Eni surges on the markets: net profit rises and €1.8 billion buyback plan announced


The group exceeds analysts’ estimates and raises forecasts for production and cash flows, confirming its growth strategy and energy transition

Eni closed the first nine months of 2025 with results above expectations, confirming the strength of its business model. The Board of Directors approved a net profit of €2.5 billion, up 5% compared to the same period last year, while in the third quarter the increase compared to 2024 was 54%, reaching €803 million. Adjusted net profit, excluding extraordinary items, amounted to €3.79 billion in the nine months (-13%) and €1.25 billion in the quarter (-2%), affected by a 42% tax rate.

Despite the decline in Brent prices, down 14% in the last quarter, adjusted pro forma operating profit for the quarter remained solid at €3 billion, supported by growth in the Gas and Refining divisions, while the Chemicals segment still shows losses but is showing initial signs of recovery thanks to the ongoing restructuring plan.

CEO Claudio Descalzi highlighted that production grew to 1.76 million barrels per day (+6%), allowing the company to raise its full-year guidance to 1.72 million. Growth is driven by new developments in Congo, the UAE, Qatar, and Libya, as well as expansion in Indonesia and Malaysia, which is set to strengthen Eni’s position in the Asian LNG market.

Particularly notable are operations related to the “satellite” model, including the sale of 30% of the Baleine field in Ivory Coast and 20% of Plenitude to the Ares fund, which together have generated approximately €6.5 billion in proceeds over the last two years. At the same time, energy transition projects continue, including bio-refining and renewable capacity development, which has reached 4.8 GW and is expected to reach 5.5 GW by the end of the year.

Adjusted operating cash flow of €3.3 billion exceeds investments of €2 billion and, combined with extraordinary proceeds, has allowed the company to return €1.3 billion to shareholders through dividends and share buybacks. Net debt fell to €9.9 billion, with a leverage ratio of 19%.

Following these results, Eni has increased its buyback plan to €1.8 billion, raised the estimate for operating cash flow to €12 billion, and confirmed investments and reduced net capex. Expected returns from Enilive and Plenitude have also been confirmed, while bio-refining capacity is expected to reach 1.65 million tons per year, with a further 1 million under construction. The 2025 dividend per share has been raised to €1.05, +5% compared to the previous estimate.

Eni thus demonstrates its ability to successfully navigate weak crude oil prices and a complex European economic environment, focusing on growth in key businesses, exploration capacity, and expansion in the energy transition.

Andrea Pelucchi