Tenaris S.A. announced that its share‑buyback program had accumulated 5.07 % of the company’s voting rights in treasury shares as of December 17, 2025, the first time the program has crossed the 5 % threshold. The repurchased shares are held in treasury with voting rights suspended and will be cancelled in due course, reducing the share count and potentially boosting earnings per share.
The milestone is part of a $1.2 billion buyback program approved on May 27, 2025, with a maximum of 10 % of the company’s shares available for repurchase. The program was authorized by shareholders on May 6, 2025 and is being executed in tranches. A second tranche of up to $600 million was initiated on November 3, 2025, and the program is scheduled to conclude on April 30, 2026. As of December 12, 2025, Tenaris held 51,262,421 ordinary shares in treasury, representing 4.78 % of its total issued share capital; the 5.07 % figure on December 17 reflects additional purchases in the intervening days.
In addition to the company’s buyback activity, Tenaris’s controlling shareholders—San Faustin S.A. and Techint Holdings S.à r.l.—filed an amendment to their Schedule 13D on December 17. The filing disclosed that Techint Holdings sold 2,600,000 Tenaris ordinary shares between December 9 and December 12, and entered into an accelerated share‑disposal agreement to sell up to 21,000,000 ordinary shares from December 15, 2025 to May 19, 2026. This concurrent sale of shares by the controlling owners adds a layer of complexity to the company’s capital structure and may influence investor perception of the buyback program’s impact.
The 5.07 % treasury share level underscores Tenaris’s robust cash flow generation and its commitment to returning value to shareholders. By canceling repurchased shares, the company will reduce its diluted share count, which should lift earnings per share and improve return‑on‑equity metrics. Management has consistently highlighted the strong balance sheet and cash‑flow position as the foundation for the buyback program, signaling confidence in the company’s ability to sustain the program without compromising investment in core operations.
While no specific market reaction or analyst commentary was identified for the milestone, the simultaneous sale of shares by the controlling shareholders is a noteworthy event that could affect investor sentiment. The buyback milestone, however, remains a significant corporate action that reflects Tenaris’s strategic focus on capital allocation and shareholder value creation.
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