Business Context and Reporting Period
Company: Eni S.p.A.
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Third Quarter (Q3) and Nine Months ended September 30, 2025.
Filing Date: October 24, 2025.
Eni reported unaudited consolidated results for Q3 2025, highlighting strong execution within its strategic framework. The period was characterized by top-line growth and cost efficiencies despite an unsupportive commodity and currency scenario. Key strategic milestones included the Final Investment Decision (FID) for the Coral North FLNG project in Mozambique, the sale of a 30% stake in the Baleine oilfield, and significant progress on the Indonesia/Malaysia upstream satellite.
Key Financial Metrics
| Metric (€ Million) | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Proforma Adjusted EBIT | 2,996 | 3,400 | 9,358 | 11,623 |
| Adjusted Net Profit (Attributable to Eni) | 1,247 | 1,271 | 3,793 | 4,372 |
| Net Profit (GAAP, Attributable to Eni) | 803 | 522 | 2,518 | 2,394 |
| Cash Flow from Operations (Net) | 3,078 | 2,997 | 8,980 | 9,472 |
| Organic Capital Expenditure | 1,990 | 1,995 | 5,904 | 6,111 |
| Net Borrowings (ex IFRS 16) | 9,931 | 11,627 | 9,931 | 11,627 |
| Leverage (ex IFRS 16) | 19% | 22% | 19% | 22% |
Production: Hydrocarbon production averaged 1.76 million boe/d in Q3 2025 (+6% YoY). Renewable installed capacity reached 4.8 GW.
Material Changes vs. Prior Period
- Revenue & Profit: Proforma Adjusted EBIT declined 12% YoY in Q3 and 19% for the nine months, primarily due to a 14% drop in Brent crude prices and a 6% appreciation of the Euro against the USD. However, Adjusted Net Profit attributable to shareholders remained relatively stable in Q3 (-2%) due to a lower effective tax rate (42% vs 51% in Q3 2024).
- Production Growth: Oil and gas production grew 6% YoY in Q3, driven by ramp-ups in Côte d'Ivoire, Congo, Mexico, and satellite operations in Angola and Norway. This offset declines from mature fields and prior divestments.
- Segment Performance:
- E&P: EBIT down 19% YoY due to lower realizations, though volume growth and cost efficiencies mitigated the impact.
- Refining: Reverted to profitability (€135m EBIT) from breakeven in Q3 2024 due to improved crack spreads.
- Chemicals: Continued losses (€188m EBIT) due to European sector downturn, though restructuring showed early benefits.
- Enilive: EBIT up 35% YoY driven by recovery in bio-margins.
- Balance Sheet: Net borrowings decreased by €2.2 billion to €9.9 billion. Proforma leverage (including pending transactions) stands at 12%, near historic lows.
Guidance, Outlook, and Management Commentary
Management Commentary: CEO Claudio Descalzi emphasized that Q3 results exceeded expectations despite weaker oil prices and a stronger Euro. The company highlighted the effectiveness of its "satellite model" and "dual exploration" strategy in driving growth and value realization.
Revised 2025 Guidance:
- Share Buyback: Increased by €0.3 billion to €1.8 billion (20% higher than previous guidance).
- Cash Flow: Expected CFFO before working capital raised to €12 billion (from €11.5 billion).
- Production: Annual oil and gas production guidance raised to 1.71–1.72 million boe/d.
- Capital Expenditure: Gross capex expected below €8.5 billion; net capex below €5 billion.
- Dividends: Second tranche of €0.26 per share approved, payable November 26, 2025. Total annual provision in place of dividend remains €1.05 per share.
Risks and Contingencies:
- Commodity Prices: Outlook assumes Brent at $70/bbl and TTF gas at €36/MWh.
- Currency: EUR/USD exchange rate assumption of 1.13 (weaker than previous 1.10).
- Special Items: Q3 included €612 million in special items (net charges), primarily related to asset impairments and environmental provisions.
Key Facts for Investor Verification
- Dividend Payment: Verify the ex-dividend date of November 24, 2025, and payment date of November 26, 2025, for the €0.26 per share tranche.
- Buyback Execution: Confirm the execution of the increased €1.8 billion share buyback program against the authorized €3.5 billion limit.
- Strategic Transactions: Monitor the closing of the 20% investment by Ares Fund in Plenitude (€2 billion) and the finalization of the Indonesia/Malaysia satellite with Petronas.
- Project Milestones: Track the timeline for the Coral North FLNG project (FID reached, completion expected in 3 years) and the Nguya FLNG sail-away for Congo LNG Phase 2.
- Non-GAAP Reconciliation: Review the reconciliation of Proforma Adjusted EBIT to GAAP Operating Profit, noting the impact of inventory holding gains/losses and special items (€612m in Q3).