(Updates with stock move in the headline and first paragraph, adds 2025-2028 plan starting in the fourth paragraph.)

Eni (E) shares were falling 1.9% in early Thursday trading after the company reported Q4 earnings and revenue that came in below analysts' estimates.

The company reported Q4 earnings Thursday of 0.07 euros ($0.07) per diluted share, up from 0.05 euros per share a year earlier. Analysts polled by FactSet expected 0.31 euros per share.

Revenue for the quarter ended Dec. 31 was 23.97 billion euros, down from 24.98 billion euros a year earlier. Analysts surveyed by FactSet expected 24.68 billion euros.

Separately, Eni also unveiled its 2025-2028 plan and strategic outlook. Eni Chief Executive Claudio Descalzi said the company expects to grow cash flow from operations, or CFFO, per share at more than 14% per year.

Also, the company's dividend will be "supplemented with a share buy-back plan for an overall payout in the range of 35-40% of CFFO, raised from 30-35% previously, reflecting the strategic, operational and financial advances we have made," Descalzi said.

Descalzi said that, in the event of upside in cash generation, 60% of the additional cash will be distributed to shareholders, which means that for 2025 the proposed dividend will be 1.05 euros per share, up 5% and the share buyback will be initially set at 1.5 billion euros with upside up to 3.5 billion euros.

Eni also said it expects net capital expenditures of 7 billion euros a year between 2025 and 2028, which is "in line with last year despite the significant portfolio activity in 2024 and the effects of cost inflation and the stronger USD."

For 2025, the company expects gross capex below 9 billion euros and pro forma net capex between 6.5 billion euros and 7 billion euros.

Price: 29.33, Change: -0.58, Percent Change: -1.94