The Italian oil company Eni concluded 2025 with results exceeding market projections, with an adjusted net profit attributable to shareholders reaching €1.2 billion, representing a 35% year-on-year increase. This improvement was achieved despite a 15% drop in the Brent price and the appreciation of the euro.
The group’s pro forma adjusted EBIT also advanced by 6% to €2.87 billion, thus consolidating the company’s operational resilience. On an annual level, the multinational reported an adjusted net profit of €4.99 billion, representing a slight 5% drop attributed to more complex macro conditions.
Expanding production and reserves
One of the pillars of Eni’s strong performance has been its upstream activity, with an average hydrocarbon production in 2025 of 1.73 million barrels of oil equivalent per day (boe/d), with a year-on-year increase of more than 7% in the fourth quarter, reaching 1.84 million boe/d. Additionally, the company reported a reserve replacement rate of 167%, reinforcing the future sustainability of its operations.
During the year, the company launched six key projects in Angola, Indonesia, Norway, and the Congo, strengthening its medium-term production capacity.
Boost to natural gas and presence in Asia
In its global consolidation strategy, Eni signed a binding agreement with Petronas to integrate its upstream assets in Indonesia and Malaysia under a joint entity. The goal is to exceed 500,000 boe/d in sustainable production, marking a significant step in the company’s expansion in Asia.
In parallel, the company closed long-term liquefied natural gas (LNG) sales contracts in Turkey and Thailand, strengthening its exposure to emerging markets with the highest growth in energy demand.
Energy transition businesses and divestments
Business lines focused on the energy transition also recorded significant progress. Plenitude, Eni’s renewable energy subsidiary, closed the year with an installed capacity of 5.8 GW, representing a 41% increase. Enilive, for its part, benefited from the recovery of biofuel margins in the European market.
In terms of capital, the company chose to crystallize value through strategic sales; it divested 20% of Plenitude to Ares for €2 billion and sold 49.99% of its carbon capture and storage unit to the GIP fund. These operations valued the energy transition businesses at over €23 billion.
Strong cash flow and balance sheet improvement
Adjusted cash flow generated from operations amounted to €12.5 billion. This performance allowed Eni to reduce its net debt before leases to €9.4 billion, decreasing leverage to a range of 14-15%.
In response to this financial strength, the company increased its share buyback program by 20%, reinforcing its shareholder return policy.
Outlook for 2026
For the next fiscal year, Eni expects its production growth to be aligned with its 2025-2028 strategic plan. Gross capital expenditure is estimated at €7 billion, maintaining a disciplined investment focus and a target leverage between 10% and 15%, under a Brent scenario of $62 per barrel.
Source: Eni
Photo: Shutterstock