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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Eni
Eni (ENI) investor relations material
Eni Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved strong operational and financial performance in 2025, with sector-leading upstream growth, 4% production increase, and significant expansion in renewables and bio-refining capacity.
Started up six major projects, including Congo LNG and Baleine, and secured a reserves replacement ratio above 160% with 900 million boe discovered.
Major business combination with PETRONAS in Indonesia and Malaysia established a new growth platform; strategic partnerships and asset transactions supported portfolio flexibility.
Enhanced shareholder returns through increased dividends and buybacks, with total shareholder return of 32% in 2025 and a 20% increase in share buybacks.
Accelerated industrial transformation, including early closure of crackers and advancing Versalis toward bio and specialized products.
Financial highlights
Cash flow from operations (CFFO) reached €12.5 billion, exceeding guidance; free cash flow was €5.4 billion, or €11.2 billion including portfolio activity.
Adjusted EBIT pro-forma was €12.22 billion; adjusted net profit was €5.0 billion for FY25.
Gross CapEx reduced to €8.5 billion, with net CapEx below €5 billion, outperforming expectations.
Pro forma gearing at year-end was 14%-15%, with net debt down almost €3 billion.
Share buyback increased by 20% to €1.8 billion in 2025; dividend per share set at €1.05 (+5% y-o-y).
Outlook and guidance
Gross CapEx for 2026 expected at €7 billion, net CapEx around €5 billion.
Pro forma gearing in 2026 expected to remain at 10%-15%.
Dividend policy remains a priority, with a history of 5% annual increases over five years.
Upstream production growth to be driven by recent startups and PETRONAS JV, with more details to be provided in March.
Continued focus on portfolio management, value crystallization, and disciplined capital allocation.
Detail 2026 capex split for E&P vs transition
Drivers for transition businesses' profit growth
Future portfolio optimization and asset sales
What is the strategy for Venezuela's upside?
What is the outlook for biofuel margins in 2026?
How does Eni manage its cash initiatives?
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Next Eni earnings date
CMD 202619 Mar, 2026
Eni
Next Eni earnings date
CMD 202619 Mar, 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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