$E · ENI SPA
Eni reported Q3 2026 results with proforma adjusted EBIT of €5,994M, doubling YoY, and adjusted net profit of €2,801M (+125% YoY). The Board declared an extraordinary dividend of €0.46/share (≈€1.3B) and raised the 2026 buyback by 12% to €3.8B. FY 2026 adjusted CFFO guidance was lifted to €16.5B, with proforma gearing at a historic low of 9%.
- Q3 proforma adjusted EBIT doubled YoY to €5,994M, with adjusted net profit of €2,801M (up 125% YoY).
- E&P underlying production grew 7% YoY to 1.83 mln boe/d, driven by project ramp-ups and Searah JV.
- Proforma gearing fell to historic low of 9%, below the 10-15% guided range.
- FY 2026 adjusted CFFO guidance raised to €16.5B, an underlying improvement of €1.2B vs. initial sensitivities.
- Total 2026 shareholder distributions now include €1.1/share ordinary dividend, €0.46/share extraordinary dividend, and €3.8B buyback.
E shares fell 2.49% to $59.04 despite blockbuster results and massively raised shareholder returns — a classic "buy the rumor, sell the news" reaction or profit-taking after a strong run, given the 0.29% decline since filing time.
Eni delivered across every metric — production growth, cash flow, shareholder returns — while pushing gearing to a historic 9% low, yet the stock sold off, signaling the bar was impossibly high.
Eni's results underscore the widening gap between integrated oil majors executing portfolio high-grading (production growth, satellite deconsolidation, dual-exploration monetization) and those struggling with legacy downstream exposure. The 9% gearing is best-in-class among European peers.
Chemicals (Versalis) continues to bleed with a €0.18B loss in Q3 as petrochemical margins deteriorate further; restructuring benefits are progressing but the legacy business scenario "has taken another leg down." Commodity price sensitivity remains acute — guidance assumes Brent at $95/bbl, TTF at €55/MWh.