Eni (ENI) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong financials and robust cash flow, with pro forma gearing at 15% and sector-leading growth amid volatile energy markets.

• Achieved exceptional exploration success, adding around 1 billion BOE in seven countries, supporting 9% year-over-year production growth and visible growth to 2030.

• Advanced strategic milestones including FIDs in Indonesia and Angola, first LNG export from Congo, and progress in biorefinery and battery storage projects.

• Completed Acea Energia acquisition, Plenitude reorganization, and announced sale of 10% stake in Baleine to SOCAR.

• Performance outlook and shareholder distributions were raised, with CFFO outlook up 20% and buyback increased to €2.8 billion.

Financial highlights

• Reported pro forma EBIT of €3.54 billion, adjusted net profit of €1.3 billion, and cash flow from operations of €2.9 billion in Q1 2026.

• CapEx for Q1 was €1.9 billion, in line with the full-year target of €7 billion.

• Pro forma gearing at 15%, or 12% assuming full effect of planned deconsolidation.

• Paid third quarterly dividend for 2025 and repurchased €280 million in shares; €1 billion returned to shareholders in Q1 2026.

• Adjusted CFFO before working capital was €2.88 billion, funding organic capex and shareholder returns.

Outlook and guidance

• Updated 2026 guidance confirms E&P production growth of 3–4%, factoring in Middle East disruptions.

• Raised full-year Brent assumption to $83/bbl and TTF to €50/MWh, reflecting higher price expectations.

• CFFO guidance raised to €13.8 billion, up 20% from March, with 60% of upside to be returned as buybacks up to Brent $90/bbl.

• Dividend confirmed at €1.10/share (+5% vs. 2025); buyback floor for 2026 raised by 90% to €2.8 billion.

• Gearing expected to remain at historically low levels of 10–15%.