In 2025, ENI SPA reported hydrocarbon production of 1.73 million boe/d, exceeding expectations with a 7% increase over the prior three years, reflecting delivery of six major projects globally. The company generated net income of €2.61 billion and completed a €1.8 billion share buyback program, reducing leverage to historically low levels. ENI is advancing its transition with investments in renewables, biofuels, and carbon capture, yet faces continued regulatory complexity and structural challenges in European refining. Management targets increased dividends and disciplined capital allocation backed by robust cash flows and a strong balance sheet.