October 2026
 | Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, the company produced 0.8 million barrels of liquids and 4.8 billion cubic feet of natural gas per day. At end-2024, Eni held reserves of 6.5 billion barrels of oil equivalent, 46% of which are liquids. The Italian government owns a 30.5% stake in the company. Eni is placing its renewable and low-carbon business in a separate entity called Plenitude, which it will likely list publicly at some point. | $29 | +58% | $84B | $114B | 1.2x | 7.2x | ||
| Saipem SpA specializes in engineering and construction of projects for the energy and infrastructure sectors, offshore and onshore. The company operates through Asset-Based Services, Offshore Drilling, and Energy Carriers segments. Key revenue is generated from Asset-Based Services, which includes the Offshore Engineering & Construction and Offshore Wind activities. The Energy Carriers segment includes the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics & Industrialized Solutions activities. Its revenue by geographical segment includes Italy, Rest of Europe, CSI, Rest of Asia, etc. | $5 | +97% | $10B | $11B | 0.6x | 6.0x | ||
| Edison SpA is an Italian energy operator. It is principally engaged in procurement, production, and sale and supplying electricity, gas and energy, and environmental services to families and businesses. The company operates through three segments namely Electric Power Operations which produces electricity through hydroelectric, wind power, solar and biomass resources; the Gas Operations which are engaged in the procurement and sale of natural gas; and Corporate Activities and Other are involved in managing and administering the company's affairs. It generates maximum revenue from the Gas Operations segment. | $2 | -28% | $9.9B | $9.9B | 0.5x | 9.3x | ||
| Next Geosolutions Europe SpA carries out geophysical and geotechnical analysis at sea. It is an international provider of marine geoscience and offshore construction support services, operating mainly in the energy sector, with a focus on renewable energy and sustainability in all its forms. It performs marine geophysical and geotechnical surveying activities, as well as construction support activities, installation, inspection, maintenance, repair and decommissioning of offshore infrastructures (through a wide range of subsea services) both in the domestic and international market, for companies operating in the subsea power cable (Interconnector), offshore renewable energy (offshore wind farms) and Oil & Gas sectors. Geographically, it operates in Italy, Europe and Africa. | $18 | +17% | $860M | $964M | 3.1x | 12.4x | ||
| Gas Plus SpA through its subsidiaries is engaged in the exploration and production of natural gas in Italy. The company is also involved in the production, purchase, distribution, and sale of natural gas. The company holds approximately 47 cultivation concessions distributed throughout Italy and manages a total of about 1,600 kilometers of regional distribution and transportation network located around 39 municipalities. | $7 | -9% | $326M | $314M | 1.7x | 3.5x | ||
| A.b.p. Nocivelli SpA is engaged in the trading of petroleum products and lubricants. It offers storage, distribution, and customer services. Additionally, the firm provides Facility Management services. | $7 | -20% | $202M | $126M | 1.4x | 6.7x | ||
| Median | $7 | +4% | $5.4B | $5.4B | 1.3x | 6.9x |
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