Eni (ENI) Q2 2026 earnings summary

Executive summary

• Proforma adjusted EBIT rose 40% year-over-year to €8.91 billion in H1 2026, with Q2 EBIT doubling to €5.38 billion, driven by strong E&P, GGP, and transition businesses.

• Adjusted net profit increased 43% to €3.64 billion, with net profit at €4.39 billion, reflecting strong operational performance and a €2.1 billion gain from the Searah JV.

• Underlying hydrocarbon production grew 11% year-over-year to 1.79 million boe/d, with full-year production growth expected at around 5%.

• Strategic progress included major discoveries, project ramp-ups, Searah JV establishment, and expansion in renewables and biofuels.

• Transition businesses (Enilive and Plenitude) delivered €1.1 billion adjusted EBITDA in H1 2026, with Plenitude’s deconsolidation planned for Q3.

Financial highlights

• Group proforma adjusted EBIT: €8.91 billion (+40% y-o-y); Q2 2026 EBIT: €5.38 billion (doubled y-o-y); adjusted net profit: €3.64 billion (+43% y-o-y); net profit: €4.39 billion (+156%).

• Cash flow from operations (pre-working capital) was €7.3 billion in H1 2026; Q2 2026 adjusted CFFO: €4.47 billion.

• Organic capex in H1 2026: €3.7 billion (down 5% y-o-y); net borrowings before lease liabilities: €11.3 billion; proforma gearing at 10%.

• Share buyback program increased to €3.4 billion for 2026; €860 million spent as of July 17, 2026.

• Dividend per share for 2026 confirmed at €1.10 (+5% y-o-y); cash returns to shareholders in Q2 2026 totaled €1.35 billion.

Outlook and guidance

• FY26 oil & gas production growth guidance raised to ~5%, with 4% CAGR expected through 2030.

• GGP adjusted proforma EBIT guidance raised to over €1.4 billion (+40% vs. initial); Enilive and Plenitude FY proforma adjusted EBITDA guided at €1.3 billion each.

• Adjusted CFFO expected at €15 billion at revised Brent scenario of $85/bbl.

• Share buyback program increased to €3.4 billion; extraordinary dividend possible if Brent exceeds $90/bbl or refining margins remain high.

• Gearing expected to remain at 10–15% for 2026.