Eni: solid quarterly results, but debt raises questions

(CercleFinance.com) - On Wednesday, Eni reported slightly better-than-expected quarterly results and increased its share buy-backs, but the announcement of an increase in its debt seemed to worry investors.


The Italian oil and gas group reported an adjusted net profit of E1.58bn for Q1, down 46% but slightly above the consensus of E1.56bn.

Eni generated E3.9bn in cash over Q1, against market expectations of E3.8bn, enabling it to increase its share buyback program by 45% to E1.6bn.

However, with the acquisition of Neptune Energy (for E2.3bn), its gearing ratio fell from 20% at the end of 2023 to 23% on 31 March, a figure at the top end of the 15% to 25% range that the group had set itself for the next four years.

Following this publication, the share fell by 0.8% on the Milan Stock Exchange in early trading.


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