[144] Teradyne, Inc. SEC Filing

Rhea-AI Filing Summary

Eni posted solid, if softer, Q2 2025 numbers and raised full-year cash guidance while confirming enhanced shareholder returns.

• Pro-forma adjusted EBIT €2.68 bn (-35% YoY) and adjusted net profit €1.13 bn (-25% YoY) on sales of €18.8 bn (-14%).
• Operating cash flow before working-capital €2.78 bn covered organic capex of €2.03 bn, generating €0.75 bn free cash flow.
• Net borrowings cut to €10.2 bn; pro-forma leverage hit an historic low of 10%.
• Segment mix: E&P EBIT €2.42 bn; Gas & LNG EBIT up 9% to €0.39 bn; Enilive/Plenitude steady; Refining near breakeven, Chemicals loss €0.18 bn.
• Board approved first €0.26/share dividend tranche (of €1.05 FY total) payable 24 Sep 2025; ADRs receive €0.52.

Strategic actions delivered >€1 bn cash savings in the quarter (target now €3 bn) and €3.8 bn from satellite stake sales, including 20% of Plenitude to Ares at €12 bn EV. New LNG (Argentina) and CCUS JVs deepen transition portfolio.

Outlook raised: FY25 CFFO now ~€11.5 bn, GGP EBIT outlook lifted to ~€1 bn, capex ceiling trimmed to <€8.5 bn. Dividend +5% and ≥€1.5 bn buy-back reaffirmed.

Positive

• FY25 CFFO guidance lifted to ~€11.5 bn, improving dividend and buy-back coverage.
• Pro-forma leverage reduced to 10 %, providing balance-sheet flexibility amid volatility.
• €0.26/share first dividend tranche approved; total dividend up 5 % to €1.05.
• €2 bn cash inflow from 20 % Plenitude stake sale validates satellite valuation.
• GGP EBIT outlook raised to €1 bn on renegotiation gains and portfolio optimisation.

Negative

• Q2 adjusted EBIT fell 35 % YoY on weaker Brent and currency headwinds.
• Adjusted net profit down 25 % YoY, highlighting earnings sensitivity to price declines.
• Refining breakeven and Chemicals loss €0.18 bn show structural weakness in European downstream.
• Hydrocarbon production declined 3 % YoY, with divestments and mature field declines partially offsetting new barrels.

Insights

Financial Analyst

TL;DR Mixed earnings decline offset by stronger cash outlook and disciplined balance sheet; overall neutral market impact.

Profitability faded versus last year as Brent prices fell 20 % and euro strengthened, compressing E&P margins. Nonetheless, €2.78 bn cash generation exceeded capex, allowing debt reduction and generous distributions. Management’s €0.5 bn CFFO upgrade and additional €1 bn self-help buffer improve coverage of the 5 % higher dividend and €1.5 bn buy-back. Leverage at 0.10 gives headroom, but chemicals losses and flat production limit upside. Guidance credibility now hinges on commodity stabilisation and closing announced asset sales.

Energy Transition Specialist

TL;DR Strategic moves—Plenitude sale, CCUS JV, Argentina LNG—underline Eni’s flexible ‘satellite’ model and support value-accretive decarbonisation.

The €2 bn Ares placement values Plenitude at >€12 bn EV, crystallising hidden green-asset worth and funding growth without stressing the parent. Entry into a 12 Mtpa Argentine LNG development plus Petronas gas JV broadens low-cost gas optionality, aligning with transition economics. CCUS partnership with GIP derisks capital intensity. With renewables capacity up 45 % YoY to 4.5 GW and bio-refining spreads recovering, Eni is building diversified, cash-positive transition pillars that can temper future oil price cyclicality.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	1875	198243.75	160420287	07/30/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/09/2017	Restricted Stock Vesting	Issuer			638	05/09/2017	Compensation
Common	05/09/2024	Restricted Stock Vesting	Issuer			1237	05/09/2024	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)