Eni (ENI) investor relations material

Executive summary

• Q2 2026 pro forma EBIT reached €5.38 billion, doubling year-on-year, and H1 2026 EBIT pro forma was €8.9 billion; net income for Q2 was €2.33 billion and for H1 €3.6 billion, both more than doubling year-on-year.

• Cash flow from operations in Q2 was €4.47 billion, with H1 at €7.3 billion, fully funding capex and dividends.

• Underlying hydrocarbon production grew 11% year-on-year in H1, driven by new project start-ups and the Searah JV.

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

• Strong operational execution, geographic diversification, and proprietary technologies enabled resilience amid volatility.

Financial highlights

• Q2 2026 sales from operations rose 30% year-on-year to €24.4 billion; H1 sales up 15% to €47.3 billion.

• Q2 upstream production grew 8% reported, 11% underlying, offsetting Middle East volume losses.

• GGP pro forma EBIT: €468 million in Q2 2026; full-year guidance raised to over €1.4 billion.

• Plenitude and Enilive generated strong EBITDA and EBIT growth, with Plenitude’s deconsolidation planned for Q3 2026.

• Organic capex in H1 2026 was €3.7 billion, down 5% year-on-year.

Outlook and guidance

• FY 2026 oil & gas production growth guidance raised to ~5%, with 4% CAGR expected through 2030.

• Group CFFO guidance raised to €15 billion; buyback program increased to €3.4 billion.

• Dividend confirmed at €1.10/share for 2026; extraordinary dividend possible if Brent exceeds $90/bbl or refining margins remain elevated.

• CapEx expected at €7 billion gross, net below €5 billion for the year.

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