Eni: results for the third quarter and nine months of 2026

3Q operational and financial results support further upgrade to FY ’26 outlook with record low debt and enhanced shareholders’ returns through extraordinary dividend and increased buyback

• 3Q ’26 performance reflects the strength of our strategy, continued execution and disciplined investment into high-quality opportunities.
• Considering the excellent operating and financial performance of the nine months ‘26 and an improved cash flow projection for the ‘26 FY (€16.5 bln), Eni has resolved to distribute an extraordinary dividend of €0.46 per sh. (ca. €1.3 bln) in December and a further increase of 12% in the buyback program to €3.8 bln.
• Underlying E&P production up 7% to 1.83 mln boe/d driven by projects ramp-ups and full quarter contribution from Searah JV.
• A strategic contract to relaunch production at the giant Junin 5 field in Venezuela has been signed, materially enhancing future upstream growth options.
• Plenitude deconsolidation creates an efficient platform for acceleration in the next phase of growth.
• Dual exploration sale of 10% stake in Baleine project and monetization of infrastructure portfolio reflect efficient capital management. Binding agreements signed to farm out retained 10% stake in the Kutei basin in Indonesia.
• Strong cash generation and disciplined capital allocation reduce proforma gearing to historic low of 9%, reinforcing resilience and capacity to invest for growth.

Eni's Board of Directors, chaired by Giuseppina Di Foggia, yesterday approved the consolidated results for the third quarter and nine months of 2026. Eni CEO Claudio Descalzi said:

'Eni’s excellent results in 3Q were driven by the strength of our operating model and disciplined investments into a well-diversified portfolio of advantaged assets. Due to our strong fundamentals, continuously improving growth prospects, and a historically robust financial performance, we are well positioned to continue delivering to our customers affordable, secure and increasingly decarbonized supplies. In 3Q, E&P again delivered outstanding underlying production growth of 7%, reflecting project ramp-ups and full operativity of our assets and the benefit of the start-up of our Searah JV in Southeast Asia. Moreover, during this quarter we have fast tracked a new wave of material initiatives in South America, Africa and Southeast Asia, which will enhance growth and cash generation for years to come. Finally, thanks to our outstanding exploration activities, this year we have discovered 1.23 bln barrels of new hydrocarbon resources, well above our budget target, while also reducing our exploration costs. While growing upstream and ensuring steady results in our gas and power businesses and refining, we are also recording transition businesses results in excess of our expectations, increasingly contributing to the diversification of the Group’s earnings. The capital raise and the new governance of Plenitude have further derisked Eni’s balance sheet and will enable this satellite to grow in a self-funded way.

Thanks to our key businesses, industrial execution and larger optionality, we are able to generate robust and recurring cash flows over wide market conditions. Based on those fundamentals and the revised FY ‘26 cash flow outlook and with proforma gearing at historic lows, we are further raising the distribution by an extraordinary dividend of €0.46 per share to be paid in 4Q and increasing again the buyback to €3.8 bln, underscoring our continued commitment to sharing upside with shareholders.'

Strategic and financial highlights

E&P excellent results underpinned by accretive production growth, while strengthening the portfolio with new material initiatives

• In 3Q ’26, E&P reported a robust underlying production growth of 7% compared to 3Q ’25, net of price effects, and of 2% sequentially to 1.83 mln boe/d, driven by new projects ramp-ups in West Africa, Mexico offshore, and Norway, and full operativity of the Searah JV.
• In Venezuela we signed strategic agreements with PDVSA to revitalize the giant Junin 5 oilfield under revised contractual terms and to export gas from the Perla field, gaining access to ca. 5.5 bln boe of recoverable resources.
• In Argentina, the consortium YPF/Eni/XRG engaged in developing a massive integrated LNG project with a target export capacity of initial 12 mln tonnes/y, has applied for the Country’s fiscal regime to incentivize large investments (RIGI), marking a milestone towards the project’s FID, expected around the end of this year.
• New access via the farm-in of an exploration block off Uruguay and signed agreement for an adjacent block. Also awarded the Sapukala block with 100% participating interest in the Kutei Basin, in Indonesia, within the framework of the first Indonesia Petroleum Bidding Round 2026.

Continuing momentum at transition businesses translated into outperformance and increasing contribution to Group’s earnings

• Enilive and Plenitude delivered adjusted EBITDA of €1.8 bln in the nine-month ’26 (+20% vs last year).
• Completed the agreement with Ares to establish joint control over Plenitude by means of a non-proportional share capital increase diluting Eni’s interest from 70% to 65%. With the new governance, this resulted in the deconsolidation of the entity from Eni’s balance sheet as of end of September ’26.
• Thanks to the new structure, Plenitude can pursue efficient, self-funded sustainable long-term growth and is on track to reach the targeted installed capacity of 6.5 GW at year-end.
• Enilive delivered strong results thanks to better biorefining margin environment, again confirming the importance of this emerging new source of clean fuel for transportation.

Portfolio management as a tool to anticipate asset monetization and to obtain an optimal risk-reward profile of the business

• Closed a long-term partnership agreement with private equity investors relating to an infrastructural based E&P portfolio in exchange for a €1.8 bln capital contribution cashed in the quarter, which will be invested in higher-return projects.
• Completed the divestment of a 10% interest in the Baleine oilfield to Socar in line with our Dual-Exploration model.
• In October signed binding agreements to farm out Eni’s retained 10% w.i. in two pools of Indonesian gas assets in the Kutei Basin to Pertamina and Medco, comprising the two giant development projects of the Northern and Southern hubs and the Geliga discovery.

Improved performance at the Transformation businesses

• Better plant utilization rates in a favorable scenario drove a strong quarter at the Refining business.
• Reconversion to the transition of the main Versalis hubs of Brindisi/Priolo is progressing, while the scenario in the petrochemicals legacy business has taken another leg down.

Excellent 3Q results driven by volume growth, plant reliability and portfolio optimizations enabled the Company to fully capture the scenario upside. Proforma gearing at 9%, below the low end of the guided range, and €1.9 bln of cash returns to shareholders.

3Q ‘26 Group’s proforma adjusted EBIT was €6 bln, doubled y-o-y (up by 12% sequentially) due to robust performance across all businesses, including notable contributions from the E&P satellites, plus continuing restructuring benefits of the chemicals sector and lower central function overheads. Adjusted net profit more than doubled y-o-y to €2.8 bln.

• E&P reported €4.63 bln of proforma adjusted EBIT, up 76% vs. 3Q’ 25, driven by volume growth and improved mix in a supportive commodity environment, translating into better realizations of equity production.
• GGP and Power reported €0.45 bln of proforma adjusted EBIT, with GGP at €0.41 bln up 46% vs. 3Q ‘25 due to continued asset portfolio optimization in a more volatile market.
• Enilive reported proforma adjusted EBIT to €0.41 bln up 80% vs 3Q ‘25, driven by the biorefining business, which benefited from an improved market scenario and strong performance. Plenitude reported €0.19 bln of proforma adjusted EBIT, up 95% y-o-y, driven by volume growth in the renewables business.
• Refining reported €0.73 bln of proforma adjusted EBIT, a significant increase over 3Q ’25, driven by improved plant utilization rates into a strong scenario, partly capped by higher shipping costs and unfavorable differentials between heavy/sour vs light/sweet crudes. Versalis’ chemicals business continues making progress in delivering the benefits of the ongoing restructuring and last year’s plant closures, but a loss of €0.18 bln, reflects a sharp deterioration in products margins.

3Q ’26 Group’s adjusted CFFO before working capital was €4.29 bln, funding organic capex of €1.3 bln. Cash returns to shareholders were €1.9 bln, comprising the first tranche of the ‘26 dividend (€0.8 bln) and execution of the ‘26 buyback program (€1.1 bln). Net debt was €6.7 bln at the end of 3Q ‘26, with proforma gearing at 9%.

Outlook 2026

2026 developing as a year of outperformance thanks to solid business trends, enabling us to capture the upside of a supportive commodity scenario. This is translating into exceptional shareholders’ returns.

Specifically, our updated segmental guidance is providing:

• FY’26 underlying oil & gas production growth is raised to a range of 6-7%.
• FY’26 GGP adjusted proforma EBIT guidance is raised to around €1.5 bln, representing an increase of 50% compared with the initial level.
• Enilive FY proforma adjusted EBITDA is raised at €1.4 bln, almost 30% higher than the original assumption while Plenitude EBITDA is expected at around €1.2 bln.
• Year-end installed renewable capacity at 6.5 GW, with further 1.2 GW under construction (Plenitude @100%); biorefinery capacity of 0.5 MTPA, in addition to available 1.65 MTPA, expected to reach mechanical completion at year end; further 1.5 MTPA of capacity is progressing (net Enilive).

On the financial side, we are strengthening our cash flow guidance, with proforma gearing falling to an all-time low:

• At our revised scenario[1] adjusted CFFO is now expected to amount to €16.5 bln, representing an underlying improvement of €1.2 bln vs Group’s sensitivities[2] and compared to our initial guidance, reflecting excellent underlying operational performance.
• Gross capex confirmed at €7 bln; net capex is guided to less than €4.5 bln.
• Proforma gearing seen at the bottom of the 10-15% guided range.

As a result of the Company’s improved outlook, we are raising cash distributions to shareholders by activating an extraordinary dividend amounting to €1.3 bln or €0.46 per share and upping again the buyback to €3.8 bln:

• Considering the updated year-to-date scenario and outlook, Eni’s Board has resolved an extraordinary dividend[3] of €0.46 per share (totaling €1.3 bln) that is due to be paid on December 9, in line with the Group stated remuneration policy to return 100% of upside in CFFO due to a scenario above certain thresholds compared to the original assumptions[4].
• The 2026 share repurchase plan is raised to €3.8 bln, up 12% from last quarter already revised guidance of €3.4 bln, in line with the Group distribution policy of returning 60% of upside vs. the budgeted CFFO (€11.5 bln) to shareholders till a Brent price of 90 $/bbl. The new buyback amount is almost triple the initial guidance of €1.5 bln at the budgeted cash flow.
• Confirmed the planned 2026 ordinary dividend of €1.1 per share (up 5% vs. 2025).

The full version of the Press Release is available in PDF format.

• (1) Brent price 95 $/bbl, SERM refining margin at 18 $/bbl (as adjusted to include differential and utility costs) and TTF gas price of 55 €/MWh (exchange rate EUR/USD of 1.15).
• (2) Group’s sensitivities are confirmed as follows: €0.11 bln and €0.08 bln per each one-dollar change in the Brent price and SERM margin respectively; €0.03 bln for each one-euro per MWh change in the spot price of European gas.
• (3) Ex-dividend date December 7, 2026. Pursuant to article 83-terdecies of the Italian Legislative Decree no. 58 of February 24, 1998, the right to receive the payment is determined with reference to the entries on the books of the intermediary – as set out in art. 83-quater, paragraph 3 of the Italian Legislative Decree no. 58 of February 24, 1998 – at the end of the accounting day of December 8, 2026 (record date). Holders of ADRs, outstanding at the record date of December 8, 2026, will receive €0.92 per ADR, payable on January 8, 2027, with each ADR listed on the New York Stock Exchange representing two Eni shares. On ADR payment date, Citibank, N.A. will pay net of the amount of the withholding tax under Italian law applicable to all Depository Trust Company Participants.
• (4) Eni’s shareholders’ distribution policy foresees that 100% of the upside in adjusted CFFO is paid as extraordinary dividend in case of a forecast Brent price scenario for the FY above 90 $/bbl and other variances, where gas prices and refining margins exceed scenario assumptions by more than 50%.

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Source: Eni