In flurry of quarterly reports that are landing on the stock markets, what appears to be a watchword valid for everyone emerges, the buy back. Never reasons at the basis of this widespread strategy are very different between companies or banks who have a good cash register availableSome do it to gain more weight in the capital, some adopt it to better remunerate shareholders, some to stabilize the stock, some to improve financial indicators: the reduction in the number of shares in circulation automatically increases theEarnings per Share (Eps) and can improve the Return on Equity (ROE), making the company more attractive to investors. There are those who still have good cash but does not choose the buy back: the capital is already committed to other purposes.
"Let's start from a fixed point. Buybacks are not a conditioned reflex," he says. Gabriel Debach, market analyst at eToro. “It doesn't happen automatically when there is cash. It kicks in when management looks at the internal opportunities and concludes that the marginal return is fallingIf the capital cannot find uses capable of generating a ROIC (Return on Invested Capital, ed) higher than the cost of capital, then buying back shares becomes an act of discipline, not of generosity".
The companies that are accelerating today on buybacks They have a specific profile. They're mature, generate structural cash flow, have solid balance sheets, and have less room for double-digit growth through internal reinvestment. Energy, telco, banks“In these cases, the buyback is almost a thermometer: it signals that the industrial machine is stable and that the surplus must be redistributed efficiently,” says Debach.
On the other hand we find companies like Italian Post, Moncler, LeonardoSolid profits, but different philosophy. Post favors a robust dividend, also because the'public shareholder calls for predictable flows. Moncler reinvests in the brand and international expansion, with a long-term vision typical of strongly controlled companies. Leonardo operates in a sector where funds are often already allocated to research and multi-year contracts. Here the capital it's not in excess, it's already busy.
The real difference lies in the nature of the commitment. The dividend is an implicit promise. When you raise it, the market incorporates it as if it were permanent.”Cut it, even just out of caution, is interpreted as a sign of weakness. The buyback, on the other hand, is scalable,” says the eToro analyst. “You do it if there is equity space, you suspend it if the cycle changes.
for banks, which must communicate with the ECB and manage stringent capital requirements, this flexibility is a strategic advantage. It's no coincidence that the sector has combined high coupons with aggressive buybacks, capitalizing on the extra capital accumulated by rising interest rates.
Then there is the cultural factorIn Italy, the coupon is still a defining characteristic. Retailers, families, and a portion of domestic shareholders prefer visible and recurring flows. Even the government, where present, values predictability.
Here are the latest major buyback operations and the reasons stated by the companies
Allianz, the German insurance company that owns bond investor Pacific Investment Management, which has made the buy back is his priority, announced that it will buy back additional shares for up to 2,5 billion euros. This is not an isolated incident: The amount adds to the approximately 16 billion euros in buybacks carried out by the company since the beginning of 2017. Allianz said that the further share buybacks will start in March and will last at the latest until December. Moreover, the insurance company, led for about 10 years by Oliver Baete, has a generation of available cash very solid organic (record operating profit of 17,4 billion in 2025) and has funds in excess of growth needs. The buyback strategy also represents a strong signal from management on financial solidity of the group, says Allianz itself, supported by a solvency ratio (Solvency II) constantly maintained above 150%.
Eni, which has just announced the completion of its 2025 buyback program worth 1,8 billion euros, explained that the aim of the purchase of its own shares is to "recognize the shareholders a further remuneration with respect to the distribution of dividends". The final transactions were carried out between 16 and 18 February this year, at a weighted average price of 18,2 euros per share. As part of the program, the group led by the CEO Claudio Descalzi purchased 118,8 million shares, equal to 3,77% of the share capital, for a total value of 1,799 billion euros.
Considering the treasury shares already in the portfolio and the purchases made since the launch of the program, on May 20, 2025, as well as the assignments of ordinary shares to Eni employees provided for by the 2020-2022 long-term incentive plan and by the widespread share ownership plan which had a record participation, the group holds 205,6 million treasury shares equal to 6,53% of the share capital.
The Enel has put on the track this week a new buyback program to "recognize the shareholders, a additional remuneration "with respect to the distribution of dividends," the company explains, due to the cancellation of treasury shares purchased for this purpose and follows the previous share buyback program, launched in August 2025 and concluded the following December with the purchase of over 122,4 million shares and a total outlay of approximately €1 billion. The new buyback, which began last Monday and will conclude by July 31, may also reach a total outlay of €1 billion for a maximum of 150 million shares, equivalent to approximately 1,48% of the share capital. Both programs fall within the scope of the May 2025 resolution that authorized the board of directors to purchase up to €3,5 billion, for a maximum of 500 million shares. To date, the group led by the CEO, Flavio Cattaneo, holds over 136,7 million treasury shares in its portfolio, equal to approximately 1,34% of the share capital.
For Tim at the basis of the strategy of repurchase of actions, combined with the proposal of grouping, there is hope to give greater stability to the listed title, as well as providing a leaner and more efficient capital structureThe board of directors of the telecommunications group, led by the CEO Peter Labriola has decided, together with the preliminary results 2025, to propose a grouping 1 to 10, with one ordinary share to be assigned for every 10 shares owned. The transaction, which will be voted on at the meeting on April 15, may be carried out following the reduction of share capital and conversion of savings sharesThe reverse stock split, TIM explains in a statement, "will reduce stock volatility, also by attracting new investor classes and, together with the conversion of savings shares, will result in a more streamlined and efficient capital structure." The board of directors has opted for a buyback of up to €400 million, subject to the closing of the sale of Sparkle, now expected in the second quarter of 2026. The buyback involves a maximum of 700 ordinary shares, equal to approximately 3,3% of the share capital.
The engineering giant Rolls Royce Holdings, which designs and manufactures engines for civil and military aircraft, announced a £2,5 billion share buyback as part of a multi-year buyback program of between £7 billion and £9 billion, declaring a final dividend of 5 pence per share.
Behind the decision of the London Stock Exchange Group to buy back another £3 billion ($4,1 billion) of shares over the next year, but there appears to be more of a pressure of the investor Elliott Management amid fears that artificial intelligence could undermine its business. New York-based Elliott recently emerged as a shareholder, prompting CEO David Schwimmer to review LSEG's portfolio, increase margins that lag behind competitors, and better communicate its resilience to AI threats, according to reports. Reuters, adding that Elliott had pushed for a higher share buyback of £5 billion.
sony-group Instead, it announced that it would expand its share buyback program by 100 billion yen to 250 billion yen.
