Eni (ENI) CMD 2026 summary

Strategic direction and execution

• Dual growth strategy leverages upstream (E&P) and transition businesses, supported by disciplined execution and financial resilience.

• E&P portfolio delivers visible production and cash flow growth, with major projects in Southeast Asia, Americas, and Africa.

• Transition businesses are structured as stand-alone, self-financing entities, attracting significant external investment and supporting sustainable growth.

• Technology leadership and innovation drive differentiation, with investments in CCS, batteries, fusion, and digitalization.

• Innovative financial model with satellite companies enables self-funding, improved cashflow outlook, and maximized capital discipline.

Upstream and exploration highlights

• Production expected to grow 3%-4% annually through 2030, with a reserve replacement ratio averaging over 140%.

• Major projects include Indonesia/Malaysia JV, Argentina LNG, Mozambique, and new developments in Angola, Côte d'Ivoire, and Libya.

• LNG share of production to rise by 11 percentage points by 2030, with contracted volumes to exceed 20 MTPA.

• Portfolio breakeven below $30/barrel, targeting ROACE of 15% and 50% higher free cash flow per barrel by 2030.

• Emissions reduced by 68% since 2018, with zero routine flaring targeted and methane intensity below 0.2%.

Transition businesses and renewables

• Enilive to triple biorefining capacity by 2030, aiming for 5 million tonnes biofuel production and EBITDA of €3 billion.

• Plenitude targets 15 GW renewables and over 11 million customers by 2030, with EBITDA expected to exceed €2.5 billion.

• Transition businesses expected to generate €5.5 billion EBITDA by 2030, with IRR uplift from integration and leverage.

• Plenitude undergoing deconsolidation and €1.5 billion non-proportional capital increase to support growth.

• Transition businesses have attracted over €23 billion in enterprise value from external investors.