Eni he filed the new quarterly beating analysts' estimates and bringing the plan to 1,8 billion repurchase of sharesEni's CEO, Claudio Descalzi, He speaks of "excellent accounts" despite a context that remains complex, and not only for energy companies.
The numbers approved by the board of directors showed in the first nine months of the year a Net income of 2,5 billion, up 5%, while in the third quarter Net profit rose by 54% to 803 million compared to 522 million in the same period of 2024 (the adjusted figure, i.e. excluding extraordinary items, stood at 3,79 billion in the nine months, down 13%, while in the quarter the contraction was 2%, to 1,25 billion euros and reflects a group tax rate of 42%). Also in the third quarter,Proforma adjusted EBIT The group's revenue stood at 3 billion, which Eni itself defines as "solid" although down 12% compared to the same previous period due to the 14% drop in the price of oil and the appreciation of the euro against the dollar (+6%), the effects of which were seen on the performance of the segment. E&P (exploration and production), the main “engine” of the group, supported however by the growth in volumes and efficiency actions.
Instead, both the Gas division (GGP and Power) the Refining (refining), returned to profit, while the chemistry continues to record losses due to an overall European picture marked by a prolonged recession. However, this division is beginning to show the first signs of a turnaround thanks to the restructuring plan implemented by management.
- investments Gross revenues are at 8,5 billion, down from the initial forecast of less than 9 billion, and net revenues are expected to be less than 5 billion, compared to the original forecast of a range of 6,5-7 billion.
In essence, it emphasizes Descalzi “The third quarter demonstrates how all the main elements of our strategy are progressing successfully in a contextual manner: we are growing competitively across all our key businesses; in the upstream sector, we are launching new projects while securing new opportunities through our industry-leading exploration and technological expertise; and we are opening up new opportunities in the energy transition.”
For the nine months, adjusted pro forma operating profit stood at €9,36 billion, down 19% compared to the same period of the previous year.
The title a Business Square in late morning it was up 2,41% at 15,96 euros.
The buyback plan grows, debt decreases
The results achieved allow Eni to reaffirm theincrease in the buyback plan. Thanks to the increase in operating cash estimates, Eni has increased the buyback by 300 million to 1,8 billion, while reducing at the same time the debtThe flows, Eni clarifies, have financed 1,3 billion in cash to shareholders (first tranche of the 2025 dividend for 0,78 billion and the buyback of shares for 0,56 billion as part of the 2025 plan).'financial debt Net income fell to 9,9 billion compared to last June, resulting in a leverage ratio of 19%, or 12% on a pro forma basis considering the proceeds from transactions not yet finalized at the end of the quarter.
Descalzi is targeting new fields of development from Africa to the Middle East to Asia.
For the number one of Eni the results are "excellent" and, the CEO underlines in particular “strong growth” in production of 1,76 million barrels per day (+6% compared to last year), allows "to raise annual guidance up to 1,72 million per day, confirming the acceleration trend that is set to continue in the coming months thanks to the new fields in development in Congo, the Emirates, Qatar and Libya, and at the start of the combination of business in Indonesia and Malaysia which will be one of the main players on the LNG market in the Asian continent".
Operating cash flow and oil and gas production expectations revised upward
As for perspectives, the group has also decided to revise upwards the operating cash flow expected in the year at 12 billion, compared to the previous estimate of 11,5 billion, with a management improvement of 1,3 billion compared to the original guidance of the plan. expected production di oil and gas increased in a range of 1,71-1,72 million barrels per day, with an expected level of around 1,8 million barrels per day in the fourth quarter. full-year projection GGP's (Global Gas & LNG Portfolio) pro forma adjusted EBIT increased to over €1 billion thanks to portfolio optimizations. Cash flow initiatives and other organic measures implemented to mitigate the effects of the scenario also increased to €4 billion from €3 billion.
Progress in divestments and transition
Eni continued its policy of valorization of businesses related to upstream and energy transition. Descalzi recalled theBuilt-in obtained from the sale of 30% of the Baleine field in Ivory Coast and the progress of the sale of 20% of the Plenitude share to the Ares fund: with this operation the two businesses of Enilive and Plenitude have determined revenues of approximately 6,5 billion over the last two years. "in a context of weak crude oil prices and a strengthening euro" have led the group to a financial and economic performance "which confirms theeffectiveness of our strategy and satellite model which allows to ensure a accelerated growth and stable dividends" said the CEO. So the operating cash flow Adjusted CFFO was €3,3 billion, well above investments of €2 billion, an increase of 14% compared to the previous year.
Furthermore, the transition strategy: the hub enhancement plan Sannazzaro and conversion of Priolo “They mark new biorefining development projects and contribute to our downstream transformation plan,” says the CEO. At the same time Fullness It has reached 4,8 GW of installed renewable generation capacity, in line with the target of 5,5 GW by the end of the year. Furthermore, a partnership with GIP has been launched, "intended to maximize the growth potential of our portfolio's CCUS (carbon capture, storage, and utilization) activities," Descalzi concludes.
