Eni (ENI) Q2 2025 earnings summary

Executive summary

• Strategic transformation advanced with upstream growth, LNG integration, and expansion in transition businesses such as biorefineries, renewables, and CCS, supported by major discoveries and project startups in Namibia, Ivory Coast, Norway, Angola, and Indonesia.

• H1 2025 proforma adjusted EBIT was €6.36 billion, with net profit at €2.55 billion and strong cash flow from operations at €6.2 billion; leverage reduced to a historical low of 10%.

• Transition businesses (Plenitude, Enilive) expanded through new projects, capacity growth, and strategic investments, with Plenitude reaching 4.5 GW installed renewables and major equity investments from Ares, KKR, and EIP.

• Portfolio initiatives included major agreements in Argentina LNG, US LNG, and a JV with Petronas in Indonesia-Malaysia, as well as asset sales and CCUS partnerships.

• Over €1.5 billion returned to shareholders via dividends and buybacks, with a new buyback program underway and dividend per share set to increase 5% to €1.05.

Financial highlights

• H1 2025 adjusted EBIT was €6.4 billion; Q2 2025 proforma adjusted EBIT was €2.68 billion, down 35% year-over-year due to lower Brent prices and currency effects.

• Adjusted net profit for H1 2025 was €2.55 billion; Q2 2025 adjusted net profit was €1.13 billion.

• Cash flow before working capital for H1 2025 was €6.2 billion; Q2 at €2.78 billion.

• Gross capex YTD was €3.9 billion; full-year guidance remains below €8.5 billion.

• Net borrowings before lease liabilities reduced to €10.2 billion, down €2 billion from December 2024.

Outlook and guidance

• FY 2025 CFFO outlook raised to ~€11.5 billion, €0.5 billion above previous guidance.

• Oil and gas production guidance at 1.7 million boe/d for FY 2025; Q3 expected at 1.7–1.72 million boe/d.

• Dividend per share set to increase 5% to €1.05, with buyback program of at least €1.5 billion ongoing.

• Gross capex for FY 2025 to remain below €8.5 billion; net capex below €6 billion.

• Plenitude to reach 10 GW capacity by 2028, with positive cash flow expected between 2035-2040.