Eni stock gains as Q3 profit surge lifts cash-return outlook

Eni's third-quarter performance strengthened the Italian energy group's cash-return outlook ahead of a busy industry week. In a press release published by Eni on October 23, the company said its board had approved the third-quarter and nine-month results and increased both its cash flow outlook and shareholder distributions.

Eni stock traded at 26.85 euros on Lang & Schwarz at 09:07 CET on Monday, November 2, 2026. The quote is a market indication and is not paired here with a verified Xetra closing comparison. Investors can follow the real-time quote of Eni stock during the session.

Third-quarter earnings accelerate

Eni said pro forma adjusted EBIT doubled year on year to 6 billion euros in the third quarter. Adjusted net profit more than doubled to 2.8 billion euros, while exploration and production delivered pro forma adjusted EBIT of 4.63 billion euros, up 76 percent from the year-earlier quarter.

Underlying upstream production rose 7 percent year on year to 1.83 million barrels of oil equivalent per day and increased 2 percent sequentially. Eni attributed the production progress to project ramp-ups in West Africa, offshore Mexico and Norway, together with a full-quarter contribution from the Searah joint venture in Southeast Asia.

Gas, global gas and power operations generated 0.45 billion euros of pro forma adjusted EBIT, including 0.41 billion euros from the gas business. Enilive's pro forma adjusted EBIT rose 80 percent to 0.41 billion euros, supported by biorefining, while Plenitude reached 0.19 billion euros, up 95 percent as renewable-energy volumes grew. Refining also benefited from improved plant utilization, although Versalis remained loss-making amid weaker chemical-product margins.

Higher outlook supports payouts

Eni raised its 2026 cash flow from operations outlook to 16.5 billion euros. The company also lifted its underlying oil and gas production growth range to 6-7 percent, increased its gas and power EBIT guidance to about 1.5 billion euros and raised the full-year Enilive pro forma adjusted EBITDA target to 1.4 billion euros.

Strong operating cash generation and portfolio actions reduced pro forma gearing to 9 percent at the end of the third quarter. Adjusted cash flow from operations before working capital reached 4.29 billion euros, while cash returns to shareholders totaled 1.9 billion euros during the quarter.

Against that backdrop, Eni approved an extraordinary dividend of 0.46 euros per share, totaling 1.3 billion euros, and raised its 2026 buyback by 12 percent to 3.8 billion euros. The company kept its ordinary 2026 dividend at 1.10 euros per share, 5 percent above the 2025 level. The extraordinary dividend is scheduled to go ex-dividend on December 7, with payment due on December 9.

Projects broaden growth options

Eni also pointed to a strategic agreement with Venezuela's PDVSA to restart production at the Junin 5 field and to export gas from the Perla field. The company said the agreement provides access to about 5.5 billion barrels of oil equivalent in recoverable resources. In Argentina, a consortium involving Eni, YPF and XRG advanced an integrated liquefied natural gas project with initial planned export capacity of 12 million tonnes per year.

Management said exploration had delivered 1.23 billion barrels of new hydrocarbon resources during 2026, above its budget target. Eni also highlighted its agreement with Ares, which reduced its stake in Plenitude from 70 percent to 65 percent and moved the business off the group's balance sheet from the end of September.

The Euro Stoxx 50 market environment remains relevant for investors assessing energy shares alongside broader European risk appetite.

Further operating updates will be measured against the revised 2026 cash flow, production and distribution targets. More news and analyses on Eni stock will follow as the company reports progress on its upstream projects and shareholder-return program.