Eni S.p.A. (NYSE:E) shares rose in premarket trading on Friday after reporting third-quarter 2025 revenue of 20.54 billion euros ($23.62 billion), surpassing the consensus estimate of $22.45 billion.

Details

Adjusted net profit stood at 1.25 billion euros, down 2% Y/Y, in the quarter.

In USD terms, adjusted EPS came in at 64 cents per share, missing the consensus of 73 cents per share.

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Adjusted EBIT of 3.0 billion euros, down 12% year-over-year (Y/Y).

Hydrocarbon production rose 6% Y/Y to 1,756 kboe/d, with installed capacity from renewables of 4.8 GW at the end of the period.

The company’s net operating cash flow stood at 3.08 billion euros in the third quarter of 2025.

Eni raised its fiscal 2025 share buyback program by 20% to a total of 1.8 billion euros, benefiting from 4 billion euros in expected cash initiatives (30% higher than originally targeted).

Segment Performance

E&P proforma adjusted EBIT was 2.64 billion euros, down 19% Y/Y due to lower liquids realizations on weak crude oil prices in USD.

Global Gas & LNG Portfolio and Power segment proforma adjusted EBIT stood at 346 million euros, up 21% Y/Y on an increase in the Global Gas & LNG (GGP) Portfolio segment (+10% Y/Y).

Management Commentary

CEO Claudio Descalzi stated, “The enhancement of our portfolio continues with the completion of the sale of 30% of the Baleine field in Côte d’Ivoire, according to the well-established dual exploration model, and with the progress of the process of selling 20% of the share of Plenitude to the Ares fund, for which all the conditions precedent have been completed.”

“The execution of the transition strategy also proceeds in line with plan: the upgrade of the Sannazzaro hub and the conversion of Priolo mark new biorefining development projects and contribute to the transformation of our downstream; at the same time, Plenitude has reached 4.8 GW of installed renewable capacity, in line with the target of 5.5 GW by the end of the year.”

Outlook

Eni’s outlook points to continued operational momentum, as the company now sees 2025 oil and gas production of 1.71–1.72 million boe/d, implying a fourth-quarter output of around 1.8 million boe/d.

The company confirmed its growth acceleration will continue, fueled by the development of new fields in Congo, the UAE, Qatar, and Libya, with further support expected from the Indonesia-Malaysia business combination.

Despite acknowledging an “unsupportive commodity and currency scenario,” Eni has again revised its annual outlook upward for cash generation, boosting its expected cash flow from operations before working capital adjustments to 12 billion euros from the earlier 11.5 billion euros guidance.

Moreover, the target for cash initiatives and self-help measures was raised to around 4 billion euros, up from the previous 3 billion euros target.

Price Action: E shares were trading higher by 1.71% at $36.82 premarket at last check Friday.

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