- E&P output rose 9% to 1.8 mln boe/d, with ~1 bln boe discovered in Angola, Cote d'Ivoire, Libya, Egypt and Geliga (Indonesia); FIDs approved for two Kutei basin deep-water gas hubs and the Eni-Petronas JV expected to close in 2Q.
- FY adjusted CFFO raised 20% to €13.8bn (Brent $83/bbl; SERM $8/bbl; TTF €50/MWh; EUR/USD 1.15); gross/net capex €7bn/€5bn, proforma gearing 15%, net debt €10.8bn, dividend €1.1/share and buyback lifted to €2.8bn.
- Enilive approved FIDs for Sannazzaro and Priolo biorefineries (€500m EIB support for Sannazzaro), adding 2 MTPA under construction toward a 5 MTPA 2030 target; Plenitude closed Acea Energia (1.2m clients, 11m total) and will be demerged after a €1.5bn capital increase with Ares while Eni keeps ~65%.
Operational highlights
E&P output rose 9% to 1.8 mln boe/d; exploration yielded ~1 bln boe of resources across Angola, Côte d’Ivoire, Libya, Egypt and Geliga (Indonesia); FIDs approved for South and North deep‑water gas hubs in the Kutei basin; Eni‑Petronas JV expected to close in 2Q; Azule Energy started gas deliveries at Quiluma and Ndungu (Angola); FLNG hull launched for Coral Norte (Mozambique); awarded Libyan offshore License O1.
Financial results
Group proforma adjusted EBIT was €3.54bn and adjusted net profit €1.3bn; adjusted CFFO before working capital movements €2.88bn; funded organic capex €1.9bn; net debt €10.8bn with proforma gearing ~15%; €1bn returned to shareholders in the quarter (third dividend tranche €0.77bn and buyback completion €0.3bn).
Transition businesses
Enilive approved FIDs for biorefineries at Sannazzaro and Priolo, with ~2 MTPA under construction and targets to reach 5 MTPA by 2030 (Sannazzaro supported by €500m EIB financing); Plenitude reached ~6 GW installed capacity, closed Acea Energia adding 1.2m customers (11m total) and will be reorganized with Ares via a €1.5bn capital increase ahead of a planned demerger.
Capital allocation and guidance
FY adjusted CFFO guidance raised 20% to €13.8bn at Brent $83/bbl (SERM $8/bbl; TTF €50/MWh; EUR/USD 1.15); gross/net capex confirmed at €7bn/€5bn; FY oil & gas production growth targeted 3–4%; GGP adj. proforma EBIT ~€1.3bn; Enilive/Plenitude FY proforma EBITDA ~€1.1bn/€1.3bn; end‑year renewables capacity ~6.5 GW; dividend €1.1/share and share repurchase increased to €2.8bn.
