Samsung Electronics bought 6.70% more common shares than initially estimated in this program while staying within its original approximately KRW 15 trillion budget. Reconciling the August 21 resolution with the October 12 completion report shows that the lower average execution price explains the additional shares without assuming a budget increase. This establishes how the program was completed, not that the stock was undervalued or that the additional shares were cancelled. Resolution and completion report.
Reviewed on October 13, 2026 at 22h40 Beijing time (UTC+8), or 23h40 Korea Standard Time (UTC+9). The security is Samsung Electronics common stock, Korea Exchange code 005930. The evidence covers completed purchases from August 24 through October 6, 2026 and the October 12 results filing. No October 13 intraday or closing quote is used. Listing information.
Did the additional shares require more money?
The August 21 resolution estimated 53,285,968 shares and KRW 14,999,999,992,000 of spending. It calculated the share estimate using that day's KRW 281,500 closing price and said the actual quantity could vary with prices because execution would follow the monetary amount. That price is used here solely as the company's disclosed estimation benchmark. Original resolution.
The October 12 report records 56,856,305 shares acquired for KRW 14,999,999,899,750. We added all 29 daily execution records; both sums match the reported totals. The acquisition amount excludes fees. Sections 3 and 4.
Subtracting the amounts leaves actual execution KRW 92,250 below the original estimate. Subtracting the share counts gives 3,570,337 additional shares. The 6.70% is 3,570,337 divided by 53,285,968, multiplied by 100%. Its denominator is the estimated purchase quantity, not Samsung's total shares outstanding. These are our calculations from the two disclosures.
How a 6.28% price difference produces 6.70% more shares
Total acquisition value divided by shares acquired gives a weighted average price of approximately KRW 263,822.98. Rounded to the nearest won, KRW 263,823 matches the filing's total row. This weights execution prices by purchased quantities rather than taking a simple average of daily prices.
The weighted price was about 6.28% below the KRW 281,500 estimation benchmark. With spending fixed, shares purchased vary inversely with price, so the percentage increase in quantity is slightly larger than the percentage reduction in price.
The relationship is directly reproducible.
Actual shares / estimated shares = (actual spending / estimated spending) × (benchmark price / actual weighted price) ≈ 1.0670.
The spending ratio is almost exactly 1, leaving the price ratio to explain the additional shares. This calculation uses the unrounded weighted price. Treating the 6.28% price difference as the same percentage increase in shares would incorrectly replace an inverse relationship with a linear one. KRW 263,823 is a historical execution average; it does not establish fair value or a future price floor. Inputs come from the resolution and execution records.
Purpose still matters for the additional shares
The resolution specifies employee and executive share-based compensation. The results filing reports 136,727,099 common treasury shares as of October 12, versus 79,870,794 in the earlier resolution. Their difference equals the 56,856,305 shares purchased in this program. Opening holdings and section 5 of the results filing.
This quantity reconciliation supports treating the purchases as treasury shares held by the company; it provides no evidence that these purchases have been cancelled. It also cannot establish future employee delivery dates or terms, much less count the shares as already sold by employees.
The next evidence to track is a subsequent treasury-share disposal or cancellation disclosure, and any separate new repurchase resolution. A new budget needs documentary support. An execution quantity above the initial estimate alone does not demonstrate an additional funding commitment. This is a review of historical execution, not a price forecast or trading recommendation.
Our earlier analysis of buyback completion and changing demand examined the comparison baseline after a buying program ends. This article adds the formal October 12 results and daily reconciliation to test the budget, price and quantity relationship against completed transactions.