
Eni SpA said it will seek shareholder approval for a share repurchase program worth EUR 1.5 billion ($1.64 billion), increasable up to EUR 3.5 billion.
The program would run until April 2026. The board will put forward the plan in the company’s extraordinary shareholder meeting May 14, 2025.
Under its 2025-28 “Strategic Plan”, Eni intends to distribute to shareholders 35-40 percent of annual cash flow from operations through dividends and share redemptions.
“The maximum amount of shares that can be purchased under the program is no. 315 millions of shares (approximately 10 percent of Eni’s share capital)”, Eni said in an online statement.
It added, “The Board of Directors has also resolved to submit a proposal to the Shareholders’ Meeting, called in extraordinary session, to cancel the treasury shares to be purchased under the new buyback Program (maximum no. 315 millions of treasury shares)”.
“This cancellation will be carried out by the Board of Directors without reducing the share capital, in view of the absence of the par value of Eni’s shares, by July 2026, in one or more acts, even before the maximum number of shares authorized by the Shareholders’ Meeting has been purchased”, the state-backed company said.
In another statement Eni said, “Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to distribute to Shareholders the fourth of the four tranches of the provision in place of the 2024 dividend from Eni S.p.A. available reserves of EUR 0.25 (compared to a total annual provision, in place of the dividend, equal to EUR 1.00) per share outstanding at the ex-dividend date as of 19 May 2025, payable on 21 May 2025, as resolved by the Shareholders’ Meeting of 15 May 2024”.
In its report of annual results published February 27, 2025, Eni said it had EUR 5.1 billion in planned shareholder distribution for 2024 including an increased buyback worth EUR 2 billion. Eighty percent of the total yearly distribution has been completed at the end of 2024, according to Eni.
For 2024 Eni logged EUR 13.59 billion in cash flow from operations before changes in working capital at replacement cost, down 18 percent from 2023. Net cash from operations totaled EUR 13.09 billion, down 13 percent year-on-year.
Proforma adjusted earnings before interest and taxes stood at EUR 14.32 billion, down 20 percent against 2023. Net profit adjusted for extraordinary or nonrecurring items landed at EUR 5.26 billion, down 37 percent year-over-year.
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