Tenaris Terminates $600M Second Tranche of Share Buyback Program
Tenaris announced that it has decided to terminate, effective on March 3, 2026, the second tranche of its Share Buyback Program announced on May 27, 2025. As previously disclosed, Tenaris had entered into a non-discretionary buyback agreement with a primary financial institution for the execution of this $600M second tranche of the Program. This tranche began on November 3, 2025, and was scheduled to end no later than April 30, 2026. Since the commencement of this tranche, Tenaris has repurchased 29,295,219 ordinary shares at an aggregate cost of approximately $583.6M, thereby substantially completing its targeted repurchases. Tenaris has concluded that, in a context of high-volatity in the market, allowing this tranche of the Program to continue as initially scheduled may, by application of the customary mechanics in the existing buyback agreement, result in a significant incremental pay-out to its counterparty. Accordingly, following the expiration of the blackout period corresponding to its annual earnings release on February 20, 2026, Tenaris has exercised its right to terminate its existing buyback agreement on the first date it was allowed to do so under the terms of the agreement. The Tenaris board of directors will consider when to pursue additional buyback programs in the future.
