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Eni (ENI) investor relations material
Eni Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strategic transformation advanced with efficient upstream growth, LNG integration, and expansion into decarbonization and transition businesses, including major new resources in Namibia, Norway, and Indonesia.
H1 2025 proforma adjusted EBIT was €6.36 billion, down 22.6% year-over-year, with adjusted net profit at €2.55 billion and strong cash flow from operations at €6.2 billion.
Transition businesses like Plenitude and Enilive delivered material value, with significant capacity growth and strong investor interest, including a €2 billion Ares investment for a 20% Plenitude stake.
Versalis restructuring accelerated, with early plant closures and transformation plans targeting a €1 billion EBIT turnaround.
Major strategic agreements and JVs in Argentina LNG, Indonesia/Malaysia with Petronas, and CCUS with GIP support long-term growth.
Financial highlights
H1 2025 adjusted EBIT: €6.4 billion; adjusted net profit: €2.5 billion; CFFO: €6.2 billion; Q2 2025 proforma adjusted EBIT: €2.68 billion.
Upstream production reached 1.67 million boe/d, in line with guidance; Q3 production expected at 1.7–1.72 million boe/d.
Net debt decreased to €10.2 billion, €2 billion lower than year-end 2024; proforma leverage at 10%, lowest in company history.
Gross capex YTD at €3.9 billion, on track for full-year guidance under €8.5 billion; net capex expected below €6 billion.
Dividend per share set to increase 5% to €1.05, with a buyback program of at least €1.5 billion underway.
Outlook and guidance
FY 2025 CFFO outlook raised to €11.5 billion, €500 million higher than previous guidance.
Full-year upstream production guidance reaffirmed at 1.7 million boe/d; Q3 guidance 1.7–1.72 million boe/d.
Buyback program to continue at a steady pace, with potential for further increases depending on financial performance.
Proforma leverage to be maintained between 15–20% in 2025; year-end leverage expected between 0.15–0.2.
GGP proforma adjusted EBIT guidance raised to ~€1 billion; gross capex expected below €8.5 billion.
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Frequently asked questions
Italian Energy Giant
Eni SpA, commonly known as Eni, is a globally recognized name in the energy sector. Founded in Rome, Italy, in 1953, Eni has grown to become an integral player in the global energy landscape. The company's operations encompass the full energy mix, with an emphasis on oil and gas exploration and production, refining, and power generation.
Italians Through and Through
Eni's roots are deeply intertwined with Italian history. The company was established in the post-WWII period, spearheaded by the industrious Enrico Mattei, who sought to reduce Italy's reliance on foreign oil. Eni rapidly expanded its operations across the Italian peninsula, quickly establishing a robust domestic oil and gas industry. To this day, Eni's headquarters are still located in Rome, and the company remains a significant employer and contributor to the Italian economy. With operations in over 60 countries, Eni is today considered one of the supermajors in the world of oil and gas, along with other industry titans such as ExxonMobil, Shell, and BP.
An Industry Titan
Over the years, Eni has proven itself to be a formidable player in the international energy sector. The company's activities cover the entire energy chain, including exploration, production, transport, transformation, and marketing of oil and gas. Eni's successful exploration activities have led to major discoveries, particularly in Africa and the Mediterranean. However, it's not only about oil and gas. Eni is also actively involved in power generation, providing electricity and heat through natural gas, wind, solar, and other sources. In addition to this, Eni also operates in the petrochemicals sector, producing a wide range of products used in various industries, including automotive, healthcare, and textiles.
Looking Ahead
Just like every other company in the energy sector, Eni faces the complex challenge of adapting to the global energy transition. Acknowledging the pressing need for a more sustainable energy future, the company has begun to invest in more renewable energy sources. Their "Eni gas e luce" division, for example, supplies electricity and natural gas to households, companies, and public administrations. The company is aiming to offer more sustainable solutions to its customers and transition towards a future that will be relying less and less on oil and gas, and more on renewable energy sources.
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