Eni Raises 2026 Share Buyback to €2.8B After €1.3B Q1 Profit Miss
Eni reported Q1 adjusted net profit of €1.3 billion, falling short of expectations due to refining and chemicals weakness and heavy downstream maintenance. The company raised its 2026 share buyback to €2.8 billion and boosted cash flow from operations guidance by 20% to €13.8 billion.
1. Q1 Financial Results and Challenges
Eni posted adjusted Q1 net profit of €1.3 billion, missing analyst forecasts due to refining and chemicals weakness and extensive downstream maintenance, with reported net income of about $1.5 billion.
2. 2026 Share Buyback Increase and Cash Flow Guidance
The company raised its 2026 share buyback program to €2.8 billion and increased cash flow from operations guidance by 20% to €13.8 billion, signaling confidence in cash generation despite the profit miss.
3. Production and Capital Expenditure Outlook
Eni projects upstream production growth of 2-4% in Q2 and 3-4% for the full year, and reaffirmed gross capex at €7 billion and net capex at €5 billion to support ongoing operations.
4. Strategic 2026-2030 Satellite Model and Gas Export Deal
The 2026-2030 strategic plan focuses on a satellite model targeting €17 billion in CFFO by 2030 at a 14% CAGR and maintaining 10-15% gearing, while joint ventures aim to triple bio-refining capacity, expand renewables, and export Venezuelan gas via a new LNG terminal by 2031.