Financial results

Eni closed the first half of 2026 with adjusted net profit of 3.635 billion euros, a 43% rise compared with the same period of 2025. Second-quarter adjusted net profit reached 2.333 billion euros, more than double the year-earlier figure (+106%). The strong performance came despite what the company described as a particularly complex scenario, driven by its exploration and production division, the Global Gas & LNG Portfolio, and transition-related satellites. Pro-forma adjusted operating profit for the quarter doubled to 5.4 billion euros from 2.7 billion a year earlier, while for the half it grew 40% to 8.9 billion euros.

Net profit for the semester was 4.390 billion euros (+156%) and for the quarter 3.319 billion euros (+511%). The adjusted group tax rate fell to 37% from 47%, reflecting an improved geographical mix of pre-tax profit within the Exploration & Production segment. Net cash flow from operating activities totalled 5.7 billion euros in the first six months, including 868 million euros of dividends received from associates. Adjusted net cash flow before working capital changes at replacement cost stood at 7.3 billion euros. Net debt before IFRS 16 rose by approximately 1.74 billion euros.

Q2 20252.7

Q2 20265.4

Q2 2025

2.7 € bn

Q2 2026

5.4 € bn

Data from the article text

Production and operational momentum

Hydrocarbon production on a like-for-like basis, excluding price effects, grew 11% to 1.79 million barrels of oil equivalent per day in the second quarter, nearly stable sequentially. The ramp-up of new projects in West Africa, the Gulf of America, Norway and Indonesia supported the increase. Based on the first-half trajectory, Eni revised its full-year production growth forecast upward to about 5%.

Strategic developments

CEO Claudio Descalzi highlighted progress in several key initiatives, including the launch of the Searah joint venture between Indonesia and Malaysia, which will allow the group to monetise significant gas discoveries in the Kutei basin. Other projects across the diversified portfolio continued to advance, reinforcing Eni’s long-term production and cash-generation outlook. The company pointed to its competitive asset base, distinctive exploration capabilities, growing exposure to energy-transition businesses and opportunities for early asset valorisation as the pillars of its strategy.

Shareholder returns and buyback

Eni increased its share buyback programme by an additional 600 million euros, bringing the total to 3.4 billion euros. Descalzi linked the decision to the solid half-year results and the group’s recurring cash-generation prospects. The pro-forma debt ratio reached an all-time low of 10%, which the company said provides substantial headroom to continue sharing favourable market conditions with shareholders.

Management comment

“Our determination in executing our strategy has enabled us to achieve excellent results in the second quarter of 2026, supported by our diversified portfolio of activities that offers us a wide range of strategic options and a prospect of profitable growth in the various businesses of our energy mix. These results stem from the effectiveness of industrial and financial management and are growing significantly faster than the reference commodity price scenario.”

“The half-year results show that, year after year, we are building an increasingly solid company, thanks to the quality of our geographically diversified portfolio based on competitive assets, our distinctive exploration skills, a growing exposure to energy transition businesses, and opportunities for early asset valorisation. These factors will support recurring cash generation over the long term, which will allow us to continue ensuring significant remuneration to shareholders with an important sharing of the benefits deriving from more favourable market scenarios, while maintaining an extremely robust capital structure, as demonstrated by the pro-forma debt ratio at an all-time low of 10%.”