Eni Spa Stock Earnings Reports

Eni reported a strong start to 2026 with pro forma EBIT of EUR 3.5 billion, operating cash flow of EUR 2.9 billion and pro forma gearing at 15% (12% including the anticipated Plenitude deconsolidation). Exploration was a standout: multiple high-impact discoveries across Angola, Cote d'Ivoire, Libya, Egypt and a giant Geliga gas‑condensate discovery in Indonesia (preliminary ~5 Tcf gas, ~300m bbl condensate), which management says creates a second Geng‑like development opportunity. E&P production grew ~9% year‑on‑year with notable contributions from Norway and Congo. Transition businesses performed in line with guidance, with Plenitude and Enilive (biorefineries) expected to grow EBITDA; refinery utilization was low due to seasonal turnarounds. Management raised their full‑year market assumptions (Brent $83/bbl, TTF EUR50/MWh) and now expect OCF pre‑working capital of EUR 13.8 billion (vs EUR 11.5bn prior), enabling an updated distribution proposal that implies a share buyback of ~EUR 2.8 billion as a confirmed floor for 2026. CapEx remains targeted at ~EUR 7 billion for the year, and management expects working capital headwinds from the Q1 price spike to reverse in coming quarters. Plenitude’s deconsolidation is expected to close in Q3, reducing consolidated net debt by Q4. Management reiterated discipline on capital allocation but highlighted scope to monetize non‑core assets and accelerate certain developments where discoveries are close to existing infrastructure.