Eni has reported adjusted net income of €1.2bn in the fourth quarter of 2025 (Q4 2025), a 35% increase from €885m in the same period the previous year.
Adjusted net profit before taxes for the Italian oil and gas company in the reported quarter rose to €2.01bn, up 4% from €1.92bn in Q4 2024.
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However, net profit in Q4 2025 fell to €90m, down 61% from €230m in Q4 2024.
Proforma adjusted earnings before interest and taxes (EBIT) for Q4 2025 was €2.86bn, reflecting a 6% increase from €2.69bn in Q4 2024.
Cash flow from operations before changes in working capital at replacement cost in Q4 2025 increased to €3.01bn, up 4% from €2.89bn in Q4 2024.
The exploration and production segment was a major contributor to Eni’s Q4 2025 performance, with full-year production exceeding expectations at 1.73 million barrels of oil equivalent per day (mboe/d). This reflects growth of more than 7% from 2022 to 2025.
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By GlobalDataIn Q4 2025, oil and gas production reached 1.84mboe/d, up by more than 7% compared to the previous year, driven by expedited and “smooth” start-ups and ramp-ups.
Eni’s full-year 2025 adjusted net profit before taxes fell to €9.2bn, a 17% decrease from €11.1bn in 2024.
Net profit for 2025 edged down to €2.6bn, a 1% decrease versus €2.62bn in 2024.
Operationally, Eni’s strategic developments in 2025 included significant resource additions from exploration activities, totalling around 900 million barrels of oil equivalent.
High-impact discoveries were made in several geographies including Namibia, Indonesia and Angola.
In October 2025, Eni entered into a new exploration contract for the CI-707 offshore block in Côte d’Ivoire, near the CI-205 block where the Calao discovery was announced in March 2024.
Also in the same period, Eni and its partners took the final investment decision (FID) on Mozambique’s Coral North FLNG project, a 3.6 million tonnes per annum (mtpa) floating liquefied natural gas (LNG) development. The first start-up from this facility is expected in around three years.
In October 2025, Eni also signed the Final Technical Project Description with Argentina’s YPF for the 12mtpa Argentina LNG project, a step towards FID. This followed a binding joint development agreement signed with XRG to advance the project.
Later in 2025, Eni and Petronas agreed to form a new 50:50 energy hub, NewCo, combining upstream assets in Indonesia and Malaysia, targeting a medium-term production plateau of 500,000 barrels of oil equivalent per day.
Q4 also saw Eni increase its stake in Nigeria’s OML 118 PSC from 12.5% to 15% by acquiring an additional 2.5%. Additionally, the Italian company agreed to acquire a 50% stake and operatorship in Uruguay’s OFF-5 exploration block from YPF, subject to approvals.
Eni CEO Claudio Descalzi said: “In 2025 we proved that the consistent execution of our strategy, developed in the most recent years, is delivering a resilient business with structurally stronger earnings power.
“We delivered strong operational performance, brought key projects on stream on schedule, and continued to reduce debt while increasing returns to our investors. Exploration & production results were outstanding, driven by accretive production growth and disciplined costs.
“We started up six major projects, enabling production to finish above full-year guidance and delivering underlying growth of 4%. We also strengthened the pipeline, taking FIDs on four major projects reinforcing our medium-term outlook. In parallel, we created a new growth platform through our largest business combination with Petronas in Indonesia and Malaysia focused on LNG.”
