Eni: results for the second quarter and half year 2026 - Excellent 2Q performance and enhanced guidance; increased shareholder returns

• 2Q ’26 excellent results driven by consistent execution and delivery from a diversified portfolio of advantaged assets.
• Exceptional underlying production growth of 11% y-o-y, net of price effects.
• Established Searah JV with Petronas creating a major growth platform across Indonesia and Malaysia.
• FID for Phase 3 of the Baleine field off Cote d’Ivoire, the Greater PAJ project offshore Angola and the Cronos gas project in deep waters off Cyprus.
• Entered critical minerals value chain through investments in Canada and Chile on graphite and lithium.
• Gearing on a proforma level close to 10%, a historic low.

As a result of strong execution and the market environment, Eni raises guidance on 2026 production to around 5% underlying growth and increases its distribution policy to €3.4 bln of share buyback.

San Donato Milanese, July 29, 2026 - Eni's Board of Directors, chaired by Giuseppina Di Foggia, yesterday approved the consolidated results for the second quarter and first half of 2026.
Eni CEO Claudio Descalzi said:
“Our focus on executing our strategy has driven excellent results in 2Q ’26 underpinned by our diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix. The Group’s results reflect our robust industrial and financial performance, significantly outperforming the commodity market. We are successfully scaling our E&P business for the next phase of growth and value creation thanks to the start of the Searah JV across Indonesia and Malaysia, which will monetize our large gas discoveries in the Kutei Basin, as well as several project advancements and expansion in new geographies. The strength of this business and our world-class E&P capabilities have driven an outstanding 11% of underlying production growth. The Transition businesses have been steadily improving their contribution to the Group results while fueling their self-funded growth. Plenitude is on track to reach 6.5 GW of installed capacity at year-end and can already leverage a customer base of around 11 million clients to drive value. Enilive is bringing online new capacity to take advantage of rapidly raising biofuels demand and was able to capture the full upside of a strong market. As the results achieved so far in 2026 demonstrate, we are a fundamentally stronger company year after year thanks to the quality of our portfolio: it is geographically diversified, grounded in advantaged assets, with exploration competence and transition exposure, as well as optionality for early monetization, supporting dependable cash generation for years to come. It will enable us to continue returning significant capital to shareholders with material upside participation in high scenarios, while retaining a robust balance sheet as highlighted by a proforma gearing at a historic low of 10%. As a consequence of these excellent results, we are raising our distribution policy by further €600 mln, to €3.4 bln of share buyback.”

E&P result reflects advantaged barrels and cost discipline, with exploration and project maturation underpinning growth outlook

• Underlying production, net of price effects, grew by a robust 11% y-o-y to 1.79 mln boe/d, close to flat q-o-q, driven by new project ramp-ups in West Africa, the GoA, Norway and Indonesia. FY production growth rate to around 5%.
• Established Searah JV with Petronas, a regional leader in Southeast Asia’s LNG market. Searah is immediately accretive to Eni’s 2Q cash flow and production. The JV will support the development of Eni’s material discoveries in the Kutei Basin, delivering highly attractive, and valuable, production growth into the 2030s.
• Agreed to acquire interests in upstream assets in Argentina to supply the floating LNG production development.
• Reached the final investment decision for Phase 3 of the core Baleine field, off Côte d’Ivoire, for the Greater PAJ block off Angola, operated by the Azule Energy JV and for the Cronos gas project off Cyprus.
• Farmed into an unexplored block in the Republic of the Gambia, marking Eni’s entry into this new geography.

Transition businesses fully on track to meet or exceed annual profitability and growth targets

• Enilive and Plenitude delivered adjusted EBITDA of €1.1 bln in the first half ’26.
• Activities are progressing for the deconsolidation of Plenitude in 3Q ’26, with Eni still retaining a 65% stake, thus providing the entity with a more efficient capital structure to pursue growth plans.
• Enilive signed an agreement to acquire from Prax a network of 320 service stations branded OIL!, strengthening its presence in the mobility retail business in key European markets.
• Secured financing for the CCUS business from a pool of international lenders.

New business developments to further strengthen the portfolio

• The agreement with Mercuria to establish a global trading JV will maximize value across the commodity supply chain by integrating the optimization of the physical asset portfolio with advanced trading capabilities and expertise.
• Entered the critical minerals value chain through direct investments in initiatives in Canada and Chile, supporting Eni’s ongoing plans to strengthen its transition businesses.
• Established a JV with the United Kingdom Atomic Energy Authority to offer specialized services for the fuel cycle, which will be a factor in the operation of fusion power plants at industrial scale.

Managing portfolio optionality to accelerate cash generation and growth

• Reached a long-term partnership agreement concerning an upstream portfolio based on infrastructure. Eni entered into a partnership agreement with AC Europe II SCSp (an entity managed by Ares Credit Management LLC), in exchange for a $2 bln capital contribution to be cashed-in the third quarter. AC Europe II SCSp obtained binding commitment letters from funds managed by Ares Alternative Credit Asset Management and from Pacific Investment Management Company LLC - PIMCO in line with market practice for an aggregate amount equal to the investment to be made by it.
• Near completion of the divestment of a 10% interest in the Baleine oilfield.
• Expected to monetize a retained 10% equity stake in the Kutei blocks through a separate portfolio transaction in 2026.

Fast-tracking the reconversion of the main chemical hubs to transition businesses

• Set up a Special Purpose Vehicle to build a biorefinery at the Priolo complex, which will be complemented by a post-consumer chemical plastics recycling plant based on proprietary recycling technology.
• Construction work began at our Brindisi hub, on a manufacturing facility for lithium-iron-phosphate batteries for primary use in stationary electricity storage systems supporting renewable generation.

Excellent 2Q financial results driven by volume growth, cost management and a supportive pricing environment, with proforma gearing at the low end of our guided range of 10-15% and €1.35 bln of cash returns to shareholders

2Q ‘26 Group’s proforma adjusted EBIT was €5.38 bln, doubling y-o-y (up 52% on a sequential basis) due to strong performance at E&P, GGP and the Transition satellites. Also adjusted net profit more than doubled to €2.3 bln.

• E&P reported €4.77 bln of proforma adjusted EBIT (up 42% and 97% respectively vs. 1Q’ 26 and y-o-y) driven by favorable volume/mix effects, cost discipline and better oil realizations, despite exchange rate trend.
• GGP and Power reported €0.50 bln of proforma adjusted EBIT, with GGP at €0.47 bln up 46% y-o-y due to continued asset portfolio optimization and specific benefits relating to renegotiations and settlements.
• Enilive more than doubled its proforma adjusted EBIT to €0.29 bln, driven by the biorefining business, which benefited also from an improved market scenario. Plenitude reported €0.23 bln of proforma adjusted EBIT, up 70% y-o-y, driven by volume growth in the renewables and the halting of depreciation pending the proposed deconsolidation transaction.
• The Refining business reported positive proforma adjusted EBIT of €0.08 bln, reversing the year-ago loss due to an improved refining margin scenario, partly capped by higher shipping cost and narrowing differentials between heavy/sour vs light/sweet crudes, which penalized margins at complex cycles. Versalis’ chemicals business began to show progress thanks to ongoing restructuring measures and last year’s plant closures, with the loss cut by 65% to around €0.07 bln, also on the back of temporary supply disruptions supporting commodity plastics margins.

2Q ’26 Group’s adjusted CFFO before working capital was €4.47 bln, funding organic capex of €1.84 bln. Cash returns to shareholders were €1.35 bln, comprising the final tranche of the ‘25 dividend (€0.79 bln) and start of the ‘26 buyback program (€0.56 bln). Net debt was €11.3 bln at end 2Q ‘26, with proforma gearing at 10%, at the low end of the 10%-15% target range.

Eni is raising guidance for business performance and cash flow generation, which translates into an increased buyback programme thus granting material upside participation for shareholders

Specifically, our updated segmental guidance is providing:

• FY’26 underlying oil & gas production growth is now expected to be around 5%, compared with the previously announced 3–4% target range.
• FY’26 GGP adjusted proforma EBIT guidance is raised to over €1.4 bln, representing an increase of 40% compared with the initial level.
• Enilive and Plenitude: FY proforma adjusted EBITDA is revised upward, at current scenario, to €1.3 bln (from €1.1 bln) for Enilive and confirmed at €1.3 bln for Plenitude.
• Year-end installed renewable capacity at 6.5 GW (Plenitude @100%); biorefinery capacity at 2.1 MTPA plus 1.5 MTPA under construction (net Enilive).

On the financial side, we are strengthening our cash flow guidance:

• At a revised Brent scenario of 85 $/bbl and SERM refining margin at 14 $/bbl, with TTF gas price confirmed at 50 €/MWh (exchange rate EUR/USD of 1.16), adjusted CFFO is expected to amount to €15 bln, representing an underlying improvement of €0.7 bln vs Group’s sensitivities
• Gross capex confirmed at €7 bln; net capex is guided to less than €5 bln, down vs. previous guidance.
• Proforma gearing at the lower end of the 10-15% guided range. Reported gearing expected to converge to that level by year end.

As a result of the Company’s improved outlook, we are raising cash distributions to shareholders:
 

• The 2026 share repurchase plan is expanded to €3.4 bln, up 20% from last quarter already revised guidance of €2.8 bln, in line with the Group distribution policy of returning 60% of upside vs. the budgeted CFFO (€11.5 bln) to shareholders till a Brent price of 90 $/bbl. The new buyback amount represents more than double the initial guidance of €1.5 bln at the budgeted cash flow.
• Considering the updated refining margin scenario at 14 $/bbl (vs 6 $/bbl of the budget), should such margin remain higher than 50% of the initial guidance (i.e. at least 9 $/bbl compared to budgeted 6 $/bbl) an extraordinary dividend is expected to be defined in October and paid in the fourth quarter, in line with the Group stated remuneration policy to return 100% of upside in CFFO due to a scenario with Brent above 90 $/bbl or with a 50% increase in gas prices or refining margins above budgeted levels, in accordance with the Group's sensitivities (€0.08 bln per each one-dollar change in the SERM margin).
• Confirmed the planned 2026 dividend of €1.1 per share (up 5% vs. 2025).

The full version of the Press Release is available in PDF format.