E

Business Context and Reporting Period

Company: Eni S.p.A.
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Fourth Quarter and Full Year ended December 31, 2025.
Filing Date: February 26, 2026.

Eni reported unaudited consolidated results for Q4 and FY 2025, highlighting resilient financial performance despite adverse upstream pricing and currency impacts. The Board approved the third tranche of the 2025 dividend provision (€0.26 per share) and confirmed strategic progress in Exploration & Production (E&P), Global Gas & LNG Portfolio (GGP), and Transition businesses.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability: Q4 2025 Adjusted Net Profit rose 35% year-over-year to €1.20 billion, driven by a lower effective tax rate (37% vs. 53% in Q4 2024) and volume growth. Full-year Adjusted Net Profit declined 5% to €4.99 billion due to lower commodity prices and one-off gains in the prior year.
• Production: Full-year 2025 hydrocarbon production reached 1.73 million boe/d (up 1% vs. 2024), exceeding guidance. Q4 production averaged 1.84 million boe/d, a 7% increase year-over-year.
• Balance Sheet: Net borrowings decreased by approximately €2.8 billion year-over-year to €9.4 billion. Proforma gearing improved to 14% from 18% in 2024.
• Segment Performance:
  • E&P: Proforma Adjusted EBIT increased 1% in Q4 to €2.80 billion despite a 15% drop in Brent prices, offset by production growth and cost efficiencies.
  • Refining & Chemicals: Refining returned to profit (€95 million in Q4) due to improved crack spreads. Chemicals reported a loss of €204 million, impacted by the European industry slump.
  • Enilive & Plenitude: Enilive EBIT tripled in Q4 to €180 million due to bio-margin recovery. Plenitude EBIT grew 24% to €99 million.

Guidance, Outlook, and Strategic Developments

• 2026 Outlook:
  • Oil and gas production growth expected to align with the 2025-28 Plan.
  • Gross Capex expected at €7 billion; Net Capex around €5 billion.
  • Gearing expected to remain between 10-15% (assuming Brent at $62/bbl).
• Shareholder Returns:
  • Third tranche of 2025 dividend: €0.26 per share (payable March 25, 2026).
  • Share buy-back program of €1.8 billion completed in February 2026 (119 million shares).
• Strategic Milestones:
  • Indonesia/Malaysia JV: Binding agreement signed with Petronas to form a 50:50 JV, expected to operate by mid-2026 with initial production over 300 kboe/d.
  • Argentina LNG: Significant progress toward Final Investment Decision (FID) for the 12 MTPA project with YPF and XRG.
  • Transition: Plenitude acquired Neoen (France) and signed agreement for Acea Energia (Italy). Ares Management invested €2 billion for a 20% stake in Plenitude.
  • Projects: Six major projects started up in 2025 (Angola, Indonesia, Norway, Congo). Congo FLNG Phase 2 started ahead of plan.

Investor Verification Checklist

• Dividend Timing: Verify ex-dividend date (March 23, 2026) and payment date (March 25, 2026) for the €0.26 per share tranche.
• Non-GAAP Reconciliation: Review the reconciliation of Adjusted Net Profit to GAAP Net Profit, noting the significant impact of special items (€1.34 billion charge in Q4) and inventory holding gains/losses.
• Chemicals Segment: Monitor the ongoing restructuring of the Chemicals business (Versalis), which continues to report losses due to European market headwinds.
• Transaction Closings: Track the closing of the Petronas JV (mid-2026) and the Acea Energia acquisition (expected June 2026) for regulatory approvals.
• Commodity Exposure: Assess sensitivity to Brent price fluctuations, as the 2026 guidance assumes a price of $62/bbl, significantly lower than 2024 averages.