Eni: adjusted pro-forma EBIT at EUR 3.5 billion. Descalzi: 'Solid performance'

Eni closed the first quarter with solid results despite the persistence of a still very uncertain scenario, which did not prevent the group led by Claudio Descalzi, who has just been reconfirmed for a fifth term, from achieving a consistent increase in production to 1.8 million barrels of oil per day, alongside a very positive track record in terms of new discoveries (one billion barrels more thanks mainly to the driving force in a number of countries, from Angola to the most recent discoveries in Indonesia, where the company has made a decisive step forward).

It is no coincidence that, in commenting on the results, CEO Descalzi speaks of "excellent production growth" for E&P, exploration and production, the group's "engine". Which, therefore, sends in the results with a pro-forma adjusted operating profit of €3.54 billion, down 4% compared to the same period of the previous year due to the impact of an unfavourable euro/dollar exchange rate effect and non-recurring income in the first quarter of 2025, but which is up when compared to the figure for the last quarter of last year (€2.86 billion).

Adjusted pre-tax profit was 2.38 billion, down 13% on Q1 2025 but up on last quarter's figure (2.01 billion). The same dynamics also applied to adjusted net income, which came in at 1.3 billion, down 8% on 1Q2025 but higher than last quarter's figure (1.19 billion). Revenues, on the other hand, which reached 22.9 billion, were up 2% on the same quarter of 2025.

"In a market environment characterised by extreme volatility, Eni continues to execute its strategy consistently and rigorously, with the objective of guaranteeing the market and its customers secure, economically sustainable and low-carbon energy," commented Eni's number one, Claudio Descalzi. "This quarter's results highlight a performance and financial solidity that are fundamental in supporting the investments in our geographically diversified portfolio of projects.

The company is therefore showing remarkable resilience and is proceeding rapidly with the implementation of its strategy, which, among other things, will soon include the start-up of operations of the new company in Indonesia, as well as the new reorganisation of Plenitude's shareholding structure as a jointly controlled company with Ares on the basis of a non-proportional capital increase of EUR 1.5 billion, with Eni retaining 65% of the capital. These are all results that allow the group to look to the near future with confidence, so much so that, as Descalzi reiterated yesterday, 'our new cash flow forecast of EUR 13.8 billion based on a revision of our reference scenario for 2026, reflects these factors and will result in a strengthening of the share buyback programme to EUR 2.8 billion, an increase of around 90% compared to the initial plan'.