG” refers to greenhouse gas.

• “IAS” refers to International Accounting Standard.

• “IFRS” refers to International Financial Reporting Standards Accounting Standards as issued by the

International Accounting Standards Board.

• “IPCC” refers to the Intergovernmental Panel on Climate Change.

• “ISO” refers to the International Organization for Standardization.

• “ksi” refers to kilopound per square inch.

Annual Report 2025

• “LNG” refers to liquefied natural gas.

• “NYSE” refers to the New York Stock Exchange.

• “OCTG” refers to oil country tubular goods. See “Information on the Company - Business Overview -

Our Products”.

• “OECD” refers to the Organization for Economic Co-operation and Development.

• “OPEC” refers to the Organization of Petroleum Exporting Countries.

• “QHSE” refers to Quality, Health, Safety, and Environment.

• “QMS” refers to the Quality Management System.

• “R&D” refers to research and development.

• “RCP” refers to the Representative Concentration Pathway.

• “SAR” refers to the Saudi Arabian Riyal.

• “SEC” refers to the U.S Securities and Exchange Commission.

• “shares” refers to ordinary shares, par value $1.00, of the Company.

• “tons” refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102

U.S. (short) tons.

• “UK” refers to the United Kingdom.

• “U.S. dollars”, “US$”, “USD” or “$” each refers to the United States dollar.

Annual Report 2025

PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION

Accounting Principles

We prepare our consolidated financial statements in accordance with IFRS as issued by the IASB, and in

accordance with IFRS, as adopted by the EU. IFRS differs in certain significant aspects from generally accepted

accounting principles in the United States, commonly referred to as U.S. GAAP. Additionally, this annual

report includes certain non-IFRS alternative performance measures such as EBITDA, Net cash/debt position

and Free Cash Flow. See Exhibit 3 for more details on these alternative performance measures.

We publish consolidated financial statements presented in increments of a thousand U.S. dollars. This annual

report includes our audited consolidated statements of financial position as of December 31, 2025 and 2024,

and the related consolidated income statements, consolidated statements of comprehensive income,

consolidated statements of changes in equity and consolidated statements of cash flows for each of the three

years in the period ended December 31, 2025, including the related notes (collectively referred to as the

“consolidated financial statements”).

Rounding

Certain monetary amounts, percentages and other figures included in this annual report have been subject to

rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic

aggregation of the figures that precede them, and figures expressed as percentages in the text may not total

100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that

precede them.

Our Internet Website is Not Part of this Annual Report

We maintain an Internet website at www.tenaris.com. Information contained in or otherwise accessible

through our Internet website is not a part of this annual report. All references in this annual report to this

Internet site are inactive textual references to these URLs, or “uniform resource locators” and are for

informational reference only. We assume no responsibility for the information contained on our Internet

website.

This annual report has been prepared in accordance with the European Single Electronic Format (“ESEF”).

This version of the annual report is the only authoritative version and is available on the Luxembourg Stock

Exchange website: https://my.luxse.com/FIRST.

Industry Data

Unless otherwise indicated, industry data and statistics (including historical information, estimates or

forecasts) in this annual report are contained in or derived from internal or industry sources believed by

Tenaris to be reliable. Industry data and statistics are inherently predictive and are not necessarily reflective of

actual industry conditions. Such statistics are based on market research, which itself is based on sampling and

subjective judgments by both the researchers and the respondents, including judgments about what types of

products and transactions should be included in the relevant market. In addition, the value of comparisons of

statistics for different markets is limited by many factors, including that (i) the markets are defined differently,

(ii) the underlying information was gathered by different methods and (iii) different assumptions were applied

in compiling the data. Such data and statistics have not been independently verified, and the Company

makes no representation as to the accuracy or completeness of such data or any assumptions relied upon

therein.

Annual Report 2025

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This annual report and any other oral or written statements made by us to the public may contain “forward-

looking statements” within the meaning of and subject to the “safe harbor” provisions of the Private

Securities Litigation Reform Act of 1995. This annual report contains forward-looking statements, including

with respect to certain of our plans and current goals and expectations relating to Tenaris’s future financial

condition and performance.

Sections of this annual report that by their nature contain forward-looking statements include, but are not

limited to, “Risk Factors,” “Information on the Company,” “Operating and Financial Review and Prospects,”

“Financial Information,” and “Quantitative and Qualitative Disclosure About Market Risk”.

We use words and terms such as “aim”, “will likely result”, “will continue”, “contemplate”, “seek to”,

“future”, “objective”, “goal”, “should”, “will pursue”, “anticipate”, “estimate”, “expect”, “project”,

“intend”, “plan”, “believe”, and words and terms of similar substance to identify forward-looking

statements, but they are not the only way we identify such statements. All forward-looking statements are

management’s present expectations of future events and are subject to a number of factors and uncertainties

that could cause actual results to differ materially from those described in the forward-looking statements.

These factors include the risks related to our business and industry discussed under “Risk Factors”, including

among them, the following:

• our ability to implement our business strategy and to adapt it adequately to tariffs and other changes

in laws and regulations and, over the longer term, the energy transition;

• our ability to grow through acquisitions, joint ventures and other investments, or integrate newly

acquired businesses or assets;

• our ability to provide value added products and services and price such products and services in

accordance with our strategy;

• trends in the levels of investment in oil and gas exploration and drilling worldwide;

• the competitive environment or level of consolidation in our business and our industry;

• the impact of climate change legislation, including increasing regulatory requirements and extensive

technology and market changes aimed at transitioning to a lower-carbon economy and reducing GHG

emissions;

• the physical risks resulting from climate change, including natural disasters, increased severity of

extreme weather events, chronic climate changes and long-term shifts in weather patterns;

• our ability to absorb cost increases and to secure supplies of essential raw materials and energy;

• our ability to adjust fixed and semi-fixed costs to fluctuations in product demand;

• the impact of the world’s economy on the energy sector in general, or our business and operations;

and

• general macroeconomic conditions, including renewed inflation or high inflation rates, inflation

containment measures and foreign exchange measures, as well as, international conflicts, particularly

the escalation of the Middle East conflict, public health epidemics and other political, social, or

economic conditions and developments in the countries in which we operate or distribute pipes.

By their nature, certain disclosures relating to these and other risks are only estimates and could be materially

different from what actually occurs in the future. As a result, actual future gains or losses or other

occurrences or developments that may affect our financial condition and results of operations could differ

materially from those that have been estimated. You should not place undue reliance on forward-looking

statements, which speak only as of the date of this annual report. Except as required by law, we are not

under any obligation, and expressly disclaim any obligation to, update or alter any forward-looking

statements, whether as a result of new information, future events or otherwise.

Annual Report 2025

RISK FACTORS

You should carefully consider the risks and uncertainties described below, together with all other information

contained in this annual report, before making any investment decision. Any of these risks and uncertainties

could have a material adverse effect on our business, revenues, financial condition and results of operations,

which could in turn affect the price of shares and ADSs.

Risks Relating to our Business and Industry

Sales and profitability may fall as a result of downturns in the international price of oil and gas and other

factors and circumstances affecting the oil and gas industry

We are a global steel pipe manufacturer primarily focused on manufacturing products and providing related

services for the oil and gas industry, which is a major consumer of high-specification steel pipe products

worldwide. Demand for steel pipe products for the oil and gas industry has been historically volatile and

depends primarily on the number of wells drilled, completed and reworked, and on well depth, length and

drilling conditions. Exploration, development and production activity and related capital spending by oil and

gas companies, including national oil companies, depends primarily on current and expected oil and gas

prices and are sensitive to expectations for economic growth and resulting oil and gas demand. Several

factors, such as the supply and demand for oil and gas, the development and availability of new drilling

technology, political and global economic conditions, and government regulations affect these prices. Specific

factors that have had or are likely to have an impact on oil and gas prices and drilling activity include:

• developments in drilling technology, which have allowed producers in the United States, Canada and

other countries to increase production from their reserves of tight oil and shale gas in response to

changes in market conditions more rapidly than in the past;

• consolidation, drilling efficiencies and productivity gains in the U.S. oil and gas industry, which have

impacted prices and overall drilling activity in North America;

and

• government initiatives to reduce GHG emissions, which could affect oil and gas prices. For more

information on risks relating to climate change regulations, see “Risk Factors - Risks Relating to Our

Business and Industry - Climate change legislation, evolving ESG regulatory frameworks and the

transition to a lower-carbon economy may reduce demand for our products and services, increase our

costs and capital expenditures, and adversely affect our competitiveness, financial condition and

reputation”.

When oil and gas prices fall, producers generally reduce production and exploration spending and purchase

fewer steel pipe products. Major oil-and gas-producing nations and companies have frequently collaborated

to balance oil supply (and thus prices) in the international markets, including through the OPEC, and the

expanded group of producer countries known as OPEC+. Many of our customers are state-owned companies

in OPEC member countries, and OPEC plays a significant role in trying to counter falling prices.

Adverse economic, political and security conditions in the countries where we operate or sell our products

and services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt our

operations, reduce demand and adversely affect our revenues, profitability and financial condition

We have significant operations and sales in multiple countries, and our business is exposed to political,

economic, social, regulatory and security developments that are unpredictable and may vary significantly from

jurisdiction to jurisdiction. These developments and risks include trade restrictions, inflation, devaluation,

exchange controls, changes (including retroactive) in tax regimes, price controls, delays or denials of

governmental approvals, labor disruptions, energy shortages, civil unrest, criminal violence, armed conflicts,

sanctions and other geopolitical events. The occurrence of any of these events could disrupt our

manufacturing operations or supply chain, reduce demand for our products and services, and adversely affect

our financial condition and results of operations.

In particular, we have significant operations in Argentina and Mexico and are exposed to heightened

economic, political and regulatory risks in those countries. Argentina has been historically subject to

macroeconomic and political volatility, high levels of inflation, currency controls and devaluation, energy

supply constraints and regulatory uncertainty. Such conditions have in the past, and may in the future,

adversely affect our costs, margins, operations, ability to access foreign currency, repatriate funds or finance

Annual Report 2025

investments. For additional information on current Argentine exchange controls and restrictions, see “Legal

and Financial Information - Additional Information - Exchange Controls”.

In Mexico, governmental influence over the economy and the energy sector, payment delays by state-owned

customers, labor disruptions and changes in energy and regulatory frameworks could adversely affect our

operations, cash flows and profitability. In particular, we maintain a strong, longstanding relationship with

Petróleos Mexicanos (“Pemex”), a significant crude oil and condensate producers and one of

our largest customers. Over the past years, Pemex has delayed payments beyond the agreed-upon due dates,

resulting in a significant credit exposure to Pemex, although this was significantly reduced at the end of

2025. If Pemex defaults on its payment obligations or our exposure to Pemex increases to excessive levels, our

revenues and profitability could be adversely affected. Our Mexican operations could also be affected by

criminal violence, primarily due to the activities of drug cartels and related to organized crime which has been

increasing in Mexico over the last years. Although the Mexican government has implemented various security

measures and has strengthened its military and police forces, drug-related crime continues to exist in Mexico.

Our business may be materially and adversely affected by these activities, their possible escalation and the

violence associated with them.

In addition, armed conflicts and geopolitical tensions, particularly in the Middle East, and related sanctions,

may disrupt global trade flows and sales to affected customers, increase energy and raw-material costs, affect

supply availability, restrict transactions with certain counterparties, result in operational disruptions or asset

impairments, and affect our delivery commitments, adversely affecting our results of operations and financial

condition. In March 2026, the armed conflict involving the United States and Israel against Iran, and

retaliatory actions by Iran across the broader Middle East, led to a closure of the Hormuz Strait, through

which almost 20% of the world’s oil and LNG supply is shipped, resulting in extreme volatility of energy

prices and a disruption to oil and LNG production and transportation in the region. There is uncertainty about

the full impact and consequences resulting from the conflict. We maintain significant industrial operations

and customer relationships in the Middle East. A prolonged conflict or an escalation of hostilities in the region

could disrupt our operations at these facilities, impair our ability to fulfill customer orders, restrict employee

mobility, damage physical infrastructure, and hinder supply of raw materials, semi-finished steel and other

inputs to our regional mills. The Iran conflict adds to existing supply chain challenges, including trade

restrictions from tariffs and supply chain disruptions that have continued since the Russia–Ukraine war. A

sustained disruption to the Hormuz Strait could significantly increase oil prices and fuel broader inflation,

slow global economic activity and reduce demand for our products. The imposition of additional sanctions

targeting Iran-linked maritime networks and the potential for expanded trade restrictions may further

constrain our sourcing alternatives and increase compliance costs.

Climate change legislation, evolving ESG regulatory frameworks and the transition to a lower-carbon

economy may reduce demand for our products and services, increase our costs and capital expenditures, and

adversely affect our competitiveness, financial condition and reputation

Regulatory, investor, customer and social scrutiny of GHG emissions and climate-related impacts has

increased globally. Governments and regulators in multiple jurisdictions have adopted, or are considering

adopting, laws, regulations and policies aimed at reducing emissions, promoting the transition to a lower-

carbon economy and expanding climate and sustainability-related disclosures. Government initiatives include

carbon taxes or carbon-pricing systems (including the CBAM), “cap-and-trade” systems (like the ETS) and

measures promoting renewable energy sources, or electric vehicles. These regulations are complex, evolving

and, in some cases, inconsistent or conflicting across jurisdictions, increasing compliance burdens, costs and

legal risks.

Climate-related regulatory uncertainty, including changes to disclosure regimes and emissions-related

requirements, may further increase compliance complexity and costs. In addition, governments may adopt

more stringent or abrupt policy, legal, technological or market measures to meet climate objectives.

We provide products and services to the oil and gas industry, which accounts for a significant portion of

global GHG emissions. Existing and future climate-related legislation, carbon pricing mechanisms, emissions-

reporting obligations, restrictions on fossil fuel development, government incentives for alternative energy

sources and increasing competitiveness of renewable energy may reduce demand for oil and natural gas and,

in turn, for our products and services. These developments may increase operating and compliance costs,

require additional capital expenditures and adversely affect our market position.

Annual Report 2025

Shifts in stakeholder expectations regarding climate-related performance and disclosures, and our ability to

meet evolving regulatory, investor, customer and employee demands, may adversely affect our reputation,

access to capital and results of operations.

The physical risks resulting from climate change, including extreme weather conditions and shifts in weather

patterns, have in the past, and may in the future, adversely affect our operations and financial results

Our business has been, and in the future could be, affected by severe weather in areas where we operate,

which could materially affect our operations and financial results. Extreme weather conditions and natural

disasters such as hurricanes, extreme wind, fires, flooding or coastal storm surges have resulted, and may in

the future result, in the shutdown of our facilities, evacuation of our employees, and activity disruptions at

our clients’ well-sites or in our supply chain.

Chronic physical risks associated with climate change, including changes in precipitation patterns and

increases in average temperatures and sea levels, may increase operating costs and capital expenditures

resulting from facility damage, supply constraints, higher insurance costs or reduced availability of insurance,

reduced production capacity, and asset impairments or early retirement. Occurrence of these risks could

adversely affect our financial condition, results of operations and cash flows.

Competition in the global market for steel pipe products may cause us to lose market share and hurt our

sales and profitability

The global market for steel pipe products is highly competitive; key factors include price, quality, service and

technology. Over the past two decades, substantial investments, especially in China but also in the United

States and the Middle East, have increased production capacity of seamless steel pipe products, without a

corresponding increase in demand, resulting in significant excess capacity, particularly for “commodity” or

standard product grades. Production capacity for more specialized products has also increased. At the same

time, the high capital costs and long lead times of the most complex projects, particularly deepwater, have

slowed new developments in a context of lower and more volatile oil prices. Despite our efforts to

differentiate our products and services, the competitive environment is expected to remain intense in the

coming years and our ability to achieve effective competitive differentiation, vertically integrate, and provide

value added services, will be critical.

In addition, unfairly traded steel pipe imports may affect markets in which Tenaris produces and sells, and we

can give no assurance with respect to the imposition or maintenance of antidumping duties and tariffs or the

effectiveness of any such measures.

Our sales may be affected as a result of antidumping and countervailing duty proceedings or by the

imposition of other import restrictions or local content requirements

Because of the global nature of our operations, we export and import products from several countries and, in

many jurisdictions, we supplement domestic production with imported products. We import OCTG and other

products from our facilities in other countries to complement our significant and growing production in the

United States. From time to time, local producers seek the imposition of import restrictions or the initiation of

antidumping or countervailing duty proceedings. Antidumping or countervailing duty proceedings, any

resulting penalties or any other form of import restriction can impede or make it more costly and restrict our

access to important export markets for our products, thereby adversely impacting on our sales or limiting our

opportunities for growth. For example, in October 2021, the U.S. Department of Commerce (“DOC”)

initiated antidumping duty investigations of OCTG imports from Argentina, Mexico, and Russia, which

resulted in the payment of certain antidumping duty deposits, in the context of an ongoing process.

Although the applicable antidumping duties were subsequently lowered, the determination of the final level

of duties for any given period remains subject to uncertainty and the time taken to receive any refunds is

subject to delays. For more information on this matter, please refer to note 27 “Contingencies, commitments

and restrictions on the distribution of profits” to our audited consolidated financial statements included in

this annual report.

In addition, several jurisdictions of significance within our business, such as Saudi Arabia, Brazil, Indonesia,

Nigeria and the United Arab Emirates, have imposed or expanded local content requirements. Other

mechanisms, such as the CBAM, could have a similar impact. For more information, see “Risk Factors - Risks

Relating to Our Business and Industry - The cost of complying with environmental regulations and potential

environmental and product liabilities may increase our operating costs and adversely affect our business,

Annual Report 2025

financial condition and results of operations”. If countries impose or expand local content requirements or

put in place regulations limiting our ability to import certain products, our competitive position could be

negatively affected. Therefore, if any of these risks materialize, we may not continue to compete effectively

against existing or potential producers and preserve our current shares of geographic or product markets,

and increased competition may have a material impact on the pricing of our products and services, which

could in turn adversely affect our revenues, profitability and financial condition.

Our sales may also be affected as a result of tariffs and other international trade regulations

We are subject to tariffs and trade and customs laws and regulations governing shipment of goods and

services across international borders. In addition, the EU, the United States and other countries impose

requirements, recordkeeping and reporting obligations and, in certain cases, economic sanctions, to control,

restrict or prohibit the import and export of certain goods and services. Certain governments have also

imposed economic sanctions against certain countries, persons or other entities, such as sanctions that

restrict or prohibit international commercial transactions involving Iran, Russia, Syria and Venezuela, and their

citizens or companies. Similarly, we are subject to the U.S. anti-boycott laws. International trade laws and

regulations are complex and frequently changing, and they may be enacted, amended, enforced or

interpreted in a manner that could materially impact our operations. For example, tariffs imposed by the

United States on steel imports and other tariffs, including potential retaliatory countermeasures from other

countries or trade partners, are affecting market prices and dynamics, supply chains, and cost structures, and

could result in a prolonged or escalated trade war. For more information on U.S. tariffs on steel imports,

please see note 37 “Tariffs on steel and other imports in the United States and Canada” to our audited

consolidated financial statements included in this annual report.

Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw

materials and energy, and price mismatches between raw materials and our products may hurt our

profitability

The manufacture of seamless steel pipe products requires substantial amounts of steelmaking raw materials

and energy; welded steel pipe products, in turn, are processed from steel coils and plates. The availability and

pricing of a significant portion of the raw materials, including steel coils and plates, and energy we require

are subject to supply and demand conditions, which can be volatile, and to tariffs and other government

regulations, which can affect continuity of supply and prices. In addition, disruptions, restrictions or limited

availability of energy resources in markets where we have significant operations could lead to higher costs of

production and eventually to production cutbacks at our facilities in such markets. For example, the Russia-

Ukraine war resulted in a spike in European energy costs, and, beginning in early 2024, we experienced some

delays in the delivery times to our customers in relation to orders that had to be diverted because of the

ongoing shipping disruption in the Red Sea. More recently, the escalation of the Middle East conflict is

affecting energy costs, particularly in Europe, and disrupting shipping and deliveries to regional customers.

For more information, please see “Risk Factors - Risks Relating to Our Business and Industry - Adverse

economic, political and security conditions in the countries where we operate or sell our products and

services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt our operations,

reduce demand and adversely affect our revenues, profitability and financial condition”.

At any given time, we may be unable to obtain an adequate supply of critical raw materials with price and

other terms acceptable to us. The availability and prices of raw materials may also be negatively affected by

new laws and regulations, including import controls, sanctions and other trade restrictions, allocation by

suppliers, interruptions in production, accidents or natural disasters, armed conflicts, chronic climate change,

changes in exchange rates, worldwide price fluctuations, and the availability and cost of transportation. Raw

material and energy prices could also be affected by the introduction of carbon prices or taxes, or as a result

of changes in production processes, such as an increased use of metal scrap, adopted by steelmaking

companies seeking to reduce carbon emissions. In addition, we may not be able to recover, partially or fully,

increased costs of raw materials and energy through increased selling prices for our products, or it may take

an extended period of time to do so, and limited availability could force us to curtail production, which could

adversely affect our sales and profitability.

Our results of operations and financial condition could be adversely affected by low levels of capacity

utilization or failure to attract or retain a qualified workforce

Like other manufacturers of steel-related products, we have fixed and semi-fixed costs (e.g., labor and other

operating and maintenance costs) that cannot adjust rapidly to fluctuations in product demand for several

reasons, including operational constraints and regulatory restrictions. If demand for our products falls

Annual Report 2025

significantly, as was the case during past oil crises, or if we are unable to operate due to, for example,

governmental measures or unavailability of workforce, as occurred during the COVID-19 pandemic, these

costs may adversely affect our profitability and financial condition. Temporary suspensions of operations or

closure of facilities in respect to these developments generally lead to layoffs of employees, which may in turn

give rise to labor conflicts and impact operations. Cost containment measures may also affect profitability

and result in restructuring charges and asset impairments.

In addition, increasing adoption of artificial intelligence and automation technologies in steel manufacturing

and oilfield equipment production, maintenance and logistics may materially affect workforce needs,

requiring reskilling and redeployment of employees, creating competition for artificial intelligence ("AI") skilled

talent, and potentially reducing or eliminating certain roles; our inability to manage these transitions effectively

could adversely affect productivity, employee relations, safety, and costs.

In turn, in times of economic growth and high demand for our products we may not be able to retain

qualified workforce or hire additional employees soon enough. Adoption of AI-enabled systems for

inspection, welding, non-destructive testing, quality control, inventory management and predictive

maintenance across our facilities and supply chain may also give rise to labor relation challenges, including

resistance to changes in job content, demands for retraining or wage adjustments, and increased scrutiny in

collective bargaining. Evolving laws and regulations governing the use of AI in the workplace, including

requirements related to transparency, data privacy, bias and worker surveillance, could increase compliance

costs and constrain deployment, and failure to comply could result in investigations, litigation or penalties.

Competition for personnel with relevant AI, data and automation skills may intensify, increasing labor costs

and affecting optimization initiatives.

Moreover, certain consequences of climate change, such as shifts in customer preferences, stigmatization of

our industry or failure to respond to shareholder demands for climate-related measures could negatively

impact workforce management and planning, adversely affecting employee attraction and retention.

If we do not successfully implement our business strategy, including through acquisitions, strategic

partnerships and capital investments, our growth, competitive position and profitability may suffer

We plan to continue implementing our business strategy of consolidating our position as a leading global

supplier of integrated product and service solutions to the energy and other industries and adapting to the

energy transition by reducing the carbon emissions in our operations and developing and supplying products

and services for low-carbon energy applications, while pursuing strategic investment opportunities. Any

component of this strategy could cost more than anticipated (including due to increasing regulatory

requirements aimed at transitioning to a lower-carbon economy), may not be successfully implemented or

could be delayed or abandoned. For example, we may fail to create sufficient differentiation in our Rig

Direct® services to offset the added costs of providing such services, or be unable to find suitable investment

opportunities, including acquisition targets that enable us to continue to grow and maintain or improve our

competitive position.

Assessments of potential acquisitions, joint ventures, partnerships and capital investments necessarily rely on

assumptions regarding timing, profitability, market conditions and customer behavior that may prove

incorrect. Our past or future acquisitions, significant investments and alliances may not perform in line with

expectations and could adversely affect our operations and profitability. Integration of acquired businesses

can place new demands on our organization and personnel, disrupt ongoing activities and divert

management attention. Moreover, we may acquire assets unrelated to our core business and may be unable

to integrate them effectively or divest them on favorable terms.

These transactions are also subject to scrutiny by governmental authorities, including antitrust and consumer-

protection authorities. The costs of complying with authorization or investigation procedures may be

significant. Authorities are examining the effects of acquisitions more closely and may deny authorizations,

impose conditions that may result in significant costs or deprive Tenaris of the advantages and expected

synergies of acquisitions, or initiate investigation upon challenges brought by third parties. Challenges to

acquisitions or other investments, and failure to obtain, or conditions imposed for the granting of,

authorizations may prevent or delay transactions, which could have an adverse effect on our financial

condition and results of operations.

Even if we successfully implement our business strategy, it may not yield the expected results, or decisions by

our joint venture partners may frustrate our initiatives. External factors -such as market volatility, shifts in

customer capital spending, supply chain disruptions and the uncertain pace of the energy transition- could

Annual Report 2025

undermine anticipated benefits. Increased costs to decarbonize operations and develop new products,

misallocated capital, or failure to realize anticipated synergies could harm our growth, competitive position,

and profitability.

Disruptions to our manufacturing processes could adversely impact our operations, affect customer service

levels or our reputation, or expose us to liability and, consequently, adversely affect our financial results

Our steel pipe manufacturing processes depend on the operation of critical steelmaking equipment, such as

EAF, continuous casters, rolling mills, heat treatment and various operations that support them, such as our

power generation facilities. Despite the investments we make to maintain critical production equipment, such

equipment may incur downtime as a result of unanticipated failures or other events, such as fires, explosions,

floods, earthquakes, accidents and severe weather conditions.

Similarly, natural disasters or severe weather conditions, including those related to climate change, could

significantly damage our production facilities and general infrastructure or affect the normal course of

business. For example, our Mexican production facility in Veracruz is located in a region prone to

earthquakes, and our Bay City facility in Texas, United States is located in an area prone to strong winds and

hurricanes, and occasional floods. More generally, changing weather patterns and climatic conditions in

recent years have added to the unpredictability and frequency of natural disasters. For more information on

the risks associated with climate-change, see “Risk Factors - Risks Relating to Our Business and Industry - The

physical risks resulting from climate change, including extreme weather conditions and shifts in weather

patterns, have in the past, and may in the future, adversely affect our operations and financial results”.

Our operations may also be adversely affected as a result of work stoppages or other labor conflicts, as was

the case, in the past, when our operations in Mexico were disrupted due to union-led stoppages resulting

from an internal dispute within the local union. In addition, in some of the countries in which we have

significant production facilities (e.g., Argentina and Brazil), significant inflationary pressures and higher tax

burdens could increase labor demands and could eventually generate higher levels of labor conflicts, which

may result in operational disruptions.

Epidemics and other public health crises may also disrupt our operations, as was the case during 2020 as a

result of the COVID-19 outbreak when some of our facilities or production lines were closed or shutdown.

Some of the previously described emergency situations could result, and in some cases have resulted, in

damage to property, delays in production or shipments and death or injury to persons.

Any of the foregoing could expose us to liability and affect our reputation. To the extent that lost production

or delays in shipments cannot be compensated for by unaffected facilities, such events could have an adverse

effect on our profitability and financial condition. Additionally, we do not carry business interruption

insurance, and the insurance we maintain for property damage and general liability may not be adequate or

available to protect us under such events, its coverage may be limited, or the amount of our insurance may

be less than the related loss. For more information on our insurance coverage, see “Information on the

Company - Business overview - Insurance”.

Our results of operations and financial condition could be adversely affected by movements in exchange

rates. In addition, particularly as a consequence of deteriorating market conditions, we may be required to

record a significant charge to earnings if we must reassess our goodwill or other assets as a result of changes

in assumptions underlying the carrying value of certain assets

As a global company, we manufacture and sell products throughout the world and a portion of our business

is carried out in currencies other than the U.S. dollar, which is the Company’s functional and presentation

currency. As a result, we are exposed to foreign exchange rate risk. Changes in currency values and foreign

exchange regulations could adversely affect our financial condition and results of operations. For information

on our foreign exchange rate risk, please see “Legal and Financial Information - Quantitative and Qualitative

Disclosure About Market Risk”.

In addition, a significant portion of our assets are subject to amortization. These assets are reviewed for

impairment whenever events or changes in circumstances indicate that the carrying amount may not be

recoverable. Intangible assets with indefinite useful life, including goodwill, are subject to impairment tests

following IAS 36. We may be required to record a significant charge to earnings if we must reassess our

Annual Report 2025

goodwill or other assets as a result of changes in assumptions underlying the carrying value of certain assets,

particularly as a consequence of deteriorating market conditions.

Changes in applicable tax regulations and resolutions of tax disputes could negatively affect our financial

results

We are subject to tax laws and regulations in multiple jurisdictions, and the integrated nature of our global

operations may give rise to conflicting claims by tax authorities, including with respect to transfer pricing and

the allocation of taxable profits among jurisdictions. Although many jurisdictions provide dispute resolution

mechanisms under double taxation treaties, such processes may be lengthy, uncertain and may not fully

eliminate double taxation.

Tax authorities worldwide have increased scrutiny of multinational groups, and ongoing changes to

international tax frameworks, including initiatives led by the OECD, the European Union and other

jurisdictions, have increased complexity, compliance obligations and the risk of tax disputes. We are subject

to global minimum taxation regimes, including Pillar Two rules, which may result in additional tax liabilities,

increased compliance costs and greater exposure to interpretation differences among tax authorities. The

implementation, coordination and interaction of these regimes across jurisdictions remain evolving and

uncertain.

Further changes in tax laws, regulations or their interpretation or enforcement, including those related to

evolving international tax initiatives, could require adjustments to our organizational structure, increase the

risk of audits and disputes, and result in additional taxes, penalties or interest. Any of these developments

could adversely affect our profitability, financial condition and cash flows.

Failure to comply with anti-corruption laws and regulations could subject us to investigations, fines, penalties,

litigation and reputational harm, and could adversely affect our sales, profitability and financial condition

We operate globally, including in jurisdictions with elevated corruption risks. Despite our commitment to

conduct business ethically and in compliance with applicable anti-corruption laws, including the FCPA, the UK

Bribery Act, and similar laws in other jurisdictions, we face the risk that our employees, agents,

representatives, affiliates or other associated persons may engage in conduct that violates such laws. Many

anti-corruption regimes impose strict liability on companies for the actions of third parties acting on their

behalf, and we cannot assure that all past or future violations, including at acquired businesses, will be

detected or prevented. Actual or alleged violations of anti-corruption laws could result in governmental

investigations, significant management distraction, substantial fines, penalties or other sanctions, private

litigation, increased compliance costs, and reputational damage, which could adversely affect our operations,

revenues, profitability and financial condition.

For information on matters related to the Company Business Conduct Compliance Program, please refer to

our website on the matter https://www.tenaris.com/en/sustainability/governance-and-ethics/. Information

contained in or otherwise accessible through our Internet website is not a part of this annual report. For

information on matters related to the Petrobras-related proceedings and claims, please see note 27

“Contingencies, commitments and restrictions on the distribution of profits” to our audited consolidated

financial statements included in this annual report.

The cost of complying with environmental regulations and potential environmental and product liabilities may

increase our operating costs and adversely affect our business, financial condition and results of operations

We are subject to extensive and evolving environmental, health and safety laws and regulations in the

jurisdictions in which we operate, including those relating to hazardous materials, air emissions, water

discharges, and waste management. Environmental requirements have become increasingly complex,

stringent, and costly to implement, vary significantly across jurisdictions, and may place us at a competitive

disadvantage relative to competitors operating in jurisdictions with less stringent standards. Compliance costs

and the impact of future regulatory changes are often uncertain and may require significant capital

expenditure or remediation costs.

Certain environmental laws impose strict, joint and several liability for environmental damage, remediation,

and threats to public health, regardless of fault or compliance at the time of the activity. As a result, we may

be exposed to liabilities arising from environmental incidents, conditions, or activities caused by third parties

or from historical operations. Environmental incidents or accidents, even if promptly addressed, could result in

regulatory actions, remediation obligations, reputational harm and operational disruptions.

Annual Report 2025

In addition, trade-related environmental measures, such as carbon pricing and border adjustment

mechanisms, including the CBAM, may increase compliance costs, administrative burdens and the cost of

accessing certain markets.

Our oil and gas casing, tubing, and line pipe products are sold primarily for use in oil and gas drilling,

gathering, transportation, processing and power generation facilities, which are subject to inherent risk.

Product defects or failures, including well failures, line pipe leaks, blowouts, bursts and fires, could result in

personal injury, property damage, environmental pollution, production losses and related liabilities, adversely

affecting our results of operations and financial condition.

We warrant our products in accordance with customer specifications and, as we expand our service offerings,

may be required to warrant that products and services are fit for their intended purpose. Actual or alleged

defects in our products or services could result in warranty or product liability claims, including claims for

damages or losses suffered by customers.

Our insurance coverage may be limited, unavailable or insufficient to cover all potential claims, including in

cases of gross negligence or willful misconduct. In addition, our sales of tubes and components to the

automotive industry expose us to product liability risks, including potential liability for vehicle recalls, which

could adversely affect our financial condition and results of operations.

Limitations on our ability to protect our intellectual property rights, including our trade secrets, could

adversely affect our competitive advantage and financial results

Some of our products, services, and processes are protected by patents, pending patent applications, or trade

secrets. Our business may be adversely affected if such protections are unenforceable, insufficient or denied,

or if our trade secrets are not adequately protected. In addition, competitors may independently develop

similar technologies without infringing our intellectual property, which could adversely affect our revenues,

financial condition, results of operations, and cash flows.

Cyberattacks could have a material adverse impact on our business and results of operations

We rely heavily on information systems, and cyber threats are persistent, evolving, and often beyond our

control. Despite significant investments in security, monitoring, and response, we experience cyber incidents

in the normal course of business. The growing availability and use of artificial intelligence amplifies adversarial

capabilities and increases the likelihood, scale, and sophistication of attacks. There can be no assurance that

our defenses will prevent or limit the effects of cyber incidents. We remain vulnerable to unauthorized access,

loss, destruction, corruption, or misuse of data; compromise of credentials and identities; system and network

outages; programming or employee errors; and dishonest or malicious behavior. Threats may also arise from

third parties and the broader ecosystem, including suppliers, service providers, and customers, where we do

not control the effectiveness of their safeguards.

Supply chain complexity heightens the risk of propagation across Tenaris’s environment. If critical third parties

are affected, or if our own safeguards are circumvented or breached, consequences could include disruption

of operations and manufacturing, loss of access to critical systems and financial reporting, compromise of

intellectual property and customer data, failure to meet customer requirements, reputational damage,

regulatory investigations, fines and penalties (including for personal data protection and breach notification),

safety and environmental impacts, and other financial losses. The dynamic threat landscape may also require

continued increases in resources to enhance prevention, detection, response, and recovery capabilities.

We do not currently maintain standalone cyber insurance, and existing property and general liability policies

may not adequately cover cyber-related losses. Investigations and remediation following an incident can be

prolonged, during which the full scope of harm may be unknown and certain issues may recur. Additionally,

failure to timely monitor and address technology obsolescence could increase costs and operational risk.

Regulatory developments, including restrictions on ransomware payments and related facilitation, may limit

our options for responding to certain attacks.

For more information on cybersecurity, please refer to “Legal and Financial Information - Cybersecurity”.

Annual Report 2025

Risks Relating to our Structure

Our dividend payments depend on the results of operations and financial condition of its subsidiaries and

could be restricted by legal, contractual or other limitations or tax changes

The Company is a holding company and conducts all its operations through subsidiaries. Dividends or other

intercompany transfers of funds from those subsidiaries are our primary source of funds to pay its expenses,

debt service and dividends and to repurchase shares or ADSs.

The ability of our subsidiaries to pay dividends and make other payments to us will depend on their results of

operations and financial condition. If earnings and cash flows of our operating subsidiaries are substantially

reduced, the Company may not be in a position to meet its operational needs or to pay dividends. In

addition, such dividends and other payments could be restricted by applicable corporate and other laws and

regulations, including those imposing foreign exchange controls or restrictions on the repatriation of capital

or the making of dividend payments, and agreements and commitments of such subsidiaries.

The Company’s ability to pay dividends to shareholders is subject to legal and other requirements and

restrictions in effect at the holding company level. For example, the Company may only pay dividends out of

net profits, retained earnings and distributable reserves and premiums, each as defined and calculated in

accordance with Luxembourg law and regulations. In addition, the Company’s dividend distributions (which

are currently imputed to a special tax reserve and are therefore not subject to Luxembourg withholding tax)

may be subject to Luxembourg withholding tax if current Luxembourg tax law were to change.

Our controlling shareholder may be able to take actions that do not reflect the will or best interests of other

shareholders

As of December 31, 2025, San Faustin beneficially owned 66.13% of the Company’s issued share capital,

and 70.07% of the voting rights. Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin (“RP

STAK”) holds voting rights in San Faustin sufficient to control San Faustin. As a result, RP STAK is indirectly

able to elect a substantial majority of the members of the Company’s board of directors and has the power

to determine the outcome of most actions requiring shareholder approval, including, subject to the

requirements of Luxembourg law, the payment of dividends. The decisions of the controlling shareholder may

not reflect the will or best interest of other shareholders. In addition, the Company’s articles of association

permit the Company’s board of directors to waive, limit or suppress preemptive rights in certain cases.

Accordingly, the Company’s controlling shareholder may cause its board of directors to approve in certain

cases an issuance of shares for consideration without preemptive rights, thereby diluting the minority interest

in the Company. See “Risk Factors - Risks Relating to shares and ADSs - Holders of shares and ADSs in the

United States may not be able to exercise preemptive rights in certain cases”.

Annual Report 2025

Risks Relating to shares and ADSs

Holders of shares or ADSs may not have access to as much information about the Company as they would in

the case of a U.S. domestic issuer

There may be less publicly available information about the Company than is regularly published by or about

U.S. domestic issuers. Also, corporate and securities regulations governing Luxembourg companies may not

be as extensive as those in effect in other jurisdictions and U.S. securities regulations applicable to foreign

private issuers, such as the Company, differ in certain respects from those applicable to U.S. domestic issuers.

Furthermore, IFRS, the accounting standards in accordance with which the Company prepares its

consolidated financial statements, differ in certain material aspects from U.S. GAAP. For a summary of the

significant ways in which the Company’s corporate governance practices differ from the corporate

governance standards required for domestic companies by the New York Stock Exchange (“NYSE”), see

“Information on the Company - Corporate Governance Statement - Summary of differences with NYSE

standards”.

Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights

afforded to shareholders

Certain shareholders’ rights under Luxembourg law, including the rights to participate and vote at general

meetings of shareholders, to include items on the agenda for the general meetings of shareholders, to

receive dividends and distributions, to bring actions, to examine our books and records and to exercise

appraisal rights may not be available to holders of ADSs, or may be subject to restrictions and special

procedures for their exercise, as holders of ADSs only have those rights that are expressly granted to them in

the deposit agreement. The Depositary, through its custodian agent, is the registered shareholder of the

deposited shares underlying the ADSs, and therefore only the Depositary can exercise the shareholders’ rights

in connection with the deposited shares. For example, if the Company makes a distribution in the form of

securities, the Depositary is allowed, at its discretion, to sell the right to acquire those securities on behalf of

the shareholders and to instead distribute the net proceeds to them. Also, under certain circumstances, such

as the Company’s failure to provide the Depositary with voting materials on a timely basis, you may not be

able to vote at general meetings of shareholders by giving instructions to the Depositary. If the Depositary

does not receive voting instructions from the holder of ADSs by the prescribed deadline, or the instructions

are not in proper form, then the Depositary shall deem such holder of ADSs to have instructed the Depositary

to vote the underlying shares represented by ADSs in favor of any proposals or recommendations of the

Company (including any recommendation by the Company to vote such underlying shares on any given issue

in accordance with the majority shareholder vote on that issue), for which purposes the Depositary shall issue

a proxy to a person appointed by the Company to vote such underlying shares represented by ADSs in favor

of any proposals or recommendations of the Company. Under the ADS deposit agreement, no instruction

shall be deemed given and no proxy shall be given with respect to any matter as to which the Company

informs the Depositary that (i) it does not wish such proxy given, (ii) it has knowledge that substantial

opposition exists with respect to the action to be taken at the meeting, or (iii) the matter materially and

adversely affects the rights of the holders of ADSs.

Holders of shares and ADSs in the United States may not be able to exercise preemptive rights in certain

cases

Pursuant to Luxembourg corporate law, existing shareholders of the Company are generally entitled to

preferential subscription rights (preemptive rights) in the event of capital increases and issues of shares

against cash contributions. Under the Company’s articles of association, the board of directors has been

authorized to waive, limit or suppress such preemptive subscription rights. Notwithstanding the waiver of any

preemptive subscription rights, any issuance of shares for cash within the limits of the authorized share

capital shall be subject to the preemptive subscription rights of existing shareholders, except (i) any issuance

of shares (including without limitation, the direct issuance of shares or upon the exercise of options, rights

convertible into shares, or similar instruments convertible or exchangeable into shares) against a contribution

other than in cash; and (ii) any issuance of shares (including by way of free shares or at discount), up to an

amount of 1.5% of the issued share capital of the Company, to directors, officers, agents, employees of the

Company, its direct or indirect subsidiaries or its affiliates (or, collectively, the beneficiaries), including without

limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares or

similar instruments convertible or exchangeable into shares, issued for the purpose of compensation or

incentive of the beneficiaries or in relation thereto (which the board of directors shall be authorized to issue

upon such terms and conditions as it deems fit). For further details, see “Information on the Company -

Corporate Governance Statement - Corporate Governance”.

Annual Report 2025

Holders of ADSs in the United States may, in any event, not be able to exercise any preemptive rights, if

granted, for shares underlying their ADSs unless additional shares and ADSs are registered under the U.S.

Securities Act of 1933, as amended, ("Securities Act"), with respect to those rights, or an exemption from

the registration requirements of the Securities Act is available. The Company intends to evaluate, at the time

of any rights offering, the costs and potential liabilities associated with the exercise by holders of shares and

ADSs of the preemptive rights for shares, and any other factors it considers appropriate at the time, and then

to make a decision as to whether to register additional shares. The Company may decide not to register any

additional shares, requiring a sale by the Depositary of the holders’ rights and a distribution of the proceeds

thereof. Should the Depositary not be permitted or otherwise be unable to sell preemptive rights, the rights

may be allowed to lapse with no consideration to be received by the holders of the ADSs.

It may be difficult to obtain or enforce judgments against the Company outside Luxembourg

The Company is a

société anonyme

organized under the laws of the Grand Duchy of Luxembourg, and most

of its assets are located in other jurisdictions. Furthermore, most of the Company’s directors and officers

reside in other jurisdictions. As a result, investors may not be able to effect service of process upon the

Company or its directors or officers. Investors may also not be able to enforce against the Company or its

directors or officers in the investors’ domestic courts, judgments predicated upon the civil liability provisions

of the domestic laws of the investors’ home countries. Likewise, it may be difficult for investors not domiciled

in Luxembourg to bring an original action in a Luxembourg court predicated upon the civil liability provisions

of other securities laws, including U.S. federal securities laws, against the Company, its directors or its

officers. There is also uncertainty with regard to the enforceability of original actions of civil liabilities

predicated upon the civil liability provisions of securities laws, including U.S. federal securities laws, outside

the jurisdiction where such judgments have been rendered; and enforceability will be subject to compliance

with procedural requirements under applicable local law, including the condition that the judgment does not

violate the public policy of the applicable jurisdiction.

Annual Report 2025

INFORMATION ON THE COMPANY

Overview

Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the

world’s energy industry and other industrial applications. Our customers include most of the world’s leading

oil & gas companies, and we operate an integrated network of steel pipe manufacturing, research, finishing

and service facilities with industrial operations in the Americas, Europe, the Middle East, Asia and Africa.

Although our operations are mainly focused on serving the oil & gas industry, we supply pipes and tubular

components for non-energy applications. We also develop and supply products and services for low-carbon

energy applications such as geothermal wells, waste-to-energy (bioenergy) power plants, hydrogen storage

and transportation, and carbon capture and storage ("CCS").

Through an integrated global network of R&D, manufacturing, and service facilities, and a team of around

25,000 people worldwide, we work with our customers to meet their needs in a timely manner, delivering

the highest levels of product performance and reliability.

Annual Report 2025

History and Development of the Company

The Company

The Company is a

société anonyme

organized under the laws of the Grand Duchy of Luxembourg established

on December 17, 2001. The Company’s registered office is located at 26 Boulevard Royal, 4

Floor, L-2449,

Luxembourg. Its agent for U.S. federal securities law purposes is Tenaris Global Services (U.S.A.) Corporation

("TEUS"), located at 2200 West Loop South, Suite 400, Houston, TX 77027.

Tenaris

Tenaris began in 1948 with the formation of Siderca, then Argentina’s sole producer of seamless steel pipe

products, founded by San Faustin’s predecessor. We grew organically in Argentina and then, in the early

1990s, began to evolve beyond this initial base into a global business through a series of strategic acquisitions

and investments. As of the date of this annual report, our investments include controlling interests in several

manufacturing companies:

• Siat S.A. ("Siat"), an Argentine welded steel pipe manufacturer;

• Tamsa S.A. de C.V. ("Tamsa"), the sole Mexican producer of seamless steel pipe products;

• Dalmine S.p.A. ("Dalmine"), a leading Italian producer of seamless steel pipe products;

• Confab Industrial S.A. ("Confab"), the leading Brazilian producer of welded steel pipe products;

• Algoma Tubes Inc. ("AlgomaTubes"), a Canadian producer of seamless and welded steel pipe

products;

• S.C. Silcotub S.A. ("Silcotub"), a leading Romanian producer of seamless steel pipe products;

• Maverick Tube Corporation ("Maverick"), a U.S. producer of seamless and welded steel pipe products;

• Tenaris TuboCaribe Ltda. ("TuboCaribe"), a welded pipe mill producing OCTG products, including the

finishing of welded and seamless pipes, line pipe products, and couplings, in Colombia;

• Hydril Company ("Hydril"), a North American manufacturer of premium connection products for oil

and gas drilling and production;

• PT Seamless Pipe Indonesia Jaya ("SPIJ"), an Indonesian OCTG processing business with heat treatment

and premium connection threading facilities;

• Tenaris Qingdao Steel Pipes Ltd. ("Tenaris Qingdao"), a Chinese producer of premium joints,

couplings, and tubular components for airbags;

• Pipe Coaters Nigeria Ltd. ("Pipe Coaters"), a leading company in the Nigerian coating industry;

• Tenaris Bay City Inc. ("Tenaris Bay City"), a state-of-the-art seamless pipe mill in Bay City, Texas;

• Saudi Steel Pipe Company ("SSPC"), a Saudi producer of welded steel pipe products;

• IPSCO Tubulars ("IPSCO"), a North American manufacturer of seamless and welded steel pipes;

• Tenaris Baogang Baotou Steel Pipes, Ltd. ("TBSP"), a Chinese company that owns a premium

connection threading facility in Baotou, China, in which we hold a 60% interest;

• Global Pipe Company ("GPC"), a Saudi company that manufactures longitudinal submerged arc

welded ("LSAW") pipes;

• Coating businesses in various countries, including Shawcor companies (“TenarisShawcor”), which hold

the pipe coating business acquired from Mattr Corporation’s ("Mattr");

Annual Report 2025

• Oilfield Services S.A. ("Oilfield Services"), an Argentine company providing oilfield and hydraulic

fracturing services;

and

• Sucker rods businesses in various countries.

In addition, we hold a 50% participation in Exiros B.V. ("Exiros"), a Dutch company that manages a network

of specialized procurement companies, with our affiliate Ternium S.A. ("Ternium") holding the remaining

50%.

We also hold strategic interests in:

• Ternium, one of the leading flat steel producers of the Americas with operating facilities in Mexico,

Brazil, Argentina, Colombia, the southern United States, and Central America;

• Usinas Siderúrgicas De Minas Gerais S.A. ("Usiminas"), a Brazilian producer of high-quality flat steel

products used in the energy, automotive, and other industries;

and

• Techgen S.A. de C.V. ("Techgen"), an electric power plant in Mexico.

In addition, we have established a global network of pipe finishing, distribution and service facilities with a

direct presence in most major oil and gas markets, as well as a global network of R&D centers.

For information on Tenaris’s principal capital expenditures and divestitures, see "Information on the Company

- Business Overview - Capital Expenditure Program".

Annual Report 2025

Business Overview

Our business strategy is to consolidate our position as a leading global supplier of integrated product and

service solutions to the energy and other industries, and to adapt to the energy transition by reducing the

carbon emissions in our operations and by developing and supplying products and services for low-carbon

energy applications by:

• pursuing strategic investment opportunities in order to further strengthen our presence in local and

global markets and expand our range of products and services;

• expanding our comprehensive range of products and developing new products designed to meet the

needs of customers operating in challenging environments, including low-carbon energy applications,

such as hydrogen and CCS;

• enhancing our offering of services, including technical, digital, and supply chain integration services

designed to enable customers to optimize well planning and well integrity, simplify operations, and

reduce overall operating costs;

and

• securing an adequate supply of production inputs and reducing the manufacturing costs and carbon

intensity of our core products.

Pursuing strategic investment opportunities and alliances

We have a solid record of growth through strategic investments and acquisitions. We pursue selective

strategic investments and acquisitions to expand our operations and presence in select markets, broaden our

range of products and services, enhance our global competitive position, and capitalize on potential

operational synergies. At the end of 2023, for example, we acquired the global pipe-coating business of

Mattr, which has enhanced our range of pipe-coating technologies and reinforced our capability to provide

integrated pipe and coating solutions for offshore pipelines. In 2025, we acquired a scrap processing business

in Beaver Falls in Pennsylvania, United States.

Expanding our product range including developing new products for the

energy transition

We have developed an extensive range of high-value products suitable for most of our customers’ operations

through our network of specialized R&D facilities and investments in our manufacturing facilities. As our

customers expand their operations, we seek to supply high-value products that reduce costs and enable them

to operate safely in challenging environments, including low-carbon applications associated with the energy

transition.

As suppliers of tubular products and services to the energy industry, we see the ongoing energy transition as

an important opportunity to develop new products and services for potentially fast-growing segments like

hydrogen transportation and storage, CCS and geothermal installations. We have developed a range of

technologies that are particularly suited for use in hydrogen storage and transportation, where we have seen

demand for large, high-pressure vessels used in the build out of hydrogen refueling stations for heavy-duty

vehicles and buses in various parts of the world. We are also seeing increasing customer interest in

developing CCS and geothermal projects.

Enhancing our offering of technical, digital, and supply-chain integration services - Rig Direct

- and

extending its global deployment

We continue to enhance our Rig Direct

services offering and extend its deployment worldwide. For many

years, we have provided these services-managing customer inventories and supplying pipes directly to their

rigs on a just-in-time basis, complemented by technical advice and assistance on the material selection and

field use in Mexico and Argentina. In response to changes in market conditions and customer’s increased

focus on reducing costs and improving the operational efficiency, we have expanded the scope and

deployment of our Rig Direct

services across North America and other markets worldwide, including

Colombia, North Sea, Romania and the United Arab Emirates, which now include digital solutions and more

extensive supply-chain integration services. Through the supply of Rig Direct

services, we seek to integrate

our operations with those of our customers, using digital technologies to shorten the supply chain and

simplify operational and administrative processes, and providing technical services for well planning and well

integrity to reduce costs, improve safety, and minimize environmental impact. They are also designed to

Annual Report 2025

differentiate us from our competitors and further strengthen our relationships with customers worldwide

under long-term agreements.

Securing inputs for our manufacturing operations

We seek to secure our existing sources of raw material and energy inputs and to gain access to new sources

of low-cost inputs which can help us maintain or reduce the cost of manufacturing our core products and

reduce the carbon emissions intensity of our operations over the long term. We aim to achieve a vertically

integrated value chain for our production. To this end, we purchase most of our supplies through Exiros, a

specialized procurement company the ownership of which we share with Ternium. Exiros provides end-to-

end procurement solutions, supplier sourcing, category-managed purchasing, suppliers’ performance

management, and inventory management.

Annual Report 2025

Our Competitive Strengths

We believe our main competitive strengths include:

• our global production, commercial, distribution and service capabilities, offering a full product range

with flexible supply options backed up by local service capabilities in key oil and gas producing and

industrial regions around the world;

• our ability to develop, design and manufacture technologically advanced products and provide

integrated services;

• our solid and diversified customer base and long-standing relationships with major international oil and

gas companies, together with strong and stable market shares in most of the countries in which we

have manufacturing operations;

• our proximity to our customers;

• our highly talented management;

• our global workforce with diverse cultural backgrounds, knowledge and skills;

• our cost-competitive operations, primarily at state-of-the-art, strategically located production facilities

with favorable access to raw materials, energy and labor, and a solid track-record of operating

experience;

and

• our strong financial condition.

Annual Report 2025

Business Segments

Tenaris has one major business segment, “Tubes”, which is also the reportable operating segment. All other

business activities and operating segments that are not required to be separately reported, are disclosed

within the “Others” segment.

The Tubes segment includes the production and sale of steel tubular products and related services mainly for

the oil and gas industry, particularly OCTG used in drilling operations, line pipe used in transportation and

processing activities and mechanical and structural tubes for other industrial applications, with production

processes that consist in the production and transformation of steel into tubular products. Business activities

included in this segment depend mainly on the global oil and gas industry, as major consumer of steel pipe

products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas

industry has historically been volatile and depends primarily upon the number of oil and natural gas wells

being drilled, completed and reworked, as well as the depth and drilling conditions of those wells. Major oil

and gas companies have been adapting their strategies and some have allocated investments to renewable

energies in response to the energy transition, while maintaining their capability to meet market demand for

oil and gas and reducing the emissions from their operations. As the energy transition advances over the

longer-term, demand for our products and services from low-carbon energy applications, such as geothermal,

hydrogen, and CCS, is expected to increase, while demand for oil and gas applications may decrease.

Sales are generally made to end users, with exports being handled through a centrally managed global

distribution network, while domestic sales are made through local subsidiaries.

The “Others” segment includes all business activities related to oilfield and hydraulic fracturing services, the

production and sale of sucker rods, coiled tubing, tubes used for plumbing and construction applications and

others as energy and raw materials that exceed internal requirements.

For more information on our business segments, see “II C. Accounting Policies - Segment information” to our

audited consolidated financial statements included in this annual report.

Annual Report 2025

Our Products

Our principal finished products are seamless and welded steel casing and tubing, line pipe, and various other

mechanical and structural steel pipes for different uses. Casing and tubing are also known as OCTG. We

manufacture our steel pipe products in a wide range of specifications, which vary in diameter, length,

thickness, finishing, steel grades, coatings, threading and couplings. For more complex applications, including

high pressure and high temperature applications, seamless steel pipes are usually specified and, for some

standard applications, welded steel pipes can also be used. In addition to oil and gas applications, many of

our products can also be used in low-carbon energy applications, such as geothermal, hydrogen, and CCS.

Casing

. Steel casing is used to sustain the walls of oil and gas wells during and after drilling.

Tubing

. Steel tubing is used to conduct crude oil and natural gas to the surface after drilling has been

completed.

Line pipe

. Steel line pipe is used to transport crude oil and natural gas from wells to refineries, storage tanks,

and loading and distribution centers.

Mechanical and structural pipes

. Mechanical and structural pipes are used by general industry for various

applications, including the transportation of other forms of gases and liquids under high pressure.

Cold-drawn pipe

. The cold-drawing process permits the production of pipes with the diameter and wall

thickness required for use in boilers, superheaters, condensers, heat exchangers, automobile production, and

several other industrial applications.

Premium joints and couplings

. Premium joints and couplings are specially designed connections used to join

lengths of steel casing and tubing for use in high temperature or high-pressure environments. A significant

portion of our steel casing and tubing products are supplied with premium joints and couplings. We own an

extensive range of premium connections and following the integration of the premium connections business

of Hydril, we have marketed our premium connection products under the “TenarisHydril” brand name.

Pipe coatings.

Concrete weight, anti-corrosion, thermal insulation, and flow assurance coatings for offshore

and onshore pipelines.

Coiled tubing.

Coiled tubing is used for oil and gas drilling and well workovers and for subsea pipelines.

Other products and services.

We also manufacture sucker rods used in oil extraction activities, tubes used for

plumbing and construction applications, provide oilfield and hydraulic fracturing services, and engage in

other activities, such as the sale of energy and raw materials that exceed our internal requirements.

Annual Report 2025

Production Process and Facilities

We operate relatively cost-competitive production facilities, which we believe is the result of:

• state-of-the-art, strategically located plants;

• favorable access to high quality raw materials, energy, and labor at competitive costs;

• operating history of more than 70 years, which translates into solid industrial know-how;

• constant benchmarking and best practices sharing across our facilities;

• increasing specialization of each of our facilities in specific product ranges;

and

• extensive use of digital technologies in our production processes.

Our seamless pipe production and processing facilities are located in North and South America, Europe, and

Asia. Our welded pipe production facilities are located in North and South America and in Saudi Arabia. We

also produce steel bars in the United States, Mexico, Argentina, Italy, and Romania using the scrap-based

electric arc furnace process that results in relatively low carbon emissions compared to primary steelmaking

processes. In addition to pipe threading and finishing facilities at our integrated pipe production facilities, we

have additional pipe and/or pipe accessory threading facilities that manufacture products in accordance with

the American Petroleum Institute (“API”) specifications, and we produce premium joints in Canada, China,

Ecuador, Indonesia, Kazakhstan, Nigeria, Saudi Arabia, the United Arab Emirates, the United Kingdom, and

the United States. We produce couplings in Argentina, China, Colombia, Indonesia, Mexico, and Romania,

and pipe fittings in Mexico. We also have a global network of pipe coating plants in United States, Canada,

Mexico, Norway, Indonesia, United Arab Emirates, Brazil, Argentina, Nigeria, Italy, Saudi Arabia, and

Colombia.

In addition, we have sucker rods production facilities in Argentina, Brazil, Mexico, Romania, and the United

States, and a coiled tubing production facility in the United States.

The following table shows our aggregate installed production capacity of seamless and welded steel pipes

and steel bars at the dates indicated as well as the aggregate actual production volumes for the periods

indicated.

At or for the year ended December 31,

2025

2024

2023

Thousands of tons

Steel Bars

Effective Capacity (annual)

(1)

4,485

Actual Production

3,531

3,594

3,726

Tubes - Seamless

Effective Capacity (annual)

(1)

4,743

4,677

Actual Production

3,093

3,229

3,188

Tubes - Welded

Effective Capacity (annual)

(1)

4,020

4,190

Actual Production

833

806

953

_____________________________________________________________________________________________

(1)

Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix

allocations, the maximum number of possible working shifts and a continued flow of supplies to the production process.

In 2025, the capacity of seamless tubes increased due to efficiency increases in our Bay City seamless mill.

Annual Report 2025

Production Facilities - Tubes

North America

In the United States, we have one steel shop, two seamless pipe rolling mills, four welded pipe manufacturing

facilities, five threading plants and two coating plants; in Mexico, a fully integrated seamless pipe

manufacturing facility, a threading plant, a pipe fittings facility, and two coating plants; and in Canada an

integrated facility with capacity for seamless and welded pipes, two coating plants and a threading plant.

United States

In the United States we have the following production facilities:

Koppel, Pennsylvania:

Acquired in 2020, the facility is located on an area of 89 hectares and consists of a

steel shop with an annual production capacity of 430,000 tons of steel bars and a heat treatment line. This

facility supplies steel bars both to our Bay City and Ambridge seamless pipe rolling mills but has insufficient

capacity to supply the full steel requirements of both mills, whose steel requirements are supplemented by

imports of steel bars from our other steel mills in Romania, Argentina, Mexico and Italy and purchases from

third party domestic mills. In 2025, we acquired a scrap processing business to serve this facility.

Bay City, Texas:

Our 1.2 million square feet greenfield seamless mill is located on an area of 552 hectares.

The facility is the result of an investment of $1.8 billion and includes a state-of-the-art rolling mill with a

capacity of 823,000 tons per year (with an outside diameter range of 4 ½ to 9

inches), as well as a heat

treatment line, a finishing line and a logistics center.

The Bay City facility comprises:

• a retained mandrel PQF mill;

• a fully automated intermediate warehouse;

• a heat treatment line;

and

• a finishing line.

Ambridge, Pennsylvania:

A seamless rolling mill located on an area of 19 hectares, with a capacity of 357,000

tons per year (with an outside diameter range of 2

⁄

to 6 inches).

Hickman, Arkansas:

This facility, which is our main U.S. welded production facility and covers an area of 78

hectares, processes steel coils to produce electric resistance welded (“ERW”) OCTG and line pipe with an

outside diameter range from 2

⁄

to 16 inches and has an annual production capacity of 940,000 tons. It

includes:

• a plant comprising two welding lines producing 2

⁄

to 5

⁄

inches API products with two finishing

lines and two heat treatment lines;

• a plant comprising of a welding line producing 6 to 16 inches API products and a finishing line;

and

• a coating facility for coating sizes up to 16 inches.

Conroe, Texas

: Located in an area of approximately 26 hectares north of Houston, Texas and has a capability

of processing pipes with an outside diameter from 4 ½ to 8

⁄

inches. The plant has four production lines:

one ERW welding line with a capacity of 222,000 tons; one heat treatment line, one inspection line and one

threading line.

Baytown, Texas:

Located in an area of approximately 25 hectares east of Houston, Texas the facility heat-

treats and finishes OCTG. The facility has six lines: one heat treatment, and one inspection line with outside

diameter capability from 4 ½ to 7

⁄

inches and four threading lines.

Annual Report 2025

Wilder, Kentucky:

Located near the natural gas deposits of the Marcellus Shale, this 113 hectares facility

produces both ERW casing and line pipe from 7 to 16 inches outside diameter. The facility has two lines: one

welding line with annual capacity of 360,000 tons; and one finishing line. Additionally this facility has a

coating line. This facility is currently idle.

We have facilities for heat treatment, threading and finishing pipes in Houston, Texas and Brookfield, Ohio.

In addition, we have a coating facility in Channelview, Texas.

Mexico

In Mexico, our fully integrated seamless pipe manufacturing facility is located near the major exploration and

drilling operations of Pemex, about 13 kilometers from the port of Veracruz on the Gulf of Mexico. Situated

on an area of 650 hectares, the plant includes two state-of-the-art seamless pipe mills and has an installed

annual production capacity of 1,230,000 tons of seamless steel pipes (with an outside diameter range of 2 to

20 inches) and 1,200,000 tons of steel bars. The plant is served by two highways and a railroad and is close

to the port of Veracruz, which reduces transportation costs and facilitates product shipments to export

markets.

The Veracruz facility comprises:

• a steel shop, including an electric arc furnace, refining equipment, vacuum degassing, five-strand

continuous caster and a cooling bed;

• a multi-stand pipe mill, including a rotary furnace, direct piercing equipment, mandrel mill with

retained mandrel, sizing mill and a cooling bed;

• a premium quality finishing (“PQF”) technology mill, including a rotary furnace, direct piercing

equipment, mandrel mill with retained mandrel, sizing mill and a cooling bed;

• a pilger pipe mill, including a rotary furnace, direct piercing equipment, a reheating furnace, sizing mill

and a cooling bed;

• six finishing lines, including heat treatment lines, upsetting machines and threading and inspection

equipment;

• a cold-drawing mill;

and

• an automotive components production center.

In Veracruz, located near our fully integrated seamless pipe manufacturing facility, we have a threading plant,

which produces premium connections and accessories. In addition, we have a coating plant in the city of

Veracruz, and one in Coatzacoalcos, in the state of Veracruz.

In addition to the Veracruz facilities, we operate a manufacturing facility near Monterrey in the state of

Nuevo León, Mexico, for the production of weldable pipe fittings. This facility has an annual production

capacity of 15,000 tons.

Canada

In Canada, we have a manufacturing facility located in an area of approximately 45 hectares in Sault Ste.

Marie, near the mouth of Lake Superior in the province of Ontario. The facility includes a seamless pipe hot

rolling mill (retained mandrel mill and stretch reducing mill), a welded pipe ERW mill, a heat treatment line,

three finishing lines (one with threaders for API and semi-premium connections) and a premium threading

line.

Annual Report 2025

For seamless, the effective annual production capacity is 371,000 tons with an outside diameter range of 3

⁄

to 9

⁄

inches. We mainly use steel bars produced by our facilities in Romania, Italy, Mexico and Argentina.

For welded, the effective annual production capacity is 200,000 tons. The outside diameter range of the line

is from 4

⁄

to 12

⁄

inches. The facility includes a slitter, which cuts the master coils into the required

dimensions for each outside diameter. The line commenced operations in the second half of 2022 as part of

an investment plan to reposition our industrial footprint and strengthen the competitiveness and domestic

production capabilities of the Canadian market.

We have a threading facility in Nisku, Alberta, near the center of Western Canadian drilling area. The facility

has twelve computer numerical control (“CNC”) lathes dedicated to premium connections and accessories,

including related repairs.

In addition, we have coating facilities in Edmonton and Camrose, both in the province of Alberta.

South America

In Argentina, we have a fully integrated seamless pipe facility. In addition, we have welded pipe

manufacturing facilities in Argentina, Brazil and Colombia as well as heat treatment and finishing facilities in

Colombia that process seamless pipes.

Argentina

Our principal manufacturing facility in South America is a fully integrated plant on the banks of the Paraná

River, near the city of Campana, approximately 80 kilometers north from the city of Buenos Aires, Argentina.

Situated over 300 hectares, the plant includes a state-of-the-art seamless pipe facility and has an effective

annual production capacity of 794,000 tons of seamless steel pipe (with an outside diameter range of 1

⁄

inches) and 1,300,000 tons of steel bars.

The Campana facility comprises:

• a DRI production plant;

• a steel shop with two production lines, each including an electric arc furnace, refining equipment,

four-strand continuous caster and a cooling bed;

• two continuous mandrel mills, each including a rotary furnace, direct piercing equipment and a cooling

bed and, one of them, also including a stretch reducing mill;

• seven finishing lines, including heat treatment lines, upsetting machines, threading and inspection

equipment and make-up facilities;

• a cold-drawing mill;

and

• a port on the Paraná River for the supply of raw materials and the shipment of finished products.

Our local electric energy requirements are currently satisfied through two wind farms with a total capacity

close to 200 megawatts (“MW”), the second of which began operations in September 2025 and whose

power is delivered through the interconnected national grid, and a 35 MW power generating plant located

within the Campana facility. Our local electric energy requirements are supplemented by purchases in the

local market.

In addition to our main integrated seamless pipe facility, we also have two welded pipe manufacturing

facilities in Argentina. One is located at Valentín Alsina, south of the city of Buenos Aires. This facility includes

ERW, submerged arc welding (“SAW”) rolling mills, with one spiral line and a coating line. The facility

processes steel coils and plates to produce welded steel pipes with an outside diameter range of 4

⁄

to 80

inches, which are used for the conveying of fluids at low, medium and high pressure and for mechanical and

structural purposes. The facility has an annual production capacity of 620,000 tons. The other welded facility,

Annual Report 2025

located at Villa Constitución in the province of Santa Fe, has an annual production capacity of 123,000 tons

of welded pipes with an outside diameter range of 1 to 8 inches.

Brazil

In Brazil, we have the Confab welded pipe manufacturing facility, located in Pindamonhangaba and Moreira

Cesar, 160 kilometers northeast of the city of São Paulo. The two sites have a combined area of around 150

hectares and include an ERW rolling mill, a SAW longitudinal rolling mill, as well as pipe finishing and coating

lines. The facility processes steel coils and plates to produce welded steel pipes with an outside diameter

range from 5 1⁄2 to 48 inches for various applications, including OCTG and Line Pipe for oil, petrochemical,

and gas applications. In addition to weld-on connectors for conductor casings, the facility also supplies

anticorrosive coating made of extruded polyethylene or polypropylene, external fusion bonded epoxy,

thermal insulation, concrete weight coating and paint for internal pipe coating. The facility has an annual

production capacity of 654,000 tons.

Colombia and Ecuador

In Colombia, we have TuboCaribe, a welded pipe manufacturing facility in Cartagena, on an area of 60

hectares, with an estimated annual ERW production capacity of 105,000 tons. The facility also includes a

state-of-the-art finishing plant for seamless pipes, with a total estimated annual finishing capacity of 250,000

tons.

This facility produces OCTG and line pipe products with an outside diameter range of 2

⁄

to 9

⁄

inches, and

includes two ERW mills, one heat treatment line, one slotting line and two threading lines, including capacity

for premium connections. Inspection lines and materials testing laboratories complete the production facility.

A 2 to 24 inches diameter multilayer coating facility complements our line pipe production facilities.

In addition, we have a coupling shop with inspection and finishing lines. The shop has an estimated annual

production capacity of 2.3 million pieces, including API and premium threads.

In Ecuador, we have a threading and finishing facility with an annual capacity of 35,000 tons, and a service

center which is designed to support our Rig Direct

strategy, both situated in Machachi.

Europe

In Europe, we have several seamless pipe manufacturing facilities in Italy and one in Romania, and a premium

connection threading facility in the United Kingdom. We also have coating facilities in Norway and Italy.

Italy

Our principal manufacturing facility in Europe is an integrated plant located in the town of Dalmine, in the

industrial area of Bergamo, about 40 kilometers from Milan in northern Italy. Situated on an area of 150

hectares, the plant includes a state-of-the-art seamless pipe mill and has an annual production capacity of

766,000 tons of seamless steel pipes with an outside diameter range of 5.7 to 28 inches, mainly from carbon,

low alloy, and high alloy steels for diverse applications. The facility also includes a steel shop with a capacity

of 935,000 tons of steel bars for processing at our facilities in Italy and elsewhere.

The Dalmine facility comprises:

• a steel shop, including an electric arc furnace, three ladle furnaces, two vacuum degassing and two

continuous casters with their dedicated cooling beds;

• a retained mandrel mill with two in-line-high-productivity finishing lines including one heat treatment;

• a rotary expander with a finishing line including a heat treatment;

and

• two premium connection threading lines.

We have a second seamless pipe production facility, located in Arcore, about 25 kilometers from Milan in

northern Italy. The Arcore facility, covers an area of approximately 26 hectares and comprises a Diescher mill

Annual Report 2025

with associated finishing lines. Production is concentrated in heavy-wall mechanical pipes with an outside

diameter range of 1.89 to 8.62 inches. The Arcore facility has an annual production capacity of 144,000 tons.

In addition to the facilities mentioned above, we also have:

• the Costa Volpino facility, which comprises a cold-drawing mill and an auto components facility

producing cold-drawn carbon, low alloy and high alloy steel pipes with an outside diameter range of

0.47 to 15 inches, mainly for automotive, mechanical and machinery companies in Europe. The Costa

Volpino facility has an annual production capacity of 55,000 tons;

• a facility at Sabbio, which manufactures gas cylinders with an annual production capacity of 14,000

tons or 270,000 pieces, and a large vessels plant inside the Dalmine facility, with a production capacity

of around 2,500 finished pieces per year;

and

• a coating facility located in Villamarzana, comprising land, anticorrosion equipment and utilities. This

facility is located approximately 200 kilometers from our Dalmine plant and is close to the main

Adriatic ports used for our exports. The facility covers an area of approximately 5 hectares and covers

the full range of anticorrosion solutions for the oil and gas industry.

In order to reduce the cost of electrical energy at our operations in Dalmine, we operate a gas-fired,

combined heat and power station with a capacity of 120 MW in Dalmine. Our operations in Dalmine

consume a share of the power generated at the power station, which has sufficient capacity to meet almost

the entire electric power requirements of these operations. The additional energy needed to cover

consumption peaks and the excess energy produced are purchased from and sold to the market, while heat is

sold for district heating.

Romania

We have a seamless steel pipe manufacturing facility in northwest Romania, on an area of approximately 37

hectares, located in the city of Zalau, 530 kilometers from Bucharest. The seamless facility includes a hot

rolling mill and has an annual production capacity of 258,000 tons of seamless pipes. The plant produces

carbon and alloy steel tubes with an outside diameter range of 0.84 to 6.26 inches for hot rolled tubes and

0.625 to 4.72 inches for cold-drawn tubes.

We have a steelmaking facility in southern Romania, on an area of approximately 19 hectares, located in the

city of Calarasi, with an annual steelmaking capacity of 620,000 tons, supplying steel bars for European

operations as well as to other rolling mills in our industrial system.

The industrial facilities in Romania comprise:

• a steel shop including an electric arc furnace, a ladle furnace and a continuous caster;

• a floating mandrel mill;

• four finishing lines, including heat treatment lines, upsetting machine, line pipe, threading, make-up

and inspection equipment facilities;

• a coupling shop;

• an accessories line;

• a cold-drawing plant with finishing area;

and

• automotive and hydraulic cylinders components’ production machinery.

United Kingdom

We have a premium line threading facility, located in Aberdeen, in the north of the United Kingdom. The

facility covers an area of 2 hectares. Production is concentrated in corrosion resistant alloys (“CRA”) grades,

local accessories original equipment manufacturing and a hub to service customers working in the North Sea

Annual Report 2025

region. The facility has an annual production capacity of 24,000 pieces, with a production range of 2

⁄

to 20

inches.

Asia Pacific, Middle East and Africa

In Asia Pacific, Middle East and Africa, we have two welded pipe manufacturing facilities in Saudi Arabia. We

also have premium threading facilities in Saudi Arabia, the United Arab Emirates, China, Indonesia,

Kazakhstan and Nigeria, premium joints and couplings facilities in China and Nigeria, and coating facilities in

Saudi Arabia, the United Arab Emirates and Indonesia.

Saudi Arabia

We have a controlling participation interest in SSPC, a welded steel pipe producer, which operates two

production lines and produces welded pipes for the local oil & gas industry (OCTG and line pipe) and for the

industrial and construction sectors. The facility is located in Dammam, Saudi Arabia on an area of

approximately 100 hectares. It has an annual capacity of 390,000 tons, covering a diameter range from 2 to

20 inches. We also have a threading facility for the production of premium joints and accessories in Saudi

Arabia, with an annual production capacity of 120,000 tons.

SSPC holds a 57.3% interest in GPC, a company established in 2010 and located in Jubail, Saudi Arabia,

which manufactures LSAW pipes, with two lines covering a diameter range from 16 to 62 inches and an

annual capacity of 407,000 tons.

United Arab Emirates

In the United Arab Emirates, we have a state-of-the-art threading facility in Abu Dhabi, on an area of

approximately 20 hectares, with an annual finishing capacity of 70,000 tons. Tenaris’s facility is the first local

OCTG threading facility of its scale in the United Arab Emirates that can cater to Abu Dhabi National Oil

Company’s (“ADNOC”) premium technology demand. We also have a coating facility in Ras Al Khaimah.

China

We own a facility for the production of premium joints, accessories and couplings in Qingdao, on the east

coast of China. The facility has an annual production capacity of 40,000 tons of premium joints. Additionally,

we have a facility that produces components for the local automotive industry located in Qingdao.

Additionally, under an agreement with Baogang Steel Pipes (“Baogang”), we operate TBSP, which owns a

premium connection threading plant to produce OCTG products in Baotou, China, with an annual capacity of

45,000 tons. Tenaris holds a 60% interest in TBSP, while Baogang owns the remaining 40%.

Indonesia

We hold 89.17% of SPIJ, an OCTG processing business situated in Cilegon, Indonesia, with heat treatment

and premium connection threading facilities, a coupling shop, and a quality-testing laboratory (including an

ultrasonic testing machine), which has an annual processing capacity of 120,000 tons. We also have a

threading facility for premium joints and a coating facility in Batam.

Kazakhstan

We have a premium threading facility in Aktau, Kazakhstan. This state-of-the-art facility has capacity to

thread seamless pipes and gas-tight premium connections, producing up to 45,000 tons of OCTG annually to

serve the local market.

Nigeria

We have a facility dedicated to the production of premium joints and couplings located in Onne, Nigeria,

which comprises a threading facility for both API and premium connections with an annual production

capacity of 40,000 tons, inspection facilities and a stockyard. In addition, we hold a 40% interest in Pipe

Coaters, a leading company in the Nigerian pipe coating industry, located in Onne, which supplies a wide

variety of products and services for the oil and gas industry, such as internal, anticorrosion, concrete and

thermal insulation coatings for onshore and offshore (including deepwater) applications.

Annual Report 2025

Production Facilities - Others

We have facilities for the manufacture of sucker rods in Villa Mercedes (San Luis, Argentina), Moreira César

(São Paulo, Brazil), Veracruz (Mexico), Campina (Romania) and Conroe (Texas, United States). Our total

annual manufacturing capacity of sucker rods is approximately 3.1 million units.

In Argentina, we have and operate equipment to provide oil and gas services, including hydraulic fracturing

and coiled tubing services, to third parties.

In Italy, we have the Piombino facility, which covers an area of approximately 67 hectares and comprises a

hot-dip galvanizing line and associated finishing facilities. Production is focused on small-diameter seamless

pipe finishing for construction and plumbing applications in the domestic market, such as residential water,

gas transport and firefighting. The Piombino facility has an annual production capacity of 100,000 tons.

In addition, we have specialized facilities in the Houston area producing coiled tubing and umbilical tubing:

• A coiled tubing facility of approximately 150,000 square feet of manufacturing space on 4 hectares.

The plant consists of two mills and coating operations capable of producing coiled tubing products in

various grades, sizes, and wall thicknesses. A new continuous heat treatment line was recently

installed.

• An umbilical tubing facility of approximately 85,000 square feet of manufacturing space on 6 hectares.

While this facility is currently idle, it has the capacity to produce stainless or carbon steel tubing in

various grades, sizes, and wall thicknesses.

Annual Report 2025

Sales and Marketing

Net Sales

Our total net sales amounted to $11,981 million in 2025, compared to $12,524 million in 2024 and $14,869

million in 2023. For further information on our net sales, see “Information on the Company - Operating and

Financial Review and Prospects - Operating Results”.

The following table shows our net sales by business segment for the periods indicated therein:

Millions of U.S. dollars

For the year ended December 31,

2025

2024

2023

Tubes

11,400

95%

11,907

95%

14,185

95%

Others

581

617

684

Total

11,981

100%

12,524

100%

14,869

100%

Tubes

The following table indicates, for our Tubes business segment, net sales by geographic region:

Millions of U.S. dollars

For the year ended December 31,

2025

2024

2023

Tubes

- North America

5,552

49%

5,432

46%

7,572

53%

- South America

2,104

18%

2,294

19%

3,067

22%

- Europe

799

1,143

10%

1,055

- Asia Pacific, Middle East & Africa

2,946

26%

3,038

26%

2,491

18%

Total Tubes

11,400

100%

11,907

100%

14,185

100%

North America

Sales to customers in North America accounted for 49% of our sales of tubular products and services in

2025, compared to 46% in 2024 and 53% in 2023.

We have significant sales and production facilities in each of the United States, Canada and Mexico, where

we provide customers with an integrated product and service offering based on local production capabilities

supported by our global industrial system. In the past few years, we have extended our integrated product

and service model, which we call Rig Direct®, throughout North America, and we operate a greenfield, state-

of-the-art seamless pipe mill at Bay City, Texas, which is strategically located to serve the Eagle Ford and

Permian regions. In 2020, we acquired IPSCO, a U.S. seamless and welded pipe producer, and, in September

2023, we acquired Republic Tube’s OCTG pipe processing facility in Houston with heat treatment and

threading operations, further strengthening our local production capabilities and capacity to provide Rig

Direct® services in the United States. Under Rig Direct®, we manage the whole supply chain from the mill to

the rig for customers under long-term agreements, integrating mill production with customer drilling

programs, reducing overall inventory levels, simplifying operational and administrative processes, and

providing technical and digital services to improve well integrity. We first introduced the Rig Direct® model to

Pemex in Mexico in 1994, and since then we have supplied them with pipes on a just-in-time basis.

Today, we supply a large majority of our U.S. and Canadian customers for OCTG products with Rig Direct®

services.

Sales to our oil and gas customers in the United States and Canada are highly sensitive to oil prices and

regional natural gas prices. Over the past fifteen years, the drilling of productive shale gas and tight oil

reserves, made possible by new drilling technology, has transformed drilling activity and oil and gas

production in the United States and Canada. The United States has gone from being the largest global

importer of oil to the largest global producer of crude oil and LNG. U.S. crude oil production has increased

from 5.6 million b/d in 2011 to 13.5 million b/d in 2025 and has been the largest contributor to meeting

growth in global oil demand during this period as well as making the United States a net exporter. Similarly,

Annual Report 2025

U.S. natural gas production has risen rapidly over the past decade and the United States became a net

exporter of natural gas for the first time in 2017 and since 2023 has been the largest exporter of LNG to

global markets. In Canada, there has been a similar shift towards drilling of shale gas and tight oil reserves,

and, since 2025, Canada began exporting LNG from Western Canada to Asian markets.

The drop in oil prices with the onset of the COVID-19 pandemic in the first half of 2020 resulted in a collapse

in U.S. drilling activity, with the number of active rigs falling to the lowest level recorded in over 40 years.

Crude oil production also fell back to 11.3 million b/d in each of 2020 and 2021, from 12.3 million b/d in

2019. However, since then, there was a recovery in U.S. drilling activity through 2021 and 2022 before oil

drilling activity began to decline in 2023 reflecting oil prices trending downwards. In 2026, oil prices have

increased as a result of rising geopolitical tensions following the armed conflict involving the United States

and Israel against Iran, and retaliatory actions by Iran across the broader Middle East, which has led to a

closure of the Hormuz Strait. North American natural gas prices, after declining during the second half of

2023, rose moderately through 2024 and early 2025, as additional LNG export capacity started to come on

stream which encouraged additional production. In late 2025 and early 2026, prices rose during the winter

heating season but have since fallen back as the January winter storm passed and inventories remained

within normal levels.

During 2020, demand for, and sales of, our OCTG products in the United States and Canada collapsed along

with drilling activity. As a result, we closed down many of our facilities in the United States and, we

dismantled our Prudential welded pipe mill in Calgary, Canada, and integrated welded pipe production at our

seamless pipe mill in Sault Ste. Marie, Ontario. Since then, consumption of OCTG in the United States and

Canada recovered, reaching a post-pandemic peak in 2022, before gradually declining over the next three

years, reflecting, to a large extent, the productivity gains and drilling efficiencies achieved in the shale

industry as production and profitability increased even in an environment of lower oil prices. During this

period, drilling activity, as measured by drilling rigs and wells drilled, declined by more than OCTG

consumption as lateral well lengths increased and drilling days per well decreased. During this recovery

period, we reopened most of the facilities we had shut down in 2020 and brought production at our Bay City

mill to full capacity.

During 2018, the U.S. government introduced, under Section 232, tariffs and quotas on the imports of steel

products, including steel pipes, with the objective of strengthening domestic production capacity utilization

and investment. On March 12, 2025, the U.S. government extended the 25% tariff to virtually all imports of

steel and steel derivatives under Section 232, including our imports of steel bars for our US seamless pipe

operations, revoking previously negotiated country-specific exemptions and quota arrangements. On June 4,

2025, the U.S. government increased these tariffs to 50% (with the exception of steel imports from the

United Kingdom, whose tariffs remain at 25%). The list of derivative products subject to such tariffs has been

expanded on several occasions, most recently on June 16, 2025, and August 18, 2025.

U.S. tariffs on steel imports and other tariffs (including those arising under a reciprocal tariff regime

implemented by the U.S. government effective August 1, 2025, or under the retaliatory measures enacted by

other countries), are affecting market prices and dynamics, supply chains, and cost structures. Changes in

some of these tariff rates continue to be made, or threatened, in response to further negotiations with

trading partners and/or measures taken, retaliatory or otherwise, by some countries that are deemed hostile

acts or against the interests of other countries by the governments of such countries. As a result, a great

degree of uncertainty remains in the market.

On October 26, 2021, the U.S. Department of Commerce (“DOC”) initiated antidumping duty investigations

of oil country tubular goods (“OCTG”) from Argentina, Mexico, and Russia. After the DOC issued affirmative

preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia

on November 14, 2022, the International Trade Commission determined that the imports under investigation

caused injury to the U.S. OCTG industry. Tenaris and other parties appealed to the agency determinations

from the investigation to the Court of International Trade, and, with respect to certain claims, to the Court of

Appeals for the Federal Circuit. In addition, in response to a request from the Government of Argentina, the

World Trade Organization (“WTO”) established a panel of experts to consider whether the DOC’s

antidumping order applicable to Argentina is consistent with the international obligations of the United

States.

As a result of the investigations, Tenaris was required to pay antidumping duty deposits (at a rate of 78.30%

for imports from Argentina and 44.93% for imports from Mexico) until such time the imports were reviewed

by the DOC to determine whether final duties were necessary for the specific period under review. Tenaris

Annual Report 2025

paid such deposits for the first review period (which ran from May 11, 2022, through October 31, 2023) and

for subsequent review periods until the final determinations by the DOC discussed below were published. The

amount of such deposits was reflected in Tenaris’s costs.

On June 6, 2025, the DOC issued a final determination with respect to imports from Argentina that occurred

during the first review period, announcing a final antidumping duty rate of 6.76% for imports by Tenaris.

This lower rate (reduced from 78.30%) became the deposit rate for Tenaris’s imports from Argentina as from

June 12, 2025. No appeal was filed against the DOC’s final determination and, accordingly, the DOC

instructed the customs authorities to liquidate the corresponding refunds at the assessment rate of Tenaris’s

imports from Argentina for the first review period, with such instructions becoming effective on August 4,

2025. The resulting gain (including interest) was recognized in these Consolidated Financial Statements. No

refunds have been received as of December 31, 2025.

On September 5, 2025, the DOC issued its final determination for imports from Mexico that occurred during

the first review period, announcing a final rate of 26.10%. This lower rate (reduced from 44.93%) became

the deposit rate for Tenaris’s imports from Mexico as from September 15, 2025. Both petitioners and Tenaris

appealed this determination. As a result, the DOC has not instructed the customs authorities to liquidate

these entries and will not do so while the appeals are ongoing.

As a result of these periodic reviews, the deposit rates on future imports can change, and the antidumping

duty deposits paid on imports during the relevant review period may be either returned to Tenaris (in whole

or in part) or increased.

In an audit report issued by an audit team of the U.S. Customs and Border Protection (“CBP”), CBP

concluded that Tenaris should have paid antidumping duties on imports of mechanical and other pipe, which

CBP believes to be subject to the antidumping orders on OCTG from Argentina and Mexico. CBP’s audit

report calculated loss of revenue to the United States of approximately $49.6 million for years 2022, 2023

and 2024. However, CBP also appears to indicate that its calculation will be adjusted to conform with any

clarification of the scope of the relevant OCTG orders that the DOC may issue. Tenaris considers imports of

mechanical or other pipe to be out of scope and has filed a scope clarification request with the DOC. Based

on the advice of counsel, Tenaris believes that the loss contingency arising from the CBP report is neither

probable nor capable of a reliable estimate at this time.

CBP separately instructed Tenaris to modify its treatment of imports effective January 2025 and forward so

that imports of certain mechanical and other pipe would be considered to be subject to the antidumping

orders on OCTG from Argentina and Mexico. As a result, unless CBP changes its stated position on its own

initiative or after clarification by DOC, the entries on and after January 1, 2025, will require the payment of

antidumping duty deposits, and the liquidation of these entries will remain suspended during the

antidumping administrative review process. The amount of such deposits was reflected in Tenaris’s costs.

Our sales in the United States are also affected by the level of investment of oil and gas companies in

exploration and production in offshore projects.

Oil and gas drilling in Canada is subject to strong seasonality, with the peak drilling season in Western

Canada being during the winter months when the ground is frozen. During the spring, as the ice melts,

drilling activity is restricted by the difficulty of moving equipment in muddy terrain.

Over the past three years, Canadian oil and gas drilling activity has been relatively stable, with an increase in

shale gas drilling in the Montney shale area as infrastructure was put in place for exporting LNG from British

Columbia to Asian markets being largely offset by a slowdown in oil drilling activity.

On August 2, 2025, the Canadian government applied Section 53 tariff rate quotas on imports of steel

products, with tariffs of 50% (additional to normal duty rates) applying to imports of steel products in excess

of established quotas. The tariff rate quotas were initially set at 100% of 2024 imports for the group of

countries having a free trade agreement with Canada and 50% of 2024 imports for the group of countries

without a free trade agreement with Canada. As members of the USMCA trade agreement, these tariffs do

not apply to imports from Mexico and the United States, although separately Canada is applying a 25% tariff

on imports of steel products from the United States as a retaliatory measure for the U.S. tariffs on steel

products. On December 26, 2025, the Canadian government reduced the tariff rate quotas to 75% of 2024

imports for the group of countries having a free trade agreement with Canada and 20% of 2024 imports for

the group of countries without a free trade agreement with Canada. In December 2025, the Canadian

Annual Report 2025

government provided an exemption from the tariff for steel bars imported by Tenaris for its seamless pipe

operations in Sault Ste. Marie with retroactive effect.

In June, 2025, Canada initiated an antidumping investigation on OCTG from Mexico, Maverick Tubes of the

United States, the Philippines and producers from Turkey and South Korea and on November 10, 2025, the

Canadian Border Services Authority (“CBSA”) issued a preliminary determination of dumping with rates of

26.2% for Mexico and 14.7% for Maverick Tubes. The final determination of dumping and associated

determination of injury by the Canadian International Trade Tribunal (“CITT”) is expected to be made during

April, 2026.

In Mexico, we have enjoyed a long and mutually beneficial relationship with Pemex, the Mexican state-owned

oil company, and a significant crude oil and condensate producers. In 1994, we began supplying Pemex

with Rig Direct® services. We are currently negotiating the renewal of our long-term agreement with

Pemex.

In the last few years, the Mexican government has introduced measures that increased the role of state-

owned enterprises, particularly CFE and Pemex, in oil production and processing activity and electricity

dispatch, giving them priority over private companies. Pemex was charged with reversing production declines

and has built a new refinery, but its financial situation deteriorated substantially and, in response, drastically

reduced investments in drilling activity and delayed payments to suppliers, including Tenaris, with the result

that oil production in Mexico fell rapidly. Towards the end of 2025, the government took measures to

improve the financial situation of Pemex including the reduction of its debt to suppliers, with effect that the

outstanding receivables of Tenaris due from Pemex had reduced significantly by the end of 2025. For more

information on our credit exposure to Pemex, see “Risk Factors - Risks Relating to Our Business and Industry -

Adverse economic, political and security conditions in the countries where we operate or sell our products

and services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt our

operations, reduce demand and adversely affect our revenues, profitability and financial condition”.

Drilling activity in Mexico and demand for our OCTG products, which had been relatively stable through the

pandemic and its aftermath, collapsed in the second half of 2024, as Pemex reduced investments and

supplier payments, and remains at a very low level, although the government has recently begun to

encourage the private sector to increase drilling activity.

South America

Sales to customers in South America accounted for 18% of our sales of tubular products and services in

2025, compared to 19% in 2024 and 22% in 2023.

Our largest market in South America is Argentina. We also have significant sales in Brazil, Guyana and

Colombia. We have manufacturing subsidiaries in Argentina, Brazil, Colombia and Ecuador, while in Guyana,

we provide in-country services.

Our sales in South America are sensitive to the international price of oil and its impact on the drilling activity

of participants in the oil and gas sectors, as well as to general economic conditions in these countries. In

addition, sales in Argentina, as well as export sales from our manufacturing facilities in Argentina, are

affected by governmental actions and policies, such as the taxation of oil and gas exports, measures affecting

gas and gasoline prices in the domestic market and other matters affecting the investment climate. Sales in

Brazil are also affected by governmental actions and policies and their consequences, such as measures

relating to the taxation and ownership of oil and gas production activities and the operations of Petrobras.

For more information, please see “Risk Factors - Risks Relating to Our Business and Industry - Adverse

economic, political and security conditions in the countries where we operate or sell our products and

services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt our operations,

reduce demand and adversely affect our revenues, profitability and financial condition”.

A principal component of our marketing strategy in South American markets is the establishment of long-

term supply agreements and Rig Direct® services with national and international oil and gas companies

operating in those markets.

In Argentina, we have a significant share of the market for OCTG products. We have longstanding business

relationships with YPF S.A. (“YPF”), the Argentine state-controlled company, and with other operators in the

Annual Report 2025

oil and gas sector. Our current long-term agreement with YPF, under which we provide Rig Direct® services

with the objective of reducing YPF’s operational costs as it aims to increase production through investments

in Argentina’s shale oil and gas reserves, is set to expire in 2027. Activity in Argentina has expanded in recent

years and is expected to increase further as pipeline infrastructure continues to be developed for transporting

oil and gas from the prolific Vaca Muerta shale play to international markets. The country’s energy trade

balance, which used to show a large deficit, is now showing a surplus as pipeline capacity has been

developed to transport natural gas from Vaca Muerta to the main consuming regions of the country and to

export oil. Further pipeline infrastructure, and possible LNG exporting infrastructure, is expected over the next

years. Over the last two years, while companies have prioritized expansion in Vaca Muerta, they have

significantly reduced activity in the more mature fields in the south of Argentina. We reactivated our welded

pipe mill in Valentin Alsina, province of Buenos Aires, to supply pipes for the pipelines already constructed

and under construction and these are supplemented by deliveries from our mill in Brazil. In recent months,

however, the government has been encouraging the imports of industrial products, including pipes, without

concern for the impact on domestic industrial production, as it pursues its policy of opening the economy and

reducing inflation.

In Brazil, we have a longstanding business relationship with Petrobras. We supply Petrobras with casing and

tubing (including premium connections) and line pipe products, many of which are produced in our Brazilian

welded pipe facility, for both offshore and onshore applications. In recent years, we have increased the sale

of imported seamless products for offshore use, including the supply of seamless casing with premium

connections, accessories and Rig Direct® services for use in the pre-salt area and seamless line pipe for use in

offshore risers. In 2022 and 2023, offshore drilling activity increased as a result of the development of the

Buzios and other pre-salt fields by Petrobras as well as other investments by major oil companies.

Consumption of OCTG products in Brazil, almost doubled in 2023 and has remained at a similar level since.

Demand for line pipe for pipeline projects, which had been at a low level for some years, picked up in 2024

and 2025 as a major offshore pipeline was installed to bring natural gas from the pre-salt onshore, while

demand for offshore risers and flowlines has also increased. In response to market-opening measures and the

attractiveness of the deepwater reserves, major oil companies have been investing in Brazil, while Petrobras

has focused investments in world class assets in deepwater.

In Guyana and neighboring Suriname, offshore drilling activity has increased over the past few years

following the discovery of large, cost competitive oil reserves. We are supplying casing for many of the

exploration wells and, at the end of 2021, we were awarded a 10-year contract to supply large and medium

diameter casing with Rig Direct®-alike services to the main deepwater offshore development projects in the

Stabroek block. In 2024 and 2025, we were also awarded the line pipe and insulation coating and OCTG for

a deepwater development in Suriname and the insulation coating for an offshore pipeline in Guyana. In

recent months, we have expanded the level of the Rig Direct® services we supply in Guyana and are

establishing a new Rig Direct® service base in Suriname. These developments are transforming the Guyana

and Suriname economies and are yielding a significant new source of oil to global markets.

In Colombia, we have established a leading position in the market for OCTG products since 2006, following

our acquisition of TuboCaribe, a welded pipe manufacturing facility located in Cartagena. The market grew

in the previous decade as the country encouraged investment in its hydrocarbon industry and opened its

national oil company to private investment. In the past three years, drilling activity in the country has been

affected by government policies aimed at reducing exploration activity while local protests and security

concerns have increased at many drilling locations. Our principal customer in Colombia is Ecopetrol S.A.

(“Ecopetrol”), to which we supply Rig Direct® services. In February 2025 we renewed our agreement with

Ecopetrol for two years.

We also have sales in Ecuador, supplying the national oil company, as well as private operators. To increase

local content, we have established a local OCTG threading facility in Machachi.

We were present in the Venezuelan OCTG market for many years and we maintained business relationships

with Petróleos de Venezuela S.A. and the joint venture operators in the oil and gas sector until the imposition

of economic sanctions by the Office of Foreign Assets Control (“OFAC”). Additionally, we maintained

business relationships with Chevron in Venezuela until April 22, 2020, when their sanctions license expired. In

2023, Chevron was authorized to resume certain operations, which led to a limited resumption of sales in

Venezuela until March 1, 2025, when the U.S. government decided not to renew the Chevron sanctions

license. Following the apprehension of Nicolás Maduro by U.S. forces in early January 2026, Venezuela's

National Assembly approved sweeping reforms to the country's Hydrocarbons Law, reversing decades of strict

nationalization and opening the oil sector to greater private and foreign participation. The new law aims to

Annual Report 2025

reduce taxes, increase independence for private producers, permit asset transfers and outsourcing

arrangements, and introduce independent arbitration for disputes. On the same day, OFAC issued Venezuela

General License 46, authorizing certain transactions involving the sale and export of Venezuelan-origin oil by

established U.S. entities, subject to specific limitations and conditions, including requirements that contracts

be governed by U.S. law and payments be made into a U.S.-managed fund. On February 3, 2026, OFAC

issued Venezuela General License 47, authorizing transactions relating to the export of U.S.-origin diluents to

Venezuela. We expect to resume our service to Chevron’s operations and are strengthening our service

capability in the country to supply other operations in the expectation of additional future activity.

Europe

Sales to customers in Europe accounted for 7% of our sales of tubular products and services in 2025,

compared to 10% in 2024 and 7% in 2023.

Our single largest country market in Europe has traditionally been Italy. The market for steel pipes in Italy (as

in much of the EU) is affected by general industrial production trends, especially in the mechanical and

automotive industry, and by investment in power generation, petrochemical and oil refining facilities.

Following the Russian invasion of Ukraine, demand for seamless pipes in these segments in Europe declined

reflecting the increase in energy prices and prolonged decline in industrial production. In 2022, although

activity was affected by the Russian invasion, our sales increased as prices rose to compensate higher costs,

while in 2023, although activity declined, our sales remained stable reflecting a change in the competitive

environment. In 2024 and 2025, however, our sales in these segments reflected the decline in activity and

competitive pressures from low-cost imports from China and Ukraine.

In Europe, we also have significant sales to the oil and gas sector, particularly in the North Sea, but also in

other areas like Romania and Turkey. Demand from this market is affected by oil and gas prices in the

international markets and their consequent impact on oil and gas drilling activities. In 2022, we ceased sales

to Russia that would breach applicable sanctions imposed by the U.S., and the EU following the Russian

invasion of Ukraine. Sales in the North Sea rose during 2023 and remained relatively stable in 2024 and 2025

as drilling and gas pipeline construction activity increased, but are expected to decline in 2026 as activity,

particularly in the UK, is curtailed. In 2024, Turkey became our largest country market in Europe, reflecting

increased oil and gas activity and infrastructure development in the country. We supplied an offshore pipeline

for a natural gas development in the Black Sea as well as premium OCTG used for onshore drilling and pipes

for a gas storage project. Sales in Turkey in 2025 returned to previous low levels but are expected to increase

again in the second half of 2026 as we deliver a further offshore pipeline to the Black Sea.

Europe is also a region which we expect will be at the forefront of developments in low-carbon energy,

including hydrogen storage and transportation, CCS, geothermal and waste-to-energy power generation. We

are participating in these market segments where we expect to see growth in the coming years.

Asia Pacific, Middle East and Africa

Sales to customers in the Asia Pacific, Middle East and Africa accounted for 26% of our sales of tubular

products and services in 2025, compared to 26% in 2024 and 18% in 2023.

Our largest single country markets in the region are Saudi Arabia and the United Arab Emirates. In Saudi

Arabia, in response to policies that have been implemented to diversify the economy and increase local

manufacturing, we have developed a substantial local manufacturing presence, first through the

establishment of local premium threading facilities, and, more recently, through the acquisition of controlling

participations in two welded pipe producers. In January 2019, we acquired 47.8% of SSPC, a listed ERW steel

pipe producer. With the acquisition of SSPC, we also acquired a 35% share interest in GPC, a Saudi-German

joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. In

May 2023, SSPC increased its participation in GPC to 57.3% when the German shareholder in GPC decided

to exit. In 2022, we entered into a long-term agreement with Saudi Aramco for the supply of seamless OCTG

products that prioritizes local production where possible. In 2023, we entered into a similar long-term

agreement for LSAW OCTG products, while we also have medium-term supply agreements with Saudi

Aramco for ERW OCTG and line pipe products. In 2024, we had a record year of sales in Saudi Arabia as, in

addition to deliveries under these agreements, we made deliveries pursuant to a tender that was awarded to

replenish stocks of premium OCTG as Saudi Aramco increased its gas drilling activity, including the

development of the Jafurah shale gas play. In 2025, sales, particularly of OCTG products, declined as the

Annual Report 2025

tender sales came to an end and Saudi Aramco decreased drilling activity and stocks of OCTG in response to

lower oil prices.

In the United Arab Emirates, we inaugurated an industrial complex with a newly-constructed premium

threading facility, dedicated training facilities and an expanded service yard in February 2024. This followed

the award, in August 2019, of a long-term agreement with Rig Direct® conditions, valued at $1.9 billion, to

supply approximately half of the OCTG requirements of Abu Dhabi National Oil Company (“ADNOC”) in Abu

Dhabi over the following five to seven years. At the end of 2024, ADNOC confirmed an extension to cover

the full seven years and, towards the end of 2025, ADNOC extended the contract for a further two years.

ADNOC increased drilling activity during 2025 as it continues to increase its oil production capacity and

develop its gas reserves.

We have a wide-ranging presence in the rest of the region, with industrial facilities in Indonesia, China,

Kazakhstan and Nigeria and service centers in various additional countries.

Our sales in this region remain sensitive to international prices of oil and gas and their impact on drilling

activities as well as to the production policies pursued by OPEC, and, more recently, OPEC+ countries, many

of whose members are located in this region. In the past few years, oil and gas producing countries in the

Middle East, led by Saudi Arabia, have increased investments to develop gas reserves to fuel regional gas-

based industrial development, which have positively affected their consumption of premium OCTG products.

Saudi Arabia, in particular, is pursuing strong growth in conventional and unconventional gas drilling activity.

The main national oil companies in the Gulf have also increased investments to add oil and LNG production

capacity as they seek to accelerate the monetization of their oil and gas reserves, although Saudi Arabia

curtailed its oil production capacity expansion plans in 2025.

Our sales in the region can be adversely affected by political and other events in the region, such as armed

conflicts, terrorist attacks and social unrest, which could materially impact the operations of companies active

in the region’s oil and gas industry. In March 2026, the armed conflict involving the United States and Israel

against Iran, and retaliatory actions by Iran across the broader Middle East, led to the closure of the Hormuz

Strait, through which around 20% of the world’s oil and LNG is shipped, resulting in extreme volatility of

energy prices and a disruption to oil and LNG production and transportation in the region. There is

uncertainty about the full impact and consequences resulting from the conflict. For more information, please

see “Risk Factors - Risks Relating to Our Business and Industry - Adverse economic, political and security

conditions in the countries where we operate or sell our products and services, as well as armed conflicts,

geopolitical tensions and related sanctions, may disrupt our operations, reduce demand and adversely affect

our revenues, profitability and financial condition”.

In North Africa, there have been, in recent years, significant discoveries and development of offshore gas

reserves in the Mediterranean and international oil companies have made investments in the region. In sub-

Saharan Africa, after several years of limited investments, international oil companies have gradually

increased their investments in exploration and production in offshore projects since 2022, with significant

discoveries in Angola, Namibia and the Ivory Coast.

In the Caspian region, major oil companies operating in Kazakhstan and Azerbaijan increased their

investments and drilling activity following a recovery of oil prices in 2017. In 2020 and 2021, however, our

sales were affected by the impact of the COVID-19 pandemic on the operations of our customers and the

impact on drilling activity of adherence to the production cuts agreed by the OPEC+ countries in response to

the collapse of oil demand due to the pandemic. Since then, drilling activity and our sales have remained at

low levels.

In the past few years, uprisings affected drilling activity in countries such as Syria, Libya and Yemen. In

addition, for a number of years, U.S. and EU sanctions have affected production and exports in Iran.

In Indonesia and other markets in South East Asia and Oceania, drilling activity, particularly offshore drilling

activity, is mainly affected by demand and prices for natural gas and LNG. The region is a major producer of

natural gas and LNG particularly for the energy-hungry economies of China and North-East Asia.

Our sales in China are concentrated on premium OCTG products used in oil and gas drilling activities. For

more than 15 years, Chinese imports of OCTG products have remained at a very low level as local producers

compete ferociously in an oversupplied market. We continue, however, to seek new markets in niche

applications and in 2016 we opened a components facility for processing pipes for use in airbags for

Annual Report 2025

automobiles, which we have twice expanded. In 2020, we established a joint venture with Baotou Steel, a

major domestic supplier of seamless pipes to the onshore oil and gas fields, for the construction of a

premium threading facility located within our partner’s steelmaking facilities in Inner Mongolia. The new

facility, which finishes pipes produced mainly by our joint venture partner, began production during the first

quarter of 2022. Our participation in the joint venture is 60%. During 2022, Baotou Steel and Baosteel

International Group (“Baosteel”) merged their seamless pipe businesses, but at the end of 2023, this merger

was reversed, and we have resumed operations with our original joint venture partner.

In Japan, our former subsidiary, NKKTubes, competed against other domestic producers. In November 2022

we entered into a definitive wrap-up agreement with JFE to terminate our joint venture and cease NKKTubes’

operations. The market for steel pipe products in Japan is mostly industrial and depends on general factors

affecting domestic investment, including production activity. With the closure of manufacturing and

production operations of NKKTubes in June 2022, we have largely ceased to serve this market.

Sales in the region declined to a low level in 2021 as a result of various factors, including the slowdown in

investments in drilling activity as a result of the pandemic and reduction in oil demand and prices and

ongoing inventory reductions at some of the region’s largest consumers such as Saudi Arabia and the United

Arab Emirates. In 2022, our sales in the region began to recover while, in 2023, our sales benefited from a

strong recovery in activity and inventory shortages. Our sales increased further in 2024 led by Saudi Arabia

following a tender award to help Saudi Aramco to replenish inventory levels, and remained at a very high

level in 2025, despite the decline in sales to Saudi Arabia.

Others

Our other products and services include sucker rods used in oil extraction activities, oil and gas services,

namely hydraulic fracturing and coiled tubing services in Argentina, sales of pipe for plumbing applications

from our Italian Piombino mill, coiled tubes used in oil and gas extraction activities, and sales of raw materials

and energy that exceed our internal requirements.

Net sales of other products and services amounted to 5% of total net sales in 2025, 2024 and 2023.

Annual Report 2025

Competition

The global market for steel pipe products is highly competitive. Seamless steel pipe products, which are used

extensively in the energy industry particularly for offshore, high pressure, high stress, corrosive and other

complex applications, are produced in specialized mills using round steel billets and specially produced ingots.

Welded steel pipe products are produced in mills which process steel coils and plates into steel pipes. Steel

companies that manufacture steel coils and other steel products but do not operate specialized seamless steel

mills are generally not competitors in the market for seamless steel pipe products, although they often

produce welded steel pipes or sell steel coils and plates used to produce welded steel pipes.

The production of steel pipe products following the stringent requirements of major oil and gas companies

operating in offshore and other complex operations requires the development of specific skills and significant

investments in manufacturing facilities. By contrast, steel pipe products for standard applications can be

produced in most seamless pipe mills worldwide and sometimes compete with welded pipe products for such

applications including OCTG applications. Welded pipe, however, is not generally considered a satisfactory

substitute for seamless steel pipe in high-pressure or high-stress applications.

Over the past two decades, substantial investments have been made, especially in China but also in other

regions around the world, to increase production capacity of seamless steel pipe products. Production

capacity for more specialized product grades has also increased. With the downturn between 2014 and 2016

in the price of oil and demand for tubes for oil and gas drilling, the overcapacity in steel pipe and seamless

steel pipe production worldwide became acute, extending beyond commodity grades. This situation has been

accentuated by the prospect of limited demand growth in an energy transition. Effective competitive

differentiation and industry capacity closures will be key factors for Tenaris.

Our principal competitors in steel pipe markets worldwide are described below.

• Vallourec S.A. (“Vallourec”), a French company, has mills in Brazil, China, and the United States.

Vallourec has a strong presence in the U.S. and Brazilian markets for OCTG and line pipe products and

the Brazilian market for industrial products, as well as a significant market share in the international

market with customers primarily in the Middle East, Africa and Asia Pacific. Vallourec is an important

competitor in the international OCTG market, particularly for high-value premium joint products. Prior

to the 2014-16 downturn in oil prices, Vallourec increased its production capacity by building mills in

Brazil (jointly with Nippon Steel Corporation “NSC”) and Youngstown, Ohio, acquiring tubular

businesses in the United States and Saudi Arabia, and acquiring a Chinese seamless steel producer.

Since then, Vallourec has carried out two major financial restructuring processes and has emerged as a

financially stable company with a reduced industrial perimeter under new management and owners. In

the second financial restructuring, Vallourec’s creditors, including Apollo, a private equity house,

assumed effective control. Under the same restructuring, Vallourec closed its German mills during

2023 and invested EUR100 million in its Brazilian mills to enable the transfer of its specialized products

for oil and gas customers from Germany to Brazil. In 2024, ArcelorMittal S.A. (“ArcelorMittal”)

acquired Apollo’s entire shareholding (28.4% of voting rights and 27.5% of the share capital) and

became its reference shareholder.

• U.S. Steel Corporation (“U.S. Steel”), a large U.S. steel manufacturer, has long been a significant

player in the U.S. market for seamless OCTG and line pipe. During the pandemic-induced downturn, it

closed its large diameter seamless pipe mill in Lorain and the welded pipe facilities it acquired from

Lone Star in 2008 to focus its pipe business on its medium range seamless pipe mill in Fairfield,

Alabama where it also constructed an EAF steel mill to have a fully integrated facility. In December

2023, U.S. Steel and NSC announced that they had entered into a definitive agreement pursuant to

which NSC will acquire U.S. Steel. After many regulatory delays, NSC was finally able to complete the

acquisition in June 2025, after agreeing to accept U.S. government veto powers over key decisions to

safeguard national interests through a golden share as well as representation on the board of

directors.

• Japanese companies NSC and, to a lesser extent, JFE together enjoy a significant share of the

international market, having established strong positions in markets in the Far East and the Middle

East. They are internationally recognized for their supply of high-alloy grade pipe products. Over the

previous decade, NSC had increased its capacity to serve international markets through the

construction with Vallourec of a new seamless pipe mill in Brazil, and further strengthened its ties with

Vallourec through participating in Vallourec’s 2016 capital increase and combining their respective

Annual Report 2025

Brazilian operations. As part of the latest financial restructuring of Vallourec, NSC relinquished its

participation in the Brazilian operation and ceded its reference shareholder position in Vallourec. In

2022, NSC, as part of a general restructuring of its steelmaking operations, closed one of its three

seamless pipe production mills and announced the closure of its large diameter welded pipe mill and

its exit from the large diameter welded line pipe market. In 2025, It completed the acquisition of U.S.

Steel.

• In recent years, Interpipe, a Ukrainian seamless pipe producer has emerged as a significant competitor

in the European market for seamless pipes for industrial applications. It also competes in international

markets for OCTG and line pipe products.

• In the Middle East, particularly in Saudi Arabia, which has implemented policies to encourage local

production for its oil and gas industry, several pipe mills were established, including a seamless pipe

mill built by Jubail Energy Services Company (“JESCO”), a company established with majority

participation from a state-backed industrial development company, and a seamless pipe mill originally

built by a joint venture of ArcelorMittal and local shareholders (“AMTJ”). These local players have been

strengthening their capabilities and, between them, have taken a leading share of the pipes supplied

to Saudi Aramco as well as exporting to other countries in the Middle East and the rest of the world. In

2021, JESCO and AMTJ, who were both operating with losses, combined their operations at the

behest of the Saudi Public Investment Fund.

• Over the past two decades, Chinese producers have increased production capacity substantially and

strongly increased their exports of steel pipe products around the world and they continue to do so.

Due to unfair trading practices, many countries, including the United States, the EU, Canada, Mexico

and Colombia, have imposed anti-dumping restrictions on Chinese imports to those regions. In 2009,

the largest Chinese producer of seamless steel pipes, Tianjin Pipe (Group) Corporation Limited

(“TPCO”), announced a plan to build a new seamless pipe facility in the United States in Corpus

Christi, Texas; heat treatment and pipe finishing facilities were constructed but steelmaking and hot

rolling facilities have not been completed. As part of a financial restructuring, a 51% shareholding in

TPCO was sold to Shanghai Electric Group and has now been sold on to Citic Group Corporation Ltd.

(“Citic”), a state-owned conglomerate. Although producers from China compete primarily in the

“commodity” sector of the market, several of these producers, including Baosteel, Hengyang and

TPCO, have developed and are selling more sophisticated products, particularly in the domestic market

but also more recently in the Middle East.

• Although the tubes and pipes business in the United States and Canada has experienced significant

consolidation over the years, many new players have built pipe mills in the United States. These

include, in addition to TPCO, Benteler A.G. (“Benteler”), a European seamless pipe producer that built

a new seamless pipe mill in Louisiana, which opened in September 2015; Boomerang LLC, a company

formed by a former Maverick executive that opened a welded pipe mill in Liberty, Texas, now known

as PTC Liberty Tubulars and part of the PTC Alliance; and a plethora of welded pipe mills established

by subsidiaries of foreign pipe producers, such as SeAH Steel (“SeAH”), of Korea and JSW Group

(“JSW”), of India. North American pipe producers, including U.S. Steel, are largely focused on

supplying the U.S. and Canadian markets, where they have their production facilities.

• Korean welded pipe producers, who have a limited domestic market, have targeted the U.S. market

for standard applications. They have gained a significant market position, despite the application of

anti-dumping duties for unfair trading practices and being subject to Section 232 quotas. One of

them, SeAH, has acquired and built local welded pipe production facilities in the United States.

• Benteler, Tubos Reunidos S.A. of Spain (“Tubos Reunidos”), and Voest Alpine A.G. of Austria (“Voest

Alpine”) each have a significant presence in the European market for seamless steel pipes for industrial

applications. Voest Alpine also has a relevant presence in the U.S. and Canadian OCTG markets and

some other international OCTG markets. In 2016, Tubos Reunidos opened an OCTG threading facility

targeting international markets, including the United States.

• ArcelorMittal has seamless pipe mills in Romania and South Africa as well as a 33.3% participation as

technical partner in AMTPJ in Saudi Arabia. It also has a number of welded pipe mills in North America

and Europe, supplying the industrial and automotive sectors. In 2024, ArcelorMittal acquired 28.4% of

Annual Report 2025

the voting rights (representing 27.5% of the share capital) in Vallourec, becoming its reference

shareholder.

• Over the previous two decades, TMK, a Russian company, led the consolidation of the Russian steel

pipe industry, invested to modernize and expand its production capacity in Russia and expanded

internationally through acquisitions into Eastern Europe and the United States. TMK also expanded in

the Middle East through the acquisition of a controlling interest in Gulf International Pipe Industry LLC,

a welded pipe producer in Oman. More recently, however, TMK adopted a strategy of monetizing its

international assets by reducing its participation in Gulf International Pipe and selling IPSCO to Tenaris,

as well as strengthening its position in its domestic market by acquiring Chelpipe, the second Russian

producer of seamless pipes in 2021. In 2022, following the Russian invasion of Ukraine, the API

withdrew its license for products produced in TMK’s mills in Russia. Russian producers or their

controlling shareholders are now subject to U.S., EU and UK sanctions, among others, and are now

largely prevented from competing in several markets.

Producers of steel pipe products can maintain strong competitive positions in markets where they have their

pipe manufacturing facilities due to logistical and other advantages that permit them to offer value-added

services and maintain strong relationships with domestic customers, particularly in the oil and gas sectors. We

have established strong ties with major consumers of steel pipe products in the home markets of our

manufacturing subsidiaries, reinforced by Rig Direct

services, as discussed above.

Annual Report 2025

Capital Expenditure Program

During 2025, our capital expenditures, including investments at our plants and information systems (“IT”),

amounted to $617 million, compared to $694 million in 2024 and $619 million in 2023. Of all capital

expenditures made during 2025, $568 million were invested in tangible assets, compared to $636 million in

2024 and $571 million in 2023.

In 2025, we continued investing in new solutions with environmental and health and safety impact,

increasing capacity, enhancing efficiency in our industrial plants, advancing the automation and digitalization

of our processes, and strengthening product differentiation.

The major highlights of our capital-spending program during 2025 included:

• completion of a second wind farm in Argentina, which is supplying cost-competitive electric power to

our facility in Campana and contributing to our target of reducing the carbon emissions intensity of our

operations by 30% by 2030 (compared to a 2018 baseline);

• capacity expansion and line improvements at the coupling shop at Silcotub in Romania;

• acquisition of additional hydraulic fracturing equipment and the construction of a new service center in

Argentina;

• completion of a photovoltaic power plant in Calarasi in Romania;

• refurbishment of the coating line at our facility in Nigeria;

• upgrade of the direct water filtration system at the hot rolling mill in Bay City in the United States to

improve operational efficiency;

• implementation of advanced robotics in our mills in Conroe in the United States and Sault St. Marie in

Canada to accelerate the robotization of industrial systems, enhance industrial system safety and reduce

operating costs;

• advanced progress in the first stage of the yard expansion in Midland in the United States, an investment

that will be completed in 2026, to increase storage capacity and provide efficient operations;

• improvement of scrap storage yards at Tamsa in Mexico to enhance the sustainability of the facilities;

and

• redesign of office spaces mainly in Buenos Aires in Argentina, Luxembourg and China to align our

workspaces to a more contemporary way of working and the construction of a new medical services

building at Tamsa in Mexico.

Investments in information systems and other intangible assets totaled $49 million in 2025, compared to $58

million in 2024 and $48 million in 2023.

Our 2025 IT capital expenditure program focused on:

• continuous advancements on the HR platform, promoting a full HR process integration for all Tenaris

employees;

• alignment and integration of systems from new acquisitions with Tenaris systems, including industrial

application and management control;

• advancements in our industrial architecture and backend logic across Europe and Eastern Hemisphere;

and

• enhancements in cybersecurity and in keeping hardware and software obsolescence under control to

prevent operational disruptions and minimize vulnerabilities that arise from running outdated IT

platforms.

Annual Report 2025

Capital expenditures in 2026 are expected to contribute to the digitalization and modernization of our

infrastructure and systems. Our investment program for 2026 includes:

• industrial infrastructures upgrades, including cranes and building improvements in Mexico, Canada and

Argentina;

• the installation of a new threading line for high resistance alloys, and the upgrade of combustion systems

to improve energy efficiency and reduce CO

emissions in Silcotub in Romania;

• migration to SAP S/4 HANA to modernize core systems, support future business objectives and improve

user experience through enhanced technology;

• further digitalization in Hickman in the United States, to improve process control and operational

efficiency;

and

• the continued rollout of our offices’ redesign project aimed at aligning our workspace to a more

contemporary way of working.

Annual Report 2025

Raw Materials and Energy

The majority of our seamless steel pipe products are manufactured in integrated steelmaking operations

using the electric arc furnace route, with the principal raw materials being steel scrap, DRI, HBI, pig iron and

ferroalloys. In Argentina we produce our own DRI from iron ore using natural gas as a reductant. Our

integrated steelmaking operations consume significant quantities of electric energy, purchased from the local

electricity markets, provided from our wind farms and other renewable sources, and from thermal-electric

power production. Our welded steel pipe products are processed from purchased steel coils and plates.

Over the past five years, we have reduced our purchases of pig iron and increased those of steel scrap, in line

with our target to reduce the carbon intensity of our operations and, in 2025, we purchased minimal

quantities of pig iron.

The proportion of the different steelmaking raw materials and steel varies depending on the mix of seamless

and welded pipes in total production and across our production facilities, as well as the specifications of the

final products and other factors. On average, in 2025, steel scrap, pig iron, HBI and DRI represented

approximately 20% of our steel pipe products’ costs, while purchased steel in the form of billets, coils or

plates represented approximately 14%, with direct energy accounting for approximately 3%.

These raw material inputs are subject to price volatility caused by supply constraints, political and economic

situations, financial variables and other unpredictable factors. For further information on price volatility, see

“Risk Factors - Risks Relating to Our Business and Industry - Increases in the cost of raw materials, energy and

other costs, limitations or disruptions to the supply of raw materials and energy, and price mismatches

between raw materials and our products may hurt our profitability”.

The costs of steelmaking raw materials and of steel coils and plates were subject to high levels of volatility

during 2022 as they were affected by the Russian-Ukraine armed conflict, and the sanctions being imposed

on Russian individuals, companies and institutions. They returned to more stable levels in 2023 and declined

in 2024 and in 2025. For more information, see “Risk Factors - Risks Relating to Our Business and Industry -

Adverse economic, political and security conditions in the countries where we operate or sell our products

and services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt our

operations, reduce demand and adversely affect our revenues, profitability and financial condition”.

Steel scrap, pig iron and HBI

Steel scrap, pig iron and HBI for our steelmaking operations are sourced from local, regional and international

suppliers. In Argentina, we produce our own DRI and source ferrous scrap domestically through a wholly

owned scrap collecting and processing subsidiary. In Italy, we purchase ferrous scrap and limited amounts of

pig iron from local and regional markets. In Mexico, we import our HBI and pig iron requirements and

purchase scrap from domestic and international markets. In Romania, we source ferrous scrap from the

domestic market. In the United States, we source scrap from the local market to supply our steelmaking

facility.

International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and

demand conditions.

Annual scrap prices decreased in 2025. As a reference, prices for U.S. East Coast Shredded Scrap, published

by Platts, averaged $346 per ton in 2025 and $375 per ton in 2024, while they averaged $391 per ton in

2023. Steel scrap prices declined to a three-year low, pressured by an oversupply of low-cost Chinese rebar in

the steel market, which has affected scrap purchases from Turkey, a major consumer of steel scrap exports.

Decarbonization efforts, as well as increasing production of steel in electric arc furnaces, have been

supporting prices and are likely to put upwards pressure on prices going forward as availability of high-quality

scrap becomes increasingly scarce in relation to demand.

In 2025, Brazil and Ukraine remained the largest pig iron suppliers to the American and European markets

because of the significant decrease in supply from Russia. In 2025, the global pig iron market experienced a

1.7% decrease in production compared to 2024. This decrease is also attributed to decarbonization efforts,

which are resulting in lower demand for pig iron. Prices showed a downward tendency during most of 2025,

Annual Report 2025

reaching levels of around $420 per ton in October, but have since rebounded to levels of around $460 per

ton in early 2026.

International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and

demand conditions.

Iron ore

We consume iron ore in the form of pellets for production of DRI in Argentina. Siderca’s consumption of iron

ore during 2025 was approximately 721 thousand tons, supplied by Vale International S.A. and Samarco

Mineração S.A. from Brazil, and Iron Ore Company (“IOC”) from Canada. Annual iron ore prices remained at

low levels during 2025 in comparison to previous years. As a reference, prices for the IODEX 62% Fe Index,

published by Platts, averaged $102 per ton in 2025, in comparison to $109 per ton in 2024, $120 per ton in

2023. In June 2025, the index fell to its lowest level of the year, $93 per ton, and then began to rise, ending

the year at $109 per ton.

The premium for DRI pellets averaged $30 per ton in 2025, $40 per ton in 2024 and $45 per ton in 2023,

while it averaged $72 per ton in 2022. The DRI pellet market had a price decrease in 2023 as demand from

Europe and Middle East and Africa remained weak throughout the year. At the end of 2023, prices had a

seasonal increase, followed by a downturn in prices in January 2024, which was sustained during the whole

year, due to a weak steel market worldwide and tight margins. During 2024, Chinese steel exports reached

record levels, with more competitive prices than other regions, resulting in an oversupply in the global

market. This situation put pressure on steel prices, as well as on steelmaking raw materials; this continued

throughout 2025, maintaining pressure on raw material costs.

Ferroalloys

The purchase of ferroalloys is coordinated globally to ensure supply for each of our steel shops. International

ferroalloy prices can vary substantially over short periods of time.

In 2025, manganese alloy prices were primarily shaped by the prolonged safeguard process in the European

Union, which became the key driver of market behavior. During the investigation phase, prices experienced

significant volatility as market participants speculated on potential approvals, product coverage, and price

thresholds. Following the final approval and implementation of the safeguards, prices have remained

structurally high, supported by tariff-rate quotas and minimum price mechanisms that effectively established

a higher price floor for manganese alloys in the European market.

Molybdenum prices remained strong throughout 2025, supported by steady demand and supply-side

disruptions. Disruptions during the third quarter in China and South America tightened concentrate

availability, while easing supply conditions in the fourth quarter led to some price moderation, with prices

closing the year at relatively high levels.

As for chrome, prices in 2025 remained supported despite uneven demand. The market was primarily driven

by supply-side constraints, high power costs, and tighter chrome ore availability. As a result, prices stayed

firm throughout the year.

Round steel bars

We mainly satisfy our steel bars and ingots requirements with materials produced in our steelmaking facilities

in Argentina, Italy, Mexico, Romania and the United States. We complement this internal supply with limited

purchases of steel bars and ingots from third parties as required, particularly for use in our seamless steel pipe

facilities in the United States.

In Canada, we mainly source our steel bars requirements from our integrated facilities in Argentina, Italy,

Mexico, Romania and the United States.

In the United States, we own a steel shop facility in Koppel, Pennsylvania. This facility provides a significant

portion of the steel bars required by our Bay City and Ambridge mills. We also use steel bars imported from

our integrated facilities in Romania, Italy, Argentina and Mexico. These imports were excluded from Section

Annual Report 2025

232 tariffs until March 2025, when the exclusions were rescinded. Additionally, we have contracts in place

with Nucor Steel and U.S. Steel to purchase a portion of the steel bar requirements for our Bay City mill.

In Japan, following the termination of our joint venture and the closure of the NKKTubes plant, JFE agreed to

provide us with 13 Chrome alloy products for a two-year period, which was extended for an additional five-

year period.

Steel coils and plates

For the production of welded steel pipe products, we purchase steel coils and steel plates principally from

domestic producers for processing into welded steel pipes. We have welded pipe operations in Argentina,

Brazil, Canada, Colombia, Saudi Arabia and the United States.

Steel coil market prices in 2025 increased 10%. As a reference, prices for hot rolled coils, HRC Midwest USA

Mill, published by CRU, averaged $935 per metric ton in 2025, compared with $850 per metric ton in 2024

and $991 per metric ton in 2023.

For our welded pipe operations in the United States, a significant part of our requirements for steel coils is

supplied by Nucor Steel, which is our principal supplier in the United States. Nucor Steel has a steel coil

manufacturing facility in Hickman, Arkansas, near our principal welded pipe facility in the United States.

During 2025, Nucor Steel supplied steel coils under a long-term purchase agreement, which is due to expire

at the end of 2026.

In Canada, we source our requirements for steel coils from local suppliers. Among such suppliers are

ArcelorMittal Dofasco, which has steel coil manufacturing facilities in Hamilton, Ontario, and Algoma Steel,

which has steel coil manufacturing facilities in Sault Ste. Marie, Ontario.

We also purchase steel coils and plates for our welded pipe operations in South America (Brazil, Argentina

and Colombia). In Brazil, we purchase principally from Gerdau S.A., ArcelorMittal Tubarão and Usiminas, a

subsidiary of Ternium; and in Argentina, we purchase from Ternium Argentina S.A. (“Ternium Argentina”), a

subsidiary of Ternium. In addition, in Brazil we also source plates from international suppliers when not

produced domestically.

In Saudi Arabia, we mainly purchase steel coils from the local market for SSPC and plates from international

sources for GPC.

Energy

We consume substantial quantities of electric energy, mainly at our electric steel shops in Argentina, Italy,

Mexico, Romania and the United States.

In Argentina, our local electric energy requirements are currently satisfied through two wind farms with a

total capacity close to 200 MW, the second of which began operations in September 2025 and whose power

is delivered through the interconnected national grid and a 35 MW power generating plant located

within the Campana facility. Our local electric energy requirements are supplemented by purchases in the

local market.

In Dalmine, Italy, we have a 120 MW power generation facility which is designed to have sufficient capacity

to meet most of the electric power requirements of the operations. The additional energy needed to cover

the peaks of consumption is partially purchased through a power purchase agreement (“PPA”) with Axpo

Italia, started in November 2024 for 15 GWh/year of electricity produced from a solar plant. The residual

energy required and the excess produced are purchased and sold to the market, while heat is sold for district

heating or used internally.

In Mexico, our electric power requirements are mainly satisfied by Techgen, a natural gas-fired combined

cycle electric power plant in the Pesquería area of the State of Nuevo León, while a small portion of our

energy requirements is furnished by the Mexican government-owned CFE. In addition to the constitutional

reform of October 2024, which approved the reclassification of Mexico's two largest state-owned energy

companies, Pemex and CFE, as state public enterprises, emphasizing their role in serving the “public

interest”, in March 2025 the New Electric Sector Law was passed, providing for binding planning and the

prevalence of CFE with 54% of the energy injected annually. If such target is not met, the Ministry of Energy

should determine the electricity needs and infrastructure to be developed by the State, include them in the

Annual Report 2025

Electric Sector Development Plan, and monitor progress. As of to date, the supply arrangement between the

Company’s Mexican subsidiary, Tamsa, and Techgen have not been affected by the new regulatory

framework.

In Romania, the electric energy needs are covered mainly from the local market and from an on-site 20 MW

solar park located in our Steel shop in Calarasi, accounting for about 6% of the electricity requirements of

Tenaris’s operations in the country. In the United States, we source electric energy from the local market.

We consume substantial volumes of natural gas in Argentina, for the generation of DRI in addition to the

requirements for producing seamless pipes. Tecpetrol S.A. (“Tecpetrol”), a San Faustin subsidiary, is our main

natural gas supplier in Argentina under market conditions and in accordance with local regulations.

We have transportation capacity agreements with Transportadora de Gas del Norte S.A. (“TGN”), a company

in which San Faustin holds a significant but non-controlling interest, corresponding to capacity of 1,000,000

cubic meters per day until April 2027. To meet our transportation requirements for natural gas above the

volumes contracted with TGN, we also have agreements with Naturgy S.A. (“Naturgy”), for a maximum

transportation capacity of approximately 970,000 cubic meters per day. For the final transportation phase,

we also have a supply contract with Naturgy. Both contracts with Naturgy are in place until April 2030.

In addition to the amount of gas consumed at our Italian plants, we also require a substantial volume of natural

gas to feed our power generation facility in Italy. Our natural gas requirements for the power generation facility

are currently supplied by Edison Energia S.p.A. while the natural gas consumed at our Italian plants is supplied

by Eni S.p.A.

Our costs for electric energy and natural gas vary from country to country. Prior to late 2021, energy costs

remained generally flat due to the increasing availability of natural gas from shale plays and additional

renewable energy generation at more competitive prices. Since then, they have been affected, particularly in

Europe, by geopolitical conflict, including the Russian invasion of Ukraine in February 2022 and, more

recently, the conflict in the Middle East, as well as policies aimed at reducing the use of fossil fuels.

In Argentina, in December 2020, the government launched a new gas plan aimed at increasing domestic

natural gas supply as production began to decline in 2019, and substantial resources had been identified in

the Vaca Muerta shales. Due to limited gas storage capacity, the country relied on imports of natural gas

from Bolivia and Chile, as well as LNG from the international market at high prices, to meet domestic

demand during the winter heating season, in addition to using liquid fuels for electricity generation. To

transport additional gas from Vaca Muerta to the main consuming regions, the government commissioned

the Perito Francisco Pascasio Moreno pipeline, which was completed in mid-2023, thus avoiding the import

of more expensive supplies.

In late 2021, energy and natural gas prices increased significantly, particularly in Europe. The Russia-Ukraine

war led to renewed volatility in energy commodity prices, exacerbated by low inventory levels during the first

half of 2022. Prices reached a peak in late August 2022 and subsequently stabilized at elevated levels. In early

2023, European electricity prices declined to pre-war levels, primarily as a result of lower gas prices driven by

a particularly mild winter, and remained relatively stable throughout 2023 and much of 2024.

In late 2024, prices increased during the winter months as colder weather conditions led to a rapid

drawdown of gas storage levels. In early 2025, healthy gas supplies enabled the replenishment of storage

facilities, driving prices down to the €30–35 per MWh range, where they remained with a slow reduction

through the second half of the year. In March 2026, however, the situation changed when the armed conflict

involving the United States and Israel against Iran, and retaliatory actions by Iran across the broader Middle

East, led to the halt of LNG production in Qatar, which accounts for around 20% of the world’s LNG supply

and is shipped through the Hormuz Strait which has been blocked to shipping. For more information, see

“Risk Factors – Risks Relating to Our Business and Industry – Increases in the cost of raw materials, energy

and other costs, limitations or disruptions to the supply of raw materials and energy; and price mismatches

between raw materials and our products may hurt our profitability”, “Risk Factors – Risks Relating to Our

Business and Industry – Adverse economic, political and security conditions in the countries where we operate

or sell our products and services, as well as armed conflicts, geopolitical tensions and related sanctions, may

disrupt our operations, reduce demand and adversely affect our revenues, profitability and financial

condition”.

Annual Report 2025

Product Quality Standards

For information on Tenaris’s product quality standards, please refer to “Sustainability Statement - Social - Our

Value Chain” in this annual report.

Annual Report 2025

Research and Development

For information on Tenaris’s research and development, please refer to “Sustainability Statement - Social -

Our Value Chain” in this annual report.

Annual Report 2025

Insurance

We carry property damage, general liability and certain other insurance coverage in line with industry

practices. However, we do not carry business interruption insurance. Our current general liability coverage

includes third-party, employers, sudden and accidental seepage and pollution, and product liability, up to a

limit of $350 million. Our current property insurance has an indemnification cap up to $250 million for direct

damage, considering all plants, and a deductible of $75 million.

Annual Report 2025

Organizational Structure and Subsidiaries

Principal Subsidiaries

We conduct all our operations through subsidiaries. The following table shows the principal subsidiaries of

the Company and its direct and indirect ownership in each subsidiary as of December 31, 2025, 2024 and

2023.

Company

Country of

Incorporation

Main activity

Percentage of ownership

at December 31, (*)

2025

2024

2023

ALGOMA TUBES INC.

Canada

Manufacturing of welded and seamless steel

pipes

100%

CONFAB INDUSTRIAL S.A. and subsidiaries

Brazil

Manufacturing of welded steel pipes

100%

DALMINE S.p.A. and subsidiaries (a)

Italy

Manufacturing of seamless steel pipes

100%

EXIROS B.V. and subsidiaries (b)

Netherlands

Procurement and trading services

50%

HYDRIL COMPANY

USA

Manufacturing and marketing of premium

connections

100%

MAVERICK TUBE CORPORATION and

subsidiaries

USA

Manufacturing of welded and seamless steel

pipes

100%

OILFIELD SERVICES SOCIEDAD ANONIMA

Argentina

Hydraulic fracturing and coiled tubing services

100%

P.T. SEAMLESS PIPE INDONESIA JAYA

Indonesia

Manufacturing of seamless steel products

89%

SILCOTUB S.A.

Romania

Manufacturing of seamless steel pipes

100%

SAUDI STEEL PIPE CO. and subsidiaries (c)

Saudi Arabia

Manufacturing of welded steel pipes

48%

SIAT SOCIEDAD ANONIMA

Argentina

Manufacturing of welded steel pipes

100%

SIDERCA SOCIEDAD ANONIMA INDUSTRIAL

Y COMERCIAL and subsidiaries (d)

Argentina

Manufacturing of seamless steel pipes

100%

TALTA - TRADING E MARKETING

SOCIEDADE UNIPESSOAL LDA.

Portugal

Holding company

100%

TENARIS BAY CITY, INC.

USA

Manufacturing of welded and seamless steel

pipes

100%

TENARIS CONNECTIONS BV

Netherlands

Development, management and licensing of

intellectual property

100%

TENARIS GLOBAL SERVICES (CANADA) INC.

Canada

Marketing of steel products

100%

TENARIS GLOBAL SERVICES (U.S.A.)

CORPORATION

USA

Marketing of steel products

100%

TENARIS GLOBAL SERVICES (UK) LTD

United Kingdom

Holding company and marketing of steel

products

100%

TENARIS GLOBAL SERVICES S.A. and

subsidiaries

Uruguay

Marketing, distribution of steel products and

holding company

100%

TENARIS INVESTMENTS (NL) B.V. and

subsidiaries

Netherlands

Holding company

100%

TENARIS GLOBAL SERVICES and

INVESTMENTS S.àr.l. and subsidiaries

Luxembourg

Marketing and distribution of steel products,

financial operations and holding company

100%

TENARIS QINGDAO STEEL PIPES LTD.

China

Processing of premium joints, couplings and

automotive components

100%

TENARIS TUBOCARIBE LTDA.

Colombia

Manufacturing of welded and seamless steel

pipes

100%

TUBOS DE ACERO DE MEXICO, S.A. and

subsidiaries

Mexico

Manufacturing of seamless steel pipes

100%

(*) All percentages rounded.

Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited and

60% of Tenaris Baogang Baotou Steel Pipes Ltd. Until its deconsolidation in June 2025, Tenaris held 49% of Amaja Tubular Services

Limited.

(a) Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.

(b) Tenaris holds 50% of the voting rights and Ternium owns the remaining 50%. Exiros provides purchase agency services and raw

materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the

Exiros shareholders’ agreement, Tenaris recognizes Exiros’ assets, liabilities, revenue and expenses in relation to its interest in the joint

operation.

(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tadāwul), Tenaris holds 47.79% and

has the right to nominate the majority of the members of the board of directors, therefore Tenaris has control over SSPC. Since May,

2023, Saudi Steel Pipe Co. holds 57.3% of Global Pipe Company, therefore Tenaris has control over GPC.

(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.

Annual Report 2025

Other Investments

Ternium

As of December 31, 2025, the Company held 11.46% of Ternium’s share capital, representing 11.70% of its

voting rights. Ternium is a Luxembourg company controlled by San Faustin, whose securities are listed on the

NYSE.

The Company is a party to a shareholders’ agreement with Techint Holdings S.àr.l. (“Techint Holdings”), a

wholly owned subsidiary of San Faustin and Ternium’s main shareholder, dated January 9, 2006, pursuant to

which Techint Holdings is required to take actions within its power to cause one of the members of Ternium’s

board of directors to be nominated by the Company and any directors nominated by the Company to be

removed only pursuant to previous written instructions from the Company. The Company and Techint

Holdings also agreed to cause any vacancies on Ternium’s board of directors to be filled with new directors

nominated by either the Company or Techint Holdings, as applicable. The shareholders’ agreement will

remain in effect so long as each of the parties holds at least 5% of the shares of Ternium or until it is

terminated by either the Company or Techint Holdings pursuant to its terms. Pursuant to this shareholders

agreement, Alicia Móndolo currently serves as the Company-nominated director of Ternium.

The following factors and circumstances evidence that Tenaris has significant influence over Ternium:

▪ three out of eight members of Ternium’s board of directors (including Ternium’s chairman) are also

members of the Company’s board of directors;

and

▪ both the Company and Ternium are under the indirect common control of San Faustin S.A. and under the

shareholders’ agreement, dated January 9, 2006, by and between the Company and Techint Holdings, a

wholly owned subsidiary of San Faustin and Ternium’s controlling shareholder. Techint Holdings is required

to take actions within its power to cause (a) one of the members of Ternium’s board of directors to be

nominated by the Company and (b) any director nominated by the Company to be removed from

Ternium’s board of directors only pursuant to previous written instructions of the Company.

Usiminas

As of December 31, 2025, Tenaris held, through its Brazilian subsidiary, Confab, 47.5 million ordinary shares

and 1.3 million preferred shares of Usiminas, representing 6.76% of its shares with voting rights, 3.96% of

its total share capital, and 9.8% of Usiminas’ control group.

Confab’s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was

carried out on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab

acquired a large block of Usiminas ordinary shares and joined Usiminas’ existing control group. Subsequently,

in 2016, Ternium and Confab subscribed to additional ordinary shares and preferred shares. On July 3, 2023,

Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium Argentina),

acquired additional ordinary shares.

The Usiminas control group comprises the “T/T Group”, formed by Ternium Investments, Ternium Argentina

and Confab; the “NSC Group”, comprising Nippon Steel Corporation, Mitsubishi Corporation and Metal One

Corporation (“Metal One”); and Usiminas’ employee pension fund, Previdência Usiminas. At December 31,

2025, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing

approximately 68.6% of Usiminas’ voting capital, and the T/T Group held an aggregate participation of

61.3% in the control group (with 51.5% of the control group’s participation corresponding to Ternium’s

subsidiaries, and the remaining 9.8% corresponding to Confab); the NSC Group and Previdência Usiminas

held 31.7% and 7%, respectively, in the control group.

Upon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing

the relationship between the T/T Group, the NSC Group and Previdência Usiminas was replaced by a new

shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled

to nominate a majority of the Usiminas board of directors, the chief executive officer and four other members

of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to

Annual Report 2025

nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers.

Ordinary decisions may be approved with a 55% majority of Usiminas’ control group shares.

The members of the Usiminas control group also agreed that, at any time after the second anniversary of the

closing of the transaction, the T/T Group would have the right to buy the NSC Group’s remaining interest in

Usiminas’ control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent

in U.S. dollars of the 40-trading-day average price per share immediately prior to the date of exercising the

option. In addition, the NSC Group would have the right, at any time after the closing of the transaction, to

withdraw its remaining shares from the control group and sell them in the open market after giving the T/T

Group the opportunity to buy them at the equivalent in U.S. dollars of the 40-trading day average price per

share immediately prior to the NSC Group’s notice of withdrawal, as well as the right, at any time after the

second anniversary of the closing, to sell such shares to the T/T Group at $2.0584 per share. Confab had the

right (but not the obligation) to participate in each such transaction pro rata to its then current participation

in the T/T Group. On November 5, 2025, Ternium Investments entered into a share purchase agreement to

acquire from Nippon Steel Corporation and Mitsubishi Corporation their remaining participations in the

control group, at the price per ordinary share that the parties had agreed upon for the option transaction

described above. Confab declined to participate in this transaction. The transaction closed on February 10,

2026. As of the date of this Annual Report, the T/T group holds an aggregate participation of 92.9% in

Usiminas’ control group (with Confab’s participation representing 9.8% of the control group) and Previdência

Usiminas (Usiminas employees’ pension fund) holds the remaining 7.1%.

Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders

agreement governing their respective rights and obligations as members of the T/T Group. Under such

separate agreement, Confab enjoys certain rights with respect to the governance of Usiminas, including,

among others, the ability to nominate certain Usiminas’ officers and directors. These circumstances evidence

that Tenaris continues to have significant influence over Usiminas and, as a result, continues accounting for

its investment under the equity method.

Techgen

Techgen is a Mexican joint venture company owned 48% by Ternium, 30% by Tecpetrol and 22% by

Tenaris. Techgen operates a natural gas-fired combined cycle electric power plant in the Pesquería area of the

State of Nuevo León, Mexico. Tenaris, Ternium and Tecpetrol are parties to a shareholders’ agreement

relating to the governance of Techgen and are under the indirect common control of San Faustin.

Annual Report 2025

Operating and Financial Review and Prospects

The following discussion and analysis of our financial condition and results of operations are based on, and

should be read in conjunction with, our audited consolidated financial statements and the related notes

included elsewhere in this annual report. This discussion and analysis present our financial condition and

results of operations on a consolidated basis. We prepare our consolidated financial statements in conformity

with IFRS. IFRS differ in certain significant respects from U.S. GAAP.

Certain information contained in this discussion and analysis and presented elsewhere in this annual report,

including information with respect to our plans and strategy for our business, includes forward-looking

statements that involve risks and uncertainties. See “Cautionary Statement Concerning Forward-Looking

Statements”. In evaluating this discussion and analysis, you should specifically consider the various risk factors

identified in “Risk Factors”, other risk factors identified elsewhere in this annual report and other factors that

could cause results to differ materially from those expressed in such forward-looking statements.

Overview

Our main source of revenue is the sale of products and services to the oil and gas industry, and the level of

such sales is sensitive to international oil and gas prices and their impact on drilling activities

Demand for our products and services from the global oil and gas industry, particularly for tubular products

and services used in drilling operations, represents a substantial majority of our total Tubes sales. Our sales,

therefore, depend on the condition of the oil and gas industry and our customers’ willingness to invest capital

in oil and gas exploration and production as well as in associated downstream processing activities. The level

of these expenditures is sensitive to oil and gas prices as well as the oil and gas industry’s view of such prices

in the future.

Our business is highly competitive

The global market for steel pipes is highly competitive, with the primary competitive factors being price,

quality, service and technology. We sell our products in a large number of countries worldwide and compete

primarily against European and Japanese producers in most markets outside North America. In the United

States and Canada, we compete against a wide range of local and foreign producers. Over the past two

decades, substantial investments have been made, especially in China but also in other regions around the

world, to increase production capacity of seamless steel pipe products.

Our production costs are sensitive to prices of steelmaking raw materials and other steel products

We purchase substantial quantities of steelmaking raw materials, including ferrous steel scrap, DRI, pig iron,

iron ore and ferroalloys, for use in the production of our seamless pipe products. In addition, we purchase

substantial quantities of steel coils and plates for use in the production of our welded pipe products. Our

production costs, therefore, are sensitive to prices of steelmaking raw materials and certain steel products,

which reflect supply and demand factors in the global steel industry and in the countries where we have our

manufacturing facilities.

Summary of results

Our results in 2025 showed the resilience of our operations in the face of lower drilling activity in key markets

including the United States, Canada, Mexico and Saudi Arabia. In particular, our sales in North America were

supported by the ongoing consolidation in the oil and gas sector and the value that our US and Canadian

customers attribute to our Rig Direct® service model, which more than compensated for the decline in

activity in Mexico. Our margins were also resilient as we responded to the challenge of the tariffs imposed on

our imports of steel bars and pipes into the United States, and we maintained our earnings per share with the

benefit of our buyback program.

Annual Report 2025

Cash flow provided by operating activities amounted to $2.6 billion during 2025, including a reduction in

working capital of $48 million. After capital expenditures of $617 million, our free cash flow

amounted to

$2.0 billion. Following dividend payments of $900 million and share buybacks for $1,362 million in the year,

our net cash position

amounted to $3.3 billion at the end of December 2025.

Outlook

Although oil and gas prices remain volatile amidst contrasting near-term oversupply and geopolitical

concerns, oil and gas companies are looking at a resilient longer-term demand outlook and the need to

replace production declines as they advance their investment plans. Drilling activity in the United States and

Canada is expected to remain near current levels after the modest decline seen in the second half of 2025. In

the rest of the world, we do not expect major changes compared to current activity levels in the near term.

In the United States, despite the increase in tariffs on imported steel products, OCTG prices are still around

the same level as before the application of the tariffs. We expect that they will eventually respond to the

tariffs on imports and the increases in raw material costs for domestic producers.

For the first quarter of 2026, we expect our sales and margins to remain close to current levels.

In March 2026, the armed conflict involving the United States and Israel against Iran, and retaliatory actions

by Iran across the broader Middle East, led to a closure of the Hormuz Strait, through which almost 20% of

the world’s oil and LNG is shipped, resulting in extreme volatility in energy prices and a disruption to oil and

LNG production and transportation in the region. While the conflict goes on, its full impact and

consequences on the energy industry and global economy and thus on our business remain unknown. From

March, some of our shipments to the Middle East region began to be affected and our logistic and European

energy costs have increased.

Free cash flow is a non-IFRS alternative performance measure - please see Exhibit 3 for more information on this measure.

Net cash position is a non-IFRS alternative performance measure - please see Exhibit 3 for more information on this measure.

Annual Report 2025

Operating Results

The following discussion and analysis of our financial condition and results of operations is based on our

audited consolidated financial statements included in this annual report. Accordingly, this discussion and

analysis present our financial condition and results of operations on a consolidated basis. See “Presentation

of Certain Financial and Other Information - Accounting Principles” and “II. Accounting Policies A. Basis of

presentation” and “B. Group accounting” to our audited consolidated financial statements included in this

annual report. The following discussion should be read in conjunction with our audited consolidated financial

statements and the related notes included in this annual report.

Thousands of U.S. dollars (except number of shares and per share

amounts)

For the year ended December 31,

2025

2024

2023

Selected consolidated income statement data

Net sales

11,981,157

12,523,934

14,868,860

Cost of sales

(7,860,744)

(8,135,489)

(8,668,915)

Gross profit

4,120,413

4,388,445

6,199,945

Selling, general and administrative expenses

(1,828,496)

(1,904,828)

(1,919,307)

Other operating income (expenses), net

(8,701)

(64,768)

35,770

Operating income

2,283,216

2,418,849

4,316,408

Finance income

252,238

242,319

213,474

Finance cost

(46,933)

(61,212)

(106,862)

Other financial results, net

(72,664)

(52,051)

114,365

Income before equity in earnings of non-consolidated companies

and income tax

2,415,857

2,547,905

4,537,385

Equity in earnings of non-consolidated companies

58,038

8,548

95,404

Income before income tax

2,473,895

2,556,453

4,632,789

Income tax

(500,616)

(479,680)

(674,956)

Income for the year

1,973,279

2,076,773

3,957,833

Income attributable to

(1)

Shareholders' equity

1,932,813

2,036,445

3,918,065

Non-controlling interests

40,466

40,328

39,768

Income for the year

(1)

1,973,279

2,076,773

3,957,833

Depreciation and amortization

(616,170)

(632,854)

(548,510)

Weighted average number of shares outstanding

(2)

1,055,929,137

1,127,490,970

1,178,876,142

Basic and diluted earnings per share

1.83

1.81

3.32

Dividends per share

(3)

0.85

0.67

0.54

(1)

IAS 1 requires that income for the year as shown on the income statement does not exclude non-controlling interests. Earnings per

share, however, continue to be calculated on the basis of income attributable solely to Shareholders’ equity.

(2)

Weighted average number of shares outstanding does not include treasury shares.

(3)

Dividends per share correspond to the dividends paid in respect of the year divided by the weighted average number of shares

outstanding in the period.

Annual Report 2025

Thousands of U.S. dollars (except number of shares)

At December 31,

2025

2024

2023

Selected consolidated financial position data

Current assets

9,072,882

9,236,180

10,504,459

Property, plant and equipment, net

6,205,082

6,121,471

6,078,179

Other non-current assets

4,794,349

5,092,474

4,499,257

Total assets

20,072,313

20,450,125

21,081,895

Current liabilities

2,346,394

2,636,657

2,901,975

Non-current borrowings

368

11,399

48,304

Deferred tax liabilities

442,248

503,941

631,605

Other non-current liabilities

454,235

484,293

469,574

Total liabilities

3,243,245

3,636,290

4,051,458

Shareholders' equity

16,599,191

16,593,257

16,842,972

Non-controlling interests

229,877

220,578

187,465

Total equity

16,829,068

16,813,835

17,030,437

Total liabilities and equity

20,072,313

20,450,125

21,081,895

Share capital

1,071,995

1,162,758

1,180,537

Number of issued shares

(1)

1,071,994,930

1,162,757,528

1,180,536,830

(1)

Number of issued shares includes treasury shares.

The following table sets forth our operating and other costs and expenses as a percentage of net sales for the

periods indicated.

Percentage of net sales

For the year ended December 31,

2025

2024

2023

Net sales

100.0

Cost of sales

(65.6)

(65.0)

(58.3)

Gross profit

34.4

35.0

41.7

Selling, general and administrative expenses

(15.3)

(15.2)

(12.9)

Other operating income (expenses), net

(0.1)

(0.5)

0.2

Operating income

19.1

19.3

29.0

Finance income

2.1

1.9

1.4

Finance cost

(0.4)

(0.5)

(0.7)

Other financial results, net

(0.6)

(0.4)

0.8

Income before equity in earnings of non-consolidated

companies and income tax

20.2

20.3

30.5

Equity in earnings of non-consolidated companies

0.5

0.1

0.6

Income before income tax

20.6

20.4

31.2

Income tax

(4.2)

(3.8)

(4.5)

Income for the year

16.5

16.6

26.6

Income attributable to:

Shareholders' equity

16.1

16.3

26.4

Non-controlling interests

0.3

Annual Report 2025

Fiscal Year Ended December 31, 2025, Compared to Fiscal Year Ended December 31, 2024

The following table shows our net sales by business segment for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2025

2024

Tubes

11,400

95%

11,907

95%

(4%)

Others

581

617

(6%)

Total

11,981

100%

12,524

100%

(4%)

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for

the periods indicated below:

Thousands of tons

For the year ended December 31,

Increase / (Decrease)

2025

2024

Seamless

3,135

3,077

Welded

782

852

(8%)

Total

3,917

3,928

(0%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating

income and operating income as a percentage of net sales for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2025

2024

Net sales

- North America

5,552

5,432

- South America

2,104

2,294

(8%)

- Europe

799

1,143

(30%)

- Asia Pacific, Middle East & Africa

2,946

3,038

(3%)

Total net sales

11,400

11,907

(4%)

Services performed on third party tubes

($ million)

427

484

(12%)

Operating income

2,176

2,305

(6%)

Operating income (% of sales)

19.1%

19.4%

Net sales of tubular products and services

decreased 4% to $11,400 million in 2025, compared to $11,907

million in 2024 due to a decrease in average selling prices. In North America we had higher sales in the

United States and Canada reflecting the consolidation of our market positioning partially offset by lower sales

of OCTG in Mexico reflecting the downturn in drilling activity. In South America sales declined due to lower

prices and lower pipeline shipments in Argentina and lower sales in Venezuela partially offset by higher sales

of offshore risers, flowlines and coating in Brazil. In Europe we had lower sales of offshore line pipe and

OCTG in Turkey. In Asia Pacific, Middle East and Africa we had lower OCTG sales in Saudi Arabia and China,

largely offset by higher OCTG sales in Kuwait and UAE, higher sales of line pipe for downstream processing

projects and for offshore pipelines in sub-Saharan Africa.

Operating results from tubular products and services

amounted to a gain of $2,176 million in 2025 compared

to a gain of $2,305 million in 2024. Tubes operating income in 2025 includes a $34 million gain from the

return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been

revised downwards and in 2024 included a $107 million loss from the provision for the ongoing litigation

related to the acquisition of a participation in Usiminas. Excluding these one-off events the decline in Tubes

operating income is mainly due to the reduction in average selling prices and the cost of Section 232 tariffs.

Annual Report 2025

Others

The following table indicates, for our Others business segment, net sales, operating income and operating

income as a percentage of net sales for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2025

2024

Net sales

581

617

(6%)

Operating income

107

113

(6%)

Operating income (% of sales)

18.4%

Net sales of other products and services

decreased 6% to $581 million in 2025, compared to $617 million in

2024. We had lower sales of sucker rods due to a reduction in drilling activity in mature field in Argentina

and lower sales of scrap and excess energy to third parties.

Operating results from other products and services

amounted to a gain of $107 million in 2025, compared to

a gain of $113 million in 2024. These results are mainly attributable to our oilfield services business in

Argentina, our sucker rods and our coiled tubing businesses.

Selling, general and administrative expenses, or SG&A, amounted to $1,828 million in 2025, representing

15.3% of sales, and $1,905 million in 2024, representing 15.2% of sales. SG&A decreased due to a

reduction in labor costs, taxes and other expenses partially offset by an increase in selling expenses and in the

allowance for doubtful accounts.

Other operating results amounted to a loss of $9 million in 2025, compared to a loss of $65 million in 2024.

In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of

a participation in Usiminas.

Financial results amounted to a gain of $133 million in 2025, compared to a gain of $129 million in 2024.

Financial result of the year is mainly attributable to a $205 million net finance income from the return of our

portfolio investments partially offset by foreign exchange, derivatives results and others.

Equity in earnings of non-consolidated companies generated a gain of $58 million in 2025, compared to a

gain of $9 million in 2024. These results were mainly derived from our equity investments in Ternium

(NYSE:TX), Usiminas and Techgen.

Income tax amounted to a charge of $501 million in 2025, compared to $480 million in 2024.

Annual Report 2025

Fiscal Year Ended December 31, 2024, Compared to Fiscal Year Ended December 31, 2023

The following table shows our net sales by business segment for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2024

2023

Tubes

11,907

95%

14,185

95%

(16%)

Others

617

684

(10%)

Total

12,524

100%

14,869

100%

(16%)

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for

the periods indicated below:

Thousands of tons

For the year ended December 31,

Increase / (Decrease)

2024

2023

Seamless

3,077

3,189

(4%)

Welded

852

953

(11%)

Total

3,928

4,142

(5%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating

income and operating income as a percentage of net sales for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2024

2023

Net sales

- North America

5,432

7,572

(28%)

- South America

2,294

3,067

(25%)

- Europe

1,143

1,055

- Asia Pacific, Middle East & Africa

3,038

2,491

22%

Total net sales

11,907

14,185

(16%)

Services performed on third party tubes

($ million)

484

165

193%

Operating income

2,305

4,183

(45%)

Operating income (% of sales)

19.4%

29.5%

Net sales of tubular products and services

decreased 16% to $11,907 million in 2024, compared to $14,185

million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily

reflecting a decline in market prices for our tubular products used in onshore drilling applications in the

Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina

and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record

level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity, while sales in Europe were

boosted by an exceptional level of sales for offshore and onshore projects in Turkey.

Operating results from tubular products and services

amounted to a gain of $2,305 million in 2024 compared

to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average

selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating

income includes a charge of $107 million from the provision for the ongoing litigation related to the

acquisition of a participation in Usiminas, included in other operating expenses.

Annual Report 2025

Others

The following table indicates, for our Others business segment, net sales, operating income and operating

income as a percentage of net sales for the periods indicated below:

Millions of U.S. dollars

For the year ended December 31,

Increase / (Decrease)

2024

2023

Net sales

617

684

(10%)

Operating income

113

133

(15%)

Operating income (% of sales)

18.4%

19.5%

Net sales of other products and services

decreased

10% to $617 million in 2024, compared to $684 million

in 2023.

Operating results from other products and services

amounted to a gain of $113 million in 2024, compared to

a gain of $133 million in 2023.

Selling, general and administrative expenses, or SG&A, amounted to $1,905 million in 2024, representing

15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased as a

percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and

an increase of fixed costs.

Other operating results amounted to a loss of $65 million in 2024, compared to a gain of $36 million in

2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the

acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of

$33 million corresponding to the transfer of the awards related to the Company’s Venezuelan nationalized

assets.

Financial results amounted to a gain of $129 million in 2024, compared to a gain of $221 million in 2023.

While net finance income increased due to a higher net financial position, net foreign exchange results

decreased significantly in respect to the previous year.

Equity in earnings of non-consolidated companies generated a gain of $9 million in 2024, compared to a

gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium

(NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing

litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower

income tax charge mainly reflects the reduction in results at several subsidiaries.

Annual Report 2025

Liquidity and Capital Resources

The following table provides certain information related to our cash generation and changes in our cash and

cash equivalents position for each of the last three years:

Millions of U.S. dollars

For the year ended December 31,

2025

2024

2023

Net cash provided by operating activities

2,600

2,866

4,395

Net cash used in investing activities

(193)

(1,397)

(2,687)

Net cash used in financing activities

(2,478)

(2,399)

(1,125)

(Decrease) increase in cash and cash equivalents

(71)

(930)

584

Cash and cash equivalents at the beginning of year (excluding

overdrafts)

661

1,617

1,091

Effect of exchange rate changes

(17)

(25)

(58)

(Decrease) increase in cash and cash equivalents

(71)

(930)

584

Cash and cash equivalents at the end of year (excluding overdrafts)

572

661

1,617

Cash and cash equivalents at the end of year (excluding overdrafts)

572

661

1,617

Bank overdrafts

Other current investments

2,307

2,373

1,970

Non-current investments

751

998

398

Derivatives hedging borrowings and investments

(3)

Current borrowings

(305)

(426)

(535)

Non-current borrowings

(0)

(11)

(48)

Net cash at the end of the year

3,322

3,609

3,422

Our financing strategy aims to maintain adequate financial resources and access to additional liquidity.

During 2025, cash flow provided by operating activities amounted to $2.6 billion (including a decrease in

working capital of $48 million). Net cash used in investing activities amounted to $193 million, including

capital expenditures of $617 million. Net cash used in financing activities amounted to $2,478 million, which

includes both the repurchase of our own shares under buyback programs of $1.4 billion and dividend

payments of $900 million. At the end of the year, we had a net cash position

of $3.3 billion, compared to

$3.6 billion at the beginning of the year.

We believe that funds from operations, together with the availability of liquid financial assets and our access

to external borrowing through the financial markets will be sufficient to satisfy our working capital needs, to

finance our planned capital spending program, as well as to service our debt and payments to our

shareholders in the next twelve months, and to address short-term changes in business conditions.

We have a conservative approach to the management of our liquidity, which consists of (i) cash and cash

equivalents (cash in banks, liquidity funds, and investments with a maturity of less than three months at the

date of purchase) and (ii) other investments (fixed-income securities, time deposits, and fund investments).

As of December 31, 2025, liquid financial assets as a whole (comprising cash and cash equivalents and other

investments) were 18% of total assets compared to 20% at the end of 2024.

We hold investments primarily in liquidity funds and variable or fixed-rate securities from investment grade

issuers.

We hold our cash and cash equivalents primarily in U.S. dollars and in major financial centers. As of

December 31, 2025 and December 31, 2024, U.S. dollar denominated liquid assets, plus investments

denominated in other currencies hedged to the U.S. dollar, represented 91% and 93% of total liquid

financial assets, respectively.

Net cash position is a non-IFRS alternative performance measure - please see Exhibit 3 for more information on this measure.

Annual Report 2025

Fiscal Year Ended December 31, 2025, Compared to Fiscal Year Ended December 31, 2024

Operating activities

Net cash provided by operations during 2025 amounted to $2,600 million, compared to $2,866 million

during 2024. Working capital variation showed a reduction of $48 million in 2025, while in 2024 there was a

working capital decrease of $287 million. For more information on cash flow disclosures and changes to

working capital, see note 30 “Cash flow disclosures” to our audited consolidated financial statements

included in this annual report.

Investing activities

Net cash used in investing activities amounted to $193 million in 2025, compared to net cash used in

investing activities of $1,397 million in 2024. In 2025, we decreased our financial investments by $319

million, compared to an increase of $821 million in 2024, while capital expenditures amounted to $617

million in 2025, compared to $694 million in 2024. In 2025, we paid $18 million in acquisitions of

subsidiaries, while in 2024 we received $31 million related to post-closing purchase price adjustments of a

completed acquisition.

Financing activities

Net cash used in financing activities amounted to $2,478 million in 2025, compared to $2,399 million in

2024. In 2025 and 2024 we repurchased Company shares under share buyback programs for an amount of

$1.4 billion. Dividends paid during 2025 amounted to $900 million and to $758 million during 2024. During

2025, we had net repayments of borrowings of $117 million, while in 2024 we had net repayments from

borrowings of $129 million.

Our total liabilities to total assets ratio was 0.16:1 as of December 31, 2025, and 0.18:1 as of December 31,

2024.

Fiscal Year Ended December 31, 2024, Compared to Fiscal Year Ended December 31, 2023

Operating activities

Net cash provided by operations during 2024 amounted to $2,866 million, compared to $4,395 million

during 2023. This decrease was mainly attributable to a lower income for the year 2024, which amounted to

$2.1 billion in 2024 and $4.0 billion in 2023. Working capital variation showed a reduction of $287 million in

2024, while in 2023 there was a working capital decrease of $182 million. For more information on cash

flow disclosures and changes to working capital, see note 30 “Cash flow disclosures” to our audited

consolidated financial statements included in this annual report.

Investing activities

Net cash used in investing activities amounted to $1,397 million in 2024, compared to net cash used in

investing activities of $2,687 million in 2023. In 2024, we increased our financial investments by $821

million, compared to an increase of $1,857 million in 2023, while capital expenditures amounted to $694

million in 2024, compared to $619 million in 2023. In 2024, we received $31 million related to post-closing

purchase price adjustments of a completed acquisition, while in 2023 we paid $266 million in acquisitions.

Financing activities

Net cash used in financing activities amounted to $2,399 million in 2024, compared to $1,125 million in

2023. In 2024, we repurchased Company shares under share buyback programs for an amount of $1.4

billion, whereas in 2023 we repurchased $0.2 billion of Company shares. Dividends paid during 2024

Annual Report 2025

amounted to $758 million and to $637 million during 2023. During 2024, we had net repayments of

borrowings of $129 million, while in 2023 we had net repayments of borrowings of $208 million.

Our total liabilities to total assets ratio was 0.18:1 as of December 31, 2024, and 0.19:1 as of December 31,

2023.

Principal Sources of Funding

During 2025, we funded our operations with operating cash flows, bank financing and available liquid

financial assets. Short-term bank borrowings were used as needed throughout the year.

Financial liabilities

During 2025, borrowings decreased by $132 million to $306 million at December 31, 2025, from $437

million at December 31, 2024.

Borrowings consist mainly of bank loans. As of December 31, 2025, U.S. dollar-denominated borrowings plus

borrowings denominated in other currencies swapped to the U.S. dollar, represented 76% of total

borrowings.

For further information about our financial debt, please see note 21 “Borrowings” to our audited

consolidated financial statements included in this annual report.

The following table shows the composition of our financial debt as of December 31, 2025, 2024 and 2023:

Millions of U.S. dollars

2025

2024

2023

Bank borrowings

306

423

562

Bank overdrafts

Total borrowings

306

437

583

Our weighted average annual interest rates before tax (considering hedge accounting) amounted to 5.44%

at December 31, 2025, and to 6.52% at December 31, 2024.

The maturity of our financial debt is as follows:

Millions of U.S. dollars

At December 31, 2025

1 year or less

1 - 2 years

2 - 3 years

Over 3 Years

Total

Borrowings

305

306

Interest to be accrued

Total

309

Our current borrowings to total borrowings ratio amounted to 1:1 as of December 31, 2025, and to 0.97:1

as of December 31, 2024. Our liquid financial assets exceeded our total borrowings, and we had a net cash

position

(cash and cash equivalents, other current and non-current investments, derivatives hedging

borrowings and investments, less total borrowings) of $3.3 billion at December 31, 2025, compared to $3.6

billion at December 31, 2024.

Net cash position is a non-IFRS alternative performance measure - please see Exhibit 3 for more information on this measure.

Annual Report 2025

As of December 31, 2025, lease liabilities amounted to approximately $143 million. The amount of remaining

payments with maturities of less than one year, between two and five years and more than five years was

approximately 34%, 41% and 25%, respectively, of the total remaining payments.

As of December 31, 2024, lease liabilities amounted to approximately $145 million. The amount of remaining

payments with maturities of less than one year, between two and five years and more than five years was

approximately 31%, 46% and 23%, respectively, of the total remaining payments.

For information on our derivative financial instruments, please see “Legal and Financial Information -

Quantitative and Qualitative Disclosure about Market Risk - Accounting for Derivative Financial Instruments

and Hedging Activities” and note 26 “Derivative financial instruments” to our audited consolidated financial

statements included in this annual report.

For information regarding the extent to which borrowings are at fixed rates, please see “Legal and Financial

Information - Quantitative and Qualitative Disclosure About Market Risk”.

Significant Borrowings

Our most significant borrowings as of December 31, 2025 were as follows:

Millions of U.S. dollars

Disbursement date

Borrower

Type

Final maturity

Outstanding

2025

Tubos de Acero de Mexico S.A.

Bilateral

2026

150

2025

Tubos de Acero de Mexico S.A.

Bilateral

2026

2025

Tenaris Tubocaribe Ltda.

Bilateral

2026

As of December 31, 2025, Tenaris was in compliance with all of its covenants.

Annual Report 2025

Trend Information

Principal Factors Affecting Oil and Gas Prices and Demand for Steel Pipes from the Global Oil and Gas

Industry

Sales to the oil and gas industry worldwide represent a high percentage of our total sales, and demand for

steel pipes from the global oil and gas industry is a significant factor affecting the general level of volumes

and prices for our products. Downward pressures on oil and gas prices usually result in lower oil and gas

drilling activity and investment throughout the oil and gas industry with consequently lower demand for our

steel pipe products and, in some circumstances, upward pressures can result in higher demand from our oil

and gas customers.

Whereas oil prices are similar in most parts of the world because oil is a fully tradable commodity, gas prices

are influenced by regional factors. In North America, where gas production is extensively developed and there

is an extensive regional pipeline system, these factors include available gas storage capacity and seasonal

weather patterns, particularly winter temperatures in the United States. LNG prices have been traditionally

established in relation to international oil prices, particularly in the largest LNG markets in Asia. However, as

the market for LNG has become more global and the United States has become a major source of LNG, LNG

prices are now being set increasingly in relation to gas prices prevailing at regional gas hubs. In 2022, spot

LNG prices completely decoupled from oil prices as pipeline gas imports to Europe from Russia were

substantially reduced consequent to the Russian invasion of Ukraine and European countries dramatically

increased imports of LNG to replace Russian gas. LNG prices have normalized since then, but remain relatively

high. More recently, the current Middle East armed conflict has resulted in the closure of the Hormuz Strait,

through which 20% of the world’s supply of LNG is shipped, with a consequent surge and high volatility in

LNG prices.

International oil prices depend on diverse factors. On the supply side, major oil-and-gas-producing nations

and companies have frequently collaborated to balance the supply (and thus the price) of oil in the

international markets. A major vehicle for this collaboration has been OPEC, and more recently what has

become known as OPEC+, which includes OPEC members, plus Russia and certain other countries. Many of

our customers are state-owned companies in member countries of OPEC and OPEC+. Another factor that has

affected the international price level of oil is the political and socioeconomic conditions of oil-producing

countries, such as Libya, Nigeria and Venezuela and the persistence of geo-political and armed conflicts, such

as the recent Ukraine-Russia armed conflict, and conflicts affecting the Middle East region, which is home to

a substantial proportion of the world’s known oil reserves. See “Risk Factors - Risks Relating to Our Business

and Industry - Adverse economic, political and security conditions in the countries where we operate or sell

our products and services, as well as armed conflicts, geopolitical tensions and related sanctions, may disrupt

our operations, reduce demand and adversely affect our revenues, profitability and financial condition”.

On the demand side, economic conditions and the level of oil inventories have traditionally played a role in oil

prices and will continue to do so. Over the longer term, however, the substitution of oil and gas by

alternative, cleaner fuel sources such as renewables, as well as policies adopted by governments and

financing entities worldwide to advance the energy transition and by oil and gas companies to adapt their

strategies to the energy transition, are likely to also play a role in oil prices.

Another factor affecting oil and gas prices has been the ability of producers in the United States and Canada

to rapidly increase production from their reserves of tight oil and shale gas in response to changes in market

conditions. Production from U.S. tight oil reserves has grown in recent years to represent over 15% of global

liquids production, and production from shale gas plays has converted the United States into the largest

exporter of natural gas in the LNG market.

In 2020, the COVID-19 pandemic caused a sudden and precipitous drop in global oil demand and oil prices

collapsed even entering negative territory at one point. Since then, prices recovered along with the recovery

in demand and actions by OPEC member countries and other producers to cut and then gradually increase

production levels. In addition, energy and commodity prices spiked upwards at the onset of the armed

conflict involving Russia and Ukraine although they have subsequently fallen back. Most recently, the current

Middle East conflict has resulted in a further spike in oil prices. For more information on the impact of armed

conflicts on our business, see “Risk Factors - Risks Relating to Our Business and Industry - Adverse economic,

political and security conditions in the countries where we operate or sell our products and services, as well as

armed conflicts, geopolitical tensions and related sanctions, may disrupt our operations, reduce demand and

adversely affect our revenues, profitability and financial condition”.

Annual Report 2025

The collapse of oil prices, in March 2020 took place when oil and gas operators, particularly in the United

States, were already reducing their investments and drilling activity in response to pressure from financial

markets to generate positive free cash flows. Oil and gas operators around the world then made further

substantial reductions in their exploration and production investments, reducing them to a level around 70%

of their pre-pandemic level. Investments have subsequently recovered to their pre-pandemic level in 2023 and

have remained relatively stable since then.

Since the development of the prolific Marcellus shale gas play, North American gas prices have remained at

low levels compared to previous decades and relative to other major gas-consuming regions and global LNG

prices. For several years, production increases, primarily from productive shale gas deposits, have exceeded

regional demand increases, reducing the need for imports, to the extent that, in 2017, the United States

became a net exporter of natural gas. Low prices have encouraged investment in gas consuming industrial

facilities and LNG export facilities as well as switching from coal to gas for electric power production,

particularly with the adoption of new regulations which could force the retirement of older coal-based

generating units. With continuing investments in LNG export facilities, the United States has become the

world’s largest global LNG exporter.

Until the Russian invasion of Ukraine, LNG prices used to reflect supply and demand conditions in Asia, the

major LNG-consuming region, although demand had been increasing in regions like Europe, which imports

LNG to supplement its traditional pipeline imports from Russia and other neighboring gas-producing regions,

and South America, which imports LNG in its winter season and to supplement hydroelectric energy when

rainfall is low. In 2022, however, Europe became a major competitor to Asia in the LNG market as it sought

to replace Russian pipeline gas at almost any cost. As Europe phased out imports of pipeline gas from Russia,

demand for LNG in Europe has grown, and this is changing the price dynamics of the industry. Demand,

however, has been affected by a decline in industrial activity in Europe, and spot LNG fell back in 2023 to

levels below oil parity on a relatively warm winter heating season but have since increased, and most recently,

have spiked upwards in the current Middle East conflict. Consumption, though not necessarily prices, will

continue to show seasonal fluctuations, increasing in the North Asian and European winter period and

declining in the summer months. The efforts to fill European storage capacity and increase import capacity

has, however, increased price volatility.

Over the past three years, U.S. natural gas prices have remained at a relatively low levels in the range of $2-4

per million BTU as production increases accompanied demand increases, including demand to fill the rapidly

expanding LNG export facilities.

Drilling activity in the United States, as measured by the number of active drilling rigs, declined over the past

three years as oil prices gradually declined from their post-COVID recovery level. Oil and gas production,

however, rose reflecting the strong productivity gains, drilling efficiencies and the consolidation made in the

U.S. oil and gas drilling industry. In Canada, the pattern has been similar except that in 2024 drilling activity

increased as new pipeline capacity and LNG infrastructure was developed to transport oil and gas to the

Pacific coast for sale to Asian markets. Latin American drilling activity during this period reflected a number of

different trends: a gradual increase in offshore drilling in Brazil and Guyana following large offshore

discoveries; a gradual increase in shale drilling in Vaca Muerta in Argentina accompanied by a decline in

mature field conventional drilling; a pronounced decline in drilling in Colombia in 2024 as the government

discouraged exploration activity; and a sharp decline in drilling in Mexico towards the end of 2024 reflecting

the acute financial difficulties of Pemex. In the Eastern Hemisphere, drilling activity tends to follow a delayed

and more gradual pattern in respect of changes in the oil price considering the longer-time investment cycle

of offshore and conventional drilling projects. Thus, the post-pandemic recovery in Eastern Hemisphere

drilling activity extended through the middle of 2024, since when, there has been a gradual decline in

activity.

Prior to the 2014 downturn in oil prices, a growing proportion of exploration and production spending by oil

and gas companies had been directed at offshore, deep drilling and non-conventional drilling operations in

which high-value tubular products, including special steel grades and premium connections, are usually

specified. The success, however, of shale drilling operators, with their inherently short investment cycles, in

adapting to lower oil and gas prices and increasing production, led to a slowdown in new developments of

complex offshore projects with long investment lead times in a context of low and more volatile oil prices,

consequently affecting the level of product differentiation. More recently, however, since 2022, offshore

drilling activity has been increasing again as exploration has continued and cost-competitive developments,

like those in Brazil, Guyana, and sub-Saharan Africa, have been sanctioned and developed, and, in the United

States, new high pressure 20 ksi drilling technologies is opening up access to cost-competitive deepwater

reserves.

Annual Report 2025

In addition, the increasing cost competitiveness and use of alternative renewable sources of energy will limit

growth in demand for oil and gas and put downward pressure on oil and gas prices in the longer term. This

trend will accelerate if carbon taxes or carbon pricing instruments resulting in high prices for carbon

emissions, or other regulations aimed at reducing the use of fossil fuels, are implemented around the world.

There has been a substantial increase in the number of commitments to reduce carbon emissions from

governments and public companies, including those operating in the oil and gas industry, and calls on

governments and financial entities to introduce regulations and policies to accelerate the energy transition

away from fossil fuels to cleaner sources of energy. Major oil and gas companies have been adapting their

strategies to address the energy transition, and some have even set out commitments to reduce production,

although, more recently, they are rowing back on such commitments. For more information on climate

change regulations, see “Risk Factors - Risks Relating to Our Business and Industry - Climate change

legislation and increasing regulatory requirements aimed at transitioning to a lower-carbon economy may

reduce demand for our products and services and result in unexpected capital expenditures and costs, and

negatively affect our reputation”.

On the other hand, we expect that the energy transition will create new markets for the use of our products

and services, including for drilling geothermal wells, in the transportation and storage of hydrogen and for

CCS systems. We constantly monitor the evolution of the strategies of our main customers and scenarios for

future energy demand, considering the global objectives for addressing climate change through the reduction

of carbon emissions in accordance with the Paris Agreement and national objectives to achieve carbon-

neutrality. We also assess the market outlook for our products with reference to the different scenarios for oil

and gas demand published by our customers, international agencies such as the IEA and expert energy

market consultancies such as Rystad. These assessments are used as fundamental input for evaluating our

business strategy and how to address the risks and opportunities arising from climate change.

The tables below show the annual average number of active oil and gas drilling rigs, or rig count, in the

United States, Canada, Latin America and Eastern Hemisphere (worldwide other than the United States,

Canada and Latin America, excluding Russia, the Caspian region, Iran, Sudan, Cuba, North Korea, onshore

China, or Syria), as published by Baker Hughes, for the years indicated and the percentage increase or

decrease over the previous year. Baker Hughes, a leading oil service company, has published its rig counts on

a monthly basis since 1975 as a general indicator of activity in the oil and gas sector.

Rig count

2025

2024

2023

2022

Latin America

134

158

178

168

Other International

(*)

946

1,003

978

867

Canada

177

187

177

175

United States

562

599

687

723

Worldwide

1,819

1,947

2,020

1,933

_____________________________________________________________________________________________

(*)

Excludes Russia, the Caspian region, Iran, Sudan, Cuba, North Korea, onshore China, or Syria.

Other International Rig count for 2024 was adjusted following an update by Baker Hughes in Worldwide Rig Count for Saudi Arabia Rig

Operations. For 2023 and 2022, the values were adjusted by the Company to avoid distortions in the calculation of the variation against

the previous year.

Annual Report 2025

Percentage increase (decrease) over the previous year

2025

2024

2023

Latin America

(15%)

(11%)

Other International

(*)

(6%)

13%

Canada

(5%)

United States

(6%)

(13%)

(5%)

Worldwide

(7%)

(4%)

_____________________________________________________________________________________________

(*)

Excludes Russia, the Caspian region, Iran, Sudan, Cuba, North Korea, onshore China, or Syria.

Other International Rig count for 2024 was adjusted following an update by Baker Hughes in Worldwide Rig Count for Saudi Arabia Rig

Operations. For 2023 and 2022, the values were adjusted by the Company to avoid distortions in the calculation of the variation against

the previous year.

Annual Report 2025

Critical Accounting Estimates

This discussion and analysis of our financial condition and results of operations is based on our audited

consolidated financial statements, which have been prepared in accordance with IFRS. IFRS differs in certain

significant aspects from U.S. GAAP.

The preparation of our audited consolidated financial statements and related disclosures in conformity with

IFRS requires us to make estimates and assumptions that might affect the reported amounts of assets and

liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses. Actual

results may differ significantly from these estimates under different assumptions or conditions. For more

information, see “II. Accounting Policies” to our consolidated financial statements included in this annual

report.

Functional and presentation currency

The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency

that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris’s

global operations.

Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the

Brazilian Real to the U.S. dollar.

Except for its Italian subsidiaries whose functional currency is the Euro and two subsidiaries whose functional

currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional

currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:

• sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than

the U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate versus the

U.S. dollar;

• prices of critical raw materials and inputs are priced and settled in U.S. dollars;

• transaction and operational environment and the cash flow of these operations have the U.S. dollars as

reference currency;

• significant level of integration of local operations within Tenaris’s international global distribution

network;

and

• net financial assets and liabilities are mainly received and maintained in U.S. dollars.

Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into

U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are

translated at the year-end exchange rates. Translation differences are recognized in a separate component of

equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries,

any accumulated translation difference would be recognized in the consolidated income statement as a gain

or loss from the sale or disposal.

Annual Report 2025

Corporate Governance Statement

The Company’s corporate governance practices are governed by Luxembourg law, including, among others,

the Luxembourg Company Law of August 10, 1915, on commercial companies, as amended (the

“Luxembourg Company Law”), the Luxembourg law of January 11, 2008 on transparency requirements for

issuers (which transposes EU Directive 2004/109 of the European Parliament and of the Council of December

15, 2004) (the “Transparency Law”), the Luxembourg law of August 1, 2019 on the exercise of certain rights

of shareholders in general meetings of listed companies (which transposes EU Directive 2017/828 of the

European Parliament and of the Council of May 17, 2017) (the “Shareholders’ Rights Law”), the Luxembourg

law of July 23, 2016, concerning the audit profession (the “Audit Profession Law”), and by the Company’s

articles of association. As of June 30, 2026, the Company will become subject to the Luxembourg law of 19

December 2025 (bill 8519) (which transposes EU Directive 2022/2381 of the European Parliament and of the

Council of November 23, 2022, on improving the gender balance among directors of listed companies (the

“Gender Balance Law”). The following is a summary of certain rights of holders of the Company’s shares and

includes the information required under the Luxembourg Law on takeovers of May 19, 2006. Shareholders’

rights are set out in the Company’s articles of association and are provided by applicable Luxembourg law

and may differ from those typically provided to shareholders of U.S. companies under the corporation laws of

some states of the United States. This summary is not exhaustive and does not contain all the information

that may be important to investors. For more complete information, you should read the Company’s articles

of association, which are attached as an exhibit to this annual report.

Corporate Governance

Memorandum and Articles of Association

The Company is a public limited liability company (

société anonyme

) organized under the laws of

Luxembourg, registered under the number B85 203 in the Luxembourg

Registre de Commerce et des

Sociétés

. Its object and purpose, as set forth in Article 2 of its articles of association, is the taking of interests,

in any form, in corporations or other business entities, and the administration, management, control and

development thereof.

The Company’s authorized share capital is fixed by the Company’s articles of association as amended from

time to time with the approval of shareholders at an extraordinary general shareholders’ meeting. The

Company has an authorized share capital of a single class of 2,500,000,000 shares having a nominal value of

$1.00 per share. There were 1,071,994,930 shares issued as of the date of this annual report, including

treasury shares. All issued shares are fully paid. As at the end of the first and second tranches of the $1.2

billion share buyback program announced by the Company on May 27, 2025, the Company had repurchased

62,355,174 shares, which are held in treasury and are expected to be cancelled in the upcoming

extraordinary shareholders meeting scheduled to be held on May 12, 2026.

The Company’s articles of association authorize the board of directors, or any delegate(s) duly appointed by

the board of directors, to issue shares within the limits of the authorized share capital against contributions in

cash, contributions in kind or by way of available reserves, at such time and on such terms and conditions,

including the issue price, as the board of directors, or its delegate(s), may in its or their discretion resolve.

The Company’s extraordinary shareholders’ meeting held on May 6, 2025, approved the renewal for an

additional five-year period of the authorization granted to the board of directors to waive, suppress or limit

any preemptive subscription rights of shareholders provided for by law to the extent it deems such waiver,

suppression or limitation advisable for any issue or issues of shares within the authorized share capital; and

have waived any preemptive subscription rights provided for by law and related procedures. However, under

the Company’s articles of association, the Company’s existing shareholders shall have a preferential right to

subscribe for any new shares issued pursuant to the authorization granted to its board of directors, except in

the following cases (in which cases no preemptive subscription rights shall apply):

• any issuance of shares (including, without limitation, the direct issuance of shares or upon the exercise

of options, rights convertible into shares, or similar instruments convertible or exchangeable into

shares) against a contribution other than in cash;

and

• any issuance of shares (including by way of free shares or at discount), up to an amount equal to 1.5%

of the issued share capital of the Company, to directors, officers, agents or employees of the

Company, its direct or indirect subsidiaries, or its affiliates, including, without limitation, the direct

issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments

Annual Report 2025

convertible or exchangeable into shares, issued for the purpose of compensation or incentive for any

such persons or in relation thereto (which the board of directors shall be authorized to issue upon such

terms and conditions as it deems fit).

Amendments to the Company’s articles of association require the approval of shareholders at an

extraordinary shareholders’ meeting with a two-thirds majority vote of the shares represented at the meeting.

The Company is controlled by San Faustin, which as of December 31, 2025 owned 66.13% of the Company’s

issued share capital (and held 70.07% of the voting rights) through its wholly owned subsidiary Techint

Holdings, the holder of record of the above-mentioned Tenaris shares. RP STAK holds voting rights in San

Faustin sufficient in number to control San Faustin. No person or group of persons controls RP STAK.

As of December 31, 2025, (i) 28.17% of the Company’s issued share capital was publicly traded on the Italian

Stock Exchange and the Mexican Stock Exchange; in addition, the Company’s ADSs trade on the NYSE; (ii)

0.08% of the Company’s issued share capital was held by the Company’s directors and senior management as

a group; and (iii) the remaining 5.61% of the Company’s issued share capital was held in treasury. See

“Information on the Company - Major Shareholders and Related Party Transactions”.

Dividends

Subject to applicable law, all issued shares (including shares underlying ADSs) are entitled to participate

equally in dividends when, as and if declared by the shareholders at the annual general shareholders’

meeting, out of funds legally available for such purposes. Treasury shares are not entitled to dividend

distributions.

Dividends may be lawfully declared and paid if the Company’s net profits and distributable reserves are

sufficient under Luxembourg law. The amount and payment of dividends must be approved by a majority

vote at a general shareholders’ meeting, generally, but not necessarily, based on the recommendation of the

Company’s board of directors. Under Article 21 of the Company’s articles of association, the board of

directors has the power to distribute interim dividends out of profits, share premium or any other available

reserves, in accordance with applicable law, in particular in accordance with the conditions set forth in Article

461-3 of the Luxembourg Company Law. Such dividend payments must be finally approved by the general

shareholders’ meeting. On February 18, 2026, the Company announced that, upon approval of the

Company’s 2025 annual accounts, the board of directors would submit a proposal on dividends for approval

of the annual general meeting of shareholders scheduled to be held on May 12, 2026. For further

information, see “Legal and Financial Information - Dividend Policy”.

As provided by Article 21 of the Company’s articles of association, dividends or other distributions declared

by the general meeting as well as interim dividends or other distributions declared by the board of directors

will be distributed at the times and places determined by the board of directors. The Company will make any

and all dividend payments and any other distributions in respect of shares registered in the name of any

securities settlement system or operator of such a system or in the name of any financial institution or other

professional depositary of securities or any other depositary, whether in cash, shares or other assets, only to

such registered holder, or otherwise in accordance with such registered holder’s instructions, and, as

provided by Article 21 of the Company’s articles of association, that payment shall release the Company from

any and all obligations for such payment.

The Company conducts and will continue to conduct its operations through subsidiaries and, accordingly, its

main source of cash to pay dividends, among other possible sources, will be the dividends received from its

subsidiaries. For further information see “Risk Factors - Risks Relating to our Structure - Our dividend

payments depend on the results of operations and financial condition of its subsidiaries and could be

restricted by legal, contractual or other limitations or tax changes”.

Under Luxembourg law, claims for dividends will lapse in favor of the Company five years after the date such

dividends are declared. However, the Company may elect to pay a declared dividend after such period.

Declared and unpaid dividends held by the Company for the account of its shareholders do not bear interest.

Annual Report 2025

Pursuant to Luxembourg law, at least 5% of our net profits per year must be allocated to the creation of a

legal reserve until such reserve has reached an amount equal to 10% of the Company’s issued share capital.

If the legal reserve later falls below the 10% threshold, at least 5% (or such lower amount required to reach

the 10% threshold) of net profits again must be allocated toward the reserve. As of December 31, 2025, the

Company’s legal reserve represented 10% of its share capital. The legal reserve is not available for

distribution.

Annual Report 2025

Shareholders’ Meetings; Voting Rights; Election of Directors

Each share entitles the holder thereof to one vote at the Company’s general shareholders’ meetings, provided

that, under Luxembourg law, voting rights with respect to treasury shares shall be suspended for so long as

such shares are held. Shareholder action by written consent is not permitted, but proxy voting is permitted.

Notices of general shareholders’ meetings are governed by the provisions of Luxembourg law and the

Company’s articles of association. Pursuant to applicable Luxembourg law, the Company must give notice of

the calling of any general shareholders’ meeting at least 30 days prior to the date for which the meeting is

being called, by publishing the relevant convening notice in the

Recueil Electronique des Sociétés et

Associations

(Luxembourg’s electronic official gazette) and in a leading newspaper having general circulation

in Luxembourg and by issuing a press release informing of the calling of such meeting. In case the Company’s

shares are listed on a foreign regulated market, notices of general shareholders’ meetings shall also comply

with the requirements (including as to content and publicity) and follow the customary practices of such

regulated market.

Pursuant to the Company’s articles of association, for as long as the shares or other securities of the

Company are listed on a regulated market within the EU (as they currently are), and unless otherwise

provided by applicable law, only shareholders holding shares as of midnight, central European time, on the

day that is fourteen days prior to the day of any given general shareholders’ meeting can attend and vote at

such meeting. The board of directors may determine other conditions that must be satisfied by shareholders

in order to participate in a general shareholders’ meeting in person or by proxy, including with respect to

deadlines for submitting supporting documentation to or for the Company.

No attendance quorum is required at ordinary general shareholders’ meetings, and resolutions may be

adopted by a simple majority of the votes validly cast, irrespective of the number of shares present or

represented. Unless otherwise provided by applicable law, an extraordinary general shareholders’ meeting

may not validly deliberate on proposed amendments to the Company’s articles of association unless a

quorum of at least half of the share capital is represented at the meeting. If a quorum is not reached at the

first extraordinary shareholders’ meeting, a second extraordinary shareholders’ meeting may be convened in

accordance with the Company’s articles of association and applicable law, and such second extraordinary

general shareholders’ meeting shall validly deliberate regardless of the number of shares represented. In both

cases, the Luxembourg Company Law and the Company’s articles of association require that any resolution

of an extraordinary general shareholders’ meeting as to amendments to the Company’s articles of association

be adopted by a two-thirds majority of the votes validly cast at the meeting. If a proposed resolution consists

of changing the Company’s nationality or of increasing the shareholders’ commitments, the unanimous

consent of all shareholders is required.

Cumulative voting is not permitted. The Company’s articles of association do not provide for staggered terms

and directors are elected for a maximum of one year but may be reappointed or removed at any time, with or

without cause, by the general shareholders’ meeting, by resolution passed by a simple majority vote of the

shares validly cast at the meeting. In the case of a vacancy occurring in the board of directors, the remaining

directors shall have the right to temporarily fill such vacancy with a temporary director appointed by

resolution adopted with the affirmative vote of a majority of the remaining directors; provided that the next

general shareholder’s meeting shall be called upon to ratify such appointment. The term of any such

temporary director elected to fill a vacancy shall expire at the end of the term of office of the replaced

director.

The next annual general meeting of shareholders that will consider, among other matters, our consolidated

financial statements and annual accounts included in this annual report, is scheduled to be held on Tuesday,

May 12, 2026, at 10:00 (Central European Time) at the Company’s registered office in Luxembourg. An

extraordinary general meeting of shareholders is scheduled to be held on the same date, immediately after

the adjournment of the annual general meeting of shareholders to decide on (i) the cancellation of

62,355,174 shares held in treasury by the Company acquired throughout the first and second tranches of the

$1.2 billion third share buyback program announced by the Company on May 27, 2025 and, consequently,

the approval of a reduction of the Company’s issued share capital for $62,355,174, so as to bring the issued

share capital from $1,071,994,930 to $1,009,639,756, represented by 1,009,639,756 shares with a nominal

value of $1.00 each; and (ii) the approval of the corresponding amendment of article 5 “Share Capital” of

the Company’s articles of association to reflect such resolution.

The articles of association provide that annual general shareholders’ meetings shall meet in Luxembourg

within six months from the end of the previous financial year at the date, place and hour indicated in the

Annual Report 2025

convening notice. The rights of the shareholders attending the meetings are governed by the Shareholders’

Rights Law.

Holders of shares deposited in fungible securities accounts have the same rights and obligations as holders of

shares recorded in the Company’s share register. However, in order to be able to participate in and vote at

shareholders’ meetings of the Company, the former must submit, prior to the relevant meetings, reasonably

satisfactory evidence to the Company as to the number of shares held on the applicable record date for such

meetings. For as long as the shares or the other securities of the Company are listed on a regulated market

within the EU, participation in a shareholders’ general meeting shall

inter alia

be subject to the relevant

shareholder holding shares of the Company on the fourteenth day midnight Central European Time prior to

the meeting (unless otherwise provided for by applicable law).

Holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. See

“Risk Factors - Risks Relating to shares and ADSs - Holders of ADSs may not be able to exercise, or may

encounter difficulties in the exercise of, certain rights afforded to shareholders”. ADS holders may not attend

or directly exercise voting rights in shareholder’ meetings, but holders of record of our ADSs as of the

relevant ADS holders’ record date set for any given general shareholders’ meeting are entitled to instruct the

Depositary as to the exercise of the voting rights in respect of the shares underlying such holder’s ADSs at

such meeting. Holders of ADSs maintaining non-certificated positions must follow voting instructions given

by their broker or custodian bank.

The notices convening the annual general meeting of shareholders and an extraordinary general meeting of

shareholders scheduled to be held on May 12, 2026, the Shareholder Meeting Brochure and Proxy Statement

for the meetings, describing the procedures for attending and voting at the meetings; as well as the material

required to be submitted to shareholders in connection with the meetings will be available on the Company’s

website at https://ir.tenaris.com/investor-relations in accordance with applicable rules and regulations,

and will be timely filed by the Company with the SEC on a report on Form 6-K. Information contained in or

otherwise accessible through our Internet website is not a part of this annual report.

Management

Management of the Company is vested in a board of directors. For more information on the Company’s

board of directors, audit committee, senior management, and auditors, see “Information on the Company -

Directors, Senior Management and Employees”.

Access to Corporate Records

Luxembourg law and the Company’s articles of association do not generally provide for shareholder access to

corporate records. Shareholders may inspect the annual accounts and auditors’ reports at our registered

office during the fifteen-day period prior to a general shareholders’ meeting.

Appraisal Rights

In the event the Company’s shareholders approve:

• the delisting of the shares from all stock exchanges where the shares are listed at that time;

• a merger in which the Company is not the surviving entity (unless the shares or other equity securities

of such entity are listed on the New York or London stock exchanges);

• a sale, lease, exchange or other disposition of all or substantially all of the Company’s assets;

• an amendment of our articles of association that has the effect of materially changing the Company’s

corporate purpose;

• the relocation of the Company’s domicile outside of the Grand Duchy of Luxembourg;

• amendments to the Company’s articles of association that restrict the rights of the Company’s

shareholders.

Annual Report 2025

Dissenting or absent shareholders have the right to have their shares repurchased by the Company at (i) the

average market value of the shares over the 90 calendar days preceding the applicable shareholders’ meeting

or (ii) in the event that the shares are not traded on a regulated market, the amount that results from

applying the proportion of the Company’s equity that the shares being sold represent over the Company’s

net worth as of the date of the applicable shareholders’ meeting.

Dissenting or absent shareholders must present their claim within one month following the date of the

shareholders’ meeting and supply the Company with evidence of their shareholding at the time of such

meeting. The Company must (to the extent permitted by applicable laws and regulations and in compliance

therewith) repurchase its shares within six months following the date of the shareholders’ meeting.

If delisting from one or more, but not all, of the stock exchanges where the shares are listed is approved in

the shareholders’ meeting, only dissenting or absent shareholders with shares held through participants in

the local clearing system for that market or markets can exercise this appraisal right if:

• they held the shares as of the date of the announcement by the Company of its intention to delist or

as of the date of publication of the first convening notice for the general shareholders’ meeting that

approved the delisting;

and

• they present their claim within one month following the date of the general shareholders’ meeting and

supply evidence of their shareholding as of the date of the Company’s announcement or the

publication of the first convening notice to the meeting.

In the event a shareholder exercises its appraisal rights, applicable Luxembourg law provisions shall apply.

Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights

afforded to shareholders, including appraisal rights. See “Risk Factors - Risks Relating to shares and ADSs -

Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights

afforded to shareholders”.

Distribution of Assets on Winding-Up

In the event of the Company’s liquidation, dissolution or winding-up, the net assets remaining after allowing

for the payment of all debts, charges and expenses will be paid out to the holders of the shares in proportion

to their respective holdings.

Transferability and Form

The Company’s articles of association do not contain any redemption or sinking fund provisions, nor do they

impose any restrictions on the transfer of shares. The shares are issuable in registered form only.

The ownership of registered shares is evidenced by the inscription of the name of the shareholder, the

number of shares held by such shareholders and the amount paid on each share in the Company’s share

institutions or other professional depositaries.

Shares held through fungible securities accounts may be transferred in accordance with customary

procedures for the transfer of securities in book-entry form. Shares that are not held through fungible

securities accounts may be transferred by a written statement of transfer signed by both the transferor and

the transferee or their respective duly appointed attorney-in-fact and recorded in the Company’s share

Luxembourg Civil Code. As evidence of the transfer of registered shares, the Company may also accept any

correspondence or other documents evidencing the agreement between transferor and transferee as to the

transfer of registered shares.

Repurchase of Company shares

The Company may repurchase its own shares in the cases and subject to the conditions set by the

Luxembourg Company Law and, in the case of acquisitions of shares or ADSs made through a stock

exchange in which shares or ADSs are traded, with any applicable laws and regulations of such market.

Please see “Legal and Financial Information - Purchases of Equity Securities by the Company and Affiliated

Purchasers” for further information on the authorization granted on May 6, 2025, by the annual general

Annual Report 2025

meeting of shareholders to the Company or its subsidiaries to repurchase shares of the Company, including

shares represented by ADSs, and repurchase of Company shares under share buyback programs.

Limitation on Securities Ownership

There are no limitations currently imposed by Luxembourg law or the articles of association on the rights of

the Company’s non-resident or foreign shareholders to hold or vote the Company’s shares.

Change in Control

None of our outstanding securities has any special control rights. The Company’s articles of association do

not contain any provision that would have the effect of delaying, deferring or preventing a change in control

of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring

involving the Company or any of its subsidiaries. In addition, the Company does not know of any significant

agreements or other arrangements to which the Company is a party and which take effect, alter or terminate

in the event of a change of control of the Company. There are no agreements between the Company and

members of its board of directors or employees providing for compensation if they resign or are made

redundant without reason, or if their employment ceases following a change in control of the Company.

There are no rights associated with the Company’s shares other than those described above.

Ownership Disclosure

The Company’s articles of association do not contain any provision requiring disclosure of share ownership.

However, under the Luxembourg Transparency Law investors in the Company’s securities should notify the

Company and the Luxembourg securities commission on an ongoing basis whenever the proportion of voting

rights held or controlled by any such investor reaches, exceeds or falls below any of the following thresholds:

5%, 10%, 15%, 20%, 25%, 33.33%, 50% and 66.66%. Failure to notify the Company and the

Luxembourg securities commission of the reaching or crossing of any such thresholds may result in the

suspension of the voting rights attaching to the shares exceeding the threshold which would have had to be

notified.

Annual Report 2025

Summary of differences with NYSE standards

As a Luxembourg company listed on the NYSE, the Bolsa Mexicana de Valores, S.A.B. de C.V. (the Mexican

Stock Exchange), and the Borsa Italiana S.p.A. (the Italian Stock Exchange), the Company is required to

comply with some, but not all, of the corporate governance standards of these exchanges. The Company,

however, believes that its corporate governance practices meet, in all material respects, the corporate

governance standards that are generally required for controlled companies by all of the exchanges on which

the Company’s securities trade.

The following is a summary of the significant ways that the Company’s corporate governance practices differ

from the corporate governance standards required for controlled domestic companies by the NYSE. The

Company’s corporate governance practices may differ in non-material ways from certain other standards

required by the NYSE that are not detailed here.

Non-management directors’ meetings

Under NYSE standards, non-management directors must meet at regularly scheduled executive sessions

without management present and, if such group includes directors who are not independent, a meeting

should be scheduled once per year including only independent directors. Neither Luxembourg law nor the

Company’s articles of association require the holding of such meetings, and the Company does not have a

set policy for these meetings. For additional information on board meetings, see “Information on the

Company - Directors, Senior Management and Employees - Directors and Senior Management”.

In addition, NYSE-listed companies are required to provide a method for interested parties to communicate

directly with non-management directors as a group. While the Company does not have such a method, it has

set up a compliance line for investors and other interested parties to communicate their concerns directly to

the members of our audit committee, all of whom are non-management, independent directors.

Audit committee composition

Under NYSE standards, listed U.S. companies are required to have an audit committee composed of

independent directors that satisfy the requirements of Rule 10A-3 promulgated under the Exchange Act.

Pursuant to the Company’s articles of association, as supplemented by the audit committee’s charter, for as

long as the Company’s shares are listed on at least one regulated market, the Company must have an audit

committee composed of at least three members, the majority of whom must qualify as independent directors

(as defined in the Company’s articles of association), provided, however, that the composition and

membership of the audit committee shall satisfy such requirements as are applicable to, and mandatory for,

audit committees of issuers such as the Company under any law, rule or regulation applicable to the

Company (including, without limitation, the applicable laws, rules and regulations of such regulated market

or markets). The Company’s audit committee, which currently consists of three members, complies with such

requirements. In accordance with NYSE standards, the Company has an audit committee entirely composed

of independent directors for purposes of the Exchange Act Rule 10A-3(b)(1). For more information on the

Company’s audit committee see “Information on the Company - Directors, Senior Management and

Employees - Board Practices”.

Under NYSE standards, all audit committee members of listed U.S. companies are required to be financially

literate or must acquire such financial knowledge within a reasonable period and at least one of its members

shall have experience in accounting or financial administration. In addition, if a member of the audit

committee is simultaneously a member of the audit committee of more than three public companies, and the

listed company does not limit the number of audit committees on which its members may serve, then in each

case the board must determine whether the simultaneous service would prevent such member from

effectively serving on the listed company’s audit committee and shall publicly disclose its decision.

Luxembourg law provisions on audit committee membership require only that at least one member of the

audit committee have competence in accounting or auditing matters. The board of directors of the Company

has determined that Ms. Tiuba, the committee’s chairperson, qualifies as “audit committee financial expert”

under applicable SEC rules and has competence in accounting or auditing matters, as required by applicable

Luxembourg law. In addition, the membership of the audit committee as a whole has sufficient relevant

knowledge of the business and financial experience to properly discharge its functions. The audit committee

has the authority, from time to time and as it deems necessary, to engage persons that meet all of the

attributes of a financial expert as consultants.

Annual Report 2025

Board composition

The Gender Balance Law, applicable as of June 30, 2026, requires Luxembourg companies with securities

listed in a EU-regulated market to ensure that at least 33% of the seats of the board of directors are

occupied by persons of the underrepresented sex. Listed U.S. companies are not subject to gender- based

quantitative requirements for board composition. For more information on the composition of the board of

directors see “Information on the Company - Directors, Senior Management and Employees - Directors and

Senior Management”.

Standards for evaluating director independence

Under NYSE standards, the board is required, on a case-by-case basis, to express an opinion with regard to

the independence or lack of independence of each individual director. Neither Luxembourg law nor the

Company’s articles of association requires that the board of directors express such an opinion. In addition,

the definition of “independent” under the NYSE rules differs in some non-material respects from the

definition contained in the Company’s articles of association. For more information on the Company’s

independent directors and the definition of “independent” under the Company’s articles of association see

“Information on the Company - Directors, Senior Management and Employees - Directors and Senior

Management” and “Information on the Company - Directors, Senior Management and Employees - Board

Practices”.

Audit committee responsibilities

Pursuant to the Company’s articles of association, the audit committee shall assist the board of directors in

fulfilling its oversight responsibilities relating to the integrity of its consolidated financial statements, the

effectiveness of its systems of internal control, risk management and internal audit over financial reporting

and the independence and performance of the external auditors. The audit committee is required to review

and, where applicable, approve material transactions between the Company or its subsidiaries and related

parties and also perform the other duties entrusted to it by the board. The NYSE requires certain matters to

be set forth in the audit committee charter of U.S. listed companies.

The Company’s audit committee charter provides for many of the responsibilities that are expected from such

bodies under the NYSE standards and in accordance with applicable Luxembourg law, including the Audit

Reform Law; however, due to the Company’s equity structure and holding company nature, the charter does

not contain all such responsibilities, including provisions related to procedures for the receipt and treatment

of complaints, other than complaints regarding accounting, internal accounting controls and audit matters,

(although the Company has established such procedures); funding for payment of administrative expenses

and compensation to advisors (although the audit committee has the authority to engage outside advisors);

setting hiring policies for employees or former employees of external auditors; and an annual performance

evaluation of the audit committee. For more information on the Company’s audit committee see

“Information on the Company - Directors, Senior Management and Employees - Board Practices”.

Standards for approval of related-party transactions

The Company is subject to Luxembourg laws governing approval and disclosure of material related party

transactions, including the Shareholders’ Rights Law; and the Company’s articles of association and the audit

committee charter require the audit committee to review material transactions with related parties to

determine whether their terms are consistent with the interests of the Company and its shareholders and

with market conditions or are otherwise fair to the Company. In addition, NYSE requires all NYSE-listed

companies’ audit committees (or another independent body of the board of directors) to conduct a

reasonable prior review and oversight of all related party transactions for potential conflicts of interest and to

prohibit such a transaction if it determines it to be inconsistent with the interests of the company and its

shareholders, inconsistent with market conditions or not otherwise fair to the Company. The rule defines the

term “related party transaction” by reference to the disclosure requirements for annual reports under the

Exchange Act. The materiality threshold applicable to foreign private issuers differs to the one applicable to

U.S companies. For further details on the approval process for related party transactions, see “Information on

the Company - Directors, Senior Management and Employees - Board Practices”.

Annual Report 2025

Shareholder voting on equity compensation plans

Under NYSE standards, shareholders must be given the opportunity to vote on equity-compensation plans

and material revisions thereto, except for employment inducement awards, certain grants, plans and

amendments in the context of mergers and acquisitions, and certain specific types of plans. The Company

does not currently offer equity-based compensation to its directors, senior management or employees, and

therefore does not have a policy on this matter. For more information on directors’ compensation see

“Information on the Company - Directors, Senior Management and Employees - Compensation”.

The Shareholders’ Rights Law requires the Company to adopt a Compensation Policy setting forth the

principles and guidelines for purposes of determining the compensation payable to the members of the

Company’s board of directors and the managing director or chief executive officer. Such Compensation

Policy must be submitted to the non-binding vote of the shareholders. In addition, the Shareholders’ Rights

Law provides that the Company must prepare an annual report describing the compensation paid to directors

and the chief executive officer for the performance of their duties and submit such report to the shareholders

for approval. The Compensation Policy and Compensation Report must be available on the Company’s

website. For more information on the Compensation Policy and the 2025 Compensation Report see

“Information on the Company - Directors, Senior Management and Employees - Compensation”.

Disclosure of corporate governance guidelines

NYSE-listed companies must adopt and disclose corporate governance guidelines. Neither Luxembourg law

nor the Company’s articles of association require the adoption or disclosure of corporate governance

guidelines. The Company’s board of directors follows corporate governance guidelines consistent with its

equity structure and holding company nature, but the Company has not codified them and therefore does

not disclose them on its website.

Code of business conduct and ethics

Under NYSE standards, listed companies must adopt and disclose a code of business conduct and ethics for

directors, officers and employees, and promptly disclose any waivers of the code for directors or executive

officers. Neither Luxembourg law nor the Company’s articles of association require the adoption or disclosure

of such a code of conduct. The Company, however, has adopted a code of conduct that applies to all

directors, officers and employees that is posted on its website and which complies with the NYSE’s

requirements, except that it does not require the disclosure of waivers of the code for directors and officers.

In addition, it has adopted a supplementary code of ethics for senior financial officers, which is also posted

on our website. See “Sustainability Statement - Sustainability in Tenaris - Policies and Procedures”.

Chief Executive Officer certification

A chief executive officer of a U.S. company listed on the NYSE must annually certify that he or she is not aware

of any violation by the company of NYSE corporate governance standards. In accordance with NYSE rules

applicable to foreign private issuers, the Company’s chief executive officer is not required to provide the NYSE

with this annual compliance certification. However, in accordance with NYSE rules applicable to all listed

companies, the Company’s chief executive officer must promptly notify the NYSE in writing after any of our

executive officers becomes aware of any noncompliance with any applicable provision of the NYSE’s corporate

governance standards. In addition, the Company must submit an executed written affirmation annually and an

interim written affirmation upon the occurrence of any of the events listed in the foreign private issuer interim

written affirmation form by the NYSE.

Annual Report 2025

Directors, Senior Management and Employees

Directors and Senior Management

Board of Directors

Management of the Company is vested in a board of directors with the broadest power to act on behalf of

the Company and accomplish or authorize all acts and transactions of management and disposal that are

within its corporate purpose and not specifically reserved in the articles of association or by applicable law to

the general shareholders’ meeting. The Company’s articles of association provide for a board of directors

consisting of a minimum of three and a maximum of fifteen directors; however, for as long as the Company’s

shares are listed on at least one regulated market, the minimum number of directors must be five. The

Company’s current board of directors is composed of eleven directors.

The board of directors is required to meet as often as required by the interests of the Company and at least

four times per year. Board of directors’ meetings can be validly held by means of teleconference call, video

conference or any other means genuinely allowing for the participation, interaction and intercommunication

of the attending directors. Written decisions, signed by all the directors, are proper and valid as though they

had been taken at a meeting of the board of directors duly convened and held. In 2025, the Company’s

board of directors met seven times and adopted four unanimous written resolutions. A majority of the

members of the board of directors in office present or represented at the board of directors’ meeting

constitutes a quorum, and resolutions may be adopted by the vote of a majority of the directors present or

represented. In case of a tie, the chairman is entitled to cast the deciding vote.

Directors are elected at the annual ordinary general shareholders’ meeting to serve one-year renewable

terms, as determined by the general shareholders’ meeting. The general shareholders’ meeting also

determines the number of directors that will constitute the board and their compensation. The general

shareholders’ meeting may dismiss all or any one member of the board of directors at any time, with or

without cause, by resolution passed by a simple majority vote, irrespective of the number of shares

represented at the meeting.

The Company’s articles of association provide that the board of directors of the Company may within the

limits of applicable law, (a) delegate to one or more persons, whether or not members of the board of

directors, the powers necessary to carry out its decisions and to provide day-to-day management (except for

approval of material transactions with related parties, which may not be delegated and shall be approved by

the board of directors prior opinion of the audit committee), (b) confer to one or more persons, whether or

not members of the board of directors the powers deemed to be appropriate for the general, technical,

administrative and commercial management of the Company, (c) constitute an audit committee formed by

directors, determining its function and authority, and (d) constitute any other committee, whose members

may or may not be members of the board of directors and determine their functions and authority.

On May 6, 2025, the board of directors appointed Tenaris’s chief executive officer as

administrateur délégué

and delegated to him the power to manage the Company’s affairs within the ordinary course of business, to

the full extent permitted by Luxembourg law, to direct and supervise the business activities of the Company’s

subsidiaries and to represent the Company in relation to such matters.

On a quarterly basis, the Company’s board of directors meets to review the performance of the Company

and approve quarterly financial statements. Sustainability metrics, including health and safety, environmental,

eq emissions evolution and decarbonization strategy progress, are integrated and regularly discussed. As

part of the board’s review process, internal and external experts are invited to participate in specific board

meetings to discuss relevant financial and non-financial matters, including, among others, governance,

environmental, health and safety and cybersecurity matters.

Annual Report 2025

On May 6, 2025, the Company’s annual general shareholders’ meeting resolved to maintain the number of

directors at eleven and approved the re-appointment of Mr. Simon Ayat, Mr. Roberto Bonatti, Mr. Carlos

Condorelli, Mr. Germán Curá, Ms. Molly Montgomery, Ms. Maria Novales-Flamarique, Mr. Gianfelice Mario

Rocca, Mr. Paolo Rocca, Mr. Jaime José Serra Puche, Ms. Monica Tiuba and Mr. Guillermo Vogel, each board

member to serve until the next annual shareholders’ meeting that will be convened to decide on the

Company’s 2025 annual accounts. The board of directors subsequently re-appointed Paolo Rocca as board

chairman and Tenaris’s chief executive officer and Guillermo Vogel and Germán Curá as vice chairmen of the

board.

Mr. Curá was reconfirmed as the board member responsible for overseeing the development and

implementation of the Company’s strategy for climate change.

The following table sets forth the name of the Company’s current directors, their respective positions on the

board of directors, their principal occupation, their years of service as board members and their age.

Name

Position

Principal Occupation

Years as

Board

Member

Age at

December

31, 2025

Mr. Simon Ayat

Director

Director of the Company

Mr. Roberto Bonatti

(1)

Director

Director of San Faustin

Mr. Carlos Condorelli

Director

Director of the Company

Mr. Germán Curá

Director

Director and Vice Chairman of the Company's board

of directors

Ms. Molly Montgomery

Director

Public Policy Director, Meta

Ms. Maria Novales-

Flamarique

Director

Strategy Advisor

Mr. Gianfelice Mario

Rocca

(1)

Director

Chairman of the board of directors of San Faustin

Mr. Paolo Rocca

(1)

Director

/ CEO

Chairman of the Company's board of directors and

Tenaris's chief executive officer

Mr. Jaime José Serra

Puche

Director

Chairman of S.A.I. Derecho & Economía

Ms. Monica Tiuba

Director

Director of the Company and chairperson of the

Company's audit committee

Mr. Guillermo Vogel

Director

Director and Vice Chairman of the Company's board

of directors

(1)

Paolo Rocca and Gianfelice Mario Rocca are brothers, and Roberto Bonatti is Paolo and Gianfelice Mario Rocca’s first cousin.

Simon Ayat. Mr. Ayat is an independent member of the Company’s board of directors and of its audit

committee. He served as Schlumberger’s executive vice president and chief financial officer from 2007 until

early 2020 and as senior strategic advisor to the chief executive officer of Schlumberger until January 2022.

Mr. Ayat has held several financial and operational positions in Schlumberger, where he commenced his

career in 1982. He was based in Paris, Houston and Dallas, as well as in the Middle East and Far East regions,

serving as group treasurer, controller, geomarket manager for Indonesia and drilling regional vice president

for Asia Pacific. Mr. Ayat is also a member of the board of directors and audit committee of Liberty Energy, a

leading provider of hydraulic fracturing and wireline services to E&P companies in North America. He is a

French and Lebanese citizen.

Roberto Bonatti. Mr. Bonatti is a member of the Company’s board of directors. He is a grandson of Agostino

Rocca, founder of the Techint Group, a group of companies controlled by San Faustin. Throughout his career

in the Techint Group he has been involved specifically in the engineering and construction and corporate

sectors. He was first employed by the Techint Group in 1976, as deputy resident engineer in Venezuela. In

1984, he became a director of San Faustin, and from 2001 until 2020 he has served as its president. He is

also a member of the board of directors of Ternium. Mr. Bonatti is an Italian citizen.

Annual Report 2025

Carlos Condorelli. Mr. Condorelli is a member of the Company’s board of directors. He served as the

Company’s chief financial officer from October 2002 until September 2007. He was also a board member of

Ternium from May 25, 2005 until May 6, 2025. He has held several positions within Tenaris, including also

the chief financial officer position in some of the principal Tenaris Group companies and member of the

Company’s audit committee between November 1, 2017 and May 2, 2018. He also served as president of

the board of directors of Empresa Distribuidora La Plata S.A., an Argentine utilities company. Mr. Condorelli is

an Argentine citizen.

Germán Curá. Mr. Curá is a member of the Company’s board of directors and also holds the position of vice

chairman of the Company’s board of directors. He served as president of our operations in North America

until May 2, 2018, a position held since 2006. He was first employed by Siderca in 1988. Previously, he

served as Siderca’s exports director, Tamsa’s exports director and commercial director, sales and marketing

manager of our Middle East subsidiary, president of Algoma Tubes, president and chief executive officer of

Maverick Tubulars and president and chief executive officer of Hydril Company, director of our Oilfield

Services global business unit and Tenaris commercial director. He was also a member of the board of

directors of the American Petroleum Institute (“API”) and of the American Iron and Steel Institute (“AISI”). He

is a marine engineer from the Instituto Tecnológico de Buenos Aires and holds an MBA from the

Massachusetts Institute of Technology. Mr. Curá is an U.S. citizen.

Molly Montgomery. Ms. Montgomery is an independent member of the Company’s board of directors. She

has 20 years of experience advising senior executives and government officials on geopolitical and policy

issues. She currently serves as a Public Policy Director at Meta Platforms, Inc. In her 15-year career in the U.S.

government, her roles included serving in the White House as Special Advisor to the Vice President for

Europe and Eurasia and as the Deputy Assistant Secretary of State for the EU and Western Europe. Ms.

Montgomery was previously a senior vice president at Albright Stonebridge Group, where she advised

Fortune 500 clients on geopolitical risk, regulatory issues, and market entry and exit. She currently serves as a

member of the board of directors of the Center for European Policy Analysis and the Leadership Council for

Women in National Security. She holds a BA in History and Political Science from Stanford University, an

MPA in International Relations from Princeton University, and a life membership in the Council on Foreign

Relations. Ms. Montgomery is an U.S. citizen.

Maria Novales-Flamarique. Ms. Novales-Flamarique is an independent member of the Company’s board of

directors. She advises multinational institutions on a variety of strategic and transformational issues.

Previously, she was country head for Generation Mexico, an NGO founded by McKinsey & Company that

transforms education-to-employment systems to prepare, place, and support people into life-changing

careers that would otherwise be inaccessible. She was also a partner at McKinsey & Company, leading more

than 50 teams advising companies in Mexico, other Latin American countries, the United States and Europe.

She began her career in asset management at Letko, Brosseau & Associates in Montreal, Canada, and

worked as an investment banker at Citigroup Global Markets in New York City. She currently serves as an

independent director at Scotiabank Mexico, where she is a member of the Audit and Talent committees. She

also sits on advisory boards at several fintech, HRtech, insurtech start-ups and venture capital funds and is an

independent senior advisor. She holds an MBA from London Business School, a BA from HEC Montreal and

is a CFA Charterholder. Ms. Novales-Flamarique is a Canadian, Spanish, and U.S. citizen.

Gianfelice Mario Rocca. Mr. Rocca is a member of the Company’s board of directors. He is a grandson of

Agostino Rocca. He is chairman of the board of directors of San Faustin, member of the board of directors of

Ternium and president of the board of directors of Humanitas S.p.A. and Tenova S.p.A. (“Tenova”).

Furthermore, in Italy he is president of the Giorgio Cini Foundation and member of the board of Bocconi

University. At international level, he is member of the European and Global Advisory Board of Harvard

Business School, member of the European Round Table of Industrialists, vice president of Aspen Institute and

member of the board of Brembo N.V. Mr. Rocca is an Italian citizen.

Paolo Rocca. Mr. Rocca is the chairman of the Company’s board of directors and has been our chief executive

officer since 2002. He is a grandson of Agostino Rocca. He is also the chairman of the board of directors of

Ternium and a director and president of San Faustin. He is a member of the executive committee of the

World Steel Association. Mr. Rocca is an Italian citizen.

Annual Report 2025

Jaime José Serra Puche. Mr. Serra Puche is an independent member of the Company’s board of directors and

of its audit committee. He is the chairman of SAI Derecho & Economia, a Mexican consulting firm, and a

member of the board of directors of Grupo Vitro, and chairman of the board of BBVA. Mr. Serra Puche

served as Mexico’s Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He

led the negotiation and implementation of the North America Free Trade Agreement (“NAFTA”), now

replaced by the USMCA. Mr. Serra Puche is a Mexican citizen.

Monica Tiuba. Ms. Tiuba is an independent member of the Company’s board of directors and chairperson of

its audit committee. She is a Brazilian qualified lawyer and accountant with more than 20 years of

professional experience in Brazil and Luxembourg. She started her career at Barbosa, Mussnich & Aragão law

firm in Rio de Janeiro, Brazil, where she practiced corporate law, M&A and tax litigation. She worked in EY

and PwC, in the Brazil and Luxembourg offices, advising multinational clients, private equity houses and

family offices. She gained banking experience working as international senior wealth planner at Banque

Edmond de Rothschild, in Luxembourg. She currently serves as member of the board of directors of Investing

for Development SICAV, a Luxembourg social impact fund and of its Forest and Climate Change Fund. She

holds a Master of Laws in International and Comparative Law at the Vrije Universiteit Brussel, a specialization

in EU tax law from Leiden University and a Master of Laws in international taxation from Vienna University of

Economics. Ms. Tiuba is a Brazilian and Luxembourgish citizen.

Guillermo Vogel. Mr. Vogel is a member of the Company’s board of directors and also holds the position of

vice chairman of the board. He is a notable Mexican businessperson with an extensive career in various

industries. He graduated from the Universidad Nacional Autónoma de México and also holds an MBA from

the University of Texas at Austin. Mr. Vogel has held prominent positions in several companies, showcasing

his expertise and leadership skills. He is the chairman of GCollado S.A.B. de C.V. His influence extends to

multiple organizations, as he has served as president of Canacero, the Steel Chamber in Mexico, and as vice

chairman of the American Iron and Steel Institute. Moreover, Mr. Vogel is actively involved in various other

companies and institutions. He is a board member of Techint, S.A. de C.V., Alpek S.A.B. de C.V., Banco

Santander (México) S.A., Innovare R&D, S.A., Europea Network Business Solutions S.A. de C.V., Club de

Industriales, A.C., Consejo Coordinador Empresarial, and several other organizations. His roles also include

contributions to the academic sector, as he is a member of the board of the Universidad Panamericana and

IPADE, A.C. His international presence is marked by his membership in The Trilateral Commission and the

International Board of The Manhattan School of Music. He also plays a key role in the US-Mexico CEO

Dialogue as its chairman. Vogel's career reflects a blend of leadership in business and contributions to

international relations and education. Mr. Vogel is a Mexican citizen.

Mr. Condorelli has informed the Company of its decision not to stand for re-election to the board of

directors. Accordingly, at the next annual general meeting of shareholders, scheduled to be held on May 12,

2026, it will be proposed that the number of directors be reduced to ten and that all of the current members

of the board of directors (other than Mr. Condorelli) be reappointed, each to hold office until the next annual

general shareholders’ meeting that will be convened to decide on the Company’s 2026 annual accounts. By

application of article 3 of the Gender Balance Law, as of June 30, 2026, a board of directors composed of ten

members is required to have at least three directors of the underrepresented sex. If the next annual general

shareholders’ meeting approves the proposal to reduce the number of directors to ten and to reappoint all of

the current members of the board of directors (other than Mr. Condorelli, who will not stand for re-election)

the Company will satisfy with the requirements of the Gender Balance Law regarding the minimum number

of persons of the underrepresented sex serving as board members.

As indicated above, board members Ayat, Montgomery, Novales-Flamarique, Serra Puche and Tiuba qualify

as independent directors under Exchange Act Rule 10A-3(b)(1) and the Company’s articles of association.

Within the Company’s board members, only the chief executive officer is a member of our senior

management, listed in section “Information on the Company - Directors, Senior Management and Employees

- Senior Management”. There are no representatives of employees or other workers on the Company´s board

of directors.

Directors’ Liability

Each director must act in the interest of the Company, and in accordance with applicable laws, regulations,

and the Company’s articles of association. Directors are also bound by a general duty of care owed to the

Company.

Annual Report 2025

Under Luxembourg Company Law, directors may be liable to the Company in accordance with general law

for the execution of their mandate and for any misconduct in the management of the Company’s affairs.

Directors are jointly and severally liable towards either the Company or any third parties from damages

resulting from the violation of the Luxembourg Company Law or the Company’s articles of association.

Directors shall be discharged from such liability in the case of a violation to which they were not a party

provided no misconduct is attributable to them and such violation has been reported to the first general

meeting of shareholders after they have acquired knowledge thereof.

Causes of action against directors for damages may be initiated by the Company upon a resolution of the

general shareholders’ meeting passed by a simple majority vote, irrespective of the number of shares

represented at the meeting. Causes of action against directors who misappropriate corporate assets or

commit a breach of trust may be brought by any shareholder for personal losses different from those of the

Company.

An action may also be brought against the directors on behalf of the Company by shareholders who, at the

general meeting deciding to discharge such directors or members, owned voting securities representing at

least ten percent of the votes attaching to all such securities.

It is customary in Luxembourg that the shareholders expressly discharge the members of the board of

directors from any liability arising out of or in connection with the exercise of their mandate when approving

the annual accounts of the Company at the annual general shareholders meeting. However, any such

discharge will not release the directors from liability for any damage caused by unrevealed acts of

mismanagement or unrevealed breaches of the Luxembourg Company Law or the Company’s articles of

association, nor will it release directors from liability for any personal loss of the shareholders independent

and separate from losses suffered by the Company due to a breach either revealed or unrevealed of the

Luxembourg Company Law or the Company’s articles of association.

Under Luxembourg law, unless the decision of the board of directors relates to ordinary business entered into

under normal conditions, any director having a direct or indirect financial interest conflicting with that of the

Company in a transaction which has to be considered by the board of directors, must advise the board

thereof and cause a record of her/his statement to be included in the minutes of the meeting and may not

take part in the deliberations. At the next following general meeting, before any other resolution is put to

vote, a special report must be made on any transactions in which any of the directors may have had an

interest conflicting with that of the Company.

Annual Report 2025

Auditors

The Company’s articles of association require the appointment of an independent audit firm in accordance

with applicable law. The primary responsibility of the external auditor is to audit the Company’s annual

accounts and consolidated financial statements and to submit a report on the accounts to shareholders at the

annual shareholders’ meeting. In accordance with applicable law, statutory auditors are chosen from among

the members of the Luxembourg Institute of Independent Auditors (

Institut des réviseurs d’entreprises

Statutory auditors are appointed by the general shareholders’ meeting, upon recommendation from the

Company’s audit committee, through a resolution passed by a simple majority vote, irrespective of the

number of shares represented at the meeting, to serve one-year renewable terms. Statutory auditors may be

dismissed for reasonable cause by the general shareholders’ meeting at any time. Luxembourg law does not

allow directors to serve concurrently as external auditors. As part of their duties, auditors report directly to

the audit committee.

Pursuant to its charter, the Company’s audit committee is responsible for, among other things, the oversight

of the independence and performance of the Company’s external auditors. The audit committee is also

responsible to consider and make recommendations to the board of directors, to be put to shareholders for

approval at the annual general meeting of shareholders, regarding the appointment, re-appointment or

removal of the Company’s external auditors. In addition, the audit committee is responsible for reviewing the

appropriateness and provision of permitted non-audit fees and to review and approve any fees (whether for

audit, audit-related and non-audit services) payable to the Company’s external auditors. On an annual basis,

in the performance of its functions, the audit committee considers the appointment of the Company’s

external auditors and reviews, together with management and the external auditor, the audit plan, audit

related services and other non-audit services. The audit committee requests the board of directors to submit

the audit committee’s recommendation for the appointment of the Company’s external auditor for each

fiscal year and the payment of applicable fees for final approval by the general shareholders’ meeting. The

general shareholders’ meeting regularly approves statutory audit fees and authorizes the audit committee to

approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under

the circumstances. No services outside the scope of the audit committee’s approval can be undertaken by the

external auditor.

With respect to the audit for the fiscal year ended December 31, 2025, the Company conducted a

competitive tender process for the selection of an audit firm to perform the statutory audit of the Company’s

consolidated financial statements under International Standards of Auditing (“ISA”), and a competitive tender

process for the selection of an audit firm to perform the contractual audit of the Company’s consolidated

financial statements and internal controls under Public Company Accounting Oversight Board (“PCAOB”)

auditing standards. Following completion of the tender processes, on March 25, 2025, the Company’s audit

committee (i) approved the appointment of Forvis Mazars,

Cabinet de révision agréé

(“Forvis Mazars”), as the

Company’s statutory auditor for the fiscal year ended December 31, 2025, and recommended to the

Company’s board of directors that the appointment of Forvis Mazars be submitted for approval at the annual

general meeting of shareholders; and (ii) approved the appointment of PricewaterhouseCoopers Assurance,

Société cooperative

(“PwC”), as the Company’s contractual auditor for the fiscal year ended December 31,

2025, to perform the contractual audit of the Company’s consolidated financial statements and internal

controls. On April 1, 2025, the Company’s board of directors, based on the audit committee’s resolutions,

recommended the annual general meeting of shareholders to appoint Forvis Mazars as the Company’s

statutory auditor for the fiscal year ended December 31, 2025. The annual general meeting of shareholders

held on May 6, 2025, approved the appointment of Forvis Mazars as the Company’s statutory auditor for the

year ended December 31, 2025, and approved its related fees.

At the next annual general shareholders’ meeting scheduled to be held on May 12, 2026, upon

recommendation of the audit committee, the Company’s board of directors will propose that Forvis Mazars

be re-appointed as the Company’s independent approved statutory auditors for the fiscal year ending

December 31, 2026. The audit committee meeting of February 17, 2026, also resolved to re-appoint PwC, as

the Company’s contractual auditor for the fiscal year ending December 31, 2026.

PwC was engaged to carry out a limited review of certain selected information the sustainability statement

included in this annual report.

Annual Report 2025

Senior Management

Senior management executes the business strategies and key decisions adopted by the board of directors.

Therefore, one of the responsibilities of senior management is to oversee the implementation of the

Company’s long-term sustainability commitments and decarbonization strategy. Senior management is

responsible for the day-to-day operations of Tenaris and for overseeing support functions, as well as shaping

and communicating the Company’s management culture.

Our current senior management as of the date of this annual report consists of:

Name

Position

Age at

December 31, 2025

Mr. Paolo Rocca

Chairman and Chief Executive Officer

Mr. Carlos Gómez Álzaga

Chief Financial Officer

Mr. Gabriel Podskubka

Chief Operating Officer

Mr. Antonio Caprera

Chief Industrial Officer

Mr. Gabriel Casanova

Chief Supply Chain Officer

Mr. Luis Scartascini

Chief Human Resources Officer

Mr. Lucas Pigliacampo

Chief Technology Officer

Mr. Guillermo Moreno

President, United States

Mr. Sergio de la Maza

President, Mexico

Mr. Andrea Previtali

President, Southern Cone

Mr. Michele Della Briotta

President, Europe

Paolo Rocca. Mr. Rocca is the Chairman of the Company’s board of directors and has been our Chief

Executive Officer since 2002. He is a grandson of Agostino Rocca. He is also the chairman of the board of

directors of Ternium and a director and President of San Faustin. He is a member of the executive committee

of the World Steel Association. Mr. Rocca is an Italian citizen.

Carlos Gómez Álzaga. Mr. Carlos Gómez Álzaga currently serves as our Chief Financial Officer, a position he

assumed in May 2025. He joined Tenaris in 2003 and has over 20 years of experience, serving in various roles

including CFO for the Southern Cone, where he supervised financial operations in Argentina, Brazil, Bolivia,

and Chile; Economic and Financial Planning Director; CFO for Central America, overseeing financial

operations in Mexico, Colombia, Ecuador, Venezuela, and Peru; and Compliance Director, establishing the

Compliance department and implementing SOX certification. Prior to joining Tenaris, he worked as a

consultant for McKinsey & Company and as an Economic and Financial Planning Analyst for Ternium in

Argentina. Mr. Gómez Álzaga is an Argentine citizen.

Gabriel Podskubka. Mr. Podskubka currently serves as our Chief Operating Officer, with responsibility for

coordinating the company’s sales and marketing, supply chain and production operations and product and

service development, a position he assumed in April 2023. After graduating as an industrial engineer in

Argentina, Mr. Podskubka joined Siderca in 1995 in the marketing department. He held various positions in

the marketing, commercial, and industrial areas of Tenaris until he was appointed as the head of our Eastern

European operations in 2009 and, in 2013, the president of our Eastern Hemisphere operations. Mr.

Podskubka is an Argentine citizen.

Antonio Caprera. Mr. Caprera currently serves as our Chief Industrial Officer, position he assumed in April

2017, and since July 2023, he also assumed responsibility over the quality department. He joined the

company in 1990. From 2000 to 2006 he served as quality director at Dalmine in Italy, where he later

assumed responsibilities as production director until 2012. From that year and until 2015 he served as

production director at Siderca in Argentina, after which he assumed responsibilities as global industrial

coordinator based in Mexico until March 2017. Mr. Caprera is an Italian citizen.

Gabriel Casanova. Mr. Casanova currently serves as our Chief Supply Chain Officer, with responsibility for the

execution of all contractual deliveries to customers. After graduating as a marine and mechanical engineer,

he joined Siderca’s export department in 1987. In 1995 he became Siderca’s Chief Representative in China

and from 1997 to 2009 he held several positions in the commercial area in Dalmine. In 2009 he became the

head of our supply chain network and in October 2012 he assumed his current position. Mr. Casanova is an

Argentine citizen.

Annual Report 2025

Luis Scartascini. Mr. Scartascini currently serves as our Chief Human Resources Officer, a position he assumed

in January 2022. After receiving a degree in industrial engineering, he started his career in Siderca in 1997

and then moved to Houston in 2003 to be part of the company’s commercial office in the United States. In

2005 he moved back to Argentina to serve as the director of the Global Trainee program before heading to

Dubai in 2010 to lead the Middle Eastern Business Unit and later support the acquisition of Saudi Steel Pipes.

He returned to the United States in 2018 as commercial vice president and played a leading role in the

commercial integration of IPSCO. Mr. Scartascini is an Argentine and Italian citizen.

Lucas Pigliacampo. Mr. Lucas Pigliacampo currently serves as our Chief Technology Officer, a position he

assumed in April 2025. He joined Tenaris in 1997 and has held predominantly technical roles within the

company, gaining experience in processes, product engineering, oilfield services, and product marketing. His

previous roles include Vice President of Oil and Gas Technologies, Global Technical Sales Director, and

Product Marketing and Applications Director, among other positions across Argentina, Canada, Italy, and the

United States. Mr. Pigliacampo is an Argentine and Italian citizen.

Guillermo Moreno. Mr. Guillermo Moreno currently serves as president of our operations in the United

States, a position he assumed in April 2025. Prior to this role, Mr. Moreno was the Chief Commercial Officer

for the U.S., where he oversaw the company's commercial strategy, including the execution of its service-

oriented business strategy, Rig Direct

. Before joining the Tenaris U.S. executive team in late 2019, Mr.

Moreno served as President of Tenaris in Canada, overseeing regional operations since 2012. In 2010 he held

the position of Chief Planning Officer in Argentina. In 1999, Mr. Moreno was named Vice President of the

Pipeline Services global business unit based in Mexico, and in 2004, he took over the Oilfield Services global

business unit, based in Houston, Texas. Mr. Moreno is an Argentine citizen.

Sergio de la Maza. Mr. de la Maza currently serves as president of our operations in Mexico and also serves as

managing director and executive vice president of Tamsa. He first joined Tamsa in 1980. From 1983 to 1988,

Mr. de la Maza worked in several positions in Tamsa. He then became manager of Tamsa’s new pipe factory

and later served as manufacturing manager and quality director of Tamsa. Subsequently, he was named

manufacturing director of Siderca. He assumed his current position in 2003. Mr. de la Maza is a Mexican

citizen.

Andrea Previtali. Mr. Andrea Previtali currently serves as president of our operations in the Southern Cone, a

position he assumed in April 2025. Previously, he was Vice President of our global Pipelines and Services

business unit. He began his career at Tenaris in 1999, gaining experience in various areas, including strategic

planning, operations, product development, and commercial. Over the years, he has worked in Italy,

Romania, Mexico, Indonesia, Switzerland, and now Argentina. Mr. Previtali is an Italian citizen.

Michele Della Briotta. Mr. Della Briotta currently serves as president of our operations in Europe, a position he

assumed in July 2016. He first joined Tenaris in 1997 and has worked in areas such as industrial planning,

operations, supply chain and commercial in Italy, Mexico, Argentina and the United States. Most recently he

served as Tenaris’s area manager for Romania. Mr. Della Briotta is an Italian citizen.

Annual Report 2025

Compensation

The compensation payable to the members of the Company’s board of directors is based on their duties and

is determined at the annual ordinary general shareholders’ meeting.

The general meeting of shareholders held on May 6, 2025, approved the compensation paid to directors for

the performance of their duties during the fiscal year ended December 31, 2025, and resolved that (i) each

director receives a fixed compensation for an amount of $115,000; (ii) each director who is also a member of

the Company’s audit committee receives an additional fee of $55,000; and (iii) the chairperson of the

Company’s audit committee receives an additional fee of $20,000. No variable compensation has been paid

or shall be payable to directors for services rendered during the year ended December 31, 2025, and no long-

term incentive or pension plan is available to directors.

The compensation paid to the Company’s managing director or chief executive officer is determined by the

board of directors, and is linked to strategic priorities and objectives, encompassing both financial and non-

financial performance. The non-financial performance priorities and objectives include the Company’s

performance in relation to its safety and decarbonization objectives. The cash compensation paid or payable

to the chief executive officer for the performance of his duties during the year ended December 31, 2025,

amounts to $10 million, of which $3 million corresponds to fixed compensation and $7 million corresponds

to variable compensation. No long-term incentive or pension plan is awarded to the chief executive officer.

The aggregate cash compensation paid to all directors and senior managers of the Company for the year

ended December 31, 2025, amounted to $44.7 million. This amount includes cash benefits paid to certain

senior managers in connection with pre-existing retirement plans. In addition, directors and senior managers

received for the year ended December 31, 2025, 408 thousand units for a total amount of $6.7 million in

connection with the employee retention and long-term incentive program described in note II.P.3

“Accounting Policies - Employee benefits - Other long-term benefits” to our audited consolidated financial

statements included in this annual report.

The amounts paid to the senior managers include bonuses as well as units awarded under the employee

retention and long-term incentive program. Bonuses and units awarded are determined in relation to the

Company’s financial performance and the achievement of targets and objectives established for each senior

manager in relation to his/her responsibilities. These targets and objectives are set by the Company’s chief

executive officer and cover all aspects of the Company’s activities and those of the respective senior manager

including sustainability targets and objectives.

The Shareholders’ Rights Law requires EU listed companies to adopt a Compensation Policy setting forth the

principles and guidelines for purposes of determining the compensation payable to the members of the

Company’s board of directors and the managing director or chief executive officer and annual Compensation

Reports describing the annual compensation paid to directors and the chief executive officer for the

performance of their duties.

The Company’s board of directors approved, at its meeting held on April 29, 2020, the Compensation Policy

of the Company, which was submitted to an advisory non-binding vote at the shareholders meeting held on

June 2, 2020, and approved by majority vote. In 2024, the Company’s board of directors, and subsequently,

the shareholders meeting re-approved the Compensation Policy, with certain amendments. The

Compensation Policy is available on the Company’s website and will be reviewed and submitted to the non-

binding vote of the shareholders every four years, to the extent required by Luxembourg law, or in the event

of a material amendment thereto.

In addition, on February 18, 2026, the Company’s board of directors approved the 2025 Compensation

Report, which is available on the Company’s website and will be submitted to the non-binding vote of the

shareholders at the next general meeting of shareholders scheduled to be held on May 12, 2026.

Annual Report 2025

Board Practices

Audit Committee

Pursuant to the Company’s articles of association, as supplemented by the audit committee’s charter, for as

long as the Company’s shares are listed on at least one regulated market, the Company must have an audit

committee composed of at least three members, the majority of whom must qualify as independent

directors, provided, however, that the composition and membership of the audit committee shall satisfy such

requirements as are applicable to, and mandatory for, audit committees of issuers such as the Company

under any law, rule or regulation applicable to the Company (including, without limitation, the applicable

laws, rules and regulations of such regulated market or markets).

Under the Company’s articles of association, an independent director is a director who:

• is not and has not been employed by us or our subsidiaries in an executive capacity for the preceding

five years;

• is not a person that controls us, directly or indirectly, and is not a member of the board of directors of

a company controlling us, directly or indirectly;

• does not have (and is not affiliated with a company or a firm that has) a significant business

relationship with us, our subsidiaries or our controlling shareholder;

• is not and has not been affiliated with or employed by a present or former auditor of us, our

subsidiaries or our controlling shareholder for the preceding five years;

and

• is not a spouse, parent, sibling or relative up to the third degree of any of the above persons.

Audit Committee’s composition - Financial Expert

The audit committee of the Company’s board of directors currently consists of three members: Mr. Simon

Ayat, Mr. Jaime José Serra Puche and Ms. Monica Tiuba, who were appointed to the audit committee by the

Company’s board of directors on May 6, 2025. As of the date of this annual report, all members of the audit

committee qualify as independent directors both for purposes of the Exchange Act Rule 10A-3(b)(1), and

under the Company’s articles of association. All three members of the audit committee stand for re-election

at the shareholders meeting scheduled to be held on May 12, 2026.

The board of directors of the Company has determined that Ms. Tiuba, the committee’s chairperson, qualifies

as “audit committee financial expert” under applicable SEC rules and has competence in accounting or

auditing matters, as required by applicable Luxembourg law. In addition, the membership of the audit

committee as a whole has sufficient relevant knowledge of the business and financial experience to properly

discharge its functions. The audit committee has the authority, from time to time and as it deems necessary,

to engage persons that meet all of the attributes of a financial expert as consultants.

Audit Committee’s responsibilities

The audit committee operates under a charter amended and restated by the board of directors on October 8,

2021. The audit committee assists the board of directors in its oversight responsibilities relating to (i) the

integrity of the Company’s financial statements; (ii) the effectiveness of the Company’s systems of internal

control, risk management and internal audit over financial reporting; and (iii) the independence and

performance of the Company’s external auditors. The audit committee also performs other duties entrusted

to it by the Company’s board of directors or required to be performed by it under applicable laws and

regulations.

In addition, the audit committee is required to review and, where applicable, approve material transactions

between the Company or its subsidiaries and related parties, as provided in the Company’s articles of

association, or as may be required by any law, rule or regulation applicable to the Company, in order to

determine whether their terms are consistent with the interests of the Company and its shareholders and are

consistent with market conditions or are otherwise fair to the Company. The Company has adopted a Related

Party Transactions Policy and Procedure setting forth the revised, updated and consolidated guidelines and

processes through which the Company identifies, approves and manages related party transactions, seeking

to assure transparency and substantial and procedural fairness of such transactions, as well as compliance

Annual Report 2025

with the provisions in the Company’s articles of association and the audit committee charter relating to

transactions with related parties, Luxembourg rules relating to the approval and disclosure of material related

party transactions, and Section 314.00 of the NYSE Listed Company Manual.

Under the Company’s articles of association, as supplemented by the Related Party Transactions Policy and

Procedure, a “related party” is any of the following persons: (i) any affiliate of the Company; (ii) any entity in

which a controlling person owns a substantial interest or over which a controlling person can exercise

significant influence; (iii) any unconsolidated entity in which the Company has significant influence; (iv) any

entity or individual having significant influence over the Company, or a close family member of any such

individual; (v) any individual or entity that is the beneficial owner of five percent (5%) or more of the shares

of the Company, including through the ownership of any securities representing shares of the Company; (vi)

any director or executive officer of any of the controlling persons, the Company or any of the subsidiaries, or

a close family member of any such director or executive officer; (vii) any entity in which a substantial interest

in the voting power is owned, directly or indirectly, by any person described in (iv), (v) or (vi) above or over

which such a person is able to exercise significant influence; or (viii) any entity that has a member of key

management in common with the Company or any of its subsidiaries (provided that key management

personnel includes persons having authority and responsibility for planning, directing and controlling the

activities of an entity, including directors and executive officers and close family members of any such

individuals).

With respect to the materiality threshold for review and approval of related party transactions, the

Company’s articles of association, as supplemented by the audit committee’s charter and the Related Party

Transactions Policy and Procedure, provide that the following related party transactions, which are qualified

as “Level 1” related party transactions, are subject to review by the audit committee, which shall make a

recommendation to the board of directors as to either reject or approve the proposed related party

transaction:

• any transaction between the Company or its subsidiaries with related parties (i) with an individual value

equal to or greater than $10 million, or its equivalent in other currencies, or (ii) with an individual value

lower than $10 million, or its equivalent in other currencies, when the aggregate sum reflected in the

financial statements of the four fiscal quarters preceding the date of determination of any series of

transactions for such lower value that can be deemed to be parts of a unique or single transaction (but

excluding any transactions that were reviewed and approved by Company’s audit committee or board of

directors, as applicable, or the independent members of the board of directors of any of its subsidiaries)

exceeds 1.5% of the Company’s consolidated net sales made in the fiscal year preceding the year on

which the determination is made;

and

• any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business)

affecting the Company or any of its subsidiaries for the benefit of, or involving, a related party.

In addition, any related party transaction that does not qualify as a “Level 1” related party transaction, but

which has an individual value equal to or higher than $5 million (which is the value threshold determined by

management to be material to the Company for disclosure purposes under “Related Parties Transactions” of

this annual report), qualifies as a “Level 2” related party transaction and must be reviewed by the audit

committee for purposes of making a determination as to whether any conflicts of interest exist and whether

the proposed related party transaction is consistent with the interests of the Company and its shareholders

and with market conditions or are otherwise fair to the Company, in order to either reject or approve the

proposed transaction. Any related party transaction that is for less than such value qualifies as a “Level 3”

related party transaction and is reviewed by the Company’s related-party transaction unit, the area within the

Company responsible for centralizing and compiling the information relating to all related party transactions

and performing the review, assessment and other procedures contemplated in the Related Party Transactions

Policy and Procedure.

The audit committee has the power (to the maximum extent permitted by applicable laws) to request that the

Company or relevant subsidiary promptly provide all information necessary for the audit committee to assess

the material transactions with related parties that it is required to review. In no event may any proposed

related party transaction be entered into or otherwise be given effect unless it has been reviewed and

approved in accordance with the Related Party Transactions Policy and Procedure. Any executed transaction

that has not been duly reviewed and approved must be promptly submitted for review in accordance with

applicable procedures and, if determined appropriate, must be ratified; if the transaction is not ratified, it

must be modified to make it acceptable for ratification or it must otherwise be immediately discontinued or

rescinded.

Annual Report 2025

The audit committee has the authority to conduct any investigation appropriate to the fulfillment of its

responsibilities and has direct access to the Company’s external auditors as well as anyone in the Company

and, subject to applicable laws and regulations, its subsidiaries. In addition, the audit committee may engage,

at the Company’s expense, independent counsel and other internal or external advisors to review, investigate

or otherwise advise on, any matter as the committee may determine to be necessary to carry out its purposes

and responsibilities.

The audit committee is also in charge of the interpretation, implementation, control and enforcement of the

Company’s Clawback Policy (the “Clawback Policy”), which sets forth the principles for the prompt recovery

of erroneously awarded incentive-based compensation granted to certain officers of the Company in the

event of a restatement of the Company’s financial statements.

Risk Management

The Company has established a management-level critical risk committee that assists the Company’s board of

directors, the audit committee and the chief executive officer in connection with the monitoring, assessment

and review of risks to which Tenaris is exposed and in the oversight of the risk management framework and

processes, with a focus on critical risks (including, among others, accidents, cybersecurity, commercial

execution, environmental, health and safety and regulatory risks), the development of mitigating actions, and

the monitoring of action plans. The critical risk committee operates under a critical risk management revised

charter approved by the board of directors on April 26, 2023, which sets forth the roles, composition and

responsibilities of the critical risk committee. The critical risk committee assists the board of directors, the

audit committee and the chief executive officer with the oversight of the risks to which Tenaris is exposed

and monitors the risk management process, including risk mapping, mitigation and prevention, with a focus

on critical risks. The critical risk committee periodically reports to the board of directors, the audit committee

and the chief executive officer on its activities.

Management is responsible for identifying, assessing and managing risks. Risk factors are classified according

to the potential area impacted, the likelihood of their occurrence and the severity of any eventual impact. The

critical risk committee primarily focuses on risks considered critical to Tenaris’s assets, operations, reputation

or that have the potential to trigger significant liabilities. The critical risk committee facilitates the

identification and assessment of critical risks, the adoption of mitigating actions and the monitoring of action

plans. Critical risks are escalated through existing reporting lines and decisions are not dissociated from other

management decisions. For the purpose of performing the double materiality assessment (“DMA”) in

connection with the reporting of non-financial information, we have identified and assessed material topics in

accordance with the requirements of the ESRS and found the topics identified as material to Tenaris were

consistent and aligned with the risk map developed by the critical risk committee. For more information on

DMA and results, refer to “Sustainability Statement - Double Materiality Assessment”.

Annual Report 2025

100

Employees

For information on Tenaris’s employees, please refer to “Sustainability Statement - Social - Human Capital” in

this annual report.

Annual Report 2025

101

Share Ownership

To our knowledge, as of February 28, 2026, our directors and senior management owned 866,926

Company’s securities (in the form of shares or ADSs) which represents 0.08% of the Company’s issued share

capital and 0.09% of the voting rights.

Luxembourg law requires directors and senior management to disclose certain transactions involving the

Company’s securities made on their own account and on account of certain other relevant persons

(“Luxembourg Securities Reporting Requirements”). The Company, in turn, is required to disclose any such

transaction to the market, in accordance with Luxembourg Securities Reporting Requirements. The U.S.

“Holding Foreign Insiders Accountable Act” mandates directors and senior officers of foreign private issuers to

comply with certain ownership and trading reporting requirements under the U.S. Securities and Exchange Act.

However, the SEC issued an exemptive order pursuant to which directors and senior officers of the Company

are exempt from the U.S. securities reporting requirements subject to certain conditions, including compliance

with Luxembourg Securities Reporting Requirements. As a result, the Company’s directors and members of its

senior management are currently exempt from U.S. securities reporting requirements to the extent they comply

with Luxembourg Securities Reporting Requirements.

The following table provides information regarding ownership of Company’s securities (in the form of shares

or ADSs) reported to the Company by our directors and senior management, as of February 28, 2026:

Director or Officer

Number of securities

beneficially owned (in

shares)

Guillermo Vogel

850,446

Guillermo Moreno

8,214

Carlos Condorelli

4,320

Gabriel Podskubka

(1)

3,946

Total

866,926

_____________________________________________________________________________________________

(1)

On March 2, 2026, Mr. Gabriel Podskubka notified the Company that he had sold 1,973 ADSs, corresponding to 3,946 underlying

shares (each ADS represents 2 shares).

Annual Report 2025

102

Recovery of Erroneously Awarded Compensation

In 2023, the Company’s board of directors approved the Clawback Policy, in response to the requirements of

Section 303A.14 of the New York Stock Exchange Listed Company Manual, setting forth the principles for

the prompt recovery or “clawback” of erroneously awarded incentive-based compensation granted to certain

officers of the Company in the event of a restatement of the Company’s financial statements, as further

described therein. The members of senior management listed in the section “Information on the Company -

Directors, Senior Management and Employees - Senior Management”, as well as Mr. Stefano Bassi, the

Company’s global reporting senior director, are subject to the Clawback Policy.

During the fiscal year ended December 31, 2025, the Company was not required to prepare an accounting

restatement requiring recovery of erroneously awarded compensation pursuant to the Clawback Policy nor

was there any outstanding balance as of the end of the year ended December 31, 2025, of erroneously

awarded compensation to be recovered under the Clawback Policy.

Annual Report 2025

103

Major Shareholders and Related Party Transactions

Major Shareholders

The following table shows the beneficial ownership of the Company’s securities (in the form of shares or

ADSs) (i) by the Company’s major shareholders (persons or entities that have notified the Company of

beneficial ownership of 5% or more of the Company’s issued share capital), (ii) by the Company’s directors

and senior management as a group, and (iii) repurchased by the Company under the share buyback

programs and currently held in treasury. The information below is as of February 28, 2026. For more

information on share repurchases under the Company’s share buyback programs, please refer to “Legal and

Financial Information - Purchases of Equity Securities by the Company and Affiliated Purchasers”.

Identity of Person or Group

Number of securities

beneficially owned (in

shares)

Percentage of securities

beneficially owned

San Faustin

(1)

690,005,187

64.37%

Directors and senior management as a group

(2)

866,926

0.08%

Treasury shares

(3)

62,355,174

5.82%

Public

318,767,643

29.74%

Total

1,071,994,930

100.00%

_____________________________________________________________________________________________

(1)

San Faustin owns all of its shares in the Company, representing 64.37% of the Company’s share capital and 68.34% of the voting

rights, through its wholly-owned subsidiary Techint Holdings, the holder of record of the Company's shares owned by San Faustin.

RP STAK holds voting rights in San Faustin sufficient in number to control San Faustin. No person or group of persons controls RP

STAK. Between December 9, 2025, and February 28, 2026, Techint Holdings sold 23,600,000 ordinary shares of the Company. All

such shares were settled as of February 28, 2026.

(2)

On March 2, 2026, Mr. Gabriel Podskubka notified the Company that he had sold 1,973 ADSs, corresponding to 3,946 underlying

shares (each ADS represents 2 shares).

(3)

Represents shares repurchased by the Company and held in treasury as of February 28, 2026, under its share buyback program

announced on May 27, 2025.

The voting rights of the Company’s major shareholders do not differ from the voting rights of other

shareholders. No shares have any special control rights. The Company’s articles of association do not contain

any provision that would have the effect of delaying, deferring or preventing a change in control of the

Company and that would operate only with respect to a merger, acquisition or corporate restructuring

involving the Company or any of its subsidiaries.

The Company does not know of any arrangements, the operation of which may at a later date result in a

change of control of the Company.

Annual Report 2025

104

Related Party Transactions

Tenaris is a party to several related party transactions as described in note 31 “Related party transactions” to

our consolidated financial statements included in this annual report. Material related party transactions are

subject to the review of the audit committee of the Company’s board of directors and the requirements of

Luxembourg law. For further details on the approval process for related party transactions, see “Information

on the Company - Directors, Senior Management and Employees - Board Practices”.

Purchases of Steel Products and Raw Materials

In the ordinary course of business, we purchase round steel bars, flat steel products and other raw materials

from Ternium or its subsidiaries. These purchases are consistent with the interests of the Company and its

shareholders and with market conditions, or are otherwise fair to the Company.

These transactions include:

• purchases of round steel bars made under a frame agreement for use in our seamless steel pipe

operations in Mexico did not occur in 2025 or 2024 and amounted to $12 million in 2023;

• purchases of flat steel products for use in the production of welded pipes and accessories, which

amounted to $183 million in 2025, $149 million in 2024 and $302 million in 2023;

and

• purchases of scrap and other raw materials for use in the production of seamless pipes, which

amounted to $1 million in 2025, $4 million in 2024 and $11 million in 2023.

Sales of Raw Materials

In the ordinary course of business, we sell ferrous scrap and other raw materials to Ternium or its subsidiaries.

These sales, which are made on similar terms and conditions as sales to other unrelated third parties,

amounted to $12 million in 2025, $32 million in 2024 and $40 million in 2023.

Purchase Agency Services and Sales of Materials

Exiros, in which we have 50% share ownership and Ternium owns the remaining 50%, provides purchase

agency services and raw materials and other products to various companies controlled by or under the

significant influence of San Faustin, including sales to Usiminas. Pursuant to the Exiros shareholders’

agreement, Tenaris recognizes Exiros’ assets, liabilities, revenue and expenses in relation to its interest in the

joint operation. Exiros’ total sales to companies controlled by, or under the significant influence of, San

Faustin totaled $54 million in 2025, $57 million in 2024 and $65 million in 2023.

Supply of Electric Energy

Techgen, which is currently owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris, operates an

electric power plant in Pesquería, Mexico. Ternium and Tenaris currently contract 78% and 22%,

respectively, of Techgen’s power capacity. Techgen sells to third parties on behalf of Tenaris the unused

electricity that Tenaris purchased from Techgen.

Techgen net sales of electricity to Tenaris amounted to $67 million in 2025, $23 million in 2024 and $73

million in 2023.

Supply of Natural Gas

We are party to contracts with Tecpetrol and TGN relating to the supply of natural gas to our operations in

Argentina. Tecpetrol is a company controlled by San Faustin, engaged in oil and gas exploration and

production, and has rights to various oil and gas fields in Argentina and elsewhere in Latin America. TGN, a

Annual Report 2025

105

company in which San Faustin has joint control, operates two major pipelines in Argentina connecting the

major gas basins of Neuquén and Noroeste-Bolivia to the major consumption centers in Argentina.

Tecpetrol supplies Tenaris’s Argentine subsidiaries with natural gas requirements under market conditions

and according to local regulations. Tecpetrol’s sales to Tenaris amounted to $29 million in 2025, and $42

million in 2024 and 2023.

We have transportation capacity agreements with TGN for the transport of Tenaris’s Argentine subsidiaries

natural gas supplies. The Argentine government regulates the general framework under which TGN operates

and prices its services. TGN’s sales to Tenaris amounted to $5 million in 2025, $4 million in 2024 and $2

million in 2023.

Provision of Engineering and Labor Services

Tenaris contracts with certain companies controlled by San Faustin specialized in supplying engineering

services and non-specialist manual labor services, such as industrial cleaning, general maintenance, handling

of by-products and construction services. Fees accrued for these services in the aggregate amounted to $43

million in 2025, $49 million in 2024 and $69 million in 2023.

Sales of Steel Pipes and Sucker Rods

In the ordinary course of business, we sell steel pipes, sucker rods and related services to other companies

controlled by or under the significant influence of San Faustin. These sales, which are made principally to

companies involved in the construction of gas pipelines and to Tecpetrol and joint arrangements in which

Tecpetrol participates for its oil and gas drilling operations, are made on similar terms and conditions as sales

to unrelated third parties. Our sales of steel pipes and sucker rods as well as logistical and certain other

services to other companies controlled by or under the significant influence of San Faustin amounted to $120

million in 2025, $79 million in 2024 and $119 million in 2023.

Sales of Fracking and Coiled Tubing Services

We provide fracking and coiled tubing services to Tecpetrol and joint arrangements in which Tecpetrol

participates for its oil and gas drilling operations, which amounted to $121 million in 2025, $122 million in

2024 and $102 million in 2023.

Administrative Services, Legal and Other Support Services

Finma S.A. (“Finma”), a company controlled by San Faustin in which Tenaris has a 33% interest and other

affiliates of San Faustin own the remaining shares, provides administrative and legal support services to San

Faustin’s affiliates in Argentina, including Tenaris. Fees accrued for these services amounted to $14 million in

2025 and 2024, and $13 million in 2023.

Loans to Related Parties

Tenaris financed the construction and operation of Techgen’s Pesquería project primarily in the form of

subordinated loans to Techgen. The outstanding principal amount of loans to Techgen as of December 31,

2025, amounted to $69 million, as of December 31, 2024, amounted to $67 million and as of December 31,

Annual Report 2025

106

2023, amounted to $62 million. These loans generated interest gains in favor of Tenaris in an amount of $6

million in 2025, 2024 and 2023.

Dividends from Related Parties

Tenaris recorded dividends declared by Ternium in an amount of $62 million in 2025, $71 million in 2024,

and $67 million in 2023.

Tenaris recorded dividends declared by Usiminas in an amount of $3 million in 2023.

Dividends to Related Parties

Tenaris distributed dividends to Techint Holdings in an amount of $607 million in 2025, $478 million in 2024,

and $385 million in 2023.

Other Transactions

We entered into various contracts with Tenova (or certain of its subsidiaries), a company controlled by San

Faustin, for the provision of furnaces, spare parts, accessories, and related services for our facilities. Supplies

received amounted to $1 million in 2025, $28 million in 2024, and $19 million in 2023.

In addition, in the ordinary course of business, from time to time we carry out other transactions and enter

into other arrangements with other related parties, none of which are considered to be material.

Annual Report 2025

107

SUSTAINABILITY STATEMENT

Sustainability in Tenaris

Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the

world’s energy industry and other industrial applications. Our customers include most of the world’s leading

oil and gas companies, and we operate an integrated network of steel pipe manufacturing, research,

finishing and service facilities with industrial operations in the Americas, Europe, the Middle East, Asia and

Africa. Although our operations focus on serving the oil and gas industry, we also supply pipes and tubular

components for non-energy applications. We develop and supply products and services for low-carbon

energy applications such as geothermal wells, waste-to-energy (bio-energy) power plants, hydrogen storage

and transportation, and CCS.

Through an integrated global network of R&D, manufacturing and service facilities, and a team of around

25,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing

the highest levels of product performance and reliability. Our core values of safety, health, environment,

quality and transparency guide our daily activity. They are clearly reflected in our Code of Conduct and our

Quality, Health, Safety, and Environment (“QHSE”) Policy, and are embedded in all aspects of our business

processes. This sustainability statement shows how these values translate into concrete actions and are

reflected in our performance indicators.

As a long-term project, Tenaris goes back over seven decades. Since we opened our first mill on the banks of

the Paraná River in Campana, Argentina, in the early 1950s, our prime objective has been to grow together

with the communities where we work and live. We are equally committed to providing our employees with a

safe working environment and opportunities for professional development; to minimizing our environmental

footprint and being a reliable partner for our customers. Tenaris is a signatory to the United Nations Global

Compact, a commitment to translate the Ten Principles deriving from the Universal Declaration of Human

Rights into daily business activity. Our Human Rights Policy is a pledge to conduct company operations

commensurate with human rights principles.

Although steel can be reused and recycled indefinitely, playing a key role in the development of society and

improving quality of life, the steel industry is a significant source of carbon emissions worldwide. The industry

has joined forces to promote transparent reporting and take action to reduce emissions, with Tenaris playing

a leading role in these initiatives. For the past eight years, the World Steel Association (“worldsteel”) has

named Tenaris a Sustainability Champion for “leading the way in creating a truly sustainable steel industry

and society”.

We have integrated climate change risks into our governance and business strategy and set a medium-term

target to reduce the carbon intensity of our activities by 2030 as part of our longer-term carbon neutrality

objective. As a leader in our industrial sector, we aim to be at the forefront of sector carbon performance and

initiatives to reduce emissions. A significant part of our investments goes to improving safety, reducing the

environmental impact of our operations, and advancing educational standards and opportunities in our

communities, considered critical to our long-term sustainability.

Our Health, Safety and Environment, and Quality Management systems are designed according to the latest

versions of the ISO 14001, ISO 45001 and ISO 9001 standards. Today, 84% of our production sites are

working under management systems certified according to these standards.

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Basis for Presentation

This sustainability statement includes the non-financial information required to be disclosed in accordance

with applicable Luxembourg law

and the reporting requirements regarding environmentally sustainable

economic activities (EU Taxonomy)

. Given the differences in the applicable legal and analytical frameworks

underlying this sustainability statement and the remainder of this annual report, we note that our approach

to disclosures included in this sustainability statement (including related annexes) differs from our approach

to the disclosures included in other sections of this annual report, as well as other disclosures we include in

financial reports (including other filings with the SEC). While this sustainability statement includes information

about sustainability topics that we believe may be important to Tenaris and our stakeholders under

Luxembourg law and the EU Taxonomy, any importance attributed to such topics or related disclosures, or

their inclusion in this sustainability report, should not be deemed to mean that such information necessarily

rises to the level of materiality applied in our financial reporting, including for purposes of complying with

U.S. securities laws and regulations or other reporting frameworks, even when we use the word “material”

or “materiality” in connection with sustainability-related topics in this document. Consistent with applicable

Luxembourg and EU law, this sustainability statement is intended to provide information from a different

perspective, and in some cases in greater detail, than is required to be included in our filings with the SEC

under U.S. securities laws and regulations. This sustainability statement is part of the 2025 annual report,

which was approved by the Company’s board of directors on March 30, 2026.

The Corporate Sustainability Reporting Directive (“CSRD”) was adopted by the European Parliament and

subsequently approved by the Council of the EU in November 2022. The CSRD introduced detailed

sustainability reporting requirements for large companies, requiring them to regularly disclose information on

their environmental, social, and governance impact. However, certain EU member states, including the Grand

Duchy of Luxembourg, did not transposed the CSRD into national law by the required deadline and,

therefore, the Company is not currently subject to CSRD and ESRS. On February 26, 2025, the European

Commission put forward the Omnibus I and Omnibus II simplification packages, aimed at reducing

administrative burdens, cutting red tape, and boosting EU competitiveness in the sustainability regulatory

framework. Omnibus I proposed substantive amendments to the CSRD and to the Corporate Sustainability

Due Diligence Directive, significantly narrowing their scope and simplifying reporting obligations. Omnibus II

complemented these efforts by targeting simplifications to the CBAM and the InvestEU Regulation. On

February 24, 2026, the Council of the EU gave its final approval to the Omnibus I package, formally signing

off the simplification of sustainability reporting and due diligence requirements. EU Member States are

required to transpose the CSRD-related amendments into national law by March 19, 2027.

While the Company is not yet subject to CSRD reporting requirements, this sustainability statement has been

prepared with reference to the ESRS as a framework, as issued by the European Financial Reporting Advisory

Group (“EFRAG”). This report also aligns with the reporting standards established by the Sustainability

Accounting Standards Board (“SASB”), the GHG Protocol and worldsteel, and the goals of the UN Global

Compact.

PwC has been engaged to carry out a limited review of certain selected information in this sustainability

statement, according to the Assessment Criteria described in PwC’s report. Please see “Sustainability

Statement - Annexes - Annex V: Independent Limited Assurance Report”.

For further details on the basis for preparation of this sustainability statement, please see “Sustainability

Statement - Annexes - Annex I: Sustainability Statement Accounting Policies”, Annex III:“ESRS Content

index” and Annex IV:“SASB Iron & Steel Producers Content Index”.

Article 1730-1 of the Luxembourg Law of August 10, 1915, on commercial companies, as amended, and Articles 68 and 68bis of the

Luxembourg Law of December 19, 2002, on the commercial and companies register and on the accounting records and annual accounts

of undertakings, as amended.

Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate

sustainable investment, as supplemented by applicable Commission Delegated Regulation (EU Taxonomy).

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Policies and Procedures

The Company has adopted several policies and procedures to strengthen a corporate culture of integrity,

transparency and respect for people and the environment. Our main policies are described below. Other

policies and procedures adopted by the Company in compliance with applicable regulations are described

elsewhere in this annual report. Our main policies are available on Tenaris’s website at:

https://www.tenaris.com/en/about-us/our-policies. Information contained in or otherwise accessible through

our Internet website is not a part of this annual report.

Code of Conduct

The Company has adopted a general code of conduct incorporating guidelines and standards of integrity and

transparency applicable to all directors, officers and employees. The code of conduct was issued in 2003 and

is regularly revised and updated. As far as the nature of each relation permits, all principles detailed in the

code of conduct also apply to relations with our contractors, subcontractors, suppliers and associated

persons. The Code of Conduct expresses the Company’s fundamental vision and values regarding ethical

behavior and transparency, and the expectations of the values and actions carried out by everyone working

for, and with, Tenaris.

The code of conduct and the code of ethics for senior financial officers are available on Tenaris’s website at:

https://www.tenaris.com/en/sustainability/governance-and-ethics/. Information contained in or otherwise

accessible through our Internet website is not a part of this annual report.

Quality, Health, Safety, and Environment Policy

Tenaris identifies the health and safety of its employees, contractors and visitors, the satisfaction of its

customers, the protection of the environment and the development of the communities where it has its

operations as integrated key drivers of its business. The Company has adopted a QHSE Policy, which is

regularly reviewed and updated to reflect excellence in all processes, products, and services with an aligned

vision that quality is Tenaris’s main competitive advantage.

Human Rights Policy

The Company has adopted a Human Rights Policy to ensure the respect and promotion of human rights

across all its operations. This policy commits Tenaris to ethical conduct aligned with international human

rights standards, including the Universal Declaration of Human Rights and the International Labour

Organization's principles. The policy prohibits child labor, forced labor, discrimination, and any form of cruel

or degrading treatment. It emphasizes the importance of dignity, equality, and the right to freedom of

association and collective bargaining. The policy applies to all employees, directors, officers, suppliers, and

third-party collaborators, requiring them to adhere to these principles and report any violations through

established channels.

Policy on Business Conduct

The Company has adopted a Policy on Business Conduct that sets forth principles and procedures designed

to ensure that Tenaris complies with the requirements of the Code of Conduct, as well as with anti-bribery

and anti-corruption laws. The policy mandates ethical conduct in all business dealings, prohibits improper

payments, and outlines certain responsibilities for directors, officers, and employees. It also includes

provisions for due diligence, internal accounting controls, permissible expenditures, and training programs to

foster a culture of compliance and integrity.

Sustainable Sourcing Policy

Tenaris has adopted a Sustainable Sourcing Policy, which sets forth certain principles that suppliers (and their

respective supply chains) are expected to abide by as a basis for sustainable development, including certain

standards followed by the Company on ethical behavior, legal compliance, and health, safety and

environmental responsibilities. This policy is in line with the principles set forth in the U.N. Sustainable

Development Goals and the worldsteel Sustainability Charter and complements other related policies and

procedures, such as the Company’s Code of Conduct, the QHSE policy, and the Human Rights Policy, among

others.

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Code of Conduct for Suppliers

The company has adopted a Code of Conduct for Suppliers to ensure that Tenaris’s suppliers adhere to high

standards of integrity, transparency, and compliance with laws in all business dealings. This code requires

suppliers to avoid conflicts of interest, refrain from offering or accepting bribes or kickbacks, and maintain

accurate business records. It emphasizes the responsible use of Tenaris's assets and technological resources,

the protection of confidential information, and respect for intellectual property rights. It also mandates

compliance with labor and human rights standards, including the prohibition of child labor, forced labor, and

discrimination, and promotes a safe working environment to prevent accidents and injury to health.

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The Administrative and Management Bodies

For information on composition, responsibilities, practices and compensation regarding the board of

directors, the chief executive officer and senior management, please refer to “Information on the Company -

Directors, Senior Management and Employees”, in this annual report.

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Due Diligence

Tenaris has implemented standardized policies and procedures to evaluate, prevent, mitigate and address

financial, ESG-related positive and negative impacts, and related risks and opportunities. For further

information on risk management, please see “Information on the Company - Directors, Senior Management

and Employees - Board Practices” in this annual report. Tenaris’s main policies and procedures, described in

previous section, guide our due diligence processes.

In the following chapters of this sustainability statement, you will find our objectives, actions and indicators

reflecting sustainability management and due diligence processes within Tenaris.

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Strategy and Business Model

For information on our strategy and business model, please refer to “Information on the Company - Business

Overview”, in this annual report.

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Double Materiality Assessment

Identifying and Assessing Material Impacts, Risks and Opportunities

In 2024, Tenaris performed a Double Materiality Assessment (“DMA”) to identify and assess the material ESG

topics and information to be reported in accordance with the ESRS. The findings of the DMA are consistent

and aligned with the results of the Company’s risk mapping assessment separately carried out by the

Company’s critical risk committee and the sustainability topics that the Company was already reporting. We

performed the DMA following a five-step methodology.

Identification of ESG topics and value chain mapping

We used a combination of internal and external sources that are considered relevant to environmental and

social impacts or influence our stakeholders’ decisions. We conducted peer analysis and reviewed prior

materiality results based on different guidelines, including worldsteel, the UN Global Compact, the Global

Reporting Initiative (“GRI”), the Sustainability Accounting Standards Board (“SASB”), and the Task Force on

Climate-related Financial Disclosures (“TCFD”), to ensure comprehensive coverage.

Topics were mapped across Tenaris's value chain and validated with internal stakeholders, ensuring that all

activities, relationships, and geographies were included.

Impact Materiality

The impact materiality assessment consists of identifying and evaluating actual and potential, positive and

negative impacts within each ESRS topic, based on their time horizon, severity and likelihood of occurrence in

the case of potential impacts, as guided by EFRAG methodology.

We evaluated the severity of impacts: for positive impacts, scale and scope were assessed, while for negative

impacts, scale, scope and remediability were considered. Each category was rated on a scale of 1 (least

severe) to 5 (most severe). For potential impacts, likelihood was also assessed, using a scale from 1 (unlikely)

to 5 (certain).

Financial Materiality

The financial materiality assessment consists of assessing risks and opportunities in terms of time horizon,

magnitude and likelihood of occurrence.

Risks and opportunities were identified for each impact determined during the impact materiality assessment.

Magnitude was assessed: for risks, this referred to the scale of damage or disruption (e.g. financial loss),

while for opportunities, it reflected the scale of potential benefits (e.g. financial gain). Finally, the likelihood

of occurrence was rated on a scale from 1 (unlikely) to 5 (certain).

Consolidation of Double Materiality Assessment results

The fourth step consisted in consolidating the results through the definition of a materiality threshold for

each impact, risk and opportunity.

Actual impacts were considered material when the average of the severity rating, i.e., scale, scope or

irremediability (for negative impacts only), exceeded a certain threshold.

For potential impacts, both severity and likelihood were considered. Severity was calculated as the average of

scale, scope and remediability.

For risks and opportunities, both magnitude and likelihood were considered.

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Stakeholder Engagement

We engaged with internal and external stakeholders to assess the importance of ESG topics through

interviews and review the DMA outcome. This process ensured alignment between the results of the

assessment and the ESG topics identified as most significant by these stakeholders.

Stakeholder engagement is an important aspect of the DMA, as relevant stakeholders can help assess and

validate the list of material topics.

Similarly, internal engagement with the undertaking’s business functions and employees also helps to assess

and validate impacts, risks, and opportunities.

We use formal and informal methods to obtain feedback on material sustainability topics from our

employees, customers, suppliers, communities, investors, and other key stakeholders.

A key step towards understanding the context is to identify those stakeholders who are affected or likely to

be affected by our operations. We have identified key affected stakeholders, together with a description of

the different ways in which we engage with them.

The activities listed in the table detail the principal ways in which we obtain feedback from stakeholders on

issues related to sustainability.

Other sources include the Company’s Compliance Line, available 24/7, through which stakeholders can report

any alleged breach of the Company's Code of Conduct or its principles, such as acts of corruption, fraud,

theft, abuse, or discrimination in the workplace. See “Sustainability Statement - Governance - Business

Conduct” for more information on the Company’s Compliance Line.

Stakeholder group

Engagement mechanisms

Employees

Frequent dialogue and exchange between managers and their teams

Quarterly feedback check-ins

Periodic Town Halls

Employee Opinion and Pulse Surveys

Performance Reviews

Double Materiality Interviews

Suppliers

Frequent dialogue

Training and assistance programs

Use of Open-es digital platform for sustainable supply chain information

exchange

Double Materiality Interviews

Customers

Frequent dialogue with our customers

Satisfaction surveys

Customer sustainability surveys of their supply chain

Double Materiality Interviews

Investors

Quarterly conference calls

In-person meetings

Quarterly anonymous feedback

Road shows and conferences

Sustainability questionnaires

Investor Day

Double Materiality Interviews

Communities

Dialogue with the communities surrounding our major plants

Social media

Support for education in our communities

Volunteering activities

Community support

Double Materiality Interviews

Government

Policy compliance

Articulation of Public-Private sector actions

Industry Associations

Conferences

Joint research

Benchmarking

Double Materiality Interviews

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Material topics

The following table summarizes our material topics and sub-topics identified as a result of our DMA:

Environment

Social

Governance

Climate change

Climate change adaptation

Climate change mitigation

Energy

Our workforce

Equal treatment and

opportunities for all

Working conditions

Other work-related rights

Business conduct

Corporate culture

Corruption and bribery

Management of relationships

with suppliers including

payment practices

Protection of whistleblowers

Pollution

Pollution of air

Workers in the value chain

Working conditions

Other work-related rights

Water

Water and marine resources

Affected communities

Communities' economic, social

and cultural rights

Circular Economy

Resource inflows

Waste

Consumers and end users

Information-related impacts

for consumer and/or end-users

Personal safety of consumers

and/or end-users

Social inclusion of consumers

and/or end-users

Innovation and technologies

The graph below shows the weight of each material topic in terms of impact and financial materiality:

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Material Impacts, Risks and Opportunities (“IROs”)

The impacts, risks, and opportunities identified through the Double Materiality Assessment (“DMA”) inform

our decisions and help us adapt our strategy and business model with respect to our key stakeholder groups.

The table below presents the main IROs identified for each material topic. Additionally, each chapter of this

sustainability statement elaborates on the key actions taken to address them, and the main indicators used to

track performance.

Topic

Impacts, Risks and Opportunities

Value chain stage

Environment

Climate change

Impact of CO

emissions from Tenaris operations and its

value chain (Scope 1, 2 & 3)

Own operations /

Upstream

Tenaris has an energy-intensive manufacturing process

Own operations

As the shift to a low-emission economy progresses,

decreasing demand for fossil fuels could reduce the need for

pipes used in the oil and gas sector

Own operations /

Downstream

The physical risks resulting from climate change could impact

our operations

Own operations

Tenaris is developing products for low carbon applications

such as CCS, H2 and geothermal, among others

Own operations /

Downstream

Air pollution

Through its steel manufacturing processes, Tenaris produces

emissions from particulate matters and other pollutants

Own operations

Water management

Water plays a major role in steel manufacturing process

Own operations

Circularity

Tenaris EAF steelmaking process enhances recycling of scrap

Own operations

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Topic

Impacts, Risks and Opportunities

Value chain stage

Social

Health and safety

Workers at Tenaris production sites face hazards, including

machinery risks, that could lead to injuries or fatalities

Own operations

Tenaris implements preventive actions to minimize health

and safety risks

Own operations

Talent attraction and

professional development

Ongoing professional development could have beneficial

impact on our employees

Own operations

Gender equality and

diversity

Impact from diversity and inclusion

Own operations

Working conditions and

work-related rights

Impact from working environment and compliance with

freedom of association regulations

Own operations

Supplier management

Impact of supply chain integration

Upstream

Communities

Drive inclusive growth and development in the communities

where we work and live

Own operations

Our customers

Through innovation and continuous improvement, Tenaris

delivers high-quality products and services that enhance

safety and efficiency

Downstream

Governance

Business conduct

Impacts from corruption and bribery in own operations and

in the value chain

Whole Value chain

Foster a corporate culture of transparency and integrity,

based on ethical behavior and compliance with the law

Own operations

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Environment

Commitment

To reduce our environmental footprint and contribute to global and regional goals for addressing climate

change risks along our value chain.

Objectives

• Achieve 30% reduction in the CO

-eq intensity of our tubular operations by 2030 vs. 2018 levels and

become carbon neutral as soon as technology and market conditions allow.

• Improve energy and material efficiency.

• Implement CO

reduction opportunities along our value chain.

• Minimize particulate and other emissions at our sites.

• Strengthen the circular economy by maximizing scrap recycling and minimizing waste generation and

maximizing reuse and recycling.

• Ensure effective water management.

• Evaluate biodiversity risks and contribute to initiatives to improve biodiversity.

Key actions

• Investments and actions for reducing environmental and carbon footprint.

• Improve energy, material efficiency and water management.

• Engage with suppliers and customers to identify CO

eq reduction opportunities along our value

chain.

Steel is an essential material for our daily lives, used everywhere and for a variety of products, yet steelmaking

is a highly energy-intensive process and produces significant quantities of different emissions, including

carbon dioxide. The steel industry faces many environmental challenges, and climate change is one of the

most critical.

The physical, social, and financial risks of climate change, and the global challenge of lowering GHG

emissions, are pushing the steel industry to find new solutions for reducing its carbon footprint and

transitioning to a low carbon economy.

New technologies and practices bring both economic and environmental benefits, from recycling materials as

part of the circular economy to harnessing cleaner energy.

Greater energy and material efficiency, increased waste reuse and recycling, and the use of renewables, in

addition to innovative technologies like hydrogen, are best achieved through continued industry

collaboration. These alternatives, however, are not equally successful or feasible in all facilities due to

significant regional and site differences.

As an industry leader, Tenaris believes that its responsibility to reduce the environmental impact of its activity

is also an opportunity to embrace innovation and technological development, and to engage its partners in

the value chain to contribute to a cleaner future.

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Environmental Management System

We have implemented an Environmental Management System (“EMS”) according to ISO 14001, integrated

with the Health and Safety Management System, to ensure a holistic approach to the management of all our

material impacts, risks, and opportunities related to climate change mitigation and adaptation, energy

management, air pollution, water management, chemicals, circularity, and biodiversity management.

The EMS is based upon our QHSE Policy, through which Tenaris aims to achieve the highest standards of

QHSE, incorporating the principles of sustainable development throughout its worldwide business. It is

certified with a multisite certification, meaning that the system designed and implemented is the same for the

whole company and, as such, has an audit system that verifies not only local implementation and

performance but also corporate oversight to the system accuracy and performance. Tenaris communicates its

policy throughout its organization, trains its employees in the appropriate use of its Quality, Health, Safety

and Environmental management systems, and engages them in the regular setting, measuring, and revision

of objectives.

The EMS addresses all environmental aspects, from the reduction of GHG emissions, energy efficiency, and

the transition to renewable energy, to pollution prevention and circularity. Tenaris has defined and

implemented global procedures to ensure that suitable communication processes, including HSE event

reporting, are established with contractors, visitors, local communities, and other interested parties. Our

management system establishes the requirements to report and investigate environmental incidents and is

fully integrated with our Health and Safety Management System, allowing us to identify and share lessons

learned to minimize impacts and repetitive events. The most senior level accountable for implementing our

EMS is the CEO.

We continuously analyze the environmental impact of our operations and define and implement mitigating

actions. The management system covers all our operations, including production processes, capital

expenditure, and operating practices. It involves both upstream and downstream activities, with particular

focus on our main suppliers and our oil and gas customers, as required by the ISO 14001 standard. It is

applicable globally, and specific actions are tailored to local conditions, as actions cannot be implemented in

the same manner at all sites. They depend on local conditions, infrastructure, policy considerations and

processes, among other factors. Our QHSE Policy considers the interests of employees, contractors, suppliers,

and local communities. Today 84% of our operative production sites have their EMS certified according to

ISO 14001, accounting for 88% of total production volume in 2025. We are working to integrate the

remaining sites, including our recently acquired sites.

We cooperate with local governments on rational policies to help achieve the UN Sustainable Development

Goals. We also participate in global steel industry actions, particularly through our activity within

worldsteel. We have been committed to the UN Global Compact since 2016 and disclose our progress report

on an annual basis.

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Climate Change

Commitment

To reduce the intensity of our CO

-eq emissions and reach carbon neutrality as soon as technology and

market conditions allow.

Objectives

• Achieve a 30% reduction in the CO

-eq intensity of our tubular operations by 2030 vs. 2018 levels

considering scope 1, 2 and 3 (cat. 1 for raw materials and cat. 4 for intermill transportation), as a

mid-term target towards becoming carbon neutral as soon as technology and market conditions

allow.

• Identify and implement actions to reduce the intensity of CO

-eq emissions: e.g., increase scrap and

low-carbon electricity usage, increase energy and materials-use efficiency in operations, explore

hydrogen and carbon capture techniques to progressively replace and/or abate fossil fuel use in

operations.

• Engage with suppliers to encourage the production and use of more sustainable products, services,

and operations.

• Offer customers products and services that help minimize their footprint and support their own

strategies.

Tenaris recognizes the profound challenges posed by climate change, both to society at large and to our

business specifically, considering the markets in which we engage, how government regulations may

influence our operations and those of our customers, and the geographical location of our physical assets.

At the same time, climate change presents strategic opportunities, not only to strengthen our market

leadership but also to explore new sales avenues.

Tenaris is committed to reducing its carbon footprint and supporting the Paris Agreement goals, having set a

mid-term intensity target that covers all our tubular operations - Scope 1, Scope 2 and Scope 3 for raw

materials, including purchased steel, and intermill transportation of unfinished products.

Given the relevance of climate change for the Company’s overall business and strategy, our board of

directors approves our decarbonization and climate change strategy and reviews its progress quarterly, and a

Vice Chairman of the board has been appointed to oversee climate-related issues. Major investments aligned

with the decarbonization strategy are presented to the board for approval, and the board reviews and guides

the strategy, annual budgets, and major capital expenditures related to climate change.

We regularly assess and track global progress towards the energy transition, following policies, regulations,

technologies, and other global and national developments that could speed up or hinder the progress of this

transition in the years to come, as well as other factors that could affect or pose particular risks to our sales

and operations.

In this sense, we note that the global approach to the energy transition has been evolving along with a

deeper understanding of the challenges involved in balancing the objectives of limiting the impact of climate

change with the reality of increasing energy demand and the need to ensure energy security and

affordability. In addition, some of the technologies that seemed promising five years ago are not yet

commercially or technically available and will take longer to develop than originally envisaged.

We conducted a climate risk assessment to better understand the long-term vulnerability of our most relevant

industrial facilities to climate effects and physical climate risk, using the Intergovernmental Panel on Climate

Change (“IPCC”) high-emissions Representative Concentration Pathway (“RCP”) 8.5 global warming

scenario, which showed no apparent undue exposure to risks for which Tenaris is unprepared.

We work closely with our customers to support their efforts to establish sustainable sourcing policies across

their supply chain, thus requiring more detailed disclosure of climate change-related impacts.

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As we pursue our strategy of decarbonizing our operations, we are exploring various options with different

partners around the world. We know that there is no single solution, as certain alternatives are better suited

to specific sites or regions based on local infrastructure and resources.

EAF producer

All our steel is produced in EAFs using recycled steel scrap as the primary source of metallic feedstock. We

supplement the use of steel scrap with metallics such as pig iron, direct reduced iron (“DRI”), and ferroalloys

to meet quality, productivity, and materials specifications. In Argentina, where steel scrap availability is

limited, we operate a facility to produce DRI using natural gas.

Steel produced in EAFs using a high proportion of scrap in the metallic charge has a lower carbon intensity

than steel made using iron ore and metallurgical coal as primary feedstock. The weighted average CO

-eq

emissions intensity for our steel making sites is 0.65 tons CO

per ton of steel, which is less than 50% of the

1.9 tons CO

2 eq

per ton of steel for the average global steel industry, according to worldsteel.

We also purchase steel from third-party suppliers, primarily to manufacture welded pipe products. As many

of these suppliers make steel products using iron ore and coal, the carbon emissions intensity of the pipes

made with this steel is often greater than that of those manufactured with our own steel.

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Our Decarbonization Levers and Actions

Scope

Decarbonization Levers

Description

Reducing the carbon intensity of our operations

Increased Use of Recycled

Steel Scrap

We are increasing the use of recycled steel scrap in our raw material

mix, reducing the use of pig iron without compromising product

quality.

Energy and Material

Efficiency and Process

Yield

Energy and material efficiency is a cornerstone of our industrial

culture, in which we continuously invest to improve operating

practices and efficiency in the use of resources.

Renewable Energy

Deployment

Transitioning to zero-carbon emission electricity by implementing

renewable energy projects and/ or acquiring zero-emission electricity.

Carbon Pricing and

Regulatory Compliance

We have used an internal carbon price since 2021 to evaluate

investments in projects that could contribute to decarbonize our

operations and monitor carbon pricing frameworks and trends globally

and locally to identify regulatory mechanisms and assess transition

risks and opportunities.

Adoption of New

Technologies and

Innovative Projects

We invest in best available technologies (“BAT”), seeking to

continuously modernize our facilities to improve efficiency, reduce

emissions and environmental impact, enhance safety in our

operations, and to prepare our facilities for the use of new

technologies such as hydrogen when they become commercially

available.

Training and raising

awareness

We train leaders and employees on key environmental aspects to raise

awareness and commitment towards sustainability.

Supporting the decarbonization of

our value chain

Supply Chain Optimization

Through our Rig Direct

service, we synchronize production schedules

and logistics to customer drilling operations, reducing inventories and

redundant operations and shortening the supply chain, thus reducing

emissions.

Supply Chain

Transparency

We engage with our suppliers to gather climate change and carbon

information about our main raw materials.

This helps us include product-specific upstream emission factors in our

inventory, improve the accuracy of our Scope 3 emissions reporting

and identify opportunities for collaboration to reduce emissions.

Alternative Steelmaking

Materials

We explore the use of alternative materials such as biomass or residues

to replace coal and biogas thus replacing fossil fuels.

Products for the Low

Carbon Energy

We invest in R&D to develop products and services that will support

the energy transition.

Reducing the carbon intensity of our operations

In February 2021, we set a medium-term target to reduce the carbon emissions intensity of our operations by

30% by the year 2030, compared to a 2018 baseline, considering Scopes 1, 2, and 3 emissions for purchased

raw materials. Within Scope 3 emissions, the target considers emissions related to raw materials and steel

purchased from third parties, by far the most relevant source of our Scope 3 emissions. The GHGs included

are CO

, CH

, and N

In February 2025, we restated the baseline for our medium-term emissions intensity reduction target to

include (i) the expanded perimeter of our operations from the acquisitions we have made since 2018 (ii)

intermill transportation of unfinished products, and (iii) to adopt more realistic emission factors for certain raw

materials and include previously excluded raw materials, in line with discussions held at worldsteel. Our target

aligns directly with our EMS objectives of mitigating climate change impacts and promoting sustainable

practices within our operations. The target encompasses all our operational activities related to tubular

activities.

The target was set by analyzing our main sources of emissions and evaluating the technologies and

modifications we could implement to define an achievable target. We evaluated our intensity and how it

compared to other competitors and steel producers. We also considered the IEA iron and steel technology

roadmap issued in 2020 in relation to the Paris Agreement. The definition of the target took into

consideration a medium-term timeframe compatible with our intensity, global agreements to reduce GHG

emissions, technologies that could be implemented at reasonable cost according to the processes we

perform, and worldsteel’s sectoral approach and decarbonization pathways.

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Performance against disclosed targets is monitored, reviewed, and disclosed annually. Metrics used include

eq emissions intensity, energy intensity, and the percentage of renewable energy use. Progress is

evaluated against initial plans, and trends or significant changes are analyzed to ensure continuous

improvement.

Any changes in targets, metrics, or underlying methodologies are documented and communicated

transparently. This includes updates to significant assumptions, limitations, and data collection

processes. Please see “Sustainability Statement - Annexes - Annex I: Sustainability Statement Accounting

Policies”.

This medium-term target is a first step towards the broader objective of decarbonizing our operations and

reaching carbon neutrality. How long it will take to achieve this final goal depends on the development of

emerging technologies as well as market and regulatory conditions, including carbon pricing and customer

support.

Million tons CO

-eq emissions: Tubular operations

2018

2022

2023

2024

2025

Scope 1

2.1

2.0

1.9

Scope 2

1.1

1.0

0.9

0.8

Scope 3

4.4

3.3

3.8

3.4

3.0

Scope 1 tons CO

-eq: direct emissions.

Scope 2 tons CO

-eq: market based approach electricity emissions.

Scope 3 tons CO

-eq: upstream cat. 1 purchased goods and cat. 4 intermill transportation.

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125

The following graph shows the different decarbonization levers with which we plan to achieve our medium-

term target.

Over the past five years, we have allocated substantial resources and capital investment in projects that

contribute to our decarbonization strategy and environmental goals. Since 2022 these investments have

accounted for around 30% of our total capital investments. In total, our expenditure on such projects

amounts to $769 million in the five-year period from 2021 to 2025.

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Use of steel scrap and alternative materials

In 2025, the proportion of recycled scrap used as raw material in our steelmaking operations reached 81%,

up from 68% in 2018. The proportion of recycled scrap we can use at each facility depends on local

availability, scrap quality, and the steel quality requirements of our products.

We have increased our steel’s recycled content by reducing the amount of pig iron in the metallic mix. In

2025, we reached 81% recycled content, similar to our 2024 value, by reducing the use of pig iron in our

metallic charge to minimum levels and using data science models to design the optimum charge to maximize

scrap use while complying with steel quality standards and meeting other performance criteria.

To secure access to scrap of the requisite quality for use in our operations at these high levels, we are

investing in various projects to improve our scrap market sourcing ability, as well as scrap-handling and

storage capabilities.

In addition to using more scrap, we are also looking at increasing the recycled mix in, and reducing carbon

emissions from, our steel furnace charge by using alternative materials where feasible. For example, our steel

shop in Romania is currently replacing part of the coal used in the steel process with recycled waste plastics,

and today replaces around 30% of the coal used.

Renewable energy deployment

In October 2025, we began operating a second wind farm in Argentina which added a further 95 MW of

installed renewable capacity. We now have almost 200 MW of installed renewable capacity which supplies

almost all of the electric power requirements of our industrial facilities in Campana, through the

interconnected grid. This supply is supplemented, when necessary, by our on-site natural gas fired internal

power plant.

In Calarasi, Romania we started to operate a solar farm of 20 MW installed capacity at our site, which,

adding to renewable electricity purchases, means that, in 2025, 50% of the electric power used in our steel

shop and rolling mill in Romania came from renewable sources. In Italy, two solar parks are expected to be

operative during the first semester of 2026, adding 11 MW of installed capacity. We are planning to

construct further solar projects in Colombia and Italy, and we are also buying power from certified renewable

sources in Mexico, Colombia, Romania and Italy. In 2025, our consumption of renewable electricity

accounted for 25% of our total electric power consumption including our own generation and purchases, up

from 20% in 2024. We continue to explore other options for renewables in the different regions where we

operate.

Under a collaboration agreement between Tenaris, Snam S.p.A. -one of Europe's main energy infrastructure

operators-, and Tenova -a related company that is a leading developer and supplier of sustainable solutions

for the transition of the metallurgical industry-, our Dalmine mill carried out a test of hydrogen generation

and use, with the aim of evaluating the performance and reliability of generating and using hydrogen in the

steel industry and, more generally, in hard-to-abate sectors. The goal was to use the hydrogen produced on

site to fuel a burner recently developed by Tenova (100% H

ready) and install it in a reheating furnace for

seamless pipes. The six-month trial helped to define safety guidelines and plant management procedures,

thus supporting the development of integrated solutions for the implementation of this type of technology.

Energy efficiency measures

As a company dedicated to industrial excellence, prioritizing energy efficiency has long been central to our

continuous improvement efforts and our investments. Our aim is to modernize production lines and

equipment while working continuously to improve operating practices and reduce energy and material

consumption.

In 2024, we replaced one of our two steel furnaces at our Siderca mill in Argentina with a modern furnace

incorporating energy-efficient Consteel

technology. This new furnace enables the continuous charging of

scrap, which is preheated with fumes produced during the melting process, thus reducing electricity, natural

gas and electrodes consumption compared to traditional batch-charging technologies. The new furnace

started operating in September 2024.

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We also revamped furnaces at our Italian sites and have a furnace revamping project ongoing in Sault Ste.

Marie, Canada, and at our rolling mill plant in Romania, while many other minor improvements continue to

be implemented to reduce energy consumption.

Internal carbon price and financial considerations

To facilitate the achievement of our decarbonization targets and prepare for the potential adoption of

additional carbon pricing mechanisms around the world, in 2021 we introduced an internal carbon price of a

minimum of $80/ton. This internal carbon price is primarily used to evaluate investments in projects that

could help to decarbonize our operations. The internal carbon price level was decided according to existing

local and regional carbon prices and literature recommending levels of carbon price to foster the adoption of

new technologies.

We also assess the future market outlook for our products, considering different oil and gas demand

scenarios as published by our customers, international agencies like the International Energy Agency (“IEA”),

and energy market consultancies such as Rystad Energy (“Rystad”).

We pay particular attention to the historical record and the potential pace of change in the adoption of new

technologies, regulations and behaviors that could affect future oil and gas demand. We use these scenarios

and assessments as essential input to shape and assess our business strategy and how we address the risks

and opportunities arising from climate change.

The transition from the current reliance on fossil fuels, including oil and gas, to cleaner alternatives is

uncertain, with a wide range of potential outcomes. This transition is further complicated by the ongoing

increase in demand for energy, particularly in less developed countries, as well as by energy security and

affordability issues and technology challenges.

Tenaris takes these risks into consideration when evaluating its investments in major projects and the

acquisition of equipment to produce steel pipes, factoring them into the accounting estimates and

assumptions used to assess the carrying value of its assets.

Training and raising awareness

We place significant emphasis on training and communication to foster a culture of environmental

responsibility. We train leaders and employees on key environmental aspects to raise awareness and

commitment to sustainability. We communicate our policies throughout the organization, train employees in

the use of our EMS and engage them in setting, measuring and revising objectives.

Supporting the decarbonization of our value chain

We work closely with our value chain to identify opportunities for reducing carbon emissions. For instance,

supply chain integration is a specific feature of our Rig Direct

service, which aims to synchronize production

schedules and logistics with customer drilling operations, thus reducing inventories and excess materials. We

are also studying alternative steelmaking materials, such as biomass or residues to replace coal, and biogas to

replace fossil fuels.

Through our R&D and innovation efforts, we introduced Dopeless

threads years ago as a solution to reduce

pollution at drilling sites that is used primarily in offshore operations. Combined with our Rig Direct

service,

pipes arrive at the rig or port ready for immediate use, without the need for thread cleaning, inspection, and

running dopes. This technology not only streamlines operations but also enhances environmental

performance, helping our customers minimize their impact.

Our Sustainable Sourcing Policy is helping us gain a better understanding of our suppliers’ actual emissions

levels in order to identify further opportunities for improvement.

In 2024, we began using the Open-es platform, inviting an initial group of suppliers to join and disclose their

ESG practices. This initiative is part of our Sustainable Sourcing Policy. We continue to encourage more of our

suppliers to join this platform to find opportunities for collaboration and continue improving the sustainability

performance of our value chain.

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Products for the energy transition

As suppliers of tubular products and services to the energy industry, the energy transition provides us with an

opportunity to develop new products and services for potentially fast-growing segments such as hydrogen

transportation and storage, carbon capture, use and storage projects, and geothermal installations.

Over the past years, we have increased our investments in R&D in this area, as they are expected

to contribute a relevant revenue stream to the company in the future. We monitor global trends to

estimate future energy needs within the context of the energy transition, where gas transmission networks

will play an important role.

We have developed a range of materials, technologies, and products that have been tested for use in

hydrogen storage and transportation, CCS injection wells, and geothermal applications. Regarding hydrogen

storage and transportation, we have seen growth in demand for large, high-pressure vessels used in the

build-out of hydrogen refueling stations for heavy-duty vehicles and buses, but this has now slowed. We have

also seen increasing interest in developing geothermal, waste-to-energy and CCS projects.

Resilience and adaptation

We regularly assess the resilience of our strategy and business model in relation to climate change, covering

our own operations and including upstream and downstream value chain considerations. In addition to the

elements mentioned above, this analysis includes:

• Board oversight and strategic opportunities: Our board of directors reviews the progress of our climate

change strategy quarterly. We recognize that climate change presents both challenges and strategic

opportunities, enabling us to strengthen our market leadership and explore new sales avenues.

• Global energy transition monitoring: We regularly assess global progress towards the energy transition,

considering policies, regulations, technologies, and other developments that could impact our

operations. This ongoing assessment helps us stay ahead of potential risks and opportunities.

• Climate risk & vulnerability assessment: We have conducted a climate risk & vulnerability assessment

using the IPCC high-emissions RCP 8.5 global warming scenario. This assessment has provided a risk map

for our main facilities, allowing us to prioritize and implement measures to increase resilience to physical

climate risks.

• Customer collaboration: We work closely with our suppliers and customers to support their sustainable

sourcing policies, requiring detailed disclosure of climate change-related impacts. This collaboration

ensures that our supply chain aligns with broader sustainability goals.

Cumulative Locked-in GHG emissions from key assets and sold products

We have evaluated the cumulative locked-in GHG emissions associated with our key assets from the

reporting year through 2030 and 2050. This assessment includes the sum of estimated Scope 1 and Scope 2

GHG emissions over the operating lifetime of our active and planned key assets. These key assets include our

industrial facilities and equipment that are significant sources of direct or energy-indirect GHG emissions.

Although our steelmaking process is energy-intensive, we anticipate a reduction in indirect emissions as we

transition to low- or zero-emission electricity sources.

This trend is already underway based on our current projects and will be further supported by improvements

in the electricity grids across the countries where we operate. In terms of Scope 1 emissions, the most

significant contributors are those associated with natural gas use in our DRI plant, as well as the energy

required to heat and process steel for pipe production. The availability and affordability of low-emission

energy resources, including CCS infrastructure and hydrogen, in quantities necessary to assure production

and at a competitive price, would be needed to unlock reductions on Scope 1 emissions.

The use of steel pipe products does not generate CO

emissions directly, as they are a stable product. Fuel

emissions occur during the combustion of fuel after pipes have been used for the extraction of those fuels.

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Oilfield services

In 2021, we started a business unit that is unrelated to our main businesses of manufacturing steel pipes and

other steel products, which is reported under our “Others” segment. This business unit sells fracking and

coiled tubes services to oil and gas companies operating in Argentina and involves the generation of CO

-eq

emissions mainly related to the use of energy to power the fracking equipment. These operations are usually

performed in remote areas without access to a grid connection, with diesel used to power equipment. During

2025, we acquired two additional fracking sets with the possibility of dual power: diesel or natural gas. The

new pumps are more efficient, reducing the diesel consumption by 15% per fracture performed. By the end

of 2025, some equipment also started to operate with natural gas, thus reducing the overall Scope 1

emissions per fracture of this service.

Emissions are mainly Scope 1, with a marginal contribution from Scope 2 related to the power needed for

offices. These emissions are reported but not included in our target or calculation for steel and tubular

intensity. In 2025, CO

-eq emissions for this business are estimated at:

Scope 1: 75,280 tons.

Scope 2 (market base & location base): 117 tons.

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130

Air Quality

Commitment

To minimize emissions of fumes and particulates, contributing to good air quality in our operations and the

communities where we operate.

Objectives

• Comply with local and internal emissions requirements.

• Minimize emissions from steelmaking processes.

• Reduce volatile organic compounds (“VOC”) emissions related to our coating activities.

Apart from CO

-eq emissions, the steelmaking process produces emissions of particulate matter and other

pollutants that require control measures. Accordingly, we have defined procedures that set strict limits on

stack emissions and define monitoring requirements. They have been drawn up according to the best

technologies available to improve processes beyond legal compliance levels, as not all countries where we

produce have the same requirements.

In our procedure for air pollution management, we set internal limits for stack emissions, especially for

particulate emissions, that are aligned with BAT levels and continuously monitored with equipment that

tracks performance and identifies opportunities to take preventive actions. Other pollutants are evaluated

through spot monitoring, and improvements are implemented when necessary. Abnormal events are

managed as incidents according to our procedures and investigated with improvement actions defined.

Please see “Sustainability Statement - Sustainability in Tenaris - Policies and Procedures”.

Preventing, remediating and addressing impacts

Our policies and procedures, as well as our internal targets regarding air quality, align with best available

control techniques, ensuring that we are able to define, evaluate, and implement improvements on those

criticalities, going beyond legal compliance. This is applicable for air emissions, including particulates,

nitrogen oxides (“NOx”) and volatile organic compounds ("VOCs"). Our procedures consider point source, diffuse

and fugitive emissions within the scope.

We have defined key performance indicators that are monitored routinely to define improvement plans when

necessary. These are global indicators, according to the criticalities internally defined, and are reported

routinely to top management. Our sites also establish their own indicators to comply with local

practices.

We use BAT to reduce impact and prevent pollution. Investment projects include BAT evaluation to improve

performance beyond local compliance criteria. Changes are defined according to performance and evolution

of BAT, as well as results of improvements implemented.

Our corporate and local targets plans respond to our commitment set in our QHSE policy of minimizing the

environmental footprint of our activities, products and services. Targets are followed up and monitored in

internal databases and reported to top management.

By integrating these elements into our operations, we strive to prevent incidents and emergencies and

mitigate their impact on people and the environment when they occur.

Our Actions

In recent years, we have made significant investments in controlling particulate emissions. We recently

modernized systems and technology at our steelmaking sites, in Koppel, USA, where the baghouse was

replaced by a new, more efficient one with an investment of $85 million, and in Siderca in Argentina we

replaced an obsolete EAF with one that incorporates Consteel

technology. Consteel

technology ensures

better emission management, as scrap is charged continuously without opening the top of the furnace.

Improvements to emissions treatment systems are ongoing in Silcotub, Romania and also being implemented

at our Expander rolling facility in Dalmine, Italy.

We reinforce preventive maintenance, controls and operating conditions to sustain the operation as required.

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We continuously monitor particulate material in our steel shop stacks, as this is the most relevant pollutant

from the steel process in terms of air quality. Monitoring provides our maintenance areas with feedback so

they can keep baghouses operating correctly. We have set internal particulate emissions standards for these

processes.

All revamped furnaces include low-NOx emission burners and new varnishing lines for pipes are using water-

based products to minimize VOC emissions.

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Water Management

Commitment

To ensure effective management of water resources.

Objectives

• Minimize water intake, especially in water-scarce areas where we have water-intensive operations.

• Maintain compliance with water discharge quality targets.

• Implement the best water-management technologies for new lines.

Water plays a major role in steel manufacturing processes, although little of it is consumed, as most is reused

or returned to source. Tenaris is aware of its responsibility for managing water resources efficiently and is

constantly evaluating how best to conserve and reuse water.

Our QHSE Policy includes a commitment to reduce our environmental footprint, including the use of water,

and we have implemented procedures to ensure effective management. Our corporate strategy includes

evaluating the use of water at each site, the applicable requirements, potential sources of water, trends and

future risks for each location. Based on evaluating the situation at each location, we can define improvement

opportunities for reducing the environmental pressure on water resources, whether this is in terms of use or

quality.

Preventing, remediating and addressing impacts

In our procedure on water management, we have established comprehensive measures to ensure the

sustainable use and protection of water resources. These measures include:

• Mapping Potential Pollution Sources: We identify and map our potential sources of pollution to

proactively manage and mitigate any risks to water quality.

• Maintenance Programs for Water Treatment Systems: Regular maintenance programs are in place to

ensure that our water treatment systems are functioning effectively and efficiently.

• Monitoring Programs: Monitoring programs are implemented to track water usage and quality both

of water getting into the system and discharge, allowing us to identify any issues promptly. Our

procedure establishes pollutants of interest according to the process used at the location.

• Improvement Actions: Based on the criticalities identified through our monitoring programs, we

define and implement actions to improve water management practices.

• Water Stress Risk Evaluation: We evaluate water stress risk for each of our locations. This evaluation

helps us prioritize criticalities and establish actions to improve water management at sites facing

higher risks.

We are advancing at some sites in the metering of water use by main process, in order to be able to identify

improvement opportunities for the use of water.

Our procedure establishes a hierarchal level on the type of water to be used at each location, with a general

approach that is then validated locally according to water availability and competing uses, which may trigger

different objectives in terms of water use.

To ensure the quality of water discharged, we regularly monitor effluent discharge to comply with local and

internal standards. The type of treatment for effluent discharge is determined by the effluent type and

destination, with most undergoing secondary physical-chemical treatments, especially in locations lacking

adequate infrastructure. Our procedure establishes recommended methods for monitoring that are then

validated according to locally applicable requirements, which often vary from country to country.

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We have defined metrics measuring the amount of water used per source and per ton of product to track

water use. Locally, each site measures discharge quality to track compliance. Based on these two main

metrics we are able to set improvement actions when problems are detected. Water stress areas and future

water risk evaluations are inputs used to define the required improvement actions.

The process that is most intensive in water use is the rolling process, as water is used to cool down the pipe

during its production. In most of our sites, water is used in closed water systems, so water is recycled

internally. Discharges are monitored according to applicable legal requirements and internal procedures,

which also establish limits.

We are subject to a wide range of local, state and national regulations and permit requirements concerning

water management. These are relevant inputs considered when evaluating performance and potential or

required improvements in water management.

When new processes are added, water use is assessed and BAT are applied to ensure proper management,

together with consideration on the future water risks for the area.

Water-stress risk evaluation

We evaluate the overall water risk level at our facilities in accordance with the World Resources Institute’s

Aqueduct global water risk mapping tool, especially those with high water-use rates for seamless pipe

making, rolling and heat treatment, as processes for welded pipe and finishing plants use less water. In

accordance with the World Resources Institute’s Aqueduct global water risk mapping tool, only 0.7% of

our total water withdrawal is located in high to extremely high water stress areas; 0.3% is located in medium

to high stress areas, and around 99% is located in low / low-to-medium stress areas. Most of our more intensive

water-use facilities lie in areas of low or medium water stress risk, according to the Aqueduct Water Risk

Atlas, and these sites currently display high recycling rates. Our water management procedure covers all

areas, including those dealing with high-water stress.

We have also incorporated tools to map and evaluate climate-related risks affecting the areas where we

operate, including water-related risks such as flooding or droughts, to evaluate adaptation measures that

may be required at our locations.

Oceans and seas

We have not adopted any policies specific to oceans and seas, as we do not have operations directly

impacting oceans or marine resources. However, we acknowledge that some discharges into rivers or lakes

could eventually end up in the ocean. Our water procedures mentioned above aim at managing these risks.

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134

Our Actions

In 2025, we successfully implemented CapEx projects in Sault Ste. Marie, Canada, to improve water

treatment before discharge and at Bay City, USA, to improve industrial water treatment and recycling rates.

At Siderca, Argentina, we continue to implement a project to allow for better water collection and

management to reduce risk of flooding in an area of the site and also to improve treatment of particular

streams.

Our products can also help our customers with their water management and use. For example, our Dopeless

connections require no water for cleaning threads when in the field, while a standard dope thread needs

between 10 and 20 liters of water per connection.

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Circularity

Commitment

To implement circular economy concepts throughout our industrial system.

Objectives

• Maximize recycling rates at our facilities.

• Maximize scrap availability and use.

• Reduce the amount of materials sent to landfill by reducing generation, reusing and recycling,

including revalorization.

• Minimize pollution.

Our QHSE Policy provides a framework for improvements in resource management, circular economy and

material efficiency. In line with our management system structure and objectives, we have established

internal procedures to regulate material, waste and chemicals management.

As part of a process of continuous improvement, we look for opportunities to reduce consumption, select

better materials, reuse and recycle internally or externally, and ultimately decrease the amount of waste

generated and sent to landfill.

Our waste management procedure sets guidelines to ensure that we minimize environmental impact and

promote sustainability. Our procedure addresses each stage as follows:

• Prevention: we prioritize the minimization of waste generation by implementing BAT in our CapEx

projects. This includes new manufacturing lines, processes, and revamping existing ones. We aim to

reduce waste at source in the projects we implement. We evaluate waste generated at our normal

activities to identify waste streams looking to minimize generation.

• Preparing for Re-use: we evaluate our processes to find opportunities to re-use materials and waste,

both internally and externally in other industrial processes. Our procedure includes stringent rules for

the storage of products and waste, which help in maintaining their quality for potential re-use.

• Recycling: we have set internal indicators, and we follow up generation of waste looking to reduce

generation, reuse them whenever possible and recycle, making disposal a last resort.

• Other Recovery: we use other recovery options, such as energy recovery, to make use of waste that

cannot be prevented, re-used, or recycled. This is part of our broader commitment to use natural

resources and energy efficiently and contribute to the circular economy.

• Disposal: we ensure that waste disposal is conducted in a manner that minimizes environmental

impact. Disposal activities are performed with authorized companies according to applicable local

requirements.

Significant resources and efforts are dedicated to identifying recovery, re-use and recycling opportunities and

ultimately, decreasing the amount of waste sent to landfill.

We are committed to working with our suppliers to improve sustainable business practices by assisting them

in identifying risks and opportunities, providing training, sharing knowledge and raising awareness, and, in

general, working together to improve the sustainability of our supply chain and our business.

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Our Actions

Recycling scrap

As we produce steel using EAFs, the use of recycled scrap is a key aspect of our operations. We have

implemented practices to increase the use of recycled scrap. The use of recycled scrap reduces the need for

virgin materials (such as iron and coal), lowers CO

emissions related to the steelmaking process and

enhances circularity.

As a permanent resource, steel is fundamental to achieving a circular economy: it can be recycled infinitely

without losing any of its properties. This saves energy, as well as iron ore, coal and other materials, reduces

emissions, and prevents useful material from ending up in landfill as waste. We focus on several key

areas to ensure efficient resource inflows, outflows, and to support circular product design.

We rely heavily on scrap recycling, which is also reflected in the recycling rate for our steel, which reached

81% in 2025.

We are investing significant amounts in scrap management, particularly in Mexico, but also in Romania and

Argentina. To increase steel production based on scrap, internal models have been developed to support

higher use of scrap and less pig iron, while maintaining product quality. Scrap often contains impurities,

particularly copper, that pose a risk for cleaner steel production. We carefully evaluate our sources of scrap to

minimize this risk of impurities and to reduce the need for purer iron sources such as pig iron.

In Argentina, the quantity of scrap that can be sourced locally is limited. Therefore, to complement locally

sourced scrap in the steel charge, we process iron ore pellets in our natural gas fired DRI plant, to complete

the metal charge necessary for operations.

Material management

Production phase

We are also exploring the use of alternative materials in our steel furnaces. In Romania, we participated in the

Retrofeed program to test alternative materials for steelmaking and we continue using plastic wastes to

partially replace coal. As another example, in our facility in Argentina, where we produce our own plastic

thread protectors, we have increased the recycled plastic content from 30% to an average of 60%. We have

implemented several improvements across our industrial system, using innovative or established practices that

depend on the characteristics of the site, local infrastructure, requirements, and local market, focusing on

reducing generation, reusing, or recycling. For example, we have implemented recycling of aluminum cans at

the ladle furnace in the Siderca steel shop; the internal use of coating concrete waste in pedestrian blocks at

Kabil in Indonesia; recycling ferroalloy and lime dust in Dalmine; and the recycling of wood pallets in several

locations, as well as paper, cardboard, oils, plastics, paints, and solvents using different technologies.

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137

We reuse and recycle residues and co-products to cut waste: in 2025, our disposal amounted to 8.5%, an

improvement from 9.7% in 2024.

We have maintained reuse and recycle rates for our co-products, with higher volumes for slag, followed by

scale and iron fines. Slag, the major waste co-product, is reused and recycled in areas such as building

materials, fillers, road surfacing, and concrete, while scale, the second co-product, is used in cement

processing or by other steel companies.

Our industrial operations in many regions have achieved more than 90% recycling rates of materials

(excluding scrap), especially the steel making sites in Colombia, the UK, among others.

We also continue with our thread protector recycling program in many regions where we operate, reusing or

recycling plastic protectors to make new ones or other plastic products.

Use phase

During the use phase, our experts work closely with customers to maximize operational safety and minimize

environmental impact. By optimizing the use and service life of materials, we ensure that less material is

needed, transported, and handled, resulting in a lower overall impact. We have implemented recycling

services focused on plastic protectors to minimize the loss of packaging material. Recovered thread protectors

can be used to produce new protectors at our facilities, or they are cleaned, shredded, and used to produce

new plastic products.

End of functional life

At the end of a product's functional life, our focus on recycling and reusing materials ensures that they are

not wasted. This approach aligns with our goal of achieving a circular economy by promoting reuse, repair,

refurbishing, remanufacture, repurpose, and recycling.

We have achieved a high level of material efficiency (a worldsteel indicator), reaching 99% in 2025 for our

steel sites, which is above the industry average according to worldsteel. This efficiency is a result of our

efforts to reuse and recycle residues and co-products, thereby reducing waste.

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Biodiversity

Biodiversity has not been identified as a material topic for our company, but we acknowledge that its

connection to climate change and pollution is gaining global significance as awareness grows about the

impact of business activities and climate change on plant and animal diversity.

We are improving our management and governance approach to acknowledge and address the impacts on

biodiversity and climate change and conduct targeted activities in specific regions to engage with and

contribute to local ecosystems.

We conducted an assessment to identify whether our sites are located within or close to key biodiversity

areas. The assessment was conducted for all of our steel production sites around the world as well as for our

downstream processing sites, applying the online Biodiversity Risk Filter platform from World Wildlife Fund

(“WWF”) and Key Biodiversity Areas data.

We identified two industrial operations less than 10 km away from key biodiversity areas: Qingdao and

Calarasi. One of them is a steel shop located in Calarasi Romania that is under the European program Nature

2000. The other is located in China, where Tenaris has a finishing facility with low environmental risk. In

Romania, our facility has its environmental management system externally certified ensuring environmental

footprint is evaluated and improved over time. Biodiversity aspects are included and we have implemented a

communication program to make our people aware of how to act if endangered species are identified within

the facility. In addition, in other sites where applicable we develop awareness and explain to our employees

how to identify and react in case they come across endangered species.

Our Actions

In Argentina, Tenaris signed an agreement with the Rewilding Argentina foundation in 2021 to work

together in partnership to conserve and restore local fauna in different projects throughout Argentina. These

include the Esteros del Iberá reserve in Northeast Argentina, El Impenetrable in the North, and two areas in

Patagonia.

Rewilding Argentina is part of the Tompkins Conservation organization, whose work in Esteros del Ibera to

create a successful conservation model was ranked by the National Geographic Society as one the top seven

best projects of its kind in 2020.

Tenaris contributes by supplying pipes to build corrals, bridges or cages to support efforts to reintroduce local

fauna such as ocelots, jaguars, giant otters, and several local bird species.

In the “Ciervo de los Pantanos” National Park neighboring Siderca, Tenaris has provided support for local

technical school students to build sustainable domes aimed at encouraging schoolchildren to participate in

the educational activities organized by the National Park. At Siderca we are undertaking an evaluation of flora

in order recreate a corridor for native species.

Other sites have implemented biodiversity initiatives, generally together with local NGOs or authorities, to

better define potential contributions. For example, in the United States, our Bay City mill is developing a plan

to manage wild deer in the area while developing volunteer programs.

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EU Taxonomy (Article 8 of Regulation (EU) 2020/852)

The following information is provided in accordance with Article 8 of Regulation (EU) 2020/852 of the

European Parliament and of the Council, as supplemented by Commission Delegated Regulation (EU)

2021/2139 of 4 June 2021, Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021, Commission

Delegated Regulation (EU) 2022/1214 of 9 March 2022, Commission Delegated Regulation (EU) 2023/2485

of 27 June 2023 and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 (collectively, the

“Taxonomy Regulation”). For fiscal year 2025, we applied the simplified reporting framework introduced by

the Commission Delegated Regulation of 8 January 2026, in line with the legal possibility to use the

simplified templates for FY2025 as clarified in the Delegated Act and the European Commission’s FAQs.

Tenaris’s Tubes segment includes the production and sale of both seamless and welded steel tubular products

and related services mainly for the energy industry, particularly casing and tubing, or OCTG, used in oil and

gas drilling operations, and line pipe used in the transportation and processing of oil and gas as well as pipes

for other industrial applications. Our processes include steel manufacturing and its transformation into

tubular products.

Business activities included in this segment are largely dependent on the oil and gas industry worldwide, as

this industry is a major consumer of steel pipe products.

Major oil and gas companies are adapting their strategies to address the energy transition while maintaining

their capability to meet market demand and reduce the emissions from their operations.

As the energy transition evolves, demand for our products and services for low-carbon energy applications,

such as geothermal, hydrogen, and CCS, is expected to increase, while demand for oil and gas applications

may decrease.

Additionally, as part of our efforts to address climate change, we are investing in adapting our operations in

line with our target to reduce their carbon emissions intensity rate by 30% by the year 2030, compared to a

2018 baseline.

The steel we manufacture to produce seamless pipe products is produced in EAFs using recycled steel scrap

as the primary source of metallic feedstock. Steel produced in EAFs using a high proportion of scrap in the

metallic charge has a substantially lower carbon intensity than steel produced using iron ore and metallurgical

coal as the primary feedstock.

On the other hand, to produce welded steel pipe products, we purchase steel coils and steel plates from third

parties, much of which is produced in blast furnaces.

Identification and assessment of economic activities

Taxonomy eligibility

We have examined all the economic activities carried out by Tenaris and have identified the following two

activities as taxonomy-eligible economic activities, in accordance with the Taxonomy Regulation:

1) 3.9 Manufacture of iron and steel, Nace Code C24.20 Manufacture of tubes, pipes, hollow profiles and

related fittings, of steel (“steel tubes manufacturing”);

and

2) 4.3 Electricity generation from wind power, Nace Code D35.11 Production of electricity (“wind power

electricity generation”).

We note that the European Commission ("EC") has issued an interpretation indicating that the manufacture of

seamless steel pipe products does not meet the eligibility criteria under the EU Taxonomy Regulation. Tenaris

considers that there is uncertainty regarding the eligibility criteria. This is based on the wording, and

interpretations of, the delegated act (Annex I to the EU Taxonomy Regulation EU 2020/852) and the

Commission’s FAQ (Commission Notice on the interpretation and implementation of certain legal provisions

of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act and the EU

Taxonomy Disclosures Delegated Act, Question #11).

While we acknowledge this interpretation, we have chosen to report in line with the previous years based on

our understanding of the Regulation and its underlying objectives. In our view, there is support in the

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140

delegated act to include steelmaking and related processing activities in the taxonomy, whereas the FAQ

expresses a narrower interpretation which would only allow steel production, i.e. the steel bars production.

In our view, the EC’s interpretation would lead to a disproportionate outcome by effectively excluding nearly

all steel products, other than unprocessed crude steel, from Taxonomy eligibility. This does not reflect the

economic and industrial reality of the EU steel market, where the vast majority of steel is further processed

into downstream products prior to sale.

Accordingly, we have assessed our activities by considering the linkage between crude steel production and

subsequent processing stages, and we believe this approach is consistent with the intent of the Taxonomy

framework. This position has been applied consistently and is supported by our internal technical analysis and

interpretation of the applicable criteria. Based on the methodology applied 95% of our revenues are eligible

while with the narrower interpretation would correspond to 0%.

Taxonomy alignment

Substantial contribution

An economic activity is taxonomy-aligned if it complies with the technical screening criteria of

substantial

contribution

to one of the six environmental objectives and Do No Significant Harm (“DNSH”) criteria for

each of the other five. Additionally, the company must demonstrate alignment with the minimum

safeguards.

For fiscal year 2025, we have concluded that both taxonomy-eligible activities performed by Tenaris -steel

tubes manufacturing and wind power electricity generation- substantially contribute to climate change

mitigation (“CCM”) based on the technical screening criteria for substantial contributions to CCM, set forth

in the Taxonomy Regulation, as described below:

Steel tubes manufacturing: According to the technical screening criteria set out in Annex I of Commission

Delegated Regulation (EU) 2021/2139, the activity “3.9. Manufacture of iron and steel” contributes to CCM

if the activity complies with one of the following technical screening criteria:

• GHG emissions from EAF high alloy steel do not exceed = 0.266116 t CO

-eq per ton of product

(Scopes 1 + 2);

and/or;

• steel scrap input relative to product output is no lower than 70% for the production of high alloy

steel.

Tenaris can demonstrate compliance with the second criterion of steel scrap input relative to product output,

as it manufactures steel in EAFs producing high alloy steel, and the steel scrap proportion at the consolidated

level is higher than 70%.

As explained above, we only produce the steel required to manufacture our seamless steel pipe products,

whereas, in order to make our welded steel pipe products, we purchase steel coils and steel plates from third

parties. Therefore, for the alignment analysis, we have excluded welded tubular products because we lack

information regarding the steel purchased from third parties for the purposes of ensuring taxonomy

alignment.

Wind power electricity generation: this activity generates electricity from wind power and contributes to

reducing Scope 2 emissions.

Do No Significant Harm (“DNSH”)

We have analyzed the DNSH criteria for both taxonomy-eligible activities that contribute substantially to CCM

by assessing those sites where we perform these economic activities.

We have conducted an assessment of all the DNSH criteria. The rationale for our compliance with the DNSH

regarding our tubes manufacturing activities is given below.

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141

Climate change adaptation

Regarding the DNSH for Climate Change Adaptation, a physical climate risk assessment was performed in

2023 in accordance with the Taxonomy Regulation.

The DNSH for Climate Change Adaptation requires the company to perform a Climate Risk and Vulnerability

Assessment to establish the adaptation capacity of its economic activity according to the climate scenarios

defined by the IPCC up to 2050. This assessment varies in line with the lifespan of the activity according to

the best available methodology for Climate Risk and Vulnerability Assessment.

Risk assessment is conducted by taking into consideration exposure, climate hazards, and the vulnerability of

economic activity.

First, we identified the climate risks for a selection of Tenaris’s main assets in different scenarios, and for

different time horizons. This part of the assessment also provided us with ratings for the different climate

hazards at each location.

Second, we selected the assets with a high level of climate hazard severity and likelihood, in accordance with

climate projections and regional scenarios. For these seamless pipe manufacturing plants, which are eligible

for the EU Taxonomy, we performed a full Vulnerability Assessment.

Third, we assessed the vulnerability of these assets with regard to the climate risks identified. This resulted in

a list of potential consequences arising from climate events, and severity scores qualifying these

consequences.

The last step consisted of building a Risk and Vulnerability Matrix to serve as a basis for determining the need

for an adaptation solution plan. Overall physical risk scores were obtained by multiplying likelihood scores

(ratings) and severity scores.

The Climate Risk and Vulnerability Assessment concludes that none of the sites requires an adaptation plan

for any of the climate risk categories under the RCP 8.5 scenario in 2050. The highest overall physical risk

score is 12 (medium) for wind risk at Tamsa.

Sustainable use and protection of water and marine resources

Tenaris has procedures in place covering water use and protection. These include mapping potential pollution

sources, implementing maintenance programs for water treatment systems, and monitoring programs, and

defining improvement actions depending on the criticalities identified. Water stress risk is evaluated for each

location, allowing Tenaris to prioritize criticalities for different sites and establish and implement actions to

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142

improve water management. Furthermore, 84% of our production sites operate under management systems

certified according to ISO standards.

Pollution prevention and control

Tenaris possesses all the requisite EU and national legal authorizations required for the use of chemical

substances, including some carcinogenic, mutagenic or reprotoxic (“CMR”) substances, applicable to its

manufacturing process for seamless steel pipes, in line with local applicable requirements. In its current

formulation, Appendix C does not provide any concentration limits, except for points (a) and (b).

The criterion in point (g) aims to broaden the list of substances to which Appendix C potentially applies. It

seeks to identify substances- whether on their own, in mixtures, or making up an article -that meet the

criteria outlined in Article 57 of Registration, Evaluation, Authorization and Restriction of Chemicals

(“REACH”) Regulation but are not yet included in the Candidate List, which makes it challenging for Tenaris

to map unauthorized substances.

Moreover, the requisites deemed “essential for society” or of “essential use” have no legal definition. In an

official note published in December 2022, the EC stated that it was drawing up a document to clarify the

application of the requisite in question. However, as of the date of this report, no official document has been

issued on the matter.

The compliance rationale adopted by Tenaris is aligned with one of the “essential for society” criteria

enshrined in the Montreal Protocol.

This is the same as the one cited by the EC as a reference, whereby all economically feasible steps have been

taken to minimize the essential use and any associated emissions of the controlled substance.

Protection and restoration of biodiversity and ecosystems

As previously explained, 84% of our production sites, including our major sites, operate under environment

management systems certified according to ISO standards. Main sites were evaluated to determine whether

they are located within key biodiversity areas. Our analysis showed that none of our major sites, including

steel processing and/or rolling mills, lie inside these areas. The sites located near Key Biodiversity Areas have

implemented controls on environmental aspects may have impact on these areas.

Similarly, the wind farms built meet the different DNSH criteria. As they are located onshore, Tenaris is not

required to perform any assessment regarding water protection. In terms of the circular economy objective,

the wind turbines components are durable and resistant, and their output has a material efficiency of 90%.

The components of the wind turbines are also highly recyclable. Finally, the wind farms are not located in or

near any key biodiversity area and therefore do not require any specific assessment. However, this aspect is

included in the local environmental permits for the wind farms, and a specific evaluation of potential impacts

was performed in order to obtain the license for the site.

Minimum Safeguards (“MS”)

The final step for determining taxonomy alignment is compliance with minimum safeguards to ensure that

the company has implemented procedures to ensure alignment with the OECD Guidelines for Multinational

Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights

set out in the eight fundamental conventions identified in the Declaration of the International Labour

Organization on Fundamental Principles and Rights at Work and the International Bill of Human Rights.

Tenaris has adopted adequate policies and procedures to ensure that taxonomy-eligible activities comply with

the MS.

We understand that the conduct of business by our employees, officers and directors, as well as by other

participants along our value chain, plays a central role in complying with MS. Our Code of Conduct includes

provisions covering, among other topics, human rights, corruption and bribery, taxation and fair competition.

Throughout this report (in particular in our “Governance” chapter), we describe in detail our commitment,

objectives and actions to ensure a corporate culture of transparency and integrity, based on ethical behavior

and compliance with the law.

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143

Key performance indicators (“KPIs”)

Definition and calculation of KPIs

KPIs required to be disclosed in connection with taxonomy-eligible and taxonomy-aligned activities have been

calculated based on the accounting policies applied in the consolidated financial statements, prepared in

accordance with IFRS.

Total turnover

Turnover KPIs represent the proportion of net turnover derived from products or services that are taxonomy-

eligible, and the proportion of net turnover derived from products or services that are taxonomy-aligned.

Taxonomy eligibility: all sales derived from our Tubes segment have been considered as taxonomy-eligible:

• numerator: sales derived from the Tubes segment.

• denominator: total sales as disclosed in the consolidated income statement.

Taxonomy alignment: revenues derived from the sale of seamless tubular products have been considered

taxonomy-aligned (based on the applicable technical screening criteria). We have excluded revenues derived

from sales of welded tubular products because we lack information with respect to the steel purchased from

third parties for the production of welded pipes, for the purposes of ensuring taxonomy alignment.

• numerator: sales of seamless tubular products.

• denominator: total sales as disclosed in the consolidated income statement.

For further information on our turnover calculations, please refer to note II. S “Accounting policies - Revenue

Recognition” in our consolidated financial statements for the year ended December 31, 2024.

Capital expenditures

CapEx KPIs represent the proportion of capital expenditures in taxonomy-eligible activities and the proportion

of capital expenditures in taxonomy-aligned activities. CapEx includes taxonomy-eligible investment that is

part of a plan to upgrade a taxonomy-eligible activity into a taxonomy-aligned activity; for example, the

construction of our wind farms in Argentina.

Taxonomy eligibility:

• numerator: capital expenditures for the Tubes segment.

• denominator: aggregate capital expenditures disclosed in the consolidated statement of cash flow.

Taxonomy alignment:

• numerator: capital expenditures in our seamless tubular products production facilities plus capital

expenditures for the construction of our wind farms in Argentina, plus other investments in

environmental and energy saving projects.

• denominator: aggregate capital expenditures disclosed in the consolidated statement of cash flow.

For further information about capital expenditures calculations, please refer to “Information on the Company

- Business Overview - Capital Expenditure Program” in this annual report.

Operating expenditures

OpEx KPIs represent the proportion of operating expenditures in taxonomy-eligible activities and the

proportion of operating expenditures in taxonomy-aligned activities.

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144

OpEx KPIs are calculated as follows:

Taxonomy eligibility:

• numerator: maintenance expenses plus research and development expenditures corresponding to the

Tubes segment cost of sales.

• denominator: maintenance expenses plus research and development expenditures on a consolidated

basis.

Taxonomy alignment:

• numerator: maintenance expenses plus research and development expenditures made at our

seamless tubular products production facilities, and at our wind farm in Argentina.

• denominator: maintenance expenses plus research and development expenditures on a consolidated

basis.

For further information about our OpEx calculations, please refer to note II. T “Accounting policies - Cost of

sales and other selling expenses” in our consolidated financial statements for the year ended December 31,

2025.

EU Taxonomy KPIs: sales (turnover), investment expenses (CapEx) and operating expenses (OpEx).

EU Taxonomy KPIs

2025

Millions of U.S. dollars

Share %

Total sales (turnover)

11,981

100%

of which taxonomy-eligible

11,400

95%

of which taxonomy-aligned

9,603

80%

Total investment expenses (CapEx)

617

100%

of which taxonomy-eligible

548

89%

of which taxonomy-aligned

443

72%

Total operating expenses (OpEx)

402

100%

of which taxonomy-eligible

384

95%

of which taxonomy-aligned

327

81%

Annual Report 2025

145

Financial

year

2025

KPI

Total

Proportion

Taxonomy

eligible

activities

Taxonomy

aligned

activities

Proportion of

Taxonomy

aligned

activities

Breakdown by environmental objectives of

Taxonomy aligned activities

Proportion of

enabling

activities

Proportion of

transitional

activities

Not assessed

activities

considered

non-material

Taxonomy

aligned

activities in

financial year

(2024)

Proportion of

Taxonomy

aligned

activities in

financial year

(2024)

Climate Change Mitigation

Climate Change Adaptation

Water

Circular Economy

Pollution

Biodiversity

USD

million

USD million

Turnover

11,981

95%

9,603

80%

100%

80%

9,832

79%

CapEx

617

89%

443

72%

100%

72%

553

80%

OpEx

402

95%

327

81%

100%

81%

415

80%

Reported KPI (Turnover)

USD million

Financial year

2025

Economic Activities

Code

Taxonomy

eligible KPI

(Proportion of

Taxonomy

eligible Turnover)

Taxonomy

aligned KPI

(monetary

value of

Turnover)

Taxonomy

aligned KPI

(Proportion of

Taxonomy

aligned

Turnover)

Environmental objective of Taxonomy aligned

activities

Enabling

activity

Transitional

activity

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Climate Change

Mitigation

Climate Change

Adaptation

Water

Circular Economy

Pollution

Biodiversity

Manufacture of iron and steel

CCM3.9

95%

9,603

80%

100%

84%

Sum of alignment per objective

100%

Total KPI (Turnover)

95%

9,603

80%

100%

80%

84%

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146

Reported KPI (CapEx)

USD million

Financial year

2025

Economic Activities

Code

Taxonomy

eligible KPI

(Proportion of

Taxonomy

eligible CapEx)

Taxonomy

aligned KPI

(monetary

value of CapEx)

Taxonomy

aligned KPI

(Proportion of

Taxonomy

aligned CapEx)

Environmental objective of Taxonomy aligned

activities

Enabling

activity

Transitional

activity

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Climate Change

Mitigation

Climate Change

Adaptation

Water

Circular Economy

Pollution

Biodiversity

Manufacture of iron and steel

CCM3.9

73%

344

56%

100%

77%

Electricity generation from wind power

CCM 4.3

16%

100%

Sum of alignment per objective

100%

Total KPI (CapEx)

89%

443

72%

100%

72%

81%

Reported KPI (OpEx)

USD million

Financial year

2025

Economic Activities

Code

Taxonomy eligible

KPI (Proportion of

Taxonomy eligible

OpEx)

Taxonomy

aligned KPI

(monetary value

OpEx)

Taxonomy

aligned KPI

(Proportion of

Taxonomy

aligned OpEx)

Environmental objective of Taxonomy aligned

activities

Enabling

activity

Transitional

activity

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Climate Change

Mitigation

Climate Change

Adaptation

Water

Circular Economy

Pollution

Biodiversity

Manufacture of iron and steel

CCM3.9

95%

327

81%

100%

85%

Sum of alignment per objective

100%

Total KPI (OpEx)

95%

327

81%

100%

81%

85%

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147

Social

Human Capital

Commitment

To lead with care, providing a safe working environment built upon Tenaris core values enabling employees to

develop their skills and careers while contributing to the company’s goals.

Objectives

• Foster trust and empower employees to manage and promote change and innovation.

• Embed sustainability values through transparent and effective processes.

• Encourage continuous learning and feedback.

• Respect and promote merit, diversity and inclusion in all its forms.

Industrial excellence

At Tenaris, industrial excellence is a core part of our identity. It sets us apart from our competitors and shapes

every aspect of our business from a rational, value-driven perspective. We are dedicated to fostering a community

of industrial talent that shares our values and goals.

Our offer includes exposure to challenging projects, a multicultural environment, and a wealth of opportunities

for learning and professional growth.

We aim to attract individuals who possess not only excellent skills but also a profound commitment to leading

sustainable industrial projects that benefit our communities.

Policies and procedures

We have implemented policies and procedures to manage and address impacts, risks, and opportunities related to

our employees in the areas of ethics and compliance, health and safety, working conditions, and human rights.

For a summary of our main policies and procedures, please see “Sustainability Statement - Sustainability in Tenaris

- Policies and Procedures”.

Tenaris is committed to fostering a transparent, ethical, and law-abiding corporate culture that upholds human

rights and labor rights for all workers, including employees, contractors, and agency-provided personnel.

Our Code of Conduct and Human Rights Policy outline the following key principles we uphold:

• Fostering an environment that respects the rights and dignity of all individuals.

• Prohibition of child, forced or compulsory labor, slavery, or servitude in any form.

• Prohibition of discrimination of any kind.

• Recognition of the rights to freedom of association and collective bargaining of our employees.

Our Code of Conduct and Human Resources Policy prohibit any form of discrimination in employment

relationships.

At Tenaris, managing business with integrity and in compliance with the law is non-negotiable. We have a zero-

tolerance policy towards corruption and are committed to ethical business practices in all areas of operation. Our

policies, program, and commitment to transparency, integrity, and ethical behavior are further detailed in our

Governance - Business Conduct chapter of this sustainability statement.

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148

Through our QHSE Policy, we are dedicated to maintaining safe and healthy workplaces and to promoting wellbeing

at work. For more information on employees’ health and safety, please refer to “Sustainability Statement - Social -

Health and Safety”.

These policies and commitments are integral to our strategy and management decisions related to sustainability

and inclusion, ensuring that we create a supportive and equitable environment for all members of our workforce.

Headcount evolution

During 2025, our workforce decreased by around one thousand employees, due to the operational context and

market conditions. This reduction took place mainly among shop-floor employees, while the professional

population remained broadly stable. Our global footprint continued to reflect almost 100 nationalities represented

across our operations in 40 countries.

Resignation rates reached historical lows, both at the overall level and among professional employees.

Resignations decreased from 4.4%, in 2024, to 3.8%, in 2025, for the total workforce, and from 3.8%, in 2024,

to 3.6%, in 2025, among professionals, showing increased stability and retention during the year.

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149

Our Actions

Our people, their ideas and skills are our most valued asset, driving innovation and business growth. As a global

industry leader, we face a world marked by economic and political uncertainties, technological disruption, and

trade conflicts. Nurturing the competencies and determination of our teams is crucial to unlocking a sustainable

future.

Throughout 2025, we continued to reinforce programs that support the development of technical and

professional talent across our operations. These actions included the ongoing promotion of learning initiatives,

exposure to challenging assignments, and the strengthening of internal feedback processes. Our industrial culture

remained a unifying element across regions, sustaining high standards of performance and operational excellence.

Engaging with our employees

Our engagement with employees includes an effective employee value proposition that embraces a safe work

environment, open dialogue throughout the organization, challenging goals and projects, competitive annual

total rewards, and career opportunities.

Frequent dialogue and exchange between managers and their teams take place through different channels,

quarterly feedback check-ins, town halls, employee opinion surveys, and performance reviews. These methods

ensure continuous and open communication with our workforce, allowing us to assess, validate, and manage

impacts, risks, and opportunities effectively.

Our CEO hosts quarterly town hall meetings open to all professional employees worldwide, where he comments

on business progress and directly answers questions on any topic raised by the audience. Other town halls are

held regularly by regional presidents and functional directors.

The Employee Opinion Survey (“EOS”) is carried out every two to three years, applicable to both professional and

shop floor employees. In March 2024, we conducted our latest EOS, with a 95% response rate among

professionals and shift leaders, and 77% among shop-floor employees. Among the most notable results were the

Satisfaction of working at our company (81% favorability among shop-floor employees and 76% among

professionals), and the Sense of Belonging (85% and 82% respectively), demonstrating strong team commitment

and a shared sense of purpose. During 2025, we worked on actions derived from the insights of the 2024 EOS,

strengthening communication, leadership follow-up, feedback practices across regions and working conditions,

including the revamping of more than twenty offices all around the world. In March 2026, we launched a new

EOS cycle, for which results are still being processed.

Mechanisms for identifying and addressing concerns are accessible to the entire population without

discrimination. These include one-on-one discussions with a Human Resources Business Partner (“HRBP”), or

Employee Relations Manager, and opportunities to provide upward feedback on supervisors as part of the annual

Performance Management Process (“PMP”), where comments are reviewed by the supervisor’s manager: 98% of

supervisors received upward feedback in the 2025 PMP. Internal client-supplier feedback is also allowed and

largely used for development: 54,000 client-supplier comments were made in the 2025 PMP. For those seeking

greater confidentiality, options like the EOS are available, along with anonymous and confidential channels, such

as the Compliance Line.

Attracting talent

As a global company, we can offer career development and rotation prospects that are an attractive differentiator

for industrial and business profiles.

Our Global Trainee Program (“GTP”) is a strategic initiative that aims to cultivate the next generation of leaders by

providing training in technical and soft skills. It includes structured rotation across various roles, exposure to

industrial scenarios, and mentorship. This program emphasizes the importance of sharing company values and

learning about our culture at an early stage, ensuring that global trainees are well-integrated and aligned with our

organizational goals from the beginning.

We established a corporate university, TenarisUniversity (“TU”), in 2005, which is responsible for providing

training and development opportunities to all our employees at every stage of their career with Tenaris. Training

and professional development programs, some of which are developed in partnership with external universities,

such as Rice University in Houston, are organized with a view to promoting a corporate culture of excellence in

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150

everything that we do and fostering the alignment and cross-fertilization of knowledge across Tenaris. Currently,

we are focused on expanding the digital mindset and embracing new technologies to improve processes, achieve

greater efficiency, and reduce transactional tasks.

Training

TU is responsible for the continuous training of all employees, including both operational and professional staff,

and structures its learning offering through dedicated schools aligned with the company’s core business and key

areas of expertise.

The TenarisUniversity Industrial School (“TUIN”) reflects our industrial roots and plays a central role in supporting

safe and efficient operations. TUIN is responsible for the design, development and delivery of all industrial training

activities, with a strong focus on safety and technical knowledge. In addition, greater focus has been placed on

expanding training content to incorporate elements related to operational discipline and methodology,

contributing to the long‑term sustainability of the knowledge acquired.

From a leadership perspective, TenarisUniversity comprises the TenarisUniversity Management School (“TUSM”),

which focuses on supporting the development of managerial and professional skills across the organization. As

part of our structured development initiatives, we offer a series of global programs designed to support

employees’ development at different stages of their careers.

The TenarisUniversity Induction Camp (“TUIC”) is an entry-level global in-person program, bringing together

young professionals from around the world to immerse themselves in Tenaris’s core values and processes while

fostering networking and diversity. The Management Essentials program (“ME”), delivered in a virtual format,

equips new supervisors with the necessary skills and tools to navigate their first leadership roles, emphasizing

adaptive leadership and behavioral focus over purely technical knowledge. The Management Development

Program (“MDP”), conducted in person, focuses on leadership concepts and key elements for middle

management.

Complementing these schools, we offer job-specific training that is learner-centric, allowing employees to train at

their own pace and from anywhere. Our partnership with the Degreed learning platform enables users to learn,

develop, and measure their skills in line with the latest trends. In addition to mandatory and formal training,

employees have flexibility and autonomy in self-selected learning through this platform, which serves as a unified

access point for all educational content in the organization, including internal systems, external providers, and an

open ecosystem of online resources.

TU continuously reviews the content, structure, and dynamics of its programs to ensure they remain aligned with

business needs and leadership development objectives.

The chart below reflects the annual average training hours per employee. In the last three years we have seen a

decrease in average training hours for shop‑floor employees, which reflects the normalization of activity levels,

following a period of significant operational ramp‑up / shop-floor employee staffing.

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151

Number of participants per training program:

Year

TUIC

MDP

2021

2022

162

2023

209

110

109

2024

221

118

115

2025

191

178

115

TUIC: TenarisUniversity Induction Camp

ME: Management Essentials

MDP: Management Development Program

Diversity

For Tenaris, workplace diversity is a pillar for creating and maintaining a positive company culture, contributing to

productivity, employee retention, and job satisfaction. A diverse mix of ages, abilities, and nationalities, as well as

efforts to enhance gender equality and treat all employees equally on merit, are seen as necessary to establish

inclusion at all levels.

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As a company that prioritizes internal growth, we have implemented programs to foster the development of our

female talent, including long-term career planning and support. These efforts are part of our broader objectives to

foster trust, empower employees, and embed sustainability values through transparent and effective processes.

We continuously look to promote diversity and inclusion initiatives with the aim of fostering equal opportunities

for all employees. For example, there are regional programs focused on integrating individuals with disabilities

into the company. In many regions, diversity committees have been established, composed of employees from

various levels of the organization, with the goal of achieving best practices related to diversity and inclusion.

All newly hired employees are trained in our Code of Conduct, which expressly forbids harassment of any kind in

the workplace. There is a protocol available in the regulatory system that promotes a work environment free of

harassment. In addition, all shop floor employees and technical leaders must complete mandatory training on this

topic, “Positive Workplace: How to create workplaces free of harassment”.

Total rewards

Tenaris’s compensation framework is built on three core pillars: internal equity, external competitiveness, and

meritocracy. These principles guide all compensation decisions and ensure fairness, consistency, and alignment

with our organizational objectives.

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153

Internal equity is maintained through a structured evaluation of positions, which groups roles with similar

responsibilities into the same pay grade and ensures consistent and transparent salary ranges. External

competitiveness is supported by regular participation in market remuneration surveys and benchmarking

processes that allow us to maintain fair and competitive compensation across all locations. As part of this

approach, Tenaris ensures that all employees receive compensation above local living‑wage benchmarks and

minimum legal requirements, including in countries where such regulations may not formally exist, reflecting our

commitment to fair and responsible pay practices. Meritocracy is reflected in our annual compensation cycle,

which includes merit increases, promotions, and variable incentives based on individual and company

performance.

Total rewards are also a key component of our employee value proposition, combining compensation with

benefits, well‑being and flexibility initiatives. Benefit programs are tailored to each location, aligned with local

needs, labor regulations and competitive conditions, ensuring relevance and consistency across our global

footprint.

Through these practices, we ensure that compensation decisions reflect employee contribution, support long‑term

development, and remain aligned with our global standards of fairness, integrity, and transparency.

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Health and Safety

Commitment

To take care of our employees and contractors, looking after their safety, health, and well-being, with safe and

healthy workplaces throughout our industrial and office facilities.

Objectives

• Consolidate a strong health and safety-oriented culture within the company and our value chain.

• Intensify preventive activities, particularly regarding high-risk activities.

• Promote awareness and behaviors that enhance physical and mental well-being among all employees.

• Establish a workplace free from fatalities and severe injuries.

We have implemented policies and procedures to identify and manage impacts, risks, and opportunities related to

our employees and contractors, focusing on health, safety, and well-being.

The health and safety (“H&S”) Management System is based on our Quality, Health, Safety and Environment

(“QHSE”) Policy through which management and risk assessment fundamentals are integrated into all business

processes. Tenaris communicates this policy throughout its organization, trains its employees in the appropriate

use of its QHSE management system and engages them in the regular setting, measuring and revision of

objectives.

As described in the QSHE Policy, all injuries and work-related illnesses can and must be prevented. We are

committed to maintaining safe and healthy workplaces and to promoting well-being at work and a healthy

lifestyle. We ensure that everyone is accountable for acting proactively to eliminate hazards, reduce risks, and

identify opportunities for improvement, and we encourage open communication with all our people and

interested parties.

Following relevant events, we develop cross-site action plans and a comprehensive preventive program to leverage

the hierarchy of risk controls.

We include all contractors working at our sites in the Tenaris Safety Management System to ensure our

prevention programs are effective. Following three fatal accidents involving contractor employees in 2023, we

revamped our Contractor HSE Management Process to ensure the integrity of all contractor personnel, defining

more stringent requirements and onsite prevention activities.

Tenaris applies its QHSE Policy across its supply chain to support sustainable development, requiring suppliers to

adhere to core safety principles, among other principles established in the Policy. Tenaris also expects these

standards to be upheld within suppliers' own supply chains.

Engaging with our employees and contractors

Tenaris is committed to training all its employees in the appropriate use of its QHSE management system,

strengthening its management through the updating of professional and managerial skills; fostering diversity;

encouraging the consultation and participation of workers in issues related to health and safety and

environmental care; emphasizing employee evaluation and motivation, and complying with the ethical principles

established in its Code of Conduct.

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Our Actions

Foundational priorities

Our employees’ safety and well-being are a priority, essential to our success and long-term sustainability as an

organization, and intrinsic to the relationships we build with our local communities, suppliers, customers, and

investors. As stated in our QHSE Policy, Tenaris prioritizes employee well-being by creating and maintaining a

safety culture that seeks to deliver a workplace with no fatalities or serious injuries. We are continuously

implementing initiatives to reduce the risks of complex activities by moving towards “error-proof” solutions and

“fail-to-safe” processes.

Our QHSE Policy is available on Tenaris’s website at: www.tenaris.com/en/products-and-services/qhse-

certifications. Information contained in or otherwise accessible through our Internet website is not a part of this

annual report.

Our industrial system, operating at a high standard throughout the year, has performed well in terms of

supporting our positioning worldwide.

In 2025 we recorded zero fatalities.

Leading a positive safety culture

Tenaris’s commitment to safety is deeply rooted in our culture and reflects our mission to ensure an environment

where every employee feels safe, valued, and empowered to contribute. Safety practices depend on gaining

insights from everyday work, standardizing lessons learned to prevent future incidents, and constantly enhancing

control measures to make them more effective.

We believe that quality leadership is essential to strengthening our health and safety performance and to creating

the right mindset to achieve better results. We are continually training our leaders to create “psychologically safe”

environments, where people can discuss safety issues freely and openly. Shop-floor employees are encouraged to

participate actively by pointing out unsafe conditions, sharing their views, and reporting any opportunities for

improvement identified in their area in the system.

Our leaders are tasked with promoting participation and communication, especially during instances like our Safe

Hour, where they hold conversations with shop-floor employees to better understand how tasks are carried out,

building better connections with operators on the frontline.

The “Safe Hour” program is continuously being refined to encourage dialogue and comments about “work as

done” versus “work as imagined”. The related training course has also been completely updated. Operators are

also invited to contribute ideas to improve working conditions. The focus is on ensuring actions and tasks are

correctly executed and publicly recognizing people for their positive contributions to foster an environment of

greater trust and collaboration.

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In 2025, we continued improving how we respond to human error by changing our mindset, shifting the focus

from blaming to learning, and emphasizing processes rather than people. Training on Human and Organizational

Performance (“HOP”) principles continued in Mexico, the US, Canada, and Brazil and will be further extended to

other regions.

We launched a specific project to increase the number of cameras in all our facilities to support and enhance the

supervision of high-risk activities without substituting the presence in the field. We are continuously exploring AI

solutions for video analysis (in compliance with legal requirements), to help detect critical situations and define

actions to mitigate their risks.

Every employee at all levels is expected to actively contribute to prevention efforts. Specific personal objectives are

defined on preventive activities to be performed in the field, and we use online tools for ongoing monitoring to

support and motivate individuals to continually improve in this area. Objectives have been adjusted to focus on

quality rather than quantity, reducing bureaucracy and focusing efforts on the detection of high-risk activities and

the definition of effective actions to solve them.

Leveraging training and communications

Putting safety at the heart of industrial growth and transformation involves substantial investment in training and

communications. We believe everyone can help prevent accidents and incidents and contribute to a culture of

excellence and responsibility.

Recognizing the crucial role played by supervisors and managers in growing a safety culture, we are continuing to

train leaders in HOP principles to improve risk mitigation strategies and strengthen fail-safe capabilities.

The HOP approach centers on people and their roles, working with shop-floor employees who are closest to

potential risks to design and test risk controls. This line of action enhances our understanding of how individuals

perform their jobs. The endgame is to build systems that are more robust and error-proof, taking human error

into consideration.

The training campaign on ‘Root Cause Analysis’ methodology is continuing globally, with the aim of improving

the quality of our investigations and focusing in the discussion on “what failed” instead of “who failed”,

identifying solutions that address system improvements.

We are also targeting shift leaders, whose role in setting an example and transmitting knowledge is crucial to our

safety strategy. In 2025, we continued a specific plan to ensure they attend high-risk activities training courses

(i.e. work at height) in case one or more of their team members has a certification in that subject. The objective is

to increase their knowledge so that they can perform better preventive activities when they are in the field

supervising those activities. The same training plan was also extended to managers.

We are continually refining our training courses on high-risk activities (e.g., work at height, work in confined

spaces, crane and vehicle operation) for greater effectiveness, incorporating lessons learned and examples arising

from events that occur worldwide. In 2025 we started developing a specific training and certification scheme for

people working on medium-to-high voltage equipment and gas furnaces. We also delivered specific training to

our engineering department focused on construction site safety.

Additionally, we revised the “Communication Routine” training course to enhance the quality and effectiveness

of face-to-face meetings between shift leaders and shop-floor employees. These are opportunities to exchange

clear, consistent, and relevant information on safety, quality, production, and other topics, as well as receive

feedback and suggestions for improvement.

Annual communication campaigns target best practices and highlight potential risks and hazards in the

workplace. In 2025 we continued a campaign to reinforce the importance of performing preventive activities with

quality, focusing on high risks and ensuring that the time we spend in the mill is effective in improving the level of

safety.

andriskto

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Effectiveness in risk reduction

We are committed to reducing the occurrence of high-severity incidents. This involves developing cross-site action

plans following specific risk assessments and relevant events, and a comprehensive preventive program to

leverage the hierarchy of risk controls.

We consistently review our risk analyses at all sites, increasing operator involvement and the number of initiatives

targeting high impact areas. Our safety objectives are supported by detailed plans implemented at each site and

training and communication initiatives. The focus is on implementing robust solutions to reduce risks.

We are continuously reviewing the risks that could lead to catastrophic consequences, performing worldwide mapping

and benchmarking at our sites, and defining targeted investments to improve design and engineering at facilities

and equipment maintenance, ensuring effective alarms and control points, and reinforcing procedures and

training. In 2025, we started, in collaboration with the engineering and maintenance departments, a specific review

focused on steel shops to standardize risk assessment and identify the areas where improvements are needed.

Special task forces on critical risks such as cranes and vehicles are also continuing to share best practices and

activities on these hazards. In 2025, we continued the installation of safety devices following the latest

technologies, including on-board cameras on vehicles with AI capabilities to alert operators when unsafe

situations are detected. We also continue to monitor the implementation of improvement plans aimed at reducing

Severe Interference Risks (“SIR”) in our facilities.

We are also employing a cross-site approach to share lessons learned from critical events to prevent them from

happening again. Actions include improving workplace conditions, documenting procedures, and training.

Although progress is being made, we recognize the need to be more agile in implementing similar measures on a

global scale.

Contractor safety

We include all contractors working at our sites in the Tenaris Safety Management System to ensure our

prevention programs are truly effective.

In 2025 we continued working on a specific project to improve HSE Contractors management, together with

Exiros, our procurement company. The project focuses on making our selection process more robust, ensuring

adequate competence of the people performing the job, reinforcing supervision during the execution phase, and

reviewing our evaluation process to ensure the safety component is adequately considered. For work at height,

we promoted the use of safety nets as an additional safety measure and improved supervision through the

adoption of camera monitoring systems, e.g., body-cams and drones.

We are also strengthening our access control system to ensure contractors meet all the requirements before

entering our site as well as better identifying the areas where high risk activities have been performed to intensify

supervision and verify that all proper safety measures are in place. In 2025, we also revised the mandatory

induction delivered to all new contractors to increase their risk awareness at our sites.

Within contractors, our focus is on Tier 1 Service Sourcing Groups for which we also conduct a formal HSE audit

to check the existence of an HSE system, and the level of development of such system.

The Health Care Project - Supporting better health

Tenaris’s comprehensive occupational health program enshrines Tenaris’s commitment to providing a healthy

workplace, whether in the office, mill or at home when remote working.

The Health Care Project was launched in 2021 as a preventive strategy to help our employees and their families to

be in as good health as possible. In recent years, medical check-ups and follow-ups have been held company wide

as part of our drive to get employees to take responsibility for their own physical and mental well-being.

In 2025, the full program was also extended to the acquired sites of Shawcor.

The check-ups also yield data enabling Tenaris to identify and improve problems statistically common to certain

groups and detect patterns for specific pathologies at regional level.

This enables medical services to identify the most relevant physical examinations for each person and develop a

personalized health management program.

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While the check-up continues yearly, we also defined and consolidated a common set of company-supported

health benefits aimed at promoting physical activity, nutrition, mental health, and anti-smoking programs, as part

of a corporate well-being campaign rolled out at all locations. We are also defining ways to monitor adoption to

adjust further according to needs and preferences.

Worldsteel

We actively participate in the Safety & Health Committee (“SHCO”) of worldsteel, with the aim of sharing best

practices with other companies and defining common standards for health and safety practices. Our Health and

Safety Senior Director, Riccardo Dovera, is currently holding the position of chairman of the committee, further

reinforcing our collaboration.

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Community Relations

Commitment

To drive inclusive growth and development in the communities where we work and live, promoting a culture that

rewards merit and encourages enterprise.

Objectives

• Contribute to improving all levels of education in our immediate and broader communities, with a focus

on technical education.

• Help preserve the identity and heritage of our communities.

• Encourage creativity and innovation through culture.

• Support our communities during crises (health, education, humanitarian).

Tenaris emphasizes inclusive growth in its communities, focusing on education and social mobility, as highlighted

in its Code of Conduct. Through our Human Rights Policy, we foster and promote respect for the fundamental

rights and dignity of the communities where we operate. For more information on our policies, please refer to

“Sustainability Statement - Sustainability in Tenaris - Policies and Procedures”.

Engaging with our communities

Throughout our history, one of the core values intrinsic to our heritage has been the strong relationships we have

forged with the communities where we operate. We are convinced that the sustainable growth of our industrial

project can only be achieved in tandem with progress in the communities where we live and work. Our vision of

community relations reflects the industrial values that have underpinned our activities for over 70 years.

At Tenaris, our commitment to sustainable development is reflected in our ongoing engagement with local

communities and their representatives and members. Our approach is embedded in our core values and daily

activities, ensuring that sustainability is not a separate program but an intrinsic part of our operations.

Moreover, the Compliance Line is one of our primary mechanisms for stakeholders, including communities, to

raise their concerns, and it is an internally established channel designed to ensure that all reports are handled

appropriately. Our general approach to remediating our negative impacts, when such cases are identified through

the Compliance Line is described in “Sustainability Statement - Governance - Business Conduct - Compliance

Line”.

Our Actions

Our community program reflects over seven decades of industrial tradition worldwide, with a special focus on

Latin America. The principle guiding our work is that an industrial project like ours can only be sustainable if

community and industry grow together. We believe that education is the key driver for individual and social

progress, and that we can and must contribute to improving the quality and inclusiveness of education in our

communities.

We have seven strategic programs, focused on education and culture, that are implemented locally to fit the

needs of each community where we operate. Our global education programs are named after Roberto Rocca, one

of our founders, who believed that education is a key factor in people’s development and that there must be

synergy between industrial culture and technical education.

In 2025, Tenaris invested $16.9 million in its community relations program, complemented by a $3 million

donation made directly by a Techint Group foundation; 84% of this amount was invested in education programs,

benefiting more than 12,700 students.

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Educational Programs

For all levels

Our educational programs span the entire schooling cycle, from elementary to higher education, helping children

fulfill their potential and become active contributors to society. We are convinced that access to quality education

leads to individual and collective well-being. Our programs develop 21

century skills, enabling participants to

transform their own reality, always imbued with a strong sense of community.

The Roberto Rocca Technical Schools Network, Roberto Rocca Technical Gene, the Roberto Rocca After School

program and Roberto Rocca Scholarships are the four global initiatives supporting education in our communities.

Roberto Rocca Technical Schools - Developing high standards of technical education

The Roberto Rocca Technical Schools Network aims to be an educational hub with two main objectives: i)

providing equal opportunities for children to access technical high-school education by offering scholarships to all

students according to their needs; and ii) offering technical and educational short courses to people from the

community. These schools are supported by the productive sector and education specialists, to offer the best

pedagogical practices.

In 2025, the Roberto Rocca Technical School Network was invited by the Institute for the Future of Education, one

of the leading educational conferences in Latin America, to share its educational model and impact.

Expanding the network

The first Roberto Rocca Technical School opened in Campana, Argentina, in 2013 and today has 468 students.

Originally built for 420 students, it was expanded to scale up its impact. New intake rates rose from an initial

ceiling of 60 to 72 in 2023. Another focus is encouraging women to study STEM (science, technology,

engineering, and math) subjects: the percentage of female students at the Roberto Rocca Technical School has

risen from 11% in the first admissions process in 2013 to nearly 47% in 2025. Roberto Rocca Schools network

has spread to Pesquería, Mexico and Santa Cruz, Brazil through our sister company Ternium and will continue to

grow with a new school to be built in Veracruz, Mexico.

Students achieve high math and technical levels, and over 90% continue studying at university, in many cases

being the first in their families to do so. The approach is to offer quality education and equal opportunities,

reducing the initial gap between low and high-income entry-level students over the seven years of their schooling.

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With the aim of strengthening employability and education levels for the whole community, the Roberto Rocca

Technical School in Campana operates as an Education Hub. In 2025, its educational offer included basic

technical programs such as Electrical Installation and Welding and, in partnership with industrial automation

leaders FESTO and Siemens, the school also certifies students from other institutions in Industry 4.0 competencies.

Math and Language courses are offered for elementary school students about to begin high school, and since

2025 the school has also offered workshops in 3D Design and Printing, Robotics and Artificial Intelligence for

secondary school students. Additionally, the Roberto Rocca Technical School implements initiatives in partnership

with other educational institutions, including a Diploma in Educational Innovation for teachers and school leaders,

delivered in collaboration with Austral University and the Varkey Foundation, as well as training programs in

Active Learning methodologies for educators from other institutions.

Through these initiatives, the Roberto Rocca Technical School trained more than 1,600 people in 2025, 20%

more than in 2024, reinforcing its commitment to inclusive education, skills development, and long-term

employability.

We believe that gifted and committed teachers are crucial to achieving academic excellence. The continuous

training and performance evaluation of the educators of the Roberto Rocca Technical Schools allows us to ensure

quality in the implementation of the educational model. In 2025, over 4,600 hours of training were provided for

teachers and staff. We also evaluate our teachers using student feedback surveys, use of active teaching methods,

the quality of their classes, and assessment by the schools’ authorities.

Evaluations as a pillar of improvement

The Roberto Rocca Technical Schools network plans its actions as part of a strategy of continuous improvement to

enhance the quality of its education. It holds regular evaluations to benchmark the knowledge levels of its

students.

Regarding Mathematics and Spanish, the students take standardized tests to determine their level at the time of

entry and at the end of their schooling. These tests not only demonstrate the level of academic excellence, but

also that the school is effective in leveling up its students, neutralizing the effect of socioeconomic context.

Roberto Rocca Technical School students also participate in the Math and Spanish tests held by Austral University

to evaluate standards at private schools of a medium-high socioeconomic context. In 2025, the results of the

Roberto Rocca School students were above the average results, even considering that the other schools assessed

have students from better socioeconomic backgrounds.

In 2025, students from the Roberto Rocca Technical School achieved first and second place at the national level of

the Argentine Physics Olympics. In addition, among other recognitions, they reached the final round of the

Argentine Technology Competition ("OATec"), organized by Instituto Tecnológico de Buenos Aires ("ITBA"),

highlighting the academic excellence and technological capabilities fostered through the school’s educational

model.

Every year, students, families, teachers, and staff answer satisfaction surveys about the school environment as a

whole. In 2025, a total of 680 people answered the survey. The favorable rating was about 81%.

Roberto Rocca Technical Gene -

Strengthening technical education

Roberto Rocca Technical Gene contributes to bridging the gap between the knowledge and skills that students

graduating from technical schools have and that the industry needs. The program mainly offers technical and

math training, industrial internships in our industry and modernization of school labs. Roberto Rocca Technical

Gene is present in 27 schools in 6 countries, reaching over 6,700 students and teachers.

For the first time, 190 students from the Roberto Rocca Technical Schools and nine partner schools across

Argentina, Brazil, Colombia, Italy, and Mexico participated in the SteelChallenge, a global competition organized

by the worldsteel, focused on sustainable steel production. The Escuela Técnica Nº4 from Zárate, Argentina

achieved the first place worldwide.

Through technical courses delivered in partnership with ABB, FESTO, and Siemens, in 2025 over 650 students

from technical schools in Bergamo, Campana, Veracruz, and Zárate completed their training in pneumatics,

electro-pneumatics, hydraulics and automation, which enriches the technical qualifications of the participants and

enhances their employability in the industry.

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In Bergamo, Italy, the Fondazione Dalmine further strengthened its leadership in this field by becoming FESTO’s

first certification center in Italy and ABB’s first private certification center. In addition, as part of ongoing

infrastructure enhancement efforts, four new robots were incorporated, expanding the range of available

technologies and enabling students to deepen their hands-on training in automation.

In Zalau, Romania, the Fundatia TenarisSilcotub was created to support the development of technical education in

the community and to promote industrial values. This marks a new milestone in the company’s commitment to

high-quality technical education, the development of Industry 4.0 skills, and the strengthening of the link

between the educational and industrial sectors. In 2025, 690 students and 66 teachers from Calarasi and Zalau

participated in the program.

In Cartagena, Colombia, for the first time, four participants from the Roberto Rocca Program joined the workforce

at TenarisTuboCaribe, marking a key milestone after years of collaboration with educational authorities and local

technical schools to design and align curricula with local industry needs, as well as to train teachers and students,

strengthening youth employability and workforce development. In addition, students participating in the Roberto

Rocca Technical Gene have improved their mathematics evaluation results by more than 15 points over the past

two years and achieved scores above 60 points in the annual Technical Knowledge assessments.

In 2025, we opened our plants to 376 students from Campana, Bergamo, Veracruz, and Zalau to perform their

industrial internships.

In 2025, as part of our efforts to strengthen mathematics learning outcomes in Latin America, we continued

teacher training in Campana, Cartagena, Veracruz, and Zárate. Students from participating schools achieved an

average improvement of seven points compared to peer institutions, highlighting the importance and impact of

teacher training and ongoing pedagogical support.

Roberto Rocca After School program - Starting at a young age

The Roberto Rocca After School program for children aged 6-15 is implemented in public schools operating in

vulnerable contexts. The program focuses on integral development, in particular basic literacy, math, science, and

social-emotional skills, by offering extra-curricular education four days a week. The program is underway in nine

schools in six countries, reaching over 1,900 students. In 2025, to encourage technical education, robotics was

incorporated as a new area of focus, addressing topics such as mechanics, computing, and design thinking.

In 2025, in Veracruz, Mexico, regular student attendance increased significantly after a joint work with the school

and families. This progress was reflected in academic performance, with an improvement of more than four

points in mathematics compared to the previous year.

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Roberto Rocca Scholarships

Encouraging educational excellence

Launched in 1976 in Argentina, the Roberto Rocca Scholarships program encourages academic performance and

commitment among high-school and undergraduate students living in Tenaris communities. In addition to

academic excellence, the selection criteria include a socioeconomic evaluation to promote equal opportunities and

social mobility. In 2025, 1,683 scholarships were awarded to high performing high school students and 256 to

undergraduates studying engineering.

Culture and tradition

Sharing horizons and celebrating diversity

For Tenaris and its sister companies in the Techint Group, art and culture are a source of innovation as well as a

means of celebrating diversity. The contemporary art center Fundación PROA in Argentina holds contemporary art

exhibitions and leads global film festivals in four countries. During 2025, PROA received over 81,000 in-person

visitors in Buenos Aires and, together with Tenaris held film festivals in Campana, Cartagena, Calarasi, Houston,

Blytheville, Bay City, Zalau and Montevideo, where 6,120 spectators attended.

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In addition, Tenaris supports the Galleria d’Arte Moderna e Contemporanea (“GAMEC”) in Bergamo.

The value of cultural and industrial heritage

In Italy, the Fondazione Dalmine in Bergamo has been committed to the dissemination of industrial history and

culture for over twenty years. In addition to organizing exhibitions and activities, the Foundation's archive houses

thousands of documents that recount the history of the last century in the region.

During 2025, more than 29,000 people visited the Fondazione; mainly students and teachers who attended

Industrial Culture workshops on robotics, STEM, media literacy, industry and work, sustainability, and safety, and

also more visitors that took part in exhibitions, guided visits, and cultural activities.

Supporting our communities during crisis

Following the floods that affected the cities of Campana, Argentina and Veracruz, Mexico, solidarity actions were

launched reflecting the Techint Group’s commitment to its communities. In Campana, the Siderca Hotel was

made available as a shelter, essential supply kits were distributed to those affected, and machinery was mobilized

to restore access to neighborhoods and improve drainage channels. In Veracruz, essential supply and cleaning

kits, along with mattresses, were donated to support affected families in Poza Rica.

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Our Value Chain

Commitment

To develop integrated product and service solutions to meet customer requirements for quality and performance

while enhancing safety, efficiency and reliability, and minimizing our environmental impact throughout the supply

chain.

Objectives

• Ensure the highest standards of quality, performance and reliability for our products and services.

• Develop and improve our product and service portfolio to match evolving customer needs and enter new

markets.

• Promote supply chain efficiency through more efficient, cleaner and simplified processes, digital

integration and the minimization of waste.

• Develop reliable and competitive value chains in the countries where we operate.

Customers

We have implemented several policies and management processes to address impacts, risks, and opportunities

related to our customers. These policies are designed to ensure the quality and performance of our products

and to prevent, minimize and mitigate any negative effects on the health, safety, and well-being of our

customers, as well as the environmental impact of our products on their operations, and to address potential

concerns about human rights.

The main policies related to end-users are:

• Quality, Health, Safety, and Environment Policy

• Quality Management System

• Code of Conduct and Compliance Line

• Policy on Business Conduct

• Human Rights Policy

Preventing and remediating impacts

Quality, Health, Safety, and Environment standards

Our commitment to quality, health, safety, and care for the environment is absolute and is embedded in our

management systems. This means that our products and services are developed with a focus on reducing safety

and environmental risks. Our QHSE management systems cover the entire value chain, from suppliers to

customers, ensuring the proper and efficient use of our products and services in accordance with their agreed

specifications.

Our steel products (tubular products, accessories, coiled tubing, sucker rods and coating) are manufactured in

accordance with the applicable specifications of the American Petroleum Institute (“API”), the American Society

for Testing and Materials (“ASTM”), the International Standardization Organization (“ISO”), Det Norske Veritas

(“DNV”) and European Standards (“EN”), among other standards. The products must also satisfy our proprietary

standards as well as our customers’ requirements. We maintain an extensive quality control and assurance

program to ensure that our products and services consistently meet proprietary and industry standards bringing a

high level of competitiveness.

We currently maintain, for all our manufacturing facilities and service centers, a Quality Management System

(“QMS”) certified to ISO 9001 by Lloyd’s Register Quality Assurance and API product licenses granted by API,

which are requirements for selling to the major oil and gas companies and have rigorous quality standards.

Additionally, we have certified the QMS according to API Q2 at certain locations, a certification specifically

developed for companies that offer services in the oil and gas industry.

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All our mills involved in the manufacturing of material for the automotive market are certified according to the

standard IATF 16949 by Lloyd’s Register Quality Assurance.

In addition, the majority of our testing laboratories are certified to ISO 17025. Our QMS, based on ISO 9001, API

Q1 and API Q2 specifications, as well as IATF 16949 when applicable, ensures that products and services comply

with customer requirements from the acquisition of raw materials to the delivery of the final product and services.

The QMS is designed to ensure the reliability and improvement of the product and the manufacturing operations

processes as well as the associated services.

In late 2023, Tenaris acquired Mattr’s pipe coating business, including nine plants and world-class R&D facilities in

Canada and Norway and a wide IP/product portfolio. Its ISO 9001 certified quality management system will be

integrated into our Quality Management System by 2026.

Similarly, our operations are certified under the highest international standards for health, safety and environment

- ISO 14001 (Environment) and ISO 45001 (Health and Safety) management systems, with the majority of our sites

included.

Technical assistance and training for our end-users

To ensure optimal use and performance of our products, we provide technical assistance through dedicated on-

site support from certified field service personnel. We also provide comprehensive training programs tailored

specifically for end-users. These training sessions equip customers with essential knowledge and skills, enabling

them to operate our products effectively while adhering to safety and quality standards.

Transparency in product specifications

As an industry leader, we are committed to providing our customers with transparent access to the technical

specifications of our products and avoiding misleading performance claims. We are committed to transparency in

our product specifications and performance claims, ensuring that all information provided to our clients is

accurate, clear, and readily accessible. This dedication to openness allows customers to make informed decisions

based on reliable data regarding product performance, safety, and compliance with industry standards.

Code of conduct

Our Code of Conduct establishes integrity and transparency standards for all directors, officers, and employees,

and extends these principles to customer relations and business communications. A compliance line is a channel

through which customers can voice their concerns, with all complaints assessed by an internal audit team that

reports directly to the CEO and the audit committee of the board of directors. The Policy on Business Conduct

governs interactions with clients, aiming to minimize corruption risks and foster ethical conduct through regular

risk evaluations and compliance measures.

Human rights and privacy

We adhere to human rights principles, including non-discrimination, through our policies and procedures

designed to protect such rights. We also protect the data privacy of our customers by complying with the General

Data Protection Regulation (“GDPR”) of the EU, and similar local regulations in other countries.

Engaging with our end-users

A salient feature of our business model is that we engage with, and supply our products, directly to end users so

that we can understand more precisely their requirements and develop products and services to meet those

requirements. Communication with end-users, who comprise the vast majority of our customers, is constant and

reflected in the comprehensive services we provide with our products, as well as in our product development

activities. The perspectives of our end-users are thus taken into account in our decision-making processes,

including our DMA and stakeholder engagement process. This approach allows us to identify, track and manage

impacts, risks, and opportunities rapidly and effectively.

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Our business model allows us to engage constantly with our customers, maintaining a continuous and open line

of communication. All dissatisfactions relating to our products and services are recorded and addressed in

accordance with our procedure for the management of these events. In the case of concerns about ethical

behavior and human rights abuses, customers have access to our Compliance Line, which is overseen by our audit

committee comprised of independent board members. More details on this channel are available in the

Governance chapter of this sustainability statement.

Our engagement with end-users extends to our presence at the sites where they use our products – for our oil

and gas customers at their drilling rigs - to which we deliver our products under our Rig Direct

service model.

With our Rig Direct

service, we deliver pipes ready to be run downhole by the drilling rig, along with services

designed to enhance safety, reduce environmental impact, and increase operational efficiency by minimizing pipe

handling and on-site personnel requirements. Additionally, Rig Direct

integrates supply chain and administrative

tasks while offering digital services that ensure full traceability of each pipe’s technical properties and

characteristics.

Every two years we also perform an extensive customer satisfaction survey, of customers representing a large

majority of our sales, with over 1,000 responses from persons responsible for (a) purchasing our products and

services and (b) selecting and using them. The response rate in the most recent survey was 74%, and the

responses included a high volume of comments about specific aspects of our service, both of which serve as

indicators of the strong level of engagement of our customers with the survey. The survey includes specific

questions related to how they view our adherence to high ESG standards and the relevance of our efforts to

address climate change.

These engagements with our customers are critical in shaping our strategies and operations. By actively listening

to them, we can make informed decisions that align with their expectations and enhance their overall experience

with our services. This ongoing feedback loop ensures that we remain responsive and adaptive to the evolving

needs of our customers.

Innovation

Our commitment to excellence is rooted in innovation and continuous improvement, driving the development of

new technologies and services that enhance safety and boost efficiency across the energy industry, while helping

reduce environmental impact.

In 2025, we allocated $64 million to R&D initiatives, bringing our total investment over the last five years to $294

million. Our research and development efforts are conducted across four centers located in Argentina, Canada,

Mexico, and Norway, coordinated through our technology headquarters in Amsterdam.

A team of 263 researchers, product experts, and process engineers is dedicated to advancing materials science,

mechanical design, and applied physics. Their work drives innovation and supports the development of

technological solutions designed for extreme operating conditions, improved efficiency, and safer operations. Our

sustainability strategy also includes investments in digital integration, automation, and AI to improve efficiency

across our global industrial network.

Innovating for a changing energy landscape

Our R&D efforts focus on two key areas: supporting the energy industry, particularly oil and gas operations, while

helping customers advance toward cleaner energy solutions.

Throughout 2025, we continued supporting the development of unconventional drilling through new

technologies and services. Our TenarisHydril Wedge™ Series 400 portfolio keeps evolving to meet the challenges

of increasingly longer laterals in unconventional and thermal applications across North America, combining

extreme torque performance, faster installation speeds and enhanced robustness.

In Argentina, we are expanding our hydraulic fracturing operations by incorporating innovations such as pumps

equipped with Dynamic Gas Blending (“DGB”) technology. By using compressed natural gas ("CNG") as a power

source, this technology improves efficiency, reduces diesel consumption by up to 80%, and lowers emissions. We

also announced the launch of surface casing construction solutions, to support the development of Vaca Muerta,

one of the world’s largest shale gas reservoirs.

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Advancing offshore frontiers

In the offshore market, Tenaris focuses on supporting frontier developments through the expansion of advanced

technologies and integrated services. We collaborate on some of the industry’s most complex projects across the

Guyana-Suriname Basin, the Mediterranean and the Black Sea, Asia Pacific, the North Sea, Brazil’s Pre-Salt and

Equatorial Margin, the offshore United States and West Africa.

We are contributing to next-generation 20K deepwater projects through new TenarisHydril connections, ultra-

high-strength proprietary steel grades and 3D mapping technology for collapse and burst estimations,

strengthening our position in the offshore US market.

A well is composed of several strings. Our Dopeless® offer, widely adopted in offshore operations for its

efficiency and safety benefits, covers the full range of products that may be selected for each of the different

strings and has been extended to large-diameter connectors. Following its deployment in Brazil’s Pre-Salt fields,

Tenaris has strengthened its position as the only OCTG manufacturer capable of offering a dope-free solution for

the entire string, enhancing safety in the rig’s red zone, one of the industry’s highest-risk areas.

Going beyond supply chain integration

In 2025, we marked 10 years since the launch of our Rig Direct® service model in the US, for OCTG pipe and

accessories, which has reshaped the tubular supply chain. Built on a mill-to-well concept, Rig Direct® offers a

comprehensive, digitally integrated approach that boosts operational efficiency, lowers costs, and enhances

reliability and well integrity for oil and gas operations.

Over the past decade, Rig Direct® has steadily expanded to address the evolving needs of the industry and reach

new markets, with digital integration playing a central role in this evolution. For example, PipeTracer®, Tenaris’s

unique digital identification system, provides full traceability of each pipe from the mill to the well, enabling digital

tallies, improving accuracy and streamlining execution.

Today, every solution within Rig Direct® includes a digital component, enabling real-time data, enhanced

traceability and optimized coordination across operations. Most tools are integrated under the Client Hub, a new

platform launched last year to improve navigation across applications and provide a more intuitive user

experience.

We work closely with our customers to identify opportunities to continue optimizing processes and enhancing the

efficiency and safety of energy operations. For instance, our RunReady™ service ensures pipes arrive at the rig site

ready to be run, now also including a pre-applied running coating that simplifies onshore operations and

enhances efficiency. We are also expanding our capabilities for remotely monitoring offshore drilling activities, an

approach already applied to onshore wells through our Remote Monitoring Center in Houston, Texas.

During 2025, WISer™, the latest concept within our Rig Direct® service model, continued to consolidate as a

platform supporting well integrity by capturing and processing real-time data at the rig. Enhancements included

advances in the iRun Casing® technology for real-time monitoring of running operations, the extension of torque

turn monitoring to cover casing running tools, and the expansion of the digital capabilities that support casing

drilling activities.

With 512 rigs served under this approach in December 2025, Rig Direct® helps customers reduce uncertainty,

improve planning and operate more efficiently by aligning our services more closely with their goals. In Guyana,

for example, this integrated approach has proved instrumental in ensuring safe and reliable delivery, keeping rigs

supplied under the ambitious drilling schedule that has transformed the country’s offshore landscape.

Raising the bar for pipeline projects

Our value proposition for line pipe has been strengthened through our One Line® integrated services platform

and advances in TenarisShawcor coating technologies, including new products such as the White Jacket™

coating, while consolidating our portfolio of flow assurance, anti-corrosion, concrete weight coating and flow

efficiency solutions to address complex pipeline requirements.

In 2025 we also reached a new coating milestone by applying the thickest glass syntactic polypropylene thermal

insulation ever used in a five-layer system for an offshore gas flowline in the Romanian sector of the Black Sea.

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Tenaris's technical expertise and proven track record have been instrumental in securing our participation in some

of today’s most significant offshore energy developments. Building on experience from more than 350 onshore

and offshore projects, One Line® solutions integrate services from the design phase to execution, optimizing

efficiency throughout the supply chain. This approach reduces delivery times, ensures high-quality standards, and

lowers logistical costs, all while minimizing the environmental footprint.

Engineering solutions for the energy transition

Tenaris is actively contributing to future energy needs through the development of a low-carbon product portfolio

that includes solutions for hydrogen storage and transportation, carbon capture and storage (“CCS”), geothermal

and nuclear applications.

In CCS, TenarisHydril connections provide a reliable solution for CO₂ injection wells, supported by decades of

testing and field-proven performance in oil and gas environments. Expertise in corrosive conditions also supports

the performance of line pipe products for offshore and onshore CO₂ transportation, complemented by

collaboration with public and private partners to advance materials testing.

During 2025, a comprehensive test program was conducted for a customer’s CCS project in the North Sea. Our

TenarisHydril Blue® connection with Dopeless® technology was subjected to 500 thermal and mechanical cycles

under both normal and extreme conditions. The program was successfully completed, and the tubular

technologies have already been deployed in the field.

As geothermal activity continues to expand across Europe, Tenaris supports this growth through advanced

technologies, a full package of services and technical collaboration. Building on a proven track record, our

contributions span developments in Germany, France, Austria, Romania, Italy and Switzerland, delivering solutions

across the full spectrum of deep geothermal wells, from low-enthalpy projects to the most demanding high-

enthalpy applications. Our offer includes proprietary steel grades engineered for corrosion resistance,

TenarisHydril connections designed to withstand extreme temperatures and thermal cycling, and integrated

services.

In the hydrogen sector, Tenaris applies its metallurgical expertise and manufacturing capabilities to deliver safe

and durable storage solutions through THera®, our proprietary technology developed for hydrogen storage and

transport. These capabilities support hydrogen refueling infrastructure, with THera® systems supplied to projects

in the Middle East and Europe, including Oman and Italy, enabling the deployment of green hydrogen mobility

and helping lay the foundation for broader adoption of hydrogen as a low-carbon energy carrier.

Tenaris is also advancing hydrogen transportation through active participation in joint industry projects, research

initiatives and standard bodies in Europe and the Americas. In collaboration with IGI Poseidon, the company

conducted qualification testing for offshore high-pressure pipelines, supporting the development of future

hydrogen networks.

In nuclear applications, Tenaris contributes to the sector’s expansion by meeting the highest international quality

and safety standards. In 2025, Dalmine, our seamless steel pipe mill in Italy, achieved ASME certification for the

supply of materials for nuclear facility construction.

Reshaping manufacturing through AI and data

Tenaris continues to advance its digital transformation, building on a scalable cloud infrastructure and a unified

data platform that interconnects industrial processes across our global operations, enabling the deployment of

artificial intelligence and machine learning solutions at scale.

Our data science initiatives are delivering measurable impact across the manufacturing processes. In our steel

shops, optimization models refine scrap selection and charge mix design, to reduce costs and support our

decarbonization strategy. Machine learning-based anomaly detection systems monitor furnace conditions in real

time across all our steelmaking facilities.

In our rolling mills, a data-driven launching policy determines the optimal production quantity for each order to

maximize efficiency. In heat treatment operations, a thermomechanical model predicts pipe yield strength in real

time, enabling operators to optimize operational efficiency.

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Computer vision solutions continue to expand, with real-time image classification systems helping prevent critical

equipment failures in piercing machines and now extending to plug defect detection to further enhance pipe

quality.

Generative AI is playing an increasing role across our operations. AI-powered chatbots support shop floor

operators in troubleshooting production line interruptions by leveraging accumulated technical knowledge to

reduce downtime. An executive assistant chatbot has also been introduced, enabling natural language queries on

industrial metrics and supporting descriptive and diagnostic analysis to enhance the speed and quality of

management decision-making. Across the organization, large language models are improving productivity by

automating tasks such as report generation, data quality assurance, and document processing, while low-code AI

platforms support our citizen development strategy for intelligent workflow automation.

Additionally, we have launched a project to automate the order entry process.

Suppliers

We have implemented policies and procedures to ensure sustainable, ethical, and compliant sourcing practices

across our supply chain, while addressing impacts, risks and opportunities affecting suppliers.

For a summary of our main policies and procedures, please see “Sustainability Statement - Sustainability in Tenaris

- Policies and Procedures”.

The Company has in place a Code of Conduct for Suppliers, which has been translated into ten languages and is

made available to all personnel and suppliers. Furthermore, the Company adopted a Sustainable Sourcing Policy,

which is intended to foster closer dialogue with suppliers and improve their awareness of sustainability concepts

so that they can accompany Tenaris in meeting the standards required in its operations, providing support and

guidance as needed. All third parties are required to meet internal standards governing ethical behavior, legal

compliance, and health and safety responsibilities.

Diligent and consistent compliance with the provisions of the Code of Conduct for Suppliers will be considered

for the selection, retention, and evaluation of suppliers. Suppliers are responsible for applying the principles

contemplated in the Code of Conduct for Suppliers in their relationships with the sub-suppliers they work with, to

the extent they participate in any way in transactions or dealings with Tenaris.

Under our Sustainable Sourcing Policy, we carry out a selection process to ensure that our suppliers meet the

standards enshrined in our Code of Conduct and QHSE policy and comply with applicable local laws and

regulations. We expect all our business partners to observe the same high standards we follow internally,

governing ethical behavior, legal compliance, health, safety, and environmental responsibilities.

This Sustainable Sourcing Policy is in line with the principles set forth in the UN Sustainable Development Goals

and the worldsteel Sustainability Charter and complements our Code of Conduct, our Code of Conduct for

Suppliers, our QHSE Policy, our Human Rights Policy, and other related internal policies and procedures.

All together, these policies create a robust framework for responsible supply chain management at Tenaris. We

track the effectiveness of our policies through our supplier management processes and related actions and

indicators, as described below.

For more detailed information on these policies, please refer to “Sustainability Statement - Sustainability in Tenaris

- Policies and procedures”.

Preventing and remediating impacts

Suppliers management processes are defined with a risk-based approach, in which different areas of the company

are involved depending on the aspects covered, either defining the requirements on suppliers, carrying out the

corresponding assessments or conducting the applicable controls.

Our engagement approach with suppliers is embedded within our broader commitment to QHSE management

systems. We recognize the importance of implementing our policies throughout our entire supply chain, from

suppliers to end-users.

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Engagement with suppliers is carried out together with Exiros, our procurement company. Exiros is present in 19

countries, offers a vast range of services and integral solutions for industrial clients within the Techint Group, and

is jointly owned by Tenaris and its affiliate, Ternium.

Exiros’s activities extend across the entire supply chain, from sourcing, hiring, and management of suppliers, to

inventory planning, logistics and import services. Leveraging on market knowledge and purchasing power, Exiros

also supplies materials for different customers around the world through its trading company.

Exiros’s quality management system is certified under the ISO 9001 standard. In December 2025, Exiros had

nearly 93,000 registered suppliers, of which over 16,700 were active during the year, with 9,900 supplying

Tenaris.

Supplier registration

Every new supplier willing to engage in a commercial relationship with Tenaris must go through a registration

process, which guarantees that our suppliers commit to the standards outlined in our Code of Conduct for

Suppliers and comply with applicable laws and regulations. The requirements are defined by Tenaris’s Business

Conduct Compliance Officer (“BCCO”) and Compliance area, while the background check is carried out by Exiros.

Following a risk-based approach, each supplier is categorized according to its associated risk. A general set of

affidavits and controls regarding human rights and origin or relation with restricted persons or countries is

coupled with particular requirements according to the category of materials or services to provide. Also, during

the process, a background check is performed with a screening tool to detect undisclosed red flags.

Due diligence process for high-risk suppliers

The due diligence process, part of Tenaris’ Business Conduct Compliance Program, consists of an integrity risk

assessment of a third party, applicable to suppliers that will represent or act on behalf of Tenaris before any

governmental entity, including customs agents, permitting assistants, law firms, advisors, or commercial agents

that may be susceptible to corruption risks. The due diligence is regulated by specific internal procedures, which

require additional assessment, controls, training, and express commitments, and it is performed at a defined

frequency based on the entailed risk.

BCCO continuous monitoring

Tenaris has strengthened its controls by expanding training programs, conducting more thorough screenings,

standardizing critical service contracts, and including ethics clauses in agreements with third parties. For more

information on our Business Conduct Compliance Program and how relationships with third parties are managed,

please refer to “Sustainability Statement - Governance-Business Conduct - Business Conduct Compliance

Program”.

Conflict minerals campaign

Every year, Tenaris, in good faith, conducts a reasonable country of origin inquiry (“RCOI”) to determine whether

its products contain conflict minerals originating in the Democratic Republic of the Congo or the adjoining

countries subject to modern slavery risks. This process helps us make informed decisions regarding the purchase

of products from our direct suppliers containing conflict minerals. Only a negligible portion of Tenaris products

may contain conflict minerals, particularly from specific ferroalloys or semi-finished products of certain steel

grades. Every year, Tenaris files the Conflict Minerals Form with the SEC.

The Compliance Line

The Compliance Line is managed by the Company’s Internal Audit Department under the supervision of the

Company’s audit committee. Complaints can lead to disciplinary actions, including dismissals and termination of

commercial relationships. For further information, please refer to “Sustainability Statement - Governance-Business

Conduct - Compliance Line”.

Our Actions

The risk of disruption in the supply chain, is a material topic given the conflicts and geopolitical unrest around the

world, impacting how companies run their businesses. The need to build resilience into the supply chain and to

have a diversified sourcing strategy is as strong as ever.

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In this context, Tenaris is devoting considerable resources to strengthening its supplier relationships, with a view

to reducing transaction costs, as well as enhancing flexibility and fostering greater adaptability for more efficient

problem-solving.

We are committed to working with our suppliers to improve sustainable business practices, assisting them in

identifying risks and opportunities, providing training, sharing knowledge, and raising awareness, and, in general,

working together to improve the sustainability of our supply chain and our business.

By deepening our approach to value-chain management, we are also extending existing policies implemented by

our procurement company Exiros, with a sharper focus on environmental performance.

GHG Emissions - Scope 3 campaign

In 2022 we started a CO

emissions campaign with our suppliers, with the objective of assessing suppliers’ real

emissions factors, which are then considered in Tenaris’s own emissions accounting. Following worldsteel

methodology and international standards, nearly 100 suppliers from relevant raw materials categories were

assessed in 2025, including iron ore pellets, pig iron, ferroalloys and lime suppliers, among others.

Sustainability assessment - Open-es platform onboarding

With the aim of increasing our knowledge of the value chain status regarding sustainability and fostering the

development of sustainable practices within suppliers, we invited an initial group of approximately 40 suppliers to

provide feedback, of which 27 have completed their assessment on the Open-es platform or provided a similar

sustainability assessment.

Conflict minerals campaign

To manage our impacts, risks and opportunities related to workers in conflict minerals areas, we conduct an

annual Conflict Minerals control campaign led by our compliance department. This campaign targets suppliers

who provide raw materials or semi-finished steel products potentially containing conflict minerals, such as

ferrotungsten and steel bars. Suppliers are required to answer questions regarding the presence of conflict

minerals in the materials they supply to Tenaris and detail the origin of these raw materials.

In 2024, we identified and surveyed 42 potential Conflict Minerals suppliers, all of whom (100%) confirmed that

none of the products supplied to Tenaris, including raw materials, contain conflict minerals originating from any

of the covered countries. The 2025 campaign is in progress, with more than 40 suppliers contacted.

Quality management

We have an annual audit plan to assess suppliers’ quality management systems, focused on our critical suppliers,

regarding the quality of services and materials provided, and how such inputs impact the quality of Tenaris's final

products. During 2025, we have audited 257 suppliers.

Health, Safety and Environmental management

Suppliers performing high HSE risk activities inside Tenaris´s mills are required to have implemented an HSE

management system based on international standards. As of the date of this report, we have audited and certified

97% of our high-HSE risk active service suppliers.

ProPymes Program

Launched in Argentina, in 2002, the ProPymes Program supports small and medium-sized enterprises (“SMEs”)

that are part of the value chain of Tenaris and its sister companies Ternium, Tecpetrol and Techint Engineering &

Construction. The program seeks to build an integrated industrial ecosystem by supporting the growth,

innovation and international development of participating companies, reflecting the understanding that a

competitive and sustainable industrial base is essential to transform natural resources into productive capabilities

and value‑added production, generating quality employment and long‑term value for local communities.

Today, the program based in Argentina works with 1,206 firms, strengthening their capabilities through technical

assistance, training and access to financing. Since its inception, ProPymes has trained 64,870 employees,

delivering in 2025 over 106 thousand training hours across all organizational levels, and has provided nearly $99

million in credit support. Assistance has focused on investment planning and development, improving cost

structures and strengthening productivity-key factors for maintaining competitiveness and adapting to changing

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global conditions. Participating firms have exported goods and services worth approximately $283 million

cumulatively to other Group companies.

The 24

ProPymes Seminar, held in December 2025, brought together 873 representatives from SMEs and

industry voices, reaching a record level of both in-person attendance and digital reach. The seminar addressed the

challenge of building an integrated development model and featured panels focused on the global economic

context, industrial competitiveness and, value chain integration, highlighting the importance of a strong local

industrial base to support innovation, technical education and workforce development as pillars of sustainable

industrial growth.

ProPymes also replicates the Group’s community education program Technical Gene, which promotes closer links

between industry, technical education and local communities. With the support of ProPymes, participating SMEs

implement their own local education initiatives, which in 2025 helped technical schools train 420 young people in

workplace skills and sponsored over 600 paid internships, providing hands-on, on-the-job training in 2025. These

initiatives reflect the understanding that industry and education are deeply interconnected, as the formation of

future technical talent, continuous learning and the preservation of skills and knowledge are vital to long-lasting

industrial development.

Payment practices

Tenaris´s business model relies on an extensive network of suppliers, in markets with significant regional and

country differences. We do not categorize suppliers and therefore, do not have different payment terms by

category. Payment terms vary mainly by country as well as from supplier to supplier.

In 2025, the average number of days to pay invoices across all accounts payable was 36 days. The percentage of

payments made in line with their payment terms was 88%. Tenaris has no ongoing legal proceedings for late

payment.

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Governance - Business Conduct

Commitment

To build a corporate culture of transparency and integrity based on ethical behavior and compliance with the law.

Objectives

• To develop and oversee Tenaris’s strategy and risk management, taking into account financial, social,

environmental, compliance and ethical considerations to ensure our long-term sustainability.

Policies and Procedures

We have implemented policies and procedures to manage and address impacts, risks, and opportunities for our

employees related to ethics and compliance, health and safety, working conditions, and human rights. For a

summary of our main policies and procedures, please see “Sustainability Statement - Sustainability in Tenaris -

Policies and Procedures”.

Code of Conduct and the Policy on Business Conduct

Tenaris has significantly enhanced its policies and procedures to establish a comprehensive normative framework

to prevent, detect, and mitigate bribery, corruption, and related risks, by outlining anti-bribery and anti-corruption

controls and several risk mitigation measures. The foundation of this normative framework is the Code of

Conduct and the Policy on Business Conduct, which explicitly prohibit any actions that could contravene

applicable anti-corruption and anti-bribery laws.

The Code of Conduct was initially approved by the Company’s board of directors in 2003. It has been reviewed

regularly, with revisions approved by the Company’s board of directors. The most recent edition was released in

2024. The Code of Conduct is accessible to the public on our website and on Tenaris’s intranet and is available in

the local languages of many locations where Tenaris operates. The Code of Conduct applies to all Company

personnel and extends to any entities under the Company’s control and any third-party representatives.

The Policy on Business Conduct, initially approved in 2009, outlines the Company's anti-corruption and anti-

bribery rules to ensure ethical and compliant conduct in all business relationships and interactions with

government agencies, state-owned enterprises, private-sector entities, and their representatives. This Policy on

Business Conduct encompasses provisions regarding compliance training, due diligence in hiring third-party

representatives, prohibited payments, identifying red flags in business relationships, monitoring compliance,

internal investigation procedures, and disciplinary actions. The Policy on Business Conduct is dynamic and

undergoes regular reviews to ensure compliance with international standards and best practices, incorporating

lessons learned since its inception. Like the Code of Conduct, the Policy on Business Conduct has been translated

into the local languages of many regions where Tenaris operates. The most recent version of the Policy on

Business Conduct was released in March 2024.

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Code of Conduct for Suppliers

The Company has adopted a Code of Conduct for Suppliers to ensure that Tenaris’s suppliers adhere to high

standards of integrity, transparency, and compliance with laws in all business dealings. For more information

about this Code of Conduct for Suppliers and how the Company manages its relationship with all its suppliers,

please refer to “Sustainability Statement - Social - Our Value Chain”.

Accounting Provisions

The Company has adopted specific policies and procedures to ensure compliance with the accounting provisions

of relevant anti-corruption law, and the accuracy of its books and records. For example, the Financial Controls and

Accounting Policy, most recently reviewed in 2024, aims to minimize the risk of inaccuracies in accounting entries

due to error or fraud, bribery, or corruption. The Company’s Books and Records Assurance Procedure outlines

strict rules and guidelines for the accurate and timely recording of all transactions. Additionally, the Document

Retention Policy adheres to best practices and international laws on the maintenance of records and historical

archives for legal, commercial, and compliance purposes. Furthermore, the Code of Ethics for Senior Financial

Officers, which applies to the principal executive, financial, and accounting officers, as well as controllers and

similar roles, aims to prevent misconduct and ensure these officers uphold personal and professional integrity,

comply with the law, and follow the Company's Code of Conduct and other policies. The Company has also

adopted a Conflict of Interest and Non-Competition Policy to address risks associated with the Company’s

business interactions with others; this policy was last updated in 2022.

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Compliance Culture

Tenaris recognizes that extensive training and dissemination are essential for successfully fostering a culture of

compliance. Consequently, Tenaris has developed a comprehensive training program for all employees. The

training comprises a blend of in-person and online sessions, including live webinars on business ethics, and

business conduct policies and procedures. To enhance effectiveness and retention of information, the training has

transitioned from traditional classroom settings to workshops that integrate theory and practice. These workshops

include case studies, guest professors and speakers, quizzes, surveys, and interactive activities. Additionally, the

training incorporates videos with practical scenarios.

Training is based on employees' functional roles, position risk assessments, and their exposure to customers or

governmental entities. Additionally, the Company conducts onboarding meetings for newly promoted senior

employees, focusing on those who will interact with customers or government entities in high-risk countries.

Regarding compliance dissemination, the Company has implemented a multidisciplinary approach to its

compliance communications strategy, fostering a comprehensive, Company-wide culture of compliance. The

compliance function employs various communication channels to reinforce and complement training efforts,

thereby ensuring continuous employee engagement and awareness of best practices. For example, the Company

uses newsletters, brochures, fictional case studies, targeted emails, billboards in office locations and

manufacturing sites, flyers, reminders and specific campaigns focused on policies and procedures, internal

controls, and red flags awareness. These approaches, communicated to both employees and management

underscore the significance of compliance and provide practical examples of potential compliance issues.

Compliance culture is consistently emphasized in leadership communications and interactions with the compliance

function, with senior management actively requesting advice and participating in town halls, management

meetings, and training sessions.

Additionally, the Company regularly uses diverse communication channels to distribute policy updates, raise

awareness of controls, refresh business conduct compliance expectations, and communicate activities and lessons

learned during visits to Tenaris’s facilities or commercial offices.

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Business Conduct Compliance Program

Tenaris adhered to the United Nations Global Compact initiative, which promotes corporate sustainability by

formalizing its commitment to operate under the human rights, labor, environmental and anti-corruption

principles outlined by the Global Compact. Tenaris’s Business Conduct Compliance Program is aligned with anti-

bribery and anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (“FCPA”), the

UK Bribery Act, and the OECD Convention on Combating Bribery of Foreign Public Officials in International

Business Transactions.

The Company has implemented a comprehensive set of activities and compliance measures designed to prevent,

detect, and address instances of corruption and bribery. These initiatives are integrated into its Business Conduct

Compliance Program, which encompasses the following elements:

• Policies and Procedures: The Company issues or updates its normative framework to define

comprehensive business conduct rules, processes, standards, and controls. These policies and procedures

are designed to prevent, detect, and mitigate bribery, corruption, and related risks. Additionally, these

documents specify the responsibilities of each employee in implementing them.

• Communication and Training: The Company consistently communicates its policies and procedures to

personnel. It ensures they are kept up to date with compliance news, reminders, and training sessions,

fostering a clear understanding of the Company's ethical standards and compliance culture, which

employees are required to adhere to. During 2025, the Company issued more than 40 compliance

communication pieces relevant to business conduct. Regarding business conduct compliance training,

during 2025 the Company conducted 79 in-person or live training sessions for 1,801 employees in 23

countries where Tenaris operates, participated. In addition, 1,005 employees completed customized e-

learnings on the Policy on Business Conduct. Additionally, third parties with higher exposure are

mandated to complete specialized compliance training. These training sessions emphasize business and

ethics commitments, reinforced by the Company's messaging on expected behavior, obligations,

responsibilities, and consequences of non-compliance. During 2025, the Company provided on-line

training to 494 non-Tenaris employees of 150 third parties.

• Risk Assessment: The risk assessment on business conduct involves regularly evaluating geographical

locations, functions, business activities, and interactions or transactions with specific third parties that

may expose the Company to higher bribery and corruption risks.

• Third Party Risk Management: The Company assesses third parties to identify potential integrity risks they

may pose on Tenaris. The Company has implemented a risk-based due diligence process, which includes

compliance commitments (including adherence to legal and regulatory standards), screenings, and

standard clauses. During 2025, the Company completed 188 enhanced due diligence on higher-exposed

third parties.

• Guidance and Advice: The office of the Business Conduct Compliance Officer (“BCCO”) regularly

provides employees with guidance and advice on anti-corruption and anti-bribery compliance, supporting

them in their daily activities and decision-making processes. During 2025, the compliance function

responded to 991 requests for compliance advice.

• Compliance Monitoring: The Company regularly reviews key processes, including due diligence,

screenings, business justifications, payment rationality, red flag resolution, completion of mitigation

measures, and supporting documentation provided by functions that sponsor a transaction or the

engagement of a third party. The objective is to ensure high-quality integrity assessments, preventing

transactions or business relationships with third parties who may deviate from standards, have negative

historical records, or lack necessary credentials for their assigned tasks. During 2025, the Compliance

function conducted 891 monitoring activities, 414 concerning high-risk countries; none dealt with critical

or material concerns. The Compliance function communicated its observations and proposed remediation

measures for management to implement, and reported indicators, including red flags and mitigations, to

the audit committee of the board of directors.

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• Reporting: The BCCO reports regularly to the audit committee of the board of directors and the CEO on

risks, remediation efforts, program indicators, and regulatory trends. The BCCO can also escalate critical

issues requiring top-level action or investigation.

• Key Business Conduct Enhancements: During the years of the Business Conduct Compliance Program,

the Company has developed several responses and process improvements, including updates to the Code

of Conduct, the Policy on Business Conduct and the Policy on Conflict of Interest for Employees;

incorporating the Key Principles of the Policy on Business Conduct for Third Parties; and the Compliance

Line platform; coordinating in-person and online compliance re-training for employees and

intermediaries; regularizing compliance measures on suppliers with a risk-based approach; standardizing

background checks methodologies, business ethics clauses and certain types of contracts; certifying

compliance and developing the “BCCO Office Responds Platform” for compliance guidance and advice

to employees, among others.

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Business Conduct Risk Management

Tenaris recognizes that maintaining appropriate internal controls requires the identifying structural and incident-

specific gaps through rigorous testing and analysis. The principal mechanism for evaluating bribery and corruption

risks is the Company’s Business Conduct Risk Assessment.

Certain functions may be more susceptible to risks than others. Examples include employees who frequently

interact with customers, government bodies, or state-owned companies; those who manage relationships with

third parties; those working in countries or regions identified as high-risk for corruption; and those involved in

business development, new projects, entry into new markets, appointing representatives or business associates in

high-risk areas, and mergers and acquisitions.

The Risk Assessment identifies geographic locations, areas and activities that expose the Company to potential

bribery and corruption risks. It analyzes and assesses those risks, and evaluates the suitability and effectiveness of

the Company’s current controls considering those risks. In addition, the Company’s compliance function analyzes

each job function’s exposure to risks by considering several factors, including the employee’s level within the

Company and scope of responsibilities. Based on the Risk Assessment, the compliance function designs, develops

and implements appropriate risk-based controls and monitoring activities to mitigate identified risks, and tailors

the priorities of the Company’s Compliance function. In particular, the Risk Assessment defines and informs the

Compliance Officer’s agenda for business conduct monitoring plans, training plans, communications and

certification campaigns, process improvements and plans for future reviews and updates to the Company’s

policies and procedures.

The risk assessments on bribery and corruption are performed regularly, but certain events may also trigger a

specific assessment that occurs sooner than the next scheduled risk assessment. For example, new projects, entry

into new markets, new representatives in high-risk markets, substantial reorganizations, changes in management

and staffing, new regulations or changes to existing ones, and mergers and acquisitions can all give rise to an

immediate review of the relevant Company compliance policies and activities to address such events.

Monitoring, Investigations, Audit Reviews and Compliance Assurance

The Business Conduct Compliance Office conducts various forms of business conduct compliance monitoring,

including due diligence control on third parties and transactions, enhanced background checks, identifying and

assessing potential red flags, and addressing red flags that may require an investigation by the Internal Audit

Department, supported by the Legal Department or external advisors.

Whenever necessary, the BCCO, with assistance from the Internal Audit Department and Tenaris Legal Services,

promptly investigates all reports or complaints regarding violations of the Policy on Business Conduct and related

procedures. Both the BCCO and the Internal Audit Department are provided with adequate resources and receive

reasonable cooperation from company personnel for such investigations.

The Internal Audit Department executes audits and follow-up reviews specifically related to compliance with the

Policy on Business Conduct and related procedures. These reviews are carried out in accordance with an annual

audit plan. The methodology applied to define the annual audit plan is aligned with the international standards of

the profession and best practices, which include periodic reviews to ensure an adequate focus on emerging risks,

changes in business strategies/processes, and/or acquisitions that may occur. The audit committee approves the

annual audit plan and receives quarterly updates on its execution.

The Internal Control Compliance area coordinates and verifies the Company’s activities within an adequate

internal control framework, ensuring compliance with internal and external audit requirements, and implementing

improvements or remediating deviations. In addition, the Internal Control Compliance area is responsible for

monitoring internal control risk situations, ensuring compliance with standards, and updating and disseminating

the applicable control framework. It ensures continuous monitoring of internal control risk situations through the

verification of compliance with internal and external audits. The area also conducts annual Sarbanes-Oxley tests

on behalf of management to support the required certifications.

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Disciplinary Measures

The Company takes violations of its policies and procedures seriously. Failure to comply with the Code of Conduct

or the Policy on Business Conduct will be grounds for disciplinary actions.

Upon identifying that the Policy on Business Conduct has been violated, the BCCO is alerted. The Internal Audit

Department evaluates the scope and specifics of the violation and provides recommendations for corrective

measures. The BCCO shall determine the appropriate disciplinary measures to be taken, if any, considering the

nature and seriousness of the violation, in consultation with the Human Resources and Legal departments, and

the supervisor(s) of any involved employee(s). After the BCCO determines and approves the appropriate

disciplinary measures, the regional manager for the affected region collaborates with the BCCO to ensure that

such disciplinary measures are implemented.

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Compliance Line

The Compliance Line is a multi-faceted reporting system that allows employees and third parties (including

customers, suppliers, community members, and other interested parties) to make reports by telephone (through a

toll-free telephone line available in most countries where Tenaris operates), electronically (through a web page

(https://www.bkms-system.com/Tenaris), QR code, mobile device, email (a[email protected] or

audit_inquiries@tenaris.com), or through direct communication with the Company’s audit function.

This confidential and anonymous communication channel is available 24/7/365 to report any actual or suspected

violations of the Code of Conduct, other policies or applicable laws, as well as any other improper activities.

Reporting options are available in eleven different languages, ensuring accessibility for a diverse user base, and

the system is designed to be intuitive and user-friendly. This system integrates advanced technology to enable the

Company to receive and manage complaints in line with current best practices and regulatory requirements.

Shareholders, investors and other interested parties have also an exclusive channel called the “Shareholder's

Compliance Line” to communicate their concerns related to financial statements or internal control over financial

reporting. It is a web-based form (https://ir.tenaris.com/corporate-governance/shareholder-compliance-line) that,

once submitted, is sent directly to the members of the Company’s audit committee and the Chief Audit Executive.

The Compliance Line is managed by the Internal Audit Department under the direct supervision of the audit

committee. All reports received through the Compliance Line system are confidential, and access to these reports

is highly restricted to ensure that such information is appropriately protected and to reduce the risk of retaliation

against reporting individuals.

All reports are received, processed, administered and investigated by the Internal Audit Department, which may

request assistance from other departments or areas as necessary. All reports are handled to ensure objective,

independent, unbiased, and fair treatment of individuals and of any information received, collected or processed

during investigations. Upon completion of the investigation, appropriate action plans are implemented, if

applicable. Remedial measures may include disciplinary actions for employees, improvements to processes and

internal controls, termination of business relationships, financial claims, impacts on supplier evaluations, legal

actions, or other corrective measures, as applicable.

Communication Campaign and Training

Tenaris maintains a permanent communication campaign to promote awareness of its Compliance Line, ensuring

broad and continuous visibility across the organization. Communication channels include articles and digital

banners on TenarisToday (intranet), mill newspaper publications, messages distributed via WhatsApp and the HR

App, emails, social media posts, screen savers, posters, roll up banners, tent cards, signage, and videos displayed

on screens throughout offices and operational facilities.

To reinforce a culture of integrity and ethical behavior, the Internal Audit Department delivers training activities

focused on business ethics and compliance. These initiatives are designed to ensure that employees understand

and adhere to the Company’s Code of Conduct. Both in-person and online training sessions are provided, each

including a dedicated module on the Compliance Line. Training content addresses key topics related to integrity

and transparency policies, internal controls, and fraud prevention, and enables employees to identify violations to

the Code of Conduct and the different channels available to report them through the Compliance Line.

The Compliance Line is publicly available on Tenaris website, reinforcing transparency and accessibility for internal

and external stakeholders. In addition, third parties engaged in operations with the Company are reminded of

these reporting mechanisms through provisions included in Tenaris invoices and in the Standard Terms and

Conditions for Suppliers, which encourage the reporting of any irregularity or potential violation to the Code of

Conduct.

Protection of Whistleblowers

The Company has adopted robust policies and procedures to protect whistleblowers and other reporting

employees from any form of retaliation.

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The Code of Conduct expressly prohibits retaliation against individuals who raise any issue, report any potential

violation, or participate in an investigation, and it allows them to file anonymous reports. However, the Company

encourages whistleblowers to identify themselves or provide contact information, considering that the ability to

interact with whistleblowers increases the effectiveness and efficiency of investigations.

Any measures adopted by the Company as a result of a complaint investigation ensure equitable and impartial

treatment of the personnel and third parties involved. The Company does not tolerate any harassment,

discrimination, punitive actions, or retaliation against individuals who seek advice, raise concerns, report a breach

or suspected breach, or report potential violations in good faith. Any complaint regarding punitive or retaliatory

actions is promptly investigated by the Internal Audit Department, and appropriate remedial and/or disciplinary

measures are taken if the investigation verifies any alleged retaliation or punitive action.

Feedback to the Complainant

The Internal Audit Department acknowledges receipt of all reports received through the Compliance Line and

provides feedback on each report to the relevant reporting person within a reasonable time, in accordance with

the provisions contemplated in applicable laws and regulations in each jurisdiction.

Notwithstanding the above, Tenaris is not required to disclose details pertaining to specific individuals or any

information that may compromise an investigation. The scope and content of the feedback is defined on a case-

by-case basis.

Effectiveness of the Channel

In 2025, the number of reports to the Compliance Line remained in line with the average of the last three years,

reaffirming continued confidence in the Compliance Line. Further evidence of the effectiveness of the channel is

the substantiation rate, which has consistently been around 50% in recent years.

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Human Rights

Tenaris is committed to conducting all its operations in a manner consistent with human rights principles, ensuring

respect for the fundamental rights and dignity of every individual. Tenaris's Human Rights Policy, adopted in 2009

and updated in 2022, reflects the Company's unwavering commitment to aligning its operations with the Universal

Declaration of Human Rights, the principles articulated in the International Labour Organization's Declaration of

Fundamental Principles and Rights at Work, and the United Nations Global Compact. These principles include an

unwavering respect for human freedom and dignity, the prohibition of child labor, forced labor and discriminatory

behavior, and the recognition of the rights to freedom of association and collective bargaining.

Tenaris is subject to, and committed to compliance with, applicable human rights, forced and child labor, and

modern slavery regulations, including the UK Modern Slavery Act 2015, the Dutch Child Labour Due Diligence Law,

the Norwegian Transparency Act, and the Canadian Fighting Against Forced Labour and Child Labour in Supply

Chains Act. Every year, the board of directors approves the Company's Annual Statement on

Human Rights and Modern Slavery, which describes how the Company monitors itself and its suppliers.

Tenaris promotes a healthy and respectful workplace environment, with utmost respect for all laws governing

human and labor rights, and supports the elimination of all forms of discrimination and, illegal, forced, or

compulsory labor, slavery, or servitude, in particular child labor. The Company's Code of Conduct, with its most

recent edition released in 2024, contains a specific chapter called “Workplace Environment” that reinforces these

standards and describes the obligations of employees and third parties. Tenaris's suppliers and contractors are

expected to comply with these principles.

Furthermore, the Company adopted a Sustainable Sourcing Policy, which is intended to foster closer dialogue

with suppliers and improve their awareness of sustainability concepts so that they can accompany Tenaris in

meeting the standards required in its operations, providing support and guidance as needed. All third parties are

required to meet internal standards governing ethical behavior, legal compliance, and health and safety

responsibilities, maintaining a work environment that is respectful of the fundamental rights and dignity of people

free of violence, harassment, abusive treatment, or exploitation.

Our Sustainable Sourcing Policy is in line with the principles set forth in the UN Sustainable Development Goals

and the worldsteel Sustainability Charter and complements our Code of Conduct, our Code of Conduct for

Suppliers, our QHSE Policy, our Human Rights Policy and other related internal policies and procedures.

Altogether, the Code of Conduct and all these policies create a robust framework for human rights’ regulations

compliance, modern slavery and child labor preventive activities, and responsible supply chain management at

Tenaris, which is structured on the following commitments:

• Respect for human freedom and dignity: Tenaris prohibits child labor, forced or compulsory labor, slavery,

servitude, cruel, inhuman, or degrading treatment, and discrimination.

• Broad scope: The policies and procedures apply to Tenaris, its directors, officers, employees, and joint

ventures controlled by Tenaris, and their directors, officers, or employees. They also apply to Tenaris’s

providers, suppliers, and third-party collaborators, ensuring appropriate controls over Tenaris’s supply

chain.

• General standards and principles: All Tenaris employees, providers, suppliers, and third-party collaborators

must be treated with dignity and equality. Tenaris promotes diversity and rejects any type of harassment

or discrimination based on gender, sexual orientation, ethnic origin, color, age, religion, or political

opinion.

• Commitment to a safe work environment: Tenaris opposes forced, child, or compulsory labor and will not

tolerate slavery and servitude in any form. The company is committed to a work environment free of

violence, harassment, abusive treatment, or exploitation.

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In order to ensure compliance with applicable human rights, labor, and modern slavery laws and regulations within

its own operations, Tenaris has established a consistent internal monitoring mechanism through its Human

Resources Department. On an annual basis, the Human Resources Department conducts a comprehensive internal

survey process involving all regional Human Resources Senior Directors to assess specific human resources practices

across the organization.

Through this certification process, each Human Resources Director is required to assess and certify the Company's

compliance with key matters that are typically of concern from a human rights and modern slavery perspective,

including, without limitation: (i) adherence to minimum age requirements for employment; (ii) the treatment and

use of migrant workers; (iii) the payment of recruitment fees; and (iv) respect for employees' right to voluntarily

terminate their employment.

The findings, certification process, and conclusions of this internal review are submitted to and shared with the

board of directors and are further reflected in the Company's Annual Statement on Human Rights and Modern

Slavery, thereby ensuring appropriate governance oversight of the Company's internal compliance practices.

Although we seek to find business partners and suppliers with common understanding of our core values and make

efforts to engage with reputable entities, given the breadth of our operations worldwide and the variety of products

and services we require, we cannot fully eliminate the potential for breaches of applicable laws or disregard for our

established practices.

In a first attempt to tackle human rights infringements, forced and child labor and modern slavery, we have

implemented due diligence measures across third party suppliers, without distinction as to their size or activity,

aimed at reviewing human rights and modern slavery compliance on a general basis. This general and expansive

approach allowed us to obtain general information on its supply chain and set minimum standards for suppliers in

different tiers.

Our Due Diligence and On boarding Processes for Suppliers

Suppliers' management processes are defined with a risk-based approach, with different company areas involved

depending on the aspects covered. Engagement with suppliers is carried out together with Exiros, Tenaris's

procurement company, which offers services across the entire supply chain, from sourcing and hiring of suppliers

to inventory planning, logistics, and import services.

Every new supplier must go through a registration process that guarantees commitment to our Code of Conduct

for Suppliers and compliance with applicable laws. Requirements are defined by Tenaris's Business Conduct

Compliance Officer and the Compliance area, with background checks carried out by Exiros using a risk-based

approach.

Tenaris performs background checks of suppliers aimed at detecting undisclosed red flags prior to including them

in the Suppliers Masterfile. Review of background information is part of the usual onboarding process. Within the

framework of risk assessment, Tenaris has: (i) adopted a due diligence review to verify that new suppliers comply

with essential human rights regulations; (ii) included in general terms and conditions a commitment by third-party

contractors to comply with applicable laws on human rights; and (iii) implemented a Code of Conduct for Suppliers

based on United Nations recommendations.

Employee Training on Forced and Child Labor, Modern Slavery and Human Rights

Tenaris has in place comprehensive training course covering the most relevant laws and regulations impacting

operations and the risks when dealing with suppliers and third parties. Training sessions are adapted based on the

selected audience and focus on: (i) raising awareness within procurement areas on due diligence; (ii) educating on

applicable standards, laws, and regulations; (iii) providing perspective on risks if policies are not complied with; and

(iv) underlining the strategic role of the Human Resources Department.

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The training campaign includes targeted sessions for the Human Resources Department and the procurement

function. E-learning courses on modern slavery and human rights were deployed through a dedicated platform and

made available to buyers within procurement areas.

Review, Control and Remediation Activities

The Internal Audit Department periodically conducts specific reviews on human rights, modern slavery and child

labor practices. These reviews, together with any matters identified by the Human Resources Department, allow

Tenaris to ascertain areas for improvement, for which Internal Audit Department and, as applicable, the Human

Resources Department can propose specific courses of action.

Although Tenaris has not encountered any instances of forced labor or child labor, the Company conducts regular

reviews of its internal practices and audit procedures to identify opportunities for enhancement and to strengthen

controls.

Moving forward, Tenaris is committed to continuing its preventive efforts by refining operational practices,

bolstering existing controls and procedures, and maintaining rigorous supply chain oversight to ensure effective

compliance with the principles set forth in its Human Rights Policy.

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Annexes

Annex I: Sustainability Statement Accounting Policies

The principal accounting policies applied in the preparation of this sustainability statement are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

While the Company is not yet subject to CSRD reporting requirements, this sustainability statement has been

prepared with reference to the ESRS published in July 2023 as a framework, as issued by the EFRAG. This report

also takes into account the reporting standards established by the Sustainability Accounting Standards Board ("SASB"),

the GHG Protocol and worldsteel, and the goals of the UN Global Compact.

The information has been prepared on a consolidated basis, including data from the entire global operations. This

scope covers all subsidiaries and associated companies where Tenaris has operational control, unless stated

otherwise in this statement. It encompasses all operational regions, reflecting the company's global presence and

its varied impact across different geographical locations. It incorporates data from the consolidated financial

statements and operational metrics from all relevant business units. The scope of this sustainability statement is

the same as the one for our financial statements, except for those production sites that were not considered

material due to their low level of operation during the year, or any other case explicitly described in this

statement. For the definition of topics to be reported please see our Double Materiality Assessment chapter in this

annual report.

Tenaris covers its entire value chain, considering upstream and downstream activities as well as own operations.

The materiality assessment of impacts, risks and opportunities is mainly focused on the oil and gas industry for the

downstream value chain, due to its weight in total sales (89%). Tenaris is also providing products and services to

industrial, mechanical, automotive and low carbon energy industries. Our Policies and actions extend to the value

chain, especially in the upstream where Tenaris has more control over business activities.

Tenaris defines short term in the field of risk management to be one-year, medium term up to five years, and long

term over five years, hence consistent with the definition that the ESRS 1 section 6.4 Definition of short-, medium-

and long-term for reporting purposes is providing.

Our Health, Safety and Environment, and Quality Management systems are designed according to the latest

versions of the ISO 14001, ISO 45001 and ISO 9001 standards.

Rounding

Certain monetary amounts, percentages and other figures included in this sustainability statement have been

subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic

aggregate of the figures preceding them, and figures expressed as percentages in the text may not total 100% or,

as applicable, when aggregated, may not be the arithmetic aggregate of the percentages preceding them.

Environment

The scope of environment accounting includes all Tenaris steel and tubular production sites where Tenaris has

operational control. This include the production of tubular products included in our Tubes segment in addition to

the production of sucker rods, coiled tubing and tubes used for plumbing and construction operations which are

included in our Others segment. According to our internal procedures, a site’s environmental data may be

excluded if its production level is under 10,000 tons of pipes in the reporting year. A site’s emissions may also be

excluded if it is not operative for at least nine months of the reporting year. Coating operation sites are always

included, no matter their level of production. Our oilfield services business unit is included but in general separated

on the data points unless otherwise stated.

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GHG Emissions

To calculate or measure our GHG emissions, we employ the following methodologies, significant assumptions,

and emissions factors:

Methodologies:

• Methodology used: GHG Protocol is the preferred methodology for the calculation; also, Tenaris considers

worldsteel CO

methodology for the steel sector.

• Oilfield services emissions are separated from tubular production related emissions, and in general are not

included unless otherwise stated, because they are not related businesses.

• Distance-based Method: This method calculates emissions based on the distance traveled by transportation

modes (truck, train, vessels, etc.).

• Transport emissions upstream, downstream and intermill, are calculated considering outbound and inbound

flows, without differentiation of contract conditions agreed with customers or suppliers.

Major Sources of Emissions:

• Electricity consumption related to EAF for steel production and pipe rolling for seamless production (Scope 2).

• Natural gas use for power generation, direct reduction plant and furnaces for pipe rolling and heat treatment

(Scope 1).

• Raw materials for steel production and steel sourced externally (Scope 3).

• For oilfield services, the major source of emissions is the fuel used to power equipment (Scope 1).

Emissions Factors:

• Emissions factors are selected following the GHG Protocol guidelines. They may come directly from suppliers

of energy and materials, or trusted databases or worldsteel methodology.

• Emission factors for transportation fuel consumption are from the Global Logistics Emissions Council

(“GLEC”) Framework.

Reasons for Choosing These Methods:

• GHG Protocol and worldsteel methodologies are well known and trusted sources for GHG emissions

calculations and also widely applied in the steel sector. Moreover, the methodology for worldsteel data

collection was used as the basis for the now published international standard ISO 14404:2013 - calculation

method of carbon dioxide emission intensity from iron and steel production.

• These methods align with industry standards and guidelines, ensuring consistency and comparability in our

reporting.

equivalent emissions intensity

The intensity figure is expressed as tons of CO

-equivalent per ton of processed steel, which includes both

internally produced steel and acquired steel that is processed at our sites. Intensity calculation does not include

oilfield services emissions, which are reported on a gross basis separately.

Scope 2 emissions are calculated using both, the market-based approach and the location-based approach.

Methodology use for CO

-eq calculation

We use the GHG protocol to report our emissions and we also consider the worldsteel methodology.

Our emissions reporting applies to all tubular production sites, including sites with integrated steelmaking

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facilities, rolling mills and finishing facilities for both seamless and welded pipes.

The base year taken is 2018. Scopes 1, 2 and 3 reporting follows the GHG protocol definitions, and may consider

worldsteel methodology. As Scope 3 reporting is voluntary, relevant categories will be added and may change

over time, increasing the number of categories included.

Changes in outputs from different sites owned by Tenaris and included in its operational control boundary do not

entail a need to modify calculations over time and are not included in the base year, unless particularly specified.

Emission factors are selected in accordance with the guidelines of GHG Protocol Standard, in order of priority:

supplier-specific, local emission factors, regional emission factors, and emission factors published by a recognized

international entity (for example, worldsteel, the IPCC or IEA, Life Cycle Inventories data).

The Scope 2 market-based approach takes into account the emissions factor of electricity with contracts, the

method selected by Tenaris to calculate its emissions and intensity. There are countries where residual mix

information is available and reliable for unclaimed electricity. In this case, the emissions factor will be applied to

grid purchased electricity.

Intensity is expressed as ton CO

-eq/ton processed steel, which includes steel cast and produced internally at

Tenaris sites and the acquisition of steel bars, coils, plates and pipes that are processed at any of our sites to

produce seamless and welded pipes. Intensity refers to Scope 1 emissions, Scope 2 using the market-based

approach, and Scope 3 for raw materials, taking into account the boundaries and exclusion criteria given above,

and for intermill transportation of intermediate products.

Sold electricity-related emissions from internal power plants are not included in intensity calculations, and are

reported separately.

Scope 3 emissions

Most of our seamless steel pipe products are manufactured in integrated steelmaking operations using the electric

arc furnace route, where principal raw materials are steel scrap, DRI, pig iron, and ferroalloys. We

complement our steel needs by purchasing steel bars from third parties. Our welded steel pipe products are

processed from purchased steel coils.

We report Scope 3 emissions related to the purchase of raw materials for the steelmaking process, and steel bars,

coils, plates and pipes purchased from external suppliers used at our tubular production and processing facilities.

Based on the results of our life cycle analysis and our certified Environmental Product Declaration, we conclude

that raw materials and steel bars and coils are the most relevant source of Scope 3 emissions. Our certified

Environmental Product Declaration is available at: www.tenaris.com/en/sustainability/environment. Information

contained in or otherwise accessible through our Internet website is not a part of this annual report.

We use supplier-specific emission factors whenever possible. Tenaris reviews information about its suppliers when

provided and applies internal criteria to define applicability. As confidence in data increases over time, when

emission factors are found to be more accurate, they are applied from that moment on but not always applied to

past years, as there is no certainty about their applicability with the same values. For those inputs where values are

not expected to change over time, these may be applied to previous years. If supplier-based data is unavailable

other sources are used e.g., worldsteel, IEA, etc.

Since 2022, we have been reporting other Scope 3 categories such as upstream emissions from fuels used and

emissions from the transport of intermediate and final products. In February 2025 among other changes

described above, we have restated our Scope 3 emissions intensity by adding intermill transportation of unfinished

products.

Emissions calculated for the transport of intermediate and final products exclude the following: maritime

movements, specifically spot exports in container/liner from the U.S. and Canada; inland transport within Brazil,

Indonesia, China, Saudi Arabia and the UAE; and Rig Direct

movements in Argentina, Mexico and Colombia.

These boundaries may differ from exclusions at the GHG sites included in the report as different criteria apply. The

real distances of transport routes have been calculated for routes bearing over 3,000 tons in the reporting year for

both inland and maritime transport; otherwise, a historic average is used. For air transportation, transport routes

have been calculated for those bearing over 8 tons in the reporting year; otherwise, a historic average is used.

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Emissions calculated for raw materials transport include the following considerations: included raw materials are

scrap, iron pellets, lime and pig iron, whereas excluded raw materials are ferroalloys and metals, carbon and

anthracite, which represent 4% of the total volume of raw materials used, excluding purchased steel. The

transport of acquired steel and steel products is excluded from the calculation. The countries covered are those

where Tenaris operates steel production sites. Scrap transport is based on mapping 90% of scrap purchases and

distances to our facilities, while the remaining 10% is an estimate. Internal in-plant movements and return

distances are excluded from the calculation. Emissions factors used for transportation emissions estimation are

based on the GLEC Framework.

Scope 3 emissions are subject to a high level of measurement uncertainty, due to data availability and quality, as

well as measurement methods used across entities in the value chain. To measure Scope 3 emissions, we have

taken into account the boundaries and exclusion criteria detailed above.

Restatement of the baseline on the CO

-eq intensity and absolute emissions reported

Acquisitions, mergers, and divestitures are tracked over time and will be included in the base year calculation if

their influence on total emissions exceeds 10%, considering the production level of the sites when

acquisition/merger or divestiture occurs.

During 2025 there has not been any restatement of the baseline performed.

Energy

Renewable electricity accounts for the self-generation of renewable electricity, electricity obtained through

renewable power purchase agreements (“PPA”) that may include renewable energy certificates (“RECs”) or

Guarantees of Origin (“GOs”), local supplier programs, or other green power products that include certified

renewable electricity. Energy consumption does not include oilfield services unless otherwise stated.

Emissions from internal power generation with natural gas fired power plants sold to the grid are accounted for in

Scope 1 on a gross basis but these emissions are excluded from the intensity calculation.

Air emissions

• Particular Matter (“PM”) emissions reported are those from our steel shop stacks which are measured

using continuous monitoring system as well as flow on stacks and operating time. Equipment is calibrated

routinely to ensure reliability. This indicator is reported as grams of particulate matter per ton of cast

steel.

• NOx and SOx emissions are calculated for combustion processes of iron, steel and pipe making. They are

based on the results of spot monitoring campaigns, or standard emission factors if actual data is not

available, and calculated considering stack flow measurement or estimation and operating time for the

related process. Heat treatment furnaces are included when they have processed more than 30,000 tons

of pipes in the reporting year. The indicator is reported as kg NOx / kg SOx per ton of finished pipe. The

denominator includes seamless and welded finished products regardless of the pollutant being present on

each site included.

• VOC emissions are calculated for pipe varnishing processes, based on the consumption of varnish and

solvent for the mentioned process, while content of VOC is considered according to the Safety Data

Sheet (“SDS”) of the chemicals used. The indicator is reported as grams of VOC per ton of finished pipe.

The denominator includes seamless and welded finished products regardless of the pollutant being

present on each site included.

• Data is collected locally and reported routinely to the corporate area for KPI calculation.

Water

Water data is compiled through a combination of direct measurements, sampling, and extrapolation depending

on the site available information.

Water used is measured and/ or estimated by local sites, at pertinent points. Discharge water is measured or

estimated and difference with water intake is used to calculate consumption.

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Water recycled is measured or estimated based on internal water system operation equipment like pumps and

operating time of the system.

Water withdrawal intensity is calculated vs Tubular production considering all producing sites (including steel

shops).

For our oilfield services operations, water discharge is considered to be zero, as the treatment and destination of

the water used is a decision taken by the operator of the well and not by us. Therefore, to take a conservative

approach discharge is considered to be zero.

Waste

Waste data is collected locally weighted or estimated at the different sites or third parties. Waste is categorized

according to its properties and characteristics. Destination depends on waste characteristics, local treatment or

recycling infrastructure available.

Recycling content in our steel: Proportion of recycled material in our steel calculated according to the ISO 14021

standard. The formula used to calculate this indicator was updated in 2025 but remains comparable to previous

years.

Material efficiency (sites with steel shops): The methodology is aligned with that of worldsteel. Sites covered are

Dalmine, Koppel, Siderca, Silcotub and Tamsa.

Residues and co-products reuse or recycling. All sites include waste, coproducts generated and reused or recycled

depending on the characteristics of the process that generate the residues.

Classification between hazardous and non-hazardous waste is according to local applicable requirements.

Human capital

Gender pay gap

The gender pay gap is the difference in average pay levels between female and male professional employees

(excluding Tenaris´s top line senior management), expressed as a percentage of the average pay level of male

professional employees. (Weighted average resulting from evaluating, by cluster and country, the ratio of

women’s to men’s salaries).

Employee headcount

Employee figures are based on the Tenaris Active Headcount Database, with no full-time equivalent estimations.

The data reflects the running rate as of the end of December each year.

Training hours

Training hours per professional employee: Total training hours corresponding to the professional employees are

aggregated and divided by the rolling average headcount for the period, calculated as the sum of the monthly

headcount for the year divided by 12.

Training hours per shop-floor employee: Total training hours corresponding to the shop floor employees are

aggregated and divided by the rolling average headcount. The calculation may include or exclude on-the-job

training, depending on the data requested. The rolling average headcount is calculated as the sum of the monthly

headcount for the year divided by 12.

Training indicators do not include employees from our coating subsidiaries acquired at the end of 2023.

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191

Health and Safety

• Opportunity Ratio refers to improvement opportunities, which include learning opportunities and

opportunities to improve working conditions, expressed per million hours worked. As from 2024 we have

defined that S1 and S2 opportunities that are resolved immediately and do not require additional action

are not reported to the system.

• Total Injury Frequency Rate: (First Aid injuries + injuries with lost days + injuries without lost days +

fatalities) per million hours worked.

• Injury Frequency Rate: Number of accidents with and without lost days (excluding First Aid) per million

hours worked.

• Lost Time Injury Frequency Rate: Number of accidents with lost days per million hours worked.

• Major Injury Frequency Rate (excluding fatalities): Number of major accidents (amputation, asphyxia, deep

laceration, fracture -except finger fractures- second and/or third degree extended burns and severe

contusion) per million hours worked.

• Near Miss Frequency Rate: Number of incidents per million hours worked.

• High Potential Events Frequency Rate (Severity 4): Number of events with potentially high consequences

per million hours worked. Refers to events that can lead to lethal consequences/multiple hospitalization,

permanent total disability, extensive property damage, or suspension of routine line operations.

• All indicators include own employees and contractors.

• In 2025 we included Shawcor operations in all our KPIs.

Community Relations

• Education investment: USD Million invested in educational programs during the year.

• Other community investment: USD Million invested in other community programs during the year.

• Total community investment: sum of education and other community investments.

• Roberto Rocca Technical School (students): number of students who attended the Roberto Rocca

Technical School in Campana, Argentina, during the year.

• Roberto Rocca Technical Gene (students): number of students who attended the program during the

year.

Roberto Rocca Technical Gene contributes to the development of Industry 4.0 skills by offering industrial

internships as well as training to students, and equipment and infrastructure to educational institutions.

• Roberto Rocca Technical Gene (teachers): number of teachers who attended the program during the

year.

• Roberto Rocca After School Program: number of students who attended during the year.

Roberto Rocca After School is a STEM program for children aged 6-15, aimed at fostering basic literacy

and social-emotional skills.

• Roberto Rocca Education Program University & PhD: number of students who received scholarships

during the year.

• Roberto Rocca Scholarship Program High-school: number of students who received scholarships during

the year.

Annual Report 2025

192

Annex II: Sustainability performance indicators

2025

2024

2023

Production

Cast steel (100% electric arc furnace)

Million tons

3.6

3.7

3.9

Seamless pipes

Million tons

3.1

3.2

Welded pipes

Million tons

0.8

1.0

Safety

Investments in health and safety

USD million

Million hours worked

Employees and contractors

Employees

Contractors

Employees who received medical check-ups

Thousand employees

Safe hours held

Hours

35,485

39,609

50,850

Preventive actions implemented

Thousand actions

Opportunities ratio

Ratio

0.6

1.5

2.6

Total Injury Frequency Rate

Employees and contractors

5.0

4.4

6.3

Employees

5.4

4.3

6.8

Contractors

3.9

4.6

5.0

Injury Frequency Rate

Employees and contractors

2.4

2.3

3.2

Employees

2.8

2.4

3.5

Contractors

1.4

1.9

2.3

Lost Time Injury Frequency Rate

Employees and contractors

1.1

0.8

1.2

Employees

1.0

0.9

1.2

Contractors

1.1

0.7

1.1

Major Injury Frequency Rate

Employees and contractors

0.42

0.19

0.52

Employees

0.35

0.15

0.51

Contractors

0.60

0.30

0.58

Fatalities as a result of work-related injury

Employees number

Employees rate

0.0

0.04

0.0

Contractors number

Contractors rate

0.0

0.2

Near Miss Frequency Rate

Employees and contractors

Employees

Contractors

High Potential Events Frequency Rate (Severity 4)

Employees and contractors

2.6

2.7

3.0

Employees

2.8

2.9

3.4

Contractors

2.0

1.9

2.0

Environment

Investments in environment and energy savings

USD million

239

207

191

Emissions

Greenhouse gas (GHG) emissions

GHG tubular operations emissions

Scope 1

-eq million tons

1.9

2.0

2.1

Scope 2 - Market based

-eq million tons

0.8

0.9

1.0

Scope 2 - Location based

-eq million tons

1.0

1.1

Scope 1 + Scope 2 (Market based)

-eq million tons

2.7

2.9

3.1

Scope 3 - Category 1 - Purchased goods and services

-eq million tons

2.8

3.2

3.6

Scope 3 - Category 3 - Fuel and energy-related activities

-eq million tons

0.4

Scope 3 - Category 4 - Upstream transportation and

distribution

-eq million tons

0.1

Annual Report 2025

193

Scope 3 - Category 4 - Intermill transport of steel bars

and green pipes

-eq million tons

0.2

0.1

Scope 3 - Category 9 - Downstream transportation and

distribution (not including intermill)

-eq million tons

0.6

Total GHG emissions (Market based) (Scope 1, 2 & 3 all

categories reported on the inventory)

-eq million tons

6.9

7.4

7.9

Total GHG emissions (Location based) (Scope 1, Scope 2

& Scope 3 all categories reported on the inventory)

-eq million tons

7.1

7.6

8.0

Intensity

tons CO

-eq/ton steel

1.24

1.31

1.33

Intensity vs. 2018

-19

-15

-14

Recycled content in our steel

Scope 1 emissions from tubular operations covered

under regulated emissions trading schemes or carbon

tax regulations

Tubular operations GHG emissions (Market based) per

net revenue

tons CO

eq/USD million

574

590

545

Tubular operations GHG emissions (Location based) per

net revenue

tons CO

eq/USD million

595

605

551

GHG oilfield services emissions

Oilfield services Scope 1

-eq ton

75,280

64,262

Oilfield services Scope 2 (Market based)

-eq ton

117

Oilfield services Scope 2 (Location based)

-eq ton

117

Tubular operations and oilfield services

GHG emissions (Market based) per net revenue

tons CO

eq/USD million

597

590

545

GHG emissions (Location based) per net revenue

tons CO

eq/USD million

617

605

551

Air emissions

Particulate material emissions

g/ton casted steel

Nitrogen oxides emissions

Kg/ton pipe

0.6

0.8

0.7

Sulfur oxides emissions

Kg/ton pipe

0.1

0.15

Volatile organic compound emissions from pipe

varnishing

g/ton pipe

224

264

239

Energy management tubular operations

Total energy consumed

Terajoules (TJ)

38,992

39,335

40,123

-of which natural gas

24,861

25,112

25,772

-of which coal

1,568

1,709

1,828

-of which non-renewable electricity

8,295

9,111

10,378

-of which renewable electricity purchased from the grid

1,354

1,063

1,280

-of which renewable electricity self-generated

2,255

1,757

411

-of which nuclear sources

-of which other (e.g., diesel and gasoline)

659

582

455

Total energy consumed from fossil fuels

Total energy consumed from renewable sources

Electricity consumption supplied from grid

Electricity generated and sold (non-renewable)

536

525

468

Electricity generated and sold (renewable)

Total electricity consumption

GWh

3,945

3,977

4,023

Consumption of renewable electricity (per TS market

decision)

GWh

1,003

784

470

Self-generation of non-renewable electricity

GWh

787

802

801

Self-generation of renewable electricity

GWh

627

488

114

Share of renewables in total electricity consumption

Energy intensity

GJ/ton processed steel

Energy management oilfield services

Tubular operations energy consumption per net revenue

TJ/USD million

3.3

3.1

2.7

Oilfield services energy consumption

1,021

865

Annual Report 2025

194

Tubular operations and oilfield services energy

consumption per net revenue

TJ/USD million

3.5

3.1

2.7

Water management

Water withdrawal tubular operations and oilfield

services

Million m

62.2

65.4

64.5

-of which surface

-of which subsurface

-of which network

Intensity of water withdrawal tubular operations

water /ton pipe

Intensity of water withdrawal excluding Siderca

water /ton pipe

Estimated Intensity water consumed tubular operations

water /ton pipe

Water withdrawal from high or extremely high overall

water risk

0.7

0.6

0.3

Estimated water consumption tubular operations and

oilfield services

Million m

12.6

11.8

8.6

Estimated water consumption in areas with high or

extremely high-water stress tubular operations

Million m

0.4

0.3

0.2

Estimated water consumption per net revenue

per USD million

1,054

944

579

Water recycled

Million m

602

Oilfield services water intake

Million m

4.0

2.6

Oilfield services water discharge

Million m

Oilfield services water consumption

Million m

4.0

2.6

Waste management

Co-Products and waste tubular operations and oilfield

services

Material efficiency at sites w/steel process

98.8

98.2

Residue & co-products reused or recycled

ton

727,596

849,936

877,958

Residue & co-products reused or recycled (maximum

recycling considered equal to generation)

79.7

85.6

87.7

Waste disposal

ton

59,836

73,339

84,618

Waste and co-products disposal vs total generation

8.5

9.7

9.1

Total tons of wastes and co-products generated (scrap

not included)

ton

912,556

958,773

928,168

Total hazardous wastes generated

ton

111,325

134,100

122,437

Total non-hazardous wastes generated

ton

801,452

824,672

805,731

Total amount of radioactive waste generated

ton

Total amount of waste sent to incineration

ton

660

813

2,458

Human Capital

Employees at year end

Shop floor

N° of people

18,743

19,663

22,712

-of which male

N° of people

17,751

18,642

21,547

-of which female

N° of people

992

1,021

1,165

-of which male

-of which female

Professional

N° of people

6,132

6,211

6,422

-of which male

N° of people

4,270

4,336

4,499

-of which female

N° of people

1,862

1,875

1,923

-of which male

-of which female

Total employees (full-time)

N° of people

24,875

25,874

29,134

-of which male

N° of people

22,021

22,978

26,046

-of which female

N° of people

2,854

2,896

3,088

-of which male

-of which female

Annual Report 2025

195

Trainees (part-time)

N° of people

587

590

754

-of which male

N° of people

334

312

413

-of which female

N° of people

253

278

341

-of which male

-of which female

Senior managers by gender

Total

N° of people

1,153

1,140

1,098

Male

N° of people

975

969

949

Female

N° of people

178

171

149

Male

Female

Age ranges

Employees up to 30

N° of people

5,198

5,816

7,480

-of which male

N° of people

4,256

4,776

6,318

-of which female

N° of people

942

1,040

1,162

-of which male

-of which female

Employees between 31 and 50

N° of people

14,826

15,317

16,788

-of which male

N° of people

13,293

13,815

15,225

-of which female

N° of people

1,533

1,502

1,563

-of which male

-of which female

Employees over 50

N° of people

4,851

4,741

4,866

-of which male

N° of people

4,472

4,387

4,503

-of which female

N° of people

379

354

363

-of which male

-of which female

Average age of workforce

Years

Age ranges for professional employees

Professionals up to 30

N° of people

1,343

1,434

1,481

-of which male

N° of people

770

823

846

-of which female

N° of people

573

611

635

-of which male

-of which female

Professionals between 31 and 50

N° of people

3,604

3,644

3,814

-of which male

N° of people

2,579

2,626

2,768

-of which female

N° of people

1,025

1,018

1,046

-of which male

-of which female

Professionals over 50

N° of people

1,185

1,133

1,127

-of which male

N° of people

921

887

885

-of which female

N° of people

264

246

242

-of which male

-of which female

Age ranges for shop-floor employees

Shop floor up to 30

N° of people

3,855

4,382

5,999

-of which male

N° of people

3,486

3,953

5,472

-of which female

N° of people

369

429

527

-of which male

Annual Report 2025

196

-of which female

Shop floor between 31 and 50

N° of people

11,222

11,673

12,974

-of which male

N° of people

10,714

11,189

12,457

-of which female

N° of people

508

484

517

-of which male

-of which female

Shop floor over 50

N° of people

3,666

3,608

3,739

-of which male

N° of people

3,551

3,500

3,618

-of which female

N° of people

115

108

121

-of which male

-of which female

Age ranges for senior managers

Senior managers up to 30

N° of people

Senior managers up to 30

-of which male

N° of people

-of which female

N° of people

-of which male

-of which female

Senior managers between 31 and 50

N° of people

750

766

776

Senior managers between 31 and 50

-of which male

N° of people

619

638

656

-of which female

N° of people

131

128

120

-of which male

-of which female

Senior managers over 50

N° of people

396

366

318

Senior managers over 50

-of which male

N° of people

351

324

290

-of which female

N° of people

-of which male

-of which female

People working in R&D

N° of people

263

258

269

Female to male actual total compensation (professional

employees)

Training

Training hours per professional employee

Hours

Training hours per shop-floor employee

Hours, including on-the-

job training

105

Training hours per shop-floor employee

Hours, excluding on-the-

job training

Hours of training

Million hours

1.5

1.9

2.4

Employees by Country

Mexico

N° of people

5,813

6,042

7,500

Argentina

N° of people

5,314

5,811

6,267

U.S.

N° of people

3,736

3,583

3,882

Italy

N° of people

2,102

2,140

2,187

Romania

N° of people

1,909

1,885

1,884

Canada

N° of people

1,236

1,197

1,195

Brazil

N° of people

1,212

1,405

1,492

Colombia

N° of people

915

893

1,112

Saudi Arabia

N° of people

746

759

849

Indonesia

N° of people

611

911

1,573

Annual Report 2025

197

Other

N° of people

1,281

1,248

1,193

Employees by nationality

Mexican

N° of people

6,248

6,447

7,850

Argentine

N° of people

5,507

6,006

6,462

U.S.

N° of people

2,875

2,751

3,057

Italian

N° of people

2,064

2,106

2,145

Romanian

N° of people

1,935

1,915

1,911

Brazilian

N° of people

1,233

1,428

1,509

Canadian

N° of people

1,132

1,096

1,107

Colombian

N° of people

959

935

1,156

Indonesian

N° of people

606

913

1,557

Saudi Arabian

N° of people

313

351

434

Others

N° of people

2,003

1,926

1,946

Mexican

Argentine

U.S.

Italian

Romanian

Brazilian

Canadian

Colombian

Indonesian

Saudi Arabian

Others

Senior managers by nationality

Argentine

N° of people

408

407

408

Mexican

N° of people

180

181

172

Italian

N° of people

174

170

168

U.S.

N° of people

Romanian

N° of people

Brazilian

N° of people

Colombia

N° of people

Canadian

N° of people

Uruguayan

N° of people

Others

N° of people

117

113

Argentine

Mexican

Italian

U.S.

Romanian

Brazilian

Colombian

Canadian

Uruguayan

Others

Other human capital indicators

Number of nationalities represented in the employee

population

Number

101

103

Employees covered by collective bargaining agreements

Annual Report 2025

198

Resignation rate

% All employees

3.8

4.4

5.0

Resignation rate

% Professional employees

3.6

3.8

4.2

Employees who received upward feedback

% Professional employees

New hires

N° of people

3,155

2,573

3,664

GTs new hires

N° of people

120

162

251

GTs new hires - Male

N° of people

148

GTs new hires - Female

N° of people

103

GTs new hires - Male

GTs new hires - Female

Total number of employees who left during the

reporting period

N° of people

3,695

5,677

3,019

Rate of employee turnover during the reporting period

Community

Education investment

USD millions

13.7

14.2

13.1

Other community investment

USD millions

3.1

3.7

2.4

Total community investment

USD millions

16.9

17.9

15.5

Roberto Rocca Technical School students

N° of students

468

452

444

Roberto Rocca Technical School students trained from

other schools

N° of students

1,668

1,390

830

Roberto Rocca Technical Gene

N° of students

6,451

6,230

5,196

Roberto Rocca Technical Gene

N° of teachers

272

206

148

Roberto Rocca After School Program

N° of students

1,959

1,846

2,026

Roberto Rocca Education Program University & PhD

N° of students

256

494

527

Roberto Rocca Scholarships Program - High school

N° of students

1,683

1,941

1,325

Annual Report 2025

199

Annex III: ESRS Content index

Topic

Description

Section/s

Report page

ESRS 2 - General disclosures

BP-1

General basis for preparation of the

sustainability statement

Basis for presentation

108, 186

Annex I: Sustainability Statement

Accounting Policies

BP-2

Disclosures in relation to specific circumstances

Annex I: Sustainability Statement

Accounting Policies

186

GHG Emissions

GOV-1

The role of the administrative, management

and supervisory bodies

Directors, Senior Management and

Employees

GOV-2

Information provided to and sustainability

matters addressed by the undertaking’s

administrative, management and supervisory

bodies

Directors, Senior Management and

Employees

GOV-3

Integration of sustainability-related

performance in incentive schemes

Directors, Senior Management and

Employees

GOV-4

Statement on due diligence

Due Diligence

112

GOV-5

Risk management and internal controls over

sustainability reporting

Board Practices, Risk Management

SBM-1

Strategy, business model and value chain

Business Overview

SBM-2

Interests and views of stakeholders

Stakeholder Engagement

115

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Material Impacts, Risks and

Opportunities

117

IRO-1

Description of the process to identify and

assess material impacts, risks and opportunities

Double Materiality Assessment

114

IRO-2

Disclosure requirements in ESRS covered by the

undertaking’s sustainability statement

Annex III: ESRS Content Index

199

E1 - Climate change

GOV-3

Integration of sustainability-related

performance in incentive schemes

Directors, Senior Management and

Employees

E1-1

Transition plan for climate change mitigation

Climate Change

121

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Climate Change

121

E1 IRO-

Description of the processes to identify and

assess material climate-related impacts, risks

and opportunities

Climate Change

121

E1-2

Policies related to climate change mitigation

and adaptation

Environmental Management System

120

E1-3

Actions and resources in relation to climate

change policies

Climate Change

121

E1-4

Targets related to climate change mitigation

and adaptation

Climate Change

121

E1-5

Energy consumption and mix

Annex II: Sustainability performance

indicators

Energy Management

192

E1-6

Gross Scopes 1, 2, 3 and Total GHG emissions

GHG Emissions

Annex II: Sustainability performance

indicators

GHG Emissions

121, 192

E1-8

Internal carbon pricing

Climate Change

121

E2 - Pollution

E2 IRO-

Description of the processes to identify and

assess material pollution-related impacts, risks

and opportunities

Air Quality

130

E2-1

Policies related to pollution

Air Quality

130

E2-2

Actions and resources related to pollution

Air Quality

130

E2-3

Targets related to pollution

Air Quality

130

E2-4

Pollution of air, water and soil

Annex II: Sustainability performance

indicators

Emissions to the Atmosphere

192

Annual Report 2025

200

E3 - Water and marine resources

E3 IRO-

Description of the processes to identify and

assess material water and marine resources-

related impacts, risks and opportunities

Water Management

132

E3-1

Policies related to water and marine resources

Water Management

132

E3-2

Actions and resources related to water and

marine resources

Water Management

132

E3-3

Targets related to water and marine resources

Water Management

132

E3-4

Water consumption

Annex II: Sustainability performance

indicators

Water Consumption

192

E4 - Biodiversity and ecosystems

E4 IRO-

Description of processes to identify and assess

material biodiversity and ecosystem-related

impacts, risks and opportunities

Biodiversity

138

E5 - Resource use and circular economy

E5 IRO-

Description of the processes to identify and

assess material resource use and circular

economy-related impacts, risks and

opportunities

Circularity

135

E5-1

Policies related to resource use and circular

economy

Circularity

135

E5-2

Actions and resources related to resource use

and circular economy

Circularity

135

E5-3

Targets related to resource use and circular

economy

Circularity

135

E5-4

Resource inflows

Annex II: Sustainability performance

indicators

Circularity

192

E5-5

Resource outflows

Annex II: Sustainability performance

indicators

Circularity

192

S1 - Own workforce

SBM-2

Interests and views of stakeholders

Stakeholder Engagement

115, 147

Human Capital

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Human Capital

147, 154

Health & Safety

S1-1

Policies related to own workforce

Human Capital

147, 154

Health & Safety

S1-2

Processes for engaging with own workforce

and workers’ representatives about impacts

Human Capital

147, 154

Health & Safety

S1-3

Processes to remediate negative impacts and

channels for own workforce to raise concerns

Human Capital

147, 154, 181

Health & Safety

Compliance Line

S1-4

Taking action on material impacts on own

workforce, and approaches to managing

material risks and pursuing material

opportunities related to own workforce, and

effectiveness of those actions

Human Capital

147, 154

Health & Safety

S1-5

Targets related to managing material negative

impacts, advancing positive impacts, and

managing material risks and opportunities

Human Capital

147, 154

Health & Safety

S1-6

Characteristics of the undertaking’s employees

Annex II: Sustainability performance

indicators

Human Capital Indicators

192

S1-8

Collective bargaining coverage and social

dialogue

Annex II: Sustainability performance

indicators

Human Capital Indicators

192

Annual Report 2025

201

S1-9

Diversity metrics

Annex II: Sustainability performance

indicators

Human Capital Indicators

192

S1-10

Adequate wages

Annex II: Sustainability performance

indicators

Human Capital Indicators

192

S1-14

Health and Safety metrics

Annex II: Sustainability performance

indicators

Health & Safety

192

S1-16

Remuneration metrics (pay gap and total

remuneration)

Annex II: Sustainability performance

indicators

Human Capital Indicators

192

S2 - Workers in the value chain

SBM-2

Interests and views of stakeholders

Stakeholder Engagement

115, 170

Suppliers

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Suppliers

170

S2-1

Policies related to value chain workers

Suppliers

170

S2-2

Processes for engaging with value chain

workers about impacts

Suppliers

170

S2-3

Processes to remediate negative impacts and

channels for value chain workers to raise

concerns

Suppliers

170

S2-4

Taking action on material impacts on value

chain workers, and approaches to managing

material risks and pursuing material

Suppliers

170

S2-5

Targets related to managing material negative

impacts, advancing positive impacts, and

managing material risks and opportunities

Our Value Chain

165, 170

Suppliers

S3 - Affected Communities

SBM-2

Interests and views of stakeholders

Stakeholder Engagement

115, 159

Community Relations

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Community Relations

159

S3-1

Policies related to affected communities

Community Relations

159

S3-2

Processes for engaging with affected

communities about impacts

Community Relations

159

S3-3

Processes to remediate negative impacts and

channels for affected communities to raise

concerns

Community Relations

159

S3-4

Taking action on material impacts on affected

communities, and approaches to managing

material risks and pursuing material

opportunities related to affected communities,

and effectiveness of those actions

Community Relations

159

S3-5

Targets related to managing material negative

impacts, advancing positive impacts, and

managing material risks and opportunities

Community Relations

159

Annual Report 2025

202

S4 - Consumers and End-users

SBM-2

Interests and views of stakeholders

Stakeholder Engagement

115, 165

Customers

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

Customers

165

S4-1

Policies related to consumers and end-users

Customers

165

S4-2

Processes for engaging with consumers and

end-users about impacts

Customers

165

S4-3

Processes to remediate negative impacts and

channels for consumers and end-users to raise

concerns

Customers

165

S4-4

Taking action on material impacts on

consumers and end-users, and approaches to

managing material risks and pursuing material

opportunities related to consumers and end-

users, and effectiveness of those actions

Customers

165

S4-5

Targets related to managing material negative

impacts, advancing positive impacts, and

managing material risks and opportunities

Our Value Chain

165

Customers

G1 - Business conduct

GOV-1

The role of the administrative, supervisory and

management bodies

Directors, Senior Management and

Employees

IRO-1

Description of the processes to identify and

assess material impacts, risks and opportunities

Business conduct risk management

179

G1-1

Business conduct policies and corporate culture

Governance - Business Conduct

174

G1-2

Management of relationships with suppliers

Suppliers

170

G1-3

Prevention and detection of corruption and

bribery

Governance - Business Conduct

174

G1-4

Incidents of corruption or bribery

Governance - Business Conduct

174

G1-6

Payment practices

Suppliers

170

Annual Report 2025

203

Annex IV: SASB Iron & Steel Producers Content Index

Topic

Metric

Unit of

measure

Code

Page

Greenhouse

Gas Emissions

Gross global Scope 1 emissions, percentage

covered under emissions-limiting

regulations

Metric tons (t)

-eq,

Percentage (%)

EM-IS-110a.1

121

Discussion of long-term and short-term

strategy or plan to manage Scope 1

emissions, emissions reduction targets, and

an analysis of performance against those

targets

n/a

EM-IS-110a.2

121

Air Quality

Air emissions of the following pollutants:

(1) CO, (2) NOx (excluding N

O), (3) SOx, (4)

particulate matter (PM10), (5) manganese

(MnO), (6) lead (Pb), (7) volatile organic

compounds (VOCs), and (8) polycyclic

aromatic hydrocarbons (PAHs)

Metric tons (t)

EM-IS-120a.1

130

Energy

Management

(1) Total energy consumed, (2) percentage

grid electricity and (3) percentage

renewable

Gigajoules (GJ),

Percentage (%)

EM-IS-130a.1

192

(1) Total fuel consumed, (2) percentage

coal, (3) percentage natural gas and (4)

percentage renewable

Gigajoules (GJ),

Percentage (%)

EM-IS-130a.2

192

Water

Management

(1) Total water withdrawn, (2) total water

consumed; percentage of each in regions

with High or Extremely High Baseline Water

Stress

Thousand cubic

meters (m³),

Percentage (%)

EM-IS-140a.1

132,192

Waste

Management

(1) Amount of waste generated, (2)

percentage hazardous, (3) percentage

recycled

Metric tons (t),

Percentage (%)

EM-IS-150a.1

136, 192

Workforce

Health and

Safety

(1) Total recordable incident rate (TRIR), (2)

fatality rate, and (3) near miss frequency

rate (NMFR) for (a) direct employees and (b)

contract employees

Rate

EM-IS-320a.1

192

Supply Chain

Management

Discussion of the process for managing iron

ore or coking coal sourcing risks arising

from environmental and social issues

n/a

EM-IS-430a.1

51, 170

Activity metric

Unit of

measure

Code

Page

Raw steel production, percentage from: (1) basic oxygen

furnace processes, (2) electric arc furnace processes

Metric tons (t),

Percentage (%)

EM-IS-000.A

192

Total iron ore production (*)

Metric tons (t)

EM-IS-000.B

None

Total coking coal production (*)

Metric tons (t)

EM-IS-000.C

None

(*) We do not produce either iron ore or coking coal. In Argentina we consume iron ore to produce direct reduced iron using gas as a reductant.

Our annual consumption of iron ore during 2025 was approximately 721 thousand tons.

Annex V: Independent Limited Assurance Report

PwC limited review of certain selected information of this sustainability statement is included in the following

pages.

Independent Practitioner’s Limited Assurance Report

on Tenaris S.A.’s Selected Information disclosed in the

Sustainability Statement

To the Management of

Tenaris S.A.

Limited assurance conclusion

We have conducted a limited assurance engagement on the selected sustainability information of Tenaris

S.A. (the “Company”) and its subsidiaries (together with its subsidiaries “the Group”) included in the Annex

II of the Sustainability Statement section of the Annual Report (the “Sustainability Statement”) as at 31

December 2025 and for the year then ended and as set out in the table attached below in Exhibit 1 (the

“Selected Information”).

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our

attention that causes us to believe that the Selected Information is not prepared, in all material respects, in

accordance with the assessment criteria as set forth in the methodologies defined by the Group and applied as

explained in Sustainability Statement under the Section Sustainability Statement Accounting Policies and as

set out in the table attached below in Exhibit 1  (the “Assessment Criteria”).

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance

Engagements 3000 (Revised) “Assurance engagements other than audits or reviews of historical financial

information” (ISAE 3000 (Revised)) as published by the International Auditing and Assurance Standards

Board (IAASB) and adopted for Luxembourg by the “Institut des Réviseurs d’Entreprises” (IRE).

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our

conclusion. Our responsibilities under this standard are further described in the Responsibility of the

“Réviseur d’entreprises agréé” section of our report.

Our independence and quality management

We have complied with the independence and other ethical requirements of the International Code of

Ethics for Professional Accountants (including International Independence Standards) issued by the

International Ethics Standards Board for Accountants as adopted for Luxembourg by the “Commission de

Surveillance du Secteur Financier” (CSSF), which is founded on fundamental principles of integrity,

objectivity, professional competence and due care, confidentiality and professional behavior.

The firm applies International Standard on Quality Management (ISQM) 1, as adopted for Luxembourg

by the CSSF, which requires the firm to design, implement and operate a system of quality management

including policies or procedures regarding compliance with ethical requirements, professional standards

and applicable legal and regulatory requirements.

Responsibilities of the Management

The Management of the Company is responsible for preparing the Selected Information as at 31 December

2025 and for the year then ended, including adequate disclosures. This responsibility includes:

• the preparation of the Selected Information in accordance with Assessment Criteria applied as

explained in Annex I: Sustainability Statement Accounting Policies;

• designing, implementing and maintaining such internal controls as the Management determines is

necessary to enable the preparation of the Selected Information as at 31 December 2025 and for the

year then ended, in accordance with the Assessment Criteria, that is free from material misstatement,

whether due to fraud or error;

• the selection and application of appropriate sustainability reporting methods and making

assumptions and estimates that are reasonable in the circumstances.

Those charged with governance are responsible for overseeing the Group’s sustainability reporting

process.

Inherent limitations in preparing the Selected Information

As discussed in Annex I: Sustainability Statement Accounting Policies of the Sustainability Statement,

Greenhouse gas emissions quantification is subject to inherent uncertainty because of incomplete

scientific knowledge used to determine emissions factors and the values needed to combine emissions of

different gases.

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about

whether the Selected Information is free from material misstatement, whether due to fraud or error, and

to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or

error and are considered material if, individually or in aggregate, they could reasonably be expected to

influence decisions of users taken on the basis of the Selected Information.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise

professional judgement and maintain professional scepticism throughout the engagement. We also:

• determine the suitability in the circumstances of the Group’s use of Assessment Criteria as the basis

for the preparation of the Selected Information;

• perform risk assessment procedures, including obtaining an understanding of internal controls

relevant to the engagement, to identify where material misstatements are likely to arise, whether due

to fraud or error, but not for the purpose of providing a conclusion on the effectiveness of the Group’s

internal controls;

• design and perform procedures responsive to where material misstatements are likely to arise in the

Selected Information. The risk of not detecting a material misstatement resulting from fraud is higher

than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about the Selected

Information.

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent

than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited

assurance engagement is substantially lower than the assurance that would have been obtained had a

reasonable assurance engagement been performed.

The nature, timing and extent of procedures selected depend on professional judgement, including the

identification of where material misstatements are likely to arise in the Selected Information, whether due

to fraud or error.

In conducting our limited assurance engagement, we:

• obtained an understanding of the Selected Information and related disclosures, including Group’s

reporting processes relevant to the preparation of the Selected Information;

• obtaining an understanding of the internal processes supporting the preparation of the Selected

Information, and evaluating whether all information identified by the process is included in the

Selected Information;

• performed enquiries of relevant Group personnel and third parties (if applicable) and analytical

procedures related to the Selected Information;

• evaluated the methods, assumptions and data for developing the significant estimates made by

management in the preparation of the Selected Information;

• performed substantive assurance procedures on a sample of Selected Information and assessed the

related disclosures; and

• reviewed the presentation of the Selected Information and related disclosures included in the

Sustainability Statement;

Restriction on distribution and use

Our report has been prepared for and only for the Management of the Group in accordance with the

terms of our engagement letter and is not suitable for any other purpose. We do not accept any

responsibility to any other party to whom it may be distributed.

Luxembourg, 30 March 2026

PricewaterhouseCoopers Assurance, Société coopérative

Represented by

Julien Melotte

Réviseur d’entreprises agréé

Appendix

Exhibit 1 – Table of the “Selected Information” and Exhibit 2 - “Assesment Criteria”

Selected Information

Unit of measure

Production - Cast steel (100% electric arc furnace)

Million tons

Safety – Million hours worked - Employees and contractors

Number

Safety – Million hours worked - Employees

Number

Safety – Million hours worked - Contractors

Number

Safety – Safe hours held

Number

Safety – Opportunities ratio

Ratio

Safety – Total Injury Frequency Rate - Employees and contractors

Rate

Safety – Total Injury Frequency Rate - Employees

Rate

Safety – Total Injury Frequency Rate - Contractors

Rate

Safety – Injury Frequency Rate - Employees and contractors

Rate

Safety – Injury Frequency Rate - Employees

Rate

Safety – Injury Frequency Rate - Contractors

Rate

Safety – Lost Time Injury Frequency Rate - Employees and contractors

Rate

Safety – Lost Time Injury Frequency Rate - Employees

Rate

Safety – Lost Time Injury Frequency Rate - Contractors

Rate

Safety – Major Injury Frequency Rate - Employees and contractors

Rate

Safety – Major Injury Frequency Rate - Employees

Rate

Safety – Major Injury Frequency Rate - Contractors

Rate

Safety – Fatalities as a result of work-related injury - Employees

Number

Safety – Fatalities as a result of work-related injury - Employees

Rate

Safety – Fatalities as a result of work-related injury - Contractor

Number

Safety – Fatalities as a result of work-related injury - Contractor

Rate

Safety – Near Miss Frequency Rate - Employees and contractors

Rate

Safety – Near Miss Frequency Rate - Employees

Rate

Safety – Near Miss Frequency Rate - Contractors

Rate

Safety – High Potential Events Incidents Frequency Rate (Severity 4) - Employees and

contractors

Rate

Safety – High Potential Events Incidents Frequency Rate (Severity 4) - Employees

Rate

Safety – High Potential Events Incidents Frequency Rate (Severity 4) - Contractors

Rate

Environment – GHG tubular operations emissions - Scope 1

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 2 - market based

CO2-eq million tons

Selected Information

Unit of measure

Environment - GHG tubular operations emissions - Scope 3 - Category 1 - Purchased

goods and services

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 3 emissions – Category 9 –

Intermill transport of steel bars and green pipes

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 2 - Location based

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 3 - Category 3 - Fuel -and

energy- related activities

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 3 - Category 4 - Upstream

transportation and distribution

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 3 emissions - Category 9 -

Downstream transportation and distribution (not including intermill)

CO2-eq million tons

Environment - GHG tubular operations emissions - Scope 1 emissions from tubular

operations covered under regulated emissions trading schemes or carbon tax

regulations

Environment - GHG tubular operations emissions - Total GHG emissions (market-

based) (Scope 1, 2 & 3 all categories reported on the inventory)

CO2-eq million tons

Environment - GHG tubular operations emissions - Total GHG emissions (location-

based) (Scope 1, Scope 2 & Scope 3 all categories reported on the inventory)

CO2-eq million tons

Environment - GHG tubular operations emissions - Recycled content in our steel

Environment - GHG tubular operations emissions - Tubular operations GHG emissions

(market-based) per net revenue

ton CO2eq/ USD million

Environment - GHG tubular operations emissions - Tubular operations GHG emissions

(location-based) per net revenue

ton CO2eq/ USD million

Environment - Air emissions - Particulate material emissions

g/ton steel cast

Environment - Energy management tubular operations - Total energy consumed

Terajoules (TJ)

-of which natural gas

Terajoules (TJ)

-of which coal

Terajoules (TJ)

-of which non-renewable electricity

Terajoules (TJ)

-of which renewable electricity purchased from the grid (per TS market decision)

Terajoules (TJ)

-of which renewable electricity self-generated

Terajoules (TJ)

-of which nuclear sources

Terajoules (TJ)

-of which other (e.g., diesel and gasoline)

Terajoules (TJ)

Environment - Energy management tubular operations - Total energy consumed from

fossil fuels

Environment - Energy management tubular operations - Total energy consumed from

renewable sources

Selected Information

Unit of measure

Environment - Energy management tubular operations - Electricity consumption

supplied from grid

Environment - Energy management tubular operations - Share of renewables in total

electricity consumption

Environment - Energy management tubular operations - Electricity generated and sold

(non-renewable)

Terajoules (TJ)

Environment - Energy management tubular operations - Electricity generated and sold

(renewable)

Terajoules (TJ)

Environment - Energy management tubular operations - Total electricity consumption

GWh

Environment - Energy management tubular operations - Consumption of renewable

electricity (per TS market decision)

GWh

Environment - Energy management tubular operations - Self-generation of non-

renewable electricity

GWh

Environment - Energy management tubular operations - Self generation of renewable

electricity

GWh

Environment - Energy management tubular operations - Energy intensity from all sites

GJ/ton processed steel

Environment - Energy management tubular operations - Tubular operations energy

consumption per net revenue

TJ/USD million

Environment - Water management - Water withdrawal tubular operations and oilfield

services

Million m3

-of which surface

-of which subsurface

-of which network

Environment - Water management - Intensity of water withdrawal tubular operations

M3 water /ton pipe

Environment - Water management - Intensity of water withdrawal excluding Siderca

M3 water /ton pipe

Environment - Water management - Estimated intensity of water consumed tubular

operations

M3 water /ton pipe

Environment - Water management - Water withdrawal from high or extremely high

overall water risk

Environment - Water management - Estimated water consumption tubular operations

and oilfield services

Million m3

Environment - Water management - Estimated water consumption in areas with high or

extremely high-water stress tubular operations

Million m3

Environment - Water management - Estimated water consumption per net revenue

m3 per USD million

Environment - Waste management - Material efficiency at sites w/steel process

Environment - Waste management - Residue & co-products reused or recycled

ton

Selected Information

Unit of measure

Environment - Waste management - Residue & co-products reused or recycled

(maximum recycling considered equal to generation)

Environment - Waste management - Waste disposal

ton

Environment - Waste management - Waste and co-product disposal vs total generation

Environment - Waste management - Total tons of wastes and co products produced

(scrap not included)

ton

Human Capital - Employees at year end - Shop floor

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Employees at year end - Professional

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Employees at year end - Total employees (full-time)

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Employees at year end - Trainees (part-time)

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Senior managers by gender - Total

Number

Male

Number

Female

Number

Male

Female

Human Capital - Age ranges - Employees up to 30

Number

Selected Information

Unit of measure

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges - Employees between 31 and 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges - Employees over 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges - Average age of workforce

Number

Human Capital - Age ranges for professional employees - Professionals up to 30

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for professional employees - Professionals between 31

and 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for professional employees - Professionals over 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for shop-floor employees - Shop floor up to 30

Number

Selected Information

Unit of measure

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for shop-floor employees - Shop floor between 31 and 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for shop-floor employees - Shop floor over 50

Number

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for senior managers - Senior managers up to 30

Number

Human Capital - Age ranges for senior managers - Senior managers up to 30

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for senior managers - Senior managers between 31 and

Number

Human Capital - Age ranges for senior managers - Senior managers between 31 and

-of which male

Number

-of which female

Number

-of which male

-of which female

Human Capital - Age ranges for senior managers - Senior managers over 50

Number

Human Capital - Age ranges for senior managers - Senior managers over 50

-of which male

Number

-of which female

Number

Selected Information

Unit of measure

-of which male

-of which female

Human Capital – Employees by Country – Mexico

Number

Human Capital – Employees by Country - Argentina

Number

Human Capital – Employees by Country – U.S

Number

Human Capital – Employees by Country – Italy

Number

Human Capital – Employees by Country - Romania

Number

Human Capital – Employees by Country - Indonesia

Number

Human Capital – Employees by Country – Brazil

Number

Human Capital – Employees by Country - Canada

Number

Human Capital – Employees by Country - Colombia

Number

Human Capital – Employees by Country - Saudi Arabia

Number

Human Capital – Employees by Country – Other

Number

Human Capital – Employees by nationality - Mexican

Number

Human Capital – Employees by nationality - Argentine

Number

Human Capital – Employees by nationality – U.S

Number

Human Capital – Employees by nationality - Italian

Number

Human Capital – Employees by nationality - Romanian

Number

Human Capital – Employees by nationality - Indonesian

Number

Human Capital – Employees by nationality - Brazilian

Number

Human Capital – Employees by nationality - Canadian

Number

Human Capital – Employees by nationality - Colombian

Number

Human Capital – Employees by nationality - Saudi Arabia

Number

Human Capital – Employees by nationality - Others

Number

Human Capital – Employees by nationality - Mexican

Human Capital – Employees by nationality - Argentine

Human Capital – Employees by nationality – U.S

Human Capital – Employees by nationality - Italian

Human Capital – Employees by nationality - Romanian

Human Capital – Employees by nationality - Indonesian

Human Capital – Employees by nationality - Brazilian

Selected Information

Unit of measure

Human Capital – Employees by nationality - Canadian

Human Capital – Employees by nationality - Colombian

Human Capital – Employees by nationality - Saudi Arabia

Human Capital – Employees by nationality - Others

Human Capital – Senior managers by nationality - Argentine

Number

Human Capital – Senior managers by nationality - Italian

Number

Human Capital – Senior managers by nationality - Mexican

Number

Human Capital – Senior managers by nationality – Romanian

Number

Human Capital – Senior managers by nationality - U.S

Number

Human Capital – Senior managers by nationality - Brazilian

Number

Human Capital – Senior managers by nationality - Colombia

Number

Human Capital – Senior managers by nationality - Canadian

Number

Human Capital – Senior managers by nationality - Uruguayan

Number

Human Capital – Senior managers by nationality – Others

Number

Human Capital – Senior managers by nationality - Argentine

Human Capital – Senior managers by nationality – Italian

Human Capital – Senior managers by nationality – Mexican

Human Capital – Senior managers by nationality – Romanian

Human Capital – Senior managers by nationality – U.S

Human Capital – Senior managers by nationality – Brazilian

Human Capital – Senior managers by nationality - Colombia

Human Capital – Senior managers by nationality - Canadian

Human Capital – Senior managers by nationality - Uruguayan

Human Capital – Senior managers by nationality - Others

Human Capital - Other human capital indicators - Number of nationalities represented

in the employee population

Number

Human Capital - Other human capital indicators - Employees covered by collective

bargaining agreements

Human Capital - Other human capital indicators - Resignation rate - All employees

Rate

Human Capital - Other human capital indicators - Resignation rate - Professional

employees

Rate

Human Capital - Other human capital indicators - New hires

Number

Human Capital - Other human capital indicators - GTs new hires

Number

Selected Information

Unit of measure

Human Capital - Other human capital indicators - GTs new hires – Male

Number

Human Capital - Other human capital indicators - GTs new hires – Female

Number

Human Capital - Other human capital indicators - GTs new hires – Male

Human Capital - Other human capital indicators - GTs new hires – Female

Human Capital - Other human capital indicators - Total number of employees who left

during the reporting period

Number

Human Capital - Other human capital indicators - Rate of employee turnover during the

reporting period

Rate

Human Capital - Age ranges for senior managers - Female to male actual total

compensation per professional employee category

Ratio / %

Human Capital - Training - Training hours per professional employee

Number

Human Capital - Training - Training hours per shop-floor employee (including on-the-

job training)

Number

Human Capital - Training - Training hours per shop-floor employee (excluding on-the-

job training)

Number

Human Capital - Training - Hours of training (in millions of hours)

Number

Community - Education investment

USD Millions

Community - Other community investment

USD Millions

Community - Total community investment

USD Millions

Community - Roberto Rocca Technical School students

Number

Community - Roberto Rocca Technical Gene

Number

Community - Roberto Rocca Technical Gene

Number

Community - Roberto Rocca After School Program

Number

Community - Roberto Rocca Education Program University & PhD

Number

Community - Roberto Rocca Scholarships Program High school

Number

The selected information listed in the table above was prepared by the Management of Tenaris S.A. in

accordance with the Assessment Criteria described in the methodologies defined by the Group and applied

as explained in the Sustainability Report under the Section Annex I: Sustainability Statement Accounting

Policies.

Annual Report 2025

218

LEGAL AND FINANCIAL INFORMATION

Financial Information

Consolidated Statements and Other Financial Information

See “Financial Statements”.

Legal Proceedings

Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,

employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,

reimbursement for losses, or indemnity. Management, with the assistance of legal counsel, periodically reviews

the status of each significant matter and assesses potential financial exposure.

Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues

are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are

difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal

proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result

from ultimate resolution of the proceeding. In those situations, the Company has not accrued a provision for the

potential outcome of these cases.

If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be

reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the

losses to be incurred based on information available to management as of the date of preparation of the financial

statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases,

the Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending

on the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that

publication of this information on a case-by-case basis would seriously prejudice the Tenaris’s position in the

ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has

disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range

of potential loss.

The Company believes that the aggregate provisions recorded for potential losses in its consolidated financial

statements (see notes 24 “Non-current provisions” and 25 “Current allowances and provisions” to our audited

consolidated financial statements included in this annual report) are adequate based upon currently available

information. However, if management’s estimates prove incorrect, current reserves could be inadequate and the

Company could incur a charge to earnings which could have a material adverse effect on its results of operations,

financial condition, net worth and cash flows.

Material Legal Proceedings

A summary description of Tenaris’s material outstanding legal proceedings as of December 31, 2025, is included

in note 27 “Contingencies, commitments and restrictions on the distribution of profits” to our audited

consolidated financial statements included in this annual report, which summary description is incorporated herein

by reference. In addition, Tenaris is subject to other legal proceedings, none of which is believed to be material.

Dividend Policy

The Company does not have, and has no current plans to establish, a dividend policy governing the amount and

payment of dividends or other distributions. For a description of the shareholders’ and holders of ADS’ rights to

receive dividends and the conditions to declare and pay dividends, please refer to “Information on the Company -

Corporate Governance Statement - Corporate Governance”.

The following table shows the dividends approved by the Company’s shareholders in the last five years:

Annual Report 2025

219

Approved dividend

Dividend payment date

Shareholders’ meeting date

Amount

(USD million)

Per share (USD)

Per ADS

(USD)

Interim Dividend

Dividend

Balance

May 3, 2021

248

0.21

0.42

November 2020

May 2021

May 3, 2022

484

0.41

0.82

November 2021

May 2022

May 3, 2023

602

0.51

1.02

November 2022

May 2023

April 30, 2024

694

0.60

1.20

November 2023

May 2024

May 6, 2025

900

0.83

1.66

November 2024

May 2025

On February 18, 2026, the Company announced that upon approval of the Company´s annual accounts, the

board of directors intends to propose for the approval of the annual general shareholders’ meeting scheduled to

be held on May 12, 2026, the payment of an annual dividend of $0.89 per share ($1.78 per ADS), or

approximately $0.9 billion, which includes the interim dividend of $0.29 per share ($0.58 per ADS) or

approximately $0.3 billion, paid on November 26, 2025. If the annual dividend is approved by the shareholders, a

dividend of $0.60 per share ($1.20 per ADS), or approximately $0.6 billion will be paid on May 20, 2026, with a

record date of May 19, 2026 and an ex-dividend date of May 18, 2026 for securities listed in Europe and Mexico,

and an ex-dividend date of May 19, 2026 for securities listed in the United States. Treasury shares are not entitled

to dividend distributions.

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220

The Offer and Listing

Offer and Listing Details

The shares are listed on the Mexican Stock Exchange and its ADSs are listed on the NYSE under the symbol “TS”.

The shares are also listed on the Italian Stock Exchange under the symbol “TEN”. Trading on the NYSE and the

Mexican Stock Exchange began on December 16, 2002, and trading on the Italian Stock Exchange began on

December 17, 2002.

As of February 28, 2026, a total of 1,071,994,930 shares were registered in the Company’s shareholder register

(including 62,355,174 treasury shares as of February 28, 2026, that have been repurchased by the Company

under its share buyback programs and are pending cancellation). As of February 28, 2026, a total of 65,941,586

shares were registered in the name of the Depositary for the Company’s ADS program.

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221

Additional Information

Exchange Controls

Many of the countries that are important markets for us or in which we have substantial assets have histories of

substantial government intervention in currency markets, volatile exchange rates and government-imposed

currency controls. These include mainly Argentina, Brazil, Colombia, Indonesia, and Nigeria.

Between September 2019 and December 13, 2023, the Argentine government imposed significant restrictions on

foreign exchange transactions. After a new administration took office in Argentina in December 2023, some of

these restrictions have been progressively lifted or eased. The main currently applicable measures are described

below:

▪ Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange

market (“MULC”) and converted into Argentine pesos within 60 days (if made to related parties) or 180

days (if made to unrelated parties) from shipment date, or, if collected earlier, within 20 business days of

collection. Foreign currency proceeds from exports of services must be sold into the MULC and converted

into Argentine pesos within 20 business days of collection.

▪ Access to the MULC to pay for imports of services is permitted as from the date of supply or accrual of the

service (if the service was rendered by a non-related party) or is deferred for 90 calendar days as from the

date of supply or accrual of the service (if rendered by a related party).

▪ Access to the MULC to pay for imports of goods is permitted as from the date of customs clearance.

▪ Access to the MULC to pay imports of capital assets is permitted according to the following schedule: up to

30% in advance; up to 50% against shipment; and the balance against customs clearance.

▪ Access to the MULC to pay dividends will be permitted for distributable earnings corresponding to full fiscal

years commencing after January 1, 2025. Access to the MULC to pay dividends for accumulated earnings

relating to prior years remains subject to the approval of the Argentine Central Bank.

Access to foreign currency and transfers out of Argentina to make payments that remain restricted can be

achieved through securities transactions involving securities listed both in Argentina and in other markets,

resulting in a different implicit exchange rate, generally higher than the official exchange rate. Pursuing any such

transactions by Argentine companies and, in certain cases, its shareholders and affiliates, result in temporary

restrictions for the Argentine company to access the MULC. It is still unclear if or when the Argentine authorities

will eliminate or loosen the remaining restrictions.

Since April 14, 2025, the Argentine government established a trading band allowing the Argentine peso to float

between 1,000 and 1,400 against the U.S. Dollar. As from January 2026, the lower and upper levels of the band

will be adjusted every month with the Consumer Price Index for the second preceding month (previously 1% per

month).

In addition, the Argentine Central Bank is allowed to sell foreign currency when the market price hits the upper

level and is allowed to purchase foreign currency (to increase its foreign reserves) within the band and below its

lower level, subject to market liquidity and aligned with money demand.

As of December 31, 2025, the total equity of Argentine subsidiaries represented approximately 13% of Tenaris’s

total equity.

For additional information regarding factors affecting the Argentine economy, see “Risk Factors - Risks Relating to

our Business and Industry - Adverse economic, political and security conditions in the countries where we operate

or sell our products and services, as well as armed conflicts, geopolitical tensions and related sanctions, may

disrupt our operations, reduce demand and adversely affect our revenues, profitability and financial condition”.

For additional information on current foreign exchange restrictions in Argentina, see note 29 “Foreign exchange

control measures in Argentina” of our audited consolidated financial statements included in this annual report.

Annual Report 2025

222

Taxation

The following discussion of the material Luxembourg and U.S. federal income tax consequences of an investment

in our shares and ADSs is based upon laws and relevant interpretations thereof in effect as of the date of this

annual report, all of which are subject to change. This discussion does not address all possible tax consequences

relating to an investment in our shares or ADSs, including the tax consequences under U.S. state and local tax

laws.

Grand Duchy of Luxembourg

This section describes the material Luxembourg tax consequences of owning or disposing of shares or ADSs.

It is not intended to be, nor should it be construed to be, legal or tax advice. You should, therefore, consult your

own tax advisor regarding local or foreign tax consequences, including Luxembourg tax consequences of owning

and disposing of shares or ADSs in your particular circumstances.

As used herein, a “Luxembourg individual” means an individual resident in Luxembourg who is subject to

personal income tax (impôt sur le revenu) on his or her worldwide income from Luxembourg or foreign sources,

and a “Luxembourg corporate holder” means a company (that is, a fully taxable collectivité within the meaning of

Article 159 of the Luxembourg Income Tax Law) resident in Luxembourg subject to Luxembourg corporate income

tax (impôt sur le revenu des collectivités) and Luxembourg municipal business tax (impôt commercial communal)

on its worldwide income from Luxembourg or foreign sources. For the purposes of this summary, Luxembourg

individuals and Luxembourg corporate holders are collectively referred to as “Luxembourg Holders”. A “non-

Luxembourg Holder” means any investor in shares or ADSs of the Company other than a Luxembourg Holder.

Corporate Reorganization

The Company was established as a Luxembourg

société anonyme

holding under Luxembourg’s 1929 holding

company regime. Until termination of such regime on December 31, 2010, holding companies incorporated

under the 1929 regime (including the Company) were exempt from Luxembourg corporate income tax,

Luxembourg municipal business tax, Luxembourg net wealth tax and Luxembourg withholding tax over dividends

distributed to shareholders.

On January 1, 2011, the Company became an ordinary public limited liability company (

société anonyme

) and,

effective as from that date, the Company is subject to all applicable Luxembourg taxes, (including, among others,

Luxembourg corporate income tax on its worldwide income).

In light of the impending termination of Luxembourg’s 1929 holding company regime, in the fourth quarter of

2010, the Company carried out a multi-step corporate reorganization, which included, among other transactions,

the contribution of most of the Company’s assets and liabilities to a wholly-owned, newly-incorporated

Luxembourg subsidiary and the restructuring of indirect holdings in certain subsidiaries. The first phase of the

corporate reorganization was completed in December 2010 and resulted in a non-taxable revaluation of the

accounting value (under Luxembourg GAAP) of the Company’s assets. The second phase of the reorganization

was completed in 2011.

Following the completion of the first phase of the corporate reorganization, and upon its conversion into an

ordinary Luxembourg holding company, the Company recorded a special reserve in its tax balance sheet. Dividend

distributions for the foreseeable future will be charged to the special reserve and therefore should not be subject

to Luxembourg withholding tax.

Annual Report 2025

223

Tax regime applicable to realized capital gains

Luxembourg Holders

Luxembourg resident individual holders

Capital gains realized by Luxembourg resident individuals who do not hold their shares or ADSs as part of a trade

or business (i.e. capital gains on private assets) and who hold (together, directly or indirectly, with his or her

spouse or civil partner and underage children) no more than 10% of the share capital of the Company, at any

time during the five-year period preceding the disposition will only be taxable (at a progressive rate) if they are

realized on a sale of shares or ADSs that takes place before their acquisition or within the first six months

following their acquisition (i.e. speculative gain). After the six-month period, capital gains are not taxed unless the

resident individual holds (together, directly or indirectly, with his or her spouse or civil partner and underage

children) more than 10% of the share capital of the Company at any time during the five-year period preceding

the disposition.

If such shares or ADSs are held as part of a commercial or industrial business, capital gains would be taxable in the

same manner as income from such business.

Capital gains realized by Luxembourg resident individuals holding (alone or together with the resident’s spouse or

civil partner and underage children) directly or indirectly more than 10% of the capital of the Company at any

time during the five years prior to the sale, (or if the Luxembourg resident individuals have received the shares for

no consideration within the last five years and the former holder held at least 10% in the capital of the company

at any moment during said five years) will be taxable at half of the individual’s applicable global tax rate (as

determined progressively), if a holding period of six months following their acquisition elapsed (ranging from 0%

to 21.40% for 2025). Within the six-month period, progressive income tax rates apply (ranging from 0 to

42.80%

in 2025).

Luxembourg resident corporate holders

Capital gains, including currency exchange gains, realized upon the disposal of shares or ADSs by a fully taxable

resident corporate holder will in principle be subject to Luxembourg corporate income tax and Luxembourg

municipal business tax. The combined applicable rate (including an unemployment fund contribution) for a

corporate holder established in Luxembourg-City is 23.87% for the fiscal year ending 2025. An exemption from

such taxes may be available to the Luxembourg resident corporate holder pursuant to Article 1 of the Grand Ducal

Decree dated December 21, 2001, as amended, in combination with article 166 of the Luxembourg Income Tax

Law subject to the fulfillment of the conditions set forth therein.

Non-Luxembourg Holders

Non-Luxembourg individual holders

An individual who is a non-Luxembourg holder of shares or ADSs (and who does not have a permanent

establishment, a permanent representative or a fixed place of business in Luxembourg) will only be subject to

Luxembourg taxation on capital gains arising upon disposal of such shares or ADSs if such holder has (alone or

together with his or her spouse, civil partner and underage children) directly or indirectly held more than 10% of

the capital of the Company at any time during the past five years preceding the disposal, and either (i) such non-

Luxembourg holder has been a resident of Luxembourg for tax purposes for at least 15 years and has become a

non-resident within the last five years preceding the realization of the gain, subject to any applicable tax treaty, or

(ii) the disposal of shares or ADSs occurs within six months from their acquisition (or prior to their actual

acquisition), subject, however, to any applicable tax treaty.

A 7% surcharge for the Employment Fund applies on the income tax due. The surcharge for the Employment Fund amounts to 9% for

taxpayer in tax class 1 or 1a with taxable income exceeding EUR 150,000 (EUR 300,000 for taxpayer in tax class 2).

Annual Report 2025

224

Non-Luxembourg corporate holders

A corporate non-Luxembourg holder (that is, a

collectivité

within the meaning of Article 159 of the Luxembourg

Income Tax Law), which has a permanent establishment, a permanent representative or a fixed place of business

in Luxembourg to which shares or ADSs are attributable, will bear Luxembourg corporate income tax and

Luxembourg municipal business tax on a gain realized on a disposal of such shares or ADSs as set forth above for

a Luxembourg corporate holder. However, capital gains, including currency exchange gains, realized on the sale

of the shares or ADSs may benefit from the full exemption provided for by Article 1 of the Grand Ducal Decree

dated December 21, 2001, as amended, in combination with Article 166 of the Luxembourg Income Tax Law

subject in each case to fulfillment of the conditions set out therein.

A corporate non-Luxembourg holder, which has no permanent establishment, permanent representative or fixed

place of business in Luxembourg to which the shares or ADSs are attributable, will bear non-resident capital gains

tax on a gain realized on a disposal of such shares or ADSs under the same conditions applicable to an individual

non-Luxembourg holder, as set out above.

Tax regime applicable to distributions

Withholding tax

Distributions to holders are in principle subject to a 15% Luxembourg withholding tax computed on the gross

amount distributed. The rate of the withholding tax may be reduced pursuant to double tax treaties existing

between Luxembourg and the country of residence of the relevant holder, subject to the fulfillment of the

conditions set forth therein. However, distributions imputed for tax purposes to the special reserve (please see

above paragraph “corporate reorganization”) should be exempt from Luxembourg withholding tax under the

current tax law.

Nevertheless, a withholding tax exemption may apply if the distribution is made to (as far as relevant in the case at

hand):

• a Luxembourg resident corporate holder (that is, a fully taxable

collectivité

within the meaning of article

159 of the Luxembourg Income Tax Law);

• an undertaking of collective character which is resident of a Member State of the EU and is referred to by

article 2 of the EU Council Directive of November 30, 2011, concerning the common fiscal regime

applicable to parent and subsidiary companies of different member states (2011/96/UE) as amended,

(subject to the general anti-abuse rule provided for by Council Directive 2015/121/EU as implemented into

Luxembourg law);

• a capital company or a cooperative company resident in Norway, Iceland or Liechtenstein and subject to a

tax comparable to corporate income tax as provided by the Luxembourg Income Tax Law;

• a capital company resident in Switzerland which is subject to corporate income tax in Switzerland without

benefiting from an exemption;

• an undertaking with a collective character subject to a tax comparable to corporate income tax as provided

by the Luxembourg Income Tax Law which is resident in a country that has concluded a double tax treaty

with Luxembourg;

and

• a Luxembourg permanent establishment of one of the above-mentioned categories, provided each time

that at the date of payment, the holder holds or commits to hold directly (or through a company regarded

as tax transparent from a Luxembourg tax perspective), during an uninterrupted period of at least twelve

months, shares or ADSs representing at least 10% of the share capital of the Company or acquired for an

acquisition price of at least EUR 1,200,000.

Annual Report 2025

225

Luxembourg Holders

With the exception of Luxembourg corporate holders benefiting from the exemption referred to above,

Luxembourg individual holders, and Luxembourg corporate holders fully subject to Luxembourg corporate tax,

must include the distributions paid on the shares or ADSs in their taxable income, 50% of the amount of such

dividends being exempt from tax. The applicable withholding tax can, under certain conditions, entitle the

relevant Luxembourg Holder to a tax credit.

Non-Luxembourg Holders

Non-Luxembourg Holders of shares or ADSs and who do not have a permanent establishment, a permanent

representative or a fixed place of business in Luxembourg to which the shares or ADSs would be attributable are

not liable for any Luxembourg tax on dividends paid on the shares or ADSs, other than a potential withholding tax

as described above.

Net wealth tax

Luxembourg Holders

Luxembourg net wealth tax will not be levied on a Luxembourg holder with respect to the shares or ADSs held

unless (i) the Luxembourg holder is a legal entity subject to net wealth tax in Luxembourg; or (ii) the shares or

ADSs are attributable to an enterprise or part thereof which is carried on through a permanent establishment, a

fixed place of business or a permanent representative in Luxembourg.

Net wealth tax is levied annually at the rate of 0.5% for taxable net wealth not exceeding EUR 500,000,000 and

at a rate of 0.05% for the net wealth exceeding EUR 500,000,000, of enterprises resident in Luxembourg, as

determined for net wealth tax purposes. The shares or ADSs may be exempt from net wealth tax subject to the

conditions set forth by Paragraph 60 of the Luxembourg Law of October 16, 1934, on the valuation of assets

(

Bewertungsgesetz

), as amended.

A minimum net wealth tax charge applies as of January 1, 2016, for all corporate entities having their statutory

seat or central administration in Luxembourg. Subject to certain conditions, the amount of minimum net wealth

tax may vary. As of 2025, the minimum net wealth tax should amount to EUR 535, EUR 1,605 or EUR 4,815

based on the company’s total balance sheet value.

Non-Luxembourg Holders

Luxembourg net wealth tax will not be levied on a non-Luxembourg holder with respect to the shares or ADSs

held unless the shares or ADSs are attributable to an enterprise or part thereof which is carried on through a

permanent establishment or a permanent representative in Luxembourg. The shares or ADSs may be exempt from

net wealth tax subject to the conditions set forth by Paragraph 60 of the Luxembourg Law of October 16, 1934,

on the valuation of assets (

Bewertungsgesetz

), as amended.

Stamp and registration taxes

No registration tax or stamp duty will be payable by a holder of shares or ADSs in Luxembourg solely upon the

disposal of shares or ADSs by sale or exchange.

Estate and gift taxes

No estate or inheritance tax is levied on the transfer of shares or ADSs upon the death of a holder of shares or

ADSs in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes and no gift tax

is levied upon a gift of shares or ADSs if the gift is not passed before a Luxembourg notary or recorded in a deed

registered in Luxembourg.

Where a holder of shares or ADSs is a resident of Luxembourg for tax purposes at the time of the holder’s death,

the shares or ADSs are included in its taxable estate for inheritance tax or estate tax purposes.

Annual Report 2025

226

U.S. federal income taxation

This section describes the material U.S. federal income tax consequences to a U.S. holder (as defined below) of

owning shares or ADSs. It applies to you only if you hold your shares or ADSs as capital assets for U.S. federal

income tax purposes. This discussion addresses only U.S. federal income taxation and does not discuss all of the

tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or

local tax consequences, estate and gift tax consequences, and tax consequences arising under the Medicare

contribution tax on net investment income or the alternative minimum tax. This section does not apply to you if

you are a member of a special class of holders subject to special rules, including:

• a dealer in securities;

• a bank;

• a trader in securities that elects to use a mark-to-market method of accounting for securities holdings;

• a tax-exempt organization;

• a person who invests through a pass-through entity, including a partnership;

• a life insurance company;

• a person that actually or constructively owns 10% or more of the combined voting power of our voting

stock or of the total value of our stock (including ADSs);

• a person that holds shares or ADSs as part of a straddle or a hedging or conversion transaction for U.S.

federal income tax purposes;

• a person that purchases or sells shares or ADSs as part of a wash sale for U.S. federal income tax purposes;

• a person whose functional currency is not the U.S. dollar.

This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and

proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the Convention

between the Government of the Grand Duchy of Luxembourg and the Government of the United States of

America for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on

Income and Capital (the “Treaty”). These laws are subject to change, possibly on a retroactive basis. In addition,

this section is based in part upon the assumption that each obligation in the ADS deposit agreement and any

related agreement will be performed in accordance with its terms.

If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds the shares

or ADSs, the U.S. federal income tax treatment of a partner will generally depend upon the status of the partner

and the activities of the partnership. Each such partner of a partnership that holds the shares or ADSs is urged to

consult his, her or its own tax advisor.

You are a U.S. holder if you are a beneficial owner of shares or ADSs and you are, for U.S. federal income tax

purposes:

• an individual citizen or resident of the United States;

• a domestic corporation (or an entity treated as a domestic corporation);

• an estate whose income is subject to U.S. federal income tax regardless of its source;

• a trust if (i) a U.S. court can exercise primary supervision over the trust’s administration and one or more

U.S. persons are authorized to control all substantial decisions of the trust or (ii) the trust has a valid

election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

Annual Report 2025

227

In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, if you hold

ADSs, you will be treated as the owner of the shares represented by those ADSs. Exchanges of shares for ADSs,

and ADSs for shares, generally will not be subject to U.S. federal income tax.

The tax treatment of your shares or ADSs will depend in part on whether or not we are classified as a passive

foreign investment company (“PFIC”), for United States federal income tax purposes. Except as discussed below

under “PFIC Rules”, this discussion assumes that we are not classified as a PFIC for United States federal income

tax purposes.

You should consult your own tax advisor regarding the U.S. federal, state and local and other tax consequences

of owning and disposing of shares or ADSs in your particular circumstances.

Taxation of distributions

Under the U.S. federal income tax laws, if you are a U.S. holder, the gross amount of any distribution we pay out

of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), other

than certain pro-rata distributions of our shares, will be treated as a dividend that is subject to U.S. federal income

taxation. If you are a non-corporate U.S. holder, dividends paid to you that constitute qualified dividend income

will be taxable to you at the preferential rates applicable to long-term capital gains provided that you hold shares

or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and

meet other holding period requirements. Dividends we pay with respect to the shares or ADSs generally will be

qualified dividend income, provided that, in the year that you receive the dividend, we are eligible for the benefits

of the Treaty. We believe that we are currently eligible for the benefits of the Treaty and therefore expect that

dividends on the shares or ADSs will be qualified dividend income, but there can be no assurance that we will

continue to be eligible for the benefits of the Treaty.

You must generally include any Luxembourg tax withheld from the dividend payment in this gross amount even

though you do not in fact receive it. The dividend is taxable to you when you receive it, or, in the case of ADSs,

when the Depositary receives the dividend, actually or constructively. The dividend will not be eligible for the

dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other

U.S. corporations. Distributions in excess of current and accumulated earnings and profits, as determined for U.S.

federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the

shares or ADSs and thereafter as capital gain. However, we do not expect to calculate earnings and profits in

accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally

be treated as a dividend (as discussed above).

Dividends will generally be income from sources outside the United States and, generally, will be “passive”

income for purposes of computing the foreign tax credit allowable to you.

Subject to certain limitations, the Luxembourg tax withheld in accordance with the Treaty and paid over to

Luxembourg may be creditable or deductible against your U.S. federal income tax liability. However, under

recently finalized U.S. Treasury regulations, it is possible that taxes may not be creditable unless you are eligible

for and elect to apply the benefits of the Treaty. Special rules apply in determining the foreign tax credit limitation

with respect to dividends that are subject to the preferential tax rates. To the extent a refund of the tax withheld

is available to you under Luxembourg law or under the Treaty, the amount of tax withheld that is refundable will

not be eligible for credit against your U.S. federal income tax liability.

In certain circumstances, if you have held ADSs for less than a specified minimum period during which you are not

protected from risk of loss,or are obligated to make payments related to the dividends, you will not be allowed a

foreign tax credit for foreign taxes imposed on dividends that we pay.

The rules governing the foreign tax credit are complex. You are urged to consult your tax advisors regarding the

availability of the foreign tax credit under your particular circumstances.

Annual Report 2025

228

Taxation of capital gains

If you are a U.S. holder and you sell or otherwise dispose of your shares or ADSs, you will recognize capital gain or

loss for U.S. federal income tax purposes equal to the difference between the U.S. dollar value of the amount that

you realize and your tax basis, determined in U.S. dollars, in your shares or ADSs. Capital gain of a non-corporate

U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The gain or

loss will generally be income or loss from sources within the United States for foreign tax credit limitation

purposes. The deductibility of capital losses is subject to limitations.

PFIC rules.

Based on the Company’s current and expected income and assets, we believe that the shares or ADSs

should not currently be treated as stock of a PFIC for U.S. federal income tax purposes, and we do not expect to

become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually

and thus may be subject to change. It is therefore possible that we could become a PFIC in a future taxable year.

If we were to be treated as a PFIC, gain realized on the sale or other disposition of your shares or ADSs would in

general not be treated as capital gain. Furthermore, if you are a U.S. holder, unless you are permitted to elect and

you do elect to be taxed annually on a mark-to-market basis with respect to the shares or ADSs, upon sale or

disposition of your shares or ADSs, you would generally be treated as if you had realized such gain and certain

“excess distributions” ratably over your holding period for the shares or ADSs and would be taxed at the highest

tax rate in effect for each such year to which the gain was allocated, together with an interest charge in respect

of the tax attributable to each such year. With certain exceptions, your shares or ADSs will be treated as stock in a

PFIC if we were a PFIC at any time during your holding period in your shares or ADSs. Dividends that you receive

from us will not be eligible for the special tax rates applicable to qualified dividend income if we are a PFIC (or are

treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year,

but instead will be taxable at rates applicable to ordinary income and subject to the excess distribution regime

described above.

Annual Report 2025

229

Documents on Display

The Company is subject to the reporting requirements of the Exchange Act, as applied to foreign private issuers.

Accordingly, the Company is required to file annual and special reports and other information with the SEC;

however, foreign private issuers are not required to deliver proxy statements or to file quarterly reports. We

prepare quarterly and annual consolidated financial statements in accordance with IFRS. The Company’s annual

consolidated financial statements are audited by an independent accounting firm. The Company submits quarterly

financial information with the SEC on Form 6-K simultaneously with or promptly following the publication of such

information in Luxembourg and any other jurisdiction in which the Company’s securities are listed. In addition, the

Company files annual reports on Form 20-F within the time period required by the SEC, which is currently four

months from the close of the Company’s fiscal year on December 31. Reports and other information filed

electronically with the SEC are available at the SEC’s Internet website at http://www.sec.gov. In addition, such

reports and other communications are made available to all shareholders and holders of ADSs on the Company’s

website at: https://ir.tenaris.com/investor-relations. Information contained in or otherwise accessible through our

Internet website is not a part of this annual report.

For the year ended December 31, 2025, Deutsche Bank Trust Company Americas acted as depositary under the

ADSs deposit agreement. As long as the deposit agreement remains in effect, the Company will furnish the

Depositary with:

• its annual reports;

and

• copies of all notices of shareholders’ meetings and other reports and communications that are made

generally available to the Company’s shareholders.

The Depositary will, as provided in the deposit agreement and if requested in writing by the Company, arrange for

the mailing of such reports, notices and communications to all record holders of ADSs, on a basis similar to that

for holders of shares, or on such other basis as the Company may advise the Depositary may be required by any

applicable law or regulation, or any requirement of any stock exchange to which the Company may be subject.

Any reports and communications, including any proxy solicitation material, shall be furnished in English to the

extent such materials are required to be translated into English pursuant to any regulations of the SEC.

Any record holder of ADSs may read the reports, notices, and other communications including any proxy

solicitation material at the Depositary’s office located at One Columbus Circle, New York, New York 10019.

In addition, such reports, notices and other communications are made available to all shareholders and holders of

ADSs on the Company’s website at: https://ir.tenaris.com/investor-relations. Information contained in or otherwise

accessible through our Internet website is not a part of this annual report.

Whenever a reference is made in this annual report to a contract or other document, please be aware that such

reference is not necessarily complete and that you should refer to the exhibits that are a part of this annual report

for a copy of the contract or other document.

Annual Report 2025

230

Quantitative and Qualitative Disclosure about Market Risk

The multinational nature of our operations and customer base expose us to a variety of risks, including the effects

of changes in foreign currency exchange rates, interest rates and commodity prices. In order to reduce the impact

of these exposures, management evaluates exposures on a consolidated basis to take advantage of natural

exposure netting. For the residual exposures, we may enter into various derivative transactions in order to reduce

potential adverse effects on our financial performance. Such derivative transactions are executed in accordance

with internal policies and hedging practices. We do not enter into derivative financial instruments for trading or

other speculative purposes, other than non-material investments in structured products.

The following information should be read together with section III, “Financial risk management” to our audited

consolidated financial statements included elsewhere in this annual report.

Debt Structure

The following tables provide a breakdown of our debt instruments at December 31, 2025 and 2024, which

include fixed and variable interest rate obligations, detailed by maturity date:

At December 31, 2025

Expected maturity date

(in millions of U.S. dollars)

2026

2027

2028

2029

2030

Thereafter

Total

Non-current Debt

Fixed rate

Variable rate

Current Debt

Fixed rate

Variable rate

231

305

306

At December 31, 2024

Expected maturity date

(in millions of U.S. dollars)

2025

2026

2027

2028

2029

Thereafter

Total

Non-current Debt

Fixed rate

Variable rate

Current Debt

Fixed rate

162

Variable rate

264

426

437

Our weighted average annual interest rates before tax (considering hedge accounting), amounted to 5.44% at

December 31, 2025, and 6.52% at December 31, 2024.

Our financial liabilities (other than trade payables and derivative financial instruments) consist mainly of bank

loans. As of December 31, 2025, U.S. dollar denominated financial debt plus debt denominated in other

currencies swapped to the U.S. dollar represented 76% of total financial debt.

Borrowings are classified under other financial liabilities and measured at amortized cost. Tenaris estimates that

the fair value (level 2) of its main borrowings is approximately 99.5% and 98.3% of their carrying amount

(including interests accrued) in 2025 and 2024, respectively. Fair values were calculated using standard valuation

techniques for floating-rate instruments and comparable market rates for discounting cash flows.

For further information about our financial debt, please see note 21 “Borrowings” to our audited consolidated

financial statements included in this annual report.

Annual Report 2025

231

Interest Rate Risk

Fluctuations in market interest rates create a degree of risk by affecting the amount of our interest payments. At

December 31, 2025, we had variable interest rate debt of $231 million and fixed rate debt of $75 million (of the

fixed rate debt, $74.6 million is short-term).

Foreign Exchange Rate Risk

We manufacture and sell our products in a number of countries throughout the world and consequently, we are

exposed to foreign exchange rate risk. Since the Company’s functional currency is the U.S. dollar, the purpose of

our foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of

other currencies against the U.S. dollar.

Most of our revenues are determined or influenced by the U.S. dollar. In addition, a relevant part of our costs

corresponds to steelmaking raw materials and steel coils and plates, which are also determined or influenced by

the U.S. dollar. However, outside the United States, a portion of our expenses is incurred in foreign currencies

(e.g. labor costs). Therefore, when the U.S. dollar weakens in relation to the foreign currencies of the countries

where we manufacture our products, U.S. dollar-reported expenses increase. Had the U.S. dollar average

exchange rate been weaker by 5% against the currencies of the countries where we have labor costs, operating

income would have decreased approximately $70 million in 2025, compared to $73 million in 2024.

Our consolidated exposure to currency fluctuations is reviewed on a periodic basis. A number of hedging

transactions are performed in order to achieve efficient coverage in the absence of operative or natural hedges.

Almost all of these transactions are forward exchange rate contracts.

Because certain subsidiaries have functional currencies other than the U.S. dollar, the results of hedging activities

as reported in the income statement under IFRS may not entirely reflect management’s assessment of its foreign

exchange risk hedging needs. Also, intercompany balances between our subsidiaries may generate exchange rate

results to the extent that their functional currencies differ.

The value of our financial assets and liabilities is subject to changes arising from variations in foreign currency

exchange rates. The following table provides a breakdown of our main financial assets and liabilities (including

foreign exchange derivative contracts) that impact our profit and loss as of December 31, 2025.

All amounts in millions of U.S. dollars

Currency Exposure

Functional currency

Long / (Short) Position

Euro

U.S. dollar

(204)

Saudi Arabian Riyal

U.S. dollar

(69)

Argentine Peso

U.S. dollar

(9)

Brazilian Real

U.S. dollar

(42)

The main relevant exposures as of December 31, 2025, were to Euro-denominated intercompany liabilities at

certain subsidiaries whose functional currency is the U.S. dollar, Saudi Arabian Riyal-denominated financial and

trade payables, Argentine Peso-denominated, trade, social and fiscal payables at our Argentine subsidiaries, for

which the functional currency is the U.S. dollar, and Brazilian Real-denominated liabilities at certain Brazilian

subsidiaries whose functional currency is the U.S. dollar. The Saudi Arabian Riyal is tied to the U.S. dollar.

Foreign Currency Derivative Contracts

The net fair value of our foreign currency derivative contracts amounted to a liability of $10.1 million at December

31, 2025 and a liability of $8 thousand at December 31, 2024. For further detail on our foreign currency

derivative contracts, please see note 26 “Derivative financial instruments -

Foreign exchange and commodities

derivative contracts and hedge accounting

” to our audited consolidated financial statements included in this

annual report.

Annual Report 2025

232

Concentration of Credit Risk

No single customer comprised more than 10% of our net sales in 2025, 2024 or 2023.

Our credit policies related to sales of products and services are designed to identify customers with acceptable

credit history and to allow us to use credit insurance, letters of credit and other instruments designed to minimize

credit risk whenever deemed necessary. We maintain allowances for impairment for potential credit losses.

Commodity Price Risk

In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price

volatility caused by supply conditions, political and economic variables and other factors. As a consequence,

Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris

fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of one year,

and, in general, hedging for these risks is performed on a limited basis.

Commodities Derivative Contracts

The net fair value of our commodities derivative contracts amounted to a liability of $2.3 million at December 31,

2025 and a liability of $0.8 million at December 31, 2024. For further detail on our commodities derivative

contracts, please see note 26 “Derivative financial instruments - Foreign exchange and commodities derivative

contracts and hedge accounting” to our audited consolidated financial statements included in this annual report.

Accounting for Derivative Financial Instruments and Hedging Activities

We use derivative financial instruments principally to manage our exposure to fluctuations in exchange rates and

prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities

based on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial

position at fair value. We use market prices or specific tools for the calculation of each instrument’s fair value,

with such tools tested for consistency on a monthly basis. Market rates are used for all pricing operations. These

include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains

or losses arising from changes in the fair value of derivatives are recognized in

Financial Results

in the

Consolidated Income Statement, except for derivatives that are designated and qualify for hedge accounting.

We designate certain derivatives as hedges of particular risks associated with recognized assets or liabilities or

highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion

of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity.

Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting

losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately

in the income statement. The fair value of Tenaris’s derivative financial instruments (assets or liabilities) continues

to be reflected in the statement of financial position.

For transactions designated and qualifying for hedge accounting, we document, at the inception of the

transaction, the relationship between hedging instruments and hedged items, as well as our risk management

objectives and strategy for undertaking various hedge transactions. We also document our assessment, on an

ongoing basis, of whether the hedging instruments are effective in offsetting changes in the fair value or cash

flow of hedged items. At December 31, 2025 and 2024, the effective portion of designated cash flow hedges

which is included in

Other Reserves

in equity amounted to $2.7 million debit and $0.6 million debit respectively.

Annual Report 2025

233

Description of Securities Other Than Equity Securities

American Depositary Shares

According to the Company’s deposit agreement, holders of ADSs may have to pay to the Depositary, either

directly or indirectly, fees or charges up to the amounts set forth below:

• a fee of $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) for: issuance of ADSs, including issuances

resulting from a distribution of shares or rights or other property; and cancellation of ADSs for the purpose

of withdrawal, including if the deposit agreement terminates;

• a fee of $0.02 (or less) per ADSs for any cash distribution to ADS registered holders, excluding cash

dividend;

• any charges for taxes and other governmental charges that the Depositary or the custodian may be

required to pay on any ADS or share underlying an ADS (e.g., share transfer taxes, stamp duty or

withholding taxes); and any charges incurred by the Depositary or its agents for servicing the depositary

securities;

• registration or transfer fees for transfer and registration of shares on our share register to or from the name

of the Depositary or its agent when you deposit or withdraw shares;

• expenses of the Depositary for cable, telex and facsimile transmissions (when expressly provided in the

deposit agreement) and conversion of foreign currency;

• a fee equivalent to the fee that would be payable if securities distributed to ADS holders had been shares

and the shares had been deposited for issuance of ADSs for distribution of securities distributed to holders

of deposited securities which are distributed by the Depositary to ADS registered holders;

and

• as necessary, charges for any costs incurred by the Depositary or its agents for servicing the deposited

securities.

The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or

surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects

fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a

portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services

by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts

of participants acting for them. The Depositary may generally refuse to provide fee-attracting services until its fees

for those services are paid.

Under the deposit agreement with the Depositary, the Depositary is not liable to holders of ADSs, except that the

Depositary agrees to perform its obligations specifically set forth therein without gross negligence and willful

misconduct.

Fees Payable by the Depositary to the Company

Under its agreement with the Depositary, the Company is entitled to receive certain fees from the Depositary,

based on the Depositary’s revenues resulting from issuance and cancellation fees charged to ADR holders, net of

custody and safe keeping costs. In addition, the Depositary has waived the cost of providing administrative and

reporting services, and access charges in connection with the Company’s ADR Program.

Fees paid in 2025

In 2025, the Company received from the Depositary fees for an amount of $848 thousand corresponding to the

period March 13, 2024 through March 12, 2025.

Annual Report 2025

234

Fees payable during 2026

In 2026, the Company received from the Depositary fees for an amount of $1,077 thousands corresponding to

the period March 13, 2025 through March 12, 2026.

Annual Report 2025

235

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the Company’s chief executive

officer and chief financial officer, we have evaluated the effectiveness of the design and operation of our

disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange

Act) as of December 31, 2025.

Based on that evaluation, the Company’s chief executive officer and chief financial officer have concluded that, as

of December 31, 2025, our disclosure controls and procedures are effective at a reasonable level to ensure that

information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded,

processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to ensure

that such information is accumulated and communicated to management, including the Company’s chief

executive officer and chief financial officer, to allow timely decisions regarding required disclosure. Our disclosure

controls and procedures are designed to provide reasonable assurance of achieving their objectives.

Management’s Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as

such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over financial

reporting was designed by management to provide reasonable assurance regarding the reliability of financial

reporting and the preparation and fair presentation of its financial statements for external purposes in accordance

with IFRS.

In addition, under the Company’s articles of association, as supplemented by the audit committee’s charter, the

audit committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness

of the Company’s systems of internal control, risk management and internal audit over financial reporting. In

particular, the audit committee is required to review the scope and results of the activities of the Company’s

external auditors and the internal audit function relating to the Company’s internal control over financial

reporting, and obtain reports on significant findings and recommendations; and is also required to assess, at least

annually at the time the annual accounts are approved, the effectiveness of the Company’s systems of internal

control and risk management over financial reporting.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect

misstatements or omissions. In addition, projections of any evaluation of effectiveness to future periods are

subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of

compliance with the policies or procedures may deteriorate.

On a yearly basis, management conducts its assessment of the effectiveness of Tenaris’s internal control over

financial reporting based on the framework in

Internal Control- Integrated Framework

(2013) issued by the

Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

On February 17, 2026, management reported to the audit committee of the Company’s board of directors that

management had conducted its assessment of the effectiveness of the Company’s internal control over financial

reporting for the year ended December 31, 2025, and that, based on management’s evaluation and considering

the inherent limitations to the effectiveness of any internal control system, management had concluded that the

Company’s internal control over financial reporting were effective as of December 31, 2025.

Change in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a -15(f)

and 15d -15(f) under the Exchange Act) during the year ended December 31, 2025, that have materially affected,

or are reasonably likely to materially affect, our internal control over financial reporting.

Annual Report 2025

236

Principal Accountant Fees and Services

Principal Accountant Fees

Total fees accrued for professional services rendered to the Company and its subsidiaries by (i) PwC, the

Company’s independent registered public accounting firm, in charge of the contractual audit of the Company's

consolidated financial statements and internal control over financial reporting for the year 2025, (ii) Forvis Mazars,

the Company's statutory auditor, in charge of the statutory audit of the Company's consolidated financial

statements for the year 2025; and (iii) Ernst & Young S.A. (“EY”), the Company’s independent registered public

accounting firm, in charge of the Company's audit for the year 2024, are detailed as follows:

For the year ended December 31,

2025

2024

Thousands of U.S. dollars

PwC

Forvis Mazars

Audit Fees

3,879

1,497

4,569

Audit-Related Fees

255

Tax Fees

All Other Fees

Total

4,154

1,522

4,698

Audit Fees

Audit fees were paid for professional services rendered by the external auditors for the audit of the Company’s

consolidated financial statements and internal control over financial reporting, the statutory financial statements

of the Company and its subsidiaries, and any other audit services required under applicable securities laws,

including SEC regulations, PCAOB standards and other regulatory requirements.

Audit-Related Fees

Audit-related fees are typically services that are reasonably related to the performance of the audit or review of

the Company’s consolidated financial statements and the statutory financial statements of the Company and its

subsidiaries and are not reported under the audit fee item above. This item includes fees for attestation services

on financial information of the Company and its subsidiaries included in their annual reports required to be filed

with competent regulators.

Tax Fees

Fees paid for tax compliance professional services.

All Other Fees

Fees paid for licences for platforms for accounting and business knowledge.

Audit Committee’s Pre-approval Policies and Procedures

The Company’s audit committee is responsible for, among other things, the oversight of the Company’s external

auditors. Under its charter, the audit committee is responsible to review the appropriateness of, and approve, in

advance, the provision of any permissible non-audit services by the external auditors; and to review and approve

any fees, whether for audit, audit-related, or non-audit services payable to the external auditors.

The audit committee makes its recommendations to the shareholders’ meeting concerning the continuing

appointment or termination of the Company’s external auditors. On a yearly basis, the audit committee reviews,

together with management and the external auditor, the audit plan, audit related services and other permissible

non-audit services and approves, ad-referendum of the general shareholders’ meeting, the related fees. With

respect to non-audit services, the audit committee annually approves an estimated amount for undetermined

non-audit services, conditioned upon final review and approval of such services by the audit committee. The audit

committee annually receives from the external auditor the written disclosures required by PCAOB Rule 3524

“Audit Committee Pre-Approval of Certain Tax Services”, together with a description of the scope of tax services

for such year, and the external auditors’ confirmation that such non-audit services are consistent with the

Sarbanes-Oxley Act, SEC Regulation S-X Rule 2-01, and applicable PCAOB rules. The audit committee did not

Annual Report 2025

237

approve any fees pursuant to the de minimis exception to the pre-approval requirement provided by paragraph

(c)(7)(i)(C) of Rule 2-01 of Regulation S-X during 2024 or 2023.

The general shareholders’ meeting normally approves such audit fees and authorizes the audit committee to

approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the

circumstances. No services outside the scope of the audit committee’s approval may be undertaken by the

external auditor.

Annual Report 2025

238

Purchases of Equity Securities by the Company and Affiliated Purchasers

On May 6, 2025, at the Company’s general meeting of shareholders, the Company’s shareholders renewed, for a

five-year period, the authorization granted to the Company and the Company’s subsidiaries to acquire, from time

to time, shares, including shares represented by ADSs, on the terms and conditions set forth below. The next

general meeting of shareholders, scheduled to be held on May 12, 2026, will consider the renewal of such

authorization for an additional five-year period on the same terms and conditions.

• Purchases, acquisitions or receipts of securities may be made in one or more transactions as the board of

directors of the Company or the board of directors or other governing bodies of the relevant entity, as

applicable, considers advisable.

• The maximum number of securities acquired pursuant to this authorization may not exceed 10% of the

Company’s issued shares or, in the case of acquisitions made through a stock exchange in which the

securities are traded, such lower amount as may not be exceeded pursuant to any applicable laws or

regulations of such market. The number of securities acquired as a block may amount to the maximum

permitted amount of purchases.

• The purchase price per share to be paid in cash may not exceed 125% (excluding transaction costs and

expenses), nor may it be lower than 75% (excluding transaction costs and expenses), in each case of the

average of the closing prices of the Company’s securities in the stock exchange through which the

Company’s securities are acquired, during the five trading days in which transactions in the securities were

recorded in such stock exchange preceding (but excluding) the day on which the Company’s securities are

acquired. For over-the-counter or off-market transactions, the purchase price per ADS to be paid in cash

may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75%

(excluding transaction costs and expenses), in each case of the average of the closing prices of the ADSs in

the NYSE during the five trading days in which transactions in ADSs were recorded in the NYSE preceding

(but excluding) the day on which the ADSs are acquired; and, in the case of acquisition of securities, other

than in the form of ADSs, such maximum and minimum per security purchase prices shall be equal to the

prices that would have applied in case of an ADS purchase pursuant to the formula above divided by the

number of underlying shares represented by an ADS at the time of the relevant purchase. Compliance with

maximum and minimum purchase price requirements in any and all acquisitions made pursuant to this

authorization (including, without limitation, acquisitions carried out through the use of derivative financial

instruments or option strategies) shall be determined on and as of the date on which the relevant

transaction is entered into, irrespective of the date on which the transaction is to be settled.

• The above maximum and minimum purchase prices shall, in the event of a change in the par value of the

securities, a capital increase by means of a capitalization of reserves, a distribution of securities under

compensation or similar programs, a stock split or reverse stock split, a distribution of reserves or any other

assets, the redemption of capital, or any other transaction impacting on the Company’s equity, be adapted

automatically, so that the impact of any such transaction on the value of the securities shall be reflected.

• The acquisitions of securities may not have the effect of reducing the Company’s net assets below the sum

of the Company’s share capital plus its undistributable reserves.

• Only fully paid-up securities may be acquired pursuant to this authorization.

• The acquisitions of securities may be carried out for any purpose, as may be permitted under applicable

laws and regulations, including without limitation to reduce the share capital of the Company, to offer

such shares to third parties in the context of corporate mergers or acquisitions of other entities or

participating interests therein, for distribution to the Company’s or the Company’s subsidiaries’ directors,

officers or employees or to meet obligations arising from convertible debt instruments.

• The acquisitions of securities may be carried out by any and all means, as may be permitted under

applicable laws and regulations, including through any stock exchange in which the Company’s securities

are traded, through public offers to all shareholders of the Company to buy securities, through the use of

derivative financial instruments or option strategies, or in over-the-counter or off-market transactions or in

any other manner.

• The acquisitions of securities may be carried out at any time, during the duration of the authorization,

including during a tender offer period, as may be permitted under applicable laws and regulations.

Annual Report 2025

239

• The authorization granted to acquire securities shall be valid for such maximum period as may be provided

for under applicable Luxembourg law as in effect from time to time (such maximum period being, as of to

date, 5 years).

• The acquisitions of securities shall be made at such times and on such other terms and conditions as may

be determined by the board of directors of the Company or the board of directors or other governing

bodies of the relevant subsidiary, provided that, any such purchase shall comply with Article 430-15 et. seq.

of the Luxembourg Company Law (or any successor law) and, in the case of acquisitions of securities made

through a stock exchange in which the Company’s securities are traded, with any applicable laws and

regulations of such market.

Share buyback programs

First share buyback program

On November 1, 2023, the Company’s board of directors approved a share buyback program of up to $1.2

billion, to be executed within a year, with the intention to cancel the ordinary shares acquired through the

program. The share buyback program was carried out under the authority granted by the annual general meeting

of shareholders held on June 2, 2020, up to a maximum of 10% of the Company’s shares.

For purposes of carrying out each tranche of the first share buyback program, the Company entered into non-

discretionary buyback agreements with primary financial institutions that made trading decisions concerning the

timing of the purchases of the Company’s ordinary shares independently of and uninfluenced by Tenaris and

acted in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and

the Commission Delegated Regulation (EU) 2016/1052.

During the first share buyback program, which was divided into four tranches and ran from November 5, 2023, to

(and including) August 2, 2024, the Company repurchased 71,679,768 ordinary shares, representing 6.07% of

the Company’s issued share capital as measured at the beginning of the first program, for a total consideration of

approximately $1.2 billion (excluding incidental transaction fees).

The shares acquired during the first tranche of the first share buyback program were cancelled at the

extraordinary shareholders meeting held on April 30, 2024, and the remaining shares acquired during the second,

third and fourth tranches of the first share buyback program were cancelled at the extraordinary shareholders

meeting held on May 6, 2025, as further described below.

Second share buyback program

On November 6, 2024, the Company’s board of directors approved a second share buyback program of up to

$700 million (excluding incidental transaction fees), subject to a maximum of 46,373,915 ordinary shares,

representing the remaining 3.93% of the Company’s issued share capital (measured as of the launch of the first

share buyback program), to complete the maximum of 10% of the share capital that could be repurchased by the

Company at the time, with the intention to cancel the ordinary shares acquired through the program. The second

share buyback program was carried out under the authority granted by the annual general meeting of

shareholders held on June 2, 2020, to repurchase up to a maximum of 10% of the Company’s shares.

For purposes of carrying out the second share buyback program, the Company entered into a non-discretionary

buyback agreement with a primary financial institution, which made trading decisions concerning the timing of

the purchases of the Company’s shares independently of and uninfluenced by Tenaris and acted in compliance

with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission

Delegated Regulation (EU) 2016/1052.

During the second share buyback program, which ran from November 11, 2024, to (and including) March 4,

2025, the Company repurchased 36,862,132 ordinary shares, representing 3.12% of the Company’s issued

shares as measured at the beginning of the first share buyback program, for a total consideration of

approximately $700 million (excluding incidental transaction fees).

On May 6, 2025, the extraordinary shareholders meeting approved the cancellation of 90,762,598 ordinary

shares held in treasury by the Company, which had been acquired during the second, third and fourth tranches of

the first share buyback program and the second share buyback program, and resolved to approve the

corresponding reduction of the issued share capital of the Company and the amendment of the first paragraph of

Annual Report 2025

240

article 5 of the Company’s articles of association. As a result, effective May 6, 2025, the issued share capital of

the Company was reduced from $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1

per share) to $1,071,994,930 (represented by 1,071,994,930 shares with a par value of $1 per share).

Third share buyback program

On May 27, 2025, the Company’s board of directors approved a third share buyback program of up to $1.2

billion (excluding incidental transaction fees), to be executed within a year, with the intention to cancel the

ordinary shares acquired through the program. The third share buyback program is being carried out under the

authority granted by the annual general meeting of shareholders held on May 6, 2025 (which renewed the

authorization to purchase, acquire or receive, from time to time, Company shares, including shares represented by

ADRs, on such terms and conditions as may be approved by the board of directors up to a maximum of 10% of

the Company’s shares) up to a maximum of 10% of the Company’s shares.

For purposes of carrying out each tranche of the third share buyback program, the Company entered into a non-

discretionary buyback agreement with a primary financial institution, which makes trading decisions concerning

the timing of the purchases of the Company’s shares independently of and uninfluenced by Tenaris and acts in

compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the

Commission Delegated Regulation (EU) 2016/1052.

The third share buyback program was divided into two tranches. The first tranche of the program, which covered

up to $600 million (excluding incidental transaction fees), ran from June 9, 2025, to (and including) September

30, 2025.

Under the first tranche of the program the Company repurchased 33,059,955 ordinary shares, representing

3.08% of the Company’s issued shares as measured at the beginning of the first tranche of the program, for a

total consideration of approximately $584 million (excluding incidental transaction fees).

The second tranche of the program, which covered up to $600 million (excluding incidental transaction fees), ran

from November 3, 2025, and was originally scheduled to end no later than April 30, 2026. Under the second

tranche of the program, the Company repurchased 29,295,219 ordinary shares, representing 2.73% of the

Company’s issued shares as measured at the beginning of the second tranche of the program, for an aggregate

consideration of approximately $583.6 million (excluding incidental transaction fees), thereby substantially

completing its targeted repurchases.

On February 23, 2026, the Company announced its decision to terminate, effective March 3, 2026, the second

tranche of the third share buyback program. In a context of high volatility in the market, allowing the second

tranche of the program to continue as initially scheduled would, by application of the customary mechanics in the

existing buyback agreement, have resulted in a significant incremental pay-out to its counterparty. Accordingly,

following the expiration of the blackout period corresponding to the Company’s annual earnings release on

February 20, 2026, the Company exercised its right to terminate its existing buyback agreement on the first date

it was allowed to do so under the terms of the agreement, and in March 2026, paid the incidental transaction

fees.

Ordinary shares repurchased under the third share buyback program are being held in treasury (with their voting

rights suspended) and are intended to be cancelled at the extraordinary general meeting of shareholders

scheduled to be held on May 12, 2026 (immediately after the next annual general meeting of shareholders) and

the Company’s issued share capital will be reduced accordingly.

During the year ended December 31, 2025, the Company repurchased 12,277,261 ordinary shares, for a total

consideration of approximately $235 million (excluding incidental transaction fees), under the second share

buyback program and 60,170,972 ordinary shares, for a total consideration of approximately $1,125 million

(excluding incidental transaction fees), under the third share buyback program.

Comparatively, during the year ended December 31, 2024, the Company repurchased 83,616,548 ordinary

shares for a total consideration of approximately $1,442 million.

For further information on the Company’s share buyback program, please refer to our corporate website under

the “Share Buyback Program” section https://ir.tenaris.com/share-buyback-program. Information contained in or

otherwise accessible through our Internet website is not a part of this annual report.

Annual Report 2025

241

In the future, we may, on the terms and subject to the conditions above referred, initiate another share capital

repurchase or similar program or engage in other transactions pursuant to which we may repurchase, directly or

indirectly, the Company’s securities. In addition, we or our subsidiaries may enter into transactions involving sales

or purchases of derivatives or other instruments, either settled in cash or through physical delivery of securities,

with returns linked to the Company’s securities. The timing and amount of repurchase transactions under any

such future program, or sales or purchases of derivatives or other instruments, will depend on market conditions

as well as other corporate and regulatory considerations.

Share buyback program

Period

Average price

paid per share in

USD

Total number of shares

purchased as part of

publicly announced plans

or programs (*)

Approximate

million USD

value of shares

that may yet be

purchased

under the plan

or program (**)

2nd program

January 1, 2025 - January 31, 2025

19.25

4,448,220

150

2nd program

February 1, 2025 - February 28, 2025

19.31

7,101,937

2nd program

March 1, 2025 - March 31, 2025

18.26

727,104

Not applicable

April 1, 2025 - April 30, 2025

Not applicable

May 1, 2025 - May 31, 2025

3rd program - 1st tranche

June 1, 2025 - June 30, 2025

18.08

13,094,268

363

3rd program - 1st tranche

July 1, 2025 - July 31, 2025

18.81

8,033,617

212

3rd program - 1st tranche

August 1, 2025 - August 31, 2025

17.86

7,703,308

3rd program - 1st tranche

September 1, 2025 - September 30, 2025

17.58

3,570,678

3rd program - 1st tranche

October 1, 2025 - October 31, 2025

17.92

658,084

3rd program - 2nd tranche

November 1, 2025 - November 30, 2025

19.95

7,058,958

459

3rd program - 2nd tranche

December 1, 2025 - December 31, 2025

19.96

20,052,059

Total

72,448,233

(*)

All units were purchased as part of publicly announced plans or programs.

(**)

Amounts in USD million excluding incidental transaction fees.

Commencement of the second share buyback program, for $0.7 billion, was announced on November 10, 2024, with an expiration date on

March 26, 2025. The completion of the second share buyback program was announced on March 4, 2025.

The third share buyback program was announced on June 9, 2025, for an aggregate amount of $1.2 billion and divided in two tranches of

$0.6 billion. Commencement of the first tranche of the third share buyback program was announced on June 9, 2025, with an expiration date

on December 8, 2025. The completion of the first tranche of the third share buyback program was announced on September 30, 2025.

Commencement of the second tranche of the third share buyback program was announced on November 3, 2025, with an original expiration

date on April 30, 2026. On February 23, 2026, the Company announced its decision to terminate, effective March 3, 2026, the second

tranche of the third share buyback program.

Annual Report 2025

242

Insider Trading Policy

Tenaris has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of its securities

by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws,

rules and regulations and NYSE listing standards.

Annual Report 2025

243

Cybersecurity

Risk Management, Strategy and Governance

Under the Company’s articles of association, as supplemented by the audit committee’s charter, the audit

committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness of the

Company’s systems of internal control, risk management and internal audit over financial reporting. In addition,

the Company has established a management-level Critical Risk Committee (“CRC”) that assists the Company’s

board of directors, the audit committee and the chief executive officer in connection with the monitoring,

assessment and review of risks to which Tenaris is exposed and in the oversight of the risk management

framework and processes, with a focus on critical risks (including accidents, cybersecurity and obsolescence,

commercial execution, environmental, health and safety, and regulatory risks), the development of mitigating

actions and the monitoring of action plans. The CRC, which comprises several senior executives, the risk assurance

manager and the general counsel, periodically reports to the Company’s board of directors, the audit committee

and the chief executive officer on its activities. For more information on the audit committee and CRC, see “Risk

Factors - Risks Relating to Our Business and Industry - Cyberattacks could have a material adverse impact on our

business and results of operations”.

In particular, with respect to cybersecurity risks, Tenaris has adopted a “Cybersecurity Risk Management

Methodology”, which sets forth a procedure to monitor, identify, communicate, assess the impact and likelihood

and report actual or potential risks affecting Tenaris’s information systems, including platform, networking and

systems vulnerabilities, processes, and sensitive information leaks or losses. The objective of our Cybersecurity Risk

Management Methodology is to reduce, accept, transfer, or avoid the effects of such risks thereby reducing

accidents, harm, losses, disruption to services, or other negative impacts. Our risk assessment methodology

considers the potential impact of cybersecurity risks with respect to continuity of operations, information security

(including confidentiality, integrity and availability), financial performance, compliance or reputational effects, and

health, safety and environment damages. In addition, the adopted methodology considers the probability of

occurrence of each event based on factors that vary according to specific risks. A Cybersecurity Risk Catalog is

used to register detected risks, document risk assessments, and adopt appropriate action plans and reporting

measures. If deemed appropriate (for example, when specific knowledge is required) specialized consultants may

be engaged in connection with cybersecurity risk processes.

Tenaris has adopted certain other cybersecurity procedures that complement the above-mentioned Cybersecurity

Risk Management Methodology and seek to effectively manage cybersecurity incidents by analyzing potential

impacts, containing the attack, eradicating the threat, and recovering from the incident; instructing users of

Tenaris’s information systems on how to respond to cybersecurity incidents involving or affecting Tenaris IT

resources or devices through which users may access any Tenaris’s IT systems; and providing instructions and best

practices to Tenaris’s personnel with system administrator roles in connection with cybersecurity incident

prevention, detection and response.

Tenaris has also adopted a “Ransomware Crisis Management Procedure” setting forth the procedure to timely

and adequately respond to a ransomware incident. In addition, because a cybersecurity incident may escalate into

a major company crisis, “Tenaris’s Crisis Management Procedure” is triggered and applied when certain events

signal potential material impacts.

Tenaris’s policies, processes and procedures established to detect and manage cybersecurity risks are monitored

and coordinated by a team of experienced and recognized professionals, including a chief information security

officer, a cybersecurity risk management director and a cybersecurity and security architecture director, with an

average of more than 25 years of experience in the cybersecurity and information technology fields. The chief

information security officer periodically reports on their activities to the CRC.

During 2025, no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, or

third-party cybersecurity incidents, led to known breaches of our business-critical IT systems and, as such, have

not materially affected, and are not reasonably likely to materially affect, Tenaris, including its business strategy,

results of operations, or financial condition.

Tenaris has integrated cyber-resilience standards into its cybersecurity strategy and operational capabilities. In

2025, the Company conducted its annual Red Team / Blue Team exercise, simulating real-world attack scenarios

to evaluate preparedness and validate detection and response mechanisms. The exercise successfully met its

objectives by testing protection, defense and incident response processes, and demonstrated strong cross-team

collaboration.

Annual Report 2025

244

For more information on cybersecurity risks, see “Risk Factors - Risks Relating to Our Business and Industry -

Cyberattacks could have a material adverse impact on our business and results of operations”.

FINANCIAL STATEMENTS

Consolidated Financial Statements

CONSOLIDATED

FINANCIAL STATEMENTS

For the years ended 2025, 2024 and 2023

TENARIS S.A.

26, Boulevard Royal - 4

Floor

L-2449 - Luxembourg

R.C.S. Luxembourg: B 85203

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 251 -

CONSOLIDATED INCOME STATEMENTS

Year ended December 31,

Notes

2025

2024

2023

Net sales

11,981,157

12,523,934

14,868,860

Cost of sales

(7,860,744)

(8,135,489)

(8,668,915)

Gross profit

4,120,413

4,388,445

6,199,945

Selling, general and administrative expenses

(1,828,496)

(1,904,828)

(1,919,307)

Other operating income

23,789

60,650

53,043

Other operating expenses

(32,490)

(125,418)

(17,273)

Operating income

2,283,216

2,418,849

4,316,408

Finance income

252,238

242,319

213,474

Finance cost

(46,933)

(61,212)

(106,862)

Other financial results, net

(72,664)

(52,051)

114,365

Income before equity in earnings of non-consolidated companies and income

tax

2,415,857

2,547,905

4,537,385

Equity in earnings of non-consolidated companies

58,038

8,548

95,404

Income before income tax

2,473,895

2,556,453

4,632,789

Income tax

(500,616)

(479,680)

(674,956)

Income for the year

1,973,279

2,076,773

3,957,833

Attributable to:

Shareholders' equity

1,932,813

2,036,445

3,918,065

Non-controlling interests

40,466

40,328

39,768

1,973,279

2,076,773

3,957,833

Earnings per share attributable to shareholders' equity during the year:

Weighted average number of outstanding ordinary shares (thousands)

(*)

1,055,929

1,127,491

1,178,876

Basic and diluted earnings per share (U.S. dollars per share)

1.83

1.81

3.32

Basic and diluted earnings per ADS (U.S. dollars per ADS)

(**)

3.66

3.61

6.65

(*)

Number of outstanding shares as of December 31, 2025, 2024 and 2023 were 1,011,823,958, 1,084,272,191 and 1,167,888,739 respectively.

(**)

Each ADS equals two shares.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 252 -

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Year ended December 31,

2025

2024

2023

Income for the year

1,973,279

2,076,773

3,957,833

Items that may be subsequently reclassified to profit or loss:

Currency translation adjustment

137,788

(73,551)

38,937

Reclassification of currency translation adjustment reserve

(878)

Change in value of cash flow hedges and instruments at fair value

(22,827)

171,658

(112,433)

Income tax relating to components of other comprehensive income

18,689

(22,395)

(24,591)

From participation in non-consolidated companies:

- Currency translation adjustment

21,692

(47,840)

110,801

- Changes in the value of cash flow hedges and instruments at fair value, net of

income tax

3,265

45,690

(47,963)

158,607

73,562

(36,127)

Items that will not be reclassified to profit or loss:

Remeasurements of post-employment benefit obligations

(6,425)

(7,022)

(6,816)

Income tax on remeasurements of post-employment benefit obligations

1,494

1,790

2,204

Remeasurements of post-employment benefit obligations of non-consolidated

companies, net of income tax

(3,418)

(333)

(4,083)

(8,349)

(5,565)

(8,695)

Other comprehensive income (loss) for the year

150,258

67,997

(44,822)

Total comprehensive income for the year

2,123,537

2,144,770

3,913,011

Attributable to:

Shareholders' equity

2,081,964

2,105,829

3,873,213

Non-controlling interests

41,573

38,941

39,798

2,123,537

2,144,770

3,913,011

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 253 -

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

At December 31, 2025

At December 31, 2024

Notes

ASSETS

Non-current assets

Property, plant and equipment, net

6,205,082

6,121,471

Intangible assets, net

1,357,116

1,357,749

Right-of-use assets, net

144,557

148,868

Investments in non-consolidated companies

1,561,212

1,543,657

Other investments NC

758,085

1,005,300

Deferred tax assets

834,168

831,298

Receivables, net

139,211

10,999,431

205,602

11,213,945

Current assets

Inventories, net

3,602,058

3,709,942

Receivables and prepayments, net

268,798

179,614

Current tax assets

364,640

332,621

Contract assets

35,264

50,757

Trade receivables, net

1,920,840

1,907,507

Derivative financial instruments CA

1,875

7,484

Other investments C

2,306,760

2,372,999

Cash and cash equivalents

572,647

9,072,882

675,256

9,236,180

Total assets

20,072,313

20,450,125

EQUITY

Shareholders' equity

16,599,191

16,593,257

Non-controlling interests

229,877

220,578

Total equity

16,829,068

16,813,835

LIABILITIES

Non-current liabilities

Borrowings

368

11,399

Lease liabilities

94,903

100,436

Derivative financial instruments NCL

207

Deferred tax liabilities

442,248

503,941

Other liabilities

23 (i)

310,707

301,751

Provisions

48,418

896,851

82,106

999,633

Current liabilities

Borrowings

305,354

425,999

Lease liabilities

48,346

44,490

Derivative financial instruments CL

14,123

8,300

Current tax liabilities

386,586

366,292

Other liabilities

23 (ii)

377,088

585,775

Provisions

25 (ii)

173,152

119,344

Customer advances

168,832

206,196

Trade payables

872,913

2,346,394

880,261

2,636,657

Total liabilities

3,243,245

3,636,290

Total equity and liabilities

20,072,313

20,450,125

Contingencies, commitments and restrictions on the distribution of profits are disclosed in note 27 to these Consolidated Financial Statements.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 254 -

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Shareholders' equity

Capital

(1)

Treasury

(2)

Legal

Reserves

Share Premium

Currency

Translation

Adjustment

Other

Reserves

(5)

Retained

Earnings

(6)

Total

Non-

controlling

interests

Total

Balance at December 31, 2024

1,162,758

(1,355,651)

116,276

609,733

(1,110,803)

(570,986)

17,741,930

16,593,257

220,578

16,813,835

Income for the year

1,932,813

40,466

1,973,279

Currency translation adjustment

136,278

1,510

137,788

Remeasurements of post-employment benefit obligations,

net of taxes

(4,528)

(403)

(4,931)

Change in value of instruments at fair value through other

comprehensive income and cash flow hedges, net of taxes

(4,138)

Other comprehensive income of non-consolidated

companies

21,692

(153)

21,539

Other comprehensive income (loss) for the year

157,970

(8,819)

149,151

1,107

150,258

Total comprehensive income (loss) for the year

157,970

(8,819)

1,932,813

2,081,964

41,573

2,123,537

Transfers of remeasurements of post-employment benefit

obligations, net of taxes to retained earnings

11,337

(11,337)

Repurchase of own shares

(2)

(1,360,065)

Cancellation of own shares

(3)

(90,763)

1,590,585

(9,077)

(609,733)

(881,012)

Changes in share buyback program liability

(4)

184,396

Acquisition and other changes in non-controlling interests

(780)

Distribution of dividends

(900,361)

(31,494)

(931,855)

Balance at December 31, 2025

1,071,995

(1,125,131)

107,199

(952,833)

(384,072)

17,882,033

16,599,191

229,877

16,829,068

(1)

The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2025 there were 1,071,994,930 shares issued. All issued shares are fully

paid.

(2)

As of December 31, 2025, the Company held 60,170,972 treasury shares, and there were 1,011,823,958 outstanding shares. For more information see note 35.

(3)

On May 6, 2025, the extraordinary general meeting of shareholders approved the cancellation of 90,762,598 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital

of the Company and, accordingly, the legal reserve was proportionally reduced.

(4)

For more information see note 35.

(5)

Other Reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow

hedges, the changes in the value of financial instruments measured at fair value through other comprehensive income, and the changes in the share buyback program liability.

(6)

The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 27 (iii) to these Consolidated Financial Statements.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 255 -

Shareholders' equity

Capital

(1)

Treasury

(2)

Legal

Reserves

Premium

Currency

Translation

Adjustment

Other

Reserves

(4)

Retained

Earnings

(5)

Total

Non-

controlling

interests

Total

Balance at December 31, 2023

1,180,537

(213,739)

118,054

609,733

(990,171)

(603,978)

16,742,536

16,842,972

187,465

17,030,437

Income for the year

2,036,445

40,328

2,076,773

Currency translation adjustment

(72,792)

(759)

(73,551)

Remeasurements of post-employment benefit obligations,

net of taxes

(4,604)

(628)

(5,232)

Change in value of instruments at fair value through other

comprehensive income and cash flow hedges, net of taxes

149,263

Other comprehensive income of non-consolidated companies

(47,840)

45,357

(2,483)

Other comprehensive income (loss) for the year

(120,632)

190,016

69,384

(1,387)

67,997

Total comprehensive income (loss) for the year

(120,632)

190,016

2,036,445

2,105,829

38,941

2,144,770

Repurchase of own shares

(2)

(1,441,843)

Cancellation of own shares

(3)

(17,779)

299,931

(1,778)

(280,374)

Changes in share buyback program liability

(4)

(157,024)

Acquisition and other changes in non-controlling interests

1,109

1,143

Distribution of dividends

(757,786)

(5,862)

(763,648)

Balance at December 31, 2024

1,162,758

(1,355,651)

116,276

609,733

(1,110,803)

(570,986)

17,741,930

16,593,257

220,578

16,813,835

(1)

The Company had an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2024, there were 1,162,757,528 shares issued. All issued shares were

fully paid.

(2)

As of December 31, 2024, the Company held 78,485,337 treasury shares, and there were 1,084,272,191 outstanding shares.

(3)

On April 30, 2024, the extraordinary general meeting of shareholders approved the cancellation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital

of the Company and, accordingly, the legal reserve was proportionally reduced.

(4)

hedges, the changes in the value of financial instruments measured at fair value through other comprehensive income and the changes in the share buyback program liability.

(5)

The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 27 (iii) to these Consolidated Financial Statements.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 256 -

Shareholders' equity

Capital

(1)

Treasury

(2)

Legal

Reserves

Premium

Currency

Translation

Adjustment

Other

Reserves

(3)

Retained

Earnings

(4)

Total

Non-

controlling

interests

Total

Balance at December 31, 2022

1,180,537

118,054

609,733

(1,138,681)

(325,572)

13,461,638

13,905,709

128,728

14,034,437

Income for the year

3,918,065

39,768

3,957,833

Currency translation adjustment

38,587

350

38,937

Reclassification of currency translation adjustment reserve

(878)

Remeasurements of post-employment benefit obligations,

net of taxes

(3,096)

(1,196)

(4,292)

(320)

(4,612)

Change in value of instruments at fair value through other

comprehensive income and cash flow hedges, net of taxes

(137,024)

Other comprehensive income of non-consolidated

companies

110,801

(52,046)

58,755

Other comprehensive (loss) income for the year

148,510

(192,166)

(1,196)

(44,852)

(44,822)

Total comprehensive income (loss) for the year

148,510

(192,166)

3,916,869

3,873,213

39,798

3,913,011

Repurchase of own shares

(2)

(213,739)

Changes in share buyback program liability

(4)

(86,240)

Acquisition and other changes in non-controlling interests

(5)

540

37,906

38,446

Distribution of dividends

(636,511)

(18,967)

(655,478)

Balance at December 31, 2023

1,180,537

(213,739)

118,054

609,733

(990,171)

(603,978)

16,742,536

16,842,972

187,465

17,030,437

(1)

The Company had an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2023, there were 1,180,536,830 shares issued. All issued shares were

fully paid.

(2)

As of December 31, 2023, the Company held 12,648,091 treasury shares, and there were 1,167,888,739 outstanding shares.

(3)

hedges, the changes in the value of financial instruments measured at fair value through other comprehensive income and the changes in the share buyback program liability.

(4)

The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 27 (iii) to these Consolidated Financial Statements.

(5)

Mainly related to Global Pipe Company (“GPC”) acquisition.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 257 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended December 31,

Notes

2025

2024

2023

Cash flows from operating activities

Income for the year

1,973,279

2,076,773

3,957,833

Adjustments for:

Depreciation and amortization

11, 12 & 13

616,170

632,854

548,510

Bargain purchase gain

6 & 8

(2,211)

(3,162)

Income tax accruals less payments

30(ii)

(31,221)

(222,510)

(143,391)

Equity in earnings of non-consolidated companies

(58,038)

(8,548)

(95,404)

Interest accruals less payments, net

30(iii)

(3,904)

(1,067)

(53,480)

Provision for the ongoing litigation related to the acquisition

of participation in Usiminas

6, 25(ii) & 27(i)

25,579

89,371

Changes in provisions

24 & 25(ii)

(5,380)

(25,155)

21,284

Reclassification of currency translation adjustment reserve

(878)

Changes in working capital

(*)

30(i)

47,772

286,917

182,428

Others, including net foreign exchange differences

35,323

39,794

(18,667)

Net cash provided by operating activities

2,599,580

2,866,218

4,395,073

Cash flows from investing activities

Capital expenditures

11 & 12

(617,183)

(693,956)

(619,445)

Changes in advance to suppliers of property, plant and

equipment

6,155

(10,391)

1,736

Cash decrease due to deconsolidation of subsidiaries

(**)

(1,848)

Acquisition of subsidiaries, net of cash acquired

(***)

(17,666)

31,446

(265,657)

Other investments at fair value

(1,126)

Additions to associated companies

14 (b)

(22,661)

Loan to joint ventures

14 (c)

(1,359)

(5,551)

(3,754)

Proceeds from disposal of property, plant and equipment

and intangible assets

58,379

28,963

12,881

Dividends received from non-consolidated companies

62,022

73,810

68,781

Changes in investments in securities

318,897

(821,478)

(1,857,272)

Net cash used in investing activities

(192,603)

(1,397,157)

(2,686,517)

Cash flows from financing activities

Dividends paid

(900,361)

(757,786)

(636,511)

Dividends paid to non-controlling interest in subsidiaries

(31,120)

(5,862)

(18,967)

Changes in non-controlling interests

1,143

3,772

Acquisition of treasury shares

(1,362,319)

(1,439,589)

(213,739)

Payments of lease liabilities

(66,918)

(68,574)

(51,492)

Proceeds from borrowings

655,471

1,870,666

1,723,677

Repayments of borrowings

(772,585)

(1,999,427)

(1,931,747)

Net cash used in financing activities

(2,477,832)

(2,399,429)

(1,125,007)

(Decrease) increase in cash and cash equivalents

(70,855)

(930,368)

583,549

(*)

Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional

currencies different from the U.S. dollar for an amount of $(39.4) million for 2025, $30.3 million for 2024 and $(16.7) million for 2023.

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

(***)

For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.

For the year 2024, related to the final purchase price adjustment arising from Mattr’s pipe coating business unit acquisition.

For the year 2023, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC’s OCTG pipe processing facility and Mattr’s pipe

coating business unit acquisitions.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 258 -

Year ended December 31,

Notes

2025

2024

2023

Movement in cash and cash equivalents

At the beginning of the year

660,798

1,616,597

1,091,433

Effect of exchange rate changes

(17,499)

(25,431)

(58,385)

(Decrease) increase in cash and cash equivalents

(70,855)

(930,368)

583,549

At December 31,

572,444

660,798

1,616,597

At December 31,

Cash and cash equivalents

2025

2024

2023

Cash and bank deposits

572,647

675,256

1,637,821

Bank overdrafts

(203)

(14,458)

(21,224)

572,444

660,798

1,616,597

The accompanying notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 259 -

INDEX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

GENERAL INFORMATION

OTHER NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS

Segment information

ACCOUNTING POLICIES

Cost of sales

Basis of presentation

Selling, general and administrative expenses

Group accounting

Labor costs (included in Cost of sales and in Selling, general

and administrative expenses)

Segment information

Impairment charge

Foreign currency translation

Other operating income and expenses

Property, plant and equipment

Financial results

Intangible assets

Equity in earnings of non-consolidated companies

Right-of-use assets and lease liabilities

Income tax

Impairment of non-financial assets

Dividends distribution

Other investments

Property, plant and equipment, net

Inventories

Intangible assets, net

Trade and other receivables

Right-of-use assets, net and lease liabilities

Cash and cash equivalents

Investments in non-consolidated companies

Equity

Receivables non-current, net

Borrowings

Inventories, net

Current and deferred income tax

Receivables and prepayments, net

Employee benefits

Current tax assets and liabilities

Provisions

Trade receivables, net

Trade and other payables

Cash and cash equivalents and other investments

Revenue recognition

Borrowings

Cost of sales and other selling expenses

Deferred tax assets and liabilities

Earnings per share

Other liabilities

Financial instruments

Non-current provisions

Current allowances and provisions

III

FINANCIAL RISK MANAGEMENT

Derivative financial instruments

Contingencies, commitments and restrictions on the

distribution of profits

Financial risk factors

Developments concerning cancelled title deeds in Saudi

Steel Pipe Company

Category of financial instruments and classification within the

fair value hierarchy

Foreign exchange control measures in Argentina

Fair value estimation

Cash flow disclosures

Accounting for derivative financial instruments and hedging

activities

Related party transactions

Independent auditor fees

Principal subsidiaries

Business combinations

Share buyback programs

Climate change

Tariffs on steel and other imports in the United States and

Canada

Events after the reporting period

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 260 -

I. GENERAL INFORMATION

Tenaris S.A. (the “Company”) was established as a

public limited liability company (

société anonyme

)

under the

laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly,

controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References

in these Consolidated Financial Statements to “Tenaris” refer to the Company and its consolidated subsidiaries. A

list of the Company’s principal subsidiaries is included in note 33 to these Consolidated Financial Statements.

The Company’s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; and the Company’s

American Depositary Securities (“ADS”) trade on the New York Stock Exchange.

These Consolidated Financial Statements were approved for issuance by the Company’s Board of Directors on

February 18, 2026. The Board of Directors has the power to amend and reissue these Consolidated Financial

Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 261 -

II. ACCOUNTING POLICIES

The accounting policies applied in the preparation of these Consolidated Financial Statements are set out below.

These policies have been consistently applied to all the years presented, unless otherwise stated.

A Basis of presentation

The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial

Reporting Standards (“IFRS” or “IFRS Accounting Standards”), as issued by the International Accounting Standards

Board (“IASB”) and in accordance with IFRS as adopted by the European Union, under the historical cost convention,

as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan

assets at fair value.

The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of

U.S. dollars (“$”).

Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in

the current year.

The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain

accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,

contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas

involving material estimates or judgements are: impairment of long-lived assets (note II.H), impairment of

investments in associates (note II.B); income taxes -including recoverability of deferred tax assets- (note II.O);

allowance for obsolescence of inventory (note II.J); contingencies (note II.Q); allowance for trade receivables (note

II.K); post-employment and other long-term benefits (note II.P); business combinations (notes II.B); useful lives of

property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H), and fair value estimation of certain

financial instruments (note III.B). During the year there were no significant changes in the material accounting

estimates and judgements.

(1)

Accounting pronouncements applicable as from January 1, 2025

Amendments to IAS 21 - Lack of Exchangeability

In August 2023, the IASB published “Lack of Exchangeability (Amendments to IAS 21)” with new guidance to

determine when a currency is exchangeable or not, and how to determine the exchange rate to apply when a

currency is not exchangeable. The amendments also require the disclosure of additional information when a

currency is not exchangeable.

The amendments are effective for annual periods beginning on or after January 1, 2025, with early adoption

permitted and without retrospective application.

These amendments do not have a material impact on the Company’s operations or Consolidated Financial

Statements.

No other accounting pronouncements became effective during 2025.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 262 -

(2)

New accounting pronouncements not applicable as of December 31, 2025

IFRS 18 - Presentation and Disclosures in Financial Statements

In April 2024, the IASB published IFRS 18, that will replace IAS 1 “Presentation of financial statements”. IFRS 18

introduces new requirements that will help to achieve comparability of the financial performance of similar entities

and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the

recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are

expected to be extensive, in particular those related to the income statement, statement of financial position,

statement of cash flows and the inclusion of management-defined performance measures within the financial

statements.

Tenaris will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application

is required, and so the comparative information for the financial years ending December 31, 2026, and December

31, 2025 will be restated in accordance with IFRS 18. The EU endorsed this standard on February 13, 2026.

Other newly published accounting standards, amendments to accounting standards and interpretations are not

mandatory for December 31, 2025, reporting periods and have not been early adopted by the Company. These

standards, amendments or interpretations are not expected to have a material impact in the current or future

reporting periods and on foreseeable future transactions.

B Group accounting

(1) Subsidiaries and transactions with non-controlling interests

Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has

rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its

power over the entity. In some cases, the Company considers that it has the ability to affect returns through its

power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able

to prevail at all of the subsidiary’s general meetings, which in turn allows Tenaris to nominate and appoint a majority

of the subsidiary’s board of directors. Subsidiaries are fully consolidated from the date on which control is obtained

by the Company and are no longer consolidated from the date control ceases.

The acquisition method is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition

is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred or assumed

at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities

and contingent liabilities assumed in a business combination are generally measured initially at their fair values at

the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-

controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the aggregate of

the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of

the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the

subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement as a bargain

purchase.

Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial

liability are subsequently remeasured at fair value through profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously

held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising

from such remeasurement are recognized in profit or loss.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 263 -

Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with

equity owners of the Company. For purchases from non-controlling interests, the difference between any

consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded

in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Company ceases to have control, any retained interest in the entity is remeasured to its fair value and the

change in carrying amount, net of consideration received (if any), is recognized in profit or loss. The fair value is the

initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint

venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect

of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may

mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris

subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is

its respective local currency, some financial gains (losses) arising from intercompany transactions are generated.

These are included in the Consolidated Income Statement under

Other financial results

(2) Non-consolidated companies

Investments in non-consolidated companies comprises associates, which generally involve a shareholding of

between 20% and 50% of the voting rights, and joint ventures.

Associated companies are those entities in which Tenaris exerts significant influence in accordance with IFRS but

does not have control. Associates are accounted for using the equity method.

Joint arrangements are combinations in which there are contractual agreements by virtue of which two or more

partner companies hold an interest in one or more companies that undertake operations or hold assets in such a

way that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS

11 “Joint Arrangements”). A joint arrangement is classified as a joint operation if the parties hold rights to its assets

and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's

net assets. Tenaris recognizes the assets, liabilities, revenues and expenses relating to its interest in a joint operation

in accordance with the IFRS applicable to the particular asset, liability, revenue and expense. Joint ventures are

accounted for using the equity method.

Under the equity method of accounting (as defined by IAS 28, “Investments in Associates and Joint Ventures”),

investments are initially recognized at cost and adjusted thereafter to recognize Tenaris’s share of the post-

acquisition profits or losses of the investee in profit or loss, and Tenaris’s share of movements in other

comprehensive income of the investee in other comprehensive income. Dividends received or receivable from

associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

The Company’s investment in non-consolidated companies includes goodwill identified in acquisition, if any, net of

any accumulated impairment loss.

If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated

to the extent of Tenaris’s interest in the non-consolidated companies. Unrealized losses are also eliminated unless

the transaction provides evidence of a reduction in the net realizable value, or of an impairment indicator of the

asset sold or contributed. Financial statements of non-consolidated companies are adjusted where necessary to

ensure consistency with IFRS.

The Company’s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income

Statement under

Equity in earnings

of non-consolidated companies

. The Company’s pro-rata share of changes in

other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 264 -

The main investments in non-consolidated companies are:

Ternium

At December 31, 2025, Tenaris held 11.46% in the share capital of Ternium S.A. (“Ternium”) representing

11.70% of its outstanding shares. The following factors and circumstances evidence that Tenaris has significant

influence over Ternium:

▪ three out of eight members of Ternium’s board of directors (including Ternium’s chairman) are also members

of the Company’s board of directors;

and

▪ both the Company and Ternium are under the indirect common control of San Faustin S.A. (“San Faustin”)

and under the shareholders’ agreement, dated January 9, 2006, by and between the Company and Techint

Holdings S.àr.l (“Techint”), a wholly owned subsidiary of San Faustin and Ternium’s controlling shareholder,

Techint, is required to take actions within its power to cause (a) one of the members of Ternium’s board of

directors to be nominated by the Company and (b) any director nominated by the Company to be removed

from Ternium’s board of directors only pursuant to previous written instructions of the Company.

Usiminas

At December 31, 2025, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (“Confab”), 47.5

million ordinary shares and 1.3 million preferred shares of Usinas Siderúrgicas de Minas Gerais S.A. (“Usiminas”),

representing 6.76% of its shares with voting rights and 3.96% of its total share capital.

Confab’s participation in Usiminas share capital is the result of a series of acquisitions, the first of which was

performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab

acquired a large block of Usiminas ordinary shares and joined Usiminas’ existing control group. Subsequently, in

2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares. On July 3, 2023,

Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium Argentina), acquired

additional ordinary shares.

The Usiminas control group comprises the “T/T Group”, formed by Ternium Investments, Ternium Argentina and

Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas’ employee

pension fund, Previdência Usiminas. At December 31, 2025, the Usiminas control group held, in the aggregate,

483.6 million ordinary shares, representing approximately 68.6% of Usiminas’ voting capital and the T/T Group

held an aggregate participation of 61.3% in the control group (with 51.5% of the control group’s participation

corresponding to Ternium’s subsidiaries, and remaining 9.8% corresponding to Confab); the NSC Group and

Previdência Usiminas held 31.7% and 7%, respectively, in the control group.

Upon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the

relationship between the T/T Group, the NSC Group and Previdência Usiminas was replaced by a new shareholders

agreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a

majority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas

board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member

of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be

approved with a 55% majority of Usiminas’ control group shares.

The members of the Usiminas control group also agreed that, at any time after the second anniversary of the

closing of the transaction, the T/T Group would have the right to buy the NSC Group’s remaining interest in the

Usiminas’ control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent in

U.S. dollars of the 40-trading day average price per share immediately prior to the date of exercising the option.

In addition, the NSC Group would have the right, at any time after the closing of the transaction, to withdraw its

remaining shares from the control group and sell them in the open market after giving the T/T Group the

opportunity to buy them at the equivalent in U.S. dollars of the 40-trading day average price per share immediately

prior to the NSC group’s notice of withdrawal, as well as the right, at any time after the second anniversary of the

closing, to sell such shares to the T/T Group at $2.0584 per share. Confab had the right (but not the obligation)

to participate in each such transaction pro rata to its current participation in the T/T Group. On November 5, 2025,

Ternium Investments entered into a share purchase agreement to acquire from Nippon Steel Corporation and

Mitsubishi Corporation their remainder participations in the control group, at the price per ordinary share that the

parties had agreed upon for the option transaction described above. Confab declined to participate in this

transaction. The transaction closed on February 10, 2026. At the date of these Consolidated Financial Statements,

the T/T group holds an aggregate participation of 92.9% in Usiminas’ control group (with Confab’s participation

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 265 -

representing 9.8% of the control group) and Previdência Usiminas (Usiminas employees’ pension fund) holds the

remaining 7.1%.

Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders

agreement governing their respective rights and obligations as members of the T/T Group. Under such separate

agreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others,

the ability to nominate certain Usiminas’ officers and directors. Those circumstances evidence that Tenaris

continues having significant influence over Usiminas and, as a result, continues accounting for its investment

under the equity method.

Techgen

Techgen S.A. de C.V. (“Techgen”), which operates an electric power plant in Mexico, is a joint venture company

owned 48% by Ternium, 30% by Tecpetrol International S.A. (“Tecpetrol”) and 22% by Tenaris. The Company,

Ternium and Tecpetrol are parties to a shareholders’ agreement relating to the governance of Techgen and are

under the indirect common control of San Faustin.

Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill

or step-up recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events

or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. For more information

see note 14 to these Consolidated Financial Statements.

C Segment information

The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.

All other business activities and operating segments that are not required to be separately reported are disclosed in

the Other segment.

The Tubes segment includes the production and sale of steel tubular products and related services mainly for the

oil and gas industry, particularly oil country tubular goods (“OCTG”) used in drilling operations, and for other

industrial applications with production processes that consist in the transformation of steel into tubular products.

Business activities included in this segment are mainly dependent on the worldwide oil and gas industry, as this

industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel

pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number

of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these

wells. Sales are generally made to end users, with exports being done through a centrally managed global

distribution network and domestic sales are made through local subsidiaries.

The Other segment includes all business activities related to the production and selling of sucker rods, coiled tubing,

tubes used for plumbing and construction applications, oilfield / hydraulic fracturing services and others as energy

and raw materials that exceed internal requirements.

Tenaris’s Chief Operating Decision Maker (“CODM”) reviews operating and financial performance information with

senior management on a monthly basis. This information differs from IFRS principally as follows:

▪ the use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including

absorption of production overheads and depreciation;

▪ the use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at

historical cost, mainly on a FIFO basis;

▪ any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a

different functional currency than the U.S. dollar;

and

▪ other timing differences, if any.

Tenaris presents its geographical information in four areas: North America, South America, Europe and Asia Pacific,

Middle East and Africa. For purposes of reporting geographical information, net sales are allocated to geographical

areas based on the customer’s location; the allocation of assets is based on their geographical location.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 266 -

D Foreign currency translation

(1)

Functional and presentation currency

IAS 21, “The effects of changes in foreign exchange rates” defines the functional currency as the currency of the

primary economic environment in which an entity operates.

The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best

reflects the economic substance of the underlying events and circumstances relevant to Tenaris’s global operations.

Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the

Brazilian Real to the U.S. dollar.

Except for the Italian subsidiaries whose functional currency is the Euro and two subsidiaries whose functional

currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional currency of

its other subsidiaries is the U.S. dollar, based on the following principal considerations:

▪ sales are mainly negotiated, denominated and/or settled in U.S. dollars. If priced in a currency other than the

U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;

▪ prices of their critical raw materials and inputs are priced and/or settled in U.S. dollars;

▪ transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference

currency;

▪ there is a significant level of integration of the local operations within Tenaris’s international global distribution

network;

and

▪ net financial assets and liabilities are mainly received and maintained in U.S. dollars.

(2) Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the

exchange rates prevailing at the date of the transactions or valuation where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency

are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a

currency other than the functional currency are translated using the exchange rates prevailing at the date of the

transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional

currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at

year end exchange rates of monetary assets and liabilities denominated in currencies other than the functional

currency are recorded as gains and losses from foreign exchange and included in

Other financial results

in the

Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net

investment hedges.

(3) Translation of financial information in currencies other than the functional currency

Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S.

dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at

the period-end exchange rates. Translation differences are recognized in a separate component of equity as

Currency Translation Adjustment

. In the case of a sale or other disposal of any of such subsidiaries, any accumulated

translation difference would be recognized in the Consolidated Income Statement as a gain or loss from the sale or

disposal following IAS 21.

Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and

liabilities of the foreign operation and translated at the closing exchange rate.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 267 -

E Property, plant and equipment

Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated

depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition

of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations

have been valued initially at the fair market value of the assets acquired.

Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is

probable that future economic benefits associated with the item will flow to the Company and the investment

enhances the condition of assets beyond its original condition. The carrying amount of any replaced parts is

derecognized.

Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year

in which they are incurred.

Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency

purchases of property, plant and equipment.

Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as

part of the cost of the asset, in accordance with IAS 23, “Borrowing Costs”. Assets for which borrowing costs are

capitalized are those that require a substantial period of time to prepare for their intended use.

The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to

depreciate the cost of each asset to its residual value over its estimated useful life, as follows:

Land	No Depreciation
Buildings and improvements	30-50 years
Plant and production equipment	10-40 years
Vehicles, furniture and fixtures, and other equipment	4-10 years

The assets’ residual values and useful lives of significant plant and production equipment are reviewed and adjusted,

if appropriate, at each year end date. An asset’s carrying amount is written down to its recoverable amount if the

asset’s carrying amount is greater than its estimated recoverable amount.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 16, “Property, Plant and

Equipment”, resulted in additional depreciation expenses of approximately $20.1 million in 2025, $25.2 million in

2024, and did not materially affect depreciation expenses in 2023.

Tenaris depreciates each significant part of an item of property, plant and equipment for its different production

facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to

the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that

same item of property, plant and equipment.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and

are recognized under

Other operating income

Other operating expenses

in the Consolidated Income Statement.

F Intangible assets

(1) Goodwill

Goodwill represents the excess of the acquisition cost over the fair value of Tenaris’s share of net identifiable assets

acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least

annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are

not reversed. Goodwill is included in the Consolidated Statement of Financial Position under

Intangible assets, net.

For the purpose of impairment testing, goodwill is allocated to a cash generating unit (“CGU”) or group of CGUs

that are expected to benefit from the business combination which generated the goodwill being tested.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 268 -

(2) Information systems projects

Costs associated with maintaining computer software programs are generally recognized as an expense as incurred.

However, costs directly related to the development, acquisition and implementation of information systems are

recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply

with the recognition criteria of IAS 38, “Intangible Assets”.

Information systems projects recognized as assets are amortized using the straight-line method over their useful

lives, generally not exceeding a period of 3 years. Amortization charges are classified as

Cost of sales

and

Selling,

general and administrative expenses

in the Consolidated Income Statement.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect

amortization expenses for the years 2025, 2024 and 2023.

(3) Licenses, patents, trademarks and proprietary technology

Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the

acquisition date in case of a business combination.

Licenses, patents, proprietary technology and those trademarks

that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the

straight-line method to allocate the cost over their estimated useful lives, which are in the range between 3 and 30

years. Amortization charges are mainly classified as

Cost of sales

in the Consolidated Income Statement.

The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to

$86.7 million at December 31, 2025, 2024 and 2023, and are included in Hydril CGU. Main factors considered in

the determination of the indefinite useful lives include the years that they have been in service and their recognition

among customers in the industry.

Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect

amortization expenses for the years 2025, 2024 and 2023.

(4) Research and development

Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as

Cost of sales

in the Consolidated Income Statement as incurred. Research and development expenditures included

Cost of sales

for the years 2025, 2024 and 2023 totaled $64.2 million, $74.2 million and $60.0 million,

respectively.

Capitalized costs were not material for the years 2025, 2024 and 2023.

(5) Customer relationships

In accordance with IFRS 3, “Business Combinations” and IAS 38, Tenaris has recognized the value of customer

relationships separately from goodwill attributable to the acquisition of Maverick Tube Corporation (“Maverick”) and

Hydril Company (“Hydril”) groups, Saudi Steel Pipe Co. (“SSPC”), Ipsco Tubulars Inc. (“IPSCO”) and the more recent

2023 acquisition of Mattr’s pipe coating business unit.

Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a

finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-

line method over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril,

9 years for SSPC (subsequently reduced to 7 years), 3 years for IPSCO, and 4 months for Mattr’s pipe coating business

unit.

Management’s re-estimation of customer relationships useful lives, performed in accordance with IAS 38, did not

affect amortization expenses for the years 2025, 2024 and 2023.

As of December 31, 2025, all the above-mentioned customer relationships were fully amortized.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 269 -

G Right-of-use assets and lease liabilities

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is

available for use by the group. Each lease payment is allocated between the principal and finance cost.

The finance

cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the

remaining balance of the liability for each period.

The right-of-use asset is depreciated over the lease term on a

straight-line basis.

Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable

lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual

value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option,

and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,

the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the

funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and

conditions.

Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability,

any lease payments made at or before the commencement date less any lease incentives received, and any initial

direct costs incurred by the lessee.

In determining the lease term, management considers all facts and circumstances that create an economic incentive

to exercise an extension option or early termination, or not to exercise a termination option. Extension options (or

periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended

(or not terminated).

Variable lease payments are not included in the measurement of the lease liability and payments associated with

short-term leases, variable leases and leases of low value assets are recognized on a straight-line basis as expenses

in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

H Impairment of non-financial assets

Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which

there are separately identifiable cash flows, or CGU. Most of the Company’s principal subsidiaries that constitute a

CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level

of asset aggregation that generates largely independent cash inflows.

Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful

lives, including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events

or circumstances indicate that the carrying amount value may be impaired. In some situations where there have not

been significant changes to CGU assets and liabilities as well as external and internal events and circumstances

which could materially alter the recoverable amount of the CGU, the most recent detailed calculation of recoverable

amount made in a preceding period may be used in the impairment test for that CGU in the current period.

For purposes of assessing key assumptions, the Company uses external sources of information and management

judgment based on past experience and expectations. Material facts and circumstances specifically considered in

the analysis usually include the discount rate used in Tenaris’s cash flow projections and the business condition in

terms of competitive, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and

the evolution of the rig count. Tenaris’s main source of revenue is the sale of products and services to the oil and

gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling

activities.

Management has determined the value of each of the key assumptions as follows:

- Discount rate: based on the applicable weighted average cost of capital (“WACC”), which is considered to be a

good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU

where assets are allocated, a specific WACC was determined.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 270 -

- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas

industry, the higher demand to offset depletion of existing fields and the Company’s expected market penetration.

- Oil and gas prices: based on industry analysts’ reports and management’s expectations of market development.

- Rig count: based on information published by Baker Hughes and management’s expectations.

- Raw material costs: based on industry analysts’ reports and management’s expectations.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable

amount. The recoverable amount is the higher between the asset’s value in use and fair value less costs of disposal.

Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:

(a) first, to reduce the carrying amount of any goodwill allocated to the CGU;

and

(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each

asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the

highest of its fair value less cost of disposal, its value in use or zero.

Value in use is calculated by discounting the estimated cash flows over a five-year period (or higher if the period

can be justified) based on forecasts approved by management. For the subsequent years beyond the five-year

period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into

account among others, mainly the historical inflation rate.

For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows

that a market participant could generate from the corresponding CGU.

Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could

vary significantly from the forecasted future cash flows and related values derived using discounting techniques.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each

reporting date.

For more information on impairment charges see note 5 to these Consolidated Financial Statements.

I Other investments

Other investments consist primarily of investments in financial instruments and time deposits with a maturity of

more than three months at the date of purchase.

Certain non-derivative financial assets that the Company held not for trading have been categorized as financial

assets at fair value through other comprehensive income (“FVOCI”), as the business model objective is achieved by

both holding financial assets in order to collect contractual cash flows and selling financial assets. They are carried

at fair value and interest income from these financial assets is included in finance income using the effective interest

rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of

Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is disposed.

Exchange gains and losses and impairments related to the financial assets are immediately recognized in the

Consolidated Income Statement. FVOCI instruments with maturities greater than 12 months after the balance sheet

date are included in non-current assets.

Other investments in financial instruments may be classified as financial assets at fair value through profit or loss

(“FVPL”) when such investments are held for trading, or when their performance is evaluated on a fair value basis.

Other investments in time deposits may be classified as financial assets measured at amortized cost when the

Company’s intention is to hold these investments until maturity. The results of these investments are recognized

within

Financial Results

in the Consolidated Income Statement.

Purchases and sales of financial investments are recognized as of their settlement date.

The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment

is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See

section III Financial Risk Management.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 271 -

J Inventories

Inventories are measured at the lower between cost and net realizable value. The cost of finished goods and goods

in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production

overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation

and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on

the FIFO method. Tenaris estimates the net realizable value of inventories by grouping, where applicable, similar or

related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated

costs of completion and selling expenses. Goods in transit as of year end are valued based on the supplier’s invoice

cost.

Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, supplies and

spare parts. For slow moving or obsolete finished products, an allowance is established based on management’s

analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is

established based on management's analysis of such items to be used as intended and the consideration of potential

obsolescence due to technological changes, aging and consumption patterns.

K Trade and other receivables

Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that

is unconditional unless they contain significant financing components. The Company holds trade receivables with the

objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the

effective interest method. Due to their short-term nature, their carrying amount is considered to be the same as their

fair value.

Tenaris applies the IFRS 9 “Financial Instruments” simplified approach to measure expected credit losses, which uses

a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables

have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based

on the payment profiles of sales over a period of three years and the corresponding historical credit losses experienced

within this period. The expected loss allowance also reflects current and forward-looking information on

macroeconomic factors affecting the ability of each customer to settle the receivables.

A credit account is typically considered in default when the customer has failed to make the required minimum

payments for an extended period of time. Management considerations, including customer-specific analyses, are

carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored

and impairment reversed in case of receipt of the payment.

L Cash and cash equivalents

Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity

of less than three months at the date of purchase which are readily convertible to known amounts of cash which are

subject to an insignificant risk of changes in value. Assets recorded in cash and cash equivalents are carried at fair

market value or at historical cost which approximates fair market value.

In the Consolidated Statement of Financial Position, bank overdrafts are included in

Borrowings

in current liabilities.

For the purposes of the Consolidated Statement of Cash Flows,

Cash and cash equivalents

includes overdrafts.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 272 -

M Equity

(1) Equity components

The Consolidated Statement of Changes in Equity includes:

▪ the value of share capital, legal reserve and share premium calculated in accordance with Luxembourg law;

▪ the currency translation adjustment, treasury shares, other reserves, retained earnings and non-controlling

interest calculated in accordance with IFRS.

(2)

Share capital

The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00

per share. Total ordinary shares issued as of December 31, 2025, 2024 and 2023 were 1,071,994,930,

1,162,757,528 and 1,180,536,830, respectively with a par value of $1.00 per share with one vote each. Total

ordinary shares outstanding as of December 31, 2025, 2024 and 2023, were 1,011,823,958, 1,084,272,191 and

1,167,888,739, respectively, with a par value of $1.00 per share with one vote each. Outstanding shares do not

include treasury shares. All issued shares are fully paid.

(3)

Treasury Shares

Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation.

Any potential gains or losses on disposal of treasury shares are recognized in the Consolidated Statement of

Changes in Equity. Treasury shares as of December 31, 2025, 2024 and 2023, were 60,170,972, 78,485,337 and

12,648,091, respectively.

(4)

Dividends distribution by the Company to shareholders

Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the

right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with

the by-laws of the Company.

Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in

accordance with Luxembourg law. See note 27 (iii) to these Consolidated Financial Statements.

N Borrowings

Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at

amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is

recognized in profit or loss over the period of the borrowings using the effective interest method.

O Current and deferred income tax

The income tax expense or credit for the period is the tax payable or recoverable on the current period’s taxable

income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and

liabilities attributable to temporary differences and to unused tax losses. Both current and deferred tax are

recognized in the Consolidated Income Statement, in

Income tax

, except to the extent that it relates to items

recognized in other comprehensive income or directly in equity. In these cases, the tax is also recognized in other

comprehensive income or directly in equity, respectively.

The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the reporting

date in the countries where the Company’s subsidiaries operate and generate taxable income.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 273 -

Deferred income tax is recognized applying the liability method on temporary differences arising between the tax

bases of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise

mainly from net operating loss carry-forwards, the effect of currency translation on depreciable fixed assets and

inventories, valuation of inventories, depreciation on property, plant and equipment, provisions for post-

employment benefits and other long-term employee benefits and fair value adjustments of assets acquired in

business combinations. However, deferred tax liabilities are not recognized if they arise from the initial recognition

of goodwill. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period

when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively

enacted by the end of the reporting period.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax

regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an

uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the

expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against

which the temporary differences and losses can be utilized. At the end of each reporting period, Tenaris reassesses

unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that

it has become probable that future taxable income will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are not recognized for temporary differences arising from the carrying amount

and tax basis of investments in subsidiaries, branches and associates, and interests in joint ventures, if the Company

is able to control the timing of the reversal of the temporary differences and it is probable that the differences will

not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and

liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax

liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net

basis, or to realize the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the

Consolidated Income Statement or to the item

Other comprehensive income

in the Consolidated Statement of

Comprehensive Income, depending on the account to which the original amount was charged or credited.

Pillar Two legislation was adopted in Luxembourg and came into effect as from January 1, 2024. Tenaris is within

the scope of these rules. Therefore, is required to calculate its GloBe effective tax rate for each jurisdiction in which

it is present and is liable to pay a top-up tax for the difference between its GloBe effective tax rate per jurisdiction

and the 15% minimum rate. Tenaris applies the IAS 12 exception regarding the recognition and disclosure of

deferred tax assets and liabilities related to Pillar Two income taxes.

P Employee benefits

(1)

Short-term obligations

Liabilities for wages and salaries are recognized in respect of employees’ services up to the end of the reporting

period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are

presented as current employee benefit obligations in the Consolidated Balance Sheet.

(2)

Post-employment benefits

Tenaris has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an

amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors

such as age, years of service and compensation.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 274 -

The liability recognized in the statement of financial position in respect of defined benefit pension plans is the

present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets,

if any. When the fair value of the plan assets exceeds the value of the defined benefit obligation, the surplus is

recognized in the statement of financial position as other receivables non-current. The defined benefit obligation is

calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value

of the defined benefit obligation is mainly determined by discounting the estimated future cash flows using interest

rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and

that have terms to maturity approximating to the terms of the related pension obligation.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are

charged or credited to equity in

Other comprehensive income

in the period in which they arise. Past-service costs

are recognized immediately in the Consolidated Income Statement.

For defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived

by the difference between the defined benefit obligations less fair value of plan assets.

For defined contribution plans, Tenaris pays contributions to publicly or privately administered pension insurance

plans on a mandatory, contractual or voluntary basis. Tenaris has no further payment obligations once the

contributions have been paid. The contributions are recognized as employee benefit expenses when they are due.

Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future

payments is available.

Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant

are:

▪ An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to

provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case

of termination of the employment relationship due to certain specified events, including retirement. This

unfunded plan provides defined benefits based on years of service and final average salary. As of December 31,

2025 the outstanding liability for this plan amounts to $63.4 million.

▪ Employees’ service rescission indemnity. The cost of this obligation is charged to the Consolidated Income

Statement over the expected service lives of employees. This provision is primarily related to the liability accrued

for employees at Tenaris’s Italian subsidiaries. As from January 1, 2007, because of a change in an Italian law,

employees were entitled to make contributions to external funds, thus, Tenaris’s Italian subsidiaries pay every

year the required contribution to the funds with no further obligation. As a result, the plan changed from a

defined benefit plan to a defined contribution plan effective from that date but only limited to the contributions

of 2007 onwards. As of December 31, 2025 the outstanding liability for this plan amounts to $10.7 million.

▪ Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date,

frozen for the purposes of credited service as well as determination of final average pay for the retirement

benefit calculation. Plan assets consist primarily of money market funds. Additionally, an unfunded post-

retirement health and life plan is in place that offers limited medical and life insurance benefits to the retirees,

frozen to new participants. A plan termination of the funded retirement benefit plan was initiated during 2025

and is expected to be completed in 2026. As of December 31, 2025 the net outstanding liability for these plans

amounts to $0.6 million.

By their nature, defined benefit plans expose Tenaris to typical risks such as investment performance, changes to

discount rates used to value the obligations, rate of compensation increase (including inflation rates) and

demographic variables of the plan members. Pension and benefit risks are managed by regular monitoring of the

plans, applicable regulations and other factors that may impact Tenaris’s expenses and cash flows.

The unfunded defined benefit plans are met as they fall due and are managed directly by Tenaris, which is entirely

responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance

with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit

plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding

requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each

subsidiary of the Company.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 275 -

(3)

Other long-term benefits

During 2007, Tenaris launched an employee retention and long-term incentive program

(“the Program”) applicable

to certain senior officers and employees of the Company, who are granted a number of units throughout the

duration of the Program. The value of each of these units is based on Tenaris’s shareholders’ equity (excluding non-

controlling interest). Until the end of 2017, the units were vested ratably over a period of four years and were

mandatorily redeemed by the Company ten years after grant date, with the option of an early redemption at seven

years after the grant date. Since 2018, the units are vested ratably over the same period and are mandatorily

redeemed by the Company seven years after grant date.

The beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments

made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The

payment of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this

long-term incentive program as a long-term benefit plan as classified in IAS 19, “Employee Benefits”.

As of December 31, 2025 and 2024, the outstanding liability corresponding to the Program amounts to $154.4

million (out of which $50.7 million are classified as current liabilities) and $148.0 million (out of which $46.8 million

are classified as current liabilities), respectively. The total value of the units granted (vested and unvested) to date

under the program, considering the number of units and the book value per share as of December 31, 2025 and

2024, is $181.0 million and $175.0 million, respectively.

(4)

Termination benefits

Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or

when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination

benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and

(b) when the costs for a restructuring that is within the scope of IAS 37 involves the payment of termination benefits.

In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on

the number of employees expected to accept the offer.

(5)

Other compensation obligations

Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations

obligations are accrued as earned.

Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.

Q Provisions

Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third

party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris’s potential liability

with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management

periodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of

past events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably

estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be

incurred based on information available to management as of the date of preparation of the financial statements

and take into consideration Tenaris’s litigation and settlement strategies. These estimates are primarily constructed

with the assistance of legal counsel. As the scope of liabilities become better defined, there may be changes in the

estimates of future costs which could have a material adverse effect on its results of operations, financial condition

and cash flows.

If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered

under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is

recognized as a receivable.

This note should be read in conjunction with note 27 to these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 276 -

R Trade and other payables

Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and

subsequently measured at amortized cost. They are presented as current liabilities unless payment is not due within

twelve months after the reporting period. Due to their short-term nature their carrying amounts are considered to

be the same as their fair value.

S Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of Tenaris’s activities. The revenue recognized by the Company is measured at the

transaction price of the consideration received or receivable to which the Company is entitled to, reduced by

estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value

to be realized and after eliminating sales within the group.

Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no

unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is

transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks

of obsolescence and loss have been transferred and either the customer has accepted the product in accordance

with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all

criteria for acceptance have been satisfied, including all performance obligations. These conditions are determined

and analyzed on a contract-by-contract basis to ensure that all performance obligations are fulfilled. In particular,

Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable

condition.

For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold

arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products

have been specifically identified and are ready for delivery; (c) the Company does not have the ability to use the

product or to direct it to another customer; (d) the usual payment terms apply.

The Company’s contracts with customers do not provide any material variable consideration, other than discounts,

rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return

are based on expected value considering past experience and contract conditions.

When the contracts include multiple performance obligations, the transaction price is allocated to each performance

obligation based on the stand-alone selling prices. If these are not directly observable, they are estimated based on

the expected cost-plus margin.

There are no judgements applied by management that significantly affect the determination of timing of satisfaction

of performance obligations, nor the transaction price and amounts allocated to different performance obligations.

Tenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue

and mainly include:

Pipe management services:

This comprises mainly preparation of the pipes ready to be run, delivery to the customer,

storage services and rig return.

Field services:

Comprises field technical support and running assistance.

These services are rendered in connection to the sales of goods and are attached to contracts with customers for

the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There

are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are

included in the same contract, have the same counterparty and are subject to the same conditions.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 277 -

The following input and output methods are applied to recognize revenue considering the nature of service:

Storage services:

the Company provides storage services in owned or third-party warehouses, subject to a variable

fee to be invoiced. This fee is determined based on the time that the customer maintains the material in the

warehouse and the amount of the material stored. In most cases, to quantify the amount to be invoiced in any

given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).

Freights:

the revenue is recognized on a pro rata basis considering the units delivered and time elapsed.

Field services:

the revenue is recognized considering output methods, in particular surveys of service completion

provided by the customer.

The Company also provides other services, such as hydraulic fracturing, coiled tubing and coating services.

Regarding these services, the input and output methods to recognize the revenue are the following:

Hydraulic fracturing services:

the revenue is recognized considering output methods, in particular surveys of service

completion provided by the customer.

Coiled tubing services:

the revenue is recognized considering output methods, in particular surveys of service

completion provided by the customer.

Coating services:

the Company provides coating services on third-party tubes which are performed under specific

contracts and recognized by reference to the stage of completion. Stage of completion is determined based on

surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon

rates.

Revenue from providing services is recognized over time in the accounting period in which the services are

rendered.

The Company does not expect to have any contracts in which the period between the transfer of the promised

goods or services to the customer and payment by the customer exceeds one year. Therefore, considering that the

contracts do not include any significant financing component, the Company does not adjust any of the transaction

prices for the time value of money. For this reason, the Company is also applying the practical expedient not to

disclose details on transaction prices allocated to the remaining performance obligations as of the end of the

reporting period.

Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit

for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute

a separate performance obligation.

In accordance with IFRS 15, Tenaris recognizes contract assets and contract liabilities.

A contract asset arises when Tenaris has satisfied a performance obligation by transferring goods or services to a

customer but has not yet established an unconditional right to consideration, as further performance or conditions

may be required before invoicing the customer. Where invoicing is based on achievement of specific milestones,

although work has been performed and revenue has been recognized, the contractual right to issue an invoice may

be contingent on reaching the agreed milestone. A contract asset remains in this category until the right to payment

becomes unconditional (i.e., invoice is issued), at which point it is reclassified as a trade receivable.

A contract liability is the obligation to transfer goods or services to a customer for which Tenaris has received

consideration (or an amount of consideration is due) from the customer. Tenaris recognizes a contract liability when

it receives a payment (or becomes entitled to a payment) before transferring goods or services to the customer. A

contract liability, also referred to as customer advance, is reduced as Tenaris fulfills its performance obligations by

delivering goods or rendering services to the customer.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 278 -

T Cost of sales and other selling expenses

Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis

of accounting.

Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in

Selling,

general and administrative expenses

in the Consolidated Income Statement.

U Earnings per share

Earnings per share are calculated by dividing the income attributable to the shareholders’ equity by the monthly

weighted average number of common shares outstanding during the period.

There are no dilutive potential ordinary shares.

V Financial instruments

Non-derivative financial instruments comprise investments in financial debt instruments and equity, time deposits,

contract assets, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.

The Company classifies its financial instruments according to the following measurement categories:

▪ those to be measured subsequently at fair value (either through OCI or through profit or loss);

and

▪ those to be measured at amortised cost.

The classification depends on the Company’s business model for managing the financial assets and contractual

terms of the cash flows.

Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive

cash flows from the financial assets have expired or have been transferred and the Company has transferred

substantially all the risks and rewards of ownership.

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset

not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the

financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit

or loss.

Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset

and the cash flow characteristics of the asset. There are three measurement categories into which the Company

classifies its debt instruments:

Amortized Cost:

Assets that are held for collection of contractual cash flows where those cash flows represent solely

payments of principal and interest. Interest income from these financial assets is included in finance income using

the effective interest rate method.

Exchange gains and losses and impairments related to the financial assets are immediately recognized in the

Consolidated Income Statement.

Fair value through other comprehensive income:

Assets that are held for collection of contractual cash flows and

for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest.

Interest income from these financial assets is included in finance income using the effective interest rate method.

Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive

Income and transferred to the Consolidated Income Statement when the financial asset is sold.

Fair value through profit and loss:

Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair

value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 279 -

Equity instruments are subsequently measured at fair value either through profit or loss (FVPL) or through other

comprehensive income (FVOCI). Changes in fair value are recognised in profit or loss unless Tenaris makes an

irrevocable election at initial recognition to present changes in fair value in other comprehensive income for

instruments not held for trading.

Accounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk

Management.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 280 -

III. FINANCIAL RISK MANAGEMENT

The multinational nature of Tenaris’s operations and customer base exposes the Company to a variety of risks,

mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest

rates), credit risk and capital market risk. To manage the volatility related to these exposures, management evaluates

exposures on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries may then

enter into various derivative transactions in order to prevent potential adverse impacts on Tenaris’s financial

performance. Such derivative transactions are executed in accordance with internal policies and hedging practices.

A. Financial risk factors

(i) Capital risk management

Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.

The year end ratio of debt to total equity (where “debt” comprises financial borrowings and “total equity” is the

sum of financial borrowings and equity) is 0.02 as of December 31, 2025 and 0.03 as of December 31, 2024. The

Company does not have to comply with regulatory capital adequacy requirements.

(ii) Foreign exchange risk

Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is

exposed to foreign exchange rate risk. Since the Company’s functional currency is the U.S. dollar the purpose of

Tenaris’s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of

other currencies against the U.S. dollar.

Tenaris’s exposure to currency fluctuations is reviewed on a periodic and consolidated basis. A number of derivative

transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges.

Almost all of these transactions are forward exchange rates contracts. See note 26 to these Consolidated Financial

Statements.

Tenaris does not enter into derivative financial instruments for trading or other speculative purposes, other than

non-material investments in structured products.

In the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities,

reported in accordance with IFRS, may not reflect entirely the management’s assessment of its foreign exchange

risk hedging program. Intercompany balances between Tenaris’s subsidiaries may generate financial gains (losses)

to the extent that functional currencies differ.

The value of Tenaris’s financial assets and liabilities is subject to changes arising from the variation of foreign

currency exchange rates. The following table provides a breakdown of Tenaris’s main financial assets and liabilities

(including foreign exchange derivative contracts) which impact the Company’s profit and loss as of December 31,

2025, and 2024.

All amounts Long / (Short) in thousands of U.S. dollars	As of December 31,
Exposure currency / Functional currency	2025	2024
Euro / U.S. dollar	(204,318)	(183,985)
Saudi Arabian Riyal / U.S. dollar	(69,289)	(173,233)
Argentine Peso / U.S. dollar	(8,777)	(40,565)
Brazilian Real / U.S. dollar	(42,487)	(41,591)

The main relevant exposures correspond to:

▪ Euro / U.S. dollar

As of December 31, 2025, and 2024 consisting primarily of Euro-denominated intercompany liabilities at certain

subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange rate would

have generated a pre-tax gain / loss of $2.0 million and $1.8 million as of December 31, 2025 and 2024,

respectively, which would have been to a large extent offset by changes in currency translation adjustment

included in Tenaris’s net equity position.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 281 -

▪ Saudi Arabian Riyal / U.S. dollar

As of December 31, 2025, and 2024 consisting primarily of Saudi Arabian Riyal-denominated financial and

trade payables. The Saudi Arabian Riyal is tied to the U.S. dollar.

▪ Argentine Peso / U.S. dollar

As of December 31, 2025, and 2024 consisting primarily of Argentine Peso-denominated trade, social and fiscal

payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the

ARS/USD exchange rate would have generated a pre-tax gain / loss of $0.1 million and $0.4 million as of

December 31, 2025 and 2024 respectively.

▪ Brazilian Real / U.S. dollar

As of December 31, 2025, and 2024 consisting primarily of Brazilian Real-denominated liabilities at certain

Brazilian subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the BRL/USD exchange rate

would have generated a pre-tax gain / loss of $0.4 million and $0.4 million as of December 31, 2025 and 2024

respectively.

Considering the balances held as of December 31, 2025 on financial assets and liabilities exposed to foreign

exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable

movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain /

loss of $1.2 million (including a gain / loss of $5.6 million due to foreign exchange derivative contracts), which

would be partially offset by changes to Tenaris’s net equity position of $1.9 million. For balances held as of

December 31, 2024, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates

relative to the U.S. dollar, would have generated a pre-tax gain / loss of $5.8 million (including a loss / gain of $1.5

million due to foreign exchange derivative contracts), which would have been partially offset by changes to Tenaris’s

net equity position of $1.4 million.

Tenaris based its foreign exchange sensitivity analysis on a 1% variance for information purposes only, enabling the

analysis to any particular variance.

(iii) Interest rate risk

Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable

and fixed rate debt in combination with its investment portfolio strategy. The Company may choose to enter into

foreign exchange derivative contracts and/or interest rate swaps to mitigate the exposure to changes in the interest

rates.

The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.

	As of December 31,
	2025		2024
	In thousands of U.S. dollars	%	In thousands of U.S. dollars	%
Fixed rate (*)	75,012	25%	172,018	39%
Variable rate	230,710	75%	265,380	61%
Total	305,722		437,398

(*)

Out of the $75.0 million fixed rate borrowings, $74.6 million are short-term.

The Company estimates that, if market interest rates applicable to Tenaris’s borrowings had been 100 basis points

higher, then the additional pre-tax loss would have been $3.5 million in 2025 and $5.5 million in 2024.

Tenaris based its interest rate sensitivity analysis on a 100-basis points variance for information purposes only,

enabling the analysis to any particular variance.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 282 -

(iv) Credit risk

Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit

exposures from customers, including outstanding receivables and committed transactions. The Company also

actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize

its credit risk.

There is no concentration of credit risk, and no single customer comprised more than 10% of Tenaris’s net sales in

2025, 2024 and 2023.

Tenaris’s credit policies related to sales of products and services are designed to identify customers with acceptable

credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments

designed to minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for

potential credit losses. See section II.K.

As of December 31, 2025, trade receivables amounted to $1,920.8 million. Trade receivables had guarantees under

credit insurance of $289.9 million, letter of credit and other bank guarantees of $83.6 million. Overdue trade

receivables amounted to $319.2 million, overdue guaranteed trade receivables amounted to $28.8 million; and the

allowance for doubtful accounts amounted to $59.6 million.

As of December 31, 2024, trade receivables amounted to $1,907.5 million. Trade receivables had guarantees under

credit insurance of $208.6 million, letter of credit and other bank guarantees of $79.8 million. Overdue trade

receivables amounted to $395.5 million, overdue guaranteed trade receivables amounted to $33.6 million; and the

allowance for doubtful accounts amounted to $48.1 million.

Management believes that both the allowance for doubtful accounts and the existing guarantees are sufficient to

cover doubtful trade receivables.

(v) Counterparty risk

Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities.

Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally

investment grade.

Approximately 88.8% of Tenaris’s liquid financial assets corresponded to Investment Grade-rated instruments as of

December 31, 2025, in comparison with approximately 91.4% as of December 31, 2024.

(vi) Liquidity risk

Tenaris’s financing strategy aims to maintain adequate financial resources and access to additional liquidity. During

2025, Tenaris has relied on cash flows from operations as well as additional bank financing to fund its transactions.

Management maintains sufficient cash and marketable securities to finance normal operations and believes that

Tenaris also has appropriate access to market for short-term working capital needs.

Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 18% and

20% of total assets at the end of 2025 and 2024, respectively.

Tenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash

equivalents (cash in banks, liquidity funds and investments with a maturity of less than three months at the date of

purchase), and ii) other investments (fixed income securities, time deposits, and fund investments).

Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment

grade issuers.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 283 -

Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2025 and 2024, U.S. dollar denominated

liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately

91% and 93% of total liquid financial assets, respectively.

(vii) Commodity price risk

In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price

volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris

is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the

prices of such raw materials and commodities for short-term periods, typically not in excess of one year, and in

general hedging for these risks is performed on a limited basis.

B. Category of financial instruments and classification within the fair value hierarchy

As mentioned in note II.V, the Company classifies its financial instruments in the following measurement categories:

amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial

instruments that are measured in the statement of financial position at fair value, IFRS 13, “Fair value measurement”

requires a disclosure of fair value measurements by level according to the following fair value measurement

hierarchy:

Level 1:

Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3:

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The following tables present the financial instruments by category and levels as of December 31, 2025, and 2024.

December 31, 2025	Carrying amount	Measurement Categories			At Fair Value
December 31, 2025	Carrying amount	Amortized Cost	FVOCI	FVPL	Level 1	Level 2	Level 3
Assets
Cash and cash equivalents	572,647	313,728	-	258,919	258,919	-	-
Other investments	2,306,760	827,476	1,069,252	410,032	1,479,284	-	-
Fixed income (time-deposit, zero
coupon bonds, commercial papers)	827,476	827,476	-	-	-	-	-
Bonds and other fixed income	1,069,393	-	1,069,252	141	1,069,393	-	-
Mutual fund	409,891	-	-	409,891	409,891	-	-
Derivative financial instruments	1,875	-	335	1,540	-	1,875	-
Other Investments Non-current	758,085	95,090	621,387	41,608	655,867	-	7,128
Bonds and other fixed income	655,867	-	621,387	34,480	655,867	-	-
Fixed income (time-deposit, zero
coupon bonds, commercial papers)	95,090	95,090	-	-	-	-	-
Other investments	7,128	-	-	7,128	-	-	7,128
Trade receivables	1,920,840	1,920,840	-	-	-	-	-
Receivables C and NC	443,273	190,124	-	-	-	-	-
Other receivables	190,124	190,124	-	-	-	-	-
Other receivables (non-financial)	253,149	-	-	-	-	-	-
Total		3,347,258	1,690,974	712,099	2,394,070	1,875	7,128
Liabilities
Borrowings C and NC	305,722	305,722	-	-	-	-	-
Trade payables	872,913	872,913	-	-	-	-	-
Other liabilities C and NC	687,795	6,227	-	58,888	-	-	58,888
Other liabilities (*)	65,115	6,227	-	58,888	-	-	58,888
Other liabilities (non-financial)	622,680	-	-	-	-	-	-
Lease liabilities C and NC	143,249	143,249	-	-	-	-	-
Derivative financial instruments	14,330	-	6,327	8,002	-	14,329	-
Total		1,328,111	6,327	66,890	-	14,329	58,888

(*)

Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.

Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.

Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables, other financial liabilities

and other investments are considered to be similar to their fair values.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 284 -

December 31, 2024	Carrying amount	Measurement Categories			At Fair Value
December 31, 2024	Carrying amount	Amortized Cost	FVOCI	FVPL	Level 1	Level 2	Level 3
Assets
Cash and cash equivalents	675,256	320,212	-	355,044	355,044	-	-
Other investments	2,372,999	722,328	1,273,673	376,998	1,650,671	-	-
Fixed income (time-deposit, zero coupon bonds, commercial
papers)	722,328	722,328	-	-	-	-	-
Bonds and other fixed income	1,273,673	-	1,273,673	-	1,273,673	-	-
Mutual fund	376,998	-	-	376,998	376,998	-	-
Derivative financial instruments	7,484	-	-	7,484	-	7,484	-
Other Investments Non-current	1,005,300	140,292	857,959	7,049	857,959	-	7,049
Bonds and other fixed income	857,959	-	857,959	-	857,959	-	-
Fixed income (time-deposit, zero coupon bonds, commercial
papers)	140,292	140,292	-	-	-	-	-
Other investments	7,049	-	-	7,049	-	-	7,049
Trade receivables	1,907,507	1,907,507	-	-	-	-	-
Receivables C and NC	435,973	191,058	-	-	-	-	-
Other receivables	191,058	191,058	-	-	-	-	-
Other receivables (non-
financial)	244,915	-	-	-	-	-	-
Total		3,281,397	2,131,632	746,575	2,863,674	7,484	7,049
Liabilities
Borrowings C and NC	437,398	437,398	-	-	-	-	-
Trade payables	880,261	880,261	-	-	-	-	-
Other liabilities C and NC	887,526	31,985	-	243,264	-	-	243,264
Other liabilities (*)	275,249	31,985	-	243,264	-	-	243,264
Other liabilities (non-financial)	612,277	-	-	-	-	-	-
Lease liabilities C and NC	144,926	144,926	-	-	-	-	-
Derivative financial instruments	8,300	-	-	8,300	-	8,300	-
Total		1,494,570	-	251,564	-	8,300	243,264

(*)

Includes liability related to share buyback program. See note 35 to these Consolidated Financial Statements.

Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.

Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables, other financial liabilities

and other investments are considered to be similar to their fair values.

There were no transfers between levels during the year.

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting

date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer,

broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly

occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by

Tenaris is the current bid price. These instruments are included in Level 1 and comprise primarily corporate and

sovereign debt securities.

The fair value of financial instruments that are not traded in an active market (such as certain debt securities,

certificates of deposits with original maturity of more than three months, forward and interest rate derivative

instruments) is determined by using valuation techniques which maximize the use of observable market data when

available and rely as little as possible on 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.

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

December 31, 2025, and 2024, main balances in this level included a liability related to the shares to be settled

under the share buyback program. 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 buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability

materially. For more information see note 35.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 285 -

The following table presents the changes in Level 3 assets:

	Year ended December 31,
	2025	2024
At the beginning of the year	7,049	7,411
Decrease	(243)	(185)
Currency translation adjustment and others	322	(177)
At the end of the year	7,128	7,049

The following table presents the changes in Level 3 liabilities:

	Year ended December 31,
	2025	2024
At the beginning of the year	243,264	86,240
Settlement of share buyback program liability	(243,264)	(86,240)
Share buyback program liability	58,888	243,264
At the end of the year	58,888	243,264

C. Fair value estimation

Financial assets or liabilities classified at fair value through profit or loss are measured under the framework

established by the IASB accounting guidance for fair value measurements and disclosures.

The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is

not active or no market is available, fair values are established using standard valuation techniques.

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.

Borrowings 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 99.5% and 98.3% of its carrying amount

(including interests accrued) in 2025 and 2024 respectively. Fair values were calculated using standard valuation

techniques for floating rate instruments and comparable market rates for discounting cash flows.

The carrying amount of investments recognized at amortized cost approximates its fair value.

D. Accounting for derivative financial instruments and hedging activities

Tenaris uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates

and prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities

based on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial

position at fair value. Tenaris uses market prices or specific tools for calculation of each instrument’s fair value, these

tools are monthly tested for consistency. Market rates are used for all pricing operations. These include exchange

rates, deposit rates and other discount rates matching the nature of each underlying risk. Gains or losses arising

from changes in fair value of derivatives are recognized in

Financial Results

in the Consolidated Income Statement,

except for derivatives that are designated and qualify for hedge accounting.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 286 -

Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or

highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of

the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts

accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and

gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the

income statement. The fair value of Tenaris’s derivative financial instruments (assets or liabilities) continues to be

reflected in the statement of financial position.

For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the

transaction the relationship between hedging instruments and hedged items, as well as its risk management

objectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an

ongoing basis, of whether the hedging instruments are highly effective in offsetting changes in the fair value or

cash flow of hedged items. At December 31, 2025 and 2024, the effective portion of designated cash flow hedges

which is included in

Other Reserves

in equity amounted to $2.7 million debit and $0.6 million debit respectively.

The fair values of various derivative instruments used for hedging purposes and the movements of the hedging

reserve included within

Other Reserves

in equity are disclosed in note 26 to these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 287 -

IV. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 Segment information

As mentioned in section II.C, the Segment Information is disclosed as follows:

Reportable operating segments

(All amounts in millions of U.S. dollars)

Year ended December 31, 2025	Tubes	Other	Total
Management view - operating income	2,163	108	2,271
Difference in cost of sales			31
Differences in selling, general and administrative expenses			(17)
Differences in other operating income (expenses), net			(2)
IFRS - operating income			2,283
Financial income (expense), net			133
Income before equity in earnings of non-consolidated companies and income tax			2,416
Equity in earnings of non-consolidated companies			58
Income before income tax			2,474
Net Sales	11,400	581	11,981
Depreciation and amortization	594	22	616

Year ended December 31, 2024	Tubes	Other	Total
Management view - operating income	2,391	143	2,534
Difference in cost of sales			(115)
Differences in selling, general and administrative expenses			(3)
Differences in other operating income (expenses), net			3
IFRS - operating income			2,419
Financial income (expense), net			129
Income before equity in earnings of non-consolidated companies and income tax			2,548
Equity in earnings of non-consolidated companies			9
Income before income tax			2,557
Net Sales	11,907	617	12,524
Depreciation and amortization	580	53	633

Year ended December 31, 2023	Tubes	Other	Total
Management view - operating income	4,337	129	4,466
Difference in cost of sales			(134)
Differences in selling, general and administrative expenses			(7)
Differences in other operating income (expenses), net			(9)
IFRS - operating income			4,316
Financial income (expense), net			221
Income before equity in earnings of non-consolidated companies and income tax			4,537
Equity in earnings of non-consolidated companies			95
Income before income tax			4,633
Net Sales	14,185	684	14,869
Depreciation and amortization	518	31	549

There are no material differences between IFRS and management view in total revenues.

The differences between operating income under IFRS and the management views are mainly related to the cost of

goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost

considered for management view compared to IFRS cost calculated at historical cost mainly on FIFO basis, and other

minor timing differences.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 288 -

The main differences in net income under the IFRS and management views arise from the impact of functional

currencies on financial result, deferred income taxes as well as the equity in earnings of non-consolidated

companies.

In 2024, following the integration of coating activities into its Tubes segment, the Company represented year-to-

date segment information amounts accordingly.

Geographical information

	North America	South America	Europe	Asia Pacific, Middle East and Africa	Unallocated (*)	Total
Year ended December 31, 2025
Net sales	5,712,368	2,386,881	893,540	2,988,368	-	11,981,157
Property, plant and equipment, net	3,489,730	1,432,099	903,687	379,566	-	6,205,082
Intangible Assets, net	1,115,287	187,431	17,497	36,901	-	1,357,116
Right of Use Assets, net	54,424	12,254	29,553	48,326	-	144,557
Investments in non-consolidated companies	-	-	-	-	1,561,212	1,561,212
Year ended December 31, 2024
Net sales	5,558,769	2,621,581	1,262,458	3,081,126	-	12,523,934
Property, plant and equipment, net	3,578,293	1,257,345	832,443	453,390	-	6,121,471
Intangible Assets, net	1,117,314	177,934	14,899	47,602	-	1,357,749
Right of Use Assets, net	65,105	8,255	28,242	47,266	-	148,868
Investments in non-consolidated companies	-	-	-	-	1,543,657	1,543,657
Year ended December 31, 2023
Net sales	7,765,130	3,382,495	1,175,581	2,545,654	-	14,868,860
Property, plant and equipment, net	3,676,352	1,143,752	794,242	463,833	-	6,078,179
Intangible Assets, net	1,126,774	166,450	22,580	61,306	-	1,377,110
Right of Use Assets, net	50,128	9,241	24,832	47,937	-	132,138
Investments in non-consolidated companies	-	-	-	-	1,608,804	1,608,804

(*)

For the years 2025, 2024 and 2023 includes

Investments in non-consolidated companies

. See note 14 to these Consolidated Financial

Statements.

There are no revenues from external customers attributable to the Company’s country of incorporation

(Luxembourg).

The principal countries from which the Company derives its revenues are

USA (35%), Argentina (11%), Canada,

Saudi Arabia, United Arab Emirates, Brazil and Mexico (each less than 10%)

As of December 31, 2025, 2024 and 2023 non-current assets comprising property, plant and equipment, intangible

assets and right of use assets attributable to the Company’s country of incorporation (Luxembourg) amounted to

$16.7 million, $15.6 million and $10.7 million, respectively.

Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there

is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues

related to governmental institutions represent approximately 25%, 30% and 26% in 2025, 2024 and 2023

respectively.

Tubes segment revenues by market:

(All amounts in millions of U.S. dollars)

Revenues Tubes	2025	2024	2023
Oil & gas	10,172	10,689	12,488
Oil & gas processing plants	557	548	818
Industrial, power & others	671	670	879
Total	11,400	11,907	14,185

The table above includes revenues from services performed on third party tubes of $426.6 million, $483.5 million

and $164.8 million for the years 2025, 2024 and 2023, respectively.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 289 -

As of December 31, 2025 and 2024, the Company recognized contract liabilities related to customer advances in

the amount of $168.8 million and $206.2 million, respectively. Contract liabilities represent obligations to perform

services or deliver products in the future for cash considerations that have been received from customers. Each of

these amounts are recognized as revenues during the subsequent years. In these periods, no significant adjustments

in revenues were performed related to previously satisfied performance obligations.

As of December 31, 2025 and 2024, the Company recognized contract assets related to unbilled revenues in the

amount of $35.3 million and $50.8 million, respectively. Contract assets arise from revenue earned for goods or

services that is not yet billable to the customers.

2 Cost of sales

	Year ended December 31,
	2025	2024	2023
Inventories at the beginning of the year	3,709,942	3,921,097	3,986,929
Changes in inventories due to business combinations (*)	-	52,792	107,588
Decrease in inventory due to deconsolidation of subsidiaries (**)	(43)	-	-
Plus: Charges of the year
Raw materials, energy, consumables and other	4,425,441	4,638,681	5,277,507
Services and fees	367,532	408,478	437,804
Labor cost	1,411,608	1,454,924	1,403,546
Depreciation of property, plant and equipment	476,215	483,535	424,373
Amortization of intangible assets	13,602	12,193	11,582
Depreciation of right-of-use assets	37,844	34,332	30,352
Maintenance expenses	338,042	443,498	408,410
Allowance for obsolescence	53,700	41,240	13,581
Taxes	417,380	124,500	272,120
Other	211,539	230,161	216,220
	7,752,860	7,924,334	8,603,083
Less: Inventories at the end of the year	(3,602,058)	(3,709,942)	(3,921,097)
	7,860,744	8,135,489	8,668,915

(*)

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

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

3 Selling, general and administrative expenses

	Year ended December 31,
	2025	2024	2023
Services and fees	180,968	183,659	163,723
Labor cost	669,859	705,849	652,820
Depreciation of property, plant and equipment	25,462	25,668	21,517
Amortization of intangible assets	37,222	41,557	40,761
Depreciation of right-of-use assets	25,825	35,569	19,925
Freights and other selling expenses	647,100	624,113	696,705
Provisions for contingencies	21,020	30,356	38,899
Allowances for doubtful accounts	14,180	(1,095)	3,590
Taxes	118,771	152,388	170,484
Other	88,089	106,764	110,883
	1,828,496	1,904,828	1,919,307

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 290 -

4 Labor costs (included in Cost of sales and in Selling, general and administrative expenses)

	Year ended December 31,
	2025	2024	2023
Wages, salaries and social security costs	1,960,240	2,033,067	1,943,825
Severance indemnities	42,359	35,608	26,470
Post-employment benefits - defined contribution plans	18,220	16,014	15,055
Post-employment benefits - defined benefit plans	8,078	24,259	19,452
Employee retention and long-term incentive program	52,570	51,825	51,564
	2,081,467	2,160,773	2,056,366

The following table shows the geographical distribution of the employees:

	2025	2024	2023
Mexico	5,813	6,042	7,500
Argentina	5,314	5,811	6,267
USA	3,736	3,583	3,882
Italy	2,102	2,140	2,187
Romania	1,909	1,885	1,884
Canada	1,236	1,197	1,195
Brazil	1,212	1,406	1,492
Colombia	915	893	1,112
Saudi Arabia	746	759	849
Indonesia	611	911	1,573
Other	1,281	1,247	1,193
	24,875	25,874	29,134

5 Impairment charge

Tenaris conducts regular assessments of the carrying values of its assets. The recoverable value is based on the value

in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive,

economic and regulatory factors applied to determine cash flow projections, such as oil and gas prices, average

number of active oil and gas drilling rigs (rig count) and raw material costs.

In December 2025, even though the Company did not identify any impairment indicators, it conducted impairment

tests for the CGUs that carry significant goodwill balances, and no impairment charges were recorded. The main

discount rates used were in a range between 13.5% and 19.4% and a nominal growth rate (which includes mainly

the inflation impact on prices and costs) of 2% was considered. For the CGUs carrying goodwill, a reasonably

possible change in key assumptions would not cause the carrying amount to exceed its recoverable amount.

In December 2024, even though the Company did not identify any impairment indicators, it conducted impairment

tests for the CGUs with goodwill in their carrying amounts, and no impairment charges were recorded. The main

discount rates used were in a range between 13.4% and 18.2% and a nominal growth rate (which includes mainly

the inflation impact on prices and costs) of 2% was considered. For the CGUs carrying goodwill, a reasonably

possible change in key assumptions would not cause the carrying amount to exceed its recoverable amount.

In December 2023, considering that the recoverable amount of the CGUs obtained in prior years' tests and that the

assets and liabilities making up those units had not changed significantly, nor the key assumptions, the Company

concluded that impairment tests for previous years were still valid. In addition, the Company had considered the

impact of updating the main discount rates, applying rates in a range between 12.5% and 21.4% for the CGUs

under analysis. In 2023, a nominal growth rate (which included mainly the inflation impact on prices and costs) of

2% was considered. Based on the facts mentioned above, the Company did not recognize any impairment charges

for the year 2023.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 291 -

6 Other operating income and expenses

	Year ended December 31,
	2025	2024	2023
Other operating income
Results from sundry assets	7,127	10,529	10,960
Net rents	4,188	4,417	4,702
Reclassification of currency translation adjustment reserve	-	-	878
Bargain purchase gain	-	2,212	3,162
Result on sale of Venezuela awards	-	-	33,341
Other income	12,474	43,492	-
	23,789	60,650	53,043
Other operating expenses
Contributions to welfare projects and non-profit organizations	(17,445)	(17,657)	(15,538)
Allowance for doubtful receivables	(631)	(546)	(107)
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	(14,414)	(107,215)	-
Other expense	-	-	(1,628)
	(32,490)	(125,418)	(17,273)
Other operating income and expenses, net	(8,701)	(64,768)	35,770

Other operating income

Bargain purchase gain:

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

For the year 2023, related to Isoplus anticorrosion coating division acquisition.

Result on sale of Venezuela awards:

For the year 2023, related to the transfer of the awards obtained in connection

with the nationalizations of the Company’s interests in its majority-owned subsidiaries TAVSA - Tubos de Acero de

Venezuela S.A., Matesi Materiales Siderúrgicos S.A. and Complejo Siderúrgico de Guayana, C.A.

Other income:

For the year 2024, includes mainly $17.6 million related to the recovery of various legal proceedings

in Brazil and $7 million related to an insurance recovery.

Other operating expenses

Provision for the ongoing litigation related to the acquisition of participation in Usiminas:

For the years 2024 and

2025, related to the provision described in note 27 “Contingencies, commitments and restrictions on the

distribution of profits -

Contingencies - CSN claims relating to the January 2012 acquisition of Usiminas

”, and does

not include the net foreign exchange result.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 292 -

7 Financial results

	Year ended December 31,
	2025	2024	2023
Interest income	228,369	229,835	201,852
Net result on changes in FV of financial assets at FVPL	23,869	12,484	11,622
Finance income	252,238	242,319	213,474
Finance cost	(46,933)	(61,212)	(106,862)
Net foreign exchange transactions results	(30,394)	61,395	218,383
Net foreign exchange derivatives contracts results	(26,291)	(12,727)	(8,974)
Other	(15,979)	(100,719)	(95,044)
Other financial results, net	(72,664)	(52,051)	114,365
Net financial results	132,641	129,056	220,977

Finance Income:

In 2025, 2024 and 2023 includes $36.9 million, $40.7 million and $61.2 million of interest related

to instruments carried at FVPL, respectively.

In 2025, 2024 and 2023 includes $83.7 million, $88.2 million and $30.9 million of interest related to instruments

carried at FVOCI, respectively.

Net foreign exchange transactions results:

In 2025 mainly includes result from the Argentine peso depreciation

against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency

U.S. dollar, the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities

in subsidiaries with functional currency U.S. dollar, partially offset by changes in currency translation adjustment

reserve from an Italian subsidiary recognized in

Other Comprehensive Income

and the result from the Mexican peso

appreciation against the U.S. dollar on Mexican peso denominated receivables, at subsidiaries with functional

currency U.S. dollar.

In 2024 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso

denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real depreciation

against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S.

dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany

liabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment

reserve from an Italian subsidiary recognized in

Other Comprehensive Income

In 2023 mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso

denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation

against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S.

dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany

liabilities in subsidiaries with functional currency U.S. dollar, offset by changes in currency translation adjustment

reserve from an Italian subsidiary recognized in

Other Comprehensive Income

Net foreign exchange derivatives contracts results:

In 2025 includes mainly losses on derivatives covering receivables

in Mexican peso.

In 2024 includes mainly losses on derivatives covering net receivables, fiscal and other liabilities in Brazilian real.

In 2023 includes mainly losses on derivatives covering net receivables in Brazilian real.

Other:

In both 2025 and 2024 includes losses for $16 million, related to fees payable in connection with collections

involving the Company’s Mexican subsidiary.

In 2024 also includes approximately $84 million related to result of U.S. dollar denominated Argentine bonds used

to cancel commercial debt.

In 2023 includes a net loss of $94.7 million related to the transfer of Argentine sovereign bonds paid as dividend in

kind from Argentinian subsidiaries to its foreign shareholders.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 293 -

8 Equity in earnings of non-consolidated companies

	Year ended December 31,
	2025	2024	2023
Earnings from non-consolidated companies	58,038	8,548	104,897
Remeasurement of previously held interest	-	-	4,506
Bargain purchase gain	-	-	11,487
Net loss related to participation increase in Usiminas	-	-	(25,486)
	58,038	8,548	95,404

Earnings from non-consolidated companies:

For the year ended December 31, 2025 and 2024, includes a loss of

approximately $12.4 million and $43.3 million respectively, related to a provision for the ongoing litigation related

to the acquisition of participation in Usiminas.

Remeasurement of previously held interest and Bargain purchase gain:

For year ended December 31, 2023, related

to GPC acquisition.

Net loss related to participation increase in Usiminas:

For more information see note 14 “Investments in non-

consolidated companies -

Usiminas

”.

9 Income tax

	Year ended December 31,
	2025	2024	2023
Current tax	(562,216)	(651,769)	(868,695)
Deferred tax	61,600	172,089	193,739
Tax charge	(500,616)	(479,680)	(674,956)

Tenaris is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was adopted in Luxembourg,

the jurisdiction in which the Company is incorporated, and came into effect as from January 1, 2024. Tenaris applies

the exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two

income taxes, as provided for in the amendments to IAS 12 issued in May 2023.

For the years 2025 and 2024, Tenaris recognized an estimated current tax expense related to Pillar Two, amounting

to $20.7 million and $81.4 million, respectively.

The tax charge differs from the theoretical amount that would arise by applying the nominal tax rate valid in each

jurisdiction to the group's pre-tax income in that jurisdiction as follows:

	Year ended December 31,
	2025	2024	2023
Income before income tax	2,473,895	2,556,453	4,632,789
Tax calculated at the tax rate in each country	(600,820)	(599,944)	(1,127,428)
Effect of currency translation on tax base	(97,197)	(340,094)	(346,573)
Changes in the tax rates	2,055	(24,019)	1,535
Utilization of previously unrecognized tax losses	219	588	787
Tax revaluation, withholding tax and others	195,127	483,789	796,723
Tax charges	(500,616)	(479,680)	(674,956)

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 294 -

Effect of currency translation on tax base:

Tenaris applies the liability method to recognize deferred income tax on

temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial

statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the

effect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a

functional currency different than their local currency. These gains and losses are required by IFRS even though the

revalued / devalued tax bases of the relevant assets will not result in any deduction / obligation for tax purposes in

future periods.

Changes in the tax rates:

For the year 2024, the effect relates to the impact of the reduction in Luxembourg's

corporate income tax rate that made the blended tax rate for a company registered in Luxembourg City decrease

from 24.94% to 23.87%. The new blended tax rate is applicable for fiscal years beginning on or after January 1,

2025, but its effect over temporary differences was recognized from 2024.

Tax revaluation, withholding tax and others:

Includes a positive effect from inflationary tax adjustments in Argentina

and Mexico of $168.7 million, $368.2 million and $349.0 million for the years 2025, 2024 and 2023, respectively.

It also includes a charge of $30.9 million, $20.0 million and $164.3 million for the years 2025, 2024 and 2023,

respectively related to withholding taxes for intra-group international operations.

The years 2025 and 2024 include a charge of $20.7 million and $81.4 million, respectively, related to Pillar Two.

The years 2025, 2024 and 2023 include a positive effect of $78.4 million, $186.0 million and $550.3 million,

respectively, arising from the recognition of tax losses carryforward deferred tax assets in the Luxembourg

subsidiary. For the years 2025 and 2024, the consumption of such deferred tax assets for $82.2 million and $86.9

million, respectively are included in the line “Tax calculated at the tax rate of each country”. For more information

see note 22.

10 Dividends distribution

On October 29, 2025, the Company’s Board of Directors approved the payment of an interim dividend of $0.29

per outstanding share ($0.58 per ADS), or approximately $0.3 billion, paid on November 26, 2025, with record date

on November 25, 2025.

On May 6, 2025, the Company’s shareholders approved an annual dividend in the amount of $0.83 per outstanding

share ($1.66 per ADS). The amount approved by the shareholders included the interim dividend previously paid on

November 20, 2024, in the amount of $0.27 per outstanding share ($0.54 per ADS). The remaining balance,

amounting to $0.56 per outstanding share ($1.12 per ADS), was paid on May 21, 2025, for an amount of

approximately $0.6 billion. In the aggregate, the interim dividend paid in November 2024 and the balance paid in

May 2025 amounted to approximately $0.9 billion.

On April 30, 2024, the Company’s shareholders approved an annual dividend in the amount of $0.60 per

outstanding share ($1.20 per ADS). The amount approved by the shareholders included the interim dividend

previously paid on November 22, 2023, in the amount of $0.20 per outstanding share ($0.40 per ADS). The

remaining balance, amounting to $0.40 per outstanding share ($0.80 per ADS), was paid on May 22, 2024, for an

amount of approximately $0.5 billion. In the aggregate, the interim dividend paid in November 2023 and the

balance paid in May 2024 amounted to approximately $0.7 billion.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 295 -

11 Property, plant and equipment, net

Year ended December 31, 2025	Land and civil buildings	Industrial buildings, plant and production equipment	Vehicles, furniture and fixtures	Work in progress	Spare parts and equipment	Total
At the beginning of the year
Cost	935,704	13,903,542	424,042	372,990	81,438	15,717,716
Accumulated depreciation and impairment	(178,294)	(9,030,040)	(350,480)	-	(37,431)	(9,596,245)
Property, plant and equipment, net at the beginning of the year	757,410	4,873,502	73,562	372,990	44,007	6,121,471
Movements of the year
Currency translation adjustment	8,279	56,463	640	6,188	364	71,934
Increase due to business combinations (*)	1,990	14,352	-	-	-	16,342
Additions	-	3,164	598	550,901	13,758	568,421
Transfers / Reclassifications	83,893	464,662	39,070	(586,719)	-	906
Decrease due to deconsolidation of subsidiaries (**)	-	(362)	(11)	-	-	(373)
Disposals / Consumptions (***)	(57,445)	(818)	(461)	(6,369)	(6,849)	(71,942)
Depreciation charge	(14,728)	(464,041)	(20,666)	-	(2,242)	(501,677)
Movements of the year	21,989	73,420	19,170	(35,999)	5,031	83,611
At the end of the year
Cost	967,135	14,517,757	458,610	336,991	89,139	16,369,632
Accumulated depreciation and impairment	(187,736)	(9,570,835)	(365,878)	-	(40,101)	(10,164,550)
Property, plant and equipment, net at the end of the year	779,399	4,946,922	92,732	336,991	49,038	6,205,082

Year ended December 31, 2024	Land and civil buildings	Industrial buildings, plant and production equipment	Vehicles, furniture and fixtures	Work in progress	Spare parts and equipment	Total
At the beginning of the year
Cost	889,957	13,538,273	416,913	396,103	71,834	15,313,080
Accumulated depreciation and impairment	(164,894)	(8,696,044)	(351,309)	-	(22,654)	(9,234,901)
Property, plant and equipment, net at the beginning of the year	725,063	4,842,229	65,604	396,103	49,180	6,078,179
Movements of the year
Currency translation adjustment	(4,637)	(26,793)	(266)	(4,391)	(161)	(36,248)
Changes due to business combinations (****)	12,949	(24,063)	-	653	-	(10,461)
Additions	2,176	1,028	433	616,218	15,658	635,513
Transfers / Reclassifications	48,322	550,891	29,681	(633,440)	-	(4,546)
Disposals / Consumptions	(10,197)	(12,526)	(1,183)	(2,153)	(5,704)	(31,763)
Depreciation charge	(16,266)	(457,264)	(20,707)	-	(14,966)	(509,203)
Movements of the year	32,347	31,273	7,958	(23,113)	(5,173)	43,292
At the end of the year
Cost	935,704	13,903,542	424,042	372,990	81,438	15,717,716
Accumulated depreciation and impairment	(178,294)	(9,030,040)	(350,480)	-	(37,431)	(9,596,245)
Property, plant and equipment, net at the end of the year	757,410	4,873,502	73,562	372,990	44,007	6,121,471

(*)

For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

(***)

For the year 2025, includes the unwinding of certain land plots in Saudi Arabia. For more information see note 28.

(****)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 296 -

Property, plant and equipment include capitalized interests for net amounts at December 31, 2025 and 2024 of

$25.6 million and $27.2 million, respectively. There were no new interests capitalized during 2025 and 2024.

Government grants recognized as a reduction of property, plant and equipment were not material for the years

2025 and 2024.

The Company’s Brazilian subsidiary Confab Industrial S.A. (“Confab”) holds certain real estate assets, with a carrying

value of $33.4 million, that are subject to a judicial mortgage aimed at securing the indemnification potentially

payable to Companhia Siderúrgica Nacional (“CSN”) under a lawsuit brought by CSN against Confab and other

related companies. The litigation is currently pending, and no amount is currently owed by Confab. See note 27 (i)

“Contingencies, commitments and restrictions on the distribution of profits -

Contingencies - CSN claims relating

to the January 2012 acquisition of Usiminas

”.

For the year 2025 and 2024, the carrying amount of assets pledged as security for current and non-current

borrowings amounted to $49.7 million and $147.9 million, respectively, held in Saudi Arabia by the Company´s

subsidiary GPC, in which SSPC holds a 57.3% interest.

12 Intangible assets, net

Year ended December 31, 2025	Information system projects	Licenses, patents and trademarks (*)	Goodwill	Customer relationships	Total
At the beginning of the year
Cost	661,605	575,607	2,474,693	1,776,037	5,487,942
Accumulated amortization and impairment	(564,499)	(416,311)	(1,384,674)	(1,764,709)	(4,130,193)
Intangible assets, net at the beginning of the year	97,106	159,296	1,090,019	11,328	1,357,749
Movements of the year
Currency translation adjustment	880	7	139	-	1,026
Increase due to business combinations (**)	-	-	1,324	-	1,324
Additions	37,449	11,313	-	-	48,762
Transfers / Reclassifications	(906)	-	-	-	(906)
Disposals	(15)	-	-	-	(15)
Amortization charge	(30,036)	(9,460)	-	(11,328)	(50,824)
Movements of the year	7,372	1,860	1,463	(11,328)	(633)
At the end of the year
Cost	692,274	586,938	2,476,156	1,776,057	5,531,425
Accumulated amortization and impairment	(587,796)	(425,782)	(1,384,674)	(1,776,057)	(4,174,309)
Intangible assets, net at the end of the year	104,478	161,156	1,091,482	-	1,357,116

(*)

Includes Proprietary Technology.

(**)

For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 297 -

Year ended December 31, 2024	Information system projects	Licenses, patents and trademarks (*)	Goodwill	Customer relationships	Total
At the beginning of the year
Cost	648,887	560,549	2,488,381	1,790,680	5,488,497
Accumulated amortization and impairment	(576,722)	(407,217)	(1,384,674)	(1,742,774)	(4,111,387)
Intangible assets, net at the beginning of the year	72,165	153,332	1,103,707	47,906	1,377,110
Movements of the year
Currency translation adjustment	(285)	(4)	(67)	(2)	(358)
Changes due to business combinations (**)	-	-	(13,621)	(14,590)	(28,211)
Additions	43,445	14,998	-	-	58,443
Transfers / Reclassifications	4,476	70	-	-	4,546
Disposals	(31)	-	-	-	(31)
Amortization charge	(22,664)	(9,100)	-	(21,986)	(53,750)
Movements of the year	24,941	5,964	(13,688)	(36,578)	(19,361)
At the end of the year
Cost	661,605	575,607	2,474,693	1,776,037	5,487,942
Accumulated amortization and impairment	(564,499)	(416,311)	(1,384,674)	(1,764,709)	(4,130,193)
Intangible assets, net at the end of the year	97,106	159,296	1,090,019	11,328	1,357,749

(*)

Includes Proprietary Technology.

(**)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

The geographical allocation of goodwill for the year ended December 31, 2025 was $945.5 million for North

America, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $2.0 million for

Europe.

The geographical allocation of goodwill for the year ended December 31, 2024 was $944.2 million for North

America, $111.0 million for South America, $33.0 million for Asia Pacific, Middle East & Africa and $1.8 million for

Europe.

The carrying amount of goodwill allocated by CGU, as of December 31, 2025, was as follows:

(all amounts in millions of U.S. dollars)

Tubes Segment
CGU	Hydril Acquisition	Other	Total
Tamsa	346	19	365
Siderca	265	93	358
Hydril	309	-	309
Other	-	59	59
Total	920	171	1,091

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 298 -

13 Right-of-use assets, net and lease liabilities

Right of use assets evolution

Year ended December 31, 2025	Land and civil buildings	Industrial buildings, plant and production equipment	Vehicles, furniture and fixtures	Others	Total
Values at the beginning of the year
Cost	66,532	184,895	56,482	4,252	312,161
Accumulated depreciation	(36,797)	(93,893)	(30,832)	(1,771)	(163,293)
Right of use assets, net at the beginning of the year	29,735	91,002	25,650	2,481	148,868
Movements of the year
Currency translation adjustment	93	355	669	-	1,117
Additions	17,101	29,122	17,995	-	64,218
Transfers / Reclassifications	77	119	(196)	-	-
Disposals	(1,501)	(2,993)	(1,483)	-	(5,977)
Depreciation charge	(9,901)	(36,754)	(16,002)	(1,012)	(63,669)
Movements of the year	5,869	(10,151)	983	(1,012)	(4,311)
Values at the end of the year
Cost	64,016	199,551	69,514	4,252	337,333
Accumulated depreciation	(28,412)	(118,700)	(42,881)	(2,783)	(192,776)
Right of use assets, net at the end of the year	35,604	80,851	26,633	1,469	144,557

Year ended December 31, 2024	Land and civil buildings	Industrial buildings, plant and production equipment	Vehicles, furniture and fixtures	Other	Total
Values at the beginning of the year
Cost	66,464	148,380	43,217	3,668	261,729
Accumulated depreciation	(27,972)	(75,567)	(25,229)	(823)	(129,591)
Right of use assets, net at the beginning of the year	38,492	72,813	17,988	2,845	132,138
Movements of the year
Currency translation adjustment	(99)	(156)	(280)	-	(535)
Additions	16,034	52,040	22,663	584	91,321
Transfers / Reclassifications	(3,513)	3,477	36	-	-
Disposals	(731)	(2,453)	(971)	-	(4,155)
Depreciation charge	(20,448)	(34,719)	(13,786)	(948)	(69,901)
Movements of the year	(8,757)	18,189	7,662	(364)	16,730
Values at the end of the year
Cost	66,532	184,895	56,482	4,252	312,161
Accumulated depreciation	(36,797)	(93,893)	(30,832)	(1,771)	(163,293)
Right of use assets, net at the end of the year	29,735	91,002	25,650	2,481	148,868

Depreciation of right-of-use assets is mainly included in Tubes segment.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 299 -

Lease liability evolution

	Year ended December 31,
	2025	2024
Opening net book amount	144,926	134,433
Changes due to business combinations (*)	-	(35)
Translation differences	5,713	(4,565)
Additions	64,132	91,005
Cancellations	(6,315)	(8,377)
Repayments (**)	(71,712)	(73,639)
Interest accrued	6,505	6,104
At the end of the year	143,249	144,926

(*)

For the year 2024, related to Mattr’s pipe coating business unit acquisitions.

(**)

For the year 2025, includes repayments of $66.9 million in capital and $4.8 million of interest.

For the year 2024, includes repayments of $68.6 million in capital and $5.1 million of interest.

As of December 31, 2025, the amount of remaining payments with maturities of less than 1 year, between 2 and

5 years and more than 5 years was approximately 34%, 41% and 25%, respectively.

As of December 31, 2024, the amount of remaining payments with maturities of less than 1 year, between 2 and

5 years and more than 5 years was approximately 31%, 46% and 23%, respectively.

Expenses related to short-term leases, leases of low value assets and variable leases (included in

Cost of sales and

Selling, general and administrative expenses

) were not material for the years 2025 and 2024.

14 Investments in non-consolidated companies

	Year ended December 31,
	2025	2024
At the beginning of the year	1,543,657	1,608,804
Translation differences	21,692	(47,840)
Equity in earnings of non-consolidated companies	58,038	8,548
Dividends and distributions declared	(62,022)	(71,212)
(Decrease) / increase in equity reserves and others	(153)	45,357
At the end of the year	1,561,212	1,543,657

Dividends and distributions declared:

Related to Ternium and Usiminas. During 2025 and 2024 $62.0 million and

$73.8 million respectively were collected.

The principal non-consolidated companies are:

Company	Country of incorporation	% ownership at December 31,		Book value at December 31,
Company	Country of incorporation	2025	2024	2025	2024
a) Ternium (*)	Luxembourg	11.46%	11.46%	1,375,115	1,377,911
b) Usiminas (**)	Brazil	3.96%	3.96%	108,574	102,812
c) Techgen	Mexico	22.00%	22.00%	73,936	59,782
Others				3,587	3,152
				1,561,212	1,543,657

(*)

At December 31, 2025 and 2024, the voting rights were 11.70%.

(**)

At December 31, 2025 and 2024, the voting rights were 6.76%.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 300 -

a) Ternium

Ternium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United

States and Central America and is one of Tenaris’s main suppliers of round steel bars and flat steel products for its

pipes business.

At December 31, 2025, the closing price of Ternium’s ADSs as quoted on the New York Stock Exchange was $38.19

per ADS, giving Tenaris’s ownership stake a market value of approximately $877.3 million. At December 31, 2025,

the carrying value of Tenaris’s ownership stake in Ternium, based on Ternium’s IFRS Financial Statements, was

approximately $1,375.1 million. The Company reviews its participation in Ternium whenever events or

circumstances indicate that the asset’s carrying amount may not be recoverable. As of December 31, 2025, the

Company concluded that the carrying amount does not exceed the recoverable value of the investment.

Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities,

revenues and profit or loss is as follows:

	Ternium
	2025	2024
Non-current assets	13,818,723	12,050,457
Current assets	9,796,368	11,078,090
Total assets	23,615,091	23,128,547
Non-current liabilities	3,533,136	3,157,819
Current liabilities	3,934,209	3,839,159
Total liabilities	7,467,345	6,996,978
Total equity	16,147,746	16,131,569
Non-controlling interests	4,203,446	4,163,383
Revenues	15,609,094	17,649,060
Gross profit	2,353,104	2,888,836
Net income / (loss) for the year attributable to shareholders' equity	425,232	(53,672)
Other comprehensive income attributable to shareholders' equity	80,913	211,817
Total comprehensive income attributable to shareholders' equity	506,145	158,145

b) Usiminas

Usiminas is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other

industries.

At December 31, 2025, the closing price of the Usiminas’ ordinary and preferred shares, as quoted on the B3 -

Brasil Bolsa Balcão S.A, was BRL5.96 ($1.08) and BRL5.95 ($1.08), respectively, giving Tenaris’s ownership stake a

market value of approximately $52.9 million. As of that date, the carrying value of Tenaris’s ownership stake in

Usiminas was approximately $108.6 million. The difference between the carrying value of Tenaris’s ownership stake

in Usiminas and its interest over Usiminas’ shareholders’ equity corresponds to the purchase price allocation

performed in 2023.

In 2023, following the acquisition of shares referred to in note II.B.2).b) and considering the carrying value of the

previously held interest, the price paid for the acquisition of the additional Usiminas shares and the fair value

measurement of the Usiminas shares (conducted at the T/T Group level) the Company recorded a net loss of $25.5

million included in

Equity in earnings of non-consolidated companies

in the Consolidated Income Statement.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 301 -

The Company reviews its participation in Usiminas whenever events or circumstances indicate that the asset’s

carrying amount may not be recoverable. As of December 31, 2025, the Company concluded that the carrying

amount did not exceed the recoverable value of the investment.

Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities,

revenues and profit or loss is as follows:

	Usiminas
	2025	2024
Non-current assets	3,431,865	3,623,996
Current assets	3,053,444	3,234,742
Total assets	6,485,309	6,858,738
Non-current liabilities	1,436,623	1,357,347
Current liabilities	741,224	772,412
Total liabilities	2,177,847	2,129,758
Total equity	4,307,462	4,728,980
Non-controlling interests	524,771	452,481
Revenues	4,696,469	4,800,787
Gross profit	390,533	308,043
Net loss for the year attributable to shareholders' equity	(550,447)	(27,084)
Other comprehensive income attributable to shareholders' equity	1,605	31,564
Total comprehensive (loss) / income attributable to shareholders' equity	(548,842)	4,480

c) Techgen

Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquería

area of the State of Nuevo León, Mexico, with a power capacity of 900 megawatts. As of December 31, 2025,

Tenaris held 22% of Techgen’s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San

Faustin), beneficially owned 48% and 30% respectively. As of December 31, 2025, the carrying value of Tenaris’s

ownership stake in Techgen was approximately $73.9 million.

Techgen entered into certain transportation capacity agreements and an agreement for the purchase of clean

energy certificates. As of December 31, 2025, Tenaris’s exposure under these agreements amounted to $33.1

million and $16.1 million respectively.

Techgen’s sponsors granted certain subordinated loans to Techgen. As of December 31, 2025, the aggregate

outstanding principal amount under these subordinated loans was $312.7 million, of which $68.8 million

correspond to Tenaris’s contribution.

On February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to

refinance an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen’s

shareholders to secure the replaced facility.

The existing syndicated loan agreement is “non-recourse” on the sponsors. Techgen’s obligations thereunder are

guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and

certain direct agreements -customary for this type of transactions-. The commercial terms and conditions governing

the purchase by the Company’s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen remain

substantially unchanged.

Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service

becoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the

account of Techgen’s sponsors in proportion to their respective participations in Techgen. Accordingly, the

Company applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which, as of

December 31, 2025, amounted to $9.7 million.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 302 -

15 Receivables non-current, net

	Year ended December 31,
	2025	2024
Employee advances and loans	10,612	9,120
Tax credits (*)	80,414	66,636
Receivables from related parties	1,142	69,843
Legal deposits	7,713	6,858
Advances to suppliers	31,279	37,434
Others	8,051	15,711
	139,211	205,602

(*)

As of December 31, 2025, and 2024, included approximately $48.7 million and $54.2 million, respectively, related to ICMS (Tax on Sales and

Services) from Brazilian subsidiaries.

16 Inventories, net

	Year ended December 31,
	2025	2024
Finished goods	1,479,289	1,332,646
Goods in process	875,413	993,294
Raw materials	445,673	504,124
Supplies	696,974	712,059
Goods in transit	334,711	370,993
	3,832,060	3,913,116
Allowance for obsolescence, see note 25 (i)	(230,002)	(203,174)
	3,602,058	3,709,942

17 Receivables and prepayments, net

	Year ended December 31,
	2025	2024
Prepaid expenses and other receivables	44,258	53,318
Government entities	3,118	2,420
Employee advances and loans	10,441	11,695
Advances to suppliers and other advances	41,906	35,965
Government tax refunds on exports	14,826	16,969
Receivables from related parties (*)	75,507	3,585
Others (**)	82,546	58,756
	272,602	182,708
Allowance for other doubtful accounts, see note 25 (i)	(3,804)	(3,094)
	268,798	179,614

(*)

As of December 31, 2025, included approximately $68.8 million, related to a receivable from loans granted to Techgen, reclassified from non-

current receivables. For more information, see note 14 (c).

(**)

As of December 31, 2025, included approximately $27 million, related to a receivable corresponding to the refunds from the adjustment of

the U.S. antidumping duty rate on Tenaris’s imports from Argentina for the first review period. For more information, see note 27 (ii).

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 303 -

18 Current tax assets and liabilities

	Year ended December 31,
Current tax assets	2025	2024
Income tax assets	114,898	135,621
V.A.T. credits	248,882	195,745
Other prepaid taxes	860	1,255
	364,640	332,621

	Year ended December 31,
Current tax liabilities	2025	2024
Income tax liabilities	271,791	277,712
V.A.T. liabilities	23,087	16,599
Other taxes	91,708	71,981
	386,586	366,292

19 Trade receivables, net

	Year ended December 31,
	2025	2024
Current accounts	1,937,512	1,923,620
Receivables from related parties	42,915	32,012
	1,980,427	1,955,632
Allowance for doubtful accounts, see note 25 (i)	(59,587)	(48,125)
	1,920,840	1,907,507

The following tables sets forth details of the aging of trade receivables as of December 31, 2025 and 2024:

At December 31, 2025	Trade receivables	Not due	Past due
At December 31, 2025	Trade receivables	Not due	1 - 180 days	> 180 days
Guaranteed	373,516	344,711	28,620	185
Not guaranteed	1,606,911	1,316,554	207,080	83,277
Guaranteed and not guaranteed	1,980,427	1,661,265	235,700	83,462
Expected loss rate	0.02%	0.01%	0.04%	0.35%
Allowance for doubtful accounts	(531)	(147)	(110)	(274)
Nominative allowance for doubtful accounts	(59,056)	-	(259)	(58,797)
Net value	1,920,840	1,661,118	235,331	24,391

At December 31, 2024	Trade receivables	Not due	Past due
At December 31, 2024	Trade receivables	Not due	1 - 180 days	> 180 days
Guaranteed	288,388	254,777	33,341	270
Not guaranteed	1,667,244	1,305,338	298,988	62,918
Guaranteed and not guaranteed	1,955,632	1,560,115	332,329	63,188
Expected loss rate	0.03%	0.01%	0.09%	0.33%
Allowance for doubtful accounts	(525)	(147)	(323)	(55)
Nominative allowance for doubtful accounts	(47,600)	-	(303)	(47,297)
Net value	1,907,507	1,559,968	331,703	15,836

Trade receivables are mainly denominated in U.S. dollars.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 304 -

20 Cash and cash equivalents and other investments

	Year ended December 31,
	2025	2024
Cash and cash equivalents
Cash at banks	142,476	290,901
Liquidity funds	258,919	355,044
Short-term investments	171,252	29,311
	572,647	675,256
Other investments - current
Fixed income (time-deposit, zero coupon bonds, commercial papers)	827,476	722,328
Bonds and other fixed income	1,069,393	1,273,673
Fund investments	409,891	376,998
	2,306,760	2,372,999
Other investments - non-current
Bonds and other fixed income	655,867	857,959
Fixed income (time-deposit, zero coupon bonds, commercial papers)	95,090	140,292
Others	7,128	7,049
	758,085	1,005,300

As of December 31, 2025,

Other Investments

include financial assets subject to lending agreements with financial

institutions for a total amount of $153.1 million, of which $102.1 million are classified as current and $51.0 million

as non-current. Under applicable contractual terms, Tenaris retains substantially all the risks and rewards of

ownership of the financial assets and has not received any collateral in connection to them. The fee received is

recognized as a gain within financial results, as interest income.

21 Borrowings

	Year ended December 31,
	2025	2024
Non-current
Bank borrowings	368	11,399
	368	11,399
Current
Bank borrowings	305,151	411,541
Bank overdrafts	203	14,458
	305,354	425,999
Total borrowings	305,722	437,398

The maturity of borrowings is as follows:

At December 31, 2025	1 year or less	1 - 2 years	2 - 3 years	Over 3 years	Total
Borrowings	305,354	-	92	276	305,722
Total borrowings	305,354	-	92	276	305,722
Interest to be accrued	3,640	15	11	13	3,679
Total	308,994	15	103	289	309,401

At December 31, 2024	1 year or less	1 - 2 years	2 - 3 years	Over 3 years	Total
Borrowings	425,999	11,399	-	-	437,398
Total borrowings	425,999	11,399	-	-	437,398
Interest to be accrued	6,270	672	-	-	6,942
Total	432,269	12,071	-	-	444,340

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 305 -

Significant borrowings include:

In millions of U.S. dollars

Disbursement date	Borrower	Type	Final maturity	Outstanding
2025	Tubos de Acero de Mexico S.A.	Bilateral	2026	150
2025	Tubos de Acero de Mexico S.A.	Bilateral	2026	50
2025	Tenaris Tubocaribe Ltda.	Bilateral	2026	30

As of December 31, 2025, and 2024, Tenaris was in compliance with all of its covenants, or obtained the necessary

waivers from the applicable financial institution if the covenants were not met.

The weighted average annual interest rates before tax shown below were calculated using the rates set for each

instrument in its corresponding currency as of December 31, 2025, and 2024, considering hedge accounting where

applicable.

	2025	2024
Total borrowings	5.44%	6.52%

Breakdown of long-term and short-term borrowings by currency and rate is as follows:

Non-current borrowings

Currency	Interest rates	Year ended December 31,
Currency	Interest rates	2025	2024
SAR	Fixed	-	9,903
SAR	Variable	-	1,496
EUR	Fixed	368	-
Total non-current borrowings		368	11,399

Current borrowings

Currency	Interest rates	Year ended December 31,
Currency	Interest rates	2025	2024
USD	Variable	230,622	260,866
USD	Fixed	3,057	9,173
EUR	Fixed	41	14,278
ARS	Fixed	19	8,551
SAR	Variable	-	3,018
SAR	Fixed	71,501	130,113
Others	Variable	88	-
Others	Fixed	26	-
Total current borrowings		305,354	425,999

Borrowings evolution

	Year ended December 31, 2025
	2025	2024
At the beginning of the year	437,398	583,437
Translation differences	(632)	(6,805)
Proceeds and repayments, net	(117,114)	(128,761)
Interests accrued less payments	325	(3,707)
Overdrafts variation	(14,255)	(6,766)
At the end of the year	305,722	437,398

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 306 -

22 Deferred tax assets and liabilities

Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate

of each country.

The evolution of deferred tax assets and liabilities during the year is as follows:

Deferred tax assets

	Provisions and allowances	Inventories	Tax losses	Other	Total
At the beginning of the year	55,925	153,915	714,798	160,804	1,085,442
Translation differences	88	868	122	1,290	2,368
Increase due to business combinations (*)	-	-	3,014	-	3,014
Charged to other comprehensive income	-	-	153	1,237	1,390
Income statement (charge) / credit	7,532	11,987	(56,032)	3,375	(33,138)
At December 31, 2025	63,545	166,770	662,055	166,706	1,059,076

	Provisions and allowances	Inventories	Tax losses	Other	Total
At the beginning of the year	31,511	199,019	634,894	185,997	1,051,421
Translation differences	(22)	(277)	(76)	(829)	(1,204)
Changes due to business combinations (**)	-	88	(414)	1,821	1,495
Charged to other comprehensive income	-	-	(2,006)	885	(1,121)
Income statement credit / (charge)	24,436	(44,915)	82,400	(27,070)	34,851
At December 31, 2024	55,925	153,915	714,798	160,804	1,085,442

(*)

For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.

(**)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

Deferred tax liabilities

	Fixed assets	Inventories	Intangible assets and other	Total
At the beginning of the year	568,638	75,230	114,217	758,085
Translation differences	646	-	413	1,059
Increase due to business combinations (*)	3,014	-	-	3,014
Decrease due to deconsolidation of subsidiaries (**)	(8)	-	-	(8)
Charged to other comprehensive income	-	-	(256)	(256)
Income statement credit	(35,792)	(29,331)	(29,615)	(94,738)
At December 31, 2025	536,498	45,899	84,759	667,156

	Fixed assets	Inventories	Intangible assets and other	Total
At the beginning of the year	618,874	114,335	160,202	893,411
Translation differences	(194)	(72)	(174)	(440)
Changes due to business combinations (***)	1,223	-	2,033	3,256
Charged to other comprehensive income	-	-	(904)	(904)
Income statement credit	(51,265)	(39,033)	(46,940)	(137,238)
At December 31, 2024	568,638	75,230	114,217	758,085

(*)

For the year 2025, related to the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 34.

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

(***)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 307 -

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 recoverable amount of deferred taxes, 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 2025 and 2024 include $620.0 million and $623.8 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 limitation. Losses incurred as from 2017 may be carried

forward for a maximum of 17 years.

Tenaris has concluded as of December 31, 2025, and 2024 that it is probable that sufficient future taxable profits

will be generated by business carried out by its Luxembourg subsidiary which, since 2024, has expanded its activities

including sales, distribution, logistics and marketing of steel products and other related services, against which the

above-mentioned tax losses could be utilized prior to their expiration.

Deferred tax assets related to tax losses as of the end of 2025 and 2024 also include $31.4 million and $79.4 million

respectively, from U.S. subsidiaries mainly related to the acquisition of IPSCO in 2020. Tenaris has concluded that

these deferred tax assets will be recoverable based on the business plans and budgets.

Approximately 99% of the recognized tax losses have an expiration date in more than 5 years or do not expire.

As of December 31, 2025, the unrecognized deferred tax assets originating in tax losses or tax credits amounted to

$2.7 billion.

Approximately 98% of the unrecognized deferred tax assets have an expiration date in more than 5 years or do not

expire.

The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into

consideration management assumptions and estimates, is as follows:

	Year ended December 31,
	2025	2024
Deferred tax assets to be recovered after 12 months	707,001	755,743
Deferred tax liabilities to be settled after 12 months	599,064	696,693

Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current

tax assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority

on either the same taxable entity or different taxable entities where there is an intention to settle the balances on

a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement

of Financial Position:

	Year ended December 31,
	2025	2024
Deferred tax assets	834,168	831,298
Deferred tax liabilities	442,248	503,941
	391,920	327,357

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 308 -

The movement in the net deferred income tax asset / (liability) account is as follows:

	Year ended December 31,
	2025	2024
At the beginning of the year	327,357	158,010
Translation differences	1,309	(764)
Changes due to business combinations (*)	-	(1,761)
Changes due to deconsolidation of subsidiaries (**)	8	-
Charged to other comprehensive income	1,646	(217)
Income statement credit	61,600	172,089
At the end of the year	391,920	327,357

(*)

For the year 2024, related to Mattr’s pipe coating business unit acquisitions.

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

23 Other liabilities

(i)

Other liabilities - Non-current

	Year ended December 31,
	2025	2024
Post-employment benefits	141,440	131,564
Other long-term benefits	103,705	101,260
Other liabilities with related parties	4,383	2,084
Miscellaneous	61,179	66,843
	310,707	301,751

Post-employment benefits

	Year ended December 31,
	2025	2024
Unfunded	140,532	129,032
Funded	908	2,532
	141,440	131,564

At December 31, 2025 and 2024 the weighted average duration of liabilities related to post-employment benefits

was 7 years, respectively.

▪ Unfunded

	Year ended December 31,
	2025	2024
Values at the beginning of the year	129,032	112,532
Current service cost	7,430	7,206
Interest cost	10,409	14,692
Curtailments and settlements	(960)	(131)
Remeasurements (*)	5,129	7,506
Translation differences	(1,650)	(6,865)
Benefits paid from the plan	(7,732)	(8,345)
Other	(1,126)	2,437
At the end of the year	140,532	129,032

(*)

For the year 2025 a loss of $0.3 million is attributable to demographic assumptions and a loss of $4.8 million to financial assumptions.

For the year 2024 a loss of $1.6 million is attributable to demographic assumptions and a loss of $5.9 million to financial assumptions.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 309 -

The actuarial assumptions for the most relevant plans were as follows:

	Year ended December 31,
	2025	2024
Discount rate	4% - 7%	3% - 8%
Rate of compensation increase	2% - 6%	2% - 6%

As of December 31, 2025, an increase / (decrease) of 1% in the discount rate assumption of the main plans would

have generated a (decrease) / increase on the defined benefit obligation of $6.5 million and $7.3 million respectively,

and an increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated

an increase / (decrease) impact on the defined benefit obligation of $4.7 million and $4.5 million respectively. The

above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other

assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be

correlated.

▪ Funded

The amounts recognized in the statement of financial position for the current annual period and the previous annual

period are as follows:

	Year ended December 31,
	2025	2024
Present value of funded obligations	14,652	91,698
Fair value of plan assets	(18,524)	(102,653)
Asset (*)	(3,872)	(10,955)

(*)

In 2025 and 2024, $4.8 million and $13.5 million corresponding to plans with surplus balances that were reclassified to other receivables-non

current respectively, consequently the net post-employment benefits funded exposed as liabilities amounted to $0.9 million and $2.5 million

respectively.

The movement in the present value of funded obligations is as follows:

	Year ended December 31,
	2025	2024
At the beginning of the year	91,698	123,234
Translation differences	3,885	(5,627)
Current service cost	182	176
Interest cost	3,874	5,424
Remeasurements (*)	41	(182)
Benefits paid	(6,198)	(8,300)
Other (**)	(78,830)	(23,027)
At the end of the year	14,652	91,698

(*)

For the year 2025 a loss of $0.7 million is attributable to demographic assumptions and a loss of $0.6 million to financial assumptions.

For the year 2024 a loss of $0.1 million is attributable to demographic assumptions and a loss of $0.1 million to financial assumptions.

(**)

For the year 2025, includes mainly pension plan terminations in the United States and Canada.

For the year 2024, includes mainly pension plan terminations in Canada.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 310 -

The movement in the fair value of plan assets is as follows:

	Year ended December 31,
	2025	2024
At the beginning of the year	(102,653)	(134,052)
Translation differences	(4,070)	7,047
Return on plan assets	(4,406)	(6,010)
Remeasurements	1,255	(302)
Contributions paid to the plan	(3,809)	(1,269)
Benefits paid from the plan	6,198	8,300
Other (*)	88,961	23,633
At the end of the year	(18,524)	(102,653)

(*)

For the year 2025, includes mainly pension plan terminations in the United States and Canada, including cash received from surplus assets in

Canada.

For the year 2024, includes mainly pension plan terminations in Canada.

The major categories of plan assets as a percentage of total plan assets are as follows:

	Year ended December 31,
	2025	2024
Equity instruments	0%	3%
Debt instruments	66%	60%
Others (*)	34%	37%

(*)

For the years 2025 and 2024, includes assets held by insurance companies.

There are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.

The actuarial assumptions for the most relevant plans were as follows:

	Year ended December 31,
	2025	2024
Discount rate	4% - 6%	5% - 6%
Rate of compensation increase	3% - 4%	3% - 3%

The expected return on plan assets is determined by considering the expected returns available on the assets

underlying the current investment policy. Expected return on plan assets is determined based on long-term,

prospective rates of return as of the end of the reporting period.

As of December 31, 2025, an increase / (decrease) of 1% in the discount rate assumption of the main plans would

have generated a (decrease) / increase on the defined benefit obligation of $1.9 million and $2.4 million respectively,

and an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated

an increase / (decrease) on the defined benefit obligation of $1.1 million and $1.0 million respectively. The above

sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other

assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be

correlated.

The expected employer contributions for the year 2026 are not material.

The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the

previous period.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 311 -

(ii)

Other liabilities - Current

	Year ended December 31,
	2025	2024
Payroll and social security payable	271,363	270,016
Shares to be settled under buyback program	58,888	243,264
Miscellaneous	46,837	72,495
At the end of the year	377,088	585,775

24 Non-current provisions

Liabilities

	Year ended December 31,
	2025	2024
At the beginning of the year	82,106	101,453
Translation differences	4,216	(11,718)
Changes due to business combinations (*)	-	(900)
(Reversal) / additional allowance	(21,380)	10,077
Reclassifications	(2,549)	(9,839)
Used and other movements	(13,975)	(6,967)
At the end of the year	48,418	82,106

Non-current allowances and provisions related to liabilities include lawsuits and other legal proceedings, including employee, tax and

environmental-related claims.

(*)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

25 Current allowances and provisions

(i) Deducted from assets

Year ended December 31, 2025	Allowance for doubtful accounts - Trade receivables	Allowance for other doubtful accounts - Other receivables	Allowance for inventory obsolescence
At the beginning of the year	(48,125)	(3,094)	(203,174)
Translation differences	(93)	(80)	(1,775)
Decrease due to deconsolidation of subsidiaries (*)	1	-	34
Additional allowances	(14,180)	(631)	(53,700)
Used and other movements	2,810	1	28,613
At December 31, 2025	(59,587)	(3,804)	(230,002)

Year ended December 31, 2024	Allowance for doubtful accounts - Trade receivables	Allowance for other doubtful accounts - Other receivables	Allowance for inventory obsolescence
At the beginning of the year	(49,046)	(3,439)	(209,110)
Translation differences	194	324	897
Changes due to business combinations (**)	(1,151)	-	(3,676)
(Additional) / reversal allowances	1,095	(546)	(41,240)
Used and other movements	783	567	49,955
At December 31, 2024	(48,125)	(3,094)	(203,174)

(*)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

(**)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 312 -

(ii) Liabilities

Year ended December 31, 2025	Sales risks	Other claims and contingencies (*)	Total
At the beginning of the year	16,371	102,973	119,344
Translation differences	694	11,801	12,495
Decrease due to deconsolidation of subsidiaries (**)	-	(79)	(79)
Additional provisions	42,710	14,104	56,814
Reclassifications	-	2,549	2,549
Used	(15,484)	(2,487)	(17,971)
At December 31, 2025	44,291	128,861	173,152

Year ended December 31, 2024	Sales risks	Other claims and contingencies (*)	Total
At the beginning of the year	19,940	16,019	35,959
Translation differences	(1,301)	(18,978)	(20,279)
Changes due to business combinations (***)	-	722	722
Additional provisions	21,296	106,198	127,494
Reclassifications	-	9,839	9,839
Used	(23,564)	(10,827)	(34,391)
At December 31, 2024	16,371	102,973	119,344

(*)

Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.

As of December 31, 2025 and 2024, includes $114.9 million and $89.4 million respectively, related the ongoing litigation related to the

acquisition of participation in Usiminas. For more information see note 27 (i).

(**)

For the year 2025, related to the deconsolidation of Amaja Tubular Services Limited.

(***)

For the year 2024, related to Mattr’s pipe coating business unit acquisition.

26 Derivative financial instruments

Net fair values of derivative financial instruments

The net fair values of derivative financial instruments, in accordance with IFRS 13, are:

	Year ended December 31,
	2025	2024
Other derivatives	1,875	7,484
Contracts with positive fair values	1,875	7,484
Derivatives hedging borrowings and investments	(2,669)	-
Other derivatives	(11,661)	(8,300)
Contracts with negative fair values	(14,330)	(8,300)
Total	(12,455)	(816)

Other derivatives include contracts which are designated to hedge positions other than borrowings and investments.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 313 -

Foreign exchange and commodities derivative contracts and hedge accounting

Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair

values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December

31, 2025, and 2024 were as follows:

Purchase currency	Sell currency	Term	Fair value		Hedge accounting reserve
Purchase currency	Sell currency	Term	2025	2024	2025	2024
BRL	USD	2026	-	(2,818)	-	1,776
EUR	USD	2026	757	(2,551)	550	(2,091)
USD	BRL	2026	500	1,579	(18)	-
USD	CAD	2026	(2,169)	1,465	-	-
USD	EUR	2026/2027	(3,989)	1,089	(1,048)	383
MXN	USD	2026	60	770	-	-
USD	KWD	2026	212	569	-	-
USD	MXN	2026	(4,726)	(282)	-	-
USD	NGN	2026	(43)	(212)	-	-
USD	ARS	2026	56	-	19	-
USD	COP	2026	(171)	202	-	-
USD	GBP	2026	(108)	134	-	-
USD	CNY	2026	(65)	73	-	-
RON	USD	2026	(39)	(31)	-	-
Others		2026	(417)	5	77	120
Total			(10,142)	(8)	(420)	188

Commodity derivatives	Term	Fair value		Hedge accounting reserve
Commodity derivatives	Term	2025	2024	2025	2024
LME Scrap	2026	-	(1,974)	-	(1,974)
PSV Gas	2026	(1,415)	1,097	(1,415)	1,097
Nickel	2026	(194)	52	(194)	52
Houston Ship Channel Gas	2026	-	34	-	34
Electric Energy	2026	(301)	(17)	(301)	(17)
TTF Gas	2026	(403)	-	(403)	-
Total		(2,313)	(808)	(2,313)	(808)

Following is a summary of the hedge reserve evolution:

	Equity reserve Dec-2023	Movements 2024	Equity reserve Dec-2024	Movements 2025	Equity reserve Dec-2025
Foreign Exchange & Commodities	8,133	(8,753)	(620)	(2,113)	(2,733)
Total Cash flow Hedge	8,133	(8,753)	(620)	(2,113)	(2,733)

Tenaris estimates that the majority of the cash flow hedge reserve corresponding to derivatives instruments at

December 31, 2025 will be recycled to the Consolidated Income Statement during 2026. For information on hedge

accounting reserve, see section III.D to these Consolidated Financial Statements.

Consolidated Financial Statements

For the years ended 2025, 2024 and 2023 - all amounts in thousands of U.S. dollars, unless otherwise stated

- 314 -

27 Contingencies, commitments and restrictions on the distribution of profits

(i) Contingencies

Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,

employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,

reimbursement for losses, or indemnity. Management, with the assistance of legal counsel, periodically reviews the

status of each significant matter and assesses potential financial exposure.

Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues

are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are

difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal

proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from

ultimate resolution of the proceeding. In those situations, the Company has not accrued a provision for the potential

outcome of these cases.