Eni S.P.A. (E)

Eni reported third-quarter 2026 proforma adjusted EBIT of €6 billion, double the year before, in results approved on 22 October 2026 and released on 23 October 1. Adjusted EBIT is operating profit with one-off items set aside, and adjusted net profit more than doubled to €2.8 billion 1.

Exploration and production drove the quarter: it earned €4.63 billion, up 76 percent, as the Brent oil marker rose 40 percent and gas realizations rose 30 percent 1. Underlying production grew 7 percent to 1.83 million barrels of oil equivalent a day 1.

The board resolved an extraordinary dividend of €0.46 per share, about €1.3 billion, due on 9 December, and raised the 2026 buyback to €3.8 billion 1. Eni says its policy is to return all of the extra cash flow above set oil, gas and refining thresholds as an extraordinary dividend 1.

Plenitude, the retail power and renewables business, left Eni's consolidated accounts at the end of September 2026 after Ares joined in joint control and Eni's interest fell from 70 percent to 65 percent 1. Proforma gearing, a measure of net debt, fell to 9 percent 1.

Open questions are a final investment decision on the Argentina LNG project, which Eni says is expected around the end of 2026, and the Venezuelan Junín 5 oilfield contract signed in September 1.

Eni began as Ente Nazionale Idrocarburi, a public law agency set up by Italian law on 10 February 1953 2. A 1992 decree turned it into a joint stock company, and the shareholders' meeting of 7 August 1992 named it Eni SpA 2.

Its American depositary receipts trade on the New York Stock Exchange under the ticker E, and the annual report records that Eni celebrated thirty years of listing there in November 2025 2. Each receipt stands for two Eni shares 32.

The filed figures show a business whose results follow the oil price 2. In 2023 sales from operations were €93.7 billion and net profit attributable to shareholders was €4.77 billion, with Brent averaging 82.62 dollars a barrel 2.

Sales then fell to €88.8 billion in 2024 and €82.2 billion in 2025 as Brent averaged 80.76 dollars and then 69.06 dollars 2. Net profit attributable to shareholders stayed near €2.6 billion in both years 2.

Management said the fall in crude prices cut 2025 operating profit by an estimated €1.9 billion and operating cash flow by an estimated €1.6 billion 2. A stronger euro against the dollar also lowered the reported amounts of dollar-denominated subsidiaries 2.

From 2024 Eni began selling minority stakes in its newer businesses to financial investors, a plan the annual report calls the satellite model 2. In 2025 KKR bought a 30 percent non-controlling interest in Enilive and Ares took 20 percent of Plenitude, after another fund had bought 10 percent in two steps 2.

Those deals delivered €6.5 billion to the parent company, €5.9 billion of it in 2025, while Eni kept control of both subsidiaries that year 2. Eni says the money helps build biofuel and renewable capacity 2.

In oil and gas it used local joint ventures in the same way: Azule Energy in Angola, Vår Energi in Norway and Ithaca Energy in the UK 2. In 2025 it also sold a 30 percent interest in the Baleine field off Côte d'Ivoire for net proceeds of €1.1 billion 2.

Chemicals and refining were the weak spots in 2025 2. European petrochemical margins fell with the regional downturn, so Eni shut the loss-making Brindisi and Priolo cracking plants, Brindisi's steam cracker in March 2025 2.

In 2026 oil prices swung: Brent touched about 60 dollars in January and recovered to more than 100 dollars by the start of March amid tensions in the Middle East 2. Dated Brent averaged 94.05 dollars in the first nine months of 2026 against 70.85 a year earlier 1.

Exploration and production

The core business finds and pumps oil and natural gas, and runs LNG operations, in 33 countries 2. In the third quarter of 2026 it produced 1.83 million barrels of oil equivalent a day, 4 percent more than a year earlier 1.

Liquids output was 845 thousand barrels a day and natural gas 5,148 million cubic feet a day 1. Libya is the largest single risk to that output: Eni produced 155 thousand barrels of oil equivalent a day there in 2025, about 10 percent of the total 2.

Some production sits in jointly owned companies: Vår Energi in Norway, which the annual report calls a 63 percent owned associate, and Azule Energy in Angola, 50 percent Eni 2. In 2026 Eni and Petronas set up Searah, a joint venture in Southeast Asian gas 3.

In September 2026 Eni signed a 25-year contract to operate the Junín 5 heavy oilfield in Venezuela, which holds 35 billion barrels of certified oil in place and produces about 12 thousand barrels a day 1. In the same quarter it finished selling a 10 percent stake in the Baleine project to SOCAR 1.

Gas, LNG and power

Global Gas & LNG Portfolio buys and sells gas by pipeline and as LNG, trades gas and power, and runs a fleet of gas-fired power plants in Italy 2. Gas sales were 10.68 billion cubic metres in the third quarter, up 16 percent, and the unit earned a proforma adjusted EBIT of €407 million 1.

Enilive

Enilive makes biofuels and runs service stations in Italy and selected European markets 2. It owns biorefineries at Venice and Gela with capacity of 0.4 and 0.7 million tonnes a year, and half of the Chalmette plant in the United States, 0.55 million tonnes 2.

Third-quarter retail fuel sales were 2.20 million tonnes, up 5 percent, and proforma adjusted EBIT was €410 million 1. At the end of September Eni capped fuel at its Enilive stations at €2.19 a litre for diesel and €1.99 for petrol, for an initial 30 days 1.

Plenitude

Plenitude sells gas and power to households and businesses, builds solar and wind plants and runs electric vehicle charging points 2. On 30 September 2026 it had 10.8 million customers, 6.1 gigawatts of renewable capacity and 23.3 thousand charging points 1.

Its third-quarter proforma adjusted EBIT was €191 million, up 95 percent 1. From the end of September it is accounted by the equity method, since Eni lost control of it when Ares joined 1.

Refining and chemicals

Refining turns crude into fuels, and Versalis makes plastics, rubbers and basic chemicals, mostly in Italy and Europe 2. Eni's Italian refineries are Sannazzaro at 180 thousand barrels a day and Taranto at 104, plus Milazzo at 100, half owned, and a 20 percent share of the Adnoc refinery 2.

The Standard Eni Refining Margin averaged 28.1 dollars a barrel in the third quarter against 8.9 a year earlier 1. Chemicals still lost €178 million, as European margins stayed weak 1.

People and workforce

Claudio Descalzi has been chief executive since May 2014 and joined Eni in 1981 as a field petroleum engineer 2. The board is chaired by Giuseppina Di Foggia 1.

In 2025 the consolidated companies averaged 31,596 employees, and joint operations 825 2.

Rivals and current problems

The annual report does not name rivals one by one 2. It points to LNG capacity coming from the United States, Qatar and Canada and to competition from renewables as pressure on gas 2.

Refinery throughput outside Italy fell 12 percent in the third quarter because of the closure of the Strait of Hormuz 1. The annual report names Libya's divided politics as a continuing source of instability 2.

The umbrella, in words

Eni SpA is the parent company of the group 2. Its main brands are Enilive for fuels and biofuels, Plenitude for retail energy and renewables, Versalis for chemicals and Eni Rewind for environmental clean-up 2. The annual report lists its subsidiaries in a note to the financial statements 2.

Stakes, by kind of tie: Eni owns 63 percent of Vår Energi, 50 percent of Azule Energy and 20 percent of the Adnoc refinery 2. Eni owns 65 percent of Plenitude, jointly controlled with Ares, while KKR holds 30 percent of Enilive 12.

A carbon capture business was set up with the equity fund GIP, which holds 49.99 percent of it 2. Eni's Dutch unit Eni International owns 38,043,478 common shares of Nouveau Monde Graphite, about 11.6 percent, bought on 15 May 2026 4.

The Italian Ministry of Economy and Finance controls Eni, directly and through Cassa Depositi e Prestiti, in which the Ministry holds 82.77 percent 2. On 11 March 2026 the Ministry directly owned 65,586,402 shares, CDP 936,179,478 and BlackRock reported 150,878,955 2.

Italian law also gives the State special powers, known as the Golden Power, over strategic energy assets 2.

For 2026 the company expects underlying oil and gas production growth of 6 to 7 percent 1. It expects adjusted operating cash flow of €16.5 billion, gross capital spending of €7 billion and net capital spending below €4.5 billion 1.

It guides proforma gearing to the bottom of a 10 to 15 percent range 1. It expects the gas portfolio unit to earn about €1.5 billion, Enilive €1.4 billion of EBITDA and Plenitude about €1.2 billion 1.

The company says it will end 2026 with 6.5 gigawatts of installed renewable capacity and a further 1.2 gigawatts under construction 1. It also expects 0.5 million tonnes a year of new biorefinery capacity to reach mechanical completion at year end 1.

Shareholder payments are set: the second 2026 dividend tranche of €0.27 per share is payable on 25 November, and the extraordinary €0.46 on 9 December 1. The planned 2026 ordinary dividend is €1.1 per share 1.

The annual report states a five-year plan for 2026 to 2030 with gross capital spending of around €29 billion 2. It assumes Brent near 70 dollars a barrel and a compound production growth target of around 4 percent 2.

Decisions pending include the final investment decision on the Argentina LNG project, targeted by the end of 2026, with initial export capacity of 12 million tonnes a year 1. Eni's agreements to sell 10 percent stakes in Indonesian gas assets to Pertamina and Medco still need government approvals 1.

Eni says its Plenitude arm is on track to reach the targeted installed capacity of 6.5 gigawatts at year end 1. The company says the 2026 buyback of €3.8 billion is almost triple the initial plan of €1.5 billion 1.

The company's stated sensitivities are €0.11 billion of cash flow per one-dollar change in Brent and €0.03 billion per one-euro change in gas per megawatt hour 1. It frames its revised 2026 scenario at Brent 95 dollars a barrel and a gas price of 55 euros per megawatt hour 1.

Eni says it aims for carbon neutrality by mid-century and expects the first operating magnetic fusion plant in the early 2030s with partners 2. It expects Venice biorefinery capacity to rise to 0.6 million tonnes a year by 2027 2.