ENI SPA (E) Form 6-K — Aug 6, 2026
Eni delivered a standout first half of 2026, with total revenues of €42,729 million (up 17.4% year-over-year), proforma adjusted EBIT of €8,911 million (up roughly 40%) and net profit attributable to shareholders of €4,390 million versus €1,715 million a year earlier, as Brent averaged about $93 per barrel, up 29%. Operationally, hydrocarbon production rose 8% to 1.793 million boe/d on ramp-ups in Norway, Congo, Mexico and Indonesia/Malaysia, while natural gas sales climbed 17% to 24.65 bcm. Enilive nearly doubled its proforma adjusted EBIT to €0.43 billion and the refining business swung to a small profit, though Versalis chemicals remained loss-making at around €0.22 billion.
Key figures
- Eps
- €1.45 basic / €1.42 diluted (H1 2026, vs €0.52 in H1 2025)
- Revenue
- €42,729 million (total revenues, H1 2026)
- Guidance
- FY26 production growth raised to ~5% (from 3-4%); GGP proforma adjusted EBIT raised to over €1.4 billion (+40%); Enilive EBITDA raised to €1.3 billion (from €1.1 billion); adjusted CFFO €15 billion at $85/bbl Brent; gross capex €7 billion, net capex below €5 billion; buyback expanded to €3.4 billion; 2026 dividend confirmed at €1.1/share (+5%); possible extraordinary dividend to be defined in October
- Net Income
- €4,390 million attributable to Eni shareholders (€4,655 million total)
- Total Debt
- €31,522 million (total finance debt)
- Revenue Yoy
- +17.4%
- Cash Position
- €8,365 million (cash and cash equivalents at June 30, 2026)
- Shares Outstanding
- 2,940.0 million (weighted average)
- Brent average
- ~$93/bbl, +29%
- Organic capex
- €3,710 million, -5%
- Net borrowings
- €11,271 million before lease liabilities ex IFRS 16
- Buyback executed
- 44 million shares for €960 million since program start to July 24, 2026
- Proforma gearing
- 10% (low end of 10-15% target range)
- Natural gas sales
- 24.65 bcm, +17%
- Hybrid bond issuance
- €988 million net perpetual subordinated bonds
- Market capitalization
- €61 billion at period end (vs €44 billion year earlier)
- Net impairment losses
- €1,474 million (vs €641 million)
- Pdvsa credit exposure
- $2.7 billion nominal, provisioned ~55%
- Hydrocarbon production
- 1.793 million boe/d, +8% (underlying +11%)
- Proforma adjusted ebit
- €8,911 million (up ~40% from €6,362 million)
- Ordinary bonds issued h1
- €4,634 million nominal
- Cash returns to shareholders
- €2.4 billion in H1 (€1.6 billion dividend + €0.8 billion buyback)
- Plenitude pre money valuation
- €10.75 billion (implied EV €13.1 billion)
- Adjusted cffo before working capital
- €7,347 million (vs €6,189 million)
AI analysis
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