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Eni (ENI) investor relations material

Eni Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary29 Jul, 2026

Executive summary

  • Proforma adjusted EBIT rose 40% year-over-year to €8.91 billion in H1 2026, with Q2 EBIT doubling to €5.38 billion, driven by strong E&P, GGP, and transition businesses.

  • Adjusted net profit increased 43% to €3.64 billion, with net profit at €4.39 billion, reflecting strong operational performance and a €2.1 billion gain from the Searah JV.

  • Underlying hydrocarbon production grew 11% year-over-year to 1.79 million boe/d, with full-year production growth expected at around 5%.

  • Strategic progress included major discoveries, project ramp-ups, Searah JV establishment, and expansion in renewables and biofuels.

  • Transition businesses (Enilive and Plenitude) delivered €1.1 billion adjusted EBITDA in H1 2026, with Plenitude’s deconsolidation planned for Q3.

Financial highlights

  • Group proforma adjusted EBIT: €8.91 billion (+40% y-o-y); Q2 2026 EBIT: €5.38 billion (doubled y-o-y); adjusted net profit: €3.64 billion (+43% y-o-y); net profit: €4.39 billion (+156%).

  • Cash flow from operations (pre-working capital) was €7.3 billion in H1 2026; Q2 2026 adjusted CFFO: €4.47 billion.

  • Organic capex in H1 2026: €3.7 billion (down 5% y-o-y); net borrowings before lease liabilities: €11.3 billion; proforma gearing at 10%.

  • Share buyback program increased to €3.4 billion for 2026; €860 million spent as of July 17, 2026.

  • Dividend per share for 2026 confirmed at €1.10 (+5% y-o-y); cash returns to shareholders in Q2 2026 totaled €1.35 billion.

Outlook and guidance

  • FY26 oil & gas production growth guidance raised to ~5%, with 4% CAGR expected through 2030.

  • GGP adjusted proforma EBIT guidance raised to over €1.4 billion (+40% vs. initial); Enilive and Plenitude FY proforma adjusted EBITDA guided at €1.3 billion each.

  • Adjusted CFFO expected at €15 billion at revised Brent scenario of $85/bbl.

  • Share buyback program increased to €3.4 billion; extraordinary dividend possible if Brent exceeds $90/bbl or refining margins remain high.

  • Gearing expected to remain at 10–15% for 2026.

Extraordinary dividend refining margin triggers
Searah JV role in Kutei Basin development
Capital structure goals for Plenitude
Contractual structure for Junin-5 in Venezuela
Mercuria JV contribution to cash flow per barrel
Cost control strategy for 54 organic projects
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