The Italian energy company Eni reported adjusted earnings before interest and taxes (EBIT) of €5.38 billion in the second quarter (Q2) of 2026, compared to €2.68 billion recorded in the same period of 2025.
Eni said the increase was driven primarily by strong performance in its Exploration and Production (E&P), Global Gas and liquefied natural gas (LNG) Portfolio (GGP), and Transition businesses.
Sales from operations amounted to €22.314 billion in Q2, up 32% year-on-year (YoY) from the corresponding period of 2025.
“Excellent results in 2Q ’26 underpinned by the diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix,” commented Eni CEO Claudio Descalzi.
Eni’s E&P business delivered an 11% underlying production growth. The Transition businesses continued to steadily increase their contribution to the Group’s results while supporting their self-funded growth. Plenitude is on track to reach 6.5 gigawatts (GW) of installed capacity by year-end, leveraging a customer base of around 11 million clients to create value. Meanwhile, Enilive is bringing new capacity online to capitalize on rapidly growing demand for biofuels and has captured the full upside of a strong market.
During the quarter, Eni continued to expand its upstream portfolio, including a major gas and condensate discovery offshore Egypt. The Denise W 1 exploration well in the Temsah Concession in the Eastern Mediterranean indicated around 2 trillion cubic feet (tcf) of gas in place and 130,000 barrels of associated condensate. The discovery is located near existing production infrastructure, potentially enabling a fast-track development, said Eni on July 29.
In July, Eni reached a final investment decision (FID) to develop the Cronos gas field, in Block 6 offshore Cyprus. Production start-up is expected in 2028 with a plateau production of about 500 million cubic feet per day (mmcf/d). Production will be transported and processed in existing Zohr facilities in Egypt, then liquefied in the Damietta LNG plant for export to international markets.
The company also reported a major gas and condensate discovery offshore Indonesia, with preliminary estimates indicating around 5 tcf of gas in place and 300,000 barrels of condensate.
