ENI S.p.A. (E) Q2 2026 Earnings Call

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WEBVTT 00:00:00.238 -- 00:00:02.860 Thank you, good morning, 00:00:02.860 -- 00:00:07.722 good afternoon for being with us today. 00:00:07.964 -- 00:00:13.028 Our second quarter and first half result clearly reflect our 00:00:13.028 -- 00:00:16.190 successful execution of the strategy 00:00:16.190 -- 00:00:20.974 and the objectives we have consistently communicated. 00:00:20.974 -- 00:00:22.735 In Q2, 00:00:22.735 -- 00:00:28.279 Eni generated 5.4 billion euro pro forma EBIT and 2.3 00:00:28.279 -- 00:00:33.522 billion euro net income, both doubling year on year, and 4.5 00:00:33.522 -- 00:00:37.985 billion euro of cash flow from operation, 00:00:37.985 -- 00:00:40.645 up over 60%. 00:00:41.027 -- 00:00:46.390 This growth significantly outpaced the increase in brand prices 00:00:46.390 -- 00:00:52.336 over the same period, demonstrating the strength of our operating leverage 00:00:52.336 -- 00:00:57.338 and our ability to absorb a highly unfavorable foreign exchange 00:00:57.338 -- 00:00:59.319 environment. 00:00:59.319 -- 00:01:05.583 Looking at the first half of the year, we delivered a remarkable 40% year-on-year 00:01:05.583 -- 00:01:09.064 increase in performer EBIT. 00:01:09.064 -- 00:01:13.066 Reported gearing remained stable quarter-on-quarter, 00:01:13.066 -- 00:01:17.308 while performer gearing declined to 10%, 00:01:17.308 -- 00:01:22.042 reaching the lower end of our target range. 00:01:22.042 -- 00:01:27.345 Overall, this performance reflects excellent operational execution, 00:01:27.345 -- 00:01:32.848 effective capture of market opportunities and the continued delivery of our consistent 00:01:32.848 -- 00:01:34.848 strategy. 00:01:34.849 -- 00:01:38.051 The first half of 2026, 00:01:38.051 -- 00:01:44.195 marked by the emergence of a new crisis in the ...