Tenaris to Commence a USD 700 million Share Buyback Program

Core Viewpoint - Tenaris S.A. has announced a USD 700 million Share Buyback Program to be executed in the open market, starting on November 11, 2024, and ending no later than March 26, 2025 [1][3]. Group 1: Share Buyback Program Details - The buyback will be conducted under a nondiscretionary agreement with a primary financial institution, which will make trading decisions independently [2]. - The program allows for purchases during closed periods in compliance with applicable regulations [2]. - The previous buyback program, which was USD 1.2 billion, resulted in the repurchase of 6.07% of Tenaris's total issued share capital [4]. Group 2: Financial and Regulatory Framework - The current program will cover up to USD 700 million, with a maximum of 46,373,915 ordinary shares, representing 3.93% of the company's issued share capital [4]. - The authority for this buyback was granted by the general meeting of shareholders on June 2, 2020, which allows for repurchases up to a maximum of 10% of the share capital [4].