The expensive energy has two faces. That of consumers and businesses, struggling with the increases in oil and gas prices, and that of large energy companies, which benefit from the increase in raw material prices. This is revealed by Eni’s accounts, which closed the third quarter of 2026 with an adjusted net profit of 2.8 billion euros, up 125% compared to the same period in 2025.
Eni’s third quarterly report
The result exceeds analysts’ expectations, who expected an adjusted net profit of 2.48 billion for the quarter. In the first nine months of the year, the adjusted net profit was 6.4 billion (+70%), while the accounting net profit reached 7.59 billion (+202%).
The board of directors decided to increase shareholder remuneration. An extraordinary dividend of 0.46 euros per share was approved, for a total of 1.3 billion. The 2026 ordinary dividend of 1.1 euros per share remains confirmed, 5% more than in 2025.
The beneficiaries of the extraordinary distribution also include the Italian State and Cassa Depositi e Prestiti: according to shareholder data published by Eni, the Ministry of Economy directly owns approximately 65.6 million shares, while CDP holds 936.2 million: the extraordinary dividend could therefore bring approximately 461 million euros gross to Mef and CDP.
Earnings boom explained by energy prices
But where do these profits come from? A decisive part of the answer is contained in the budget tables. In the third quarter of 2026, the average price of Brent was 97 dollars per barrel, compared to 69.07 dollars in the same quarter of 2025: an increase of 40%. The surge in natural gas is even stronger. The average European TTF price went from 32 to 63 euros per megawatt hour, with an increase of 95%.
Refining margins also increased significantly. The indicator used by Eni went from 8.9 to 28.1 dollars per barrel, more than tripling compared to a year earlier. That’s because the same supply disruptions that help make diesel and jet fuel more expensive can drive up margins at refineries that remain operational.
In the quarter, hydrocarbon production reached 1.83 million barrels equivalent per day. Organic growth is 7% in the third quarter of 2025, thanks to the full launch of new projects in AfricaMexico and Norway, as well as the contribution of the Searah joint venture in Southeast Asia.
Eni also announced that it had identified new resources for 1.23 billion barrels equivalent in the first nine months of 2026 and has revised its production growth forecasts upwards for the entire year, now between 6 and 7% on a like-for-like basis.
Enilive runs, but Plenitude slows down
Enilive and Plenitude together generated an adjusted Ebitda of 1.8 billion in the nine months (+20%). In the third quarter alone, Enilive’s adjusted pro forma Ebitda grew by 55%, to 490 million, mainly thanks to improved biorefining margins. The picture of Plenitude is different. Despite the increase in production from renewable sources, its quarterly pro forma adjusted Ebitda fell 8% to 204 million euros, affected by competition in the retail market and market conditions in renewables.