Outlook 2025 

Eni is raising its FY '25 CFFO outlook and confirming cash returns to shareholders despite the headwinds of lower commodity prices and a weaker USD.

 Specifically we are: 

• Raising the Group's expected CFFO before working capital adjustments to circa €11.5 bln at the updated scenario1. This represents a €0.5 bln underlying improvement on the original Plan guidance. 

• Raising to around €3 bln from €2 bln the level of cash initiatives and other self-help measures aimed at mitigating the scenario effects. 

• Raising the FY projection of GGP's proforma adjusted EBIT to around €1 bln (from a previous €0.8 bln) thanks to better than anticipated outcome from renegotiations and settlements, and portfolio optimizations. 

In addition we: 

• Confirm FY gross capex expected to be below €8.5 bln, down from an initial guidance of below €9 bln; net capex is seen below €6 bln from an initial guidance of €6.5-7 bln. 

• Continue to expect oil and gas production at 1.7 mln boe/d, in line with original assumptions. Q3 production is seen at between 1.7 and 1.72 mln boe/d. 

• Confirm Enilive and Plenitude outlook: o FY proforma adjusted EBITDA respectively of around €1 bln and above €1.1 bln;