Eni (ENI) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong financial results with adjusted EBIT of €3.7 bln and net profit of €1.4 bln, supported by resilient upstream and transition businesses, despite macroeconomic volatility and lower commodity prices.

• Major portfolio moves included start-ups, asset valorization, and strategic agreements in CCS, LNG, and renewables, including KKR's 30% investment in Enilive and EIP's 10% stake in Plenitude.

• Significant deleveraging achieved, with proforma leverage at a historic low of 12%.

• Confirmed FY 2025 dividend of €1.05/share (+5% YoY) and €1.5 bln buyback, with €1.2 bln returned to shareholders in Q1.

• Over €2 bln in mitigation measures identified for 2025; net capex now expected below €6 bln.

Financial highlights

• Q1 2025 proforma adjusted EBIT was €3,681 mln, down 11% year-over-year; adjusted net profit attributable to shareholders was €1,412 mln, down 11%.

• Net cash from operations reached €2,385 mln, up 25% year-over-year; free cash flow before working capital was €1.5 bln.

• Organic capex was €1.9 bln, down 5% year-over-year; net debt reduced by €5.1 bln on a pro-forma basis.

• Leverage at 18% (proforma 12%), with €28 bln available liquidity.

• Q1 CFFO annualized exceeds €13 bln FY guidance at $75/bbl.

Outlook and guidance

• FY 2025 production guidance confirmed at 1.7 mln boe/d; Q2 production expected at 1.67–1.69 mln boe/d.

• Group CFFO guidance at €13.0 bln; net capex below €6 bln.

• 2025 leverage expected within 15–20% range; capex discipline maintained.

• Dividend for FY 2025 proposed at €1.05/share (+5%), with €1.5 bln buyback program to commence.

• GGP proforma adjusted EBIT confirmed at €0.8 bln, with upside potential.