Tenaris Terminates Second Tranche of its USD 1.2 Billion Share Buyback Program
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
Key Figures
Market Reality Check
Peers on Argus
TS fell 2.57% while key oilfield peers like HAL (+0.57%), FTI (+1.36%), BKR (+1.90%), SLB (+0.65%) and NOV (+0.80%) all traded higher, pointing to a stock‑specific reaction to the buyback decision rather than a sector move.
Previous Buybacks Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Sep 30 | Buyback tranche complete | Positive | +3.3% | Completion of first USD600m tranche with 3.08% of capital repurchased. |
| Sep 19 | Control holder 13D | Neutral | -0.4% | Controlling shareholders file 13D amendment tied to ongoing buybacks. |
| Jun 06 | First tranche launch | Positive | +2.2% | Announcement of USD600m first tranche within USD1.2bn buyback plan. |
| May 27 | Major buyback plan | Positive | +2.2% | Board approves up to USD1.2bn buyback representing ~6.9% of shares. |
| Mar 04 | Prior program complete | Positive | +4.1% | Completion of USD700m buyback retiring 3.17% of share capital. |
Buyback‑related announcements for TS have generally been followed by positive price reactions, with an average move of 2.27%, making today’s negative move an outlier versus prior capital‑return headlines.
Over the past year, Tenaris has repeatedly used share repurchases as a capital‑return tool. On Mar 4, 2025, it completed a USD700m program, then on May 27, 2025 launched a new buyback of up to USD1.2bn. A first USD600m tranche began on Jun 9, 2025 and was completed by Sep 30, 2025. Subsequent filings detailed controlling shareholder ownership dynamics as buybacks progressed. Today’s early termination of the second tranche contrasts with that prior pattern of full program execution.
Historical Comparison
Historically, TS buyback news produced an average +2.27% move. Today’s -2.57% reaction to terminating the second tranche runs counter to that pattern.
TS moved from completing a USD700m program in early 2025 to launching and executing tranches of a new USD1.2bn buyback. Prior events marked initiation and completion phases; today’s news introduces an early termination step within that same capital‑return framework.
Market Pulse Summary
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 Terms
non-discretionary buyback agreement financial
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
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
Why did Tenaris (TS) terminate the second tranche of its buyback on March 3, 2026?
How many shares and how much did Tenaris (TS) repurchase in the second tranche before termination?
What portion of the USD 600 million second tranche remained unspent after Tenaris (TS) terminated it?
When did Tenaris (TS) start the second tranche and when was it initially scheduled to end?
Will Tenaris (TS) pursue additional buyback programs after terminating the tranche?
