Eni rushes to Piazza Affari after the publication of the results for the second quarter and first half of 2026. The response from investors was immediately positive. Shortly after the opening, the stock gained 4.47% to 23 euros, after having reached an intraday high of 23.14 euros.
The shares had opened at 22.91 euros, compared to a previous close of 22.015 euros. In the early stages, almost 1.48 million shares had already changed hands, for a value of more than 51 million euros. The increase brings Eni’s capitalization close to 70 billion euros.
The market rewards a quarterly result that combines results above expectations, growth in production, greater capacity to generate cash and a new increase in remuneration for shareholders. The share buyback program has, in fact, been increased to 3.4 billion euros, while in October the group will evaluate whether to proceed with an extraordinary dividend.
The numbers from Eni’s quarterly report
In the period between April and June 2026, Eni recorded an adjusted net profit of 2.33 billion euros, more than doubled compared to the 1.13 billion in the same quarter of 2025. The result exceeds the consensus of analysts gathered by the company, which was stable at approximately 2.09 billion, and represents the highest quarterly level of the last three years.
The group’s adjusted pro forma operating profit reached 5.38 billion euros, up from 2.68 billion a year earlier. The increase is therefore 100% on an annual basis and 52% compared to the first quarter of 2026.
The growth in net accounting profit was even more marked, rising from 543 million to 3.32 billion euros, with an increase of 511%. However, the data also includes extraordinary and accounting components which do not only reflect the ordinary performance of the business. To evaluate industrial performance, the market looks above all at adjusted results, stripped of non-recurring elements.
In the second quarter Eni recorded:
- an adjusted net profit of 2.33 billion euros, up 106%;
- adjusted pro forma operating profit of 5.38 billion, doubled compared to 2025;
- adjusted operating cash flow before working capital of $4.47 billion, up 61%;
- organic investments of 1.84 billion, decreased by 9%;
- hydrocarbon production equal to 1.789 million barrels equivalent per day, 7% higher on a declared basis and 11% higher on a like-for-like basis.
Why Eni stock rises on the stock exchange
The rise in Piazza Affari does not depend on just one element. Investors seem to reward at least four indications coming from the accounts.
The first is exceeding expectations. Adjusted profit was higher than consensus and the operating result of Exploration & Production reached 4.77 billion euros, against an analyst estimate of around 3.01 billion.
The second is production growth. Eni not only benefited from the rise in oil and gas prices, but also increased the volumes extracted, thanks to the entry into force of new projects and the contribution of activities in Norway, Congo, Mexico, Angola, Indonesia and Malaysia.
The third concerns cash generation. The operating flow for the quarter largely covered organic investments, leaving the group with greater resources to allocate to debt reduction, project development and shareholder remuneration.
The fourth element is the distribution policy. The buyback was increased for the second time during the year, going from the initial forecast of 1.5 billion to the 2.8 billion indicated in April, up to the current 3.4 billion euros.
When can the extraordinary dividend arrive
The decision on the possible extraordinary dividend is expected in October and will depend above all on the trend of refining margins.
In the new scenario Eni considers a SERM refining margin of 14 dollars per barrel, against the 6 dollars incorporated in the initial budget. To activate the extraordinary distribution, the margin must remain at least at 9 dollars per barrel, i.e. more than 50% above the value used in the budget.
The policy announced by the group provides that, in a particularly favorable scenario, i.e. Brent above 90 dollars a barrel or gas prices or refining margins at least 50% higher than the initial assumptions, 100% of the incremental cash can be distributed in the form of an extraordinary dividend.
It is therefore not yet a deliberate coupon. The possible amount will depend on the duration of the favorable scenario and the cash actually produced in the coming months.
What to expect now from Eni stock
The initial rise shows that the market views the overall results positively. Not only are the doubled profits and the increase in oil prices rewarded, but also the cash flow guidance and the choice to transfer a greater share of the results to the shareholders.
With the morning’s movement, Eni recorded a performance of 13.78% in the last month, 34.69% in the last six months and almost 56% over the course of a year. The stock remains, however, below the annual high of 25.015 euros reached on 7 April.
After such consistent growth, it will be important to check whether the initial rise will be confirmed during the session or whether profit-taking will emerge.
Another indication will come from the conference call with analysts and investors, scheduled for 2 pm. Management will be able to clarify the hypotheses used in the guidance, the conditions necessary for the extraordinary dividend, the status of portfolio operations and the prospects for the second part of the year.
