Eni (ENI) CMD 2026 summary

Strategic direction and execution

• Strategy centers on dual growth engines: E&P and transition businesses, supported by disciplined execution and resilience amid market volatility.

• E&P portfolio is geographically and technologically diverse, delivering visible production and cash flow growth, with major projects in Southeast Asia, Argentina, Africa, and the Mediterranean.

• Transition businesses (Enilive and Plenitude) are structured as self-financing entities, targeting tripled bio-refining and renewables capacity by 2030, and attracting significant external investment.

• Technology leadership, including AI, supercomputing, and open innovation, drives efficiency, decarbonization, and future opportunities in CCS, batteries, and fusion.

• Innovative financial and corporate structure leverages the satellite model, unlocking value, supporting growth, and maximizing capital discipline.

Upstream growth and project pipeline

• E&P targets 3%-4% CAGR in production through 2030, with a sector-leading reserve replacement ratio averaging over 140% and major new resources discovered.

• Major projects include Serra JV with Petronas, Argentina LNG, and expansions in Mozambique, Côte d'Ivoire, Nigeria, and the North Kutei Basin.

• LNG contracted volumes to exceed 20 MTPA by 2030, with a balanced commercial strategy and global leadership ambitions.

• Fast-track project execution model delivers time-to-market 1.5 years faster than industry average, with strong cost and schedule control.

• E&P portfolio delivers high IRR (~20%), breakeven below $30/bbl, and free cash flow per barrel 50% higher than 2025.

Transition businesses and decarbonization

• Enilive aims for 5 million tonnes biofuel production and to triple EBITDA to €3 billion by 2030, with expanded Agri-Hub feedstock integration.

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

• Versalis transformation plan targets EBIT breakeven by 2028 and FCF breakeven by 2029, focusing on biochemistry and circularity.

• CCS projects under development with over 40 MTPA storage capacity post-2030, leveraging partnerships and asset reuse.

• Decarbonization targets recalibrated: net zero Scope 1+2 by 2030, zero routine flaring, and methane intensity below 0.2%.