Shareholders of Italian energy major Eni approved the company’s 2025 financial statements, a €4 billion share buyback program, and a new slate of directors and auditors at the company’s annual meeting on Wednesday, as the group continues to prioritize shareholder returns amid volatile energy markets.
The company also confirmed a total 2026 dividend of €1.10 per share, to be distributed in four installments through May 2027, alongside authorization for a potential extraordinary dividend
Shareholders approved Eni’s 2025 standalone financial statements, which showed net profit of approximately €4.43 billion, and voted to allocate the earnings to reserves rather than distribute them directly.
The meeting also renewed Eni’s board for a three-year term ending with approval of the 2028 financial statements. Giuseppina Di Foggia was appointed chair of the board, while long-serving CEO Claudio Descalzi retained a board seat as the company continues to expand its upstream portfolio and low-carbon businesses.
A major focus of the meeting was shareholder remuneration. Investors authorized the repurchase of up to 303 million shares for a total consideration of up to €4 billion through April 2027, with most of the buyback earmarked for shareholder remuneration. The company also secured approval to cancel up to 297.9 million treasury shares.
The move reinforces a broader trend among European oil majors prioritizing capital returns as commodity prices stabilize after the extreme volatility seen following Russia’s invasion of Ukraine. Companies including Shell plc and TotalEnergies SE have likewise maintained aggressive buyback and dividend strategies despite weaker refining margins and softer crude prices.
Eni has increasingly positioned itself as one of Europe’s most active energy transition investors while continuing to grow oil and gas production. The company has expanded its upstream presence in Africa and the Eastern Mediterranean in recent years, while also advancing biofuels, carbon capture, and renewable power projects.
The shareholder meeting also approved Eni’s 2026-2028 long-term incentive plan for management and backed the company’s 2026 remuneration policy.
By Charles Kennedy for Oilprice.com
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