Eni closed the first quarter with better results than expected, thanks to the solid performance achieved by all its divisions and the success of the satellite strategy, which guaranteed operational efficiency and financial solidity for the Group led by Claudio Descalzi. Eni also revised its outlook upwards, also promising returns for shareholders.
The results of the 1st quarter
The 1st quarter closed with a net profit of 1.3 billion euros, above the consensus of analysts which indicated a result of 1.29 billion, despite the context characterized by uncertainty and high price volatility.
E&P production grew 9% over 2025 to 1.8 million boe/d. The exceptional exploration discoveries made since the beginning of the year with approximately 1 billion of new resources in Angola, Ivory Coast, Libya, Egypt and most recently the extraordinary Geliga discovery in Indonesia, together with the investment decisions for two significant gas projects in the Indonesian Kutei basin give further visibility to our growth trajectory.
Adjusted pro forma EBIT for the quarter was $3.54 billion, driven by solid performance from the E&P (oil) division and stable results from GGP (gas) and transition satellites. Operating growth was 23% sequentially, while the year-over-year comparison was impacted by unfavorable currency effects (EUR/USD appreciation of 11%) and one-off proceeds recorded in 2025.
Adjusted cash flow before working capital was €2.88 billion, financing organic investments of €1.9 billion. Cash returns to shareholders of 1 billion include the third tranche of the 2025 dividend (0.77 billion) and the completion of the share buyback program (0.3 billion).
Net financial debt stands at 10.8 billion, with a gearing ratio of 15% on a pro forma basis in line with the target range (10%-15%)
Descalzi: excellent position to capture the best scenery
“This quarter’s results highlight fundamental performance and financial strength in supporting investments in our geographically diversified project portfolio,” confirmed CEO Claudio Descalzi.
“Looking ahead, our flexible portfolio of diversified and high-quality assets, the low break-even of E&P projects, and our robust financial structure, with a debt ratio at historic lows,” states the CEO, “place us in an excellent position to capture the improvements in the scenario and share the expected upside with shareholders.
“Our new cash flow forecast of €13.8 billion, based on a revision of our baseline scenario for the year 2026, reflects these factors and will result in a strengthening of the share buyback program to €2.8 billion, an increase of approximately 90% compared to the initial plan”
The 2026 Outlook has been revised upwards
As for the 2026 outlook, Eni confirms the prospects of sustained operational growth and cash flow generation, with significant upside participation by shareholders.
For the consolidated results, an adjusted operating cash flow (CFFO) is expected of 13.8 billion, gross and net capex confirmed of 7 billion and 5 billion respectively; im gearing expected at the lower end of the expected range of 10-15%.
For shareholders, the 2026 dividend forecast of 1.1 euros per share is confirmed (an increase of 5% compared to 2025); based on the revised scenario and the updated CFFO forecast, in line with the distribution policy, 60% of the upside compared to the budget (which envisaged a cash flow of 11.5 billion) will be allocated to shareholder remuneration in the form of a further buyback, with a share buyback plan increased by approximately 90% to 2.8 billion, compared to an initial forecast of 1.5 billion on the expectation of a Brent price of $90/barrel (in the event of a scenario above $90/barrel, or with a greater than 50% increase in expected gas prices or refining margins, 100% of the CFFO upside will be distributed as a special dividend in the final quarter).
