E · Eni S.p.A.

Eni S.p.A. delivered strong Q1 2026 results amid market volatility, with E&P proforma adjusted EBIT at €3.36 bln supported by 9% production growth to 1.8 mln boe/d from ramp-ups in West Africa, Norway, Angola, and exceptional exploration adding 1 bln boe resources. CEO Claudio Descalzi highlighted disciplined strategy execution, portfolio diversification, and low breakeven prices enabling upside capture. Transition businesses provided stability: Enilive's €0.14 bln EBIT up 45% y-o-y from biorefining amid improved cracks, Plenitude's €0.21 bln despite scenario headwinds post-Acea Energia acquisition reaching 11 mln clients. Group proforma adjusted EBIT of €3.54 bln reflected volume gains and cost discipline offsetting EUR appreciation impacts. Adjusted net profit fell 8% y-o-y to €1.3 bln due to forex and prior one-offs, but tax rate improved to 42.2%. Cash generation funded €1.9 bln organic capex and €1 bln shareholder returns, maintaining proforma gearing at 15% within 10-15% target. Raised FY CFFO guidance to €13.8 bln at Brent 83 $/bbl reflects strong performance and scenario improvements, triggering 90% buyback hike to €2.8 bln (60% of upside to budgeted €11.5 bln till Brent 90 $/bbl), plus confirmed €1.1/share dividend up 5%. Outlook includes 3-4% production growth, GGP EBIT €1.3 bln (+30%), and transition EBITDA targets, underscoring accretive growth and shareholder focus.