Eni (ENI) Q2 2025 earnings summary

Executive summary

• Strategic transformation advanced with upstream growth, LNG integration, and expansion in transition businesses such as biorefineries, renewables, and CCUS, supported by major discoveries and project startups in Namibia, Ivory Coast, Norway, Angola, and Indonesia.

• Transition businesses (Plenitude, Enilive) expanded, with Plenitude's customer base up 10% and renewable capacity up 45% to 4.5 GW; significant investments from Ares, KKR, and EIP.

• Portfolio initiatives included major agreements in Argentina LNG, US LNG, and a JV with Petronas in Indonesia-Malaysia, plus asset sales and new JVs generating €3.8 billion in proceeds.

• Versalis restructuring accelerated with plant closures and reconversion to decarbonized products, targeting a €1 billion EBIT turnaround by 2028.

• Financial strength maintained with proforma leverage at 10%, net borrowings reduced by €2 billion to €10.2 billion, and robust shareholder returns through dividends and buybacks.

Financial highlights

• H1 2025 adjusted EBIT was €6.4 billion, with Q2 at €2.68 billion; adjusted net profit for H1 was €2.55 billion, and cash flow before working capital reached €6.2 billion.

• Gross capex YTD was €3.9 billion, with full-year guidance below €8.5 billion and net capex below €6 billion.

• Net debt fell to €10.2 billion, leverage at 19% (proforma 10%), and available liquidity of €28 billion.

• Dividend per share set to increase 5% to €1.05, with a buyback program of at least €1.5 billion underway.

• Free cash flow reached €1.69 billion, and €1.5 billion was returned to shareholders in H1 2025.

Outlook and guidance

• FY 2025 CFFO outlook raised to ~€11.5 billion, €0.5 billion above prior guidance; cash initiatives target increased to €3 billion.

• Full-year upstream production guidance at 1.7 million boe/d, with Q3 expected at 1.7–1.72 million boe/d.

• GGP proforma adjusted EBIT guidance raised to ~€1 billion; Enilive and Plenitude FY proforma adjusted EBITDA expected at ~€1 billion and >€1.1 billion, respectively.

• Performance leverage to be maintained between 15–20% in 2025; year-end leverage expected between 0.15–0.2.

• Dividend and buyback commitments confirmed for FY 2025.