(AGENPARL) – Thu 26 February 2026 Eni: results for the fourth quarter and full year 2025
Significant strategic progress and financial performance
Consistent and meaningful execution of strategy evidenced in excellent 4Q and full year financial results.
Operational delivery supports resilient performance mitigating more adverse upstream pricing and currency impacts.
4Q adjusted net income €1.20 bln, up 35% y-o-y. 4Q CFFO of €3 bln, up 4% y-o-y. Cashflow well ahead of plan and
active portfolio management contribute to historically low gearing of 14%.
E&P delivers six major projects in the year in Angola, Indonesia, Norway and Congo. Full year production of 1.73 mln
boe/d exceeds expectations:
Oil & gas production growth of more than 7% over 2022-2025 to 1.84 mln boe/d in 4Q
Leading reserve replacement ratio 167% organic. Exploration activities add 0.9 bln boe to our resource base
Significant progress toward FID of Argentina LNG project in partnership with YPF and XRG
Agreement to launch JV with Petronas across Indonesia/Malaysia; on track to start operating by mid ’26
GGP expands in the LNG market with new long-term sale contracts in Turkey and Thailand
Significant progress in our Transition activities:
Plenitude adds French renewables with Neoen and new customers with pending Acea Energia acquisition
Robust pipeline of biofuels projects currently executed, aiming to triple our capacity by 2030
20% investment by Ares into Plenitude for €2 bln; JV formed with GIP for our CCS activities.
Rome, February 26, 2026 – Eni’s Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results
for the fourth quarter and the FY 2025. Eni CEO Claudio Descalzi said:
“In 2025 we proved that the consistent execution of our strategy, developed in the most recent years, is delivering a resilient business with structurally
stronger earnings power. We delivered strong operational performance, brought key projects on stream on schedule, and continued to reduce debt while
increasing returns to our investors. Exploration & Production results were outstanding, driven by accretive production growth and disciplined costs. We
started up six major projects, enabling production to finish above full-year guidance and delivering underlying growth of 4%. We also strengthened the
pipeline, taking FIDs on four major projects reinforcing our medium-term outlook. In parallel, we created a new growth platform through our largest
business combination with Petronas in Indonesia and Malaysia focused on LNG.
Our Transition businesses delivered material growth and value creation, further diversifying and strengthening earnings. In a challenging market for
renewables, we confirmed the resilience of our integrated models, and we highlighted over €23 bln of enterprise value with the transactions we completed
with private equity investors.
Our strategic progress translated into exceptional financial delivery: 2025 CFFO reached €12.5 bln, well ahead of plan on a scenario-adjusted basis, and
pro-forma gearing ended the year at 14%. With leverage reduced, we increased shareholder distributions, raising the share buy-back by 20%, combining
balance sheet strength with enhanced returns. Overall, despite volatile markets, 2025 demonstrated our ability to deliver competitive production growth,
disciplined capital allocation and debt reduction coupled with attractive shareholder returns.”
Key operating and financial results
1,756
Hydrocarbon production
Installed capacity from renewables at period end
Full Year
% Ch.
kboe/d
1,839
1,716
1,728
1,707
% Ch.
2,996
Proforma adjusted EBIT ⁽ᵃ⁾
2,865
2,699
12,223
14,322
2,073
subsidiaries
1,782
1,694
8,344
10,348
main JV/Associates ⁽ᵇ⁾
1,083
1,005
3,879
3,974
€ million
Proforma adjusted EBIT (by segment) ⁽ᵃ⁾
2,638
2,795
2,780
11,163
13,022
Global Gas & LNG Portfolio (GGP) and Power
1,392
1,274
Enilive and Plenitude
1,208
1,143
Refining and Chemicals
(109)
(275)
(689)
(713)
(286)
(218)
(851)
(404)
2,273
(266)
Adjusted net profit before taxes ⁽ᵃ⁾
2,011
1,925
9,233
11,125
1,247
Adjusted net profit (loss) ⁽ᵃ⁾⁽ᶜ⁾
1,196
4,989
5,257
2,608
2,624
Corporate, other activities and consolidation adjustments
Net profit (loss) ⁽ᶜ⁾
3,297
Cash flow from operations before changes in working capital at replacement cost ⁽ᵃ⁾
3,010
2,889
12,496
13,590
3,078
1,990
9,931
Net cash from operations
Organic capital expenditure ⁽ᵈ⁾
Net borrowings before lease liabilities ex IFRS 16
4,350
2,617
9,386
3,620
2,693
12,175
13,330
8,521
9,386
13,092
8,804
12,175
52,966
Shareholders’ equity including non-controlling interest
52,787
55,648
52,787
55,648
Gearing before lease liabilities ex IFRS 16 ⁽ᵃ⁾⁽ᵉ⁾
(a) Non-GAAP measures. For further information see the paragraph “Non-GAAP measures” on pages 19 and subsequent.
(b) The main JV/associates are listed in the “Reconciliation of Group proforma adjusted EBIT” on page 25.
(c) Attributable to Eni’s shareholders.
(d) Net of expenditures relating to business combinations, purchase of minority interests and other non-organic items.
(e) Figure as at Dec. 31, 2025 on a proforma basis, considering ongoing disposals/acquisitions.
Strategic and financial highlights
E&P delivered a very resilient performance. FY production ahead of guidance and Dual Exploration model realizing value
4Q ‘25 oil&gas production rose more than 7% y-o-y and 5% sequentially to 1.84 mln boe/d, enabled by accelerated and
smooth start-ups and ramp-ups and excellent base business performance. FY production at 1.73 mln boe/d, 4%
underlying growth vs 2024.
Leading 2025 reserve replacement ratio (167% organic, 162% all sources). FY discovered resources of 900 mln boe
including in 4Q ’25 the Konta gas discovery in the Kutei Basin finding potential in excess of 1 TCF, close to existing
facilities for a fast-track development.
A binding agreement signed with Petronas to establish a jointly-controlled E&P satellite over Indonesia/Malaysia,
combining two material gas asset portfolios with rich exploration potential and initial production level of over 300 Kboe/d,
expected to quickly ramp up to a sustainable level of over 500 Kboe/d. The entity will commence operations by mid ’26.
Entry into the upstream of Uruguay with the farm-in of 50% and the operatorship of Block OFF-5 in the offshore.
Start-up of Phase 2 of the Congo FLNG project, ahead of plan, raising production capacity to the design target of 3 MTPA
(from current 0.6 MTPA). First LNG loading achieved in February ‘26.
Inauguration by Azule of the gas treatment plant for the NGC operated project, the first non-associated gas project in
Angola, feeding the Angola LNG export plant and the domestic market. First gas production into plant was reached in
February ’26.
The 12 MTPA Argentina LNG project moved towards FID with the partners signing the Joint Development Agreement.
After year-end, sold a further 10% stake in the Baleine oilfield in Côte d’Ivoire to Socar with expected closing in 1Q ’26.
GGP signed 1.2 MTPA long-term LNG sale contracts in Thailand and Turkey to continue to diversify its global LNG footprint and
to develop strategic commercial partnerships
Transition-related satellites on-track to meet their growth milestones with improving profitability ahead
The binding agreement for the acquisition by Plenitude of Acea Energia was signed in December. Acea will strengthen
Plenitude’s presence in its core Italian retail energy market immediately reaching the target of 11 mln clients in Europe,
originally planned for 2028. Finalization of the deal, subject to normal approvals, is expected by June 2026.
Plenitude closed the acquisition of Neoen, adding 0.76 GW of installed generating capacity in France. Capacity has
topped 5.8 GW with a substantial pipeline of development projects expected to reach 10 GW by 2028.
Construction works began at the Pengerang biorefinery in Malaysia, a JV with Petronas and Euglena, designed to process
650 Ktonnes/y of renewable feedstock. The project is part of Enilive’s portfolio of development initiatives, at various
stages of execution, to triple the manufacturing capacity of biofuels by 2030 from current 1.7 MTPA.
Value realized from satellite strategy:
o Closed the 20% equity investment in Plenitude by Ares Management for €2 bln, implying an enterprise value in
excess of €12 bln.
o Closed the investment of a 49.99% stake in Eni CCUS by GIP, forming a strategic partnership to develop and fully
valorize Eni’s portfolio of CCS projects.
4Q ‘25 results demonstrate resilience of Eni’s business model underpinned by profitable oil&gas production growth, business
diversification and cost and capital discipline
4Q ‘25 Group proforma adjusted EBIT was €2.87 bln above 2024 despite a 15% decline in crude oil prices and a 9%
appreciation in the EUR/USD rate, aided by volume growth and cost efficiencies. The Group reported an adjusted net
profit of €1.2 bln, up 35% y-o-y in part driven by a tax rate of 37% (giving around 44% for the full year).
– E&P reported €2.80 bln of proforma adjusted EBIT (increase y-o-y), with positive effects from production growth and
self-help initiatives offsetting lower crude realizations and currency headwinds.
– GGP and Power reported proforma adjusted EBIT of €0.19 bln, consistent with our guidance, driven by continued
margin improvement from gas and LNG portfolio optimization and asset-backed trading in a weaker market
environment.
– Enilive generated €0.18 bln of proforma adjusted EBIT (€0.26 bln proforma adjusted EBITDA), more than tripled vs. 4Q
’24, driven by recovery in bio-margins. Plenitude reported a proforma adjusted EBIT of €0.10 bln (€0.23 bln proforma
adjusted EBITDA), increasing y-o-y.
– Refining reverted to profit (versus a loss in the year-ago quarter) helped by improved product crack spreads. Chemicals
reported a loss of €0.2 bln, impacted by the prolonged European industry slump, offsetting restructuring benefits.
Adjusted cash flow before working capital was €3.01 bln, funding gross capex of €2.62 bln. Portfolio management
delivered €1.73 bln of net proceeds, mainly relating to the investment by Ares into Plenitude and GIP into CCS. Cash
returns to shareholders were €1.4 bln, comprising the second instalment of the 2025 dividend of €0.77 bln and share
repurchases of €0.67 bln. Cash flow was supported by initiatives addressing working capital with overall cash initiatives
delivering a €4 bln benefit in the FY offsetting the scenario. Net borrowings declined to €9.4 bln from September 30,
2025. This reduced gearing to 15%, and incorporating agreed but not completed portfolio transactions, proforma gearing
at quarter-end was 14%.
Outlook 2026
The Company will issue its main financial and operating guidance for 2026 and its strategic plan at a Capital Markets Update
scheduled for March 19, 2026. A press release summarizing the Group’s strategy and objectives will be issued before the
conference call and disseminated through the Company’s website (eni.com) and other public channels as required by
applicable listing standards. In the meantime, however, we are providing the following outlook for 2026:
oil and gas production growth expected to be consistent with the 2025-28 Plan guidance;
gross capex expected to be €7 bln; net capex at around €5 bln;
gearing is expected to be between 10-15% 1.
1 Assuming Brent price at 62 $/bbl.
Business segments: operating and financial results
Exploration & Production
Production and prices
69.07
1.168
1,756
4,687
52.07
64.00
Brent dated
Average EUR/USD exchange rate
Hydrocarbons production
Liquids
Natural gas
Average realizations ⁽ᵃ⁾
Liquids
Natural gas
$/bbl
kboe/d
kbbl/d
mmcf/d
$/boe
$/bbl
$/kcf
63.69
1.163
1,839
4,966
47.84
58.40
74.69
1.067
1,716
4,862
54.46
69.02
% Ch.
Full Year
69.06
80.76
1.130
1.082
1,728
1,707
4,644
4,831
51.36
55.43
63.51
73.64
% Ch.
(a) Prices related to consolidated subsidiaries.
In 4Q ’25, hydrocarbons production averaged 1.84 mln boe/d, up by more than 7% compared to the previous year (1.73
mln boe/d in the FY ’25, up by 1%). Excellent project development performance was delivered in production start-ups and
ramp-ups in Norway, Côte d’Ivoire, Mexico, Congo, Angola, Indonesia and Ghana. This was supplemented by excellent
base business regularity. Offsetting these effects were mature fields declines and tail asset divestments closed in 2024
in Nigeria, Alaska, and Congo. Quarterly underlying y-o-y production growth was 9.2%. Sequentially, hydrocarbon
production increased by 5% compared to Q3 ‘25 thanks to the ramp-ups of organic projects in Norway, Angola, Indonesia
and Mexico, as well as higher contribution in Libya.
Liquids production was 890 kbbl/d in 4Q ’25, up by 13% compared to 4Q ’24 (840 kbbl/d in FY ’25, up by 7%). The organic
growth in Côte d’Ivoire due to the start of Baleine Phase 2, Mexico, Angola and Norway was partly offset by divestments
and mature fields declines.
Natural gas production was 4,966 mmcf/d, up by 2% compared to 4Q ’24 (4,644 mmcf/d in FY ’25, down 4%). Organic
growth in Congo (Marine XII) and Indonesia (Merakes East) as well as at our satellites in Angola/Norway was partly offset
by the divestments and mature fields decline.
Proved oil&gas reserves – preliminary data
(bboe)
Net proved reserves at December 31, 2024
Additions
Production
Net proved reserves at December 31, 2025
Reserves replacement ratio, all sources
(0.6)
Net additions of proved reserves related to discoveries, extensions and revisions of previous estimates and portfolio
activities. These additions drove an all-sources reserve replacement ratio of 162% (167% organic).
The reserves life index was around 11 years as of December 31, 2025.
More information about the Company’s reserves activity for the year will be disclosed in our 2025 Annual Report on Form
20-F.
Results
(€ million)
% Ch.
Full Year
% Ch.
4,616
Upstream turnover
4,713
5,416
19,436
23,053
2,638
Proforma adjusted EBIT
2,795
2,780
11,163
13,022
of which: main JV/Associates
3,670
3,802
1,670
Operating profit (loss) of subsidiaries
1,186
6,302
6,715
1,090
1,191
2,505
Exclusion of special items
1,800
Adjusted operating profit (loss) of subsidiaries
1,804
1,796
7,493
9,220
2,015
Adjusted profit (loss) before taxes
2,036
2,219
8,464
10,247
tax rate (%)
1,175
Adjusted net profit (loss)
1,328
4,875
4,777
Exploration expenses:
prospecting, geological and geophysical expenses
write-off of unsuccessful wells
1,785
6,253
6,055
Full Year
% Ch.
1,535
Capital expenditure
1,943
Main JV/Associates
(€ million)
% Ch.
Adjusted operating profit (Eni’s share)
3,670
3,802
of which: Vår Energi
2,169
2,287
Azule
Adjusted net profit
Total dividends
Hydrocarbon production
1,050
1,206
1,110
1,198
1,124
(kboe/d)
In 4Q ’25, Exploration & Production reported a proforma adjusted EBIT of €2,795 mln, an increase vs. 4Q ’24 despite the
weaker scenario (the Brent marker was down by 15%; the EUR/USD exchange rate up by 9%) due to positive effects from
production growth and favorable mix effects, self-help initiatives and lower exploration write-offs. In FY ’25, proforma
adjusted EBIT was €11,163 mln, down by 14% compared to FY ’24, driven by the same factors as in 4Q ‘25.
In 4Q ’25, the segment reported an adjusted net profit of €1,328 mln, increasing by 35% compared to 4Q ’24 and includes
the contribution from JVs and associates, in particular Vår Energi, Azule Energy and Ithaca Energy. Adjusted net profit
was €4,875 mln in FY ’25, increasing compared to FY ‘24.
In 4Q ’25 the tax rate was 35% (42% in FY ’25) decreasing by approximately 20 percentage points from 4Q ’24 (about 10
percentage points from FY ’24) mainly driven by a more favorable geographical mix of pretax profit and as several
exploration projects were matured to FID during the quarter, which enabled the Company to reassess the tax deductibility
of exploration expenses.
For the disclosure on business segment special charges, see “Special items” in the Group results section.
Strategic developments
In 2025, resource additions from exploration activity totaled about 900 mln boe, extending a more than 10-year streak of
organic replacement of production. We have made high-impact and near field discoveries in several geographies. In April,
Eni’s jointly participated Azule Energy (Eni 50%) confirmed a significant discovery at the Capricornus 1-X well, in Namibia’s
Orange basin, performing a successful production test across a light oil-bearing reservoir, followed in September by a
further rich gas and condensate discovery at the Volans-1X well. In December, Eni made a significant gas discovery in
Indonesia, in the Kutei Basin, with the Konta discovery. Azule Energy also announced a discovery on Angola’s first
dedicated gas exploration well, Gajajeira-01. In 2025 near field discoveries were made in Norway (via Eni’s 63% owned
associate Vår Energi) and in Côte d’Ivoire.
In October, Eni signed a new exploration contract in Côte d’Ivoire for the CI-707 offshore block, geologically continuous
with the nearby CI-205 block, where Eni announced the discovery of Calao in March 2024. This proximity offers an
opportunity for future synergistic developments.
In October, Eni and its partners CNPC, ENH, Kogas, and XRG reached the Final Investment Decision (FID) to develop the
Coral North FLNG project in Mozambique, which will put in production the gas volumes from the northern part of Area 4
Coral gas reservoir, in the Rovuma basin, through a floating LNG facility with 3.6 MTPA production capacity. The project
will leverage Eni’s fast-track approach and expertise from the Coral South project and is expected to start in just three
years.
In October, Eni and the Argentina’s YPF signed the Final Technical Project Description (FTPD), a significant step towards
the FID for the 12 MTPA integrated upstream-midstream Argentina LNG (ARGLNG) project intended to monetize the gas
reserves of the Vaca Muerta basin. Through a phased approach, the project could be scaled up to 30 MTPA in the longterm. In February, Eni and YPF signed a binding Joint Development Agreement (JDA) with XRG, part of the ADNOC Group,
to advance Argentina LNG.
In November, Eni and Petronas signed a binding agreement to establish an independent 50:50 company (NewCo), by
combining their respective upstream assets in Indonesia and Malaysia which will leverage a self-funded development of
a material resource base to achieve a sustainable, medium-term production plateau of 500 Kboe/d. Through this jointlycontrolled Newco, Eni and Petronas will establish a regional LNG leader to deliver long-term value creation, operational
excellence, and leadership in the energy transition.
In November, Eni, through its subsidiary Nigeria Agip Exploration Limited (NAE), acquired from TotalEnergies EP Nigeria
Limited an additional 2.5% stake in the Production Sharing Contract (PSC) OML 118, exercising its pre-emption right.
NAE’s share in OML 118 PSC increased from 12.5% to 15%.
In November, Eni signed an agreement for the acquisition from YPF of a 50% share and operatorship in the exploration
Block OFF-5 in Uruguay’s offshore, leveraging the framework of the integrated upstream-midstream project Argentina
LNG (ARGLNG). The agreement is subject to the approval of the Uruguayan authorities.
In November, Eni, through its satellite Azule Energy started the operations at the NGC (New Gas Consortium) Gas
Treatment Plant in Soyo, Northern Angola. The NGC is the Angola’s first non-associated gas development project with a
processing capacity of approximately 400 mmscf/d of gas and 20 kbbl/d of condensate.
In December, Eni launched the Phase 2 of Congo LNG ahead of schedule, with the goal of exporting the first LNG cargo
in early 2026. Congo LNG Phase 2 features three production platforms, the Scarabeo 5 unit dedicated to gas treatment
and compression and the Nguya FLNG for liquefaction and export, bringing the overall project’s capacity to 3 MTPA,
equivalent to 4.5 bcm/y.
In January 2026, Eni signed a binding agreement with SOCAR for the sale of a 10% stake in the Baleine Project in Côte
d’Ivoire. The closing is subject to appropriate regulatory approvals and other customary terms and conditions.
In February 2026, in Libya Eni was awarded the O1 offshore exploration license through a consortium with other partners.
Eni will operate the concession.
In February 2026, exploration activities yielded positive results: (i) in Angola, where Azule Energy confirms a significant
oil discovery in the Algaita-01 exploration well in the offshore Block 15/06; and (ii) in Côte d’Ivoire, with a significant gas
and condensate discovery, successfully drilling the Murene South-1X well, in the Block CI-501.
Global Gas & LNG Portfolio and Power
Sales and production
% Ch.
Full Year
% Ch.
Global Gas & LNG Portfolio
Spot Gas price at Italian PSV
Spread PSV vs. TTF
€/MWh
Natural gas sales
Italy
21.00
24.40
Rest of Europe
18.73
23.40
Importers in Italy
European markets
Rest of World
17.82
22.14
Worldwide gas sales ⁽ᵃ⁾
13.41
15.26
43.72
50.88
LNG sales
Power
Thermoelectric production
20.53
20.16
(a) Data include intercompany sales.
In 4Q ’25, natural gas sales were 13.41 bcm, a decrease of 12% from the comparative period. Sales in Italy declined by
6% vs. 4Q ’24, with lower volumes sold in the wholesale market. Sales in the European market amounted to 5.62 bcm, a
decrease of 25% vs. 4Q ’24, reflecting lower sales in Turkey. In FY ’25, natural gas sales amounted to 43.72 bcm, down
by 14% y-o-y, mainly driven by lower volumes marketed in Italy (down by 14% or 3.40 bcm vs. the FY ’24) and in the
European markets (down by 20% or 4.32 bcm vs. the FY ’24), in particular in Turkey following the termination of the gas
sale contract on BlueStream at the end of 2024. Sales in the Rest of World reported a positive performance, increasing
by 44% and 30%, vs. 4Q ’24 and FY ’24, respectively, sustained by increasing LNG sales.
Thermoelectric production amounted to 5.76 TWh in 4Q ’25, up by 3% vs. 4Q ’24 with a higher plant utilization rate. In FY
‘25, production reported a slight increase of 2% y-o-y, in order to seize market opportunities (20.53 TWh in FY ’25 vs.
20.16 TWh in FY ’24).
Results
3,503
(€ million)
Sales from operations
% Ch.
4,583
6,185
17,120
18,876
1,392
1,045
1,770
1,274
1,138
(909)
(408)
1,362
1,378
2,144
1,235
1,272
Proforma adjusted EBIT
of which: main JV/Associates
Power
Operating profit (loss) of subsidiaries
(130)
Exclusion of special items
Adjusted operating profit (loss) of subsidiaries
Adjusted profit (loss) before taxes
tax rate (%)
Adjusted net profit (loss)
Capital expenditure
Full Year
% Ch.
In 4Q ’25, the Global Gas & LNG Portfolio business achieved a proforma adjusted EBIT of €135 mln, a decrease of 40%
from the comparative period, due to a weaker market scenario especially in terms of volatility, spreads and overall lower
price environment. Additionally, the comparative quarter benefitted from positive one-off benefits from commercial
agreements. In the FY ’25, proforma adjusted EBIT amounted to €1,045 mln, down by 8% compared to FY ’24, due to
weaker market scenario and lower benefits of contractual renegotiations and settlements.
In 4Q ’25, the Power generation business reported a proforma adjusted EBIT of €51 mln, substantially in line. In FY ‘25,
proforma adjusted EBIT was €347 mln, increasing by €211 mln compared to FY ’24 driven by a one-off gain relating to
contractual renegotiation.
For the disclosure on business segment special charges, see “Special items” in the Group results section.
Strategic developments
In December, Eni signed a long-term LNG sale agreement with Botas for the supply of approximately 0.4 MTPA of LNG
for 10 years, starting from 2028. This contract follows a 3-year deal signed by the two corporations in September 2025.
In December, Eni entered into a long-term LNG sale agreement with Thailand’s Gulf Development Company to supply 0.8
MTPA of LNG for 10 years to Gulf, one of Thailand’s largest private power producers, from 2027. The agreement
represents Eni’s first long term LNG supply to Thailand.
In January, Eni and its partners, China National Petroleum Corporation (CNPC), ENH, KOGAS and XRG announced the
hull launch of the Coral North FLNG that will be the second floating LNG facility to be deployed in the Rovuma Basin
waters, North of Mozambique, and will bring to production the gas from the Northern part of Coral gas reservoir. With a
capacity of 3.6 MTPA, Coral North will double Mozambique’s total LNG output to 7 MTPA.
Enilive and Plenitude
Enilive
Full Year
% Ch.
% Ch.
Enilive
1,143
Spread EU HVO UCO-based vs UCO
Spread US RD⁽ᵃ⁾ UCO-based vs UCO
Bio throughputs
Average bio refineries utilization rate
Total Enilive sales
Retail sales
1,439
1,034
ktonnes
1,157
1,115
mmtonnes
21.54
22.73
of which: Italy
Wholesale sales
$/tonnes
of which: Italy
Other sales
11.12
12.77
(a) Renewable Diesel.
In 4Q ’25, bio throughputs were 0.28 mmtonnes, up by 69% y-o-y, driven by higher volumes processed at Venice and Gela
biorefineries following planned maintenance shutdowns in the 4Q ‘24. In FY ‘25, bio throughputs were 1.16 mmtonnes,
increasing by 4% y-o-y reflecting the same drivers as in the quarter.
In 4Q ’25, retail sales were 1.95 mmtonnes, unchanged vs 4Q ‘24. In FY ‘25, retail sales amounted to 7.81 mmtonnes, an
increase (up by 2%) y-o-y, supported by a positive performance recorded mainly in Italy, in the gasoline and diesel sales.
In 4Q ’25, wholesale sales were 2.21 mmtonnes, a reduction of 7% y-o-y mainly following lower product availability in
specific geographical areas in Italy. Sales were 11.12 mmtonnes in the FY ‘25, down 13% vs. FY ’24, reflecting the same
drivers as in the quarter.
5,206
% Ch.
Full Year
4,378
4,924
19,120
21,139
% Ch.
Proforma adjusted EBITDA
Proforma adjusted EBIT
of which: main JV/Associates
Operating profit (loss) of subsidiaries
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted operating profit (loss) of subsidiaries
Adjusted profit (loss) before taxes
Adjusted net profit (loss)
Cash flow from operations before changes in working capital at replacement cost
(545)
(386)
(545)
(386)
Sales from operations
(1,338)
(€ million)
Net borrowings
Capital expenditure
In 4Q ’25 Enilive reported a proforma adjusted EBIT of €180 mln, representing a more than three-fold increase compared
to 4Q’24 (€637 mln in FY ’25, compared to €539 mln in FY ’24, up by 18%): the positive performance primarily reflects the
strong results achieved by our Italian biorefineries, supported by the recovery in EU bio-margins and higher volumes
processed.
Proforma adjusted EBITDA amounted to €255 mln, increasing by 88% compared to the 4Q ’24 (€136 mln). In FY ’25,
Enilive reported a proforma adjusted EBITDA of €953 mln, compared to a profit of €852 mln in FY ’24 (up by 12%).
Strategic developments
In November, Pengerang Biorefinery Sdn. Bhd., the joint venture between Petronas, Enilive and Euglena, started the
construction of a new biorefinery in Pengerang (Malaysia). The biorefinery with a yearly processing capacity of up to 650
ktonnes of renewable feedstock, is projected to produce Sustainable Aviation Fuel (SAF), Hydrogenated Vegetable Oil
(HVO) and bio-naphtha. The new facility is targeted to commence operations by the second half of 2028.
In February 2026, Eni announced a strategic investment with Q8 Italy for the construction of a new biorefinery in Priolo,
Sicily, as part of the transformation plan for the Versalis site. The Priolo biorefinery with an expected capacity of 500
ktonnes/y will offer extensive operational flexibility for the production of HVO and SAF-Biojet. Completion is expected by
the end of 2028.
Plenitude
% Ch.
Full Year
% Ch.
Plenitude
Italian PUN Index GME
€/MWh
mln pod
Retail and business customers at period end
Retail and business gas sales to end customers
Retail and business power sales to end customers
18.63
18.28
Installed capacity from renewables at period end
Energy production from renewable sources
EV charging points at period end
thousand
As of December 31, 2025, retail and business customers were around 10 mln (gas and electricity), in line with December
31, 2024.
Retail and business gas sales to end customers amounted to 1.75 bcm in 4Q ’25, with a slight increase compared to 4Q
’24. In FY ‘25, gas sales amounted to 5.29 bcm, decreasing by 4% vs. the comparative period, mainly in Italy due to lower
gas customers.
Retail and business power sales to end customers were 4.80 TWh in 4Q ’25, reflecting an increase compared to 4Q ’24.
In FY ’25 power sales amounted to 18.63 TWh, benefitting from higher volumes sold in the domestic market.
As of December 31, 2025, the installed capacity from renewables 2 was 5.8 GW reflecting the organic development in
Spain, the UK, Italy and Kazakhstan as well as the acquisitions in France and the USA.
Energy production from renewable sources was 1.3 TWh in 4Q ’25, up by 8% y-o-y, mainly thanks to the start-up of organic
projects and the contribution from acquired assets (5.6 TWh in FY ’25, up by 19% y-o-y).
As of December 31, 2025, EV charging points amounted to 22.8 thousand, up by 7% compared to 21.3 thousand as of
December 31, 2024, thanks to network development, mainly in Italy, France, Germany, Austria and Switzerland.
1,818
% Ch.
Full Year
2,747
2,985
10,168
10,179
% Ch.
Proforma adjusted EBITDA
Proforma adjusted EBIT
1,065
1,058
Operating profit (loss) of subsidiaries
Exclusion of special items
(232)
1,307
(691)
Adjusted operating profit (loss) of subsidiaries
Adjusted profit (loss) before taxes
Adjusted net profit (loss)
Sales from operations
1,967
(€ million)
Cash flow from operations before changes in working capital at replacement cost
Net borrowings
2,123
2,261
2,123
2,261
Capital expenditure
In 4Q ’25 Plenitude reported a proforma adjusted EBIT of €99 mln, up by 24% vs 4Q ’24, reflecting higher results on retail
business as well as the ramp-up in renewable installed capacity and related production volumes. In FY ’25 Plenitude
reported a proforma adjusted EBIT of €571 mln, a 5% reduction compared to a proforma adjusted EBIT of €604 mln in
FY ’24, due to lower results on Retail business, mainly related to a reduced contribution of energy efficiency solutions
and increasing competitive pressure.
In 4Q ’25, proforma adjusted EBITDA amounted to €230 mln, up by 12% vs 4Q ’24. In FY ’25, Plenitude reported a proforma
adjusted EBITDA of €1,065 mln, a slight increase compared to FY ’24, reflecting the higher capacity in operation, partially
offset by lower wind in Europe and negative price scenario in some key countries.
For the disclosure on business segment special charges, see “Special items” in the Group results section.
2 As of December 31, 2025, Eni Group installed capacity from renewables totaled 4.1 GW (Eni’s share).
Strategic developments
In November, Plenitude closed the 20% equity investment by Ares Alternative Credit funds, affiliates of Ares Management
Corporation, for €2 bln, implying an enterprise value of over €12 bln.
In November, Plenitude signed an agreement to acquire from Neoen, a portfolio of 52 operating assets (photovoltaic
plants, wind farms, and one operating battery storage facility), for approximately 760 MW installed capacity located in
France, with a production of approximately 1.1 TWh of electricity annually. The deal was completed by year-end.
In November, Plenitude started the construction of the “Tarsia Ovest” wind farm in Italy, with an installed capacity of
approximately 13 MW. The wind farm is expected to generate about 30 GWh/y of energy.
In December, Plenitude signed a binding agreement with ACEA S.p.A for the acquisition of a 100% equity stake in ACEA
Energia, operating in the energy retail market. The finalization of the transaction, expected by June 2026, is conditional,
upon authorization by the relevant Antitrust authorities. This transaction will strengthen Plenitude’s presence in its core
Italian energy market, reaching the target of 11 mln customers in Europe originally planned for 2028.
In December, Plenitude inaugurated the Caparacena solar project in Chimeneas (Granada). The project, one of the most
significant in the company’s portfolio in Spain, includes three photovoltaic parks of 50 MW each. The complex, with a
total installed capacity of 150 MW will be able to generate approximately 320 GWh of electricity annually.
Refining and Chemicals
Production and sales
% Ch.
Full Year
% Ch.
Refining
Standard Eni Refining Margin (SERM)
Throughputs in Italy on own account
Throughputs in the rest of World on own account
10.72
10.45
Total throughputs on own account
24.94
24.21
mmtonnes
$/bbl
mmtonnes
Average refineries utilization rate
Chemicals
Sales of chemical products
Average plant utilization rate
14.22
13.76
Refining
In 4Q ’25, the Standard Eni Refining Margin averaged 11.7 $/barrel vs. 3.7 $/barrel in 4Q ’24 mainly due to more favorable
middle distillate crack spreads leveraged by supply disruptions (outages and geopolitical risk) against a backdrop of
refinery closures in the Atlantic Basin (7.3 $/barrel in FY ‘25, representing an increase vs. 5.1 $/barrel reported in FY ’24).
In 4Q ’25, throughputs on own accounts at Eni’s refineries in Italy amounted to 3.35 mmtonnes, up 2% y-o-y, mainly
supported by higher volumes processed at the Milazzo refinery, following lower shutdowns. Throughputs outside Italy
increased slightly by 1% vs. 4Q ’24, driven by higher volumes processed by ADNOC. In FY ’25, throughputs both in Italy
and in the rest of World reported an increase of 3% compared to FY ‘24.
Chemicals
Sales of chemical products were 0.62 mmtonnes in 4Q ’25, a 16% decrease y-o-y due to lower productions and weaker
demand. In the FY ‘25, sales amounted to 2.72 mmtonnes, representing a decrease of 14% from the comparative period.
Margins remained weak across the board as commodity prices did not recover feedstock and energy input expenses
due to European industry headwinds, sluggish economic activity, and competitive pressures from players with
advantaged cost structure.
Results
4,545
(188)
(291)
(136)
Sales from operations
Proforma adjusted EBIT
Refining
of which: main JV/Associates
Chemicals
Operating profit (loss) of subsidiaries
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted operating profit (loss) of subsidiaries
Adjusted profit (loss) before taxes
4,169
(109)
(204)
(892)
(204)
(106)
4,686
(275)
(231)
(600)
(159)
(291)
(286)
Adjusted net profit (loss)
(100)
Capital expenditure
(€ million)
Full Year
18,179
21,210
(689)
(713)
(819)
(814)
(2,485)
(1,681)
(896)
(890)
(714)
(755)
(107)
(681)
(449)
% Ch.
% Ch.
In 4Q ’25, the Refining business, including contribution from the ADNOC R&GT associate, reported a positive performance
of €95 mln, compared to a loss of €44 mln reported in 4Q ’24 results, reflecting the recovery in refining margins following
improved product crack spreads. In FY ’25, the business reported a proforma adjusted profit of €130 mln, up by 29% vs.
the FY ’24 results (€101 mln) supported also by the higher average utilization plant rate.
The Chemical business, managed by Versalis, reported a proforma adjusted loss of €204 mln in 4Q ’25, a slightly better
performance compared to the loss in 4Q ’24 (€231 mln), as the restructuring program has begun to yield some benefits,
offsetting the adverse market scenario. The overall picture of the chemical sector remains depressed, driven by macro
headwinds impacting commodity demands, and comparatively higher production costs in Europe vs. other geographies,
which reduced the competitiveness of Versalis products with respect to US and Asian players in an oversupplied market.
In FY ’25, proforma adjusted loss amounted to €819 mln (€814 mln loss in FY ’24) reflecting exceptionally adverse market
conditions.
For the disclosure on business segment special charges, see “Special items” in the Group results section.
Strategic developments
In October, the authorization process for the transformation of the Priolo site started. The proposed project includes a
new biorefinery and a chemical recycling plant for plastics based on Versalis’ proprietary Hoop® technology. The new
biorefinery will have a production capacity of 500 ktonnes per year, with completion expected by the end of 2028. The
Versalis Hoop® plant will have a processing capacity of 40 ktonnes per year.
In December, Versalis signed a strategic partnership with Prysmian to give new life to plastic cable scrap, through an
innovative chemical recycling process, developing a dedicated supply chain.
As of January 1, 2026, the business branch of Eni SpA’s Refining Evolution & Transformation unit has been transferred
to the new subsidiary Eni Industrial Evolution (EIE) SpA, engaged in the traditional assets and in the industrial
transformation, also with a view to the circular economy, through the development of new industrial supply chains. The
transaction is part of Eni’s strategy to ensure a fully decarbonized energy offering both in production processes and to
consumers, seizing the opportunities and growth prospects offered by the energy transition, including the industrial
transformation of Brindisi and Priolo sites.
Sustainability and other developments
The main achievements of the Group strategy aiming at improving Eni’s ESG performance have been:
In October, Eni and the Bioenergy Association for Sustainable Development, affiliated with the Ministry of Environment
of the Arab Republic of Egypt, signed a cooperation agreement to prepare a comprehensive feasibility study for
establishing biogas production units based on the treatment of animal and agricultural waste. The biogas produced by
biodigestion can generate renewable electricity and heat, while also producing higher-value organic fertilizers for use in
agriculture, further contributing to the circular economy.
In November, five agritech startups were awarded at the third edition of the Kenya Agribusiness Entrepreneurship
Program (KAEP), the entrepreneurial development initiative promoted by Eni Natural Energies (ENE) Kenya and Joule,
Eni’s business school, in collaboration with the E4Impact foundation. These five projects were selected for their potential
in terms of scalability and impact, receiving a financial award of €10,000.
In November, Eni inaugurated the photovoltaic plant at the “Lycée de Tataouine” in Southern Tunisia. The plant is part of
the company’s program which includes the installation of solar panels in public schools across the Tataouine region,
involving 14 primary and secondary institutions, for a total installed capacity of around 200 kW.
In December, Eni and International Labour Organization (ILO) expanded their partnership on safety, health and social
protection to the Republic of Congo.
In December, Eni and Global Infrastructure Partners (“GIP”), part of BlackRock, finalized the sale of a 49.99% stake in Eni
CCUS Holding, company managing the greatest part of Eni’s decarbonization projects, which will be jointly controlled by
the two partners. Eni CCUS Holding operates the Liverpool Bay and Bacton projects in the UK and the L10-CCS project in
the Netherlands. Furthermore, the Company has the right to acquire the 50% held by Eni of Ravenna CCS project in Italy
and it will be able to include other potential projects within a broader platform of CCS initiatives in the medium to long
term.
In January, Eni ranked first in the Corporate Human Rights Benchmark (CHRB) published by the World Benchmarking
Alliance (WBA). This assessment is part of a global analysis that has recognised Eni as one of the 2,000 world’s most
influential companies with the scale, reach and responsibility to catalyse a meaningful, sustainable change, providing a
transparent assessment of how businesses manage and respect human rights across their operations and value chains.
During 4Q ’25, Eni once again confirmed its excellent ranking in the main ESG ratings applied in financial markets: MSCI ESG
(“A”), Sustainalytics ESG Risk Rating (“Medium Risk”), ISS ESG (B-/ Prime Status) and CA100+ Net Zero Benchmark.
Group results
(€ million)
% Ch.
Full Year
% Ch.
20,204
Sales from operations
20,615
23,488
82,151
88,797
1,344
Operating profit (loss)
(373)
5,010
5,238
Exclusion of inventory holding (gains) losses
Exclusion of special items ⁽ᵃ⁾
2,073
2,996
2,638
1,336
2,058
2,589
4,676
Adjusted operating profit (loss)
1,782
1,694
8,344
10,348
main JV/Associates adjusted EBIT
1,083
1,005
3,879
3,974
Proforma adjusted EBIT
2,865
2,699
12,223
14,322
2,795
2,780
11,163
13,022
Global Gas & LNG Portfolio (GGP) and Power
1,392
1,274
Enilive and Plenitude
1,208
1,143
Refining and Chemicals
(109)
(275)
(689)
(713)
(266)
Corporate, other activities and consolidation adjustments
(286)
(218)
(851)
(404)
2,273
Adjusted profit (loss) before taxes
2,011
1,925
9,233
11,125
1,315
Adjusted net profit (loss)
1,267
5,210
5,333
Net profit (loss)
2,758
2,764
Net profit (loss) attributable to Eni’s shareholders
2,608
2,624
Exclusion of inventory holding (gains) losses
Exclusion of special items ⁽ᵃ⁾
1,873
2,325
1,196
4,989
5,257
1,247
Adjusted net profit (loss) attributable to Eni’s shareholders
(a) For further information see table “Breakdown of special items”.
In 4Q ’25, the Group proforma adjusted EBIT of €2.87 bln was 6% higher than the year-ago quarter despite a 15% decline
in crude oil prices and a 9% appreciation in the EUR/USD rate y-o-y, with these negative impacts more than offset by
volume growth, improved base operating performance at the transition businesses and cost efficiencies. The E&P
business reported a proforma adjusted EBIT of €2.80 bln, an increase vs 4Q ’24 despite unfavorable commodity and
currency trends due to underlying improvements in connection with oil and gas production growth, an improved
production mix due to an increasing contribution of more valuable barrels and cost efficiencies.
The refining business which returned to profitability due to improved product crack spreads (€0.10 bln vs a loss of €0.04
bln in the year-ago quarter). The GGP and Power segment reported proforma adjusted EBIT of €0.19 bln, in line with our
guidance, driven by continued value maximization from gas portfolio optimization. The Chemical business on the
backdrop of a continued downturn in the European sector reported a loss of €0.20 bln, with improvements from the
ongoing restructuring plan expected in coming quarters. Enilive generated €0.18 bln of proforma adjusted EBIT, more
than tripled vs. 4Q ’24, driven by a recovery in bio-margins and higher volumes processed. Plenitude reported a proforma
adjusted EBIT of €0.10 bln, increasing y-o-y. In FY ‘25, the Group reported a proforma adjusted EBIT of €12.22 bln, down
15% compared to FY ’24, due to the same trends as in 4Q ’25, as well as the circumstance that the comparative period
result included a gain on the settlement of certain environmental claims with another Italian company at Italian industrial
hubs where Eni took over as successor.
In 4Q ’25 adjusted profit before taxes was €2.01 bln, 4% higher than 4Q ’24, reflecting the trend in the Group adjusted
EBIT, partly offset by lower net profits recorded at Eni’s equity-accounted entities driven by the negative commodity
scenario partly offset by better operating and volume performances. In FY ‘25, the Group reported an adjusted profit
before taxes of €9.23 bln, down 17% compared to FY ’24.
In 4Q ’25 adjusted net profit attributable to Eni’s shareholders of €1.20 bln was 35% higher than 4Q ’24, driven by a lower
tax rate down to 37% from 53%, due to increasing operating profit and declining Group tax rate driven by a better
geographical mix of profits before taxes in E&P reflecting higher contribution from jurisdictions with lower-than-average
tax rates also as result of portfolio rationalization and as several development projects were matured to FID enabling the
recognition of the tax benefit associated with previously incurred exploration expenses. In FY ‘25, the Group reported an
adjusted net profit attributable to Eni’s shareholders of €4.99 bln, down 5% compared to FY ’24.
Net borrowings and cash flow from operations
(€ million)
Net profit (loss)
Full Year
Change
(151)
2,758
2,764
(2,742)
Change
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
1,505
– depreciation, depletion and amortization and other non monetary items
2,146
3,177
(1,031)
7,209
9,951
– net gains on disposal of assets
(601)
– dividends, interests and taxes
(182)
3,590
4,246
(656)
Changes in working capital related to operations
2,108
1,026
1,082
2,735
1,286
1,449
Dividends received by equity investments
1,785
1,946
(161)
(812)
Taxes paid
(695)
(1,272)
(3,737)
(5,826)
2,089
(237)
(191)
Interests (paid) received
(170)
(911)
(674)
3,078
Net cash provided by operating activities
4,350
3,620
13,330
13,092
(2,017)
Capital expenditure
(2,857)
(2,532)
(325)
(8,647)
(8,485)
(162)
(229)
Investments and acquisitions
1,275
Disposal of consolidated subsidiaries, businesses, tangible and intangible assets and investments
Other cash flow related to investing activities
(298)
(209)
(878)
(2,593)
1,715
1,102
(1,078)
1,383
2,788
(1,405)
(192)
(996)
1,179
1,670
1,789
(119)
5,371
3,806
1,565
2,014
Free cash flow
(459)
Net cash inflow (outflow) related to financial activities
Changes in short and long-term financial debt
(303)
Repayment of lease liabilities
(272)
(272)
Dividends paid, share repurchases, changes in non-controlling interests and reserves
(1,666)
Issue of perpetual hybrid bond and interest payment
(453)
Effect of changes in consolidation and exchange differences of cash and cash equivalent
(1,371)
(690)
(666)
(1,339)
(531)
(808)
(1,134)
(674)
(460)
(2,555)
(1,293)
(1,262)
(1,250)
(1,205)
(4,522)
5,059
(631)
(328)
1,640
(1,968)
(123)
(198)
(281)
2,010
(215)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT
(531)
(1,184)
(2,022)
2,260
3,297
Adjusted net cash before changes in working capital at replacement cost
3,010
2,889
12,496
13,590
(1,094)
Full Year
Change
Change
2,014
Free cash flow
1,670
1,789
(119)
(303)
Repayment of lease liabilities
(272)
(272)
Net borrowings of acquired companies
(762)
(149)
(€ million)
(613)
5,371
3,806
(1,250)
(1,205)
(762)
(631)
(131)
(777)
Net borrowings of divested companies
Exchange differences on net borrowings and other changes
(344)
(428)
(1,141)
(364)
1,565
Dividends paid and changes in non-controlling interest and reserves
(1,666)
2,010
(4,522)
5,059
Issue of perpetual hybrid bond and interest payment
(453)
(631)
(328)
1,640
(1,968)
CHANGE IN NET BORROWINGS BEFORE LEASE LIABILITIES
(548)
1,093
2,789
(1,276)
4,065
Repayment of lease liabilities
1,250
1,205
(113)
Inception of new leases and other changes
(454)
(1,599)
1,145
(497)
(2,322)
1,825
CHANGE IN NET BORROWINGS AFTER LEASE LIABILITIES
(1,875)
2,238
3,542
(2,393)
5,935
(1,371)
In FY ’25, net cash provided by operating activities was €13,330 mln and included €1,785 mln of dividends received by Eni’s
equity-accounted investments, mainly Azule Energy and Vår Energi. The amount of trade receivables discounted as part of
non-recourse arrangements with financing institutions was ca. €0.4 bln higher than in 4Q ’24 as part of the Group initiatives
to optimize working capital requirements.
Adjusted net cash before changes in working capital at replacement cost was €12,496 mln in FY ’25 (€3,010 mln in 4Q ’25)
and was net of the following items: inventory holding gains or losses relating to oil and products, the reversing of timing
difference between gas inventories accounted at weighted average cost and management’s own measure of performance
leveraging inventories to optimize margins, the fair value of commodity derivatives lacking the formal criteria to be
designated as hedges or prorated on an accrual basis, decommissioning provisions related to the reconversion of
uncompetitive plants in the transition scenario or to dismantle loss-making activities, non-recurring provisions in connection
with certain legal proceedings, as well as in-kind income taxes accrued at PSA petroleum contracts which are assumed to
be fully settled in the subsequent quarter.
A reconciliation of adjusted net cash before changes in working capital at replacement cost to net cash provided by operating
activities is provided below:
3,078
Net cash provided by operating activities
4,350
(435)
Changes in working capital related to operations
(€ million)
3,620
Change
Full Year
13,330
13,092
Change
(2,108)
(1,026)
(1,082)
(2,735)
(1,286)
(1,449)
Exclusion of commodity derivatives
(284)
Exclusion of inventory holding (gains) losses
2,810
Net cash before changes in working capital at replacement cost
Extraordinary (gains) charges and other items
2,489
2,584
11,314
1,182
12,498
1,092
(1,184)
3,297
Adjusted net cash before changes in working capital at replacement cost
3,010
2,889
12,496
13,590
(1,094)
In FY ’25 organic capex was €8.5 bln (down 3% y-o-y) and excluded the share of capex that was already reimbursed or will
be reimbursed upon closing of ongoing asset disposals, which have been used to net disposals of the period or reclassified
in other cash flows related to investing activities. Net of organic capex, the free cash flow ante working capital was about €4
Cash inflows from divestments and transactions with owners comprised proceeds from the disposals of noncontrolling
interests in consolidated subsidiaries relating to a 30% investment of private equity fund KKR into Enilive for €3.57 bln, a
second investment tranche (2.4%) of the EIP fund into Plenitude (€0.21 bln) and a 20% investment by Ares Fund into
Plenitude (€2 bln) as well as asset disposals (€1.38 bln) mainly relating to the sale of a 30% stake in the Baleine project and
other non-strategic fields in Congo as well as the transaction with GIP to develop and valorize our CCUS business.
Acquisitions were of little relevance and mainly related to the expansion of renewable capacity for Plenitude and to the
development of the agri-business activity.
Other cash flow relating to investing activities included a cash inflow upon a post-closing adjustment of the business
combination with Ithaca Energy Plc (€0.15 bln).
Net borrowings before IFRS 16 in FY ‘25 decreased by around €2.79 bln. The main inflows comprised the adjusted operating
cash flow (€12.5 bln) and transactions with equity owners relating to the divestment of noncontrolling interests at Enilive
and Plenitude subsidiaries (€5.78 bln). Furthermore, other positive cash inflows regarded asset disposals for €1.38 bln, as
well as working capital optimization (€1.1 bln) due to initiatives addressing working capital offsetting the scenario with overall
cash initiatives delivering a €4 bln benefit. The main cash outflows comprised capital expenditures of €8.5 bln, dividend
payments to Eni’s shareholders and share repurchases of €4.98 bln (€3.08 bln of dividend payments and share repurchases
of €1.90 bln), the subscription of new supplier financing agreements (€1 bln), the repayment of lease liabilities and hybrid
bond interest (€1.58 bln), changes in consolidation and reclassification as asset held for sale (€0.7 bln) as well as other
changes of €1 bln.
As of February 18, 2026, completed the buy-back program of €1.8 bln, corresponding to a total 119 mln share repurchased.
Summarized Group Balance Sheet
Dec. 31, 2024
Dec. 31, 2025
Property, plant and equipment
59,864
50,536
Right of use
5,822
5,184
(638)
Intangible assets
6,434
6,022
(412)
(€ million)
Change
Fixed assets
(9,328)
Inventories – Compulsory stock
1,595
1,187
(408)
Equity-accounted investments and other investments
15,545
14,484
(1,061)
(133)
Receivables financing and securities held for operating purposes
1,107
Net payables related to capital expenditure
(1,364)
(1,337)
89,003
77,050
(11,953)
Inventories
6,259
5,143
(1,116)
Trade receivables
12,562
8,986
(3,576)
Trade payables
(15,170)
(13,901)
1,269
1,506
1,362
(15,774)
(14,580)
1,194
Net working capital
Net tax assets (liabilities)
Provisions
Other current assets and liabilities
Provisions for employee benefits
Assets held for sale including related liabilities
(2,292)
(1,572)
(14,271)
(14,418)
(147)
(681)
(596)
5,837
5,612
CAPITAL EMPLOYED, NET
74,276
67,873
(6,403)
Eni’s shareholders equity
52,785
47,940
(4,845)
Non-controlling interest
2,863
4,847
1,984
Shareholders’ equity
55,648
52,787
(2,861)
Net borrowings before lease liabilities ex IFRS 16
12,175
9,386
(2,789)
Lease liabilities
6,453
5,700
(753)
Net borrowings after lease liabilities ex IFRS 16
18,628
15,086
(3,542)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
(6,403)
74,276
67,873
Gearing before lease liabilities ex IFRS 16
Gearing after lease liabilities ex IFRS 16
As of December 31, 2025, fixed assets (€77 bln) decreased by €12 bln from December 31, 2024, mainly due to negative
exchange rate translation differences (the period-end exchange rate of EUR vs. USD was 1.176 up 13% compared to 1.039
as of December 31, 2024) thus decreasing the euro book values of dollar-denominated assets as well as asset disposals
and the reclassification of certain assets as held for sale. Capital expenditures for the period were offset by DD&A. Assets
held for sale were recognized in connection with the proposed business combination of Eni’s oil&gas assets in Indonesia
with Petronas’ properties in Malaysia, as well as the pending disposals of minority interests in certain upstream assets and
of renewable assets of Plenitude.
Net working capital amount was flat y-o-y at around €14.4 bln. Deferred tax assets, net increased by around €1.4 bln in
relation to project FID in E&P driving the recognition of the tax benefit associated with previously incurred exploration
expenses, as well as recognition of deferred tax assets at Italian subsidiaries due to recognition of tax-loss carryforwards
relating to improved profitability outlook.
Eni’s shareholders equity (€47.9 bln) decreased by €4.9 bln from December 31, 2024, mainly due to negative foreign currency
translation differences (€6.1 bln) reflecting the depreciation of the USD vs. EUR, as well as shareholders remuneration of
approximately €5 bln (dividend distributions and share buy-back). These reductions were partly offset by net profit for the
period (€2.6 bln) and the recognition through retained earnings of the positive difference between the book value of the
noncontrolling interests in the subsidiaries Enilive and Plenitude divested to third parties and the consideration received (€3.4
bln).
Non-controlling interests of €4.8 bln included: i) a minority participating interest acquired by the private equity fund KKR in
the share capital of Enilive (€0.9 bln) as well as the EIP and Ares fund’s interest in Plenitude of €1.8 bln; ii) a perpetual
subordinated hybrid bond (€1.7 bln) issued by a Group subsidiary in 2024, classified as equity since the Group retains an
unconditional right to avoid transferring cash or other financial assets to the bondholders.
Net borrowings 3 before lease liabilities as of December 31, 2025 of €9.4 bln was down by approximately €3 bln from
December 31, 2024. Gearing 4 – the ratio of net borrowings to net capital employed before lease liabilities– was 15% on
December 31, 2025. Considering the disposal transactions underway, the Group proforma gearing stands at 14%.
Special items
The breakdown of pre-tax special items recorded in operating profit by segment (net charges of €2,589 mln and €1,336 mln
in FY ’25 and 4Q ’25, respectively) is as follows:
E&P: net charges of €1,191 mln in FY ’25 (€618 mln in 4Q ‘25) mainly relating to impairment losses at oil&gas properties
driven by alignment of a disposal group to its fair value (€511 mln), of which two transactions already closed in the
year, reserve revisions as well as price effects (€570 mln);
GGP and Power: net gains of €408 mln in FY ’25 (€6 mln in 4Q ’25) mainly relating to the accounting effect of certain
fair-valued commodity derivatives lacking the formal criteria to be classified as hedges or to be waived from fair value
accounting under the own use exemption (net gains of €377 mln and €3 mln in the FY ’25 and 4Q ’25, respectively) and
the difference between the value of gas inventories accounted for under the weighted-average cost method provided
by IFRS and management’s own measure of inventories, which moves forward at the time of inventory drawdown, the
margins captured on volumes in inventories above normal levels leveraging the seasonal spread in gas prices net of
the effects of the associated commodity derivatives (net charges of €56 mln and net gains of €18 mln in the FY ’25
and 4Q ’25, respectively). The reclassification of the negative balance of €292 mln in FY ’25 (€12 mln in 4Q ’25) related
to derivatives covering margin exposure to foreign currency exchange rate movements and exchange translation
differences of commercial payables and receivables;
Enilive and Plenitude: net charges of €469 mln in FY ’25 (€36 mln in 4Q ’25) mainly related to the fair values of
commodity derivatives lacking the formal criteria to be classified as hedges under IFRS relating exposure to the gas
commodity (€368 mln and €8 mln in FY ’25 and 4Q ’25, respectively) as well as environmental charges (€57 mln and
€24 mln in FY ’25 and 4Q ’25, respectively);
Refining and Chemicals: net charges of €905 mln (€500 mln in 4Q ’25) mainly related to impairment losses of chemical
plants driven by a reduced profitability outlook because of continuing margins deterioration (€198 mln and €126 mln
in FY ’25 and 4Q ’25, respectively) and the write-down of capital expenditures made for compliance and stay-in-business
at certain CGU with expected negative cash flows in Refining business (€253 mln and €107 mln in FY ’25 and 4Q ’25,
respectively). Other charges included environmental provision of €306 mln (€170 mln in 4Q ’25) and plant shutdown
expenses in the Chemical business (about €77 mln and €47 mln in FY ’25 and 4Q ’25, respectively).
3 Details on net borrowings are furnished on page 28.
4 Non-GAAP financial measures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables in line with
guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For further information, see the section “Non-GAAP
measures” of this press release. See pages 19 and subsequent.
Other information, basis of presentation and disclaimer
This press release on Eni’s results for the fourth quarter and the full year of 2025 has been prepared on a voluntary basis according to article 82‐ter,
Regulations on issuers (CONSOB Regulation No. 11971 of May 14, 1999, and subsequent amendments and inclusions). The disclosure of results and
business trends on a quarterly basis is consistent with Eni’s policy to provide the market and investors with regular information about the Company’s
financial and industrial performances and business prospects considering the reporting policy followed by oil&gas peers who are communicating
results on quarterly basis.
Results and cash flow are presented for the third and fourth quarter of 2025, the full year of 2025 and for the 2024 comparative period. Information
on the Company’s financial position relates to end of the periods as of December 31, 2025 and December 31, 2024.
Accounts set forth herein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the
procedure set forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.
These criteria are unchanged from the 2024 Annual Report on Form 20‐F filed with the US SEC on April 4, 2025, which investors are urged to read.
Non‐GAAP financial measures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory
notes and tables in line with guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October
5, 2015. For further information, see the section “Alternative performance measures (Non‐GAAP measures)” of this press release.
The manager responsible for the preparation of the Company’s financial reports, Francesco Esposito, declares pursuant to rule 154‐bis paragraph 2 of
Legislative Decree No. 58/1998 that data and information disclosed in this press release correspond to the Company’s evidence and accounting books
and records.
Disclaimer
This press release contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and
gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production
and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such
statements, depending on a variety of factors, including the impact of the pandemic disease, the timing of bringing new fields on stream; management’s
ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing;
operational issues; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental
regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors
and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes
in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations
and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.
The all sources reserve replacement ratio disclosed elsewhere in this press release is calculated as ratio of changes in proved reserves for the year
resulting from revisions of previously reported reserves, improved recovery, extensions, discoveries and sales or purchases of minerals in place, to
production for the year. A ratio higher than 100% indicates that more proved reserves were added than produced in a year. The reserves replacement
ratio (RRR) is a measure used by management to indicate the extent to which production is replaced by proved oil and gas reserves. The RRR is not an
indicator of future production because the ultimate development and production of reserves is subject to a number of risks and uncertainties. These
include the risks associated with the successful completion of large‐scale projects, including addressing ongoing regulatory issues and completion of
infrastructure, as well as changes in oil and gas prices, political risks and geological and other environmental risks.
Company Contacts
website: http://www.eni.com
Società per Azioni, Rome, Piazzale Enrico Mattei, 1
Share capital: €4,005,358,876 fully paid.
This press release for the fourth quarter and the full year of 2025 results (not subject to audit) is also available on Eni’s website eni.com.
Alternative performance indicators (Non-GAAP measures)
Management evaluates underlying business performance on the basis of Non-GAAP financial measures, which are not provided by IFRS (“Alternative
performance measures”), such as adjusted operating profit, adjusted net profit, which are arrived at by excluding from reported results certain gains and losses,
defined special items, which include, among others, asset impairments, including impairments of deferred tax assets, gains on disposals, risk provisions,
restructuring charges, the accounting effect of fair-valued derivatives used to hedge exposure to the commodity, exchange rate and interest rate risks, which
lack the formal criteria to be accounted as hedges, and analogously evaluation effects of assets and liabilities utilized in a relation of natural hedge of the above
mentioned market risks. Furthermore, in determining the business segments’ adjusted results, finance charges on finance debt and interest income are excluded
(see below). In determining adjusted results, inventory holding gains or losses are excluded from base business performance, which is the difference between
the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using
the weighted average cost method of inventory accounting as required by IFRS, except in those business segments where inventories are utilized as a lever to
optimize margins. Finally, the same special charges/gains are excluded from the Eni’s share of results at JVs and other equity accounted entities, including any
profit/loss on inventory holding.
Management is disclosing Non-GAAP measures of performance to facilitate a comparison of base business performance across periods, and to allow financial
analysts to evaluate Eni’s trading performance on the basis of their forecasting models.
Non-GAAP financial measures should be read together with information determined by applying IFRS and do not stand in for them. Other companies may adopt
different methodologies to determine Non-GAAP measures.
Follows the description of the main alternative performance measures adopted by Eni. The measures reported below refer to the performance of the reporting
periods disclosed in this press release:
Adjusted operating and net profit
Adjusted operating profit and adjusted net profit are determined by excluding inventory holding gains or losses, special items and, in determining the business
segments’ adjusted results, finance charges on finance debt and interest income. The adjusted operating profit of each business segment reports gains and
losses on derivative financial instruments entered into to manage exposure to movements in foreign currency exchange rates, which impact industrial margins
and translation of commercial payables and receivables. Accordingly, also currency translation effects recorded through profit and loss are reported within
business segments’ adjusted operating profit. The taxation effect of the items excluded from adjusted operating or net profit is determined based on the specific
rate of taxes applicable to each of them.
Finance charges or income related to net borrowings excluded from the adjusted net profit of business segments are comprised of interest charges on finance
debt and interest income earned on cash and cash equivalents not related to operations. Therefore, the adjusted net profit of business segments includes
finance charges or income deriving from certain segment operated assets, i.e., interest income on certain receivable financing and securities related to
operations and finance charge pertaining to the accretion of certain provisions recorded on a discounted basis (as in the case of the asset retirement obligations
in the Exploration & Production segment).
Inventory holding gain or loss
This is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the
volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS.
Special items
These include certain significant income or charges pertaining to either: (i) infrequent or unusual events and transactions, being identified as non-recurring items
under such circumstances; (ii) certain events or transactions which are not considered to be representative of the ordinary course of business, as in the case of
environmental provisions, restructuring charges, asset impairments or write ups and gains or losses on divestments even though they occurred in past periods
or are likely to occur in future ones. Exchange rate differences and derivatives relating to industrial activities and commercial payables and receivables,
particularly exchange rate derivatives to manage commodity pricing formulas which are quoted in a currency other than the functional currency are reclassified
in operating profit with a corresponding adjustment to net finance charges, notwithstanding the handling of foreign currency exchange risks is made centrally
by netting off naturally-occurring opposite positions and then dealing with any residual risk exposure in the derivative market. Finally, special items include the
accounting effects of fair-valued commodity derivatives relating to commercial exposures, in addition to those which lack the criteria to be designed as hedges,
also those which are not eligible for the own use exemption, including the ineffective portion of cash flow hedges, as well as the accounting effects of settled
commodity and exchange rates derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.
Correspondently, special charges/gains also include the evaluation effects relating to assets/liabilities utilized in a natural hedge relation to offset a market risk,
as in the case of accrued currency differences at finance debt denominated in a currency other than the reporting currency, where the cash outflows for the
reimbursement are matched by highly probable cash inflows in the same currency. The deferral of both the unrealized portion of fair-valued commodity and
other derivatives and evaluation effects are reversed to future reporting periods when the underlying transaction occurs.
As provided for in Decision No. 15519 of July 27, 2006 of the Italian market regulator (CONSOB), non-recurring material income or charges are to be clearly
reported in the management’s discussion and financial tables.
Gearing
Gearing is calculated as the ratio between net borrowings and capital employed net and measures how much of capital employed net is financed recurring to
third-party funding. Gearing ex-IFRS 16 is calculated by excluding lease liabilities from both numerator and denominator.
Cash flow from operations before changes in working capital at replacement cost (Adjusted net cash before changes in working capital at replacement cost)
This is defined as net cash provided from operating activities before changes in working capital at replacement cost. It also excludes certain non-recurring
charges such as extraordinary credit allowances and, considering the high market volatility, changes in the fair value of commodity derivatives lacking the formal
criteria to be designed as hedges, including derivatives which were not eligible for the own use exemption, the ineffective portion of cash flow hedges, as well
as the effects of certain settled commodity derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.
Free cash flow
Free cash flow represents the link existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net
borrowings (deriving from the summarized cash flow statement) that occurred from the beginning of the period to the end of period. Free cash flow is the cash
in excess of capital expenditure needs. Starting from free cash flow it is possible to determine either: (i) changes in cash and cash equivalents for the period by
adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt and receivables related to financing activities), shareholders’
equity (dividends paid, net repurchase of own shares, capital issuance) and the effect of changes in consolidation and of exchange rate differences; (ii) changes
in net borrowings for the period by adding/deducting cash flows relating to shareholders’ equity and the effect of changes in consolidation and of exchange
rate differences.
Net borrowings
Net borrowings is calculated as total finance debt less cash, cash equivalents, financial assets measured at fair value through profit or loss and financing
receivables held for non-operating purposes. Financial activities are qualified as “not related to operations” when these are not strictly related to the business
operations.
Proforma adjusted EBIT
Is the measure adding the operating margin of the equity accounted entities to the adjusted EBIT, introduced by the management to reflect the increasing
contribution from the JV/associates also in connection with the Eni satellite model.
Reconciliation tables of Non-GAAP results to the most comparable measures of financial performance determined in
accordance to GAAPs
(€ million)
Refining and
Chemicals
(892)
(542)
environmental charges
impairment losses (impairment reversals), net
net gains on disposal of assets
risk provisions
provision for redundancy incentives
commodity derivatives
exchange rate differences and derivatives
Adjusted operating profit (loss) of subsidiaries (a)
main JV/Associates adjusted EBIT (b)
Proforma adjusted EBIT (c)=(a)+(b)
1,804
2,795
(204)
(109)
(354)
(354)
Finance expenses and dividends of subsidiaries (d)
Finance expenses and dividends of main JV/associates (e)
Income taxes of main JV/associates (f)
(220)
(515)
Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f)
Adjusted profit (loss) before taxes (h)=(a)+(d)+(g)
Income taxes (i)
Tax rate (%)
Adjusted net profit (loss) (j)=(h)+(i)
2,036
(708)
(106)
(428)
1,328
(100)
(325)
other
Special items of operating profit (loss)
of which:
– Adjusted net profit (loss) of non-controlling interest
– Adjusted net profit (loss) attributable to Eni’s shareholders
GROUP
Enilive and
Plenitude
Impact of
unrealized
intragroup profit
elimination
Global Gas & LNG
Portfolio and
Power
1,186
Reported operating profit (loss)
Exclusion of inventory holding (gains) losses
Exclusion of special items:
Corporate and
other activities
Exploration &
Production
Fourth Quarter 2025
1,336
1,782
1,083
2,865
(249)
(526)
2,011
(744)
1,267
1,196
Reported net profit (loss) attributable to Eni’s shareholders
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted net profit (loss) attributable to Eni’s shareholders
1,196
(€ million)
Exploration &
Production
Global Gas & LNG
Portfolio and Power
Enilive and Plenitude
Refining and
Chemicals
Corporate and other
activities
Impact of unrealized
intragroup profit
elimination
GROUP
Fourth Quarter 2024
(130)
(600)
(159)
(440)
(145)
(373)
environmental charges (expense recovered from third-parties)
impairment losses (impairment reversals), net
1,257
impairment of exploration projects
net gains on disposal of assets
risk provisions
provision for redundancy incentives
commodity derivatives
(216)
exchange rate differences and derivatives
other
(112)
Special items of operating profit (loss)
Adjusted operating profit (loss) of subsidiaries (a)
1,090
1,796
(291)
(250)
2,058
1,694
main JV/Associates adjusted EBIT (b)
Proforma adjusted EBIT (c)=(a)+(b)
Finance expenses and dividends of subsidiaries (d)
Finance expenses and dividends of main JV/associates (e)
Income taxes of main JV/associates (f)
Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f)
2,780
(548)
(275)
Adjusted profit (loss) before taxes (h)=(a)+(d)+(g)
2,219
(286)
(445)
1,925
Income taxes (i)
Tax rate (%)
Adjusted net profit (loss) (j)=(h)+(i)
(1,233)
(107)
(276)
(1,021)
Reported operating profit (loss)
Exclusion of inventory holding (gains) losses
Exclusion of special items:
(250)
(195)
1,005
2,699
(128)
(101)
(545)
of which:
– Adjusted net profit (loss) of non-controlling interest
– Adjusted net profit (loss) attributable to Eni’s shareholders
Reported net profit (loss) attributable to Eni’s shareholders
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted net profit (loss) attributable to Eni’s shareholders
Exclusion of special items:
environmental charges
(2,485)
(1,499)
GROUP
Impact of
unrealized
intragroup profit
elimination
1,770
Refining and
Chemicals
6,302
Enilive and
Plenitude
Global Gas & LNG
Portfolio and
Power
Reported operating profit (loss)
Exclusion of inventory holding (gains) losses
Exploration &
Production
Full Year 2025
Corporate and
other activities
(€ million)
5,010
impairment losses (impairment reversals), net
1,081
1,582
net gains on disposal of assets
risk provisions
provision for redundancy incentives
commodity derivatives
(377)
exchange rate differences and derivatives
(292)
1,191
(408)
7,493
3,670
11,163
1,362
1,392
1,236
1,208
(896)
(689)
(1,067)
(1,067)
(679)
(165)
Income taxes of main JV/associates (f)
Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f)
Adjusted profit (loss) before taxes (h)=(a)+(d)+(g)
(1,941)
1,050
8,464
1,378
1,121
(714)
(1,232)
Income taxes (i)
Tax rate (%)
Adjusted net profit (loss) (j)=(h)+(i)
(3,589)
(527)
(319)
4,875
(681)
(793)
other
Special items of operating profit (loss)
Adjusted operating profit (loss) of subsidiaries (a)
main JV/Associates adjusted EBIT (b)
Proforma adjusted EBIT (c)=(a)+(b)
Finance expenses and dividends of subsidiaries (d)
Finance expenses and dividends of main JV/associates (e)
of which:
– Adjusted net profit (loss) of non-controlling interest
(334)
2,589
8,344
3,879
12,223
(273)
(798)
(1,919)
1,162
9,233
(4,023)
5,210
– Adjusted net profit (loss) attributable to Eni’s shareholders
4,989
Reported net profit (loss) attributable to Eni’s shareholders
2,608
Exclusion of inventory holding (gains) losses
Exclusion of special items
1,873
Adjusted net profit (loss) attributable to Eni’s shareholders
4,989
(€ million)
Refining and
Chemicals
(909)
1,589
(1,681)
(371)
2,203
(190)
2,900
1,056
impairment of exploration projects
net gains on disposal of assets
risk provisions
provision for redundancy incentives
commodity derivatives
exchange rate differences and derivatives
1,740
(682)
2,505
9,220
3,802
13,022
(171)
(389)
(2,215)
1,198
10,247
(5,470)
2,144
1,235
1,274
1,272
(485)
(514)
1,187
1,143
4,777
other
Special items of operating profit (loss)
Adjusted operating profit (loss) of subsidiaries (a)
main JV/Associates adjusted EBIT (b)
Proforma adjusted EBIT (c)=(a)+(b)
Finance expenses and dividends of subsidiaries (d)
Finance expenses and dividends of main JV/associates (e)
Income taxes of main JV/associates (f)
Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f)
Adjusted profit (loss) before taxes (h)=(a)+(d)+(g)
Income taxes (i)
Tax rate (%)
Adjusted net profit (loss) (j)=(h)+(i)
GROUP
Enilive and
Plenitude
6,715
Impact of
unrealized
intragroup profit
elimination
Global Gas & LNG
Portfolio and
Power
Reported operating profit (loss)
Exclusion of inventory holding (gains) losses
Exclusion of special items:
environmental charges (expense recovered from third-parties)
impairment losses (impairment reversals), net
Corporate and
other activities
Exploration &
Production
Full Year 2024
(105)
5,238
(155)
(526)
(526)
(311)
1,076
(352)
(890)
(713)
(755)
(837)
(449)
(586)
4,676
10,348
3,974
14,322
(505)
(482)
(2,210)
1,282
11,125
(5,792)
5,333
of which:
– Adjusted net profit (loss) of non-controlling interest
– Adjusted net profit (loss) attributable to Eni’s shareholders
5,257
Reported net profit (loss) attributable to Eni’s shareholders
Exclusion of inventory holding (gains) losses
Exclusion of special items
2,624
2,325
Adjusted net profit (loss) attributable to Eni’s shareholders
5,257
(€ million)
Global Gas & LNG
Portfolio and
Power
Enilive and
Plenitude
Refining and
Chemicals
Corporate and
other activities
Impact of
unrealized
intragroup profit
elimination
GROUP
Reported operating profit (loss)
Exploration &
Production
Third Quarter 2025
1,670
(291)
(418)
1,344
Exclusion of inventory holding (gains) losses
Exclusion of special items:
environmental charges
impairment losses (impairment reversals), net
risk provisions
provision for redundancy incentives
commodity derivatives
exchange rate differences and derivatives
Adjusted operating profit (loss) of subsidiaries (a)
main JV/Associates adjusted EBIT (b)
1,800
(136)
(236)
2,073
Proforma adjusted EBIT (c)=(a)+(b)
Finance expenses and dividends of subsidiaries (d)
2,638
(236)
2,996
(172)
Finance expenses and dividends of main JV/associates (e)
Income taxes of main JV/associates (f)
(137)
(402)
Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f)
Adjusted profit (loss) before taxes (h)=(a)+(d)+(g)
Income taxes (i)
Tax rate (%)
Adjusted net profit (loss) (j)=(h)+(i)
2,015
(840)
(132)
(311)
1,175
(197)
other
Special items of operating profit (loss)
(164)
(387)
2,273
(958)
1,315
of which:
– Adjusted net profit (loss) of non-controlling interest
– Adjusted net profit (loss) attributable to Eni’s shareholders
1,247
Reported net profit (loss) attributable to Eni’s shareholders
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted net profit (loss) attributable to Eni’s shareholders
1,247
Breakdown of special items
(€ million)
Full Year
Environmental charges
Impairment losses (impairment reversals), net
1,257
1,582
2,900
Net gains on disposal of assets
Risk provisions
Provisions for redundancy incentives
1,056
Impairment of exploration projects
Commodity derivatives
Exchange rate differences and derivatives
(334)
Other
Special items of operating profit (loss)
1,336
2,058
2,589
4,676
Net finance (income) expense
of which:
(280)
(155)
– exchange rate differences and derivatives reclassified to operating profit (loss)
(304)
(258)
(112)
Net income (expense) from investments
(158)
(319)
(145)
Income taxes
Total special items of net profit (loss)
(505)
(1,259)
(790)
1,920
(1,941)
2,261
1,873
2,325
% Ch.
% Ch.
attributable to:
– Eni’s shareholders
– Non-controlling interest
Reconciliation of Group proforma adjusted EBIT
1,800
2,638
(€ million)
E&P adjusted Ebit of consolidated subsidiaries
main JV/Associates adjusted Ebit
E&P proforma adjusted Ebit
GGP and Power adjusted Ebit of consolidated subsidiaries
main JV/Associates adjusted Ebit
Full Year
1,804
1,796
7,493
9,220
3,670
3,802
2,795
2,780
11,163
13,022
1,362
1,235
1,392
1,236
1,274
1,187
GGP and Power proforma adjusted Ebit
Enilive and Plenitude adjusted Ebit of consolidated subsidiaries
main JV/Associates adjusted Ebit
Enilive and Plenitude proforma adjusted Ebit
1,208
1,143
(136)
Refining and Chemicals adjusted Ebit of consolidated subsidiaries
(204)
(291)
(896)
(890)
main JV/Associates adjusted Ebit
Refining and Chemicals proforma adjusted Ebit
(109)
(275)
(689)
(713)
(236)
Other segments adjusted Ebit
(354)
(250)
(1,067)
(526)
2,865
2,699
12,223
14,322
2,996
Impact of unrealized intragroup profit elimination
Group proforma adjusted Ebit⁽ᵃ⁾
(a) Main JV/Associates are Vår Energi, Azule Energy, Ithaca, Mozambique Rovuma Venture, Neptune Algeria, SeaCorridor, Adnoc R&GT and St. Bernard Renewables Llc.
Profit and loss reconciliation GAAP vs Non-GAAP
Special
items
Finance
expense
reclassified
Adjusted
results
1,374
1,782
Operating profit
5,010
2,923
(334)
8,344
(151)
(152)
Finance income (expense)
(819)
Income (expense) from investments
1,587
(158)
1,429
Special
items
Reported
results
Profit on
stock
Adjusted
results
Profit on
stock
Full Year
Finance
expense
reclassified
Reported
results
(€ million)
(540)
(161)
(505)
(744)
Income taxes
(3,020)
(213)
(790)
(4,023)
1,267
Net profit
2,758
1,920
5,210
1,196
2,608
1,873
4,989
– Non-controlling interest
Net profit attributable to Eni’s shareholders
Special
items
Finance
expense
reclassified
1,754
1,694
Operating profit
5,238
4,418
10,348
(304)
(215)
Finance income (expense)
(599)
(258)
Income (expense) from investments
1,850
(319)
1,531
(373)
Special
items
Adjusted
results
Reported
results
Profit on
stock
Adjusted
results
Profit on
stock
Full Year
Finance
expense
reclassified
Reported
results
(€ million)
(754)
(1,259)
(1,021)
Income taxes
(3,725)
(126)
(1,941)
(5,792)
Net profit
2,764
2,261
5,333
– Non-controlling interest
Net profit attributable to Eni’s shareholders
2,624
2,325
5,257
Reported
results
Special
items
Finance
expense
reclassified
Profit on
stock
Adjusted
results
Operating profit
1,344
2,073
Finance income (expense)
(258)
(247)
Income (expense) from investments
(112)
Income taxes
(780)
(145)
(958)
Net profit
1,315
– Non-controlling interest
Net profit attributable to Eni’s shareholders
1,247
(€ million)
Analysis of Profit and Loss account items
Sales from operations
(€ million)
Full Year
% Ch.
% Ch.
13,329
Exploration & Production
12,096
13,380
50,367
54,440
3,503
Global Gas & LNG Portfolio and Power
4,583
6,185
17,120
18,876
7,021
Enilive and Plenitude
7,122
7,906
29,278
31,301
4,545
Refining and Chemicals
4,169
4,686
18,179
21,210
2,073
1,905
(7,962)
(9,213)
(34,866)
(38,935)
20,615
23,488
82,151
88,797
% Ch.
Purchases, services and other
17,680
19,833
67,056
71,114
Impairment losses (impairment reversals) of trade and other receivables, net
(136)
Payroll and related costs
3,229
3,262
of which: provision for redundancy incentives and other
18,335
20,710
70,296
74,544
(8,681)
Corporate and other activities
Consolidation adjustments
20,204
Operating expenses
16,512
(€ million)
17,253
Full Year
% Ch.
DD&A, impairments, reversals and write-off
1,521
(€ million)
Exploration & Production
Full Year
var %
% Ch.
1,475
1,577
6,061
6,353
Global Gas & LNG Portfolio and Power
Enilive and Plenitude
– Enilive
– Plenitude
Refining and Chemicals
Corporate and other activities
Impact of unrealized intragroup profit elimination
Total depreciation, depletion and amortization
Impairment losses (impairment reversals) of tangible and intangible and right of use
assets, net
1,811
1,872
7,349
7,600
1,257
1,582
2,900
Depreciation, depletion, amortization, impairments and reversals
2,571
3,129
8,931
10,500
2,606
3,549
8,964
11,080
1,842
2,023
Write-off of tangible and intangible assets
2,034
Income (expense) from investments
(€ million)
Full Year 2025
Share of profit (loss) from equity-accounted investments
Global Gas &
Exploration &
LNG Portfolio
Production
and Power
1,116
Dividends
Net gains (losses) on disposals
Other income (expense), net
1,422
Enilive and
Plenitude
Refining and Corporate and
Chemicals other activities
Group
1,161
1,587
Gearing and net borrowings
Gearing is a measure used by management to assess the Company’s level of indebtedness. It is calculated as the ratio
between net borrowings and capital employed net and measures how much capital employed net is financed recurring to
third-party funding. Management periodically reviews gearing in order to assess the soundness and efficiency of the Group
balance sheet in terms of optimal mix between net borrowings and net capital employed, and to carry out benchmark
analysis with industry standards.
(€ million)
Total debt
Dec. 31, 2024
Dec. 31, 2025
Change
30,348
28,464
(1,884)
– Short-term debt
8,820
8,363
(457)
– Long-term debt
21,528
20,101
(1,427)
Cash and cash equivalents ⁽ᵃ⁾
(8,183)
(8,242)
Financial assets measured at fair value through profit or loss
(6,797)
(6,991)
(194)
Financing receivables held for non-operating purposes
(3,193)
(3,845)
(652)
Net borrowings before lease liabilities ex IFRS 16
12,175
9,386
(2,789)
6,453
5,700
(753)
Net borrowings after lease liabilities ex IFRS 16
Lease Liabilities
18,628
15,086
(3,542)
Shareholders’ equity including non-controlling interest
(2,861)
55,648
52,787
Gearing before lease liability ex IFRS 16
Gearing after lease liability ex IFRS 16
(a) It includes €142 mln of cash at held-for-sale subsidiaries provisionally deposited at third-party banks at the end of 2025 and then moved to the Group cash pooling at the beginning of 2026.
Consolidated financial statements
BALANCE SHEET
(€ million)
Dec. 31, 2025 Dec. 31, 2024
ASSETS
Current assets
Cash and cash equivalents
Financial assets measured at fair value through profit or loss
Other financial assets
Trade and other receivables
Inventories
Income tax assets
Other assets
Non-current assets
Property, plant and equipment
Right of use assets
Intangible assets
Inventory – compulsory stock
Equity-accounted investments
Other investments
Other financial assets
Deferred tax assets
Income tax assets
Other assets
Assets held for sale
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt
Current portion of long-term debt
Current portion of long-term lease liabilities
Trade and other payables
Income taxes payable
Other liabilities
Non-current liabilities
Long-term debt
Long-term lease liabilities
Provisions for contingencies
Provisions for employee benefits
Deferred tax liabilities
Income taxes payable
Other liabilities
Liabilities directly associated with assets held for sale
TOTAL LIABILITIES
Share capital
Retained earnings
Cumulative currency translation differences
Other reserves and equity instruments
Treasury shares
Net profit (loss)
Total Eni shareholders’ equity
Non-controlling interest
TOTAL SHAREHOLDERS’ EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
8,100
6,991
3,000
12,436
5,143
3,943
40,152
8,183
6,797
1,085
16,901
6,259
3,662
43,582
50,536
5,184
6,022
1,187
13,155
1,329
1,819
6,716
2,839
88,912
8,005
137,069
59,864
5,822
6,434
1,595
14,150
1,395
3,215
6,322
4,011
102,937
146,939
4,929
3,434
1,263
20,261
4,039
34,269
4,238
4,582
1,279
22,092
5,049
37,827
20,139
4,437
14,580
4,805
3,390
47,987
2,026
84,282
4,005
33,195
1,937
8,977
(2,782)
2,608
47,940
4,847
52,787
137,069
21,570
5,174
15,774
5,581
4,449
53,269
91,291
4,005
32,552
8,081
8,406
(2,883)
2,624
52,785
2,863
55,648
146,939
GROUP PROFIT AND LOSS ACCOUNT
(€ million)
Full Year
82,151
20,204
Sales from operations
20,615
23,488
20,546
Other income and revenues
20,997
1,478
2,417
Total revenues
23,972
83,629
91,214
(16,512)
Purchases, services and other
(71,114)
88,797
(17,680)
(19,833)
(67,056)
Impairment reversals (impairment losses) of trade and other receivables, net
(168)
Payroll and related costs
(783)
(3,229)
(3,262)
(352)
(744)
Other operating (expense) income
(791)
(1,842)
Depreciation, Depletion and Amortization
(1,811)
(1,872)
(7,349)
(7,600)
(181)
Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net
(760)
(1,257)
(1,582)
(2,900)
Write-off of tangible and intangible assets
OPERATING PROFIT (LOSS)
(420)
(373)
5,010
(580)
5,238
1,344
Finance income
3,235
7,196
7,715
(1,150)
Finance expense
(1,208)
(3,491)
(8,170)
(8,980)
Net finance income (expense) from financial assets measured at fair value through profit or loss
Derivative financial instruments
(258)
FINANCE INCOME (EXPENSE)
(151)
(819)
(599)
Share of profit (loss) of equity-accounted investments
1,161
Other gain (loss) from investments
INCOME (EXPENSE) FROM INVESTMENTS
1,587
1,850
5,778
6,489
1,645
PROFIT (LOSS) BEFORE INCOME TAXES
(780)
Income taxes
(161)
(3,020)
(3,725)
Net profit (loss)
2,758
2,764
attributable to:
– Eni’s shareholders
2,608
2,624
– Non-controlling interest
2,976.5
3,039.8
3,115.9
3,179.2
3,024.8
3,088.1
3,167.0
3,230.4
Earnings per share (€ per share)
– basic
– diluted
Weighted average number of shares outstanding (million)
3,011.2
3,073.8
– basic
– diluted
COMPREHENSIVE INCOME (LOSS)
Full Year
Net profit (loss)
2,758
2,764
Items that are not reclassified to profit or loss in later periods
Remeasurements of defined benefit plans
(€ million)
Share of other comprehensive income on equity accounted entities
Change in the fair value of interests with effects on other comprehensive income
Items that may be reclassified to profit in later periods
Currency translation differences
(257)
3,292
(5,738)
2,348
(257)
3,748
(6,410)
3,066
Change in the fair value of cash flow hedging derivatives
(568)
(912)
Share of other comprehensive income on equity-accounted entities
Taxation
Taxation
(258)
Total other items of comprehensive income (loss)
Total comprehensive income (loss)
attributable to:
– Eni’s shareholders
– Non-controlling interest
(299)
(162)
3,362
3,650
(5,775)
(3,017)
2,415
5,179
(170)
3,468
(2,874)
(143)
4,962
CHANGES IN SHAREHOLDERS’ EQUITY
(€ million)
Shareholders’ equity at January 1, 2024
53,644
Total comprehensive income (loss)
5,179
Dividends paid to Eni’s shareholders
Dividends distributed by consolidated subsidiaries
Issue of perpetual hybrid bonds
Coupon of perpetual subordinated bonds
Put option on Plenitude
Net purchase of treasury shares
Plenitude transaction- disposal to EIP
(3,067)
1,848
(138)
(387)
(2,003)
Costs for the issue of hybrid bonds
Tax on hybrid bond coupon
Other changes
Total changes
2,004
55,648
Shareholders’ equity at December 31, 2024
attributable to:
– Eni’s shareholders
52,785
– Non-controlling interest
2,863
Shareholders’ equity at January 1, 2025
Total comprehensive income (loss)
(3,017)
55,648
Dividends paid to Eni’s shareholders
Dividends distributed by consolidated subsidiaries
(3,081)
(275)
Net purchase of treasury shares
(1,881)
Issue of perpetual hybrid bonds
Repurchase of perpetual hybrid bonds
Coupon of perpetual subordinated bonds
1,500
(1,500)
(310)
Taxes on disposal of Enilive and Plenitude
Taxes on hybrid bond coupon and costs
Plenitude transaction – disposal to EIP
Plenitude transaction – disposal to ARES
Put option on Plenitude
Enilive transaction – disposal to KKR
2,003
(139)
3,569
Other changes
Total changes
Shareholders’ equity at December 31, 2025
(2,861)
52,787
attributable to:
– Eni’s shareholders
– Non-controlling interest
47,940
4,847
GROUP CASH FLOW STATEMENT
(€ million)
Net profit (loss)
Full Year
2,758
2,764
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
1,842
Depreciation, depletion and amortization
1,811
1,872
7,349
7,600
Impairment losses (impairment reversals) of tangible, intangible and right of use, net
1,257
1,582
2,900
Write-off of tangible and intangible assets
(359)
Share of (profit) loss of equity-accounted investments
(153)
(1,161)
(866)
Gains on disposal of assets, net
(601)
Dividend income
(242)
(227)
(121)
Interest income
(121)
(150)
(444)
(497)
Interest expense
1,256
1,245
3,725
Income taxes
(244)
3,020
(107)
Other changes
(283)
(287)
(515)
(158)
Cash flow from changes in working capital
2,108
1,026
2,735
1,286
(405)
– inventories
1,166
– trade receivables
(607)
(2,927)
3,214
1,145
(609)
– trade payables
2,211
3,321
(835)
(109)
– provisions for contingencies
(554)
– other assets and liabilities
(410)
Net change in the provisions for employee benefits
(105)
1,946
Dividends received
1,785
Interest received
(242)
Interest paid
(279)
(136)
(1,269)
(1,130)
(812)
Income taxes paid, net of tax receivables received
(695)
(1,272)
(3,737)
(5,826)
3,078
Net cash provided by operating activities
4,350
3,620
13,330
13,092
(2,494)
Cash flow from investing activities
(2,970)
(2,817)
(9,999)
(11,782)
(2,061)
– tangible assets
(2,934)
(2,394)
(8,702)
(7,999)
– intangible assets
(152)
(138)
(527)
(486)
– consolidated subsidiaries and businesses net of cash and cash equivalent acquired
(196)
(196)
(1,795)
– investments
(102)
(258)
(682)
(798)
(185)
– prepaid right of use
(117)
(229)
– securities and financing receivables held for operating purposes
– change in payables in relation to investing activities
(514)
1,430
Cash flow from disposals
2,040
2,496
1,351
– tangible assets
1,135
1,414
1,354
– intangible assets
(104)
– consolidated subsidiaries and businesses net of cash and cash equivalent disposed of
– investments
– securities and financing receivables held for operating purposes
– change in receivables in relation to disposals
(142)
(361)
(459)
(1,523)
Net change in receivables and securities not held for operating purposes
Net cash used in investing activities
(690)
(666)
(1,339)
(531)
(3,370)
(2,497)
(9,298)
(9,817)
GROUP CASH FLOW STATEMENT (continued)
(€ million)
Full Year
1,514
Increase in long-term debt
5,784
3,516
(2,908)
Payment of long-term debt
(352)
(1,130)
(8,063)
(4,748)
(303)
Payment of lease liabilities
(272)
(272)
(1,250)
(1,205)
1,297
Increase (decrease) in short-term financial debt
(1,331)
(276)
(781)
Dividends paid to Eni’s shareholders
(775)
(794)
(3,080)
(3,068)
Dividends paid to non-controlling interests
(214)
(277)
Net capital issuance from non-controlling interest
Disposal (acquisition) of additional interests in consolidated subsidiaries
(560)
2,003
5,072
Net purchase of treasury shares
(670)
(876)
(1,896)
(2,012)
Issue (repayment) of perpetual hybrid bonds
(248)
1,778
Other contributions
Interest payment of perpetual hybrid bond
Net cash used in financing activities
(1,772)
(205)
(1,515)
Effect of exchange rate changes on cash and cash equivalents and other changes
(2,434)
(310)
(3,596)
(138)
(5,380)
(198)
Cash and cash equivalents – beginning of the period
(531)
8,952
(1,184)
9,367
8,183
(2,022)
10,205
Cash and cash equivalents – end of the period
8,421
8,183
8,421
8,183
Full Year
% Ch.
(215)
9,167
Net increase (decrease) in cash and cash equivalents
8,952
Capital expenditure
(€ million)
var %
1,535
Exploration & Production
1,943
1,785
6,253
6,055
of which: – exploration
1,345
1,571
1,671
5,502
5,564
Global Gas & LNG Portfolio and Power
– oil & gas development
– Global Gas & LNG Portfolio
– Power
Enilive and Plenitude
1,232
1,303
– Enilive
– Plenitude
Refining and Chemicals
– Refining
– Chemicals
Corporate and other activities
2,857
2,532
8,647
8,485
2,017
Impact of unrealized intragroup profit elimination
Capital expenditure ⁽ᵃ⁾
(a) Expenditures to purchase plant and equipment from suppliers whose payment terms matched classification as financing payables, have been recognized among other changes of the reclassified cash flow statements and
are not reported in the table above (€348 mln and €544 mln in the fourth quarter 2025 and 2024, respectively, €1,371 mln and €2,172 mln in the full year 2025 and 2024, respectively, and €270 mln in the third quarter 2025).
In FY ’25, capital expenditure amounted to €8,647 mln (€8,485 mln in FY ’24) increasing by 2% y-o-y, in particular:
• in the Exploration & Production, capital expenditure (€6,253 mln) was mainly related to oil&gas development activities in
particular in the United Arab Emirates, Libya, Egypt, Indonesia, Algeria, Congo and Italy;
• in the Enilive and Plenitude segment, Plenitude’s capital expenditure (€764 mln) related to development activities in the
renewable business, acquisition of new customers, as well as development of electric vehicles network infrastructure, while
Enilive capital expenditure (€468 mln) mainly related to biorefineries and marketing activity in Italy and in the rest of Europe,
regulation compliance and stay-in-business initiatives in the retail network, as well as HSE initiatives;
• in the Refining and Chemicals segment mainly related to refining in Italy (€481 mln) specifically to the reconversion of
Livorno in biorefinery, maintenance and stay-in-business, as well as to the chemical business (€182 mln) and regarded the
circular economy and asset integrity;
• in the Corporate and other activities mainly related to the CCUS and agri-business projects (€240 mln).
Sustainability performance
Full Year
(total recordable injuries/worked hours) x 1,000,000
(Mt CO₂ eq.)
Direct methane emissions (Scope 1)
(ktonnes CH₄)
Volume of hydrocarbons sent to routine flaring Upstream
(billion Sm³)
Total Recordable Injury Rate (TRIR)
Direct GHG emissions (Scope 1)
Volume of operational oil spills (>1 barrel)
Re-injected produced water
The indicators refer to data from operated assets, both consolidated and non‑consolidated.
Total Recordable Injury Rate (TRIR) referred to total workforce: improved compared to 2024, with a decline in the number
of events due to positive performance by both employees and contractors. No fatalities or disability-related injuries
occurred during the period.
Direct GHG emissions (Scope 1): sharply reduced compared to 2024, due to portfolio optimization activities in the E&P
business, actions aimed at improving performance through the reduction of non‑routine flaring and industrial
transformation plan in the chemicals business.
Direct methane emissions (Scope 1): reduced compared to 2024 due to portfolio optimization activities, efficiency
projects, as well as thanks to monitoring campaigns carried out across Upstream assets.
Volumes of hydrocarbons sent to routine flaring Upstream: zero routine flaring during 2025 achieved as a result of the
combined effect of the portfolio optimization activities in upstream business and the completion of gas valorization
projects in Congo.
Volume of operational oil spills: reduction of volumes associated with operational oil spill events recorded during the
year, associated also with fewer events. No oil spill events related to acts of sabotage in the year.
Percentage of re-injected produced water upstream: increased compared to 2024, mainly due to higher volumes
reinjected in Turkmenistan, Mexico and Italy.
Exploration & Production
PRODUCTION OF OIL AND NATURAL GAS BY REGION
Full Year
Italy
Rest of Europe
North Africa
Sub-Saharan Africa
Kazakhstan
Rest of Asia
Americas
1,839
1,716
1,728
1,707
(mmboe)
(kbbl/d)
1,756
Australia and Oceania
Production of oil and natural gas ⁽ᵃ⁾⁽ᵇ⁾
– of which Joint Ventures and associates
Production sold ⁽ᵃ⁾
(kboe/d)
PRODUCTION OF LIQUIDS BY REGION
Full Year
Italy
Rest of Europe
North Africa
Sub-Saharan Africa
Kazakhstan
Rest of Asia
Americas
Australia and Oceania
Production of liquids
– of which Joint Ventures and associates
PRODUCTION OF NATURAL GAS BY REGION
Italy
Rest of Europe
1,851
North Africa
2,121
2,196
1,908
2,188
(mmcf/d)
Full Year
Sub-Saharan Africa
Kazakhstan
Rest of Asia
Americas
Australia and Oceania
4,687
Production of natural gas
4,966
4,862
4,644
4,831
1,096
– of which Joint Ventures and associates
1,200
1,055
1,095
(a) Includes Eni’s share of production of equity-accounted entities.
(b) Includes volumes of hydrocarbons consumed in operation (141 and 163 kboe/d in the fourth quarter of 2025 and 2024, respectively, 134 and 135 kboe/d in the full year of 2025 and 2024, respectively, and
129 kboe/d in the third quarter of 2025).