Eni S.p.A. Reports Strong Financial Performance for Full Year 2025

2026-02-27 · Stocks · QuoteReporter

Eni S.p.A. Reports Strong Financial Performance for Full Year 2025

Executive Summary

Eni S.p.A. (ENI.MI) has demonstrated a robust financial performance in the fiscal year 2025, marked by significant strategic progress and operational excellence. The company's adjusted net income saw a substantial increase of 35% year-over-year, reaching €1.20 billion in Q4 2025. Full-year production exceeded expectations, with an average of 1.73 million boe/d, underpinned by a series of major project start-ups and a leading organic reserve replacement ratio of 167%. The company's cash flow from operations before changes in working capital at replacement cost amounted to €12.5 billion, reflecting a well-executed strategy amidst challenging market conditions.

Key Financial Highlights

• Revenue: €20.615 billion in Q4 2025
• Adjusted Net Income: €1.20 billion in Q4 2025, up 35% Y-o-Y
• EBITDA: €2.865 billion in Q4 2025
• Net Cash from Operations: €13.330 billion in FY 2025
• Gearing: Reduced to 14% at the end of 2025

CEO Statement

"In 2025 we proved that the consistent execution of our strategy, developed in the most recent years, is delivering a resilient business with structurally stronger earnings power," stated Claudio Descalzi, CEO of Eni. He highlighted the operational performance and strategic initiatives that have significantly bolstered the company's financial health and reduced debt while increasing returns to investors.

Segment Performance

Exploration & Production (E&P)

The E&P segment reported a proforma adjusted EBIT of €2.795 billion in Q4 2025, with a year-over-year increase due to production growth and cost efficiencies. The segment successfully started up six major projects, contributing to a production level that exceeded full-year guidance.

Global Gas & LNG Portfolio

This segment faced a challenging market but managed to sign long-term LNG sale contracts in Turkey and Thailand, enhancing its global LNG footprint. The adjusted EBIT for this segment was €186 million in Q4 2025.

Transition Initiatives

Significant progress was made in Eni's transition activities, particularly in renewable energy and biofuels. The company's renewable energy subsidiary, Plenitude, added substantial capacity and new customers, aiming to triple its biofuels production capacity by 2030.

Future Outlook

For 2026, Eni expects consistent oil and gas production growth in line with its 2025-2028 plan. The company anticipates a gross capex of €7 billion and aims to maintain gearing between 10-15%.

Conclusion

Eni's financial results for 2025 reflect a successful year of strategic execution and operational excellence. With a strong focus on sustainable practices and energy transition, Eni is well-positioned to continue delivering value to its shareholders while adapting to the evolving energy landscape.