Eni Boosts Buybacks, Dividend as Third-quarter Net Profit Surges; Shares Gain

04:42 AM EDT, 10/23/2026 (MT Newswires) -- Shares in Eni (ENI.MI) rose on Friday after the energy giant bolstered shareholder returns as third-quarter net profit nearly quadrupled year over year. Attributable net profit increased to 3.21 billion euros from 803 million euros a year earlier, while total revenue jumped to 26.04 billion euros from 18.68 billion euros, the Italian oil and gas company said in its earnings release. Eni raised its ongoing buyback program by 12% from the previous guidance to 3.8 billion euros and also announced an extraordinary dividend of 0.46 euro per share. The plans for a full-year 2026 ordinary dividend of 1.1 euros per share, up 5% from the previous year, were confirmed. The company's shares were up more than 3% during early trading in Milan. "Eni's excellent results in 3Q were driven by the strength of our operating model and disciplined investments into a well-diversified portfolio of advantaged assets," Chief Executive Claudio Descalzi said. Looking ahead, the underlying oil and gas production growth outlook for 2026 was raised to a range of 6% to 7%. Eni previously expected growth of 5%. "Eni reported a strong set of results this morning, with a 13% beat vs consensus at the net income level (5% at EBIT level), driven by stronger results in refining as well as a lower effective tax rate. Divisionally at the adjusted EBIT level, the refining segment came in well ahead of consensus (40% beat, (Euro)207m above consensus), with Enilive and GGP also seeing stronger trends (14% and 10% beats respectively), RBC Capital Markets said in a research note.