9M 2026
Filed Oct 27, 20263Q operational and financial results support further upgrade to FY ’26 outlook with record low debt and enhanced shareholders’ returns through extraordinary dividend and increased buyback
Nine-month proforma adjusted EBIT increased 59% to €14,905 million and adjusted net profit attributable to Eni’s shareholders increased 70% to €6,436 million. Operating cash flow increased, organic capital expenditure declined, net borrowings fell to €6,702 million and management raised its adjusted CFFO outlook while increasing the buyback and activating an extraordinary dividend.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Sales from operationsother | €28.07B | – | 39% |
| Nine months 2026 Sales from operationsother | €75.41B | – | 23% |
| Q3 2026 Sales from operations, continuing operationsother | €25.64B | – | 39% |
| Nine months 2026 Sales from operations, continuing operationsother | €67.70B | – | 25% |
| Q3 2026 Operating profit (loss)other | €2.48B | – | 84% |
| Nine months 2026 Operating profit (loss)other | €6.55B | – | 35% |
| Q3 2026 Adjusted operating profit (loss)non-GAAP | €3.70B | – | 78% |
| Nine months 2026 Adjusted operating profit (loss)non-GAAP | €9.63B | – | 47% |
| Q3 2026 Proforma adjusted EBITnon-GAAP | €5.99B | up by 12% sequentially | 100% |
| Nine months 2026 Proforma adjusted EBITnon-GAAP | €14.90B | – | 59% |
| Q3 2026 Adjusted profit (loss) before taxesnon-GAAP | €4.33B | – | 90% |
| Nine months 2026 Adjusted profit (loss) before taxesnon-GAAP | €10.56B | – | 46% |
| Q3 2026 Net profit (loss)other | €3.49B | – | 299% |
| Nine months 2026 Net profit (loss)other | €8.15B | – | 202% |
| Q3 2026 Net profit (loss) attributable to Eni's shareholdersother | €3.21B | – | 299% |
| Nine months 2026 Net profit (loss) attributable to Eni's shareholdersother | €7.59B | – | 202% |
| Q3 2026 Adjusted net profit (loss) attributable to Eni's shareholdersnon-GAAP | €2.80B | – | 125% |
| Nine months 2026 Adjusted net profit (loss) attributable to Eni's shareholdersnon-GAAP | €6.44B | – | 70% |
| Q3 2026 Adjusted tax ratenon-GAAP | 32.3% | – | – |
| Nine months 2026 Adjusted tax ratenon-GAAP | 36.2% | – | – |
| Q3 2026 Net cash provided by operating activitiesother | €4.36B | – | – |
| Nine months 2026 Net cash provided by operating activitiesother | €10.06B | – | – |
| Q3 2026 Adjusted net cash before changes in working capital at replacement costnon-GAAP | €4.29B | – | – |
| Nine months 2026 Adjusted net cash before changes in working capital at replacement costnon-GAAP | €11.63B | – | – |
| Q3 2026 Free cash flownon-GAAP | €2.78B | – | – |
| Nine months 2026 Free cash flownon-GAAP | €3.65B | – | – |
| Q3 2026 Organic capital expenditureother | €1.34B | – | (32%) |
| Nine months 2026 Organic capital expenditureother | €5.05B | – | (14%) |
| Net borrowings before lease liabilities ex IFRS 16 as of September 30, 2026other | €6.70B | – | (33%) |
| Shareholders' equity including non-controlling interest as of September 30, 2026other | €57.64B | – | 9% |
| Proforma gearing before lease liabilities ex IFRS 16 as of September 30, 2026non-GAAP | 9% | – | – |
| Hydrocarbon production, Q3 2026other | 1,829 kboe/d | – | 4% |
| Hydrocarbon production, nine months 2026other | 1,805 kboe/d | – | 7% |
| Installed capacity from renewables at period endother | 6.1 GW | – | 27% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Exploration & Production, Q3 2026Projects ramp-ups in Congo and Mexico, higher contribution from Indonesia/Malaysia with full operativity of the Searah JV, operational continuity, improved mix and higher commodity realizations. | €5.69B | – | 23% |
| Global Gas & LNG Portfolio and Power, Q3 2026Continued asset portfolio optimization and benefits from capturing heightened scenario volatility. Natural gas sales increased by 16% to 10.68 bcm. | €6.29B | – | 80% |
| Enilive, Q3 2026Biorefining benefited from an improved market scenario, despite the Venice plant shutdown. Proforma adjusted EBIT increased 76% to €410 million. | €7.73B | – | 48% |
| Plenitude, Q3 2026Proforma adjusted EBIT benefited from renewables volume growth and the halting of depreciation connected to the deconsolidation transaction. Proforma adjusted EBITDA declined 8% amid retail competition and renewable-market conditions. | €2.44B | – | 34% |
| Refining, Chemicals and Sites in transformation, Q3 2026A favorable refining-margin environment, plant availability and improved utilization supported refining, while chemicals recorded a proforma adjusted loss of €178 million amid weak demand, high feedstock and energy costs, and competitive pressure. | €7.05B | – | 55% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
FY 2026 outlook
- NoteFY’26 underlying oil & gas production growth is raised to a range of 6-7%.
- NoteFY’26 GGP adjusted proforma EBIT guidance is raised to around €1.5 bln.
- NoteEnilive FY proforma adjusted EBITDA is raised at €1.4 bln.
- NotePlenitude EBITDA is expected at around €1.2 bln.
- NoteYear-end installed renewable capacity at 6.5 GW, with further 1.2 GW under construction (Plenitude @100%).
- NoteBiorefinery capacity of 0.5 MTPA, in addition to available 1.65 MTPA, expected to reach mechanical completion at year end; further 1.5 MTPA of capacity is progressing (net Enilive).
- NoteAt our revised scenario adjusted CFFO is now expected to amount to €16.5 bln.
- NoteGross capex confirmed at €7 bln; net capex is guided to less than €4.5 bln.
- NoteProforma gearing seen at the bottom of the 10-15% guided range.
- NoteThe 2026 share repurchase plan is raised to €3.8 bln.
- NoteConfirmed the planned 2026 ordinary dividend of €1.1 per share (up 5% vs. 2025).
- NoteAn extraordinary dividend of €0.46 per share (totaling €1.3 bln) is due to be paid on December 9.
Capital returns
- The Board resolved an extraordinary dividend of €0.46 per share, totaling €1.3 bln, due to be paid on December 9.
- The 2026 share repurchase plan is raised to €3.8 bln, up 12% from last quarter already revised guidance of €3.4 bln.
- The planned 2026 ordinary dividend of €1.1 per share is confirmed.
- The second of four tranches of the 2026 dividend provision is €0.27 per share, payable on 25 November 2026.
- Cash returns to shareholders in Q3 ’26 were €1.9 bln, comprising the first tranche of the ‘26 dividend (€0.8 bln) and execution of the ‘26 buyback program (€1.1 bln).
- Until October 16, 2026, around 85 mln shares have been purchased, for a cash outlay of €1.95 bln.
- In the nine months ’26, dividend payments to Eni’s shareholders and share repurchases were €4.30 bln, including dividend payments of €2.33 bln and share repurchases of €1.96 bln.
What drove it
- Underlying E&P production growth was 7%, driven by project ramp-ups and full operativity of the Searah JV.
- E&P proforma adjusted EBIT increased 76% in Q3, supported by volume growth, improved mix, higher crude oil realized prices and higher gas realizations.
- GGP proforma adjusted EBIT increased 46% in Q3 as portfolio optimization captured a more volatile market.
- Enilive proforma adjusted EBIT increased 76% as biorefining benefited from an improved market scenario.
- Refining proforma adjusted EBIT was €727 million in Q3, supported by favorable margins, plant availability and utilization.
- The Plenitude transaction resulted in deconsolidation from Eni’s balance sheet as of the end of September ’26 and recognition of a retained 65% interest under the equity method going forward.
- A long-term partnership on an infrastructural based E&P portfolio generated a €1.8 bln capital contribution cashed in the quarter.
Concerns
- The Chemical business reported a Q3 proforma adjusted loss of €178 mln as feedstock, energy and utility costs were not transferred to final product prices amid weak demand, overcapacity and competitive pressure.
- Plenitude Q3 proforma adjusted EBITDA declined 8% to €204 million due to retail competition and conditions in particular renewable markets.
- Power proforma adjusted EBIT declined 43% to €38 million, as the 2025 comparative period included a one-off item and expenses rose.
- Enilive bio throughputs decreased 17% to 262 ktonnes in Q3, reflecting planned shutdowns at Gela and Venice.
- E&P incurred €2,021 mln of net special-item charges in the nine months ’26, including impairment losses associated with reprioritizing investment toward core projects and downward reserve revisions.
- GGP and Power recorded €1,574 mln of nine-month net special-item charges, mainly relating to commodity derivatives lacking formal hedge-accounting criteria.
What to watch
- Delivery of FY’26 underlying oil and gas production growth of 6-7%.
- Achievement of adjusted CFFO guidance of €16.5 bln, gross capex of €7 bln and net capex of less than €4.5 bln.
- Execution of the €3.8 bln 2026 share repurchase plan and the December 9 payment of the €0.46 per share extraordinary dividend.
- Plenitude’s progress toward 6.5 GW of installed renewable capacity at year-end and its transition to an equity-accounted joint venture.
- Completion of binding agreements to sell interests in Indonesian upstream assets, which remain subject to governmental and regulatory approvals.
- Recovery in chemicals margins and progress in the Brindisi and Priolo transformation and restructuring programs.
Balance sheet and cash flow
- Net cash provided by operating activities in the nine months ’26 was €10,056 mln, including €1,980 mln of dividends received by Eni’s equity-accounted investments.
- Adjusted net cash before changes in working capital at replacement cost was €11,634 mln in the nine months ’26 and €4,287 mln in Q3 ’26.
- Nine-month free cash flow was €3,654 million, compared with €3,701 million in the nine months ’25.
- Net borrowings before lease liabilities ex IFRS 16 decreased by around €2.8 bln in the nine months ’26 to €6.7 bln.
- Net borrowings benefited from Plenitude deconsolidation for approximately €2.75 bln.
- As of September 30, 2026, shareholders' equity was €57,640 million, net borrowings after lease liabilities ex IFRS 16 were €12,316 million, and gearing before lease liabilities ex IFRS 16 was 0.10.
- Considering portfolio transactions underway mainly relating to the sale of a 10% stake of the Indonesian assets, Group proforma gearing stands at 0.09.
Analysis
Eni reported a strong third quarter and nine-month period under IFRS, with broad operating improvement across its portfolio. Q3 sales from operations were €28,072 million, up 39%, while nine-month sales reached €75,409 million, up 23%. Q3 proforma adjusted EBIT was €5,994 million, up 100%, and nine-month proforma adjusted EBIT was €14,905 million, up 59%. Adjusted net profit attributable to Eni’s shareholders rose to €2,801 million in Q3 and €6,436 million for the nine months, increases of 125% and 70%, respectively.
E&P remained the principal earnings driver. Q3 hydrocarbon production was 1,829 kboe/d, up 4%, with underlying year-on-year production growth of 7% cited by the company. Segment proforma adjusted EBIT increased 76% to €4,631 million, supported by growth projects, the full contribution from Searah, improved mix and higher realizations. GGP also improved, with Q3 proforma adjusted EBIT of €445 million, up 29%, while natural gas sales increased 16% to 10.68 bcm. Eni cited portfolio optimization and the capture of heightened market volatility as central GGP drivers.
Transition and downstream performance added materially to the quarter. Enilive’s Q3 proforma adjusted EBIT increased 76% to €410 million, despite lower bio throughputs during planned upgrades. Plenitude’s proforma adjusted EBIT rose 95% to €191 million, but its adjusted EBITDA declined 8% to €204 million because of retail competition and renewable-market conditions. Refining delivered €727 million of proforma adjusted EBIT, supported by favorable margins and utilization, while chemicals remained a material drag with a €178 million proforma adjusted loss amid European sector weakness.
Cash generation and balance-sheet measures strengthened. Nine-month adjusted net cash before changes in working capital at replacement cost was €11,634 million and organic capex was €5,055 million, down 14%. Net borrowings before lease liabilities ex IFRS 16 declined to €6,702 million, while proforma gearing was 9%. Management attributed part of the debt improvement to portfolio actions, including Plenitude deconsolidation, which benefited net borrowings by approximately €2.75 billion, and the monetization of an upstream infrastructural portfolio.
The upgraded outlook reflects these operating and financial results. Eni raised FY’26 underlying oil and gas production growth to 6-7%, GGP adjusted proforma EBIT to around €1.5 billion, Enilive proforma adjusted EBITDA to €1.4 billion and adjusted CFFO to €16.5 billion. Gross capex remains €7 billion and net capex is guided to less than €4.5 billion. The company also raised the buyback to €3.8 billion and approved an extraordinary dividend of €0.46 per share, totaling €1.3 billion, while confirming the planned ordinary dividend of €1.1 per share.
Management, verbatim
“Eni’s excellent results in 3Q were driven by the strength of our operating model and disciplined investments into a well-diversified portfolio of advantaged assets.”
Claudio Descalzi, Eni CEO
“Based on those fundamentals and the revised FY ‘26 cash flow outlook and with proforma gearing at historic lows, we are further raising the distribution by an extraordinary dividend of €0.46 per share to be paid in 4Q and increasing again the buyback to €3.8 bln, underscoring our continued commitment to sharing upside with shareholders.”
Claudio Descalzi, Eni CEO
Not in the filing
stated, not guessed- Earnings per share, including IFRS and adjusted earnings per share, were not reported in the provided filing text.
- Gross margin and gross-margin guidance were not reported in the provided filing text.
- A standalone cash-and-cash-equivalents balance was not reported in the provided filing text.
- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is included.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.