Tenaris has begun the second tranche of its $1.2 billion share buyback program, covering up to $600 million, with the first repurchase scheduled for November 3, 2025.
The program was approved by shareholders on May 6, 2025. The first tranche of $600 million was completed on September 30, 2025, and the second tranche will run until April 30, 2026.
Tenaris reported a net cash position of $3.7 billion at the end of Q2 2025, reflecting strong liquidity that supports the buyback. The company’s EBITDA margin remained robust during the period, underscoring its solid operating performance.
Shares repurchased under the program will be cancelled, reducing the outstanding share count and supporting the company’s capital structure. The buyback is part of Tenaris’s broader strategy to return capital to shareholders.
Tenaris operates in a highly competitive oil and gas services sector, facing higher U.S. steel tariffs and market volatility. The company’s strong cash flow and balance sheet give it confidence to pursue the buyback.
Tenaris has a history of share buyback programs, including a $1.2 billion program approved in November 2023 and a $700 million program completed in March 2025. The current program continues this capital‑return strategy.
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