EarningsQ3 2026 Earnings Report
MX:EN Q3 2026 EPS Results
Actual EPS$39.68
Consensus EPS$34.86
Beat/MissBeat by +$4.81
One Year Ago EPS$17.60
MX:EN Q3 2026 Revenue Results
Actual Revenue$550.64B
Expected Revenue$483.22B
Beat/MissBeat by +$67.42B
YoY Revenue Growth+24.96%
Earnings Announcement Details
QuarterQ3 2026
Date10/23/2026
TimeBefore Open
Conference CallFriday, October 23, 2026
MX:EN Upcoming Earnings
Eni SPA's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:EN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Eni reported robust production, exploration, cash flow, balance-sheet, LNG, transition-business, and shareholder-return performance, while raising production and cash-flow guidance and lowering gearing to record levels. The main challenges were competitive pressure at Plenitude, continued weakness at Versalis, the financial impact of fuel price caps, and execution and approval requirements for Venezuela projects.Company Guidance
Upstream Production Growth and Raised Guidance
E&P production grew 4.2% in Q3, and Eni raised full-year underlying production guidance to 6-7%. Growth is primarily expected from Congo, Libya, Côte d’Ivoire, Mexico, Ghana, and the Searah business combination in Indonesia and Malaysia, despite a complex Middle East operating environment and constraints on Kazakh exports.
Exceptional Exploration Performance
Eni discovered more than 1.2 billion barrels of resources, with an 80% technical success rate and a 70% commercial success rate. Discovery cost was below $1 per barrel.
Large Development Pipeline and Resource Additions
Projects sanctioned in 2026 are expected to deliver around 600,000 bpd of new production by 2030. New agreements and opportunities identified or implemented in 2026 added around 4.6 billion BOE of equity resources, supporting four growth hubs across the Far East, Americas, Africa, and the Mediterranean.
Future Upstream Projects Sanctioned
Eni took key final investment decisions on Baleine Phase 3 in Côte d’Ivoire, Kutai North and Gendalo in Indonesia, Cronos in Cyprus, and Greater PAJ in Angola. Additional growth projects mentioned included the ramp-up of Congo LNG, Coral North in Mozambique, and the Denise discovery in Egypt.
Exploration Valorization Generated Approximately $2 Billion
Through dual exploration valorization in Côte d’Ivoire and Indonesia, Eni raised around $2 billion of accelerated value.
Venezuela Junín 5 Development Potential
Eni signed a new 25-year contractual regime for Junín 5 and submitted development plans to Venezuelan authorities. Phase 1 is expected to reach 200,000 bpd in 18 to 24 months, an intermediate level of 400,000 bpd is targeted by the end of 2029, and potential production of 1 million bpd is targeted for mid-2032 or 2033.
Perla Expansion and LNG Export Plan
The Perla sustainability agreement gives Eni control of exports and revenues and permits domestic-market debottlenecking. The development plan includes adding 90 million standard cubic feet per day to the domestic market and a floating LNG export phase of approximately 3.4-3.5 million tonnes per annum, expected about three and a half years after FID.
Satellite Companies Increased Resource Base and Value
Vår Energi and Ithaca announced acquisitions expanding their geographic footprints and resource bases in Denmark and Canada, respectively. Both recently reached record market capitalizations, with Eni’s equity stake value at around EUR 10.5 billion, almost double the original level.
LNG Growth and Raised Gas Guidance
New LNG supply contracts signed in Indonesia and Cyprus total up to 3.4 million tonnes per year. These contracts support Eni’s target of more than 20 million tonnes per year of LNG equity production by 2030 and contributed to raising 2026 full-year pro forma EBIT guidance for the gas and LNG business to around EUR 1.5 billion.
Progress in Carbon Capture and Storage
Eni completed installation of the Douglas CCS platform in Liverpool Bay, described as the world’s first purpose-built offshore platform dedicated to industrial-scale CO2 transportation and storage. The Ravenna Phase 2 project also received further support through the European Commission’s Innovation Fund.
Strong Transition Business Performance and Valuation
Enilive reported a record result in Q3, supported by biorefining margins, while the business expects to add significant new biorefining capacity and receive benefits from its German marketing-asset acquisition by year-end. Eni also completed an additional investment in Plenitude with Ares taking a larger share; the combined implied market valuation of Enilive and Plenitude is approximately EUR 25 billion.
Strong Q3 Operating Results
E&P generated pro forma EBIT of EUR 4.6 billion, GGP generated EUR 0.4 billion without the one-time benefits recorded in Q2, and Enilive and Plenitude together reported pro forma EBIT of EUR 0.7 billion, corresponding to EUR 0.6 billion of pro forma EBIT as stated on the call.
Higher Net Income and Cash Flow
Q3 net income was EUR 2.8 billion, up 20% quarter-on-quarter and 2.2 times year-on-year. Cash flow from operations before working capital effects was EUR 4.3 billion, broadly in line with Q2 despite lower crude oil prices and up 30% year-on-year.
Balance Sheet at Record Low Gearing
Reported gearing declined to 10%, at the bottom end of the 10%-15% guided range, while pro forma gearing was 9%; both were described as record minimum levels. The improvement included strong operating cash flow, disciplined net investment, and consolidation of EUR 2.75 billion of Plenitude debt. Standard & Poor’s also upgraded Eni’s credit rating and initiated an investment-grade rating on Plenitude.
Raised Cash Flow Outlook
Eni now expects 2026 cash flow from operations of EUR 16.5 billion, 43% above its initial guidance. Management said this covers the dividend, its first priority, by more than five times.
Record Shareholder Returns
The 2026 share buyback was raised to EUR 3.8 billion from EUR 3.4 billion, described as 2.5 times the original guidance. Eni also declared an exceptional dividend of EUR 1.3 billion, bringing total cash dividends for the year to EUR 4.4 billion, the highest level in its history. Total payout is EUR 8.2 billion, equal to 50% of cash flow from operations and a yield on the share price of more than 11%.
Stable Investment Model
Management said the company’s model can support growth across businesses and geographies without compromising the amount of investment, with capital expenditure expected to remain in the range seen this year and last year. Q3 capital expenditure was EUR 1.35 billion, consistent with the EUR 7 billion full-year guidance.
Improved Refining Performance
Refining utilization recovered after completion of major turnaround activity, allowing Eni to provide supply to customers and capture strong market conditions. Eni’s share of the ADNOC refinery also returned to profitability.
Supportive Enilive Market Conditions
Enilive management described the market scenario as constructive, supported by renewable-fuel policies. The Renewable Energy Directive has been deployed in 17 European countries, with drafts from seven additional countries, while U.S. clean-fuel production-credit clarity and changes to small-refinery exemptions were also described as supportive.
Enilive Retail Sales and Market Share Gains
Enilive retail sales in Italy grew 11% year-on-year. Management attributed the increase to retail demand and its pricing and customer-focused strategy, and explicitly confirmed that the growth represented a significant market-share gain.
Argentina Project Progress and Financing Appetite
For the Argentina project, technical, commercial, and supply-chain contractors have been identified. Eni submitted its RIGI application and expects approval before FID, with government and stakeholder support described as strong. Market sounding indicated strong financing appetite, with a target of 65%-70% financing. The upstream and midstream activities, including LNG, are expected to be consolidated through a special-purpose vehicle.
Shipping Cost Mitigation
Approximately 60% of Eni’s shipping activity is covered by long-term agreements, providing mitigation against high market prices and certainty of delivery. The remaining 40% is on the spot market, although management said more than half of those costs can be passed through to buyers through sales contracts.
MX:EN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed