Eni S.p.A.

Revenue swings significantly with commodity prices: from roughly €130 billion in FY2022 to approximately €91 billion in FY2024 and approximately €87 billion LTM through 2025. Some contracted LNG flows and Plenitude's retail utility customer base (approximately 11 million customers post-Acea Energia integration) provide partial visibility, but hydrocarbon pricing dominates the revenue outcome.

Eni operates across five distinct segments: upstream E&P, gas and LNG trading (GGP), refining and chemicals, biofuels (Enilive), and renewables plus retail energy (Plenitude). Upstream hydrocarbons and GGP continue to dominate CFFO as of FY2025, though Plenitude and Enilive have attracted independent external capital and are becoming increasingly material contributors.

Production spans Africa (Libya, Nigeria, Republic of Congo, Mozambique), Norway and the Barents Sea, Iraq, Kazakhstan, Indonesia, Australia, and other locations across 66 operating countries. No single country appears to represent a dominant share of total hydrocarbon output, supporting geographic diversification that is broader than most European peers by country count.

The upstream E&P business requires approximately €7 billion in net capex annually and has a linear, capital-intensive cost structure with limited operating leverage. The satellite businesses offer better scalability economics, but they are minority contributors to group cash flows and do not materially change the group's incremental cost profile.

The majority of revenue comes from transactional commodity sales (crude oil, natural gas, LNG) at market prices, which are neither contractual nor recurring in a durable sense. Plenitude's retail utility contracts with approximately 11 million European customers add a layer of recurring household energy revenue, partially offsetting the transactional commodity core.