E · E Q2 FY2026 earnings call record财报电话会记录

“In Q2, Eni generated EUR 5.4 billion pro forma EBIT and EUR 2.3 billion net income, both doubling year-on-year, and EUR 4.5 billion of cash flow from operation, up over 60%.”

“Importantly, through portfolio high grading and strategic moves like our recently announced Mercuria joint venture, this volume growth will translate directly into cash flow, underpinning our primary target, growing our upstream free cash flow per barrel by more than 50% by 2030.”

“Capital expenditure amounted to EUR 1.8 billion in Q2, and we continue to expect approximately EUR 7 billion of gross CapEx for the full year, while we also reduced the net figure to below EUR 5 billion.”

“We paid the fourth and final quarterly dividend related to 2025 and repurchased EUR 600 million of shares.”

“At a revised scenario of $85 per barrel Brent, adjusted CFFO is expected at EUR 15 billion, determining a higher buyback of EUR 3.4 billion.”

“The new buyback represents 127% increase over the initial guidance of EUR 1.5 billion at the budgeted cash flow.”

“The potential special dividend related to oil price above $90 per barrel or gas price and SERM margin more than 50% of the original budget assumptions will be determined in the last quarter.”

“Originally, we provided a range of 3%-4% growth underlying, which now we increased to 5%.”

“If we are clearly in that situation where there is an extra dividend, you have to consider there is probably also an extra buyback, because if we enter in a higher price, there will be a ceiling up to EUR 4 billion, but we are currently at EUR 3.4.”

“Demand for 2026 is foreseen around 20 million ton versus the 16 million of 2025.”

“You have a very busy upstream growth pipeline, 54 organic growth projects, as you mentioned.”

“The inflation was already in the region of 3%-4%, 2026 to 2025.”