USD 700 million Share Buyback Program (Nov. 2024 – Mar. 2025)

On November 6, 2024 Tenaris’s Board of Directors approved a $700 million follow-on share buyback program under the authority granted by the annual general meeting of shareholders held on June 2, 2020.

Under the previous $1.2 billion share buyback, which ran from November 5, 2023 to August 2, 2024, the Company purchased a total number of ordinary shares representing 6.07% of its total issued share capital measured as at the launch of the program. This follow-on share buyback program will cover up to $700 million (excluding customary transaction fees), subject to a maximum of 46,373,915 ordinary shares representing the remainder 3.93% of the Company’s issued share capital (measured also as at the launch of the original program) that may be repurchased under the above-referred authority (which authorizes repurchases up to a maximum of 10% of the share capital).The general meeting of shareholders of the Company may extend or renew such authority at any time and from time to time.

The decision and opportunity of launching this follow-on buyback program is driven by the Company’s significant cash flow generation and strong balance sheet.

The follow-on buyback program will be executed by a primary financial institution on the Milan Stock Exchange, with the intention to cancel the ordinary shares acquired through the program.

The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.

On November 10, 2024 Tenaris announced that it has entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”).

The Bank will make its trading decisions concerning the timing of the purchases of Tenaris’s ordinary shares independently of and uninfluenced by Tenaris and will act 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.

This Program shall start on November 11, 2024, and end no later than March 26, 2025. Ordinary shares purchased under this Program will be cancelled in due course.

Tenaris to Commence a USD 700 million Share Buyback Program

Reporting of transactions in accordance with Market Abuse Regulation

USD 700 million Share Buyback Program

The list of trades will be published here on a weekly basis. If no update is disclosed for a given week that means no shares were purchased during that week.