Continuation of Share Buyback Programme
Summary by AI BETAClose X
Tesco PLC
19 October 2026
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
Tesco PLC announces the continuation of its existing share buyback programme (the “Programme”).
As announced on 8 October 2026, the Programme will be extended by up to a further £200 million, increasing the maximum aggregate value of the Programme to up to £950 million. The Programme for the current year remains due to complete by April 2027.
Further to the announcements made on 16 April 2026, 22 April 2026, 29 May 2026, 23 June 2026 and 8 October 2026, Tesco PLC (the "Company") announces that it has entered into an arrangement with Morgan Stanley & Co. International Plc (“Morgan Stanley”) to repurchase ordinary shares in the Company (the "Shares") purchased on behalf of the Company (on a riskless principal basis) on the London Stock Exchange, and/or Cboe Europe Limited through the BXE and CXE order books, and/or Turquoise and/or Aquis.
The third tranche of this Programme will be for an aggregate market value of up to £200 million (the "Third Tranche"). On 31 July 2026 the Company completed the previous tranche of its Programme. Between 16 April 2026 and 31 July 2026, the Company repurchased 120,057,841 ordinary shares with an approximate market value of £550 million.
The arrangement allows Morgan Stanley to purchase Shares on the Company's behalf (on a riskless principal basis) in accordance with the Company's current buyback authority granted by shareholders at the Company's 2026 Annual General Meeting and any subsequent authority and shall be made independently of and uninfluenced by the Company (including, for the avoidance of doubt, in the case of any purchases made during closed periods).
Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with Morgan Stanley and in accordance with the terms therein will be effected in a manner consistent with the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 9 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five trading days on the London Stock Exchange before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this Third Tranche, together with any other Shares purchased on the Company's behalf pursuant to its Programme, will not exceed £950 million.
The sole purpose of these share purchases is to reduce the Company's share capital.
Tesco contacts:
Investor Relations
Chris Griffith | 01707 940 900
Andrew Gwynn | 01707 942 409
Company Secretary
Chris Taylor | CompanySecretary@tesco.com
Media
Simon Rew | 0330 678 0639
Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46
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