Eni reported a sharp rise in adjusted net profit attributable to shareholders in the second quarter of 2026 (Q2 2026), which increased to €2.33bn ($2.65bn), up by 106% from €1.13bn in Q2 2025.
For the first half of 2026 (H1 2026), adjusted net profit reached €3.64bn, a 43% rise compared to €2.54bn in H1 of the previous year. The company attributed the increase to a lower adjusted tax rate and a more favourable geographical distribution of profits.
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Proforma adjusted earnings before interest and taxes (EBIT) for the quarter reached €5.38bn, an increase of 101% compared to €2.68bn in Q2 2025.
For the half year, proforma adjusted EBIT rose to €8.48bn, a 23% increase from the €6.88bn reported for the same period last year.
The Exploration & Production (E&P) segment led this improvement, recording proforma adjusted EBIT of €4.77bn in Q2, a 97% year-on-year (YoY) increase.
The Global Gas & LNG Portfolio segment more than doubled its adjusted proforma EBIT to €1.04bn in Q2, driven by higher margins and increased liquefied natural gas (LNG) sales.
Operations cash flow before working capital movements rose by 61% to €4.47bn in Q2 2026, up from €2.77bn a year earlier.
Over the first half, the figure stood at €7.97bn, a 20% increase from €6.63bn in H1 2025.
Eni said its strong cash generation provided flexibility to fund capital expenditure (capex) and deliver shareholder returns, including a €3.4bn share buyback set for 2026.
Eni CEO Claudio Descalzi said: “Our focus on executing our strategy has driven excellent results in 2Q ’26 underpinned by our diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix. The Group’s results reflect our robust industrial and financial performance, significantly outperforming the commodity market.
“We are successfully scaling our E&P business for the next phase of growth and value creation thanks to the start of the Searah JV [joint venture] across Indonesia and Malaysia, which will monetise our large gas discoveries in the Kutei Basin, as well as several project advancements and expansion in new geographies.”
Eni reported hydrocarbon production averaging 1.79 million barrels of oil equivalent per day (boepd) in Q2 2026, up 7% YoY, with underlying production growth of 11%.
The company made final investment decisions for projects in Côte d’Ivoire, Angola and Cyprus during the quarter and established a critical minerals value chain. In addition, Eni formed a JV with Petronas.
Looking ahead, Eni has revised its 2026 production guidance upwards, expecting 5% growth in underlying oil and gas output for the full year.
The company also raised its adjusted proforma EBIT guidance for its Global Gas & LNG Portfolio segment by 40% for the year, and confirmed it will maintain organic capex at around €9bn for 2026.
Eni stated that these operational and financial results position the company to continue its current shareholder distribution policy and to focus on delivering further value through its ongoing strategic initiatives.
