Eni Q1 2026 results miss profit, raise buyback

Eni reported its Q1 2026 results on 24 April 2026. Adjusted net profit fell to €1.3 billion. This missed forecasts due to refining weakness and forex hits.

However, the Italian energy major showed strength elsewhere. Hydrocarbon production hit 1.8 million barrels of oil equivalent per day. This marked 9% growth year-on-year. Eni also raised full-year cash flow guidance by 20% to €13.8 billion. The firm increased its 2026 share buyback by around 90% to €2.8 billion.

Operational Strength Drives Cash Flow

Eni posted proforma adjusted EBIT of €3.54 billion in the first quarter. Upstream performance led this gain. Moreover, cash flow from operations before working capital hit €2.88 billion. This funded €1.9 billion in organic capex.

Proforma gearing stayed at 15%, within the 10-15% target range. Net debt stood at €10.8 billion. Eni returned €1 billion to shareholders. This included a third tranche of the 2025 dividend (€0.77 billion) and the 2025 buyback completion (€0.3 billion).

Refining and chemicals dragged results. Heavy maintenance hit downstream output. Yet, Enilive lifted adjusted EBIT 45% year-on-year to €0.14 billion. Biorefining margins improved. Plenitude and Enilive together generated €0.5 billion in adjusted proforma EBITDA.

Raised Guidance Signals Confidence

Eni updated its full-year outlook. Underlying oil and gas production will grow 3-4%. Global gas and power trading EBIT guidance rose 30% to €1.3 billion. Enilive eyes €1.1 billion in proforma adjusted EBITDA, up 16%. Plenitude targets €1.3 billion, a 20% rise.

The €2.8 billion buyback underscores cash generation power. Shares fell after the Eni Q1 2026 results release.

Investors face volatility from Middle East risks and hedging. Upstream momentum and shareholder returns offset the profit dip. Cash flow beats support valuation. Eni navigates transition plays like Plenitude growth and Enilive biofuels. Buybacks and dividends draw income seekers. Watch production ramps and gearing for upside.

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