# Eni raises 2026 cash-flow outlook as nine-month performance lifts shareholder returns

> The Italian energy group raised its cash-flow forecast to €16.5 billion, increased its buyback plan to €3.8 billion and approved an extra €0.46-per-share dividend after reporting higher production and earnings for the third quarter.

- Topic: Corporate
- Subjects: Oil, Natural gas, Finance, Renewables
- Event date: 2026-10-23
- First published on EPC Feed: 2026-10-25T01:45:37.511Z
- Updated: 2026-10-25T01:45:37.511Z
- Companies: Eni
- Countries: Italy
- Page: https://epcfeed.com/news/eni-raises-2026-cash-flow-guidance-after-strong-nine-months


## Key facts

- Q3 production: 1.83 million boe/d; underlying output +7% year on year
- Q3 pro forma adjusted EBIT: €6.0 billion
- 2026 adjusted CFFO outlook: €16.5 billion
- Extraordinary dividend: €0.46 per share; approximately €1.3 billion total
- 2026 buyback plan: €3.8 billion

Eni’s board approved the company’s third-quarter and nine-month results on October 22, with the results released the following morning. The update combines stronger operating performance with a higher 2026 cash-flow forecast and a further increase in planned distributions to shareholders. The company now expects adjusted cash flow from operations for 2026 of €16.5 billion under its revised market assumptions, an improvement of €1.2 billion against its initial guidance and the group’s sensitivities.

For July–September, underlying exploration and production output rose 7% year on year, excluding price effects, and reached 1.83 million barrels of oil equivalent per day, up 2% sequentially. Eni attributed the growth to project ramp-ups in West Africa, offshore Mexico and Norway, and a full quarter of operations from the Searah joint venture in Southeast Asia. Pro forma adjusted EBIT doubled from a year earlier to €6 billion, while adjusted net profit was €2.8 billion. The group reported €4.29 billion in adjusted operating cash flow before working-capital changes and €1.3 billion in organic capital expenditure for the quarter.

The improved outlook led the board to approve an extraordinary dividend of €0.46 per share, or about €1.3 billion in total, payable on December 9. Eni also raised its 2026 share repurchase plan by 12% from the prior €3.4 billion guidance to €3.8 billion. The company said the extra distribution follows its policy for returning cash generated above plan under specified market conditions; it maintained its planned ordinary dividend of €1.10 per share for 2026. These are board-approved plans and declared payments, rather than completed distributions.

Guidance for underlying oil and gas production growth in 2026 was raised to 6–7%. Eni lifted its pro forma adjusted EBIT outlook for gas, global trading and power to around €1.5 billion, and its full-year adjusted EBITDA forecasts to €1.4 billion for Enilive and around €1.2 billion for Plenitude. Eni expects Plenitude to reach 6.5 GW of installed renewable capacity by year-end, with another 1.2 GW under construction, while Enilive’s an additional 0.5 million tonnes a year of biorefinery capacity is expected to reach mechanical completion at year-end, alongside 1.65 million tonnes a year of available capacity.

The balance-sheet and portfolio changes provide context for the new figures. Eni reported net debt of €6.7 billion and pro forma gearing of 9% at quarter end. Its results release says Plenitude was deconsolidated from Eni’s balance sheet at the end of September after its capital increase and governance changes with Ares. It also reported closing a 10% sale in the Baleine project and signing agreements in October to farm out a retained 10% interest in Indonesian gas assets. The company’s outlook assumes Brent at $95 a barrel, a refining margin of $18 a barrel and TTF gas at €55/MWh; its forecasts therefore depend on those market assumptions and operating execution.

For EPC and energy-market readers, the report signals capital availability alongside continued investment. Eni confirmed gross capital expenditure guidance of €7 billion and net capex below €4.5 billion for 2026. Its projected cash returns sit alongside this spending plan, with the company describing production ramp-ups, asset sales and satellite-business restructuring as parts of the year’s performance. The announcement gives a company forecast and board resolutions; it does not establish that the full-year targets or future payments have already been achieved.

## Sources

1. [Eni: results for the third quarter and nine months of 2026](https://www.eni.com/en-IT/media/press-release/2026/10/2026-third-quarter-results.html). Company release, Eni, Published 2026-10-23, Read 2026-10-25.
2. [Financial Results and Reports – 2026 Third Quarter Results](https://www.eni.com/en-IT/investors/our-reports/financial-results.html). Company release, Eni, Read 2026-10-25.
3. [The members of Eni’s Board of Directors](https://www.eni.com/en-IT/governance/corporate-bodies/board-directors.html). Reference, Eni, Read 2026-10-25.