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| The official logo of Eni, the Italian multinational energy company, famously known for its "six-legged dog" symbol |
SAN DONATO MILANESE – Eni delivers a strong set of first-quarter 2026 results, demonstrating resilience amid continued energy market volatility. Higher production, improved cash flow forecasts and major exploration successes underpin a strengthened outlook for the full year. Strategic progress across upstream operations and the energy transition businesses continues to drive value creation. A sharply increased share buyback programme highlights growing confidence in financial performance and future cash generation. Investors and analysts are now watching how Eni will convert this momentum into sustained long-term growth.
Eni: first-quarter 2026 results
Eni: first-quarter 2026 results. Eni tackles market volatility with strong execution of its strategy. Share buyback plan revised upwards.
Market environment and outlook
In a context of uncertainty in energy markets and price volatility, Eni continues its path of value growth. First-quarter 2026 results and a more favourable scenario lead to an improved outlook for the current financial year.
Upstream production and exploration success
E&P production rose by 9% compared with 2025, reaching 1.8 million boe/day. The exceptional exploration discoveries made since the start of the year, totalling around 1 billion boe of new resources in Angola, Côte d’Ivoire, Libya, Egypt, and most recently the outstanding Geliga discovery in Indonesia, together with investment decisions for two major gas projects in the Indonesian Kutei basin, provide further visibility on our growth trajectory.
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Plenitude and value creation strategy
The announced deconsolidation of Plenitude will unlock value for Eni and support Plenitude’s efficient growth. Both of the Transition “satellites”, the company explains, are progressing towards their development targets: Enilive, with the approval of two major bio-refining projects at the Sannazzaro and Priolo hubs; Plenitude, with the completion of the acquisition of Acea Energia, increasing its customer base by 1.2 million.
Cash flow performance and financial strength
As a result of strong performance and the revised external scenario, operating cash flow is expected to increase by 20% compared with the initial forecast, reaching €13.8 billion on an annual basis.
Share buyback programme increase
In line with its distribution policy, which provides for sharing upside with shareholders, the share buyback plan has been increased by approximately 90% to €2.8 billion.
Board approval and governance
The Board of Directors of Eni, which met on Thursday 23 April 2026 under the chairmanship of Giuseppe Zafarana, approved the consolidated results for the first quarter of 2026 (not subject to audit).
Chief Executive Officer commentary
Claudio Descalzi, Chief Executive Officer of Eni, commented: “In a market environment characterised by extreme volatility, Eni continues to execute its strategy consistently and rigorously, with the aim of providing the market and its customers with safe, economically sustainable and low-carbon energy. This quarter’s results highlight performance and financial strength that are essential in supporting investment in our geographically diversified portfolio of projects. E&P production growth remains excellent. We have continued to increase portfolio value through outstanding exploration success and the rapid progress of our development projects. The JV with Petronas in South-East Asia, now close to reaching full operational capacity, will open a new phase of growth in a region of major importance. The transition-related satellite companies, thanks to the strength of their integrated business models, are able to generate solid results while self-financing their growth. Enilive is committed to delivering 2 million tonnes per year of new bio-refining capacity, including the recently approved Sannazzaro and Priolo projects. Plenitude continues to develop renewable power generation capacity, and with the acquisition of Acea Energia it has reached 11 million customers. Our deconsolidation plan positions Plenitude optimally to invest and grow independently and efficiently. Looking ahead, our flexible portfolio of diversified and high-quality assets, the low break-even of E&P projects, and our robust financial structure – with leverage at historic lows – place us in an excellent position to capture improvements in the outlook and share the expected upside with shareholders. Our new cash flow forecast of €13.8 billion, based on a revised 2026 reference scenario, reflects these factors and will translate into a strengthening of the share buyback programme to €2.8 billion, an increase of approximately 90% compared with the initial plan.”
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