Eni: net profit jumps to EUR 1.2 billion in Q4. Descalzi: 'Solid results'

Eni closed Q4 2025 with a jump in adjusted net profit to €1.2 billion, up 35% year-on-year, thanks mainly to the boost from the group's historical engine (exploration and production), while adjusted pro-forma operating profit was up 6%, to €2.87 billion, despite the drop in oil prices (-15%) and the euro-dollar exchange rate factor (with the former appreciating by 9% against the US currency). All this was supported by an increase in oil and gas production, up 7% year-on-year and 5% sequentially, to 1.84 million barrels of oil equivalent per day.

The same upward trend was also seen for operating cash flow (+4%), at EUR 3 billion, above the trajectory of the latest plan, which will be updated on 19 March. The overall still very uncertain scenario, therefore, did not prevent Eni from posting a fourth quarter above analysts' consensus - which, not surprisingly, all emphasise the group's strong performance -, while the Brent downturn was felt during the year, with a 5% slowdown in adjusted net profit, down to €4.99 billion, and a 15% slowdown in pro-forma adjusted operating profit, down to €12.22 billion.

Eni's CEO Claudio Descalzi is naturally satisfied because the accounts that have just been approved by Eni confirm the soundness of the strategy that the CEO wanted to further accelerate. "In 2025 we have achieved structurally sound results in industrial and economic-financial terms, thanks to the execution of our strategy, built up over the last few years," was the comment made by the number one downstream of the board meeting that approved the accounts. "We have carried out significant projects on schedule and within the planned costs, reducing our level of debt and increasing distribution to shareholders.

Descalzi then emphasised the contribution made by E&P, whose results, the CEO said, 'were excellent, driven by production growth and cost containment. Annual production exceeded guidance by registering a 4% underlying growth, supported by the start-up of six major projects. In addition, we strengthened our medium-term production profile with four major final investment decisions. We are finalising our business combination with Petronas focused on the LNG market in Indonesia and Malaysia'.

The number one also focused on the performance of the transition businesses from which a significant contribution came. "Enilive and Plenitude, have generated significant growth and value, helping to further diversify and consolidate the Group's results. In a challenging market for renewables and low-carbon products, these businesses benefited from the resilience of our integrated models, achieving an overall valuation from private equity investors of more than EUR 23 billion in terms of enterprise value." This progress in strategy execution, the CEO added, 'translated into significant financial results: operating cash flow for 2025 reached EUR 12.5 billion, beating the revised plan forecast to account for the worsening scenario, and the debt ratio on a pro forma basis stood at 14%. At the same time, we increased shareholder distributions, increasing the value of our buyback programme by 20%. Despite a volatile environment, in 2025 Eni has demonstrated its ability to combine production growth, capital expenditure reduction, debt reduction and increased remuneration."