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- **Production Record**: Q3 2025 at 1.76 million bpd (8.5% YoY), highest since 2020, driven by Norway, Angola, and Congo LNG.
- **LNG Leadership**: 20 million tpa target with 2028 Coral North startup and Argentina FID in 2026. Floating LNG CapEx 30% lower than onshore, 99.4% uptime at Coral South.
- **Cash Efficiency**: €4 billion self-help initiatives (up €1 billion YoY), reducing net CapEx to <€5 billion and leverage to 12% pro forma.
- **Share Buyback**: €1.8 billion announced (€840 million executed), signaling confidence in strategy amid oil price weakness.
- **Chemicals Turnaround**: €200 million+ annual savings from 2026 as crackers restart, offsetting weak chemical margins.


**【CEO Summary Section】**
- **Production Growth**: Q3 2025 production reached 1.76 million barrels per day (8.5% YoY), driven by new projects like Vår Energy (Norway) and Azule Energy (Angola). Johan Castberg and Balder X ramp-ups contributed significantly.
- **Strategic Projects**: Coral North LNG (Mozambique) FID in October, targeting 2028 startup. Argentina LNG project with YPF expected to reach FID in 2026. Congo FLNG Phase 3 to reach 200,000 bpd by 2028.
- **Financial Highlights**: Pro forma adjusted EBIT of €3 billion (12% QoQ), with Upstream EBIT at €2.6 billion. Transition segment (Enilive) EBITDA up 23% YoY to €317 million.
- **Balance Sheet**: Net debt reduced to €9.9 billion (19% leverage), with share buyback increased to €1.8 billion (€840 million executed by Q3).

**【CFO Financial Commentary】**
- **Cash Flow**: CFFO pre-working capital at €12 billion (€1.3 billion YoY improvement). Gross CapEx €5.9 billion year-to-date, net CapEx below €1 billion.
- **Cost Efficiency**: €4 billion cash initiatives (up from €3 billion guidance), including trading optimization and bond swaps. Tax rate improved to 42% (down from 46% YoY).
- **Guidance Updates**: Full-year production raised to 1.71-1.72 million bpd (3% YoY). GGP EBIT expected >€1 billion. Net CapEx guidance reduced to <€5 billion (from €6.5-7 billion).

**【Q&A Highlights】**
- **LNG Expansion**: 20 million tonnes per annum target with projects in Mozambique, Congo, Indonesia, and Argentina. Floating LNG technology reduces CapEx by 30% vs. onshore, with 99.4% uptime at Coral South.
- **Chemicals Recovery**: €200 million+ annual savings from 2026 as crackers restart post-shutdown. Q4 2025 margin recovery expected, but weak scenario offsets restructuring benefits.
- **Buyback Strategy**: €1.8 billion buyback (€1 billion remaining) reflects confidence in execution and balance sheet strength. No plans to conserve cash despite oil price volatility.
- **Tax Rate**: Cash tax rate stable at 28-29%, aligned with P&L tax rate improvement due to lower-tax upstream mix and transition business growth.
- **Namibia Potential**: 3 successful wells (Sagittarius, Capricornus, Volans) in Namibia, with fast-track development possible due to shallow water (1,500m) and conventional reservoirs.


Eni S.p.A. (E) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

E

E fundamentals

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