Eni (ENI) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with sector-leading upstream growth, 4% production increase, and significant expansion in renewables and bio-refining capacity.

• Started up six major projects, including Congo LNG Phases 1 & 2 and Baleine, and secured a reserves replacement ratio above 160% with 900 million boe discovered.

• Major business combination with PETRONAS in Indonesia and Malaysia, and advanced LNG projects in Argentina and Uruguay.

• Enhanced shareholder returns through increased dividends and buybacks, with total shareholder return of 32% in 2025, outperforming peers.

• Accelerated industrial transformation, including early closure of crackers and transformation of Versalis towards bio and specialized products.

Financial highlights

• Cash flow from operations (CFFO) reached €12.5 billion, with free cash flow €5.4 billion and pro-forma adjusted EBIT €12.22 billion for FY25.

• Net CapEx for 2025 was below €5 billion, with organic CapEx at €8.5 billion and reported net CapEx at €1.9 billion.

• Pro forma gearing at year-end was 14% (reported 15%), with net debt down almost €3 billion.

• Q4 pro forma adjusted EBIT was €2.9 billion, up 6% year-on-year; Q4 adjusted net profit was €1.2 billion, up 35% y-o-y.

• Share buyback increased by 20% to €1.8 billion in 2025.

Outlook and guidance

• Gross CapEx for 2026 expected at €7 billion, net CapEx around €5 billion.

• Pro forma gearing in 2026 expected to remain at 10%-15%.

• Dividend policy remains a priority, with a history of 5% annual increases over five years.

• Upstream production growth to be driven by recent startups and new projects in Congo, Norway, Angola, UAE, and Indonesia.

• Continued focus on portfolio management, value crystallization, and disciplined capital allocation in 2026.