Eni S.p.A. (ENI) Earnings Call Transcripts
Eni S.p.A.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, Eni S.p.A. reported a pro forma EBIT of EUR 3.5 billion and cash flow from operations of EUR 2.9 billion, reflecting strong financial performance amid volatile energy markets. The company confirmed its full-year guidance for E&P production growth at 3-4% and raised cash flow expectations to EUR 13.8 billion, up 20% from prior estimates. Management signaled a commitment to shareholder returns, increasing the share buyback program to EUR 2.8 billion, a 90% increase from previous guidance, indicating confidence in future cash flows despite ongoing market uncertainties.
Reported metrics
| Metric | Value |
|---|---|
| Pro Forma EBIT | EUR 3.5 billion (beat) |
| Cash Flow from Operations | EUR 2.9 billion (beat) |
| Pro Forma Gearing | 15% (positive) |
| Cash Flow Guidance | EUR 13.8 billion (positive) |
| Share Buyback Program | EUR 2.8 billion (positive) |
| Plenitude EBITDA Guidance | EUR 1.3 billion (positive) |
Guidance from management
Eni confirmed its E&P production growth guidance of 3-4% for 2026 and raised cash flow from operations guidance to EUR 13.8 billion. The company also indicated that the share buyback program will serve as a floor for 2026, with potential for further increases depending on market conditions.
What management said
Okay. I'll leave the question about the transformation cost to Adriano Alfani. On Indonesia, we do expect a cash settlement. And also, you know that we work in this kind of model with some distribution that are related to the capability of funding of this entity stand-alone, but we do not disclose this amount that will be in any case irrelevant.
Okay. I will -- just a very short introduction, then I leave to Guido Brusco and Cristian Signoretto for the two questions. Clearly, CapEx, we are strict to a level of CapEx that we want to keep under certain range. You have to consider in exploration that there are exploration that are occurring inside our business combination or affiliates, associates that are reported in equity. So once you see a discovery in Azul...
What analysts pressed on
Analysts expressed concerns regarding the impact of geopolitical tensions on production and supply chains, particularly in the Middle East. There were also questions about the sustainability of margins in the downstream segment amid rising feedstock prices and the potential for demand destruction due to high energy costs.
Main topics on the call
- Exploration Success — Eni achieved significant exploration milestones, discovering approximately EUR 1 billion in new resources across seven countries, including a notable 500 million barrel discovery in Angola. CEO Claudio Descalzi stated, "...
- Increased Cash Flow Guidance — Management raised cash flow from operations guidance for 2026 to EUR 13.8 billion, a 20% increase from prior estimates. This revision reflects a strong performance and a favorable market outlook, suggesting improved oper...
- Share Buyback Program — Eni announced a significant increase in its share buyback program to EUR 2.8 billion, up 90% from previous guidance, reflecting confidence in cash flow generation. Descalzi emphasized that this is the "floor for 2026" an...
- Downstream Challenges — The downstream segment faced challenges due to traditional maintenance activities, impacting refinery utilization. Despite this, management indicated that the turnaround program positions the company well for the remaind...
Read the full Eni S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Eni S.p.A.
Eni S.p.A. (ENI) is a publicly listed company in the Oil, Gas and Consumable Fuels industry, within the Energy sector. It trades on BIT and is based in IT. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 30 calls on record spanning February 28, 2020 to July 29, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 30 Eni S.p.A. earnings call transcripts on record, spanning February 28, 2020 to July 29, 2026. Based on this history, Eni S.p.A. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- ENI
- Exchange
- BIT
- Country
- IT
- Sector
- Energy
- Industry
- Oil, Gas and Consumable Fuels
- Calls on record
- 30
- First call
- February 28, 2020
- Most recent
- July 29, 2026
- Reporting cadence
- quarterly