€1.3 Billion Special Dividend from Eni as Buyback Rises to €3.8 Billion
Key Facts
Eni decided to pay a special dividend of €0.46 per share, totaling about €1.3 billion, on December 9, 2026, while raising its share buyback program for the year to €3.8 billion. The company said the revised program is 12% above its previous guidance of €3.4 billion, which it had raised in the previous quarter. The moves came after Eni raised its 2026 adjusted operating cash flow forecast to €16.5 billion, an underlying increase of €1.2 billion from its initial guidance. The company had forecast cash flow of €15 billion before the update. Eni linked the enhanced shareholder returns to the improved cash flow outlook and its operating and financial performance, while confirming that its planned ordinary dividend for 2026 is €1.10 per share, up 5% from 2025.
The announcement came alongside quarterly results that exceeded analyst estimates compiled by the company: adjusted net profit reached €2.8 billion in the period from July to September, against an average forecast of €2.48 billion. Eni said adjusted net profit more than doubled compared with the third quarter of the previous year. Preliminary adjusted operating profit was €6 billion, double the year-earlier level, and up 12% from the previous quarter. The results provided direct financial backing for the announced increase in cash returns to shareholders, alongside the higher annual cash flow forecast. The company attributed the quarter’s performance to volume growth, asset reliability and portfolio optimization.
Production from Eni’s core exploration and production activities rose 7% year on year to 1.83 million barrels of oil equivalent per day in the third quarter of 2026. Eni said growth was 2% compared with the previous quarter, noting that the annual figure excludes the impact of prices. The company attributed the increase to project production growth and the contribution of the Sera project, while linking improved performance in its exploration and production division to higher production volumes and a better mix. On liquidity, adjusted operating cash flow before working capital was €4.29 billion during the quarter. Net debt stood at €6.7 billion at quarter-end, with preliminary gearing at 9%.
Eni’s dividend policy calls for returning 100% of the increase in adjusted operating cash flow as a special distribution if the expected annual Brent price scenario exceeds $90 per barrel and gas prices and refining margins exceed the scenario assumptions by more than 50%. In its updated 2026 forecast, the company assumed a Brent price of $95 per barrel. The scenario also included a refining margin of $18 per barrel and a gas price of €55 per megawatt-hour. These assumptions set out the framework behind the company’s updated annual forecast, while it linked the special dividend decision to improved cash flow and operating and financial performance. The planned ordinary dividend of €1.10 per share remains separate from the announced special distribution.
Results extended beyond exploration and production: EniLive and Plenitude generated combined adjusted operating profit of €1.8 billion in the first nine months of 2026, up 20% from the same period a year earlier. Chief Executive Claudio Descalzi also said the company discovered 1.23 billion barrels of new hydrocarbon resources during 2026, exceeding its budget target. Descalzi added that the discoveries were “well above our budget target.” These figures provide context on the performance of the company’s businesses and projects during the year, alongside the growth in core production recorded in the third quarter. The company had attributed the quarter’s results to volume growth, asset reliability and portfolio optimization.
Eni set December 7, 2026, as the ex-dividend date for the special distribution and December 8 as the record date, before payment on December 9. The company thus separates the ex-dividend trading date from the date for registering eligible shareholders, with payment following a day later. On projects, a consortium including YPF, Eni and XRG applied to benefit from Argentina’s RIGI regime. The initial phase of the country’s LNG export project targets capacity of 12 million tonnes a year. Eni expects to take a final investment decision near the end of 2026.