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ENI S.p.A. Form 6-K Summary: Q2 and First Half 2026 Results

Business Context and Reporting Period

This Form 6-K filing covers Eni S.p.A.'s unaudited consolidated results for the second quarter (Q2) and the first half (IH) of 2026, reported on July 29, 2026. The period reflects strong execution across a diversified portfolio, including Exploration & Production (E&P), Global Gas & LNG, and Transition businesses (Enilive and Plenitude). Key strategic milestones include the establishment of the Searah joint venture with Petronas in Southeast Asia, final investment decisions (FID) for major projects in Côte d'Ivoire, Angola, and Cyprus, and entry into the critical minerals value chain.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Surge: Q2 2026 proforma adjusted EBIT doubled year-over-year to €5.38 billion, driven by a 97% increase in E&P EBIT (€4.77 billion) due to higher volumes, better realizations, and cost discipline. Transition businesses also saw a 99% EBIT increase.
• Production Growth: Underlying hydrocarbon production grew 11% year-over-year in Q2, reaching 1.79 million boe/d. This was supported by ramp-ups in West Africa, the Gulf of Mexico, Norway, and Indonesia.
• Refining Recovery: The Refining business returned to profitability in Q2 (€80 million EBIT) compared to a loss in Q2 2025, aided by improved refining margins, though capped by higher shipping costs.
• Balance Sheet Strength: Proforma gearing reached a historic low of 10%, well within the 10-15% target range, despite an increase in net borrowings to €11.3 billion due to working capital needs and shareholder returns.

Guidance, Outlook, and Management Commentary

• Revised Guidance: Eni raised its 2026 underlying production growth guidance to around 5% (previously 3-4%). Adjusted CFFO guidance is now €15 billion (up €0.7 billion) based on a Brent scenario of $85/bbl.
• Shareholder Returns: The share buyback program was increased by €600 million to a total of €3.4 billion. The Board approved the first tranche of the 2026 dividend provision at €0.27 per share (total annual provision €1.10). An extraordinary dividend may be defined in October if refining margins remain above budgeted levels.
• Strategic Developments:
  • Searah JV: Established with Petronas to develop gas assets in Indonesia and Malaysia, immediately accretive to cash flow.
  • Project FIDs: Approved for Baleine Phase 3 (Côte d'Ivoire), Greater PAJ (Angola), and Cronos (Cyprus).
  • Transition: Plenitude is on track for 6.5 GW installed capacity by year-end; Enilive expanded its retail network via the acquisition of OIL! stations.
• Risks: Forward-looking statements are subject to risks including commodity price volatility, geopolitical instability, and the timing of project execution.

Key Facts for Investor Verification

• Dividend Tranche: Verify the ex-dividend date of September 21, 2026, and payment date of September 23, 2026, for the €0.27 per share provision.
• Buyback Execution: Confirm the progress of the €3.4 billion buyback program, noting €860 million spent as of July 17, 2026.
• Plenitude Deconsolidation: Monitor the planned deconsolidation of Plenitude in Q3 2026, which will alter the Group's financial structure while Eni retains a 65% stake.
• Refining Margins: Track the Standard Eni Refining Margin (SERM), which averaged $8.3/bbl in Q2, to assess the likelihood of the potential extraordinary dividend.
• Special Items: Review the €1.77 billion in special items for Q2 2026, primarily impairment losses in E&P, to understand the divergence between reported and adjusted net profit.