Equity Snap: ENI (ENI IM): 2Q26 results: Buybacks raised, guidance lifted, robust 2Q results

Research evidence excerpt

Equity Snap: ENI (ENI IM): 2Q26 results: Buybacks raised, guidance lifted, robust 2Q results

29 July 2026

Equity Snap: ENI (ENI IM) Equities Oil & Gas

2Q26 results: Buybacks raised, guidance lifted,

robust 2Q results Italy

◆ Buyback raised to EUR3.4bn and CFFO guidance raised to Sadnan Ali*, CFA

EUR15bn, Adj net income beats estimates by 12% Global Oil & Gas Analyst HSBC Bank plc

sadnan.ali@hsbc.com

+44 207 9910569

ENI (ENI IM, EUR22.01, Hold, TP EUR23.50)

Kim Fustier*

(Priced as of 28 Jul 2026) Senior Global Oil & Gas Analyst

HSBC Bank plc

Solid across the board: Strong 2Q results from Eni with beats across headline kim.fustier@hsbc.com

metrics and guidance raised/improved across: buybacks, CFFO, production, GGP, +44 20 3359 2136

Enilive, net capex, and gearing. Macro strength is playing a role, with about 70% of

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

the CFFO upgrade attributable to increases to its price deck, with the remaining 30% not registered/ qualified pursuant to FINRA regulations

due to operational strength. Nonetheless, the upgrades are solid across the board.

Postive guidance upgrades: Eni has again upgraded its 2026 guidance, most

notably raising its buyback to EUR3.4bn (which was increased to EUR2.8bn last

quarter from EUR1.5bn) and CFFO (pre-WC) to EUR15bn (which was increased to

EUR13.8bn last quarter from EUR11.5bn). Brent is marginally raised to USD85/b

(from USD83/b), TTF remains at EUR50/MWh, and refining margin lifted to USD14/b

(from USD8/b). Production for 2026 is expected to grow +5% y/y (from +3-4%

previously). GGP EBIT guidance is revised up to >EUR1.4bn (from EUR1.3bn).

Enilive’s EBITguidance also sees an uplift, to EUR1.3bn (from EUR1.1bn). Net capex

is now expected to be <EUR5bn (from cEUR5bn).