Eni S.p.A. reported a 35% year‑over‑year increase in adjusted net profit for the fourth quarter of 2025, bringing the figure to €1.20 billion. The company’s earnings per share came in at $0.87, beating the consensus estimate of $0.78 by $0.09. Total revenue for the quarter was $19.45 billion, a decline from the $19.88 billion consensus estimate, reflecting the impact of lower commodity prices and weaker demand in the upstream segment.
The earnings beat was largely driven by disciplined cost management and a favorable production mix. Eni’s upstream operations grew 7.2% year‑over‑year, offsetting the revenue shortfall with higher margins. The company’s transition businesses also contributed to the profit lift, as renewable and low‑carbon projects delivered stronger cash flows and helped cushion the impact of lower oil and gas prices.
Revenue fell short of expectations because the company faced a combination of lower crude and natural gas prices and a weaker global demand environment. The decline in upstream revenue was partially offset by growth in the transition segment, but the overall effect was a $0.43 billion miss against analyst forecasts. The revenue miss underscores the continued volatility in the energy market and the need for continued cost discipline.
Segment performance highlights that upstream production growth and disciplined cost control were key to the profit increase. Eni’s exploration and production division delivered a 7.2% rise in output, while the transition unit—encompassing renewables, biofuels, and carbon capture—contributed a higher margin share to the bottom line. The company’s focus on scaling low‑carbon projects is reflected in the stronger contribution from the transition segment.
Claudio Descalzi, Eni’s CEO, 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.” He added: “In 2025 we achieved structurally solid results both industrially and financially, thanks to the execution of our strategy developed over recent years. We delivered major projects on schedule and within budget, reduced our debt levels, and increased shareholder distributions. Exploration & Production results were excellent, driven by production growth and cost containment. Annual production exceeded guidance, posting 4% underlying growth, supported by the start‑up of six major projects.”
The results reinforce Eni’s trajectory of reducing debt and boosting shareholder returns while expanding its energy transition portfolio. The company’s ability to grow production and maintain cost discipline amid volatile commodity prices signals operational resilience. Looking forward, Eni’s focus on renewable and low‑carbon projects positions it to capture emerging market opportunities, while its disciplined capital allocation strategy supports continued shareholder value creation.
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