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Eni (ENI) investor relations material
Eni Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Q3 2025 and 9M 2025 results showed strong execution of strategy, with 6–8.5% year-on-year upstream production growth, robust cost efficiencies, and progress in both traditional E&P and energy transition businesses.
Major project milestones included Agogo West Up in Angola, Coral North FLNG FID in Mozambique, Baleine field stake sale in Ivory Coast, and new start-ups in Norway and Indonesia.
Transition segment advanced with biorefinery conversion, targeted tripling of biofuel capacity by 2030, and strong renewable capacity growth.
Portfolio strengthened by asset sales, private equity investments in transition businesses, and strategic agreements in LNG, renewables, and biorefining.
Technology and AI deployment supported operational optimization and financial performance.
Financial highlights
Q3 2025 proforma adjusted EBIT reached €3.0 billion, up 12% sequentially but down 6–12% year-on-year; net profit was €1.2–1.25 billion, with nine-month net profit at €3.79–3.8 billion.
Upstream proforma EBIT was €2.6–2.64 billion; GGP delivered €279–346 million EBIT in Q3.
Enilive reported €233 million EBIT and €317 million EBITDA, up 26–35% year-on-year; Plenitude EBIT softened to €98 million.
Adjusted net income was €1.25 billion in Q3, flat to down 2% year-on-year, despite lower oil prices and a stronger euro.
Net debt declined to €9.9 billion, with leverage at 19% (proforma 12%); net borrowings before lease liabilities down €2.2 billion from December 2024.
Outlook and guidance
Full-year 2025 production guidance raised to 1.71–1.72 million boe/d, with Q4 expected at 1.8 million boe/d.
Group CFFO guidance increased to €12 billion, with net capex below €5 billion and gross capex below €8.5 billion.
Share buyback for 2025 increased to €1.8 billion, with €1 billion remaining to be executed; dividend for FY25 set to rise 5% to €1.05/share.
GGP full-year EBIT expected to exceed €1 billion; cash initiatives and self-help measures to deliver €4 billion benefit.
Year-end leverage expected in the 15–18% proforma range.
How does Eni sustain increased shareholder returns?
How do satellite JVs unlock transition value?
What is the future composition of upstream production?
When will Versalis restructuring benefits materialize?
FLNG CapEx, OpEx, emissions benefits?
What drives SAF demand beyond mandates?
FLNG: Cost, emissions, speed benefits vs onshore?
Biofuel market: SAF demand/supply balance risk?
GGP profitability: Structural or temporary?
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Q4 202519 Feb, 2026
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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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