Andrea Innocenti The Italian energy group closed the third quarter of 2026 with results that far exceeded analysts' forecasts. Adjusted net profit reached €2,8 billion, a 125% jump compared to the same period last year.
Third quarter 2026 financial results
Analysts had estimated a profit of around 2,48 billion, so the actual performance turned out to be stronger than expected.
On an annual basis, in the first nine months, adjusted net profit rose to €6,4 billion (+70%), while reported profit reached €7,59 billion (+202%). These figures pushed the share price to higher levels, fueling investor confidence.
Special dividend and its impact on public shareholders
The Board of Directors approved a special dividend of €0,46 per share, for a total amount of approximately €1,3 billion.
Added to this is the 2026 ordinary dividend, set at 1,1 euros per share, an increase of 5% compared to 2025.
Among the beneficiaries are the Ministry of Economy and Finance , which holds approximately 65,6 million shares, and Cassa Depositi e Prestiti , with 936,2 million shares. The extraordinary dividend payment is expected to generate approximately €461 million gross for these two public entities.
Market factors behind the earnings boom
The jump in profitability is closely tied to commodity prices. In the quarter under review, Brent crude closed at $97 a barrel, compared to $69,07 in Q3 2025 (+40%). European natural gas (TTF) rose from €32 to €63 per megawatt-hour, nearly doubling (+95%).
Refining margins increased dramatically, from $8,9 to $28,1 per barrel, more than tripling. Supply constraints reduced competition in the diesel market, allowing operating refiners to improve their margins.
Production, new resources and prospects for 2026
Hydrocarbon production rose to 1,83 million barrels equivalent per day, representing organic growth of 7% compared to Q3 2025. This result is the result of the full-scale start-up of new projects in Africa, Mexico, and Norway, as well as the contribution of the Searah joint venture in Southeast Asia.
In the January-September 2026 period, Eni identified an additional 1,23 billion barrels of equivalent resources, pushing its annual production growth forecast into the 6-7% range on a like-for-like basis.
Performance of Enilive and Plenitude
Enilive and Plenitude 's operations generated a combined adjusted EBITDA of €1,8 billion in the first nine months (+20%). Enilive posted a pro forma adjusted EBITDA of €490 million in the third quarter, up 55% thanks to higher margins from biorefining.
Conversely, Plenitude saw its pro forma adjusted EBITDA decline by 8% to €204 million, impacted by competition in the retail sector and market conditions for renewable energy.
Group sensitivities confirm that a one-dollar change in the price of Brent has an impact of €0,11 billion on results, while a one-dollar change in the refining margin generates €0,08 billion, and a one-euro per megawatt-hour change in the price of TTF gas has an impact of €0,03 billion.
Under the remuneration policy, 100% of the additional operating cash flow generated by scenarios more favorable than the baseline assumptions will be returned to shareholders in the form of a special dividend, provided that the Brent price exceeds $90 a barrel and that gas prices and margins exceed initial forecasts by 50%.