- 4Q adjusted net income rose 35% y-o-y to €1.20 bln, with CFFO at €3 bln, up 4% y-o-y.
- E&P launched six major projects in Angola, Indonesia, Norway, and Congo, with production reaching 1.73 mln boe/d.
- A JV with Petronas in Indonesia/Malaysia is set to start by mid-2026, and progress is made on Argentina LNG with YPF and XRG.
- Ares invested €2 bln for a 20% stake in Plenitude, and a JV with GIP was formed for CCS activities.
Financial Performance
Eni reported a 35% year-on-year increase in Q4 adjusted net income, reaching €1.20 billion. Cash flow from operations (CFFO) for the quarter was €3 billion, marking a 4% rise year-on-year. The company's cash flow exceeded expectations, contributing to a historically low gearing of 14%.
Operational Achievements
Exploration and Production (E&P) launched six major projects in Angola, Indonesia, Norway, and Congo, with full-year production reaching 1.73 million barrels of oil equivalent per day (boe/d), surpassing expectations. Oil and gas production grew over 7% from 2022 to 2025, with a reserve replacement ratio of 167% organically. Exploration activities added 0.9 billion boe to the resource base.
Strategic Partnerships and Projects
Eni formed a joint venture with Petronas in Indonesia and Malaysia, expected to start operations by mid-2026. Significant progress was made towards the final investment decision (FID) for the Argentina LNG project in partnership with YPF and XRG. Additionally, Eni expanded its LNG market presence with new long-term contracts in Turkey and Thailand.
Transition and Investments
In transition activities, Plenitude added French renewables through a partnership with Neoen and expanded its customer base with the pending acquisition of Acea Energia. Eni is executing a robust pipeline of biofuels projects, aiming to triple capacity by 2030. Ares invested €2 billion for a 20% stake in Plenitude, and a joint venture was formed with GIP for carbon capture and storage (CCS) activities.
