Treasury Shares and Enterprise Value

Hi everyone,
I got a question which made me think: "There are two identical firms A and B. A owns 10% treasury shares, while B doesn’t. Given that:

  • EV (Enterprise Value) of A is equal to EV of B
  • EV of A is lower than EV of B
  • EV of B is lower than EV of A"

In my opionion, treasure shares do not affect EV and so I would answer that EV of A is equal to EV of B, given that the two firms are identical (same revenues,… and same FCFO).
However, I am still uncertain. How would you interpret this question?

Thank you in advance!

EV is market cap plus net debt. Market cap is shares outstanding times the price per share. Shares outstanding will go down after a buyback of stock but cash will also go down (net debt increases) which negates the impact of the buyback on EV.