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

Core Viewpoint - Tenaris S.A. has decided to terminate the second tranche of its Share Buyback Program effective March 3, 2026, due to market volatility and potential financial implications [1][3]. Group 1: Share Buyback Program Details - The second tranche of the Share Buyback Program was initially announced on May 27, 2025, with a total value of USD 600 million [2]. - This tranche commenced on November 3, 2025, and was scheduled to conclude by April 30, 2026 [2]. - As of the announcement, Tenaris has repurchased 29,295,219 ordinary shares at an aggregate cost of approximately USD 583.6 million, nearing the completion of its targeted repurchases [2]. Group 2: Rationale for Termination - The decision to terminate the buyback program was influenced by high market volatility, which could lead to significant additional payouts to the counterparty under the existing buyback agreement [3]. - The termination was executed following the expiration of the blackout period related to the company's annual earnings release on February 20, 2026 [3]. Group 3: Future Considerations - The board of directors of Tenaris will evaluate the possibility of pursuing additional buyback programs in the future [4].