Eni (ENI) Q3 2025 earnings summary

Executive summary

• Q3 2025 and 9M 2025 results showed strong execution of strategy, with 6–8.5% year-on-year upstream production growth, robust cost efficiencies, and progress in both traditional E&P and energy transition businesses.

• Major project milestones included Agogo West Up in Angola, Coral North FLNG FID in Mozambique, Baleine field stake sale in Ivory Coast, and new start-ups in Norway and Indonesia.

• Transition segment advanced with biorefinery conversion, targeted tripling of biofuel capacity by 2030, and strong renewable capacity growth.

• Portfolio strengthened by asset sales, private equity investments in transition businesses, and strategic agreements in LNG, renewables, and biorefining.

• Technology and AI deployment supported operational optimization and financial performance.

Financial highlights

• Q3 2025 proforma adjusted EBIT reached €3.0 billion, up 12% sequentially but down 6–12% year-on-year; net profit was €1.2–1.25 billion, with nine-month net profit at €3.79–3.8 billion.

• Upstream proforma EBIT was €2.6–2.64 billion; GGP delivered €279–346 million EBIT in Q3.

• Enilive reported €233 million EBIT and €317 million EBITDA, up 26–35% year-on-year; Plenitude EBIT softened to €98 million.

• Adjusted net income was €1.25 billion in Q3, flat to down 2% year-on-year, despite lower oil prices and a stronger euro.

• Net debt declined to €9.9 billion, with leverage at 19% (proforma 12%); net borrowings before lease liabilities down €2.2 billion from December 2024.

Outlook and guidance

• Full-year 2025 production guidance raised to 1.71–1.72 million boe/d, with Q4 expected at 1.8 million boe/d.

• Group CFFO guidance increased to €12 billion, with net capex below €5 billion and gross capex below €8.5 billion.

• Share buyback for 2025 increased to €1.8 billion, with €1 billion remaining to be executed; dividend for FY25 set to rise 5% to €1.05/share.

• GGP full-year EBIT expected to exceed €1 billion; cash initiatives and self-help measures to deliver €4 billion benefit.

• Year-end leverage expected in the 15–18% proforma range.