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 and Baleine, and secured a reserves replacement ratio above 160% with 900 million boe discovered.

• Major business combination with PETRONAS in Indonesia and Malaysia established a new growth platform; strategic partnerships and asset transactions supported portfolio flexibility.

• Enhanced shareholder returns through increased dividends and buybacks, with total shareholder return of 32% in 2025 and a 20% increase in share buybacks.

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

Financial highlights

• Cash flow from operations (CFFO) reached €12.5 billion, exceeding guidance; free cash flow was €5.4 billion, or €11.2 billion including portfolio activity.

• Adjusted EBIT pro-forma was €12.22 billion; adjusted net profit was €5.0 billion for FY25.

• Gross CapEx reduced to €8.5 billion, with net CapEx below €5 billion, outperforming expectations.

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

• Share buyback increased by 20% to €1.8 billion in 2025; dividend per share set at €1.05 (+5% y-o-y).

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 PETRONAS JV, with more details to be provided in March.

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