(Alliance News) - Eni Spa announced on Thursday that it closed 2025 with an adjusted net profit of EUR4.99 billion, down from EUR5.26 billion as of December 31, 2024.
Hydrocarbon production in 2025 stood at EUR1.73 billion, up from EUR1.71 billion in the previous year.
The pro-forma adjusted operating profit was EUR12.22 billion, compared to EUR14.32 billion in 2024.
Organic investments amounted to EUR8.52 billion, down from EUR8.80 billion in 2024, while operating cash flow before working capital at replacement cost reached EUR12.50 billion, compared to EUR13.59 billion. As the company explained in a statement, cash flow outperformed the plan forecast.
The company stated that its business outlook and main industrial and financial targets for 2026 will be presented during the Capital Markets Update scheduled for March 19.
Nevertheless, the company reported that for next year, hydrocarbon production is expected to grow in line with the plan's 2028 targets, gross investments are projected at EUR7 billion and net investments at around EUR5 billion, while gearing is expected to be between 10% and 15%.
On a quarterly comparison, net profit for the fourth quarter amounted to EUR1.20 billion, up from EUR885 million in the fourth quarter of 2024. Operating cash flow for the fourth quarter was EUR3.01 billion, compared to EUR2.89 billion in the same period the previous year.
In the fourth quarter, oil and gas production grew by over 7% year-on-year and by 5% sequentially to 1.84 million boe/d, thanks to the swift and efficient scheduling of start-ups and ramp-ups of new fields, as well as the excellent operational regularity of the production base. For the full year, production was 1.73 million boe/d, with 4% underlying growth net of disposals compared to 2024, according to the statement.
Additionally, the company recalled it had signed long-term sales contracts for 1.2 MTPA of LNG in Thailand and Turkey, as part of its strategy to diversify its global presence in the LNG market and develop strategic commercial partnerships.
Claudio Descalzi, Eni's CEO, commented: "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."
"Moreover, we strengthened our medium-term production profile thanks to four key final investment decisions. We are finalizing our business combination with Petronas focused on the LNG market in Indonesia and Malaysia. Our transition businesses, Enilive and Plenitude, generated significant growth and value, further diversifying and consolidating the group's results. In a challenging market for renewables and low-carbon products, these businesses benefited from the resilience of our integrated models, achieving a total valuation by private equity investors of over EUR23 billion in Enterprise Value," he concluded.
By Claudia Cavaliere, Alliance News reporter
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