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Sep 30
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Eni Q3 2025 Earnings Report
Eni delivered strong Q3 2025 results with higher production and cash generation, despite weaker commodity prices.
Key Takeaways
Eni exceeded expectations in Q3 2025, supported by a 6% increase in hydrocarbon production, resilient upstream margins, and disciplined capital spending. Net income rose year-over-year, and the company increased its share buyback program.
Hydrocarbon production rose 6% year-over-year to 1.756 million boe/d.
Adjusted EBIT was €2.996 billion, with strong contributions from upstream and gas portfolios.
Net income attributable to shareholders was €803 million, up from €522 million in Q3 2024.
Free cash flow reached €2.014 billion, enabling an increased share buyback program.
Eni
Eni
Eni Revenue by Segment
Eni Revenue by Geographic Location
Revenue by Segment
Exploration & Production Revenue
CapyFin.comGas & LNG Portfolio Revenue
CapyFin.comEnilive & Plenitude Revenue
CapyFin.comRefining & Chemicals Revenue
CapyFin.comRevenue by Geographic Location
Italy Revenue
CapyFin.comEurope excl. Italy Revenue
CapyFin.comAsia-Pacific & Other Revenue
CapyFin.com Forward Guidance
Eni raised its full-year 2025 guidance for production, cash flow, and buybacks, despite weaker macroeconomic conditions.
Positive Outlook
- FY25 production guidance increased to 1.71–1.72 mln boe/d.
- Cash flow forecast raised to €12 billion for FY25.
- Share buyback target raised by €300 million to €1.8 billion.
- Transition business (Plenitude/Enilive) expected to meet EBITDA goals.
- Capex expected below initial guidance, enhancing capital efficiency.
Challenges Ahead
- Crude oil prices down 14% year-over-year impacting margins.
- EUR/USD appreciation reduced dollar-denominated earnings.
- Chemical business continued to report losses due to European downturn.
- Natural gas sales down 15% compared to Q3 2024.
- Renewable energy targets still dependent on project execution and regulatory timelines.