REG - Tesco PLC - Extension of first tranche of buyback programme

TescoAnnouncement

Today 17:15

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RNS Number : 3153G  Tesco PLC  29 May 2026

Tesco PLC

29 May 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

Extension of the first tranche (the "Initial Programme") of the current Tesco
PLC £750 million share buyback programme (the "Programme").

The up to £250 million Initial Programme, announced on 22 April 2026, is to
be extended by up to a further £100 million, resulting in the total maximum
aggregate value of the Initial Programme of up to £350 million. The aggregate
market value of shares that will be repurchased under the Programme by April
2027 remains unchanged at no more than £750 million.

The arrangement between Tesco PLC (the "Company") and Citigroup Global Markets
Limited ("Citi") to repurchase ordinary shares in the Company (the "Shares")
on behalf of the Company (on a riskless principal basis), has been amended to
reflect the increased maximum aggregate consideration of £350m under the
Initial Programme. The purchase of Shares will continue to be carried out on
the London Stock Exchange, and/or Cboe Europe Limited through the BXE and CXE
order books. The arrangement continues to allow Citi 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
2025 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 Citi 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 of this Initial Programme, together with any other Shares
purchased on the Company's behalf pursuant to its Programme, will not
exceed £750 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

Media                      Simon Rew                0330
678 0639

Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46

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