The board of Eni has greenlit an ambitious new share buyback plan, setting the stage for a potential multi-billion-euro return to investors.

 

Meeting on March 18 under Chairman Giuseppe Zafarana, directors approved a proposal to be put before shareholders on May 6 that would authorize the repurchase of up to 303 million shares—roughly 10% of the company’s capital—through April 2027.

 

At the heart of the move is a €1.5 billion buyback slated for 2026, tied to the company’s newly unveiled 2026–2030 strategic plan. But that figure could surge to as much as €4 billion if cash flow outperforms expectations, signaling confidence in the group’s financial outlook.

 

The vast majority of the shares—up to 297.9 million—are earmarked to reward shareholders, while a smaller tranche of up to 5.1 million shares will fund the company’s long-term incentive plan for 2026–2028.

 

The company said purchases will be executed within strict regulatory boundaries, with prices capped within a 10% range above or below the previous day’s closing price on Borsa Italiana’s Euronext Milan market.

 

Eni also plans to cancel up to 297.9 million of the repurchased shares—without reducing its share capital—by July 2027, a move designed to boost shareholder value by shrinking the share count.

 

Shareholders will additionally be asked to authorize the use of repurchased shares for incentive schemes and other legally permitted purposes, giving the board flexibility in deploying the stock.

 

As of now, Eni already holds 86.8 million treasury shares, equal to about 2.9% of its capital, with no shares held by its subsidiaries.