Eni boosts shareholder returns and upgrades 2026 outlook

Financial actions and capital allocation

Eni upgraded its 2026 cash flow outlook and raised shareholder distributions: an extraordinary dividend of €0.46 per share (~€1.3bn) payable December 9, the 2026 buyback increased to €3.8bn, and the ordinary dividend remains €1.10 per share. Adjusted CFFO guidance was raised to €16.5bn. Cash returns in 3Q amounted to €1.9bn and net debt stood at €6.7bn, resulting in proforma gearing at a historic low of 9%.

Upstream performance and portfolio moves

Underlying E&P production rose 7% y/y to 1.83 mln boe/d, supported by project ramp‑ups and full contribution from the Searah JV. E&P proforma adjusted EBIT was €4.63bn. Strategic agreements include a Junin 5 relaunch with PDVSA (access to ~5.5 bln boe), a YPF/Eni/XRG integrated LNG project in Argentina targeting 12 Mt/y with FID expected around year‑end, farm‑ins in Uruguay and the Sapukala award in Indonesia, plus sale of 10% of Baleine to Socar and binding farm‑outs of retained Kutei interests to Pertamina and Medco. A €1.8bn capital contribution was received via an infrastructure portfolio partnership.

Transition and transformation businesses

Enilive and Plenitude delivered combined adjusted EBITDA of €1.8bn in the nine months (+20% y/y). Plenitude was diluted from 70% to 65% after a non‑proportional capital increase with Ares and was deconsolidated at end‑September; it is on track to reach 6.5 GW installed capacity by year‑end. Enilive sees expanding biorefining capacity, while Versalis continues restructuring amid weaker petrochemical margins.

Outlook and guidance

FY’26 guidance was upgraded: oil & gas production growth now seen at 6–7%; GGP adjusted proforma EBIT around €1.5bn; Enilive EBITDA raised to €1.4bn and Plenitude EBITDA to ~€1.2bn. Gross capex is confirmed at €7bn with net capex below €4.5bn. Management expects proforma gearing to remain at the lower end of the previously guided 10–15% range given the improved cash flow profile.