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Tenaris (NYSE: TS), a leading global supplier of steel tubes and related services, has announced the commencement of the second tranche of its previously announced share buyback program. This tranche, valued at USD 600 million, is part of the larger USD 1.2 billion program unveiled on May 27, 2025.
This second phase of the buyback is scheduled to begin on November 3, 2025, and conclude no later than April 30, 2026. To execute the buyback, Tenaris has entered into a non-discretionary agreement with a primary financial institution (referred to as “the Bank”). Under the terms of the agreement, the Bank will operate independently, making trading decisions regarding the timing and volume of share repurchases without influence from Tenaris.
The buyback program will adhere to all relevant regulations, including the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. A key provision of the agreement allows the Bank to continue purchasing shares even during Tenaris’s closed periods, provided it remains compliant with these regulations. Shares acquired through the buyback will subsequently be cancelled, effectively reducing the company’s outstanding share count.
The decision to initiate this buyback program was authorized during the general meeting of shareholders held on May 6, 2025, demonstrating shareholder confidence in the company’s financial position and future prospects.
Positive
Second tranche size: USD 600 million
Execution window: Nov 3, 2025 to Apr 30, 2026
Ordinary shares purchased will be cancelled
Buyback authorized by shareholders on May 6, 2025
Negative
Buyback excludes customary transaction fees reducing net program value
Purchases may continue during closed periods under the Regulations
Forward-looking risks include uncertain oil and gas prices
Tenaris launches the second USD 600 million tranche of its USD 1.2 billion buyback, running Nov 3, 2025–Apr 30, 2026.
Tenaris has contracted a primary financial institution to execute a non‑discretionary buyback for the remaining USD 600 million of its announced program. The Bank will trade independently under applicable regulations and may purchase shares during closed periods; repurchased ordinary shares will be cancelled.
Mechanically, this reduces share count if fully executed and returns capital to holders without stating pricing details or schedule. Execution depends on the Bank’s trading decisions and regulatory compliance, and the company cites commodity price uncertainty as a risk to outcomes. Watch the progress of purchases through company disclosures between Nov 3, 2025 and Apr 30, 2026 for realized volume and cancellation details within statutory reporting timeframes.
11/02/2025 – 12:40 PM
LUXEMBOURG, Nov. 02, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today that pursuant to its USD 1.2 billion Share Buyback Program (the “Program”) announced on May 27, 2025, it has entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”) for the execution of its second tranche, covering up to the remainder USD 600 million of the Program (excluding customary transaction fees). This second tranche shall start on November 3, 2025, and end no later than April 30, 2026.
The Bank will make its trading decisions concerning the timing of the purchases of Tenaris’s ordinary shares independently of and uninfluenced by Tenaris. The Program will be executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (the “Regulations”). Under the buyback agreement, purchases of shares may continue during any closed periods of Tenaris in accordance with the Regulations.
Ordinary shares purchased under the Program will be cancelled in due course.
Any buyback of ordinary shares pursuant to the Program will be carried out under the authority granted by the general meeting of shareholders held on May 6, 2025.
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.
What is the size of Tenaris’s second buyback tranche (TS)?
Tenaris announced a USD 600 million second tranche of its USD 1.2 billion program.
When will Tenaris (TS) execute the second buyback tranche?
The tranche runs from November 3, 2025 and ends no later than April 30, 2026.
Will Tenaris (TS) cancel shares repurchased in the buyback?
Yes. Ordinary shares purchased under the Program will be cancelled in due course.
Who executes the buyback for Tenaris (TS) and who decides timing?
A primary financial institution will execute the tranche; the Bank will make trading decisions independently.
Under what authority is Tenaris (TS) carrying out the buyback?
The buyback is carried out under authority granted by the general meeting of shareholders on May 6, 2025.
Are there regulatory or risk considerations for Tenaris’s (TS) buyback?
Purchases will comply with the Market Abuse Regulation and the company cited risks including oil and gas price uncertainty.
