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Pro Forma EBIT: €3.5 billion.
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Cash flow from operations: €2.9 billion.
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Pro Forma Gearing: 15%, with a possible reduction to 12% assuming the full effect of the consolidation plans.
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Production Growth: 9% year-on-year.
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GGP Pro Forma EBIT: EUR0.3 billion.
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Transition Business Pro Forma EBITDA: EUR0.52 billion.
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Generous EBITDA growth: an increase of 20% to EUR1.3 billion.
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Enliven EBITDA: EUR1.1 billion, an increase of 16% compared to the previous year.
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Tax rate: 42%, in line with full year guidance.
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CapEx: EUR1.9 billion, in line with the full-year target of EUR7 billion.
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Share Buyback: EUR280 million with shares down 17% since the end of 2021.
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Updated cash flows from operating guidance: EUR13.8 billion, up 20% from previous guidance.
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Increase in share buyback: increased by 90% to EUR2.8 billion.
Release Date: April 24, 2026
For a full transcript of the earnings call, please visit full earnings call transcript.
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Annie Spa (NYSE:E) reported a strong financial performance with EUR3.5 billion pro forma EBIT and cash flow from operations of EUR2.9 billion.
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The company achieved significant exploration success by discovering new resources in seven different countries, including major discoveries in Indonesia and Libya.
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Annie Spa (NYSE:E) demonstrated strong production growth with volumes up 9% year-on-year, particularly from operations in Norway and Congo.
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The company maintains a strong balance sheet with pro forma gearing at 15%, and this is expected to reduce to 12% with planned consolidation.
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Annie Spa (NYSE:E) increased its share buyback program by 90% to €2.8 billion, reflecting confidence in its financial outlook and commitment to shareholder returns.
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Energy market volatility and disruptions, particularly in the Middle East, presented challenges for Eni SpA (NYSE:E) operation and supply contract.
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Downstream and biorefinery operations were impacted by conventional maintenance, limiting upside capacity occupancy in the quarter.
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Working capital had a large negative impact on cash flow due to the sharp rise in prices in March, although this is expected to reverse in future quarters.
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The company’s refinery utilization was low due to a major turnaround program, impacting short-term operating efficiency.
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Annie Spa (NYSE:E) Due to the increase in global upstream activity, particularly deepwater activities, the contractor market faces potential cost pressures.
Why: How should we think about the EUR55 million transformation cost this quarter and what should we anticipate for the full year ’26 through ’27? Also, with respect to Indonesia, what is the expected cash adjustment net to the ENI? A: The EUR55 million transformation cost should be seen as part of ongoing efficiency projects, with annual efficiency gains of approximately EUR50 million. For Indonesia, we expect a cash settlement, but specific amounts have not been disclosed.