Eni (ENI) Q4 2024 earnings summary

Executive summary

• FY 2024 financial and operational results exceeded guidance, driven by disciplined capital management, strategic execution, and robust performance across core and transition businesses.

• Strategic portfolio actions included the Neptune acquisition, divestments in Congo, Nigeria, and Alaska, and significant investments in Enilive and Plenitude.

• Transition businesses (Enilive, Plenitude) delivered growth and resilience, supported by new investments and capacity expansions.

• Oil & gas production rose 3% year-over-year, supported by organic project ramp-ups and the Neptune integration.

• Exploration booked 1.2 Bboe of new resources, supporting future growth and early monetization opportunities.

Financial highlights

• FY 2024 adjusted EBIT pro forma €14.3 bln (up €1.7 bln vs plan), net profit €5.3 bln, CFFO €13.6 bln.

• Organic capex €8.8 bln, leverage at 22% (pro forma 15%), net debt reduced by €2.6 bln to €8.9 bln pro forma.

• Shareholder distributions increased by over 80% compared to March 2024 announcement, totaling €5.1 bln.

• Group sales from operations totaled €88.8 bln, a 5% decrease from 2023.

• Free cash flow was about €5 bln, broadly matching cash distributions to shareholders.

Outlook and guidance

• FY 2024 production reached 1.71 Mboed, at the top end of guidance.

• 2024 EBIT and CFFO outperformed plan by €1.7 bln and €1 bln, respectively.

• Dividend confirmed at €1.00/share; €2 bln buyback completed.

• 2025 financial and operating targets to be announced at the Capital Markets Update.