12.5 bln
euro
Adjusted cash flow
Exploration and production
Excellent results driven by production growth, including the addition of high-margin barrels, and a highly selective, disciplined approach to investment and expenditure.
Annual Report 2025
In 2025, Eni made significant progress in executing its distinctive transformation strategy, focused on growing and enhancing the value of both traditional and transition businesses. This success is built on the pillars of organic growth, diversification, vertical integration, the development of new technologies, and the implementation of innovative business models. We have strengthened our portfolio and applied rigorous investment discipline, making Eni even more resilient to market volatility through a solid capital structure and low leverage. At the same time, we have increased shareholder remuneration delivering industry-leading returns.
Financial highlights
Eni at a glance
Business activities are organised into three areas: Global Natural Resources, Transition Businesses and Industrial Transformation.
Global Natural Resources
Manages the upstream oil & gas portfolio and the development of CCS and agri-hubs.
Transition Businesses
Plays an increasingly important role in stabilising and strengthening the Group’s results.
Industrial Transformation
Focused on chemicals, traditional downstream restructuring, and environmental remediation.
Global Natural Resources
Eni’s exploration approach leverages a unique model of organic growth by divesting stakes in high-potential discoveries. This accelerates time-to-market while maximizing equity production margins.
Oil & Gas Production
Fuelled by the start-ups of six major projects and the excellent operational reliability of our production facilities.
0.9 bln boe
New resources discovered, spanning from West Africa to Indonesia and Norway.
Portfolio operations
The fourth and largest upstream satellite in JV with Petronas is being finalised within the Indonesia/Malaysia LNG sector.
6.9 bln boe
Proved hydrocarbon reserves.
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Exploration and production
Excellent results driven by production growth, including the addition of high-margin barrels, and a highly selective, disciplined approach to investment and expenditure.
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Oil & Gas Production
Fuelled by the start-ups of six major projects and the excellent operational reliability of our production facilities.
GGP & Power
The GGP and Power segment reported a proforma adjusted EBIT of €1.39 billion, driven by improved margins resulting from gas and LNG portfolio optimization.
The €1 billion EBIT target has been exceeded thanks to the ongoing optimization of assets and the diversification of the LNG portfolio.
Long-term contracts of 1.2 MTPA
In line with the strategy to diversify the LNG business, long-term sales contracts have been signed in Turkey and Thailand.
55.82 bcm
Natural gas and LNG sales
27,57 TWh
Power sales in the open market.
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GGP & Power
The GGP and Power segment reported a proforma adjusted EBIT of €1.39 billion, driven by improved margins resulting from gas and LNG portfolio optimization.
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The €1 billion EBIT target has been exceeded thanks to the ongoing optimization of assets and the diversification of the LNG portfolio.
Transition Businesses
Our Transition businesses delivered material growth and value creation, further diversifying and strengthening earnings.
Plenitude is the satellite company created through the strategic integration of the retail, renewables and sustainable mobility sectors.
5.8 GW
Renewable capacity (100% Plenitude) increased by 41% at year-end 2025 driven by organic project development and the acquisition of an asset pool in France and the United States.
Over 11 mln clients in Europe in 2026
Customer portfolio expansion following the binding agreement to acquire Acea Energia signed in December.
Business valorization
Sale of a 20% stake in Plenitude’s share capital to the private equity fund Ares. Further investment from the EIP fund with a total stake of 10%.
Enilive is the satellite company integrating biorefining, biomethane, and retail services into a single, independent entity.
Biorefinery
Construction begins on the HVO and SAF plant in South Korea and the Pengerang biorefinery in Malaysia, as well as the conversion of the Livorno and Priolo plants into biorefineries.
Business valorization
Strengthened the partnership with KKR, whose stake in Enilive is increased to 30%.
Industrial transformation
Focused on accelerating industrial transformation in the chemical sector, traditional downstream conversion, and the evolution of environmental remediation activities.
Traditional refining transformation process
Effective from 1 January 2026, Eni contributed the business branch unit of the “Refining Evolution & Transformation” unit to the new subsidiary Eni Industrial Evolution S.p.A.
24.94 mln ton
Total refining throughputs, in a challenging scenario due to weak demand, excess capacity and competitive pressure from other regions.
Livorno Refinery
Secured €500 million loan EIB loan to transform for the site’s transformation through the construction of hydrogenated biofuels production plant.
Sannazzaro de’ Burgondi Refinery (Pavia)
Final investment decision reached in January 2026 for the conversion of specific refinery units at Sannazzaro de’ Burgondi Refinery (Pavia) into a biofuel production plant.
Versalis continues its transformation towards a business based on portfolio specialization, and the development and integration of renewable chemistry and the circular economy.
Restructuring and conversion
Permanent shutdown of uncompetitive crackers in Brindisi and Priolo, with the launch of conversion projects towards more sustainable production cycles.
Our activities in the world
We are an integrated energy company operating across the entire value chain: from exploration, development and resources extraction to the commercialisation of energy, products and services for end users.
Eni for 2025 – Sustainability Report
Lead the Change: practical choices that combine business and sustainability to turn strategy into shared value.
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