Eni Announces results for the fourth quarter 2025

26 Feb Eni Announces results for the fourth quarter 2025

(Oilandgaspress) – 4Q ‘25 Group proforma adjusted EBIT was €2.87 bln above 2024 despite a 15% decline in crude oil prices and a 9% appreciation in the EUR/USD rate, aided by volume growth and cost efficiencies. The Group reported an adjusted net profit of €1.2 bln, up 35% y-o-y in part driven by a tax rate of 37% (giving around 44% for the full year).
E&P reported €2.80 bln of proforma adjusted EBIT (increase y-o-y), with positive effects from production growth and self-help initiatives offsetting lower crude realizations and currency headwinds.
GGP and Power reported proforma adjusted EBIT of €0.19 bln, consistent with our guidance, driven by continued margin improvement from gas and LNG portfolio optimization and asset-backed trading in a weaker market environment.
Enilive generated €0.18 bln of proforma adjusted EBIT (€0.26 bln proforma adjusted EBITDA), more than tripled vs. 4Q ’24, driven by recovery in bio-margins. Plenitude reported a proforma adjusted EBIT of €0.10 bln (€0.23 bln proforma adjusted EBITDA), increasing y-o-y.
Refining reverted to profit (versus a loss in the year-ago quarter) helped by improved product crack spreads. Chemicals reported a loss of €0.2 bln, impacted by the prolonged European industry slump, offsetting restructuring benefits.
Adjusted cash flow before working capital was €3.01 bln, funding gross capex of €2.62 bln. Portfolio management delivered €1.73 bln of net proceeds, mainly relating to the investment by Ares into Plenitude and GIP into CCS. Cash returns to shareholders were €1.4 bln, comprising the second instalment of the 2025 dividend of €0.77 bln and share repurchases of €0.67 bln. Cash flow was supported by initiatives addressing working capital with overall cash initiatives delivering a €4 bln benefit in the FY offsetting the scenario. Net borrowings declined to €9.4 bln from September 30, 2025. This reduced gearing to 15%, and incorporating agreed but not completed portfolio transactions, proforma gearing at quarter-end was 14%.

Strategic and financial highlights

E&P delivered a very resilient performance. FY production ahead of guidance and Dual Exploration model realizing value

• 4Q ‘25 oil&gas production rose more than 7% y-o-y and 5% sequentially to 1.84 mln boe/d, enabled by accelerated and smooth start-ups and ramp-ups and excellent base business performance. FY
• production at 1.73 mln boe/d, 4% underlying growth vs 2024.
• Leading 2025 reserve replacement ratio (167% organic, 162% all sources). FY discovered resources of 900 mln boe including in 4Q ’25 the Konta gas discovery in the Kutei Basin finding potential in excess of 1 TCF, close to existing facilities for a fast-track development.
• A binding agreement signed with Petronas to establish a jointly-controlled E&P satellite over Indonesia/Malaysia, combining two material gas asset portfolios with rich exploration potential and initial production level of over 300 Kboe/d, expected to quickly ramp up to a sustainable level of over 500 Kboe/d. The entity will commence operations by mid ’26.
• Entry into the upstream of Uruguay with the farm-in of 50% and the operatorship of Block OFF-5 in the offshore.
• Start-up of Phase 2 of the Congo FLNG project, ahead of plan, raising production capacity to the design target of 3 MTPA (from current 0.6 MTPA). First LNG loading achieved in February ‘26.
• Inauguration by Azule of the gas treatment plant for the NGC operated project, the first non-associated gas project in Angola, feeding the Angola LNG export plant and the domestic market. First gas production into plant was reached in February ’26.
• The 12 MTPA Argentina LNG project moved towards FID with the partners signing the Joint Development Agreement.
• After year-end, sold a further 10% stake in the Baleine oilfield in Côte d’Ivoire to Socar with expected closing in 1Q ’26.

GGP signed 1.2 MTPA long-term LNG sale contracts in Thailand and Turkey to continue to diversify its global LNG footprint and to develop strategic commercial partnerships

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