Eni soars at Piazza Affari after the publication of accounts of the second quarter. The title earns more than 5% and leads the rises of the Ftse Mib, which instead moves slightly downwards. Investors reward a net income more than doubled, increase in guidance for 2026, thebuyback increase to 3,4 billion of euros and the prospect of a possible extraordinary dividend. Despite a still complex energy scenario, the group led by Claudio Descalzi benefits from the rise in prices of Petroleum, increased production and the growing contribution of energy transition businesses, recording strong growth in profitability.
Eni's quarterly results show net profit more than doubled, with cash flow also growing.
In the period April-June theadjusted net profit reaches 2,3 billion euros, up 106% compared to the same period in 2025. In the first six months of the year, profit rose to 3,6 billion euros, an increase of 43%. Adjusted pro forma profit amounted to 5,4 billion euros, double the 2,7 billion euros in the second quarter of last year and up 52% compared to the previous quarter. For the first half of the year, it reached 8,9 billion euros, up 40%.
The results were mainly driven by the business Exploration & Production (E&P), the Global Gas & LNG Portfolio (GGP) and the energy transition activitiesThe improved geographic mix of earnings also allowed us to reduce the adjusted tax rate from 47% to 37%.
On the cash generation front, the net cash flow from operating activities reaches 5,7 billion euros in the semester, including 868 million in dividends distributed by subsidiaries, while the adjusted operating cash flow before working capital It rose to €7,3 billion. In the second quarter alone, adjusted operating cash flow before working capital amounted to €4,47 billion, financing €1,84 billion in organic investments.
Lnet financial debt It stands at €11,3 billion, while the pro forma gearing remains at 10%, the lowest level in the group's history. The increase in net debt before IFRS 16 is approximately €1,74 billion.
CEO Descalzi: "Excellent results"
“The determination in executing our strategy has enabled us to achieve results excellent in the second quarter of 2026, supported by our diversified portfolio of assets which offers us a broad set of strategic options and a profitable growth prospect in the various businesses of our energy mix,” commented CEO Descalzi.
According to the manager, the growth stems from effective industrial and financial management and has outpaced that of the commodity market. Descalzi also highlighted the new phase of development in Exploration & Production, supported by the launch of the Searah joint venture between Indonesia and Malaysia to capitalize on gas discoveries in the Kutei Basin, as well as progress on numerous projects and expansion into new geographic areas.
Upstream remains the engine of growth
The Exploration & Production continues to be the main driver of the group's results. In the second quarter, hydrocarbon production reaches 1,79 million barrels equivalent per day, up 7% compared to the same period in 2025 and 11% on a like-for-like basis, thanks above all to the entry into force of the new projects in West Africa, Gulf of America, Norway e Indonesia.
E&P's adjusted operating profit rose to €4,8 billion, up 97% year-over-year and 42% compared to the previous quarter, driven by increased production volumes, operating efficiency, and higher crude oil realizations. Adjusted net profit for the business reached €2,2 billion, more than double the year-ago figure.
Enilive and Plenitude are growing. Refining returns to profit, and Versalis improves.
The contribution of energy transition activities is increasingly important. Fullness reported a pro forma adjusted operating profit of €226 million, up 70%, continuing its growth path towards 6,5 GW of installed renewable capacity by the end of the year and a customer base of 11 million.
enilive, on the other hand, more than doubled its adjusted pro forma operating profit to €295 million, while adjusted EBITDA rose to €375 million, up 79%, thanks to the improving biofuel market and the expansion of production capacity. Overall, Enilive and Plenitude generated €1,1 billion in adjusted EBITDA in the first half of the year.
Positive signals also come from traditional industrial activities. refining returns to profit with an adjusted pro forma operating profit of 80 million euros, after the loss recorded in the same period last year.
It also improves chemistry: Versalis reduces the pro forma adjusted operating loss to 65 million euros, an improvement of approximately 65% compared to the second quarter of 2025, thanks to the effects of the restructuring plan and more favorable market conditions.
Guidance revised upwards
In light of the results achieved, Eni has updated its forecasts for 2026. Oil & gas production growth is now estimated at around 5%, compared to the previous target of 3-4%. Operating estimates for the main businesses have also improved: GGP's adjusted pro forma EBIT has been revised to over €1,4 billion, while Enilive's adjusted pro forma EBITDA has risen to €1,3 billion (from €1,1 billion), and Plenitude's has been confirmed at €1,3 billion.
The targets of 6,5 GW of installed renewable capacity by the end of the year and a biorefining capacity of 2,1 million tonnes per year remain confirmed, in addition to 1,5 million tonnes under construction.
Also the cash generation forecast The forecast is improved: adjusted cash flow from operations is now expected to be €15 billion, assuming a scenario with Brent crude at $85 per barrel, Serm refining margin at $14 per barrel, TTF gas price at €50 per MWh, and a euro/dollar exchange rate of 1,16. Gross capex remains unchanged at €7 billion, while net capex is revised below €5 billion.
Buyback at €3,4 billion and possible extraordinary dividend
In the second quarter, Eni has already distributed €1,35 billion to shareholders, including €790 million from the final tranche of the 2025 dividend and €560 million from the launch of the 2026 buyback program.
In light of the growth in results, the group has decided to increase buyback by 20%, bringing it from 2,8 to 3,4 billion euros, more than double the initial forecast of 1,5 billion, in line with the policy of distributing to shareholders 60% of the excess cash generation compared to the budget.
The confirmation remains dividend ordinary dividend of 1,10 euros per share, up 5% compared to 2025.
The board of directors will also evaluate in October the possible distribution of an extraordinary dividend, if refining margins continue to remain significantly above the levels projected in the plan. This scenario is expected if Brent prices exceed $90 a barrel or if gas prices or refining margins increase by more than 50%.
