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

Investor webinar replay

Replay transcript excerpt

Thank you, good morning, good afternoon for being with us today. Our second quarter and first half result clearly reflect our successful execution of the strategy and the objectives we have consistently communicated. In Q2, Eni generated 5.4 billion euro pro forma EBIT and 2.3 billion euro net income, both doubling year on year, and 4.5 billion euro of cash flow from operation, up over 60%. This growth significantly outpaced the increase in brand prices over the same period, demonstrating the strength of our operating leverage and our ability to absorb a highly unfavorable foreign exchange environment. Looking at the first half of the year, we delivered a remarkable 40% year-on-year increase in performer EBIT. Reported gearing remained stable quarter-on-quarter, while performer gearing declined to 10%, reaching the lower end of our target range. Overall, this performance reflects excellent operational execution, effective capture of market opportunities and the continued delivery of our consistent strategy. The first half of 2026, marked by the emergence of a new crisis in the Gulf, has once again exposed our industry to extraordinary volatility. Yet any has demonstrated his ability to effectively mitigate external pressures. Our resilience is underpinned by a broad geographic diversification, strong operational efficiency, and the deployment of proprietary technologies. At the same time, our robust organic growth continues to be fueled by our outstanding exploration success and a deep pipeline of developing opportunities. Most importantly, our growth is increasingly multidimensional. While exploration and production remains our highly competitive core business, we are rapidly scanning attractive growth platforms right across the energy value chain. Specifically, I w...