Eni Spa - ADR

**Resilient Q3 Performance**: Eni reported pro forma adjusted EBIT of €3.4 billion and cash flow from operations of €2.9 billion in Q3 2024, down only 14% year-on-year, demonstrating resilience amid volatile energy markets. Upstream businesses were the primary contributors, accounting for €3.2 billion of the EBIT.

**Increased Shareholder Distributions**: The company has raised its 2024 share buyback program to €2 billion, an increase of €400 million, reflecting better-than-expected portfolio activity and cash flow performance. The dividend for this year was also increased by 6% year-on-year.

**Chemical Sector Challenges**: Eni's chemical segment, Versalis, continues to face significant challenges with accumulated material losses. The outlook for the European chemicals industry remains grim, and breakeven EBITDA is now unlikely until 2026 or beyond, leading to restructuring efforts including the closure of non-competitive facilities.