Eni (ENI) CMD 2025 summary

Strategic direction and business transformation

• Focus on proprietary technologies, low-carbon barrels, and expanding the gas portfolio, with new business combinations in Indonesia-Malaysia and a CCUS satellite company launch in 2025.

• Accelerating renewables, EV network, and biorefining growth, transforming chemicals for sustainability, and integrating industrial and customer businesses.

• Versalis transformation includes closing uncompetitive steam cracking, shifting to biochemistry, specialized polymers, and circularity, targeting EBIT break-even by 2027 and €900m–€1bn EBIT turnaround by 2028/2030.

• Launching a unique 'blue power' approach for data centers, leveraging computational power and gas-fired generation with CCS for decarbonization.

• Strategy leverages technology, innovation, and legacy strengths for growth and risk-adjusted returns.

2024 achievements and operational milestones

• Achieved 3% upstream production growth, 1.2bn boe new resources, and major project start-ups in Ivory Coast, Indonesia, Libya, and affiliate activities.

• GGP EBIT pro-forma €1.1bn, 40% above guidance; Ravenna CCS phase 1 started; agri-feedstock production tripled vs 2023.

• Plenitude reached 4.1GW renewables (+30% YoY); Enilive completed SAF unit in Gela and launched 3 new FIDs.

• 2024 adjusted pro forma EBIT €14.3bn, adjusted CFFO €13.6bn, both exceeding plan; net capex €5.3bn.

• Reduced pro-forma leverage to 15%, historical minimum.

Upstream, exploration, and production outlook

• 2025 production guidance at 1.7m boe/d, with 3–4% annual organic growth through 2030; reported growth 2–3% after portfolio actions.

• Major projects in Angola, Congo, Indonesia, Côte d'Ivoire, Cyprus, Mozambique, and joint venture with PETRONAS targeting 500,000 boe/d.

• LNG contracted volumes to double by 2030; GGP EBIT pro-forma €0.8bn in 2025, with upside potential.

• Upstream net Scope 1+2 emissions cut by 55–65% since 2018, targeting net zero by 2030.

• Free cash flow per barrel expected to improve by 40% through the decade.