Tenaris SA 6-K, filed Feb 21, 2025

Tenaris SA (TS)

6-K 2025-02-21 For: 2024-12-31

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Added on April 06, 2026

About this 6-K

Tenaris SA filed this 6-K on February 21, 2025.

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		Year ended December 31,
	Notes	2024			2023			2022

Net sales	1		12,523,934			14,868,860			11,762,526
Cost of sales	2		(8,135,489	)		(8,668,915	)		(7,087,739	)
Gross profit			4,388,445			6,199,945			4,674,787
Selling, general and administrative expenses	3		(1,904,828	)		(1,919,307	)		(1,634,575	)
Impairment charge	5		-			-			(76,725	)
Other operating income	6		60,650			53,043			104,497
Other operating expenses	6		(125,418	)		(17,273	)		(104,709	)
Operating income			2,418,849			4,316,408			2,963,275
Finance income	7		242,319			213,474			80,020
Finance cost	7		(61,212	)		(106,862	)		(45,940	)
Other financial results	7		(52,051	)		114,365			(40,120	)
Income before equity in earnings of non-consolidated companies and income tax			2,547,905			4,537,385			2,957,235
Equity in earnings of non-consolidated companies	8		8,548			95,404			208,702
Income before income tax			2,556,453			4,632,789			3,165,937
Income tax	9		(479,680	)		(674,956	)		(617,236	)
Income for the year			2,076,773			3,957,833			2,548,701

Attributable to:
Shareholders' equity			2,036,445			3,918,065			2,553,280
Non-controlling interests			40,328			39,768			(4,579	)
			2,076,773			3,957,833			2,548,701
Earnings per share attributable to shareholders' equity during the year:
Weighted average number of outstanding ordinary shares (thousands) ^(*)			1,127,491			1,178,876			1,180,537

Basic and diluted earnings per share (U.S. dollars per share)			1.81			3.32			2.16
Basic and diluted earnings per ADS (U.S. dollars per ADS) ^(**)			3.61			6.65			4.33

	Year ended December 31,
	2024			2023			2022

Income for the year		2,076,773			3,957,833			2,548,701
Items that may be subsequently reclassified to profit or loss:
Currency translation adjustment		(73,551	)		38,937			(23,710	)
Reclassification of currency translation adjustment reserve ^(*)		-			(878	)		(71,252	)
Change in value of cash flow hedges and instruments at fair value		171,658			(112,433	)		(5,186	)
Income tax relating to components of other comprehensive income		(22,395	)		(24,591	)		-
From participation in non-consolidated companies:
- Currency translation adjustment		(47,840	)		110,801			7,336
- Changes in the value of cash flow hedges and instruments at fair value, net of income tax		45,690			(47,963	)		1,435
		73,562			(36,127	)		(91,377	)
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit obligations		(7,022	)		(6,816	)		13,577
Income tax on items that will not be reclassified		1,790			2,204			(2,673	)
Remeasurements of post-employment benefit obligations of non-consolidated companies, net of income tax		(333	)		(4,083	)		3,588
		(5,565	)		(8,695	)		14,492
Other comprehensive income (loss) for the year		67,997			(44,822	)		(76,885	)
Total comprehensive income for the year		2,144,770			3,913,011			2,471,816

Attributable to:
Shareholders' equity		2,105,829			3,873,213			2,476,373
Non-controlling interests		38,941			39,798			(4,557	)
		2,144,770			3,913,011			2,471,816

		At December 31, 2024			At December 31, 2023
	Notes
ASSETS
Non-current assets
Property, plant and equipment, net	11		6,121,471			6,078,179
Intangible assets, net	12		1,357,749			1,377,110
Right-of-use assets, net	13		148,868			132,138
Investments in non-consolidated companies	14		1,543,657			1,608,804
Other investments NC	20		1,005,300			405,631
Deferred tax assets	22		831,298			789,615
Receivables, net	15		205,602	11,213,945		185,959	10,577,436
Current assets
Inventories, net	16		3,709,942			3,921,097
Receivables and prepayments, net	17		179,614			181,368
Current tax assets	18		332,621			256,401
Contract assets	1		50,757			47,451
Trade receivables, net	19		1,907,507			2,480,889
Derivative financial instruments CA	26		7,484			9,801
Other investments C	20		2,372,999			1,969,631
Cash and cash equivalents	20		675,256	9,236,180		1,637,821	10,504,459
Total assets				20,450,125			21,081,895
EQUITY
Shareholders' equity				16,593,257			16,842,972
Non-controlling interests				220,578			187,465
Total equity				16,813,835			17,030,437
LIABILITIES
Non-current liabilities
Borrowings	21		11,399			48,304
Lease liabilities	13		100,436			96,598
Derivative financial instruments NCL	26		-			255
Deferred tax liabilities	22		503,941			631,605
Other liabilities	23 (i)		301,751			271,268
Provisions	24		82,106	999,633		101,453	1,149,483
Current liabilities
Borrowings	21		425,999			535,133
Lease liabilities	13		44,490			37,835
Derivative financial instruments CL	26		8,300			10,895
Current tax liabilities	18		366,292			488,277
Other liabilities	23 (ii)		585,775			422,645
Provisions	25 (ii)		119,344			35,959
Customer advances	1		206,196			263,664
Trade payables			880,261	2,636,657		1,107,567	2,901,975
Total liabilities				3,636,290			4,051,458
Total equity and liabilities				20,450,125			21,081,895

	Shareholders' equity
	Share Capital ⁽¹⁾			Treasury Shares ⁽²⁾			Legal Reserves			Share Premium		Currency Translation Adjustment			Other Reserves ⁽⁵⁾			Retained Earnings ⁽⁶⁾			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			2,036,445			40,328			2,076,773
Currency translation adjustment		-			-			-			-		(72,792	)		-			-			(72,792	)		(759	)		(73,551	)
Remeasurements of post-employment benefit obligations, net of taxes		-			-			-			-		-			(4,604	)		-			(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			-			149,263			-			149,263
Other comprehensive income of non-consolidated companies		-			-			-			-		(47,840	)		45,357			-			(2,483	)		-			(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	)		-			-		-			-			-			(1,441,843	)		-			(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	)		-			(157,024	)		-			(157,024	)
Acquisition and other changes in non-controlling interests		-			-			-			-		-			-			1,109			1,109			34			1,143
Dividends paid in cash		-			-			-			-		-			-			(757,786	)		(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

	Shareholders' equity
	Share Capital ⁽¹⁾		Treasury Shares ⁽²⁾			Legal Reserves		Share 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			3,918,065			39,768			3,957,833
Currency translation adjustment		-		-			-		-		38,587			-			-			38,587			350			38,937
Reclassification of currency translation adjustment reserve		-		-			-		-		(878	)		-			-			(878	)		-			(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	)		-			(137,024	)		-			(137,024	)
Other comprehensive income of non-consolidated companies		-		-			-		-		110,801			(52,046	)		-			58,755			-			58,755
Other comprehensive (loss) income for the year		-		-			-		-		148,510			(192,166	)		(1,196	)		(44,852	)		30			(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	)		-		-		-			-			-			(213,739	)		-			(213,739	)
Changes in share buyback program liability		-		-			-		-		-			(86,240	)		-			(86,240	)		-			(86,240	)
Acquisition and other changes in non-controlling interests ⁽⁵⁾		-		-			-		-		-			-			540			540			37,906			38,446
Dividends paid in cash		-		-			-		-		-			-			(636,511	)		(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

Consolidated Financial Statements
For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated

I	GENERAL INFORMATION	IV	OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
		1	Segment information
II	ACCOUNTING POLICIES	2	Cost of sales
A	Basis of presentation	3	Selling, general and administrative expenses
B	Group accounting	4	Labor costs (included in Cost of sales and in Selling, general and administrative expenses)
C	Segment information	5	Impairment charge
D	Foreign currency translation	6	Other operating income and expenses
E	Property, plant and equipment	7	Financial results
F	Intangible assets	8	Equity in earnings of non-consolidated companies
G	Right-of-use assets and lease liabilities	9	Income tax
H	Impairment of non-financial assets	10	Dividends distribution
I	Other investments	11	Property, plant and equipment, net
J	Inventories	12	Intangible assets, net
K	Trade and other receivables	13	Right-of-use assets, net and lease liabilities
L	Cash and cash equivalents	14	Investments in non-consolidated companies
M	Equity	15	Receivables non-current
N	Borrowings	16	Inventories, net
O	Current and deferred income tax	17	Receivables and prepayments, net
P	Employee benefits	18	Current tax assets and liabilities
Q	Provisions	19	Trade receivables, net
R	Trade and other payables	20	Cash and cash equivalents and other investments
S	Revenue recognition	21	Borrowings
T	Cost of sales and other selling expenses	22	Deferred tax assets and liabilities
U	Earnings per share	23	Other liabilities
V	Financial instruments	24	Non-current allowances and provisions
		25	Current allowances and provisions
III	FINANCIAL RISK MANAGEMENT	26	Derivative financial instruments
		27	Contingencies, commitments and restrictions on the distribution of profits
A	Financial risk factors	28	Cancellation of title deed in Saudi Steel Pipe Company
B	Category of financial instruments and classification within the fair value hierarchy	29	Foreign exchange control measures in Argentina
C	Fair value estimation	30	Cash flow disclosures
D	Accounting for derivative financial instruments and hedging activities	31	Related party transactions
		32	Principal accountant fees
		33	Principal subsidiaries
		34	Business combinations
		35	Share buyback programs
		36	Climate change
		37	Events after the reporting period

	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

All amounts Long / (Short) in thousands of U.S. dollars	As of December 31,
Currency Exposure / Functional currency	2024			2023
Euro / U.S. dollar		(183,985	)		(203,608	)
Saudi Arabian Riyal / U.S. dollar		(173,233	)		(181,931	)
Argentine Peso / U.S. dollar		(40,565	)		(134,716	)
Brazilian Real / U.S. dollar		(41,591	)		(25,680	)

			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		-		-		-		-		-
Certificates of deposits		582,142		582,142		-		-		-		-		-
Commercial papers		130,034		130,034		-		-		-		-		-
Other notes		10,152		10,152		-		-		-		-		-
Bonds and other fixed income		1,273,673		-		1,273,673		-		1,273,673		-		-
U.S. government securities		645,841		-		645,841		-		645,841		-		-
Non-U.S. government securities		31,383		-		31,383		-		31,383		-		-
Corporates securities		586,229		-		586,229				586,229		-		-
Other notes		10,220				10,220				10,220
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

			Measurement Categories						At Fair Value
December 31, 2023	Carrying amount		Amortized Cost		FVOCI		FVPL		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents		1,637,821		1,414,397		-		223,424		223,424		-		-
Other investments		1,969,631		896,166		834,281		239,184		1,073,465		-		-
Fixed income (time-deposit, zero coupon bonds, commercial papers)		896,166		896,166		-		-		-		-		-
U.S. Sovereign Bills		282,225		282,225		-		-		-		-		-
Certificates of deposits		334,637		334,637		-		-		-		-		-
Commercial papers		196,708		196,708		-		-		-		-		-
Other notes		82,596		82,596		-		-		-		-		-
Bonds and other fixed income		834,281		-		834,281		-		834,281		-		-
U.S. government securities		126,399		-		126,399		-		126,399		-		-
Non-U.S. government securities		10,943		-		10,943		-		10,943		-		-
Corporates securities		696,939		-		696,939		-		696,939		-		-
Mutual Fund		239,184		-		-		239,184		239,184		-		-
Derivative financial instruments		9,801		-		-		9,801		-		9,801		-
Other Investments Non-current		405,631		-		398,220		7,411		398,220		-		7,411
Bonds and other fixed income		398,220		-		398,220		-		398,220		-		-
Other investments		7,411		-		-		7,411		-		-		7,411
Trade receivables		2,480,889		2,480,889		-		-		-		-		-
Receivables C and NC		414,778		93,144		-		-		-		-		-
Other receivables		93,144		93,144		-		-		-		-		-
Other receivables (non-financial)		321,634		-		-		-		-		-		-
Total				4,884,596		1,232,501		479,820		1,695,109		9,801		7,411
Liabilities
Borrowings C and NC		583,437		583,437		-		-		-		-		-
Other liabilties C and NC		693,913		-		-		86,240		-		-		86,240
Other liabilities ^()*		86,240		-		-		86,240		-		-		86,240
Other liabilities (non-financial)		607,673		-		-		-		-		-		-
Trade payables		1,107,567		1,107,567		-		-		-		-		-
Lease Liabilities C and NC		134,433		134,433		-		-		-		-		-
Derivative financial instruments		11,150		-		-		11,150		-		11,150		-
Total				1,825,437		-		97,390		-		11,150		86,240

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

Year ended December 31, 2022	Tubes		Other		Total
Management view - operating income		2,772		75		2,847
Difference in cost of sales						44
Differences in depreciation and amortization						2
Differences in selling, general and administrative expenses						(4	)
Differences in other operating income (expenses), net						74
IFRS - operating income						2,963
Financial income (expense), net						(6	)
Income before equity in earnings of non-consolidated companies and income tax						2,957
Equity in earnings of non-consolidated companies						209
Income before income tax						3,166

Net Sales		11,133		630		11,763
Depreciation and amortization		588		20		608

	North America		South America		Europe		Asia Pacific, Middle East and Africa ^(*)		Unallocated ^(**)		Total
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		1,126,782		166,450		22,580		61,306		-		1,377,118
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

Year ended December 31, 2022
Net sales		6,902,787		2,550,402		1,000,833		1,308,504		-		11,762,526
Property, plant and equipment, net		3,548,844		1,031,423		706,539		269,457		-		5,556,263
Intangible Assets, net		1,102,265		147,102		7,598		75,543		-		1,332,508
Right of Use Assets, net		37,022		12,141		15,208		47,370		-		111,741
Investments in non-consolidated companies		-		-		-		-		1,540,646		1,540,646

		Year ended December 31,
	Notes	2024			2023			2022
Cash flows from operating activities
Income for the year			2,076,773			3,957,833			2,548,701
Adjustments for:
Depreciation and amortization	11, 12 & 13		632,854			548,510			607,723
Impairment charge	5		-			-			76,725
Bargain purchase gain	6, 8 & 34		(2,211	)		(3,162	)		-
Income tax accruals less payments	30(ii)		(222,510	)		(143,391	)		257,651
Equity in earnings of non-consolidated companies	8		(8,548	)		(95,404	)		(208,702	)
Interest accruals less payments, net	30(iii)		(1,067	)		(53,480	)		1,480
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	6, 25(ii) & 27(i)		89,371			-			-
Changes in provisions	24 & 25(ii)		(25,155	)		21,284			16,433
Reclassification of currency translation adjustment reserve ^(*)	6		-			(878	)		(71,252	)
Changes in working capital ^(**)	30(i)		286,917			182,428			(2,131,245	)
Others, including net foreign exchange differences			39,794			(18,667	)		69,703
Net cash provided by operating activities			2,866,218			4,395,073			1,167,217

Cash flows from investing activities
Capital expenditures	11 & 12		(693,956	)		(619,445	)		(378,446	)
Changes in advance to suppliers of property, plant and equipment	15		(10,391	)		1,736			(18,901	)
Acquisition of subsidiaries, net of cash acquired ^(***)	34		31,446			(265,657	)		(4,082	)
Other investments at fair value			-			(1,126	)		-
Additions to associated companies	14 (b)		-			(22,661	)		-
Loan to joint ventures	14 (c)		(5,551	)		(3,754	)		-
Proceeds from disposal of property, plant and equipment and intangible assets			28,963			12,881			48,458
Dividends received from non-consolidated companies	14		73,810			68,781			66,162
Changes in investments in securities			(821,478	)		(1,857,272	)		123,254
Net cash used in investing activities			(1,397,157	)		(2,686,517	)		(163,555	)

Cash flows from financing activities
Dividends paid	10		(757,786	)		(636,511	)		(531,242	)
Dividends paid to non-controlling interest in subsidiaries			(5,862	)		(18,967	)		(10,432	)
Changes in non-controlling interests			1,143			3,772			(1,407	)
Acquisition of treasury shares			(1,439,589	)		(213,739	)		-
Payments of lease liabilities	13		(68,574	)		(51,492	)		(52,396	)
Proceeds from borrowings	21		1,870,666			1,723,677			1,511,503
Repayments of borrowings	21		(1,999,427	)		(1,931,747	)		(1,094,370	)
Net cash used in financing activities			(2,399,429	)		(1,125,007	)		(178,344	)

Revenues Tubes	2024		2023		2022
Oil & gas		10,689		12,488		9,543
Oil & gas processing plants		548		818		738
Industrial, power and others		670		879		852
Total		11,907		14,185		11,133

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
Cost
Values at the beginning of the year		889,957			13,538,273			416,913			396,103			71,834			15,313,080
Currency translation adjustment		(5,336	)		(94,711	)		(2,952	)		(4,391	)		(350	)		(107,740	)
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		47,989			548,790			31,275			(633,440	)		-			(5,386	)
Disposals / Consumptions		(12,031	)		(65,775	)		(21,627	)		(2,153	)		(5,704	)		(107,290	)
Values at the end of the year		935,704			13,903,542			424,042			372,990			81,438			15,717,716

Depreciation and impairment
Accumulated at the beginning of the year		164,894			8,696,044			351,309			-			22,654			9,234,901
Currency translation adjustment		(699	)		(67,918	)		(2,686	)		-			(189	)		(71,492	)
Depreciation charge		16,266			457,264			20,707			-			14,966			509,203
Transfers / Reclassifications		(333	)		(2,101	)		1,594			-			-			(840	)
Disposals / Consumptions		(1,834	)		(53,249	)		(20,444	)		-			-			(75,527	)
Accumulated at the end of the year		178,294			9,030,040			350,480			-			37,431			9,596,245
At December 31, 2024		757,410			4,873,502			73,562			372,990			44,007			6,121,471

Year ended December 31, 2024	Information system projects			Licenses, patents and trademarks ^(*)			Goodwill			Customer relationships			Total
Cost
Values at the beginning of the year		648,887			560,549			2,488,381			1,790,680			5,488,497
Currency translation adjustment		(4,049	)		(10	)		(67	)		(13	)		(4,139	)
Changes due to business combinations ^(**)		-			-			(13,621	)		(14,590	)		(28,211	)
Additions		43,445			14,998			-			-			58,443
Transfers / Reclassifications		4,584			70			-			-			4,654
Disposals		(31,262	)		-			-			(40	)		(31,302	)
Values at the end of the year		661,605			575,607			2,474,693			1,776,037			5,487,942

Amortization and impairment
Accumulated at the beginning of the year		576,722			407,217			1,384,674			1,742,774			4,111,387
Currency translation adjustment		(3,764	)		(6	)		-			(11	)		(3,781	)
Amortization charge		22,664			9,100			-			21,986			53,750
Transfers / Reclassifications		108			-			-			-			108
Disposals		(31,231	)		-			-			(40	)		(31,271	)
Accumulated at the end of the year		564,499			416,311			1,384,674			1,764,709			4,130,193
At December 31, 2024		97,106			159,296			1,090,019			11,328			1,357,749

(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		-		58		58
Total		920		170		1,090

Year ended December 31, 2024	Land and Civil Buildings			Industrial Buildings, Plant and Production Equipment			Vehicles, furniture and fixtures			Others		Total
Cost
Opening net book amount		66,464			148,380			43,217			3,668		261,729
Currency translation adjustment		(167	)		(439	)		(692	)		-		(1,298	)
Additions		16,034			52,040			22,663			584		91,321
Transfers / Reclassifications		(5,027	)		5,027			-			-		-
Disposals		(10,772	)		(20,113	)		(8,706	)		-		(39,591	)
At December 31, 2024		66,532			184,895			56,482			4,252		312,161

Depreciation
Accumulated at the beginning of the year		27,972			75,567			25,229			823		129,591
Currency translation adjustment		(68	)		(283	)		(412	)		-		(763	)
Depreciation charge		20,448			34,719			13,786			948		69,901
Transfers / Reclassifications		(1,514	)		1,550			(36	)		-		-
Disposals		(10,041	)		(17,660	)		(7,735	)		-		(35,436	)
Accumulated at the end of the year		36,797			93,893			30,832			1,771		163,293
At December 31, 2024		29,735			91,002			25,650			2,481		148,868

		% ownership at December 31,		Book value at December 31,
Company	Country of incorporation	2024	2023	2024		2023
a) Ternium ^(*)	Luxembourg	11.46%	11.46%		1,377,911		1,430,616
b) Usiminas ^(**)	Brazil	3.96%	3.96%		102,812		123,654
c) Techgen	Mexico	22.00%	22.00%		59,782		53,556
Others					3,152		978
					1,543,657		1,608,804

	Ternium
	2024			2023
Non-current assets		12,050,457			12,148,560
Current assets		11,078,090			12,030,544
Total assets		23,128,547			24,179,104
Non-current liabilities		3,421,020			3,566,643
Current liabilities		3,575,958			3,800,602
Total liabilities		6,996,978			7,367,245
Total equity		16,131,569			16,811,859
Non-controlling interests		4,163,383			4,393,264

Revenues		17,649,060			17,610,092
Gross profit		2,888,836			3,559,355
Net (loss) / income for the year attributable to shareholders' equity		(53,672	)		676,043
Other comprehensive income		211,817			465,885
Total comprehensive income		158,145			1,141,928

	Usiminas
	2024			2023
Non-current assets		3,623,996			4,591,763
Current assets		3,234,742			3,589,129
Total assets		6,858,738			8,180,892
Non-current liabilities		1,357,347			1,672,676
Current liabilities		772,412			1,139,031
Total liabilities		2,129,758			2,811,706
Total equity		4,728,980			5,369,186
Non-controlling interests		452,481			556,418

Revenues		4,800,787			5,531,985
Gross profit		308,043			357,845
Net (loss) / income for the year attributable to shareholders' equity		(27,084	)		278,402
Other comprehensive income		31,564			(72,062	)
Total comprehensive income		4,480			206,340

At December 31, 2024	Trade						Past due
	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

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

In millions of U.S. dollars
Disbursement date	Borrower	Type	Final maturity	Outstanding
2024	Tubos de Acero de Mexico S.A.	Bilateral	2025	200
2024	Tenaris Tubocaribe Ltda.	Bilateral	2025	40
2017	Global Pipe Company	Bilateral	2026	26
2023	Siderca SAIC	Bilateral	2025	20

		Year ended December 31,
Currency	Interest rates	2024		2023
USD	Variable		-		20,000
SAR	Fixed		9,903		23,803
SAR	Variable		1,496		4,501
Total non-current borrowings			11,399		48,304

	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

	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

	Year ended December 31,
	2024	2023
Discount rate	3% - 8%	3% - 7%
Rate of compensation increase	2% - 6%	2% - 5%

Year ended December 31, 2024	Allowance for doubtful accounts - Trade receivables			Allowance for other doubtful accounts - Other receivables			Allowance for inventory obsolescence

Values 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	)

Year ended December 31, 2023	Allowance for doubtful accounts - Trade receivables			Allowance for other doubtful accounts - Other receivables			Allowance for inventory obsolescence

Values at the beginning of the year		(45,495	)		(3,479	)		(222,666	)
Translation differences		(128	)		(88	)		(452	)
Increase due to business combinations ^(**)		(899	)		-			(9,179	)
(Additional) allowances		(3,590	)		(107	)		(13,581	)
Used		1,066			235			36,768
At December 31, 2023		(49,046	)		(3,439	)		(209,110	)

Year ended December 31, 2024	Sales risks			Other claims and contingencies ^(*)			Total

Values 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

			Fair Value						Hedge Accounting Reserve
Purchase currency	Sell currency	Term	2024			2023			2024			2023
BRL	USD	2025		(2,818	)		49			1,776			49
EUR	USD	2025		(2,551	)		5,557			(2,091	)		624
USD	BRL	2025		1,579			(1,009	)		-			-
USD	CAD	2025		1,465			(836	)		-			-
USD	EUR	2025		1,089			(2,966	)		383			7,142
MXN	USD	2025		770			-			-			-
USD	KWD	2025		569			(50	)		-			(388	)
USD	MXN	2025		(282	)		(2,125	)		-			-
USD	NGN	2025		(212	)		-			-			-
USD	COP	2025		202			-			-			-
USD	GBP	2025		134			(51	)		-			-
USD	CNY	2025		73			(335	)		-			501
RON	USD	2025		(31	)		261			-			-
Others		2025		5			(49	)		120			-
Total				(8	)		(1,554	)		188			7,928

			Fair Value						Hedge Accounting Reserve
Commodity Derivatives	Term		2024			2023			2024			2023
LME Scrap		2025		(1,974	)		1,376			(1,974	)		1,376
PSV Gas		2025		1,097			(2,566	)		1,097			(2,566	)
Nickel		2025		52			1,966			52			1,966
Houston Ship Channel Gas		2025		34			(231	)		34			(231	)
Electric Energy		2025		(17	)		(340	)		(17	)		(340	)
Total				(808	)		205			(808	)		205