Tenaris Terminates Second Tranche of its USD 1.2 Billion Share Buyback Program

Tenaris (NYSE:TS) said it will terminate the USD 600 million second tranche of its share buyback program effective March 3, 2026, after repurchasing 29,295,219 ordinary shares for about USD 583.6 million.

Rhea-AI Summary

Tenaris (NYSE:TS) said it will terminate the USD 600 million second tranche of its share buyback program effective March 3, 2026, after repurchasing 29,295,219 ordinary shares for about USD 583.6 million.

The company cited market volatility and potential incremental payout mechanics to its counterparty as the reason and said the board will consider future buyback programs.

Positive

• 29,295,219 shares repurchased through the tranche
• Aggregate repurchases of approximately USD 583.6 million

Negative

• Termination leaves about USD 16.4 million of the tranche unexecuted
• Decision driven by high market volatility, signaling elevated execution risk
• Board has not set timing for future buyback programs

Argus Feb 24 session

+0.97% close to close Open Argus

Details

News Market Reaction – TS

In the Feb 24 session, TS gained 0.97%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the early termination of Tenaris’s second buyback tranche after repurchasi...

Analysis

This announcement details the early termination of Tenaris’s second buyback tranche after repurchasing 29,295,219 shares for USD 583.6m under a broader USD 1.2bn program. Historically, buyback news for TS has coincided with positive moves averaging +2.27%, so this shift in execution pace stands out. Investors may focus on how the board frames future buyback authorizations, and how capital returns balance against market volatility and industry conditions.

Key Figures

Total buyback program: USD 1.2 billion Second tranche size: USD 600 million Shares repurchased: 29,295,219 shares +3 more

Total buyback program

USD 1.2 billion

Overall share buyback program announced May 27, 2025

Second tranche size

USD 600 million

Non‑discretionary second tranche under the program

Shares repurchased

29,295,219 shares

Ordinary shares bought in the second tranche to date

Aggregate repurchase cost

USD 583.6 million

Total cost of shares repurchased in second tranche

Program start date

November 3, 2025

Commencement date of the second tranche

Termination effective date

March 3, 2026

Effective date for terminating second tranche agreement

Previous Buybacks Reports

5 past events · Latest: Sep 30

Same Type 5 events

1. Sep 30

   Buyback tranche complete

   24h Move

   +3.3%

   Completion of first USD600m tranche with 3.08% of capital repurchased.

2. Sep 19

   Control holder 13D

   24h Move

   -0.4%

   Controlling shareholders file 13D amendment tied to ongoing buybacks.

3. Jun 06

   First tranche launch

   24h Move

   +2.2%

   Announcement of USD600m first tranche within USD1.2bn buyback plan.

4. May 27

   Major buyback plan

   24h Move

   +2.2%

   Board approves up to USD1.2bn buyback representing ~6.9% of shares.

5. Mar 04

   Prior program complete

   24h Move

   +4.1%

   Completion of USD700m buyback retiring 3.17% of share capital.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

share buyback program, non-discretionary buyback agreement, forward-looking statements

3 terms

share buyback program financial

"the second tranche of its Share Buyback Program announced on May 27, 2025"

A share buyback program is when a company uses its cash to repurchase its own outstanding shares from the market, reducing the number of shares available to investors. That matters because it can raise the value of remaining shares and signal management's confidence in the business—similar to a bakery buying back unsold loafs to make each remaining loaf represent a larger share of its oven’s output—though buybacks can also affect cash available for other uses.

non-discretionary buyback agreement financial

"entered into a non-discretionary buyback agreement with a primary financial institution"

A non-discretionary buyback agreement is a legally binding promise by a company to repurchase a set amount of its own shares under predefined terms, rather than an optional or ad hoc decision. Think of it like a standing order to buy back stock that will reduce the number of shares outstanding, which can boost per-share metrics and signal support for the share price, but also commits cash and affects the company’s balance sheet and flexibility.

forward-looking statements regulatory

"Some of the statements contained in this press release are “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LUXEMBOURG, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today that it has decided to terminate, effective on March 3, 2026, the second tranche of its Share Buyback Program announced on May 27, 2025 (the “Program”).

As previously disclosed, Tenaris had entered into a non-discretionary buyback agreement with a primary financial institution for the execution of this USD 600 million 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 USD 583.6 million, 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.

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Tenaris (TS) terminate the second tranche of its buyback on March 3, 2026?

Tenaris terminated the tranche to avoid potential extra payout under the buyback mechanics. According to Tenaris, high market volatility could have produced a significant incremental pay-out to its counterparty, so the company exercised its termination right effective March 3, 2026.

How many shares and how much did Tenaris (TS) repurchase in the second tranche before termination?

Tenaris repurchased 29,295,219 ordinary shares at an aggregate cost of about USD 583.6 million. According to Tenaris, these repurchases substantially completed the targeted USD 600 million second tranche begun November 3, 2025.

What portion of the USD 600 million second tranche remained unspent after Tenaris (TS) terminated it?

Approximately USD 16.4 million of the tranche remained unspent upon termination. According to Tenaris, the company repurchased about USD 583.6 million of the USD 600 million tranche before ending it on March 3, 2026.

When did Tenaris (TS) start the second tranche and when was it initially scheduled to end?

The second tranche began on November 3, 2025 and was scheduled to end no later than April 30, 2026. According to Tenaris, the company exercised its right to terminate the buyback agreement after the blackout period following its February 20, 2026 earnings release.

Will Tenaris (TS) pursue additional buyback programs after terminating the tranche?

The board will consider future buyback programs but has not set timing. According to Tenaris, its board of directors will evaluate when to pursue additional buyback programs in the future.