ENI S.p.A. 2024 Annual Results Summary
Business Context and Reporting Period
This Form 6-K filing, dated March 18, 2025, reports the approval of ENI S.p.A.'s 2024 Annual Report by the Board of Directors. The filing includes the 2024 IFRS Consolidated Financial Statements and draft separate financial statements for the parent company. The reporting period covers the full fiscal year ended December 31, 2024.
Key Financial Metrics (Consolidated)
| Metric | 2024 (€ million) | 2023 (€ million) |
|---|---|---|
| Total Revenues | 91,214 | 94,816 |
| Operating Profit | 5,238 | 8,257 |
| Net Profit (Consolidated) | 2,764 | 4,860 |
| Net Profit Attributable to Shareholders | 2,624 | 4,771 |
| Earnings Per Share (Basic) | €0.79 | €1.41 |
| Net Cash from Operating Activities | 13,092 | 15,119 |
| Net Cash Used in Investing Activities | (9,817) | (9,365) |
| Cash and Cash Equivalents (Year End) | 8,183 | 10,193 |
| Total Debt (Short-term + Current LT + Long-term) | 30,390 | 28,729 |
Parent Company Note: The separate draft financial statements for the parent company reported a net profit of €6,419 million for 2024, compared to €3,272 million in 2023.
Material Changes vs. Prior Period
- Profitability Decline: Consolidated net profit attributable to shareholders decreased by approximately 45% to €2,624 million, driven by a drop in operating profit from €8,257 million to €5,238 million.
- Revenue Reduction: Total revenues fell by 3.8% to €91,214 million, with sales from operations declining from €93,717 million to €88,797 million.
- Increased Impairments: Impairment losses on tangible, intangible, and right-of-use assets increased significantly to €2,900 million in 2024, compared to €1,802 million in 2023.
- Investment Income Drop: Income from investments decreased to €1,850 million from €2,444 million, largely due to a lower share of profit from equity-accounted investments (€866 million vs. €1,336 million).
- Liquidity Position: Cash and cash equivalents decreased by €2,010 million year-over-year, ending at €8,183 million.
Guidance, Outlook, and Corporate Actions
- Dividend Policy: The fourth installment of the 2024 dividend will be resolved by the Board on April 3, 2025. The payment date is set for May 21, 2025, with an ex-dividend date of May 19, 2025.
- Share Buybacks: The company purchased €2,012 million of treasury shares in 2024, compared to €1,803 million in 2023.
- Capital Structure: The company issued perpetual subordinated bonds totaling €1,778 million in 2024.
- Reporting Timeline: The 2024 Annual Report (Italian version) and Form 20-F will be made public and filed with the SEC within the first ten days of April 2025.
- Sustainability: The Board approved a Sustainability Statement in conformity with Italian Legislative Decree No. 125/2024.
Investor Verification Checklist
- Verify the specific impact of the €2,900 million in impairment losses on future asset valuations and depreciation schedules.
- Confirm the exact dividend amount per share for the fourth installment once resolved on April 3, 2025.
- Review the detailed breakdown of the €1,795 million spent on acquisitions of consolidated subsidiaries in the investing cash flow.
- Monitor the upcoming Form 20-F filing in April 2025 for the full English-language annual report and audited notes.
- Assess the sustainability of the operating margin given the 38% decline in operating profit relative to the 3.8% revenue decline.