6-K 1 f6k_080526.htm FORM 6-K

FORM 6 - K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d - 16 of

the Securities Exchange Act of 1934

As of August 5, 2026

TENARIS, S.A.

(Translation of Registrant's name into English)

26, Boulevard Royal, 4th floor

L-2449 Luxembourg

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.

Form 20-F  ✓   Form 40-F ___

The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris S.A. Consolidated Condensed Interim Financial Statements for the six-month period ended June 30, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 5, 2026

Tenaris, S.A.

By: /s/ Giovanni Sardagna

Giovanni Sardagna

Investor Relations Officer

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

CONSOLIDATED CONDENSED INTERIM INCOME STATEMENTS

		Three-month period ended June 30,						Six-month period ended June 30,
		2026			2025			2026			2025
	Notes	(Unaudited)						(Unaudited)
Net sales	3		2,966,626			3,085,672			6,067,084			6,007,884
Cost of sales	4		(1,981,966	)		(2,013,639	)		(4,032,289	)		(3,934,494	)
Gross profit			984,660			1,072,033			2,034,795			2,073,390
Selling, general and administrative expenses	5		(484,107	)		(483,633	)		(950,698	)		(940,698	)
Other operating income	6		2,791			4,317			9,231			16,105
Other operating expenses	6		(9,342	)		(9,983	)		(15,462	)		(16,150	)
Operating income			494,002			582,734			1,077,866			1,132,647
Finance income	7		52,970			63,669			117,739			142,113
Finance cost	7		(11,906	)		(9,712	)		(23,570	)		(21,457	)
Other financial results, net	7		(8,956	)		(22,294	)		(11,662	)		(53,735	)
Income before equity in earnings of non-consolidated companies and income tax			526,110			614,397			1,160,373			1,199,568
Equity in earnings of non-consolidated companies	8		47,963			32,651			81,339			46,686
Income before income tax			574,073			647,048			1,241,712			1,246,254
Income tax	9		(81,938	)		(105,342	)		(185,419	)		(186,684	)
Income for the period			492,135			541,706			1,056,293			1,059,570

Attributable to:
Shareholders' equity			477,137			531,323			1,017,838			1,038,254
Non-controlling interests			14,998			10,383			38,455			21,316
			492,135			541,706			1,056,293			1,059,570
Earnings per share attributable to shareholders' equity during the period:
Weighted average number of outstanding ordinary shares (thousands) ^(*)			1,009,640			1,068,721			1,009,956			1,072,974

Basic and diluted earnings per share (U.S. dollars per share)			0.47			0.50			1.01			0.97
Basic and diluted earnings per ADS (U.S. dollars per ADS) ^(**)			0.95			0.99			2.02			1.94

^(*) Number of outstanding shares as of June 30, 2026, and 2025, was 1,009,639,756 and 1,058,900,662, respectively.

^(**) Each ADS equals two shares.

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF OTHER COMPREHENSIVE INCOME

	Three-month period ended June 30,						Six-month period ended June 30,
	2026			2025			2026			2025
	(Unaudited)						(Unaudited)
Income for the period		492,135			541,706			1,056,293			1,059,570
Items that may be subsequently reclassified to profit or loss:
Currency translation adjustment		(5,883	)		90,003			(31,454	)		134,752
Change in value of cash flow hedges and instruments at fair value		2,803			(17,069	)		(19,024	)		(37,664	)
Income tax relating to components of other comprehensive income		(1,590	)		5,782			25,553			21,805
From participation in non-consolidated companies:
- Currency translation adjustment		(43	)		9,948			1,097			23,530
- Changes in the value of cash flow hedges and instruments at fair value, net of income tax		1,408			(434	)		5,425			2,550
		(3,305	)		88,230			(18,403	)		144,973
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit obligations		615			380			615			367
Income tax on remeasurements of post-employment benefit obligations		(229	)		129			(362	)		129
Remeasurements of post-employment benefit obligations of non-consolidated companies, net of income tax		(105	)		128			(6	)		26
		281			637			247			522
Other comprehensive (loss) income for the period		(3,024	)		88,867			(18,156	)		145,495
Total comprehensive income for the period		489,111			630,573			1,038,137			1,205,065

Attributable to:
Shareholders' equity		474,193			619,176			1,000,064			1,182,252
Non-controlling interests		14,918			11,397			38,073			22,813
		489,111			630,573			1,038,137			1,205,065

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

		At June 30, 2026			At December 31, 2025
	Notes	(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net	11		6,147,589			6,205,082
Intangible assets, net	12		1,355,974			1,357,116
Right-of-use assets, net	13		147,129			144,557
Investments in non-consolidated companies	17		1,619,204			1,561,212
Other investments NC	14		1,089,080			758,085
Deferred tax assets			813,183			834,168
Receivables, net			116,296	11,288,455		139,211	10,999,431
Current assets
Inventories, net			3,716,159			3,602,058
Receivables and prepayments, net			168,406			268,798
Current tax assets			383,643			364,640
Contract assets			29,537			35,264
Trade receivables, net			1,927,777			1,920,840
Derivative financial instruments CA	15		14,570			1,875
Other investments C	14		2,225,725			2,306,760
Cash and cash equivalents	14		557,057	9,022,874		572,647	9,072,882
Total assets				20,311,329			20,072,313
EQUITY
Shareholders' equity				16,962,791			16,599,191
Non-controlling interests				255,872			229,877
Total equity				17,218,663			16,829,068
LIABILITIES
Non-current liabilities
Borrowings			357			368
Lease liabilities	13		98,226			94,903
Derivative financial instruments	15		-			207
Deferred tax liabilities			395,239			442,248
Other liabilities			321,569			310,707
Provisions			59,429	874,820		48,418	896,851
Current liabilities
Borrowings			301,534			305,354
Lease liabilities	13		46,833			48,346
Derivative financial instruments	15		5,363			14,123
Current tax liabilities			270,253			386,586
Other liabilities			443,284			377,088
Provisions			155,029			173,152
Customer advances			129,925			168,832
Trade payables			865,625	2,217,846		872,913	2,346,394
Total liabilities				3,092,666			3,243,245
Total equity and liabilities				20,311,329			20,072,313

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY

	Shareholders' equity
	Share Capital ⁽¹⁾			Treasury Shares ⁽²⁾			Legal Reserves			Currency Translation Adjustment			Other Reserves ⁽⁴⁾			Retained Earnings ⁽⁵⁾			Total			Non- controlling interests			Total
																									(Unaudited)
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
Income for the period		-			-			-			-			-			1,017,838			1,017,838			38,455			1,056,293
Currency translation adjustment		-			-			-			(31,078	)		-			-			(31,078	)		(376	)		(31,454	)
Remeasurements of post-employment benefit obligations, net of taxes		-			-			-			-			272			-			272			(19	)		253
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes		-			-			-			-			6,516			-			6,516			13			6,529
Other comprehensive income of non-consolidated companies		-			-			-			1,097			5,419			-			6,516			-			6,516
Other comprehensive (loss) income for the period		-			-			-			(29,981	)		12,207			-			(17,774	)		(382	)		(18,156	)
Total comprehensive income (loss) for the period		-			-			-			(29,981	)		12,207			1,017,838			1,000,064			38,073			1,038,137
Repurchase of own shares ⁽²⁾		-			(89,562	)		-			-			-			-			(89,562	)		-			(89,562	)
Cancellation of own shares ⁽³⁾		(62,355	)		1,214,693			(6,235	)		-			-			(1,146,103	)		-			-			-
Changes in share buyback program liability		-			-			-			-			58,888			-			58,888			-			58,888
Distribution of dividends		-			-			-			-			-			(605,790	)		(605,790	)		(12,078	)		(617,868	)
Balance at June 30, 2026		1,009,640			-			100,964			(982,814	)		(312,977	)		17,147,978			16,962,791			255,872			17,218,663

⁽¹⁾ The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of USD1.00 per share. As of June 30, 2026, there were 1,009,639,756 shares issued. All issued shares are fully paid.

⁽²⁾ As of June 30, 2026, the Company held no treasury shares. For further information, see Note 23.

⁽³⁾ On May 12, 2026, the extraordinary general meeting of shareholders approved the cancelation of 62,355,174 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⁾ 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 and in financial instruments measured at fair value through other comprehensive income and the changes in the share buyback program liability.

⁽⁵⁾ The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 18.

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

	Shareholders' equity
	Share Capital ⁽¹⁾			Treasury Shares ⁽²⁾			Legal Reserves			Share Premium			Currency Translation Adjustment			Other Reserves ⁽⁴⁾			Retained Earnings ⁽⁵⁾			Total			Non- controlling interests			Total
																												(Unaudited)
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 period		-			-			-			-			-			-			1,038,254			1,038,254			21,316			1,059,570
Currency translation adjustment		-			-			-			-			133,275			-			-			133,275			1,477			134,752
Remeasurements of post-employment benefit obligations, net of taxes		-			-			-			-			-			476			-			476			20			496
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes		-			-			-			-			-			(15,859	)		-			(15,859	)		-			(15,859	)
Other comprehensive income of non-consolidated companies		-			-			-			-			23,530			2,576			-			26,106			-			26,106
Other comprehensive income (loss) for the period		-			-			-			-			156,805			(12,807	)		-			143,998			1,497			145,495
Total comprehensive income (loss) for the period		-			-			-			-			156,805			(12,807	)		1,038,254			1,182,252			22,813			1,205,065
Transfers of remeasurements of post-employment benefit obligations, net of taxes to retained earnings		-			-			-			-			-			(565	)		565			-			-			-
Repurchase of own shares ⁽²⁾		-			(471,678	)		-			-			-			-			-			(471,678	)		-			(471,678	)
Cancellation of own shares ⁽³⁾		(90,763	)		1,590,585			(9,077	)		(609,733	)		-			-			(881,012	)		-			-			-
Changes in share buyback program liability		-			-			-			-			-			(119,972	)		-			(119,972	)		-			(119,972	)
Acquisition and other changes in non-controlling interests		-			-			-			-			-			-			-			-			(780	)		(780	)
Distribution of dividends		-			-			-			-			-			-			(600,317	)		(600,317	)		(31,494	)		(631,811	)
Balance at June 30, 2025		1,071,995			(236,744	)		107,199			-			(953,998	)		(704,330	)		17,299,420			16,583,542			211,117			16,794,659

⁽¹⁾ The Company had an authorized share capital of a single class of 2.5 billion shares having a nominal value of USD1.00 per share. As of June 30, 2025, there were 1,071,994,930 shares issued. All issued shares are fully paid.

⁽²⁾ As of June 30, 2025, the Company held 13,094,268 treasury shares, and there were 1,058,900,662 outstanding shares. For more information, see note 23.

⁽³⁾ On May 6, 2025, the extraordinary general meeting of shareholders approved the cancelation 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.

⁽⁵⁾ The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 18.

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS

		Six-month period ended June 30,
	Notes	2026			2025
		(Unaudited)
Cash flows from operating activities
Income for the period			1,056,293			1,059,570
Adjustments for:
Depreciation and amortization	11, 12 & 13		306,769			296,408
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	6 & 18		15,641			18,527
Income tax accruals less payments	21		(98,440	)		(90,793	)
Equity in earnings of non-consolidated companies	8		(81,339	)		(46,686	)
Interest accruals less payments/collections, net	21		17,083			(13,039	)
Changes in provisions			(22,753	)		(1,765	)
Changes in working capital ^(*)	21		(83,720	)		250,316
Others, including net foreign exchange			25,636			21,609
Net cash provided by operating activities			1,135,170			1,494,147

Cash flows from investing activities
Capital expenditures	11 & 12		(235,935	)		(309,292	)
Changes in advances to suppliers of property, plant and equipment			9,983			(5,853	)
Cash decrease due to deconsolidation of subsidiaries ^(**)			-			(1,848	)
Acquisition of subsidiaries, net of cash acquired ^(***)	24		(4,507	)		-
Loan to joint ventures	17		-			(1,359	)
Repayment of loan by joint ventures	17		68,788			-
Proceeds from disposal of property, plant and equipment and intangible assets			1,011			57,729
Dividends received from non-consolidated companies	17		29,863			41,348
Changes in investments in securities			(286,375	)		(131,337	)
Net cash used in investing activities			(417,172	)		(350,612	)

Cash flows from financing activities
Dividends paid	10		(605,790	)		(600,317	)
Dividends paid to non-controlling interest in subsidiaries			(1,232	)		(27,264	)
Acquisition of treasury shares	23		(89,562	)		(473,932	)
Payments of lease liabilities	13		(33,663	)		(30,047	)
Proceeds from borrowings			356,232			476,443
Repayments of borrowings			(359,034	)		(574,956	)
Net cash used in financing activities			(733,049	)		(1,230,073	)

Decrease in cash and cash equivalents			(15,051	)		(86,538	)

Movement in cash and cash equivalents
At the beginning of the period			572,444			660,798
Effect of exchange rate changes			(410	)		(2,768	)
Decrease in cash and cash equivalents			(15,051	)		(86,538	)
At June 30,			556,983			571,492

			At June 30,
Cash and cash equivalents			2026			2025
Cash and bank deposits			557,057			572,289
Bank overdrafts			(74	)		(797	)
			556,983			571,492

^(*) 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 $13.1 million for the six-month period ended June 30, 2026, and $(36.7) million for the six-month period ended June 30, 2025.

^(**)For the six-month period ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.

^(***) For the six-month period ended June 30, 2026, mainly related to the acquisition of the oilfield division of AllTorque. For more information see note 24.

The accompanying notes are an integral part of these Consolidated Condensed Interim Financial Statements.

These Consolidated Condensed Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the fiscal year ended December 31, 2025.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

1	General information
2	Accounting policies and basis of presentation
3	Segment information
4	Cost of sales
5	Selling, general and administrative expenses
6	Other operating income (expense), net
7	Financial results
8	Equity in earnings of non-consolidated companies
9	Income tax
10	Dividend distribution
11	Property, plant and equipment, net
12	Intangible assets, net
13	Right-of-use assets, net and lease liabilities
14	Cash and cash equivalents and other investments
15	Derivative financial instruments
16	Category of financial instruments and classification within the fair value hierarchy
17	Investments in non-consolidated companies
18	Contingencies, commitments and restrictions on the distribution of profits
19	Tariffs on steel and other imports
20	Foreign exchange control measures in Argentina
21	Cash flow disclosures
22	Related party transactions
23	Share buyback programs
24	Business combinations
25	Agreement for acquisition of Artrom Steel Tubes S.A.
26	Middle East war
27	Events after the reporting period

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

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 Condensed Interim Financial Statements to “Tenaris” refer to Tenaris S.A. and its consolidated subsidiaries. A list of the Company’s principal subsidiaries is included in note 33 to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2025.

The Company’s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange, and its American Depositary Securities (“ADS”) trade on the New York Stock Exchange.

These Consolidated Condensed Interim Financial Statements were approved for issuance by the Company’s Board of Directors on August 5, 2026.

Accounting policies and basis of presentation

These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2025. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB and in conformity with IFRS as adopted by the EU.

The preparation of Consolidated Condensed Interim Financial Statements requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the reporting dates, and the reported amounts of revenues and expenses for the reported periods. Actual results may differ from these estimates. The main areas involving significant estimates or judgments are impairment of long-lived assets; impairment of investments in associates; income taxes -including recoverability of deferred tax assets-; allowance for obsolescence of inventory; contingencies; allowance for trade receivables; post-employment and other long-term benefits; business combinations; useful lives of property, plant and equipment and other long-lived assets and fair value estimation of certain financial instruments. During the period there were no material changes in the significant accounting estimates and judgements.

Tenaris carefully assesses the potential impact of climate change and energy transition on its business and the risks to its markets and its tangible and intangible assets and adapts its business strategy accordingly. These events did not impact materially management judgments and estimates used in the preparation of these Consolidated Condensed Interim Financial Statements. For further information, see note 36 to our audited Consolidated Financial Statements for the year ended December 31, 2025.

Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris’s subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is their respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Condensed Interim Income Statements under Other financial results, net.

There were no significant changes in valuation techniques during the period and there have been no changes in any risk management policies since the year ended December 31, 2025.

If necessary, comparative amounts have been reclassified to conform to changes in presentation in the current period.

None of the accounting pronouncements applicable after December 31, 2025, and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or result of its operations.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Segment information

Reportable operating segments

(All amounts in millions of U.S. dollars)

Six-month period ended June 30, 2026 - (Unaudited)	Tubes		Other		Total
Management view - operating income		932		64		996
Difference in cost of sales						63
Differences in selling, general and administrative expenses						19
IFRS - operating income						1,078
Financial income (expense), net						82
Income before equity in earnings of non-consolidated companies and income tax						1,160
Equity in earnings of non-consolidated companies						81
Income before income tax						1,242
Net sales		5,734		333		6,067
Depreciation and amortization		296		11		307

Six-month period ended June 30, 2025 - (Unaudited)	Tubes		Other		Total
Management view - operating income		1,055		68		1,123
Difference in cost of sales						17
Differences in selling, general and administrative expenses						(5	)
Differences in other operating income (expenses) and others						(2	)
IFRS - operating income						1,133
Financial income (expense), net						67
Income before equity in earnings of non-consolidated companies and income tax						1,200
Equity in earnings of non-consolidated companies						47
Income before income tax						1,246
Net sales		5,686		322		6,008
Depreciation and amortization		287		9		296

There are no material differences between IFRS and management views in total revenues.

The differences between operating income under the IFRS and management views are mainly related to the cost of goods sold, reflecting the effect of raw materials prices variations on the valuation of the replacement cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other timing differences. For more information see note II.C “Segment information” in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2025.

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.

Geographical information

	Six-month period ended June 30,
	2026		2025
	(Unaudited)
Net sales
North America		3,050,377		2,725,465
South America		1,205,114		1,255,208
Europe		528,440		473,972
Asia Pacific, Middle East and Africa		1,283,153		1,553,239
Total		6,067,084		6,007,884

Allocation of net sales to geographical information is based on the final destination of the products sold.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

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, Argentina, Canada, Saudi Arabia, Mexico and United Arab Emirates.

The Company’s largest customer accounted for approximately 10% of revenues from third parties in the six-month period ended June 30, 2026, while no single customer accounted for more than 10% of revenues from third parties in the corresponding period of 2025. These revenues were attributable to the Company’s Tubes segment.

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. In the six-month periods ended June 30, 2026, and 2025, revenues related to governmental institutions represented approximately 23% and 26%, respectively.

Tubes segment revenues by market:

(All amounts in millions of U.S. dollars)

	Six-month period ended June 30,
Revenues Tubes	2026		2025
	(Unaudited)
Oil & Gas		5,079		5,090
Oil & Gas processing plants		242		273
Industrial, Power & Others		413		323
Total		5,734		5,686

The table above includes revenues from services performed on third party tubes of $199.5 million and $210.8 million for the six-month periods ended June 30, 2026, and 2025, respectively.

Cost of sales

	Six-month period ended June 30,
	2026			2025
	(Unaudited)
Inventories at the beginning of the period		3,602,058			3,709,942
Changes in inventories due to business combinations ^(*)		471			-
Decrease in inventory due to deconsolidation of subsidiaries ^(**)		-			(43	)
Plus: Charges of the period
Raw materials, energy, consumables and other		2,371,916			2,147,144
Services and fees		191,747			142,809
Labor cost		754,953			699,194
Depreciation of property, plant and equipment		235,690			227,573
Amortization of intangible assets		8,433			6,639
Depreciation of right-of-use assets		20,236			18,166
Maintenance expenses		205,490			180,139
Allowance for obsolescence		(14,759	)		25,348
Taxes		262,678			131,956
Other		109,535			132,164
		4,146,390			3,711,089
Less: Inventories at the end of the period		(3,716,159	)		(3,486,537	)
		4,032,289			3,934,494

^(*) For the six-month period ended June 30, 2026, related to the purchase price allocation arising from the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 24.

^(**) For the six-month period ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Selling, general and administrative expenses

	Six-month period ended June 30,
	2026		2025
	(Unaudited)
Services and fees		95,746		94,908
Labor cost		365,876		343,847
Depreciation of property, plant and equipment		12,706		12,528
Amortization of intangible assets		15,062		19,043
Depreciation of right-of-use assets		14,642		12,459
Freights and other selling expenses		319,416		332,417
Provisions for contingencies		24,162		5,952
Allowances for doubtful accounts		20		11,083
Taxes		57,975		61,753
Other		45,093		46,708
		950,698		940,698

Other operating income (expense), net

		Six-month period ended June 30,
		2026			2025
		(Unaudited)
(i)	Other operating income
	Results from sundry assets		3,994			4,700
	Net rents		1,906			2,136
	Allowance for doubtful receivables recovery		642			-
	Other income		2,689			9,269
			9,231			16,105
(ii)	Other operating expenses
	Contributions to welfare projects and non-profit organizations		(7,147	)		(9,593	)
	Allowance for doubtful receivables		-			(222	)
	Provision for the ongoing litigation related to the acquisition of participation in Usiminas		(8,315	)		(6,335	)
			(15,462	)		(16,150	)
	Other operating income and expenses, net		(6,231	)		(45	)

Provision for the ongoing litigation related to the acquisition of participation in Usiminas: this item relates to the provision described in note 18, without reflecting any net foreign exchange result associated thereto.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Financial results

	Six-month period ended June 30,
	2026			2025
	(Unaudited)
Interest income		114,394			129,757
Net result on changes in FV of financial assets at FVTPL		3,345			12,356
Finance income		117,739			142,113
Finance cost		(23,570	)		(21,457	)
Net foreign exchange transactions results		13,603			(30,984	)
Net foreign exchange derivatives contracts results		(25,150	)		(6,671	)
Others		(115	)		(16,080	)
Other financial results, net		(11,662	)		(53,735	)
Net financial results		82,507			66,921

Interest income: For the six-month period ended June 30, 2026, includes $20.0 million of interest related to instruments carried at FVTPL and includes $37.0 million of interest related to instruments carried at FVTOCI.

For the six-month period ended June 30, 2025, includes $16.0 million of interest related to instruments carried at FVTPL and includes $47.4 million of interest related to instruments carried at FVTOCI.

Other: For the six-month period ended June 30, 2025, includes a loss of approximately $15.8 million related to fees paid in connection with a collection involving the Company’s Mexican subsidiary.

Equity in earnings of non-consolidated companies

	Six-month period ended June 30,
	2026		2025
	(Unaudited)
Earnings from non-consolidated companies		81,339		46,686
		81,339		46,686

Earnings from non-consolidated companies: These results are mainly derived from our investments in Ternium and Usiminas.

Income tax

	Six-month period ended June 30,
	2026			2025
	(Unaudited)
Current tax		(212,097	)		(221,455	)
Deferred tax		26,678			34,771
		(185,419	)		(186,684	)

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 in the amendments to IAS 12 issued in May 2023.

In the six-month periods ended June 30, 2026 and 2025, Tenaris recognized an estimated current tax expense related to Pillar Two, amounting to $6.8 million and $11.3 million, respectively.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Dividend distribution

On May 12, 2026, the Company’s shareholders approved an annual dividend of $0.89 per outstanding share ($1.78 per ADS), which represents an aggregate sum of approximately US$0.9 billion, and which includes the interim dividend of $0.29 per outstanding share ($0.58 per ADS) paid on November 26, 2025. The remaining balance, amounting to $0.60 per outstanding share ($1.20 per ADS), which represents approximately $0.6 billion, was paid on May 20, 2026.

On May 6, 2025, the Company’s shareholders approved an annual dividend of $0.83 per outstanding share ($1.66 per ADS), which represented an aggregate sum of approximately US$0.9 billion, and which included the interim dividend of $0.27 per outstanding share ($0.54 per ADS) paid on November 20, 2024. The remaining balance, amounting to $0.56 per outstanding share ($1.12 per ADS), which represented approximately $0.6 billion, was paid on May 21, 2025.

Property, plant and equipment, net

	2026			2025
	(Unaudited)
Six-month period ended June 30,
Opening net book amount		6,205,082			6,121,471
Currency translation adjustment		(18,361	)		70,647
Changes due to business combinations ^(*)		395			-
Additions		215,692			279,044
Disposals / Consumptions ^(**)		(8,056	)		(63,486	)
Transfers / Reclassifications		1,233			1,053
Decrease due to deconsolidation ^(***)		-			(374	)
Depreciation charge		(248,396	)		(240,101	)
At June 30,		6,147,589			6,168,254

^(*) For the six-month period ended June 30, 2026, related to the acquisition of the oilfield division of AllTorque and the purchase price allocation arising from the acquisition of a scrap processing business in Beaver Falls, Pennsylvania. For more information see note 24.

^(**) For the six-month period ended June 30, 2025, includes the unwinding of certain land plots in Saudi Arabia.

^(***) For the six-month period ended June 30, 2025, related to the deconsolidation of Amaja Tubular Services Limited.

The Company’s Brazilian subsidiary, Confab Industrial S.A. (“Confab”), holds certain real estate assets, with a carrying value of $32.4 million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable to Companhia Siderúrgica Nacional (“CSN") under a lawsuit brough by CSN against Confab and other related companies. The litigation is currently pending, and no amount is currently owed by Confab. See note 18 “Contingencies, commitments and restrictions on the distribution of profits - Contingencies - CSN claims relating to the January 2012 acquisition of Usiminas” to these Consolidated Condensed Interim Financial Statements.

The Company’s Saudi Arabian subsidiary, Global Pipe Company (“GPC”), holds certain assets with a carrying value of $37.7 million that are pledged as security for current borrowings. Tenaris holds an indirect participation of 27.6% in GPC through its subsidiary, Saudi Steel Pipe Company (“SSPC”).

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Intangible assets, net

	2026			2025
	(Unaudited)
Six-month period ended June 30,
Opening net book amount		1,357,116			1,357,749
Currency translation adjustment		(286	)		1,000
Changes due to business combinations ^(*)		3,642			-
Additions		20,243			30,248
Disposals		(13	)		-
Transfers / Reclassifications		(1,233	)		(1,053	)
Amortization charge		(23,495	)		(25,682	)
At June 30,		1,355,974			1,362,262

Right-of-use assets, net and lease liabilities

Right-of-use assets, net evolution

	2026			2025
	(Unaudited)
Six-month period ended June 30,
Opening net book amount		144,557			148,868
Currency translation adjustment		(276	)		1,090
Additions		39,497			33,419
Disposals		(1,771	)		(5,555	)
Depreciation charge		(34,878	)		(30,625	)
At June 30,		147,129			147,197

Right-of-use assets, net by underlying category

	At June 30,		At December 31,
	2026		2025
		(Unaudited)
Land and civil buildings		41,767		35,604
Industrial buildings, plant and production equipment		76,096		80,851
Vehicles, furniture and fixtures		26,819		26,633
Others		2,447		1,469
		147,129		144,557

Depreciation of right-of-use assets was mainly included in the Tubes segment.

Lease liabilities evolution

	2026			2025
	(Unaudited)
Six-month period ended June 30,
Opening net book amount		143,249			144,926
Translation differences		(1,031	)		5,200
Additions		37,051			33,308
Cancellations		(1,648	)		(5,844	)
Repayments of lease liabilities including interests ^(*)		(35,806	)		(32,616	)
Interest accrued		3,244			3,113
At June 30,		145,059			148,087

^(*) For the six-month period ended June 30, 2026, includes repayments of $33.7 million in capital and $2.1 million of interest. For the six-month period ended June 30, 2025, includes repayments of $30.0 million in capital and $2.6 million of interest.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

As of June 30, 2026, the amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 32%, 45% and 23%, respectively.

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.

Cash and cash equivalents and other investments

	At June 30,		At December 31,
	2026		2025
Cash and cash equivalents		(Unaudited)
Cash at banks		266,589		142,476
Liquidity funds		135,732		258,919
Short-term investments		154,736		171,252
		557,057		572,647

Other investments - current
Bonds and other fixed income		1,173,638		1,069,393
Fixed income (time-deposit, zero coupon bonds, commercial papers)		713,088		827,476
Fund investments		338,999		409,891
		2,225,725		2,306,760
Other investments - non-current
Bonds and other fixed income		996,875		655,867
Fixed income (time-deposit, zero coupon bonds, commercial papers)		85,317		95,090
Others		6,888		7,128
		1,089,080		758,085

As of June 30, 2026, Other Investments – current includes financial assets subject to lending agreement with financial institutions for a total amount of $101.7 million. 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 Finance income, as interest income.

Derivative financial instruments

	At June 30,		At December 31,
	2026		2025
		(Unaudited)
Derivatives hedging borrowings and investments		1,265		-
Other derivatives		13,305		1,875
Contracts with positive fair values		14,570		1,875

Derivatives hedging borrowings and investments		-		2,669
Other derivatives		5,363		11,661
Contracts with negative fair values		5,363		14,330

Other derivatives include contracts which are designated to hedge positions other than borrowings and investments.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Category of financial instruments and classification within the fair value hierarchy

The following table illustrates the three hierarchical levels for valuing financial instruments at fair value and those measured at amortized cost as of June 30, 2026, and December 31, 2025.

			Measurement Categories				At Fair Value
June 30, 2026 - (Unaudited)	Carrying amount		Amortized Cost		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents		557,057		421,325		135,732		135,732		—		—
Other investments		2,225,725		713,088		1,512,637		1,512,637		—		—
Fixed Income (time-deposit, zero coupon bonds, commercial papers)		713,088		713,088		—		—		—		—
Bonds and other fixed income		1,173,638		—		1,173,638		1,173,638		—		—
Fund investments		338,999		—		338,999		338,999		—		—
Derivative financial instruments		14,570		—		14,570		—		14,570		—
Other Investments Non-current		1,089,080		85,317		1,003,763		996,875		—		6,888
Bonds and other fixed income		996,875		—		996,875		996,875		—		—
Fixed income (time-deposit, zero coupon bonds, commercial papers)		85,317		85,317		—		—		—		—
Other investments		6,888		—		6,888		—		—		6,888
Trade receivables		1,927,777		1,927,777		—		—		—		—
Receivables C and NC		314,237		68,619		—		—		—		—
Other receivables		68,619		68,619		—		—		—		—
Other receivables (non-financial)		245,618		—		—		—		—		—
Total				3,216,126		2,666,702		2,645,244		14,570		6,888
Liabilities
Borrowings C and NC		301,891		301,891		—		—		—		—
Trade payables		865,625		865,625		—		—		—		—
Other liabilities C and NC		764,853		16,459		—		—		—		—
Other liabilities		16,459		16,459		—		—		—		—
Other liabilities (non-financial)		748,394		—		—		—		—		—
Lease Liabilities C and NC		145,059		145,059		—		—		—		—
Derivative financial instruments		5,363		—		5,363		—		5,363		—
Total				1,329,034		5,363		—		5,363		—

			Measurement Categories				At Fair Value
December 31, 2025	Carrying amount		Amortized Cost		Fair Value		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		1,479,284		1,479,284		—		—
Fixed income (time-deposit, zero coupon bonds, commercial papers)		827,476		827,476		—		—		—		—
Bonds and other fixed income		1,069,393		—		1,069,393		1,069,393		—		—
Fund investments		409,891		—		409,891		409,891		—		—
Derivative financial instruments		1,875		—		1,875		—		1,875		—
Other Investments Non-current		758,085		95,090		662,995		655,867		—		7,128
Bonds and other fixed income		655,867		—		655,867		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		2,403,073		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		—		14,330		—		14,330		—
Total				1,328,111		73,218		—		14,330		58,888

^(*) Includes liability related to the share buyback program.

Certain non-financial assets and liabilities were included in the above tables to allow reconciliation with the Consolidated Condensed Interim 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 Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

There were no transfers between levels during the period.

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.

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

If one or more of the significant inputs are not based on observable market data, the instruments are included in Level 3. Tenaris values its assets and liabilities in this level using management assumptions which reflect the Company’s best estimate on how market participants would price the asset or liability at measurement date. As of December 31, 2025, main balances in this level included a liability related to the shares to be settled under the share buyback program which was concluded during the six-month period ended June 30, 2026. Unobservable inputs related to this balance consider assumptions regarding average purchase prices of previous periods, and management's past experience related to the conclusion of the share buyback program itself. A reasonable change in the inputs used would have not affected the fair value of the liability materially.

Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately 99.4% of its carrying amount including interests accrued as of June 30, 2026, as compared with 99.5% as of December 31, 2025. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.

Investments in non-consolidated companies

This note supplements and should be read in conjunction with note 14 “Investments in non-consolidated companies” to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2025.

	Six-month period ended June 30,
	2026			2025
	(Unaudited)
At the beginning of the period		1,561,212			1,543,657
Translation differences		1,097			23,530
Equity in earnings of non-consolidated companies		81,339			46,686
Dividends and distributions received		(29,863	)		(41,348	)
Increase in equity reserves and others		5,419			2,576
At the end of the period		1,619,204			1,575,101

Dividends and distributions received: During the six-month period ended June 30, 2026 and 2025, $29.9 million and $41.3 million were respectively collected. These dividends are derived from our investment in Ternium.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Ternium

Ternium S.A. (“Ternium”) is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one of Tenaris’s suppliers of round steel bars and flat steel products for its pipes business.

As of June 30, 2026, the closing price of Ternium’s ADSs as quoted on the New York Stock Exchange was $42.70 per ADS, giving Tenaris’s ownership stake a market value of approximately $980.9 million. As of that date, the carrying value of Tenaris’s ownership stake in Ternium, based on Ternium’s Consolidated Condensed Interim Financial Statements, was approximately $1,416.6 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 June 30, 2026, the Company concluded that the carrying amount of its investment in Ternium did not exceed its recoverable value.

Usiminas

Usinas Siderúrgicas de Minas Gerais (“Usiminas”) is a Brazilian producer of high-quality flat steel products used in the energy, automotive and other industries.

As of June 30, 2026, the closing price of the Usiminas’ ordinary and preferred shares, as quoted on the B3 - Brasil Bolsa Balcão S.A., was BRL7.64 ($1.48) and BRL8.45 ($1.63), respectively, giving Tenaris’s ownership stake a market value of approximately $72.2 million. As of that date, the carrying value of Tenaris’s ownership stake in Usiminas was approximately $118.4 million.

The Company reviews its participation in Usiminas whenever events or circumstances indicate that the asset’s carrying amount may not be recoverable. As of June 30, 2026, the Company concluded that the carrying amount of its investment in Usiminas did not exceed its recoverable value.

Techgen

Techgen S.A. de C.V. (“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 MW. As of June 30, 2026, Tenaris held 22% of Techgen’s share capital, and its affiliates, Ternium and Tecpetrol Internacional S.L. (a wholly-owned subsidiary of San Faustin S.A. (“San Faustin”), the controlling shareholder of both Tenaris and Ternium), beneficially owned 48% and 30%, respectively. As of June 30, 2026, the carrying value of Tenaris’s ownership stake in Techgen was approximately $80.0 million.

Techgen entered into certain transportation capacity agreements and an agreement for the purchase of clean energy certificates. As of June 30, 2026, Tenaris’s exposure under these agreements amounted to $31.6 million and $15.9 million, respectively.

On February 18, 2026, Techgen fully repaid the syndicated loan incurred in February 2019 with several banks to refinance indebtedness, resulting in the release or termination of the guarantees covering Techgen's obligations thereunder, including the Mexican security trust (covering shares, assets, accounts and contract rights), account pledges, direct agreements and the stand-by letters of credit issued for the account of Techgen’s sponsors covering debt service in proportion to their respective participations in Techgen.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

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 cases, the Company has not accrued any 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 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 these Consolidated Condensed Interim Financial Statements 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.

Below is a summary description of Tenaris’s material legal proceedings which are outstanding as of the date of these Consolidated Condensed Interim Financial Statements. In addition, Tenaris is subject to other legal proceedings, none of which is believed to be material.

CSN claims relating to the January 2012 acquisition of Usiminas

The Company is a party to a longstanding lawsuit filed in Brazil by Companhia Siderúrgica Nacional (“CSN”), and various entities affiliated with CSN against the Company’s Brazilian subsidiary Confab and three subsidiaries of Ternium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named in the CSN lawsuit had acquired participations in Usiminas in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and sought an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging to Usiminas’ control group. Confab’s share in the offer would be 17.9%.

On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the Court of Appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice (“SCJ”) seeking the review and reversal of the decision issued by the Court of Appeals. On September 10, 2019, the SCJ declared CSN’s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected CSN’s appeal.

CSN made several submissions in connection with the SCJ March 7, 2023 decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an October 17, 2023 session, two justices of the SCJ voted in favor of remanding the case to the first instance for it to be retried following production and assessment of the new evidence, and two justices of the SCJ voted, without requiring any further evidence, in favor of granting CSN’s motion for clarification and reversing the March 7, 2023 decision that rejected CSN’s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ was summoned to produce the tie-breaking vote. On June 18, 2024, the SCJ completed its voting on CSN’s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved that Confab and the three subsidiaries of Ternium should pay CSN an indemnification in connection with the acquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain ownership of the Usiminas ordinary shares it currently owns.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

On August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision and, subsequently, CSN filed its reply. On December 6, 2024, the SCJ rejected this motion for clarification, confirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the 2012 acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to modify the applicable monetary adjustment mechanism and to cap the applicable attorney’s fees, thereby lowering the aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision, assuming monetary adjustment through June 30, 2026, and attorney’s fees in the amount of BRL5 million, the revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of approximately BRL675.7 million (approximately $130.5 million at the BRL/$ rate as of such date).

The Company continues to believe that all of CSN's claims and allegations are unsupported and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred to above, and that in connection with the Usiminas acquisition the T/T Group was not required either to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and the other T/T Group entities filed a request for extraordinary appeal against the SCJ decisions that ordered an indemnification payment, seeking their review and reversal by the Supreme Federal Tribunal. On September 10, 2025, the Vice-President of the SCJ, without examining the merits, denied leave to proceed with the extraordinary appeal as to certain arguments and ruled it inadmissible as to certain others, and on October 2, 2025, Confab and the other T/T Group entities filed an internal appeal for the special court of the SCJ to reconsider the denial of leave to proceed and a concurrent appeal against the inadmissibility ruling for the Supreme Federal Tribunal to consider admissibility of the extraordinary appeal directly. On November 26, 2025, the special court of the SCJ rejected Confab and the other T/T Group entities' internal appeal. The Supreme Federal Tribunal has not yet ruled on the admissibility of the extraordinary appeal. The Company cannot predict the ultimate resolution on the matter.

Veracel Celulose accident litigation

On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (“Veracel”) in connection with a rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel. Itaú Seguros S.A. (“Itaú”), Veracel’s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (“Chubb”), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Itaú and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel’s personnel of the equipment supplied by Confab in violation of Confab’s instructions. The two lawsuits were consolidated and are considered by the 6th Civil Court of São Caetano do Sul. However, each lawsuit will be adjudicated separately.

On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the claim.

On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:

With respect to Chubb’s claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized.

With respect to Veracel’s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL127.7 million (approximately $24.7 million) including interest, fees and expenses. Both parties filed motions for clarification against the court’s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL109.5 million (approximately $21.2 million) of damages arising therefrom. Confab has additional defence arguments in respect of a claim for lost profits. After an appeal against the first instance court decision, the court resolved in June 2022 that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On August 11, 2025, Confab filed an appeal with the SCJ against the ruling on the additional expert evidence, and on June 12, 2026, the challenged decision was upheld and the case records were sent to the Superior Court of Justice. At this stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.

Petrobras-related proceedings and claims

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

Upon learning of certain government investigations as to whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petróleo Brasileiro S.A. (“Petrobras”) and whether any such payments were intended to benefit the Company’s Brazilian subsidiary Confab, the Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company’s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) in October 2016, conducted, with the assistance of external counsel, an internal investigation, and found no evidence corroborating any involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC’s findings and on June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.

In July 2019, the Company learned that the public prosecutors’ office of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among other persons, the Company’s Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti, and the Company’s controlling shareholder, San Faustin. The Company was not a party to the proceedings. On March 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan in charge of the case to impose sanctions on the Company’s Chairman and Chief Executive Officer, on the other two board members, and on San Faustin. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On February 22, 2024, the court of appeals referred the case to the court of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.

In June 2020, the Brazilian public prosecutors’ office requested the indictment of several individuals, including three executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to payments between 2009 and 2013. On December 11, 2024, the Confab executives were acquitted. The acquittal has already been appealed, so the criminal proceedings continue to be underway. Neither the Company nor Confab is a party to these criminal proceedings.

In addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the same event against, among others, Confab and the Confab executives named in the criminal proceedings referred to above.

The plaintiffs also seek that Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab became aware of these civil claims in September 2022 and filed its defence in February 2025, among other things, requesting the suspension of the case until a final decision is made on the jurisdiction and the dismissal on the merits of the claims made by Petrobras and the public prosecutors. As of June 30, 2026, the aggregate amount of these claims was estimated at BRL208.6 million (or approximately $40.3 million). Confab believes these claims do not address either the defence arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously contesting them. Based on the advice of legal counsel, the Company cannot predict the outcome of these civil proceedings at this stage.

In late March 2024, the Company became aware of a resolution of Brazil’s General Controllers Office (“Controladoria-Geral da União”, or GCO), which opened administrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an investigative commission charged with investigating purported irregularities. Potential outcomes of an adverse GCO decision include a declaration of ineligibility for contracting with the Brazilian state for up to six years. Confab received notice in February 2025 and believes that the GCO’s allegations do not address either the defence arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions. On April 7, 2025, Confab filed its defence and contested the allegations. On September 12, 2025, Confab opened discussions with GCO towards seeking a resolution of the matter, and such discussions are ongoing. Based on the advice of legal counsel, the Company cannot predict the outcome of these administrative proceedings at this stage.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

U.S. patent infringement litigation

Tenaris Coiled Tubes, LLC (“TCT”), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent prosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global Tubing also filed a brief seeking to recover attorneys’ fees, without specifying the amount of those fees. On February 26, 2026, the Federal Circuit issued an opinion reversing the finding of inequitable conduct by TCT, and reversing the lower court’s dismissal of Global Tubing’s antitrust claim. As a practical matter, both issues will return to the lower court to eventually be resolved in a jury trial; a mediation in the case has been scheduled for August 28, 2026, and trial is scheduled to take place in April 2027. Although it is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising from this case will not be material.

U.S. antidumping duties

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 the agency's 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 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) up to end of 2025 was recognized in the Consolidated Financial Statements for the year ended December 31, 2025. During March 2026, Tenaris collected these refunds. While the second review period (which ran from November 1, 2023, through October 31, 2024) was rescinded, the DOC has initiated its review of the third review period (which ran from November 1, 2024, through October 31, 2025) for imports from Argentina.

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. On May 13, 2026, the DOC issued a preliminary determination for the second review period for imports from Mexico, assessing a preliminary antidumping duty rate of 1.62%. The final determination is expected to be issued between September and November 2026. The DOC has initiated its review of the third review period for imports from Mexico.

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 and other pipe to be out of scope of the OCTG orders and, on January 30, 2026, filed a scope clarification request with the DOC, which accepted the request and initiated a scope inquiry. On July 16, 2026, the DOC issued a preliminary scope ruling indicating that none of the three categories of mechanical and other pipe imported by Tenaris are covered by the scope of the antidumping duty orders on OCTG from Argentina and Mexico. This preliminary determination supports Tenaris's position that its imports of mechanical and other pipe are out of scope of the OCTG orders and, if sustained in the DOC's final scope ruling, would be expected to negate the basis for CBP's calculated loss of revenue with respect to such imports during 2022, 2023 and 2024. The preliminary ruling may be challenged by domestic petitioners; DOC's deadline to issue a final scope ruling is December 2026. Based on the advice of counsel, and taking into account that this preliminary ruling is subject to further comment and final determination, Tenaris continues to believe that the loss contingency arising from the CBP report is neither probable nor capable of a reliable estimate at this time and, accordingly, no provision has been made with respect to such 2022, 2023 and 2024 imports.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated

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 DOC's preliminary scope ruling of July 16, 2026, favors Tenaris's position that such mechanical and other pipe is out of scope, and, if confirmed in the DOC's final scope decision, would be expected to support the elimination of this deposit requirement on future entries of mechanical and other pipe products at issue, and trigger the refund by CBP of deposits paid subject to CBP's instruction as from January 2025. However, pending a final and non-appealable scope determination, CBP has not modified its position, and Tenaris continues to pay such deposits, the amount of which is reflected in Tenaris’s costs.

ENARSA claim relating to alleged price differences of PUI gas

On May 21, 2026, Siderca S.A.I.C. ("Siderca"), an Argentine subsidiary of the Company, was served with a lawsuit filed by Energía Argentina S.A. ("ENARSA") claiming alleged price differences with respect to gas supplied during the months of June, July and August 2013. ENARSA contends that the applicable price is USD7.50/MMBTU, while Siderca maintains that the correct price is USD2.68/MMBTU (the price at which Siderca paid the disputed invoices in June 2015), giving rise to a claimed balance in ENARSA's favor of approximately USD25.4 million as principal. The lawsuit also involves a dispute regarding the currency in which the potential credit should be denominated and the applicable exchange rate. On June 23, 2026, Siderca filed its answer to the complaint, raising a statute of limitations defense, res judicata based on a 2018 ENARGAS resolution that had set the applicable price at USD2.68/MMBTU, and defenses on the merits as to both the price and the exchange rate applied by ENARSA. If the pending proceedings were resolved entirely against Siderca, Siderca could be required to pay an aggregate amount, estimated as of June 30, 2026, of approximately $48.0 million, plus legal fees. The Company believes that, even in the event of an unfavorable outcome on this matter, the resulting loss would not be material.

(ii)

Commitments and guarantees

Set forth is a description of Tenaris’s main outstanding commitments:

Certain subsidiaries of the Company are parties into a long-term contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of June 30, 2026, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled approximately $23.4 million.

A Mexican subsidiary of the Company is a party to a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen’s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen’s existing or replacing bank facility has been repaid in full), the Company’s subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the Mexican Comisión Federal de Electricidad (“CFE”) or its successors. The Company’s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company’s subsidiary will benefit from the proceeds of such sale.

Consolidated Condensed Interim Financial Statements

For the six-month period ended June 30, 2026 - all amounts in thousands of U.S. dollars, unless otherwise stated