Eni closes first quarter of 2025 and to evaluate e revenues in decline. The results were negatively affected by an uncertain economic context and the oil price drop. In response to global challenges, including trade tensions arising from the Donald Trump's Politics, the group has reduced The investments gross, going from 9 billion to less than 8,5 billion euros for the full year. CEO Claudio Descalzi commented on the results as “solid”, with an adjusted net profit of 1,41 billion euros, down 11% compared to 2024, but still higher than expected of the market. To address the difficulties, Eni has identified over 2 billion euros in spending rationalization actions and confirmed the increase of dividend, along with a buyback from 1,5 billion.
Despite the decline, all the main indicators proved to be better than the market's expectations. At Piazza Affari, the salt title 1,64%.
Eni: the accounts for the first three months of 2025
Eni closed the first three months of 2025 with a adjusted net profit of 1,41 billion euros, down 11% compared to the same period of the previous year, while theoverall net profit stands at 1,17 billion euros, with a decrease of 3%. revenues of characteristic management recorded a slight decrease, falling to 22,57 billion euros (-2%), while the hydrocarbon production decreased by 5%, reaching 1,64 million barrels equivalent per day, mainly due to the decline in the price of Brent, which fell to $75 per barrel, compared to $83 in the first quarter of 2024.
Despite the decline in revenues and production, Eni showed a sequential recovery compared to the fourth quarter of 2024, with a 36% increase in pro forma operating profit, thanks to the solid performance of the E&P division, di Gas & LNG, and progress in the sectors enilive e Fullness. In detail, E&P recorded an adjusted operating profit of 3,3 billion euros (-2%), while Gas & LNG saw an increase of 34%, bringing the operating profit to 473 million euros. On the contrary, the sector chemist posted a widened loss of 334 million euros, while Enilive and Plenitude suffered a decline ofEbitda by 21%, stopping at 336 million euros.
Il net cash flow from operating activities increased by 25%, reaching 2,38 billion euros, with operating flows sufficient to cover investments and ensure solid remuneration for shareholders. On the financial front, Eni completed the sale of 30% of Enilive to Kkr for 3,6 billion euros, while increasing the EIP's 10% stake in Plenitude, with a revenue of 0,2 billion euros. These results brought the laverage proforma and 0,12.
Higher Dividend and Buyback Underway
Eni has confirmed the annual dividend of 1,05 euros per share (+5%) and announced a program of 1,5 billion euro buyback, which will be submitted for approval to the shareholders' meeting on 14 May 2025. The fourth tranche of the 2024 dividend, equal to 0,25 euros per share, will be distributed on 21 May 2025. In the first quarter of 2025, Eni distributed 1,2 billion euros to its shareholders,
Operating cash flow for the quarter, equal to 3,4 billion euros with a 25% increase in net cash flow, stood at 2,38 billion euros and was sufficient to cover both gross investments (1,9 billion) and distributions to shareholders.
US Tariffs: Eni Revises 2025 Spending Plans
In response to market volatility, Eni has reviewed its pSpending plans for 2025, reducing the investments netti under 6 billion euros (compared to 6,5-7 billion previously). The company also confirmed a guidance of cash flow for the year equal to 11 billion euros, with an average Brent price expected at 65 dollars per barrel, 40 euros/MWh for the TTF gas price, a refining margin at 3,5 dollars per barrel and a euro/dollar exchange rate equal to 1,1. Production estimates unchanged, expected at 1,7 million barrels equivalent per day.
THEexpected ebit for the sector Gas & Power is confirmed at 800 million euros, with the possibility of exceeding one billion in the presence of favorable conditions and positive negotiations. Theebitda expected for enilive e Fullness is respectively equal to one billion and over 1,1 billion euros.
New Joint Venture in Indonesia. HyNet Project Expected to Receive Green Light
In parallel with the publication of the accounts, Eni announced the Creation of a new oil & gas joint venture with Petronas, aimed at maximizing the value of gas resources in Indonesia. The new entity, self-financed and with a portfolio of high-quality assets, aims to maximize the value of gas resources in Indonesia.
Among other developments, revenues of 2,7 billion euros are expected thanks to the dual exploration model applied to the agreements with Vitol for the Baleine and Congo FLNG projects. A second satellite is also being defined, focused on the capture and storage of CO₂. In this context, today it is Waiting for the approval of the British government al Hynet North West Project Gas Pipeline, which will serve the industrial hubs of Liverpool and Manchester. The announcement will take place at the Energy Security Summit in London, with more than 60 international leaders.
HyNet represents a tremendous opportunity for the region, creating 350 jobs and generating £17bn of economic value over the next 25 years. Eni plans to store 4,5m tonnes of CO₂ per year initially, with a target of 10m tonnes by 2030, equivalent to the emissions of 4m cars.
CEO Descalzi: “Well positioned to weather the current economic situation”
“Looking ahead, we are well positioned to navigate the current economic situation,” said the CEO. Descalzi -. Thanks to a portfolio of high-quality assets, which provide us with ample flexibility, and proven financial structures that ensure disciplined capital allocation and self-financing growth, we are able to optimize our spending plans and cash management”. Eni has identified over 2 billion in spending rationalization actions, equivalent to approximately 15 dollars per barrel of price effect.
