Eni: adjusted net profit more than doubled. Descalzi: "Excellent results"

“The determination in executing our strategy has allowed us to achieve excellent results in the second quarter of 2026, supported by our diversified asset portfolio which offers us a broad set of strategic options and a prospect of profitable growth in the different businesses of our energy mix. These results derive from the effectiveness of industrial and financial management and grow significantly faster than the scenario of the prices of reference commodity“. This is the comment of the CEO of Eni, Claudio Descalzi to the first quarter results.

“We are further strengthening ours business Exploration & Productionwhich enters a further phase of growth and value generation, thanks to the launch of the Searah JV between Indonesia and Malaysia which will allow us to enhance our major gas discoveries in the Kutei basinas well as the progress made on numerous projects and the expansion of our activities into new geographical areas. The strength of this business and our excellence in exploration and production have supported extraordinary production growth of 11% on a like-for-like basis”, continues the CEO.

Descalzi: “An increasingly solid company”

“I transition business they are increasing their contribution to the group’s results, while fueling their own self-financed growth. Plenitude is on track to increase installed capacity by 6.5 GW by the end of the year, and already has a customer base of 11 million users. Enilive is developing new production capacity to seize the opportunities offered by the rapid growth in demand for biofuels, and has managed to fully exploit the conditions of this market phase.

The results of the semester demonstrate that, year after year, we are building a increasingly solid companythanks to the quality of our geographically diversified portfolio based on competitive assets, our distinctive exploration skills, a growing exposure to businesses linked to the energy transition, and with opportunities for early valorization of assets”, underlines Descalzi who concludes: “These factors will support a recurring cash generation in the long term, which will allow us to continue to ensure shareholders a significant remuneration with an important sharing of the benefits deriving from the most favorable market scenarios, while maintaining an extremely robust capital structure, as demonstrated by the pro forma debt ratio equal to the historic low of 10%. Thanks to these results, the program buyback is increased by a further 600 million, up to 3.4 billion”.

In the second quarter of 2026, Eni achieved “excellent results thanks to the consistent execution of the strategy and the diversified portfolio of highly competitive assets”. The group’s adjusted pro forma Ebit in the second quarter of the year stood at €5.38 billion, double compared to the comparison quarter (52% growth on a sequential basis), thanks to the solid performance of E&P, GGP and the transition satellites.

2.3 billion adjusted net profit in the second quarter, more than doubled

Adjusted net profit amounted to 2.3 billion, more than doubled compared to last year. The adjusted pro forma EBIT in E&P (exploration and production) is 4.77 billion (up 42% compared to the first quarter of 2026 and 97% on an annual basis), thanks to the positive contribution of the higher volumes/income mix, cost efficiency and better crude oil realization prices, despite the trend in the euro-dollar exchange rate. The adjusted pro forma EBIT of GGP and Power is equal to 0.50 billion. GGP with an adjusted pro forma Ebit of 0.47 billion recorded growth of 46% compared to the comparison quarter, thanks to the continuous optimization of the business portfolio and specific benefits related to renegotiations and agreements.

L’utile netto adjusted of the first semester of Eni instead it amounted to 3.63 billion (+43%). The adjusted pro forma EBIT for the first 6 months was 8.9 billion (+40%). Returning to the quarter, Enilive achieved an adjusted pro forma Ebit of 0.29 billion, more than doubled compared to the comparison quarter, driven by the performance of the biorefining business which also benefited from an improvement in the market scenario. Plenitude recorded an adjusted pro forma Ebit of 0.23 billion, up 70% compared to the comparison quarter, due to the growth in volumes in renewables and the suspension of amortization in relation to the ongoing deconsolidation process.

As regards Refining, theebit proforma adjusted of 0.08 mldreturning to profit compared to last year’s loss thanks to the improvement in refining margins, partly offset by the increase in freight costs and the narrowing of the differentials between heavy and light crude oils, which penalized the margins of complex cycles.

Il Versalis chemical business showed signs of improvement thanks to the ongoing restructuring measures and plant closures carried out last year, with a loss reducing by 65% ​​to around 0.07 billion, also following temporary interruptions in supply which supported the margins of plastic commodities. In the second quarter, adjusted cash flow before working capital amounted to 4.47 billion, financing organic investments of 1.84 billion. The remuneration to shareholders was 1.35 billion, including the last tranche of the ’25 dividend (0.79 billion) and the start of the 2026 buyback program (0.56 billion). Net financial debt stood at 11.3 billion at the end of June 2026, with a pro forma gearing of 10%, at the lower end of the expected range (10%-15%).