Eni Q3 2025 Profit Declines 2% to €1.25 Billion, Exceeds Analyst Expectations

Eni (E.US) reported a resilient third quarter of 2025, with adjusted net profit attributable to shareholders reaching €1.25 billion. This figure represents a modest 2% decline compared to Q3 2024 but surpassed analyst expectations of €0.73 EPS. Sales from operations for the quarter were €20.20 billion, down 2% year-over-year, while proforma adjusted EBIT stood at €3 billion.

Segment Performance and Business Drivers

The Exploration & Production segment experienced a 19% decrease in proforma adjusted EBIT to €2.64 billion, primarily due to lower crude oil prices and a stronger EUR/USD exchange rate. This was partially offset by a 6% year-over-year production growth, accelerated start-ups in Côte d'Ivoire, Congo, and Mexico, and strong operational continuity. The Global Gas & LNG Portfolio (GGP) and Power segment saw a 21% increase in proforma adjusted EBIT to €0.35 billion, driven by continued value maximization from gas portfolio optimization.

Enilive's proforma adjusted EBIT rose 35% to €233 million, largely attributable to strong performance in its biorefineries in the EU and US. Plenitude reported a proforma adjusted EBIT of €98 million, a 26% decrease from Q3 2024, reflecting lower results in the retail business partly balanced by the ramp-up in renewable installed capacity. Refining returned to profitability with €0.14 billion due to improved product crack spreads and higher plant utilization, while the Chemical business continued to report a loss of €0.19 billion, though showing early signs of improvement from restructuring efforts.

Management Outlook and Strategic Direction

Eni is raising its 2025 share buyback commitment by €0.3 billion to €1.8 billion and has upgraded its full-year 2025 cash flow from operations (CFFO) outlook for the second time this year, despite commodity price and currency headwinds. The Group's expected CFFO before working capital adjustments is now projected at €12 billion, an increase from the previous €11.5 billion, representing a €1.3 billion improvement over the original plan guidance. Oil and gas production guidance for 2025 has also been raised to a range of 1.71-1.72 million boe/d, with Q4 levels anticipated to be around 1.8 million boe/d.

Management anticipates end-of-year installed renewable capacity at 5.5 GW for Plenitude and biorefinery capacity at 1.65 MTPA, with an additional 1 MTPA under construction. The company continues its strategic focus on portfolio enhancement, including the sale of a 30% stake in the Baleine oilfield in Côte d’Ivoire, and progress towards a 20% investment by Ares Fund in Plenitude. Strategic developments also include advancements in transition-related strategies such as upgrading biorefining hubs and forming partnerships to unlock value from the CCUS business.