Eni - Interim / Quarterly Report 2025

6-K 1 tm2529419d1_6k.htm FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of October 2025

Eni S.p.A.

(Exact name of Registrant as specified in its charter)

Piazzale Enrico Mattei 1 - 00144 Rome, Italy

(Address of principal executive offices)

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(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F X Form 40-F

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(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934.)

Yes _ No X

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): _____)

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Table of contents

·	Eni’s Board of Directors - Approval of the second tranche of the provision in place of 2025 dividend: € 0.26 per share
·	Eni: results for the third quarter and nine months of 2025

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorised.


/s/
Paola Mariani
Name: Paola Mariani
Title: Head of Corporate
Secretary’s Staff Office
Date: October 24, 2025

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Eni’s Board of Directors

Approval of the second tranche of the provision in place of 2025 dividend: € 0.26 per share

Rome, 23 October 2025 – Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to distribute to Shareholders the second of the four tranches of the provision in place of the 2025 dividend 1 from Eni S.p.A. available reserves of € 0.26 (compared to a total annual provision, in place of the dividend, equal to € 1.05) per share outstanding at the ex-dividend date as of 24 November 2025 2 , payable on 26 November 2025 3 , as resolved by the Shareholders’ Meeting of 14 May 2025.

Holders of ADRs, outstanding at the record date of 25 November 2025, will receive € 0.52 per ADR, payable on 5 December 2025 4 , with each ADR listed on the New York Stock Exchange representing two Eni shares.

Eni Company Contacts:

Press Office : Tel. +39.0252031875 – +39.0659822030

Freephone for shareholders (from Italy): 800940924

Freephone for shareholders (from abroad): +39.800 11 22 34 56

Switchboard: +39.0659821

[email protected]

Website: www.eni.com

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1 Coupon No. 52.

2 Depending on the recipient’s fiscal status the payment is subject to a withholding tax or is treated in part as taxable income.

3 Pursuant to article 83-terdecies of the Italian Legislative Decree no. 58 of February 24, 1998, the right to receive the payment is determined with reference to the entries on the books of the intermediary – as set out in art. 83-quater, paragraph 3 of the Italian Legislative Decree no. 58 of February 24, 1998 – at the end of the accounting day of 25 November 2025 (record date).

4 On ADR payment date, Citibank, N.A. will pay net of the amount of the withholding tax under Italian law applicable to all Depository Trust Company Participants.

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Eni: results for the third quarter and nine months of 2025

| · | Strong execution within a clear strategic framework
delivered excellent 3Q ‘25 performance combining top line growth and focused cost efficiencies. As a result, Eni is again revising
upwards its FY outlook for cash generation despite an unsupportive commodity and currency scenario. |
| --- | --- |
| · | The FY25 share buyback is raised by €0.3
bln, 20% higher, to €1.8 bln, taking into account the healthy financial position with proforma leverage remaining around historic
lows, benefiting from an expected €4 bln in cash initiatives, 30% higher than previously targeted. |
| · | This has been a notable quarter for our industry
leading Upstream, which included: |

o	reported 6% y-o-y production growth as 2024 valorization effects began to roll-off;
o	reached the FID to develop the Coral North FLNG project off Mozambique;
o	closed the sale of a 30% stake in Baleine oilfield offshore Côte d’Ivoire;
o	made significant progress towards our fourth and largest E&P satellite built around Indonesian portfolio
and focused on Asian LNG, on track to be finalized by 2025 YE in combination with Petronas.

· The development of our transition related strategy continues alongside our traditional businesses:

o	we began actions to upgrade the hubs of Brindisi, Sannazzaro and Priolo;
o	we are nearing completion of a 20% investment by Ares Fund in Plenitude for €2 bln;
o	a new satellite is being set up with GIP to enhance and unlock value from our CCUS business.

Rome, October 24, 2025 - Eni's Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the third quarter and nine months of 2025. Eni CEO Claudio Descalzi said:

“In the third quarter all the main operational and economic and financial metrics exceeded expectations. Strong production growth to 1.76 mln barrels/day (+6% compared to last year) allows us to raise our annual guidance towards 1.72 mln barrels/day, confirming the acceleration trend continuing in the coming months thanks to the new fields under development in Congo, UAE, Qatar and Libya, and the start of the business combination in Indonesia and Malaysia which will create one of the main players on the LNG market in the Asian continent. The enhancement of our portfolio continues with the completion of the sale of 30% of the Baleine field in Côte d’Ivoire, according to the well-established dual exploration model, and with the progress of the process of selling 20% of the share of Plenitude to the Ares fund, for which all the conditions precedent have been completed. In the last two years with Enilive and Plenitude valorization we cashed in around €6.5 bln. The execution of the transition strategy also proceeds in line with plan: the upgrade of the Sannazzaro hub and the conversion of Priolo mark new biorefining development projects and contribute to the transformation of our downstream; at the same time, Plenitude has reached 4.8 GW of installed renewable capacity, in line with the target of 5.5 GW by the end of the year. In addition, the partnership with GIP has been launched to maximize the growth potential of the CCUS business in our portfolio. In a context of weaker oil prices and a strengthening euro, the economic and financial performance confirms the effectiveness of our strategy and satellite model, which allows us to ensure accelerated growth and stable dividends. Proforma EBIT was robust at €3 bln, while net profit at €1.2 bln was +20% higher than expectations. Equally significant was the cash performance with a CFFO of €3.3 bln. Proforma leverage stands at 12%, a level that remains at our historic lows, and with a year-end outlook of 15-18%. Against the backdrop of weaker prices, we are the only company in the peer group that, thanks to the increase in operating cash estimates and stronger results, is able to increase distribution with a larger buyback of €300 mln to €1.8 bln, reducing at the same time net borrowings. Essentially, Q3 represents all the major elements of our distinctive strategy in action in one place: we are competitively growing our key businesses; we are launching new projects while also securing further opportunities through our industry-leading exploration and technological know-how in the upstream; and opening up new opportunities in the Transition. Meanwhile we are managing risk/reward - realizing value through our Dual Exploration and Satellite strategies allowing us to bring down debt and share upside with shareholders.”

Key operating and financial results

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,668 | Hydrocarbon
production | kboe/d | 1,756 | 1,661 | 6 | 1,691 | 1,704 | (1) |
| 4.5 | Installed
capacity from renewables at period end | GW | 4.8 | 3.1 | 55 | 4.8 | 3.1 | 55 |
| 2,681 | Proforma
adjusted EBIT (a) | €
million | 2,996 | 3,400 | (12) | 9,358 | 11,623 | (19) |
| 1,889 | subsidiaries | | 2,073 | 2,442 | (15) | 6,562 | 8,654 | (24) |
| 792 | main
JV/Associates (b) | | 923 | 958 | (4) | 2,796 | 2,969 | (6) |
| | Proforma
adjusted EBIT (by segment) (a) | | | | | | | |
| 2,422 | E&P | | 2,638 | 3,259 | (19) | 8,368 | 10,242 | (18) |
| 387 | Global
Gas & LNG Portfolio (GGP) and Power | | 346 | 286 | 21 | 1,206 | 995 | 21 |
| 262 | Enilive
and Plenitude | | 331 | 306 | 8 | 929 | 1,010 | (8) |
| (193) | Refining
and Chemicals | | (53) | (192) | 72 | (580) | (438) | (32) |
| (197) | Corporate,
other activities and consolidation adjustments | | (266) | (259) | | (565) | (186) | |
| 2,200 | Adjusted
net profit before taxes (a) | | 2,273 | 2,656 | (14) | 7,222 | 9,200 | (22) |
| 1,134 | Adjusted
net profit (loss) (a)(c) | | 1,247 | 1,271 | (2) | 3,793 | 4,372 | (13) |
| 543 | Net
profit (loss) (c) | | 803 | 522 | 54 | 2,518 | 2,394 | 5 |
| 2,775 | Cash
flow from operations before changes in working capital at replacement cost (a) | | 3,297 | 2,898 | 14 | 9,486 | 10,701 | (11) |
| 3,517 | Net
cash from operations | | 3,078 | 2,997 | 3 | 8,980 | 9,472 | (5) |
| 2,029 | Organic
capital expenditure (d) | | 1,990 | 1,995 | (0) | 5,904 | 6,111 | (3) |
| 10,198 | Net
borrowings before lease liabilities ex IFRS 16 | | 9,931 | 11,627 | (15) | 9,931 | 11,627 | (15) |
| 53,405 | Shareholders'
equity including non-controlling interest | | 52,966 | 53,478 | (1) | 52,966 | 53,478 | (1) |
| 0.19 | Leverage
before lease liabilities ex IFRS 16 | | 0.19 | 0.22 | | 0.19 | 0.22 | |

| (a) Non-GAAP measures. For further information see
the paragraph "Non-GAAP measures" on pages 18 and subsequent. |
| --- |
| (b) The main JV/associates are listed in the "Reconciliation
of Group proforma adjusted EBIT" on page 24. |
| (c) Attributable to Eni's shareholders. |
| (d) Net
of expenditures relating to business combinations, purchase of minority interests and other non-organic items. |

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Strategic and financial highlights

Accretive oil&gas production growth and excellent base performance underpinned strong E&P results in 3Q ‘25.

| · | 3Q ‘25 oil&gas production
growth rose significantly, up 6% y-o-y and 5% sequentially to 1.76 mln boe/d, thanks to accelerated and smooth start-ups and ramp-ups,
strong operational continuity and optimized turnaround activity. |
| --- | --- |
| · | FID to develop the major Coral
North FLNG project offshore Mozambique was reached. Completion is expected in just three years, leveraging our fast-track approach and
successful experience on Coral South, to bring on the market 3.6 MTPA of production capacity. |
| · | The sail away of the Nguya FLNG
marks a decisive step towards the start of Ph. 2 of the Congo LNG project, expected by 2025 YE with a target plateau of 3 MTPA, from the
current 0.6 MTPA. |
| · | The quarter was especially notable
for the contribution coming from our upstream satellites. Azule Energy, our 50%-owned satellite in Angola, began production at the operated
Agogo West Hub project, 10 months ahead of schedule. First gas at the operated NGC project is also imminent. Meanwhile Vår Energi,
our 63%-owned satellite in Norway, reached 400 kboe/d in 3Q ‘25, a quarter ahead of schedule, benefiting from the fast ramp-ups
at Johan Castberg and the operated Balder X fields. Our UK-focused satellite, Ithaca Energy (Eni 36%), has almost doubled its share
price since its inception, and raised production guidance via value accretive bolt on acquisitions and top tier operational performance. |
| · | A fourth upstream satellite, our
largest to date, combining Eni's and Petronas' activities in Indonesia/Malaysia, is on track to be finalized by 2025 YE. It represents
significant value creation and growth potential, with a particular focus on Asian LNG markets. |
| · | Eni and YPF have signed an agreement
on the next required steps to reach final investment decision in the large-scale integrated upstream/midstream Argentina LNG project developing
the vast Vaca Muerta resources, entailing a phased approach to export up to 30 mln tons/y of LNG in the long-term. |

Significant growth ahead for our transition-related satellites; progressing the transformation of Versalis

| · | With the regulatory approval of
the reconversion plan of the Sannazzaro hub, Eni and Enilive are currently engaged in four ongoing projects (in Livorno and in South Korea/Malaysia)
to materially expand biofuels manufacturing capacity. |
| --- | --- |
| · | Plenitude's installed renewable
capacity has reached 4.8 GW and is on track to achieve the year-end target of 5.5 GW. The customer base will also be enlarged and strengthened
through the pending acquisition of Acea Energia. |
| · | As a result of Versalis cracking
plant closure in Brindisi, started the process to convert the site into a static battery manufacturing in JV with Seri Industrial. Started
also a project to convert the Priolo hub to the production of biofuels and recycled plastics. |

Dual Exploration model and aligned investment into our transition-related satellites catalyzes value generation

| · | Closed the divestment of 30% of
the Baleine oilfield off Côte d’Ivoire, with proceeds of €1 bln. |
| --- | --- |
| · | Agreed the creation of a JV satellite
with GIP to develop and valorize our CCUS business. |
| · | Progressed to near completion
a 20% investment by Ares Fund into Plenitude for €2 bln. |

Growth and cost and financial discipline mitigated a weaker scenario driving excellent 3Q ‘25 financial results, attractive shareholder returns and maintaining a strong balance sheet position

| · | 3Q
‘25 Group proforma adjusted EBIT was robust at €3 bln, despite a 14% decline in
crude oil prices and a 6% appreciation in the EUR/USD rate y-o-y, with these negative impacts
partly offset by volume growth and cost efficiencies. The Group reported an adjusted net
profit of €1.2 bln, with a Group tax rate of 42%. |
| --- | --- |
| - | E&P generated
€2.64 bln of proforma adjusted EBIT (down 19% y-o-y, but up about 9% sequentially),
with positive effects from production growth and self-help initiatives offsetting lower crude
realizations and currency headwinds. |
| - | GGP and Power
reported proforma adjusted EBIT of €0.35 bln (up 21% y-o-y) driven by continued value
maximization from gas portfolio optimization. |
| - | Enilive generated
€0.23 bln of proforma adjusted EBIT (€0.32 bln EBITDA), 35% higher than 3Q ’24,
driven by recovery in bio-margins. Plenitude reported a proforma adjusted EBIT of €0.10
bln (€0.22 bln EBITDA), lower than the quarter 2024. |
| - | Refining reverted
to profit (€0.14 bln vs breakeven in the comparative quarters) due to improved product
crack spreads and higher plant utilization rates. The Chemical business reported a loss of
€0.19 bln, impacted by the prolonged downturn in the European sector but beginning to
show some improvement through the early effects of the restructuring plan. |
| - | Adjusted cash
flow before working capital was €3.3 bln, well above gross capex of €2 bln, and
was 14% higher y-o-y despite the challenging scenario. The resulting organic free cash flow
of €1.3 bln was helped by cash-ins due to several initiatives addressing working capital
with overall cash initiatives having delivered a €2.1 bln benefit, year-to-date. Together
with proceeds from the portfolio management of around €1.1 bln, mainly relating to the
sale of a 30% stake in the Baleine asset plus other non-strategic fields in Congo, this funded
€1.3 bln of cash returns to shareholders, comprising the first instalment of the 2025
dividend for €0.78 bln and share repurchases of €0.56 bln as part of the 2025 buy-back
program. Net borrowings declined to €9.9 bln from June 30, 2025. This left leverage
at 19%, and incorporating agreed but not completed portfolio transactions, proforma leverage
at quarter-end was 12%. |

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Outlook 2025

Eni is raising its 2025 share buy-back commitment by €0.3 bln to €1.8 bln thanks to outstanding strategic progress and an improved FY ‘25 CFFO outlook, which we are upgrading for the second time this year despite the headwinds of lower commodity prices and a weaker USD.

Specifically on our financial and operating guidance we are:

• Raising the Group’s expected CFFO before working capital adjustments to €12 bln from the previous €11.5 bln, under our latest scenario 1 . This represents a €1.3 bln underlying improvement on the original Plan guidance.

• Raising our expected oil and gas production guidance for 2025 to a 1.71-1.72 mln boe/d range, implying a Q4 level of around 1.8 mln boe/d.

• Raising guidance on GGP’s proforma adjusted EBIT to above €1 bln thanks to better portfolio optimizations.

• Raising to around €4 bln from the previous €3 bln the cash initiatives and other self-help measures aimed at mitigating the scenario effects.

In addition, we:

• Confirm FY gross capex expected below €8.5 bln, down from an initial guidance of below €9 bln; net capex is seen below €5 bln from an initial guidance of €6.5-7 bln.

• Confirm Enilive and Plenitude outlook: FY proforma adjusted EBITDA respectively of around €1 bln and above €1.1 bln;

• Project end of year installed renewable capacity at 5.5 GW (Plenitude @100%); biorefinery capacity at 1.65 MTPA plus 1 MTPA under construction.

Robust balance sheet and leverage continue to be expected within the Plan stated range.

• Proforma leverage at year-end expected in a 0.15 - 0.18 range.

Raising shareholders returns for 2025 compared to the original plan, featuring now the execution of a buy-back program of at least €1.8 bln a 20% increase over the CMU guidance, on top of an already announced 5% dividend increase to €1.05 per share for FY 25.

• The second tranche of the 2025 dividend of €0.26 per share is set to be paid on November 26, 2025 (record date November 25).

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1 3Q ‘25 outlook was based on the following assumptions for the FY ’25: Brent price at 70 $/bbl (same as in 2Q outlook), TTF spot gas price at €36/MWh, SERM refining margin at 5.8 $/bbl (higher than the 2Q assumption of 4 $/bbl), EUR/USD exch. rate at 1.13, worse than the previous outlook at 1.1.

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Business segments: operating and financial results

Exploration & Production

Production and prices

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 67.82 | Brent
dated | $/bbl | 69.07 | 80.18 | (14) | 70.85 | 82.79 | (14) |
| 1.134 | Average
EUR/USD exchange rate | | 1.168 | 1.098 | 6 | 1.119 | 1.087 | 3 |
| 1,668 | Hydrocarbons
production | kboe/d | 1,756 | 1,661 | 6 | 1,691 | 1,704 | (1) |
| 825 | Liquids | kbbl/d | 860 | 775 | 11 | 824 | 783 | 5 |
| 4,415 | Natural
gas | mmcf/d | 4,687 | 4,638 | 2 | 4,535 | 4,821 | (7) |
| 50.81 | Average
realizations (a) | $/boe | 52.07 | 55.95 | (7) | 52.68 | 55.74 | (5) |
| 62.77 | Liquids | $/bbl | 64.00 | 73.88 | (13) | 65.43 | 75.27 | (13) |
| 7.14 | Natural
gas | $/kcf | 7.40 | 7.34 | 1 | 7.37 | 7.21 | 2 |

(a) Prices related to consolidated subsidiaries.

| • | In
Q3 ’25, hydrocarbon production averaged 1.76 mln boe/d, up by 6% compared to
the previous year (1.69 mln boe/d in the nine months ’25, down by 1%). Excellent project
development performance drove production ramp-ups in Côte d'Ivoire, Congo, Mexico.
These were supplemented by project start-ups at our satellites in Angola/Norway and supported
by strong operational continuity and optimized turnaround activity in our base. Offsetting
these effects were mature fields declines and high-grading asset divestments closed in 2024
in Nigeria, Alaska, and Congo. Underlying year-on-year production growth was 8.5%. Sequentially,
hydrocarbon production increased by 5% compared to Q2 ‘25 thanks to the ramp-ups of
organic projects in Norway, Indonesia, Mexico and Angola. |
| --- | --- |
| • | Liquids
production was 860 kbbl/d in Q3 ’25, up by 11% compared to Q3 ’24 (824 kbbl/d
in the nine months ’25, up by 5%). The organic growth in Côte d'Ivoire due to
the start of Baleine Phase 2, Mexico and Norway were offset by divestments and mature fields
declines. |
| • | Natural
gas production was 4,687 mmcf/d, up by 2% compared to Q3 ’24 (4,535 mmcf/d in the
nine months ’25, down 7%). Organic growth in Congo (Marine XII), Italy (ramp-up
of Argo/Cassiopea) and Indonesia (Merakes East) as well as at our satellites in Angola/Norway
was partly offset by the divestments and mature fields decline. |

Results

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,701 | Upstream
turnover | 4,616 | 5,703 | (19) | 14,723 | 17,637 | (17) |
| 2,422 | Proforma
adjusted EBIT | 2,638 | 3,259 | (19) | 8,368 | 10,242 | (18) |
| 763 | of which:
main JV/Associates | 838 | 933 | (10) | 2,679 | 2,818 | (5) |
| 1,495 | Operating
profit (loss) of subsidiaries | 1,670 | 2,264 | (26) | 5,116 | 6,009 | (15) |
| 164 | Exclusion
of special items | 130 | 62 | | 573 | 1,415 | |
| 1,659 | Adjusted
operating profit (loss) of subsidiaries | 1,800 | 2,326 | (23) | 5,689 | 7,424 | (23) |
| 1,957 | Adjusted
profit (loss) before taxes | 2,015 | 2,552 | (21) | 6,428 | 8,028 | (20) |
| 45.9 | tax rate
(%) | 41.7 | 49.6 | | 44.8 | 52.8 | |
| 1,059 | Adjusted
net profit (loss) | 1,175 | 1,286 | (9) | 3,547 | 3,791 | (6) |
| 42 | Exploration
expenses: | 45 | 113 | (60) | 131 | 299 | (56) |
| 42 | prospecting,
geological and geophysical expenses | 36 | 54 | (33) | 122 | 135 | (10) |
| | write-off
of unsuccessful wells | 9 | 59 | (85) | 9 | 164 | (95) |
| 1,336 | Capital
expenditure | 1,535 | 1,384 | 11 | 4,310 | 4,270 | 1 |

| Q2 — 2025 | Main
JV/Associates | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 763 | Adjusted
operating profit (Eni's share) | (€
million) | 838 | 933 | (10) | 2,679 | 2,818 | (5) |
| 412 | of
which: Vår Energi | | 479 | 602 | (20) | 1,488 | 1,794 | (17) |
| 218 | Azule | | 204 | 247 | (17) | 654 | 818 | (20) |
| 167 | Adjusted
net profit | | 299 | 279 | 7 | 794 | 833 | (5) |
| 330 | Total
dividends | | 306 | 91 | .. | 903 | 857 | 5 |
| 432 | Hydrocarbon
production | (kboe/d) | 493 | 380 | 30 | 452 | 388 | 16 |

• In Q3 ’25, Exploration & Production reported a proforma adjusted EBIT of €2,638 mln, down by 19% vs. Q3 ’24 due to lower liquids realizations affected by a decrease in crude oil prices in USD (the Brent marker was down by 14%) as well as the appreciation of the EUR/USD exchange rate (up by 6%) which reduced the operating profits of dollar-denominated subsidiaries. These decreases were partly offset by production growth, positive mix effects due to higher contribution of

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low breakeven projects following portfolio rationalization and self-help initiatives. In the nine months ’25, proforma adjusted EBIT was €8,368 mln, down 18% compared to the nine months ’24, due to the same drivers as for the Q3.

• In Q3 ’25, the segment reported an adjusted net profit of €1,175 mln, decreasing by 9% compared to Q3 ’24 and includes the contribution from JVs and associates, in particular Vår Energi, Azule Energy and Ithaca Energy. Adjusted net profit was €3,547 mln in the nine months ’25, a decrease of 6% y-o-y.

• In Q3 ’25 the tax rate was around 42% (45% in the nine months ’25) decreasing by approximately 8 percentage points compared to the comparative periods of 2024 mainly driven by a more favorable geographical mix of pretax profit.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

• In 2025-to-date, resource additions from exploration activity total about 800 mln boe, extending a more than 10 year run of organic replacement of production. We have made high-impact and near field discoveries in several geographies. In April, Eni’s jointly participated Azule Energy (Eni 50%) confirmed a significant discovery at the Capricornus 1-X well, in Namibia's Orange basin, performing a successful production test across a light oil-bearing reservoir, followed in September by a further rich gas and condensate discovery at the Volans-1X well. Azule Energy also announced a discovery on Angola’s first dedicated gas exploration well, Gajajeira-01. In 2025 near field discoveries were successfully tested in the UK (through Eni’s 36% owned associate Ithaca Energy) or made in Norway (via Eni’s 63% owned associate Vår Energi) and in Côte d'Ivoire. In Q4 ’25 significant exploration activities are expected, most notably in Angola, Côte d'Ivoire, Libya and Indonesia.

• In July, Eni signed a petroleum contract with Sonatrach for the exploration and development of the Zemoul El Kbar area. The contract, with a duration of 30 years, covers a development and exploration area of about 4,200 sq Km and includes neighboring assets previously under separate contracts. This new agreement follows the recent award, in the context of 2024 Algeria Bid Round, of the Reggane II block to Eni in partnership with PTTEP.

• In August, production started at the Agogo Integrated West Hub project, operated by the JV Azule Energy in block 15/06, offshore Angola. Agogo IWH involves the development of two fields, Agogo and Ndungu, with combined reserves of approximately 450 mln barrels and an expected production plateau of 180 kboe/d.

• In August, the Nguya floating liquefied natural gas (FLNG) unit sailed away, and it is set to significantly boost LNG production as part of Phase 2 of the Congo LNG project in the Marine XII concession, offshore the Republic of Congo. The FLNG was designed and built in only 33 months, from contract award to sail away, setting a record for time-to-market in the entire sector and will increase production capacity to 3 MTPA of LNG (from current 0.6 MTPA).

• In September, Eni and its Offshore Cape Three Points (OCTP) project partners, Vitol and the Ghana National Petroleum Corporation (GNPC), signed a Memorandum of Intent with the Government of Ghana, finalized to the country’s oil and gas production increase and new sustainable initiatives. The collaboration focuses also on the evaluation of exploration activities and the new potential development of the Eban-Akoma field in the Cape Three Points Block 4.

• In September, Eni finalized the sale of a 30% stake in the Baleine project in Côte d’Ivoire, to Vitol. The Baleine project is the country’s main offshore development and is owned by Eni (47.25%), Vitol (30%) and Petroci (22.75%). The transaction is in line with Eni's strategy of optimizing its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes.

• In October, Eni signed a new exploration contract in Côte d'Ivoire for the CI-707 offshore block, geologically continuous with the nearby CI-205 block, where Eni announced the discovery of Calao in March 2024. This proximity offers an opportunity for future synergistic developments.

• In October, Eni and its partners CNPC, ENH, Kogas, and XRG reached the Final Investment Decision to develop the Coral North FLNG project which will put in production the gas volumes from the northern part of Area 4 Coral gas reservoir, in the Rovuma basin, through a floating LNG facility with 3.6 MTPA production capacity. The project will leverage Eni’s fast-track approach and expertise from the Coral South project and is expected to start-up in just three years.

• In October, Eni and the Argentina YPF signed the Final Technical Project Description (FTPD), a significant step towards the Final Investment Decision for the 12 MTPA integrated upstream-midstream Argentina LNG (ARGLNG) project intended to monetize the gas reserves of the Vaca Muerta basin. Through a phased approach, the project could be scaled up to 30 MTPA in the long-term.

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Global Gas & LNG Portfolio and Power

Sales and production

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Global
Gas & LNG Portfolio | | | | | | | |
| 38 | Spot
Gas price at Italian PSV | €/MWh | 36 | 38 | (7) | 41 | 34 | 21 |
| 35 | TTF | | 32 | 35 | (8) | 38 | 31 | 21 |
| 3 | Spread
PSV vs. TTF | | 3 | 3 | 13 | 3 | 2 | 17 |
| | Natural
gas sales | bcm | | | | | | |
| 4.49 | Italy | | 4.26 | 5.09 | (16) | 14.70 | 17.73 | (17) |
| 3.86 | Rest of
Europe | | 3.72 | 4.92 | (24) | 12.79 | 15.62 | (18) |
| 0.28 | Importers
in Italy | | 0.09 | 0.16 | (44) | 0.59 | 0.95 | (38) |
| 3.58 | European
markets | | 3.63 | 4.76 | (24) | 12.20 | 14.67 | (17) |
| 0.66 | Rest of
World | | 1.20 | 0.78 | 54 | 2.82 | 2.27 | 24 |
| 9.01 | Worldwide
gas sales (a) | | 9.18 | 10.79 | (15) | 30.31 | 35.62 | (15) |
| 2.8 | LNG
sales | | 3.3 | 2.2 | 50 | 8.9 | 7.1 | 25 |
| | Power | | | | | | | |
| 4.53 | Thermoelectric
production | TWh | 4.83 | 5.33 | (9) | 14.77 | 14.56 | 1 |

(a) Data include intercompany sales.

• In Q3 ’25, natural gas sales were 9.18 bcm, a decrease of 15% from the comparative period due to lower volumes sold in the wholesales segment in Italy. Sales in the European market (3.63 bcm, down by 24% vs. Q3 ’24) decreased following lower sales in Turkey and Germany, partly balanced by higher sales mainly in France, the UK and the Iberian Peninsula. In the nine months ’25, natural gas sales amounted to 30.31 bcm, down by 15% vs the nine months ‘24, mainly due to lower gas volumes marketed in Italy (down by 17% or 3.03 bcm vs. the nine months ’24) and in the European markets (down by 17% or 2.47 bcm vs. the nine months ’24), in particular in Turkey.

• Thermoelectric production amounted to 4.83 TWh in Q3 ’25, down by 9% vs. Q3 ’24 with a lower plant utilization rate. In the nine months ‘25, production reported a slight increase of 1% compared to the same period in 2024, in order to seize market opportunities (14.77 TWh in the nine months ’25 vs. 14.56 TWh in the nine months ’24).

Results

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,444 | Sales
from operations | 3,503 | 4,227 | (17) | 12,537 | 12,691 | (1) |
| 387 | Proforma
adjusted EBIT | 346 | 286 | 21 | 1,206 | 995 | 21 |
| 321 | GGP | 279 | 253 | 10 | 910 | 912 | - |
| 9 | of which:
main JV/Associates | 4 | 8 | (50) | 23 | 31 | (26) |
| 66 | Power | 67 | 33 | .. | 296 | 83 | .. |
| 585 | Operating
profit (loss) of subsidiaries | 227 | (95) | .. | 1,585 | (779) | .. |
| (207) | Exclusion
of special items | 115 | 373 | | (402) | 1,743 | |
| 378 | Adjusted
operating profit (loss) of subsidiaries | 342 | 278 | 23 | 1,183 | 964 | 23 |
| 382 | Adjusted
profit (loss) before taxes | 348 | 286 | 22 | 1,200 | 995 | 21 |
| 38.5 | tax rate
(%) | 37.9 | 40.2 | | 36.8 | 40.1 | |
| 235 | Adjusted
net profit (loss) | 216 | 171 | 26 | 758 | 596 | 27 |
| 25 | Capital
expenditure | 14 | 22 | (36) | 51 | 67 | (24) |

• In Q3 ’25, the Global Gas & LNG Portfolio business achieved a proforma adjusted EBIT of €279 mln an increase of 10% from the comparative period, driven by continuing value maximization from the gas portfolio optimization. In the nine months ’25, proforma adjusted EBIT amounted to €910 mln, in line with the nine months ’24, also benefitting from income relating to renegotiations and settlements.

• In Q3 ’25, the Power generation business reported a proforma adjusted EBIT of €67 mln, up by €34 mln from the same quarter of 2024, mainly due to a one-off gain relating to a contractual renegotiation. In the nine months ‘25, proforma adjusted EBIT was €296 mln, up by €213 mln compared to the nine months ’24 due to the same drivers as for the Q3 ‘25.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

• In July, Eni signed a long-term liquefied natural gas (LNG) supply agreement with Venture Global for the purchase of 2 MTPA for 20 years from 2030 as part of Venture Global’s Phase 1 of CP 2 LNG project, under development. The agreement is Eni’s first long term LNG supply from the USA and represents a milestone in Eni’s strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility in order to reach its target of 20 MTPA of contracted LNG supply by 2030.

• In September, Eni signed a 3- years deal with Botas for the sale of total 1.5 bcm of LNG to Turkey.

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Enilive and Plenitude

Enilive

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Enilive | | | | | | | |
| 852 | Spread
EU HVO UCO-based vs UCO | $/tonnes | 1,143 | 613 | 86 | 899 | 671 | 34 |
| 444 | Spread
US RD (a) UCO-based vs UCO | | 420 | 758 | (45) | 449 | 892 | (50) |
| 274 | Bio throughputs | ktonnes | 315 | 277 | 14 | 881 | 952 | (7) |
| 74 | Average
bio refineries utilization rate | % | 85 | 74 | 15 | 79 | 85 | (7) |
| 5.38 | Total
Enilive sales | mmtonnes | 5.75 | 6.12 | (6) | 16.41 | 17.93 | (8) |
| 1.97 | Retail sales | | 2.10 | 2.07 | 1 | 5.85 | 5.75 | 2 |
| 1.40 | of which:
Italy | | 1.49 | 1.43 | 4 | 4.14 | 4.03 | 3 |
| 2.83 | Wholesale
sales | | 3.21 | 3.44 | (7) | 8.92 | 10.40 | (14) |
| 2.09 | of which:
Italy | | 2.42 | 2.64 | (8) | 6.78 | 7.98 | (15) |
| 0.58 | Other
sales | | 0.44 | 0.61 | (28) | 1.64 | 1.78 | (8) |

(a) Renewable Diesel.

• In Q3 ’25, bio throughputs were 0.32 mmtonnes, up by 14% y-o-y, mainly due to higher volumes processed at the Gela and Chalmette biorefineries following maintenance activities occurred in Q3 ‘24. In the nine months ‘25, bio throughputs were 0.88 mmtonnes, decreasing by 7% compared to the same period of 2024, following maintenance shutdowns occurred in the first half of the year.

• In Q3 ’25, retail sales were 2.10 mmtonnes, a slight increase vs Q3 ‘24, due to the higher sales marketed in Italy, particularly gasoline and diesel. In the nine months ‘25, retail sales amounted to 5.85 mmtonnes, up by 2% vs. the nine months ‘24, following the same driver of the quarter.

• In Q3 ’25, wholesale sales were 3.21 mmtonnes, a reduction of 7% y-o-y mainly following lower product availability in specific geographical areas in Italy. A decline in sales was also recorded in the nine months ‘25 with 8.92 mmtonnes: down by 14% vs. the nine months ‘24.

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,779 | Sales
from operations | 5,206 | 5,476 | (5) | 14,742 | 16,215 | (9) |
| 209 | Proforma
adjusted EBITDA | 317 | 252 | 26 | 698 | 716 | (3) |
| 129 | Proforma
adjusted EBIT | 233 | 173 | 35 | 457 | 486 | (6) |
| (9) | of which:
main JV/Associates | (8) | (18) | 56 | (32) | (32) | |
| 53 | Operating
profit (loss) of subsidiaries | 219 | 49 | 347 | 393 | 361 | 9 |
| 61 | Exclusion
of inventory holding (gains) losses | (8) | 114 | | 34 | 121 | |
| 24 | Exclusion
of special items | 30 | 28 | | 62 | 36 | |
| 138 | Adjusted
operating profit (loss) of subsidiaries | 241 | 191 | 26 | 489 | 518 | (6) |
| 126 | Adjusted
profit (loss) before taxes | 225 | 167 | 35 | 438 | 467 | (6) |
| 76 | Adjusted
net profit (loss) | 163 | 116 | 41 | 304 | 317 | (4) |
| 176 | Cash
flow from operations before changes in working capital at replacement cost | 283 | 17 | 1,565 | 608 | 450 | 35 |
| (1,264) | Net
borrowings | (1,338) | (684) | (96) | (1,338) | (684) | (96) |
| 68 | Capital
expenditure | 98 | 100 | (2) | 199 | 224 | (11) |

• In Q3 ’25 Enilive reported a proforma adjusted EBIT of €233 mln, representing a better performance compared to the same period in 2024, up by 35% (€457 mln in the nine months ’25, compared to €486 mln in the nine months ’24, down by 6%): the positive performance is primarily attributable to the strong results achieved by our biorefineries, both in EU and US.

• Proforma adjusted EBITDA amounted to €317 mln, increasing by 26% compared to the Q3 ’24 (€252 mln). In the nine months ’25, Enilive reported a proforma adjusted EBITDA of €698 mln, compared to a profit of €716 mln in the nine months ’24 (down by 3%).

Strategic developments

• In July, Eni signed with the European Investment Bank (EIB) a €500 mln 15-year finance contract to support the conversion of Eni's Livorno refinery in Tuscany into a biorefinery. Eni's project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 ktonnes/year Ecofining™ plant.

• In August, LG-Eni BioRefining, the LG Chem and Enilive joint venture, started construction works for the South Korea’s first hydrotreated vegetable oil (HVO) and Sustainable Aviation Fuel (SAF) production plant in Seoul. The plant is

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scheduled for completion in 2027 and will annually process approximately 400 ktonnes of renewable bio-feedstock.

• In September, Eni started the authorization process to convert selected units at the Sannazzaro de’ Burgondi (Pavia) refinery into a biorefinery. The project is intended to convert the existing Hydrocracker (HDC2) unit, using Ecofining™ technology and constructing a pre-treatment unit for waste and residues, used by Enilive to produce HVO biofuels. The new biorefinery will have a processing capacity of 550 ktonnes/year, with flexibility to produce SAF-biojet and HVO diesel.

Plenitude

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Plenitude | | | | | | | |
| 102 | Italian
PUN Index GME | €/MWh | 110 | 119 | (8) | 117 | 102 | 14 |
| 10.0 | Retail and
business customers at period end | mln pod | 9.9 | 10.0 | (1) | 9.9 | 10.0 | (1) |
| 0.68 | Retail
and business gas sales to end customers | bcm | 0.47 | 0.49 | (5) | 3.54 | 3.78 | (6) |
| 4.09 | Retail
and business power sales to end customers | TWh | 4.84 | 4.88 | (1) | 13.83 | 13.66 | 1 |
| 4.5 | Installed
capacity from renewables at period end | GW | 4.8 | 3.1 | 55 | 4.8 | 3.1 | 55 |
| 1.5 | Energy production
from renewable sources | TWh | 1.6 | 1.2 | 35 | 4.3 | 3.5 | 23 |
| 21.8 | EV
charging points at period end | thousand | 22.1 | 21.0 | 5 | 22.1 | 21.0 | 5 |

• As of September 30, 2025, retail and business customers were around 10 mln (gas and electricity), a slight decrease compared to September 30, 2024.

• Retail and business gas sales to end customers amounted to 0.47 bcm in Q3 ’25, with a 5% decrease compared to the same period of 2024, mainly reflecting the change in the customer base. In the nine months ‘25, gas sales amounted to 3.54 bcm, decreasing by 6% vs. the comparative period, mainly in Italy due to lower customer base.

• Retail and business power sales to end customers were 4.84 TWh in Q3 ’25, substantially in line compared to Q3 ’24. In the nine months ’25 power sales amounted to 13.83 TWh, benefitting from increasing customer portfolio in the domestic business segment.

• As of September 30, 2025, the installed capacity from renewables was 4.8 GW reflecting the organic development in Spain, the USA, the UK and Italy and the acquisitions in the USA, Spain and Germany.

• Energy production from renewable sources was 1.6 TWh in Q3 ’25, up by 35% year-on-year, mainly thanks to the start-up of organic projects and the contribution from acquired assets (4.3 TWh in the nine months ’25, +23% year-on-year).

• As of September 30, 2025, EV charging points amounted to 22.1 thousand, up by 5% compared to 21 thousand as of September 30, 2024, thanks to network development.

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,885 | Sales
from operations | 1,818 | 1,987 | (9) | 7,421 | 7,194 | 3 |
| 256 | Proforma
adjusted EBITDA | 221 | 244 | (9) | 835 | 853 | (2) |
| 133 | Proforma
adjusted EBIT | 98 | 133 | (26) | 472 | 524 | (10) |
| 30 | Operating
profit (loss) of subsidiaries | 23 | 158 | (85) | 87 | 992 | (91) |
| 94 | Exclusion
of special items | 69 | (24) | | 371 | (459) | |
| 124 | Adjusted
operating profit (loss) of subsidiaries | 92 | 134 | (31) | 458 | 533 | (14) |
| 107 | Adjusted
profit (loss) before taxes | 84 | 117 | (28) | 420 | 481 | (13) |
| 68 | Adjusted
net profit (loss) | 53 | 70 | (24) | 276 | 312 | (12) |
| 217 | Cash
flow from operations before changes in working capital at replacement cost | 163 | 247 | (34) | 743 | 773 | (4) |
| 2,061 | Net
borrowings | 1,967 | 1,756 | 12 | 1,967 | 1,756 | 12 |
| 196 | Capital
expenditure | 190 | 190 | | 530 | 671 | (21) |

• In Q3 ’25 Plenitude reported a proforma adjusted EBIT of €98 mln, down by 26% from the same period of 2024, reflecting lower results on retail business (mainly related to energy efficiency solutions) partly balanced by the ramp-up in renewable installed capacity and related production volumes. In the nine months ’25 Plenitude reported a proforma adjusted EBIT of €472 mln, a 10% reduction compared to a proforma adjusted EBIT of €524 mln in the nine months ’24.

• In Q3 ’25, proforma adjusted EBITDA amounted to €221 mln, down by 9% vs Q3 ’24. In the nine months ’25, Plenitude reported a proforma adjusted EBITDA of €835 mln, down by 2% compared to the nine months ’24 (€853 mln).

For the disclosure on business segment special charges, see “Special items” in the Group results section.

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Strategic developments

• In September, GreenIT, the Italian joint venture between Plenitude and CDP Equity (CDP Group), obtained a funding of €370 mln for renewable energy projects, by the European Investment Bank and leading European financial institutions.

• In September, Plenitude started the 50 MW Solar Power Plant in Kazakhstan. The plant is a part of an innovative project led by Eni and KazMunayGas (KMG), the first large-scale of its kind, for the realization of a 247 MW Hybrid Power Plant which integrates solar, wind and gas power generation.

• In October, Plenitude signed with A.N.FI.R (Associazione Nazionale delle Finanziarie Regionali) a Framework Agreement for the construction of plants for renewable energy production.

Refining and Chemicals

Production and sales

| Q2 — 2025 | | | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Refining | | | | | | | |
| 4.8 | Standard
Eni Refining Margin (SERM) | $/bbl | 8.9 | 1.7 | .. | 5.8 | 5.6 | 4 |
| 3.73 | Throughputs
in Italy on own account | mmtonnes | 3.81 | 3.29 | 16 | 10.88 | 10.46 | 4 |
| 2.65 | Throughputs
in the rest of World on own account | | 2.79 | 2.68 | 4 | 7.95 | 7.71 | 3 |
| 6.38 | Total
throughputs on own account | | 6.60 | 5.97 | 11 | 18.83 | 18.17 | 4 |
| 84 | Average
refineries utilization rate | % | 84 | 78 | | 81 | 78 | |
| | Chemicals | | | | | | | |
| 0.72 | Sales of
chemical products | mmtonnes | 0.59 | 0.81 | (28) | 2.10 | 2.43 | (13) |
| 47 | Average
plant utilization rate | % | 47 | 52 | (10) | 50 | 52 | (4) |

Refining

• In Q3 ’25, the Standard Eni Refining Margin averaged 8.9 $/barrel vs. 1.7 $/barrel in the comparative period mainly due to more favorable product crack spreads leveraged by a number of plant shutdowns worldwide, notwithstanding a weak demand (5.8 $/barrel in the nine months ‘25, representing a slight increase vs. 5.6 $/barrel reported in the nine months ’24).

• In Q3 ’25, throughputs on own accounts at Eni’s refineries in Italy were 3.81 mmtonnes, up by 16% y-o-y reflecting higher volumes processed at the Sannazzaro and Milazzo refineries, due to lower shutdowns. Throughputs outside Italy increased by 4% compared to Q3 ’24, following higher volumes processed by ADNOC Refineries. In the nine months ’25, throughputs in Italy and in the rest of World reported an increase of 4% and 3% respectively, compared to the same period of 2024.

Chemicals

• Sales of chemical products were 0.59 mmtonnes in Q3 ’25, a 28% decrease y-o-y due to lower demand and plant shutdown. In the nine months ‘25, sales amounted to 2.10 mmtonnes, representing a decrease of 13% from the comparative period.

• Margins remained weak across the board as commodity prices did not recover feedstock and energy input expenses due to European headwinds, sluggish economic activity, and competitive pressures from players with better cost structures.

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Results

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,533 | Sales
from operations | 4,545 | 5,333 | (15) | 14,010 | 16,524 | (15) |
| (193) | Proforma
adjusted EBIT | (53) | (192) | 72 | (580) | (438) | (32) |
| (9) | Refining | 135 | 1 | .. | 35 | 145 | (76) |
| 20 | of
which: main JV/Associates | 83 | 36 | .. | 112 | 161 | (30) |
| (184) | Chemicals | (188) | (193) | 3 | (615) | (583) | (5) |
| (843) | Operating
profit (loss) of subsidiaries | (291) | (908) | 68 | (1,593) | (1,081) | (47) |
| 396 | Exclusion
of inventory holding (gains) losses | 69 | 479 | | 496 | 254 | |
| 234 | Exclusion
of special items | 86 | 201 | | 405 | 228 | |
| (213) | Adjusted
operating profit (loss) of subsidiaries | (136) | (228) | 40 | (692) | (599) | (16) |
| (207) | Adjusted
profit (loss) before taxes | (58) | (207) | 72 | (608) | (469) | (30) |
| (197) | Adjusted
net profit (loss) | (74) | (158) | 53 | (581) | (342) | (70) |
| 175 | Capital
expenditure | 142 | 163 | (13) | 430 | 453 | (5) |

· In Q3 ’25, the Refining business, including contribution from the ADNOC R&GT associate, reported a positive performance of €135 mln, compared to a breakeven Q3 ’24 result, reflecting the recovery in refining margins, improved product crack spreads and the higher average utilization plant rate. In the nine months ’25, the business reported a proforma adjusted profit of €35 mln, below the nine months ’24 results (€145 mln) driven by negative scenario of utilities and other positive one-off of the nine months ’24.

· The Chemical business, managed by Versalis, reported a proforma adjusted loss of €188 mln in Q3 ’25, a slightly better performance compared to the loss in Q3 ’24 (€193 mln), as the restructuring program has begun to yield some benefits, offsetting the adverse market scenario. The overall picture of the chemical sector remains depressed, driven by macro headwinds impacting commodity demands, and comparatively higher production costs in Europe vs. other geographies, which reduced the competitiveness of Versalis products with respect to US and Asian players in an oversupplied market. In the nine months ’25, proforma adjusted loss amounted to €615 mln (€583 mln loss in the nine months ’24) reflecting exceptionally adverse market conditions.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

· In July, Versalis signed a Memorandum of Understanding (MoU) with Acea Ambiente covering initiatives in the field of recycling post-consumer and post-industrial plastics. The agreement foresees the assessment of chemical recycling solutions, including the proprietary Hoop ® technology.

· In September, Versalis signed an agreement with Veritas, an Italian multi-utility, to promote the circular economy, mainly focusing on developing joint initiatives to valorize post-consumer and post-industrial plastics.

· In September, Eni Storage Systems, a joint venture between Eni and Fib, a Seri Industrial subsidiary, started operations to build a plant for the production of stationary lithium batteries as part of the reconversion plan of the Brindisi petrochemicals hub which has undergone shutdown.

· In October, the authorisation process for the transformation of the Priolo site started. The proposed project includes a new biorefinery and a chemical recycling plant for plastics based on Versalis’ proprietary Hoop ® technology. The new biorefinery will have a production capacity of 500 ktonnes per year. In addition to the Ecofining™ plant, the project includes a biogenic feedstock pre-treatment unit and a plant to produce hydrogen. Completion is scheduled by the end of 2028. The Versalis Hoop ® plant will have a processing capacity of 40 ktonnes per year.

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Sustainability and other developments

The main achievements of the Group strategy aiming at improving Eni’s ESG performance have been:

· In July, as part of the strategic partnership between Italy and the United Arab Emirates, Eni signed with Khazna Data Centers a memorandum to set up a Joint Venture for the development of an “AI Data Center Campus” with a total IT capacity of 500 MW at Eni’s hub of Ferrera Erbognone.

· In August, Eni signed a Sale and Purchase Agreement (SPA) with Global Infrastructure Partners, a leading global infrastructure investor, affiliate of the BlackRock fund, relating to a stake of 49.99% in Eni CCUS Holding, which is expected to establish joint control of the counterparties over the post-close entity. The Eni’s subsidiary operates the Liverpool Bay and Bacton CCS projects in the UK, is committed to the L10-CCS project in the Netherlands, and owns a pre-emptive right to acquire a 50% stake held by Eni in the Ravenna CCS project in Italy. Furthermore, it has access to several options within a broader platform of ongoing CCUS initiatives in the medium to long-term.

· In September, Eni signed with Commonwealth Fusion Systems (CFS) a power offtake agreement worth more than $1 bln, expanding a longstanding strategic partnership between the companies to bring to industrial scale the magnetic fusion to produce power. The power purchase agreement (PPA) covers a share of the decarbonized power which will be generated once CFS’s ARC fusion power plant in Chesterfield County, Virginia becomes operational at the beginning of the next decade as planned by the shareholders of the initiative.

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Group results

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 18,767 | Sales
from operations | 20,204 | 20,658 | (2) | 61,536 | 65,309 | (6) |
| 1,162 | Operating
profit (loss) | 1,344 | 1,360 | (1) | 4,834 | 5,611 | (14) |
| 372 | Exclusion
of inventory holding (gains) losses | 117 | 431 | (73) | 475 | 425 | 12 |
| 355 | Exclusion
of special items (a) | 612 | 651 | (6) | 1,253 | 2,618 | (52) |
| 1,889 | Adjusted
operating profit (loss) | 2,073 | 2,442 | (15) | 6,562 | 8,654 | (24) |
| 792 | main
JV/Associates adjusted EBIT | 923 | 958 | (4) | 2,796 | 2,969 | (6) |
| 2,681 | Proforma
adjusted EBIT | 2,996 | 3,400 | (12) | 9,358 | 11,623 | (19) |
| 2,422 | E&P | 2,638 | 3,259 | (19) | 8,368 | 10,242 | (18) |
| 387 | Global
Gas & LNG Portfolio (GGP) and Power | 346 | 286 | 21 | 1,206 | 995 | 21 |
| 262 | Enilive
and Plenitude | 331 | 306 | 8 | 929 | 1,010 | (8) |
| (193) | Refining
and Chemicals | (53) | (192) | 72 | (580) | (438) | (32) |
| (197) | Corporate,
other activities and consolidation adjustments | (266) | (259) | | (565) | (186) | |
| 2,200 | Adjusted
profit (loss) before taxes | 2,273 | 2,656 | (14) | 7,222 | 9,200 | (22) |
| 1,175 | Adjusted
net profit (loss) | 1,315 | 1,292 | 2 | 3,943 | 4,429 | (11) |
| 561 | Net
profit (loss) | 865 | 544 | 59 | 2,621 | 2,476 | 6 |
| 543 | Net
profit (loss) attributable to Eni's shareholders | 803 | 522 | 54 | 2,518 | 2,394 | 5 |
| 256 | Exclusion
of inventory holding (gains) losses | 87 | 309 | (72) | 333 | 305 | 9 |
| 335 | Exclusion
of special items (a) | 357 | 440 | (19) | 942 | 1,673 | (44) |
| 1,134 | Adjusted
net profit (loss) attributable to Eni's shareholders | 1,247 | 1,271 | (2) | 3,793 | 4,372 | (13) |

(a) For further information see table "Breakdown of special items".

· In Q3 ’25, the Group proforma adjusted EBIT of €3 bln was 12% lower than the year-ago quarter due to a decline in crude oil realized prices in the wake of a 14% reduction in the price of the Brent benchmark and the EUR appreciation vs the USD (up 6% vs Q3 ’24). Unfavorable commodity and currency trends affected the performance of the E&P business at €2.64 bln (down 19% y-o-y), which nonetheless showed underlying improvements in connection with oil and gas production growth, an improved production mix due to an increasing contribution of more valuable barrels and cost efficiencies. Other businesses performed well compared to the year-ago quarter, particularly the refining business which returned to profitability due to improved product crack spreads and better plant utilization rates (€0.14 bln vs breakeven in the year-ago quarter). The performance in the GGP and Power segment, up 21% from the year-ago quarter, was driven by the continuing value maximization of the gas portfolio. The Chemicals business on the backdrop of a continued downturn in the European sector reported a loss of €0.19 bln, but beginning to show some improvement through the early effects of the restructuring plan. The performance of the transition-related satellites Enilive/Plenitude was in line with management’s expectations. In the nine months ‘25, the Group reported a proforma adjusted Ebit of €9.36 bln, down 19% compared to the nine months ’24, due to the same trends as in Q3 ’25, as well as the circumstance that the comparative period result included a gain on the settlement of certain environmental claims with another Italian company at Italian industrial hubs where Eni took over as successor.

· In Q3 ’25 adjusted profit before taxes was €2.27 bln, 14% lower than the Q3 ’24, reflecting the trend in the Group adjusted EBIT, partly offset by higher net profits recorded at Eni’s equity-accounted entities driven by better operating and volume performances as well as the inception of Ithaca Energy in the UK, despite the negative commodity scenario. In the nine months ‘25, the Group reported an adjusted profit before taxes of €7.22 bln, down 22% compared to the nine months ’24.

· In Q3 ’25 adjusted net profit attributable to Eni’s shareholders of €1.25 bln was 2% lower than the Q3 ’24, because of the 14% reduction in adjusted profit before taxes, partly offset by a lower tax rate down to 42% from 51%. The reduction in the Group tax rate was driven by a better geographical mix of profits before taxes in E&P reflecting higher contribution from jurisdictions with lower-than-average tax rates also as result of portfolio rationalization, as well as higher contribution to pre-tax profit from Italian subsidiaries which are subject to a statutory tax rate (around 28%) well below that of the E&P foreign sector. In the nine months ‘25, the Group reported an adjusted net profit attributable to Eni’s shareholders of €3.79 bln, down 13% compared to the nine months ’24.

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Net borrowings and cash flow from operations

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Change | Nine
months — 2025 | 2024 | Change |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 561 | Net
profit (loss) | 865 | 544 | 321 | 2,621 | 2,476 | 145 |
| | Adjustments
to reconcile net profit (loss) to net cash provided by operating activities: | | | | | | |
| 1,716 | -
depreciation, depletion and amortization and other non monetary items | 1,505 | 1,875 | (370) | 5,063 | 6,774 | (1,711) |
| (6) | -
net gains on disposal of assets | (32) | (382) | 350 | (38) | (566) | 528 |
| 950 | -
dividends, interests and taxes | 891 | 1,263 | (372) | 3,275 | 4,428 | (1,153) |
| 1,176 | Changes
in working capital related to operations | 195 | 1,298 | (1,103) | 387 | 260 | 127 |
| 512 | Dividends
received by equity investments | 417 | 305 | 112 | 1,296 | 1,409 | (113) |
| (1,058) | Taxes
paid | (572) | (1,735) | 1,163 | (2,802) | (4,554) | 1,752 |
| (334) | Interests
(paid) received | (191) | (171) | (20) | (822) | (755) | (67) |
| 3,517 | Net
cash provided by operating activities | 3,078 | 2,997 | 81 | 8,980 | 9,472 | (492) |
| (1,954) | Capital
expenditure | (2,017) | (2,001) | (16) | (5,790) | (5,953) | 163 |
| (100) | Investments
and acquisitions | (229) | (76) | (153) | (580) | (2,384) | 1,804 |
| 83 | Disposal
of consolidated subsidiaries, businesses, tangible and intangible assets and investments | 1,275 | 1,059 | 216 | 1,359 | 1,686 | (327) |
| (275) | Other
cash flow related to investing activities | (93) | (852) | 759 | (268) | (804) | 536 |
| 1,271 | Free
cash flow | 2,014 | 1,127 | 887 | 3,701 | 2,017 | 1,684 |
| 10 | Net
cash inflow (outflow) related to financial activities | (459) | 255 | (714) | (649) | 135 | (784) |
| (317) | Changes
in short and long-term financial debt | (97) | (2,063) | 1,966 | (1,421) | (619) | (802) |
| (300) | Repayment
of lease liabilities | (303) | (262) | (41) | (978) | (933) | (45) |
| (458) | Dividends
paid, share repurchases, changes in non-controlling interests and reserves | (1,371) | (1,370) | (1) | 193 | (2,856) | 3,049 |
| (65) | Issue
of perpetual hybrid bond and interest payment | (1) | 1,549 | (1,550) | 125 | 1,462 | (1,337) |
| (121) | Effect
of changes in consolidation and exchange differences of cash and cash equivalent | 2 | (89) | 91 | (202) | (44) | (158) |
| 20 | NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT | (215) | (853) | 638 | 769 | (838) | 1,607 |
| 2,775 | Adjusted
net cash before changes in working capital at replacement cost | 3,297 | 2,898 | 399 | 9,486 | 10,701 | (1,215) |

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Change | Nine
months — 2025 | 2024 | Change |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,271 | Free
cash flow | 2,014 | 1,127 | 887 | 3,701 | 2,017 | 1,684 |
| (300) | Repayment
of lease liabilities | (303) | (262) | (41) | (978) | (933) | (45) |
| | Net
borrowings of acquired companies | | (4) | 4 | | (482) | 482 |
| (312) | Exchange
differences on net borrowings and other changes | (72) | (554) | 482 | (797) | (1,275) | 478 |
| (458) | Dividends
paid and changes in non-controlling interest and reserves | (1,371) | (1,370) | (1) | 193 | (2,856) | 3,049 |
| (65) | Issue
of perpetual hybrid bond and interest payment | (1) | 1,549 | (1,550) | 125 | 1,462 | (1,337) |
| 136 | CHANGE
IN NET BORROWINGS BEFORE LEASE LIABILITIES | 267 | 486 | (219) | 2,244 | (2,067) | 4,311 |
| 300 | Repayment
of lease liabilities | 303 | 262 | 41 | 978 | 933 | 45 |
| 193 | Inception
of new leases and other changes | (113) | (47) | (66) | (43) | (723) | 680 |
| 629 | CHANGE
IN NET BORROWINGS AFTER LEASE LIABILITIES | 457 | 701 | (244) | 3,179 | (1,857) | 5,036 |

In the nine months ’25, net cash provided by operating activities was €8,980 mln and included €1,296 mln of dividends received by Eni’s equity-accounted investments, mainly Azule Energy and Vår Energi. The amount of trade receivables discounted as part of non-recourse arrangements with financing institutions was ca. €0.4 bln higher than in the Q4 ’24 as part of the Group ongoing initiatives to optimize working capital requirements.

Adjusted net cash before changes in working capital at replacement cost was €9,486 mln in the nine months ’25 (€3,297 mln in the Q3 ’25) and was net of the following items: inventory holding gains or losses relating to oil and products, the reversing of timing difference between gas inventories accounted at weighted average cost and management’s own measure of performance leveraging inventories to optimize margins, the fair value of commodity derivatives lacking the formal criteria to be designated as hedges or prorated on an accrual basis, decommissioning provisions related to the reconversion of uncompetitive plants in the transition scenario or to dismantle loss-making activities, as well as non-recurring provisions in connection with certain legal proceedings.

A reconciliation of adjusted net cash before changes in working capital at replacement cost to net cash provided by operating activities is provided below:

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Change | Nine
months — 2025 | 2024 | Change |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,517 | Net
cash provided by operating activities | 3,078 | 2,997 | 81 | 8,980 | 9,472 | (492) |
| (1,176) | Changes
in working capital related to operations | (195) | (1,298) | 1,103 | (387) | (260) | (127) |
| (28) | Exclusion
of commodity derivatives | 50 | 488 | (438) | (3) | (46) | 43 |
| 372 | Exclusion
of inventory holding (gains) losses | 117 | 431 | (314) | 475 | 425 | 50 |
| 2,685 | Net
cash before changes in working capital at replacement cost | 3,050 | 2,618 | 432 | 9,065 | 9,591 | (526) |
| 90 | Extraordinary
(gains) charges | 247 | 280 | (33) | 421 | 1,110 | (689) |
| 2,775 | Adjusted
net cash before changes in working capital at replacement cost | 3,297 | 2,898 | 399 | 9,486 | 10,701 | (1,215) |

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In the nine months ’25 organic capex was €5.9 bln (down 3% y-o-y) and excluded the share of capex that will be reimbursed upon closing of ongoing asset disposals, which have been reclassified among other cash flow related to investing activities. Net of organic capex, the free cash flow ante working capital was about €3.58 bln.

Cash inflows from divestments and transactions with owners comprised proceeds from the disposals of noncontrolling interest in consolidated subsidiaries relating to a 30% investment of private equity fund KKR into Enilive for €3.57 bln, a second investment tranche (2.4%) of the EIP fund into Plenitude (€0.21 bln) as well as asset disposals mainly relating to the sale of a 30% stake in the Baleine project and other non-strategic fields in Congo (€1.36 bln). Acquisitions were of little relevance and related to the expansion of renewable capacity for Plenitude and to the development of the agri-business activity.

Other cash flow relating to investing activities included a cash inflow upon a post-closing adjustment of the business combination with Ithaca Energy Plc (€0.12 bln).

Net borrowings before IFRS 16 in the nine months ‘25 decreased by around €2.24 bln. The main inflows comprised the adjusted operating cash flow (€9.49 bln) and transactions with equity owners relating to the divestment of noncontrolling interests at Enilive and Plenitude subsidiaries (€3.78 bln). Furthermore, other positive cash inflows regarded asset disposals for €1.36 bln. The main cash outflows comprised requirements for capital expenditures of €5.9 bln, dividend payments to Eni’s shareholders and share repurchases of €3.54 bln (€2.31 bln of dividend payments and share repurchases of €1.23 bln), repayment of supplier financing agreements (€1 bln), the repayment of lease liabilities and hybrid bond interest (€1.08 bln), as well as other changes of €0.8 bln.

As of October 17, 2025, around 68.4 mln shares have been purchased, for a cash outlay of €980 mln, as part of the share buy-back program authorized by the Shareholders' Meeting held on May 14, 2025, for a total maximum of €3.5 bln through April 2026. Within that limit, management intends to execute share repurchase plan to €1.8 bln.

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Summarized Group Balance Sheet

| (€
million) | Dec. 31,
2024 | Sept.
30, 2025 | Change |
| --- | --- | --- | --- |
| Fixed
assets | | | |
| Property, plant
and equipment | 59,864 | 53,684 | (6,180) |
| Right
of use | 5,822 | 5,100 | (722) |
| Intangible
assets | 6,434 | 6,020 | (414) |
| Inventories
- Compulsory stock | 1,595 | 1,326 | (269) |
| Equity-accounted
investments and other investments | 15,545 | 14,583 | (962) |
| Receivables
financing and securities held for operating purposes | 1,107 | 1,035 | (72) |
| Net
payables related to capital expenditure | (1,364) | (1,194) | 170 |
| | 89,003 | 80,554 | (8,449) |
| Net
working capital | | | |
| Inventories | 6,259 | 6,260 | 1 |
| Trade
receivables | 12,562 | 8,462 | (4,100) |
| Trade
payables | (15,170) | (11,839) | 3,331 |
| Net
tax assets (liabilities) | 144 | (378) | (522) |
| Provisions | (15,774) | (14,510) | 1,264 |
| Other
current assets and liabilities | (2,292) | (1,038) | 1,254 |
| | (14,271) | (13,043) | 1,228 |
| Provisions
for employee benefits | (681) | (626) | 55 |
| Assets
held for sale including related liabilities | 225 | 1,530 | 1,305 |
| CAPITAL
EMPLOYED, NET | 74,276 | 68,415 | (5,861) |
| Eni's
shareholders equity | 52,785 | 49,243 | (3,542) |
| Non-controlling
interest | 2,863 | 3,723 | 860 |
| Shareholders'
equity | 55,648 | 52,966 | (2,682) |
| Net
borrowings before lease liabilities ex IFRS 16 | 12,175 | 9,931 | (2,244) |
| Lease
liabilities | 6,453 | 5,518 | (935) |
| Net
borrowings after lease liabilities ex IFRS 16 | 18,628 | 15,449 | (3,179) |
| TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY | 74,276 | 68,415 | (5,861) |
| Leverage
before lease liabilities ex IFRS 16 | 0.22 | 0.19 | |
| Leverage
after lease liabilities ex IFRS 16 | 0.33 | 0.29 | |
| Gearing
before lease liabilities ex IFRS 16 | 0.18 | 0.16 | |
| Gearing
after lease liabilities ex IFRS 16 | 0.25 | 0.23 | |

As of September 30, 2025, fixed assets (€80.6 bln) decreased by €8.5 bln from December 31, 2024, mainly due to negative exchange rate translation differences (the period-end exchange rate of EUR vs. USD was 1.174 up 13% compared to 1.039 as of December 31, 2024) thus decreasing the euro book values of dollar-denominated assets. Capital expenditures for the period were offset by asset disposals, mainly the 30% of the Baleine project, and DD&A. Assets held for sale were recognized in connection with the pending disposal of non-controlling interests in certain upstream operated assets and Eni’s business of the CCUS.

Shareholders’ equity (approximately €53 bln) decreased by €2.7 bln from December 31, 2024, mainly due to negative foreign currency translation differences (about €6 bln) reflecting the depreciation of the USD vs. EUR, as well as shareholders remuneration of €3.5 bln (dividend distributions and share buy-back). These reductions were partly offset by net profit for the period (€2.6 bln) and the recognition through retained earnings of the positive difference between the book value of the noncontrolling interest in the subsidiary Enilive divested to a third party and the consideration received (circa €2.7 bln).

Non-controlling interests of €3.7 bln included: i) a minority participating interest acquired by the private equity fund KKR in the share capital of Enilive (€0.9 bln) as well as the EIP fund’s interest in Plenitude of €0.7 bln, which was increased in the period by €0.2 bln; ii) a perpetual subordinated hybrid bond (€1.8 bln) issued by a Group subsidiary in 2024, classified as equity since the Group retains an unconditional right to avoid transferring cash or other financial assets to the bondholders.

Net borrowings 2 before lease liabilities as of September 30, 2025 of €9.9 bln was down by €2.2 bln from December 31, 2024.

Leverage 3 – the ratio of net borrowings to total equity before IFRS 16 – was 19% on September 30, 2025. Considering the disposal transactions underway, particularly the proposed 20% investment by Ares private equity fund into Plenitude, the Group proforma leverage stands at 12%.

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2 Details on net borrowings are furnished on page 27.

3 Non-GAAP financial measures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables in line with guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For further information, see the section “Non-GAAP measures” of this press release. See pages 18 and subsequent.

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Special items

The breakdown of pre-tax special items recorded in operating profit by segment (net charges of €1,253 mln and €612 mln in the nine months ’25 and Q3 ’25, respectively) is as follows:

· E&P: net charges of €573 mln in the nine months ’25 (€130 mln in Q3 ‘25) mainly relating to write-downs of oil&gas properties driven by alignment of a disposal group to its fair value (€464 mln), of which two transactions closed in the quarter, as well as an oil asset impairment driven by a downward reserves revision;

· GGP and Power: net gains of €402 mln in the nine months '25 (net charges €115 mln in Q3 '25) mainly relating to the accounting effect of certain fair-valued commodity derivatives lacking the formal criteria to be classified as hedges or to be waived from fair value accounting under the own use exemption (net gains of €374 mln and €32 mln in the nine months '25 and Q3 '25, respectively) and the difference between the value of gas inventories accounted for under the weighted-average cost method provided by IFRS and management's own measure of inventories, which moves forward at the time of inventory drawdown, the margins captured on volumes in inventories above normal levels leveraging the seasonal spread in gas prices net of the effects of the associated commodity derivatives (net charges of €74 mln and €79 mln in the nine months '25 and Q3 '25, respectively).The reclassification of the negative balance of €280 mln (positive of €17 mln in Q3 '25) related to derivatives covering margin exposure to foreign currency exchange rate movements and exchange translation differences of commercial payables and receivables;

· Enilive and Plenitude: net charges of €433 mln (€99 mln in Q3 '25) mainly related to the fair values of commodity derivatives lacking the formal criteria to be classified as hedges under IFRS relating exposure to the gas commodity (€360 mln and €67 mln in the nine months '25 and Q3 '25, respectively);

· Refining and Chemicals: net charges of €405 mln (€86 mln in Q3 '25) mainly related to the write-down of capital expenditures made for compliance and stay-in-business at certain CGU with expected negative cash flows (€218 mln and €59 mln in the nine months '25 and Q3 '25, respectively), and environmental provision of €136 mln (€19 mln in Q3 '25).

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Other information, basis of presentation and disclaimer

This press release on Eni’s results for the third quarter and the nine months of 2025 has been prepared on a voluntary basis according to article 82-ter, Regulations on issuers (CONSOB Regulation No. 11971 of May 14, 1999, and subsequent amendments and inclusions). The disclosure of results and business trends on a quarterly basis is consistent with Eni’s policy to provide the market and investors with regular information about the Company’s financial and industrial performances and business prospects considering the reporting policy followed by oil&gas peers who are communicating results on quarterly basis.

Results and cash flow are presented for the second and third quarter of 2025, the nine months of 2025 and for the third quarter and the nine months of 2024. Information on the Company’s financial position relates to end of the periods as of September 30, 2025 and December 31, 2024.

Accounts set forth herein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the procedure set forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.

These criteria are unchanged from the 2024 Annual Report on Form 20-F filed with the US SEC on April 4, 2025, which investors are urged to read.

Non-GAAP financial measures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables in line with guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For further information, see the section “Alternative performance measures (Non-GAAP measures)” of this press release.

The manager responsible for the preparation of the Company’s financial reports, Francesco Esposito, declares pursuant to rule 154-bis paragraph 2 of Legislative Decree No. 58/1998 that data and information disclosed in this press release correspond to the Company’s evidence and accounting books and records.

Disclaimer

This press release contains certain forward-looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease, the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing; operational issues; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.

Company Contacts

Press Office: Tel. +39.0252031875 - +39.0659822030

Freephone for shareholders (from Italy): 800940924

Freephone for shareholders (from abroad): +80011223456

Switchboard: +39-0659821

[email protected]

website: www.eni.com

Eni

Società per Azioni, Rome, Piazzale Enrico Mattei, 1

Share capital: €4,005,358,876 fully paid.

Tax identification number 00484960588

Tel.: +39 0659821 - Fax: +39 0659822141

This press release for the third quarter and the nine months of 2025 results (not subject to audit) is also available on Eni’s website eni.com.

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Alternative performance indicators (Non-GAAP measures)

Management evaluates underlying business performance on the basis of Non-GAAP financial measures, which are not provided by IFRS (“Alternative performance measures”), such as adjusted operating profit, adjusted net profit, which are arrived at by excluding from reported results certain gains and losses, defined special items, which include, among others, asset impairments, including impairments of deferred tax assets, gains on disposals, risk provisions, restructuring charges, the accounting effect of fair-valued derivatives used to hedge exposure to the commodity, exchange rate and interest rate risks, which lack the formal criteria to be accounted as hedges, and analogously evaluation effects of assets and liabilities utilized in a relation of natural hedge of the above mentioned market risks. Furthermore, in determining the business segments’ adjusted results, finance charges on finance debt and interest income are excluded (see below). In determining adjusted results, inventory holding gains or losses are excluded from base business performance, which is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS, except in those business segments where inventories are utilized as a lever to optimize margins. Finally, the same special charges/gains are excluded from the Eni’s share of results at JVs and other equity accounted entities, including any profit/loss on inventory holding.

Management is disclosing Non-GAAP measures of performance to facilitate a comparison of base business performance across periods, and to allow financial analysts to evaluate Eni’s trading performance on the basis of their forecasting models.

Non-GAAP financial measures should be read together with information determined by applying IFRS and do not stand in for them. Other companies may adopt different methodologies to determine Non-GAAP measures.

Follows the description of the main alternative performance measures adopted by Eni. The measures reported below refer to the performance of the reporting periods disclosed in this press release:

Adjusted operating and net profit

Adjusted operating profit and adjusted net profit are determined by excluding inventory holding gains or losses, special items and, in determining the business segments’ adjusted results, finance charges on finance debt and interest income. The adjusted operating profit of each business segment reports gains and losses on derivative financial instruments entered into to manage exposure to movements in foreign currency exchange rates, which impact industrial margins and translation of commercial payables and receivables. Accordingly, also currency translation effects recorded through profit and loss are reported within business segments’ adjusted operating profit. The taxation effect of the items excluded from adjusted operating or net profit is determined based on the specific rate of taxes applicable to each of them.

Finance charges or income related to net borrowings excluded from the adjusted net profit of business segments are comprised of interest charges on finance debt and interest income earned on cash and cash equivalents not related to operations. Therefore, the adjusted net profit of business segments includes finance charges or income deriving from certain segment operated assets, i.e., interest income on certain receivable financing and securities related to operations and finance charge pertaining to the accretion of certain provisions recorded on a discounted basis (as in the case of the asset retirement obligations in the Exploration & Production segment).

Inventory holding gain or loss

This is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS.

Special items

These include certain significant income or charges pertaining to either: (i) infrequent or unusual events and transactions, being identified as non-recurring items under such circumstances; (ii) certain events or transactions which are not considered to be representative of the ordinary course of business, as in the case of environmental provisions, restructuring charges, asset impairments or write ups and gains or losses on divestments even though they occurred in past periods or are likely to occur in future ones. Exchange rate differences and derivatives relating to industrial activities and commercial payables and receivables, particularly exchange rate derivatives to manage commodity pricing formulas which are quoted in a currency other than the functional currency are reclassified in operating profit with a corresponding adjustment to net finance charges, notwithstanding the handling of foreign currency exchange risks is made centrally by netting off naturally-occurring opposite positions and then dealing with any residual risk exposure in the derivative market. Finally, special items include the accounting effects of fair-valued commodity derivatives relating to commercial exposures, in addition to those which lack the criteria to be designed as hedges, also those which are not eligible for the own use exemption, including the ineffective portion of cash flow hedges, as well as the accounting effects of settled commodity and exchange rates derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.

Correspondently, special charges/gains also include the evaluation effects relating to assets/liabilities utilized in a natural hedge relation to offset a market risk, as in the case of accrued currency differences at finance debt denominated in a currency other than the reporting currency, where the cash outflows for the reimbursement are matched by highly probable cash inflows in the same currency. The deferral of both the unrealized portion of fair-valued commodity and other derivatives and evaluation effects are reversed to future reporting periods when the underlying transaction occurs.

As provided for in Decision No. 15519 of July 27, 2006 of the Italian market regulator (CONSOB), non-recurring material income or charges are to be clearly reported in the management’s discussion and financial tables.

Leverage

Leverage is a Non-GAAP measure of the Company’s financial condition, calculated as the ratio between net borrowings and shareholders’ equity, including non-controlling interest. Leverage is the reference ratio to assess the solidity and efficiency of the Group balance sheet in terms of incidence of funding sources including third-party funding and equity as well as to carry out benchmark analysis with industry standards.

Gearing

Gearing is calculated as the ratio between net borrowings and capital employed net and measures how much of capital employed net is financed recurring to third-party funding.

Cash flow from operations before changes in working capital at replacement cost (Adjusted net cash before changes in working capital at replacement cost)

This is defined as net cash provided from operating activities before changes in working capital at replacement cost. It also excludes certain non-recurring charges such as extraordinary credit allowances and, considering the high market volatility, changes in the fair value of commodity derivatives lacking the formal criteria to be designed as hedges, including derivatives which were not eligible for the own use exemption, the ineffective portion of cash flow hedges, as well as the effects of certain settled commodity derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.

Free cash flow

Free cash flow represents the link existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net borrowings (deriving from the summarized cash flow statement) that occurred from the beginning of the period to the end of period. Free cash flow is the cash in excess of capital expenditure needs. Starting from free cash flow it is possible to determine either: (i) changes in cash and cash equivalents for the period by adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt and receivables related to financing activities), shareholders’ equity (dividends paid, net repurchase of own shares, capital issuance) and the effect of changes in consolidation and of exchange rate differences; (ii) changes

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in net borrowings for the period by adding/deducting cash flows relating to shareholders’ equity and the effect of changes in consolidation and of exchange rate differences.

Field: Split-Segment; Name: 4

Net borrowings

Net borrowings is calculated as total finance debt less cash, cash equivalents, financial assets measured at fair value through profit or loss and financing receivables held for non-operating purposes. Financial activities are qualified as “not related to operations” when these are not strictly related to the business operations.

Proforma adjusted EBIT

Is the measure adding the operating margin of the equity accounted entities to the adjusted EBIT, introduced by the management to reflect the increasing contribution from the JV/associates also in connection with the Eni satellite model.

Reconciliation tables of Non-GAAP results to the most comparable measures of financial performance determined in accordance to GAAPs

| (€
million) — Third
Quarter 2025 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | GROUP |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reported
operating profit (loss) | 1,670 | 227 | 242 | (291) | (418) | (86) | 1,344 |
| Exclusion
of inventory holding (gains) losses | | | (8) | 69 | | 56 | 117 |
| Exclusion
of special items: | | | | | | | |
| environmental
charges (expense recovered from third-parties) | 2 | | 11 | 19 | | | 32 |
| impairment
losses (impairment reversals), net | 109 | | 9 | 59 | 4 | | 181 |
| impairment
of exploration projects | | | | | | | |
| net gains on disposal of
assets | | | | | | | |
| risk
provisions | 38 | | | | 170 | | 208 |
| provision
for redundancy incentives | 3 | 1 | 2 | 3 | 10 | | 19 |
| commodity derivatives | 16 | (32) | 67 | (1) | | | 50 |
| exchange rate differences
and derivatives | (32) | 17 | | (1) | (1) | | (17) |
| other | (6) | 129 | 10 | 7 | (1) | | 139 |
| Special
items of operating profit (loss) | 130 | 115 | 99 | 86 | 182 | | 612 |
| Adjusted
operating profit (loss) of subsidiaries (a) | 1,800 | 342 | 333 | (136) | (236) | (30) | 2,073 |
| main
JV/Associates adjusted EBIT (b) | 838 | 4 | (2) | 83 | | | 923 |
| Proforma
adjusted EBIT (c)=(a)+(b) | 2,638 | 346 | 331 | (53) | (236) | (30) | 2,996 |
| Finance
expenses and dividends of subsidiaries (d) | (84) | (4) | (12) | 3 | (75) | | (172) |
| Finance
expenses and dividends of main JV/associates (e) | (137) | 3 | (11) | (19) | | | (164) |
| Income
taxes of main JV/associates (f) | (402) | 3 | 1 | 11 | | | (387) |
| Adjusted
net profit (loss) of main JV/associates (g)=(b)+(e)+(f) | 299 | 10 | (12) | 75 | | | 372 |
| Adjusted
profit (loss) before taxes (h)=(a)+(d)+(g) | 2,015 | 348 | 309 | (58) | (311) | (30) | 2,273 |
| Income
taxes (i) | (840) | (132) | (93) | (16) | 114 | 9 | (958) |
| Tax
rate (%) | | | | | | | 42.1 |
| Adjusted
net profit (loss) (j)=(h)+(i) | 1,175 | 216 | 216 | (74) | (197) | (21) | 1,315 |
| of
which: | | | | | | | |
| - Adjusted
net profit (loss) of non-controlling interest | | | | | | | 68 |
| -
Adjusted net profit (loss) attributable to Eni's shareholders | | | | | | | 1,247 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 803 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 87 |
| Exclusion
of special items | | | | | | | 357 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 1,247 |

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| (€
million) — Third
Quarter 2024 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | GROUP |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reported
operating profit (loss) | 2,264 | (95) | 207 | (908) | (168) | 60 | 1,360 |
| Exclusion
of inventory holding (gains) losses | | | 114 | 479 | | (162) | 431 |
| Exclusion
of special items: | | | | | | | |
| environmental
charges (expense recovered from third-parties) | 16 | | 19 | 76 | | | 111 |
| impairment
losses (impairment reversals), net | 14 | | 4 | 116 | 6 | | 140 |
| impairment
of exploration projects | | | | | | | |
| net gains on disposal of
assets | (5) | | (1) | 2 | | | (4) |
| risk
provisions | | | | 3 | | | 3 |
| provision
for redundancy incentives | 5 | | 1 | 5 | 2 | | 13 |
| commodity derivatives | (18) | 520 | (26) | 12 | | | 488 |
| exchange rate differences
and derivatives | 6 | (153) | (1) | (9) | 7 | | (150) |
| other | 44 | 6 | 8 | (4) | (4) | | 50 |
| Special
items of operating profit (loss) | 62 | 373 | 4 | 201 | 11 | | 651 |
| Adjusted
operating profit (loss) of subsidiaries (a) | 2,326 | 278 | 325 | (228) | (157) | (102) | 2,442 |
| main
JV/Associates adjusted EBIT (b) | 933 | 8 | (19) | 36 | | | 958 |
| Proforma
adjusted EBIT (c)=(a)+(b) | 3,259 | 286 | 306 | (192) | (157) | (102) | 3,400 |
| Finance
expenses and dividends of subsidiaries (d) | (53) | | (12) | 4 | | | (61) |
| Finance
expenses and dividends of main JV/associates (e) | (111) | 2 | (6) | (23) | | | (138) |
| Income
taxes of main JV/associates (f) | (543) | (2) | (4) | 4 | | | (545) |
| Adjusted
net profit (loss) of main JV/associates (g)=(b)+(e)+(f) | 279 | 8 | (29) | 17 | | | 275 |
| Adjusted
profit (loss) before taxes (h)=(a)+(d)+(g) | 2,552 | 286 | 284 | (207) | (157) | (102) | 2,656 |
| Income
taxes (i) | (1,266) | (115) | (98) | 49 | 38 | 28 | (1,364) |
| Tax
rate (%) | | | | | | | 51.4 |
| Adjusted
net profit (loss) (j)=(h)+(i) | 1,286 | 171 | 186 | (158) | (119) | (74) | 1,292 |
| of
which: | | | | | | | |
| - Adjusted
net profit (loss) of non-controlling interest | | | | | | | 21 |
| -
Adjusted net profit (loss) attributable to Eni's shareholders | | | | | | | 1,271 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 522 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 309 |
| Exclusion
of special items | | | | | | | 440 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 1,271 |

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| (€
million) — Nine
months 2025 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | GROUP |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reported
operating profit (loss) | 5,116 | 1,585 | 480 | (1,593) | (957) | 203 | 4,834 |
| Exclusion
of inventory holding (gains) losses | | | 34 | 496 | | (55) | 475 |
| Exclusion
of special items: | | | | | | | |
| environmental
charges (expense recovered from third-parties) | | | 33 | 136 | 55 | | 224 |
| impairment
losses (impairment reversals), net | 578 | | 14 | 218 | 12 | | 822 |
| impairment
of exploration projects | | | | | | | |
| net gains on disposal of
assets | (3) | | | (3) | | | (6) |
| risk
provisions | 38 | | | 16 | 171 | | 225 |
| provision
for redundancy incentives | 12 | 1 | 3 | 10 | 27 | | 53 |
| commodity derivatives | (3) | (374) | 360 | 14 | | | (3) |
| exchange rate differences
and derivatives | (17) | (280) | (1) | 2 | | | (296) |
| other | (32) | 251 | 24 | 12 | (21) | | 234 |
| Special
items of operating profit (loss) | 573 | (402) | 433 | 405 | 244 | | 1,253 |
| Adjusted
operating profit (loss) of subsidiaries (a) | 5,689 | 1,183 | 947 | (692) | (713) | 148 | 6,562 |
| main
JV/Associates adjusted EBIT (b) | 2,679 | 23 | (18) | 112 | | | 2,796 |
| Proforma
adjusted EBIT (c)=(a)+(b) | 8,368 | 1,206 | 929 | (580) | (713) | 148 | 9,358 |
| Finance
expenses and dividends of subsidiaries (d) | (55) | (13) | (33) | (2) | (91) | | (194) |
| Finance
expenses and dividends of main JV/associates (e) | (459) | 8 | (38) | (60) | | | (549) |
| Income
taxes of main JV/associates (f) | (1,426) | (1) | | 34 | | | (1,393) |
| Adjusted
net profit (loss) of main JV/associates (g)=(b)+(e)+(f) | 794 | 30 | (56) | 86 | | | 854 |
| Adjusted
profit (loss) before taxes (h)=(a)+(d)+(g) | 6,428 | 1,200 | 858 | (608) | (804) | 148 | 7,222 |
| Income
taxes (i) | (2,881) | (442) | (278) | 27 | 336 | (41) | (3,279) |
| Tax
rate (%) | | | | | | | 45.4 |
| Adjusted
net profit (loss) (j)=(h)+(i) | 3,547 | 758 | 580 | (581) | (468) | 107 | 3,943 |
| of
which: | | | | | | | |
| - Adjusted
net profit (loss) of non-controlling interest | | | | | | | 150 |
| -
Adjusted net profit (loss) attributable to Eni's shareholders | | | | | | | 3,793 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 2,518 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 333 |
| Exclusion
of special items | | | | | | | 942 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 3,793 |

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Field: /Page

| (€
million) — Nine
months 2024 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | GROUP |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reported
operating profit (loss) | 6,009 | (779) | 1,353 | (1,081) | 69 | 40 | 5,611 |
| Exclusion
of inventory holding (gains) losses | | | 121 | 254 | | 50 | 425 |
| Exclusion
of special items: | | | | | | | |
| environmental
charges (expense recovered from third-parties) | 18 | | 23 | (35) | (385) | | (379) |
| impairment
losses (impairment reversals), net | 1,329 | | 15 | 280 | 19 | | 1,643 |
| net gains on disposal of
assets | (6) | | | 4 | (1) | | (3) |
| risk
provisions | 9 | | | 3 | 4 | | 16 |
| provision
for redundancy incentives | 14 | | 3 | 12 | 19 | | 48 |
| commodity derivatives | (55) | 1,600 | (466) | (4) | | | 1,075 |
| exchange rate differences
and derivatives | (7) | (46) | (2) | | 9 | | (46) |
| other | 113 | 189 | 4 | (32) | (10) | | 264 |
| Special
items of operating profit (loss) | 1,415 | 1,743 | (423) | 228 | (345) | | 2,618 |
| Adjusted
operating profit (loss) of subsidiaries (a) | 7,424 | 964 | 1,051 | (599) | (276) | 90 | 8,654 |
| main
JV/Associates adjusted EBIT (b) | 2,818 | 31 | (41) | 161 | | | 2,969 |
| Proforma
adjusted EBIT (c)=(a)+(b) | 10,242 | 995 | 1,010 | (438) | (276) | 90 | 11,623 |
| Finance
expenses and dividends of subsidiaries (d) | (229) | (4) | (37) | 9 | (116) | | (377) |
| Finance
expenses and dividends of main JV/associates (e) | (318) | 12 | (22) | (53) | | | (381) |
| Income
taxes of main JV/associates (f) | (1,667) | (8) | (3) | 13 | | | (1,665) |
| Adjusted
net profit (loss) of main JV/associates (g)=(b)+(e)+(f) | 833 | 35 | (66) | 121 | | | 923 |
| Adjusted
profit (loss) before taxes (h)=(a)+(d)+(g) | 8,028 | 995 | 948 | (469) | (392) | 90 | 9,200 |
| Income
taxes (i) | (4,237) | (399) | (319) | 127 | 82 | (25) | (4,771) |
| Tax
rate (%) | | | | | | | 51.9 |
| Adjusted
net profit (loss) (j)=(h)+(i) | 3,791 | 596 | 629 | (342) | (310) | 65 | 4,429 |
| of
which: | | | | | | | |
| - Adjusted
net profit (loss) of non-controlling interest | | | | | | | 57 |
| -
Adjusted net profit (loss) attributable to Eni's shareholders | | | | | | | 4,372 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 2,394 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 305 |
| Exclusion
of special items | | | | | | | 1,673 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 4,372 |

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Field: /Page

| (€
million) — Second
Quarter 2025 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | GROUP |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reported
operating profit (loss) | 1,495 | 585 | 83 | (843) | (261) | 103 | 1,162 |
| Exclusion
of inventory holding (gains) losses | | | 61 | 396 | | (85) | 372 |
| Exclusion
of special items: | | | | | | | |
| environmental
charges (expense recovered from third-parties) | | | 6 | 102 | 55 | | 163 |
| impairment
losses (impairment reversals), net | 214 | | 6 | 99 | 4 | | 323 |
| impairment
of exploration projects | | | | | | | |
| net gains
on disposal of assets | (3) | | | (3) | | | (6) |
| risk
provisions | | | | 16 | 1 | | 17 |
| provision
for redundancy incentives | 4 | | | 4 | 5 | | 13 |
| commodity
derivatives | (27) | (99) | 85 | 13 | | | (28) |
| exchange
rate differences and derivatives | (9) | (196) | | 6 | 1 | | (198) |
| other | (15) | 88 | 21 | (3) | (20) | | 71 |
| Special
items of operating profit (loss) | 164 | (207) | 118 | 234 | 46 | | 355 |
| Adjusted
operating profit (loss) of subsidiaries (a) | 1,659 | 378 | 262 | (213) | (215) | 18 | 1,889 |
| main
JV/Associates adjusted EBIT (b) | 763 | 9 | | 20 | | | 792 |
| Proforma
adjusted EBIT (c)=(a)+(b) | 2,422 | 387 | 262 | (193) | (215) | 18 | 2,681 |
| Finance
expenses and dividends of subsidiaries (d) | 131 | (4) | (12) | (5) | 32 | | 142 |
| Finance
expenses and dividends of main JV/associates (e) | (192) | 2 | (16) | (21) | | | (227) |
| Income
taxes of main JV/associates (f) | (404) | (3) | (1) | 12 | | | (396) |
| Adjusted
net profit (loss) of main JV/associates (g)=(b)+(e)+(f) | 167 | 8 | (17) | 11 | | | 169 |
| Adjusted
profit (loss) before taxes (h)=(a)+(d)+(g) | 1,957 | 382 | 233 | (207) | (183) | 18 | 2,200 |
| Income
taxes (i) | (898) | (147) | (89) | 10 | 103 | (4) | (1,025) |
| Tax
rate (%) | | | | | | | 46.6 |
| Adjusted
net profit (loss) (j)=(h)+(i) | 1,059 | 235 | 144 | (197) | (80) | 14 | 1,175 |
| of
which: | | | | | | | |
| -
Adjusted net profit (loss) of non-controlling interest | | | | | | | 41 |
| -
Adjusted net profit (loss) attributable to Eni's shareholders | | | | | | | 1,134 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 543 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 256 |
| Exclusion
of special items | | | | | | | 335 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 1,134 |

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Field: /Page

Field: Split-Segment; Name: 5

Breakdown of special items

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- |
| 163 | Environmental
charges (expense recovered from third-parties) | 32 | 111 | 224 | (379) |
| 323 | Impairment
losses (impairment reversals), net | 181 | 140 | 822 | 1,643 |
| (6) | Net
gains on disposal of assets | | (4) | (6) | (3) |
| 17 | Risk
provisions | 208 | 3 | 225 | 16 |
| 13 | Provisions
for redundancy incentives | 19 | 13 | 53 | 48 |
| (28) | Commodity
derivatives | 50 | 488 | (3) | 1,075 |
| (198) | Exchange
rate differences and derivatives | (17) | (150) | (296) | (46) |
| 71 | Other | 139 | 50 | 234 | 264 |
| 355 | Special
items of operating profit (loss) | 612 | 651 | 1,253 | 2,618 |
| 190 | Net
finance (income) expense | 11 | 242 | 280 | 125 |
| | of
which: | | | | |
| 198 | -
exchange rate differences and derivatives reclassified to operating profit (loss) | 17 | 150 | 296 | 46 |
| (122) | Net
income (expense) from investments | (112) | (316) | (266) | (413) |
| (75) | Income
taxes | (145) | (138) | (285) | (682) |
| 348 | Total
special items of net profit (loss) | 366 | 439 | 982 | 1,648 |
| | attributable
to: | | | | |
| 335 | -
Eni's shareholders | 357 | 440 | 942 | 1,673 |
| 13 | -
Non-controlling interest | 9 | (1) | 40 | (25) |

Reconciliation of Group proforma adjusted EBIT

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,659 | E&P
adjusted Ebit of consolidated subsidiaries | 1,800 | 2,326 | (23) | 5,689 | 7,424 | (23) |
| 763 | main
JV/Associates adjusted Ebit | 838 | 933 | (10) | 2,679 | 2,818 | (5) |
| 2,422 | E&P
proforma adjusted Ebit | 2,638 | 3,259 | (19) | 8,368 | 10,242 | (18) |
| 378 | GGP
and Power adjusted Ebit of consolidated subsidiaries | 342 | 278 | 23 | 1,183 | 964 | 23 |
| 9 | main
JV/Associates adjusted Ebit | 4 | 8 | (50) | 23 | 31 | (26) |
| 387 | GGP
and Power proforma adjusted Ebit | 346 | 286 | 21 | 1,206 | 995 | 21 |
| 262 | Enilive
and Plenitude adjusted Ebit of consolidated subsidiaries | 333 | 325 | 2 | 947 | 1,051 | (10) |
| | main
JV/Associates adjusted Ebit | (2) | (19) | 89 | (18) | (41) | 56 |
| 262 | Enilive
and Plenitude proforma adjusted Ebit | 331 | 306 | 8 | 929 | 1,010 | (8) |
| (213) | Refining
and Chemicals adjusted Ebit of consolidated subsidiaries | (136) | (228) | 40 | (692) | (599) | (16) |
| 20 | main
JV/Associates adjusted Ebit | 83 | 36 | .. | 112 | 161 | (30) |
| (193) | Refining
and Chemicals proforma adjusted Ebit | (53) | (192) | 72 | (580) | (438) | (32) |
| (215) | Other
segments adjusted Ebit | (236) | (157) | (50) | (713) | (276) | .. |
| 18 | Impact
of unrealized intragroup profit elimination | (30) | (102) | 71 | 148 | 90 | 64 |
| 2,681 | Group
proforma adjusted Ebit (a) | 2,996 | 3,400 | (12) | 9,358 | 11,623 | (19) |

(a) Main JV/Associates are Vår Energi, Azule Energy, Ithaca, Mozambique Rovuma Venture, Neptune Algeria, SeaCorridor, Adnoc R&GT and St. Bernard Renewables Llc.

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Field: /Page

Profit and loss reconciliation GAAP vs Non-GAAP

| Third
Quarter — Reported results | Profit
on stock | Special items | Finance expense reclassified | Adjusted results | 2025 — (€
million) | Nine
months — Reported results | Profit
on stock | Special items | Finance expense reclassified | Adjusted results |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,344 | 117 | 629 | (17) | 2,073 | Operating
profit | 4,834 | 475 | 1,549 | (296) | 6,562 |
| (258) | | (6) | 17 | (247) | Finance
income (expense) | (668) | | (16) | 296 | (388) |
| 559 | | (112) | | 447 | Income
(expense) from investments | 1,314 | | (266) | | 1,048 |
| (780) | (33) | (145) | | (958) | Income
taxes | (2,859) | (135) | (285) | | (3,279) |
| 865 | 84 | 366 | | 1,315 | Net
profit | 2,621 | 340 | 982 | | 3,943 |
| 62 | (3) | 9 | | 68 | -
Non-controlling interest | 103 | 7 | 40 | | 150 |
| 803 | 87 | 357 | | 1,247 | Net
profit attributable to Eni's shareholders | 2,518 | 333 | 942 | | 3,793 |

| Third
Quarter — Reported results | Profit
on stock | Special items | Finance expense reclassified | Adjusted results | 2024 — (€
million) | Nine
months — Reported results | Profit
on stock | Special items | Finance expense reclassified | Adjusted results |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1,360 | 431 | 801 | (150) | 2,442 | Operating
profit | 5,611 | 425 | 2,664 | (46) | 8,654 |
| (346) | | 92 | 150 | (104) | Finance
income (expense) | (664) | | 79 | 46 | (539) |
| 634 | | (316) | | 318 | Income
(expense) from investments | 1,498 | | (413) | | 1,085 |
| (1,104) | (122) | (138) | | (1,364) | Income
taxes | (3,969) | (120) | (682) | | (4,771) |
| 544 | 309 | 439 | | 1,292 | Net
profit | 2,476 | 305 | 1,648 | | 4,429 |
| 22 | | (1) | | 21 | -
Non-controlling interest | 82 | | (25) | | 57 |
| 522 | 309 | 440 | | 1,271 | Net
profit attributable to Eni's shareholders | 2,394 | 305 | 1,673 | | 4,372 |

| 2025 — (€
million) | Q2 — Reported
results | Profit
on stock | Special items | Finance
expense reclassified | Adjusted
results |
| --- | --- | --- | --- | --- | --- |
| Operating
profit | 1,162 | 372 | 553 | (198) | 1,889 |
| Finance income (expense) | (161) | | (8) | 198 | 29 |
| Income (expense) from investments | 404 | | (122) | | 282 |
| Income taxes | (844) | (106) | (75) | | (1,025) |
| Net profit | 561 | 266 | 348 | | 1,175 |
| -
Non-controlling interest | 18 | 10 | 13 | | 41 |
| Net profit
attributable to Eni's shareholders | 543 | 256 | 335 | | 1,134 |

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Field: /Page

Analysis of Profit and Loss account items

Sales from operations

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 11,881 | Exploration &
Production | 13,329 | 12,901 | 3 | 38,271 | 41,060 | (7) |
| 3,444 | Global
Gas & LNG Portfolio and Power | 3,503 | 4,227 | (17) | 12,537 | 12,691 | (1) |
| 6,662 | Enilive
and Plenitude | 7,021 | 7,459 | (6) | 22,156 | 23,395 | (5) |
| 4,533 | Refining
and Chemicals | 4,545 | 5,333 | (15) | 14,010 | 16,524 | (15) |
| 510 | Corporate
and other activities | 487 | 445 | 9 | 1,466 | 1,361 | 8 |
| (8,263) | Consolidation
adjustments | (8,681) | (9,707) | 11 | (26,904) | (29,722) | 9 |
| 18,767 | | 20,204 | 20,658 | (2) | 61,536 | 65,309 | (6) |

Operating expenses

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | %
Ch. | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 15,104 | Purchases,
services and other | 16,512 | 16,833 | (2) | 49,376 | 51,281 | (4) |
| 58 | Impairment
losses (impairment reversals) of trade and other receivables, net | (3) | (2) | (50) | 147 | 74 | 99 |
| 824 | Payroll
and related costs | 744 | 818 | (9) | 2,438 | 2,479 | (2) |
| 13 | of
which: provision for redundancy incentives and other | 19 | 13 | 46 | 53 | 48 | 10 |
| 15,986 | | 17,253 | 17,649 | (2) | 51,961 | 53,834 | (3) |

DD&A, impairments, reversals and write-off

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | var
% | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,501 | Exploration & Production | 1,521 | 1,519 | - | 4,586 | 4,776 | (4) |
| 66 | Global Gas & LNG
Portfolio and Power | 64 | 83 | (23) | 196 | 235 | (17) |
| 188 | Enilive and Plenitude | 190 | 177 | 7 | 553 | 516 | 7 |
| 75 | - Enilive | 79 | 72 | 10 | 224 | 209 | 7 |
| 113 | - Plenitude | 111 | 105 | 6 | 329 | 307 | 7 |
| 37 | Refining and Chemicals | 39 | 37 | 5 | 114 | 119 | (4) |
| 39 | Corporate and other activities | 38 | 35 | 9 | 115 | 107 | 7 |
| (8) | Impact of unrealized intragroup
profit elimination | (10) | (9) | (11) | (26) | (25) | (4) |
| 1,823 | Total depreciation, depletion
and amortization | 1,842 | 1,842 | - | 5,538 | 5,728 | (3) |
| 323 | Impairment losses (impairment
reversals) of tangible and intangible and right of use assets, net | 181 | 140 | 29 | 822 | 1,643 | (50) |
| 2,146 | Depreciation,
depletion, amortization, impairments and reversals | 2,023 | 1,982 | 2 | 6,360 | 7,371 | (14) |
| (10) | Write-off of tangible
and intangible assets | 11 | 57 | (81) | (2) | 160 | .. |
| 2,136 | | 2,034 | 2,039 | - | 6,358 | 7,531 | (16) |

Income (expense) from investments

| (€
million) — Nine
months 2025 | Exploration & Production | Global
Gas & LNG Portfolio and Power | Enilive
and Plenitude | Refining
and Chemicals | Corporate and other activities | Group |
| --- | --- | --- | --- | --- | --- | --- |
| Share
of profit (loss) from equity-accounted investments | 985 | 30 | (52) | 58 | (13) | 1,008 |
| Dividends | 144 | | 4 | 7 | 32 | 187 |
| Net
gains (losses) on disposals | 33 | | | | | 33 |
| Other
income (expense), net | 92 | (7) | 5 | | (4) | 86 |
| | 1,254 | 23 | (43) | 65 | 15 | 1,314 |

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Leverage and net borrowings

Leverage is a measure used by management to assess the Company’s level of indebtedness. It is calculated as a ratio of net borrowings to shareholders’ equity, including non-controlling interest. Management periodically reviews leverage in order to assess the soundness and efficiency of the Group balance sheet in terms of optimal mix between net borrowings and net equity, and to carry out benchmark analysis with industry standards.

| (€
million) | Dec. 31,
2024 | Sept.
30, 2025 | Change |
| --- | --- | --- | --- |
| Total
debt | 30,348 | 29,109 | (1,239) |
| - Short-term
debt | 8,820 | 9,502 | 682 |
| - Long-term
debt | 21,528 | 19,607 | (1,921) |
| Cash
and cash equivalents | (8,183) | (8,929) | (746) |
| Financial
assets measured at fair value through profit or loss | (6,797) | (6,820) | (23) |
| Financing
receivables held for non-operating purposes | (3,193) | (3,429) | (236) |
| Net
borrowings before lease liabilities ex IFRS 16 | 12,175 | 9,931 | (2,244) |
| Lease
Liabilities | 6,453 | 5,518 | (935) |
| Net
borrowings after lease liabilities ex IFRS 16 | 18,628 | 15,449 | (3,179) |
| Shareholders'
equity including non-controlling interest | 55,648 | 52,966 | (2,682) |
| Leverage
before lease liability ex IFRS 16 | 0.22 | 0.19 | |
| Leverage
after lease liability ex IFRS 16 | 0.33 | 0.29 | |

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Consolidated financial statements

BALANCE SHEET

| (€
million) | Sept.
30, 2025 | Dec. 31,
2024 |
| --- | --- | --- |
| ASSETS | | |
| Current
assets | | |
| Cash
and cash equivalents | 8,929 | 8,183 |
| Financial
assets measured at fair value through profit or loss | 6,820 | 6,797 |
| Other
financial assets | 551 | 1,085 |
| Trade
and other receivables | 12,414 | 16,901 |
| Inventories | 6,260 | 6,259 |
| Income
tax assets | 798 | 695 |
| Other
assets | 3,713 | 3,662 |
| | 39,485 | 43,582 |
| Non-current
assets | | |
| Property,
plant and equipment | 53,684 | 59,864 |
| Right
of use assets | 5,100 | 5,822 |
| Intangible
assets | 6,020 | 6,434 |
| Inventory
- compulsory stock | 1,326 | 1,595 |
| Equity-accounted
investments | 13,221 | 14,150 |
| Other
investments | 1,362 | 1,395 |
| Other
financial assets | 3,913 | 3,215 |
| Deferred
tax assets | 6,107 | 6,322 |
| Income
tax assets | 127 | 129 |
| Other
assets | 2,751 | 4,011 |
| | 93,611 | 102,937 |
| Assets
held for sale | 1,890 | 420 |
| TOTAL
ASSETS | 134,986 | 146,939 |
| LIABILITIES
AND SHAREHOLDERS' EQUITY | | |
| Current
liabilities | | |
| Short-term
debt | 6,000 | 4,238 |
| Current
portion of long-term debt | 3,502 | 4,582 |
| Current
portion of long-term lease liabilities | 1,047 | 1,279 |
| Trade
and other payables | 17,691 | 22,092 |
| Income
taxes payable | 693 | 587 |
| Other
liabilities | 4,976 | 5,049 |
| | 33,909 | 37,827 |
| Non-current
liabilities | | |
| Long-term
debt | 19,656 | 21,570 |
| Long-term
lease liabilities | 4,471 | 5,174 |
| Provisions
for contingencies | 14,510 | 15,774 |
| Provisions
for employee benefits | 626 | 681 |
| Deferred
tax liabilities | 5,222 | 5,581 |
| Income
taxes payable | 29 | 40 |
| Other
liabilities | 3,237 | 4,449 |
| | 47,751 | 53,269 |
| Liabilities
directly associated with assets held for sale | 360 | 195 |
| TOTAL
LIABILITIES | 82,020 | 91,291 |
| Share
capital | 4,005 | 4,005 |
| Retained
earnings | 34,097 | 32,552 |
| Cumulative
currency translation differences | 2,181 | 8,081 |
| Other
reserves and equity instruments | 8,634 | 8,406 |
| Treasury
shares | (2,192) | (2,883) |
| Net
profit (loss) | 2,518 | 2,624 |
| Total
Eni shareholders' equity | 49,243 | 52,785 |
| Non-controlling
interest | 3,723 | 2,863 |
| TOTAL
SHAREHOLDERS' EQUITY | 52,966 | 55,648 |
| TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY | 134,986 | 146,939 |

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Field: /Page

Field: Split-Segment; Name: 6

GROUP PROFIT AND LOSS ACCOUNT

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- |
| 18,767 | Sales
from operations | 20,204 | 20,658 | 61,536 | 65,309 |
| 355 | Other
income and revenues | 342 | 358 | 1,096 | 1,933 |
| 19,122 | Total
revenues | 20,546 | 21,016 | 62,632 | 67,242 |
| (15,104) | Purchases,
services and other | (16,512) | (16,833) | (49,376) | (51,281) |
| (58) | Impairment
reversals (impairment losses) of trade and other receivables, net | 3 | 2 | (147) | (74) |
| (824) | Payroll
and related costs | (744) | (818) | (2,438) | (2,479) |
| 162 | Other
operating (expense) income | 85 | 32 | 521 | (266) |
| (1,823) | Depreciation,
Depletion and Amortization | (1,842) | (1,842) | (5,538) | (5,728) |
| (323) | Impairment
reversals (impairment losses) of tangible, intangible and right of use assets, net | (181) | (140) | (822) | (1,643) |
| 10 | Write-off
of tangible and intangible assets | (11) | (57) | 2 | (160) |
| 1,162 | OPERATING
PROFIT (LOSS) | 1,344 | 1,360 | 4,834 | 5,611 |
| 3,113 | Finance
income | 839 | 1,650 | 6,200 | 4,480 |
| (3,325) | Finance
expense | (1,150) | (2,054) | (6,962) | (5,489) |
| 54 | Net
finance income (expense) from financial assets measured at fair value through profit or loss | 71 | 117 | 182 | 319 |
| (3) | Derivative
financial instruments | (18) | (59) | (88) | 26 |
| (161) | FINANCE
INCOME (EXPENSE) | (258) | (346) | (668) | (664) |
| 303 | Share
of profit (loss) of equity-accounted investments | 359 | 180 | 1,008 | 791 |
| 101 | Other
gain (loss) from investments | 200 | 454 | 306 | 707 |
| 404 | INCOME
(EXPENSE) FROM INVESTMENTS | 559 | 634 | 1,314 | 1,498 |
| 1,405 | PROFIT
(LOSS) BEFORE INCOME TAXES | 1,645 | 1,648 | 5,480 | 6,445 |
| (844) | Income
taxes | (780) | (1,104) | (2,859) | (3,969) |
| 561 | Net
profit (loss) | 865 | 544 | 2,621 | 2,476 |
| | attributable
to: | | | | |
| 543 | -
Eni's shareholders | 803 | 522 | 2,518 | 2,394 |
| 18 | -
Non-controlling interest | 62 | 22 | 103 | 82 |
| | Earnings
per share (€ per share) | | | | |
| 0.16 | -
basic | 0.25 | 0.16 | 0.77 | 0.73 |
| 0.16 | -
diluted | 0.24 | 0.16 | 0.76 | 0.72 |
| | Weighted
average number of shares outstanding (million) | | | | |
| 3,049.7 | -
basic | 3,011.2 | 3,160.1 | 3,041.0 | 3,184.2 |
| 3,112.3 | -
diluted | 3,073.8 | 3,223.1 | 3,103.6 | 3,247.1 |

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Field: /Page

COMPREHENSIVE INCOME (LOSS)

| (€
million) | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- |
| Net
profit (loss) | 865 | 544 | 2,621 | 2,476 |
| Items
that are not reclassified to profit or loss in later periods | | | 5 | (3) |
| Remeasurements
of defined benefit plans | | | | 8 |
| Share
of other comprehensive income on equity accounted entities | | | | 1 |
| Change
in the fair value of interests with effects on other comprehensive income | | 1 | 5 | (10) |
| Taxation | | (1) | | (2) |
| Items
that may be reclassified to profit in later periods | 38 | (2,553) | (5,481) | (944) |
| Currency
translation differences | (90) | (2,383) | (6,153) | (682) |
| Change
in the fair value of cash flow hedging derivatives | 132 | (280) | 864 | (344) |
| Share
of other comprehensive income on equity-accounted entities | 31 | 28 | 55 | (18) |
| Taxation | (35) | 82 | (247) | 100 |
| Total
other items of comprehensive income (loss) | 38 | (2,553) | (5,476) | (947) |
| Total
comprehensive income (loss) | 903 | (2,009) | (2,855) | 1,529 |
| attributable
to: | | | | |
| -
Eni's shareholders | 845 | (1,982) | (2,704) | 1,494 |
| -
Non-controlling interest | 58 | (27) | (151) | 35 |

CHANGES IN SHAREHOLDERS’ EQUITY

| (€
million) | |
| --- | --- |
| Shareholders'
equity at January 1, 2024 | 53,644 |
| Total
comprehensive income (loss) | 1,529 |
| Dividends
paid to Eni's shareholders | (2,288) |
| Dividends
distributed by consolidated subsidiaries | (50) |
| Issue
of perpetual hybrid bonds | 1,610 |
| Coupon
of perpetual subordinated bonds | (87) |
| Put
option on Plenitude | (387) |
| Net
purchase of treasury shares | (1,117) |
| Plenitude
operation- disposal to EIP | 588 |
| Costs
for the issue of perpetual hybrid bonds | (25) |
| Tax
on hybrid bond coupon | 25 |
| Other
changes | 36 |
| Total
changes | (166) |
| Shareholders'
equity at September 30, 2024 | 53,478 |
| attributable
to: | |
| -
Eni's shareholders | 51,037 |
| -
Non-controlling interest | 2,441 |
| Shareholders'
equity at January 1, 2025 | 55,648 |
| Total
comprehensive income (loss) | (2,855) |
| Dividends
paid to Eni's shareholders | (2,307) |
| Dividends
distributed by consolidated subsidiaries | (63) |
| Net
purchase of treasury shares | (1,217) |
| Issue
of perpetual hybrid bonds | 1,500 |
| Repurchase
of perpetual hybrid bonds | (1,251) |
| Coupon
of perpetual subordinated bonds | (105) |
| Taxes
on disposal of Enilive and Plenitude | (26) |
| Taxes
on hybrid bond coupon and costs | 9 |
| Plenitude
operation - disposal to EIP | 209 |
| Put
option on Plenitude | (139) |
| Enilive
operation - disposal to KKR | 3,569 |
| Other
changes | (6) |
| Total
changes | (2,682) |
| Shareholders'
equity at September 30, 2025 | 52,966 |
| attributable
to: | |
| -
Eni's shareholders | 49,243 |
| -
Non-controlling interest | 3,723 |

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GROUP CASH FLOW STATEMENT

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- |
| 561 | Net
profit (loss) | 865 | 544 | 2,621 | 2,476 |
| | Adjustments
to reconcile net profit (loss) to net cash provided by operating activities: | | | | |
| 1,823 | Depreciation,
depletion and amortization | 1,842 | 1,842 | 5,538 | 5,728 |
| 323 | Impairment
losses (impairment reversals) of tangible, intangible and right of use, net | 181 | 140 | 822 | 1,643 |
| (10) | Write-off
of tangible and intangible assets | 11 | 57 | (2) | 160 |
| (303) | Share
of (profit) loss of equity-accounted investments | (359) | (180) | (1,008) | (791) |
| (6) | Gains
on disposal of assets, net | (32) | (382) | (38) | (566) |
| (100) | Dividend
income | (87) | (45) | (187) | (130) |
| (94) | Interest
income | (121) | (109) | (323) | (347) |
| 300 | Interest
expense | 319 | 313 | 926 | 936 |
| 844 | Income
taxes | 780 | 1,104 | 2,859 | 3,969 |
| (103) | Other
changes | (107) | 80 | (232) | 129 |
| 1,176 | Cash
flow from changes in working capital | 195 | 1,298 | 387 | 260 |
| (38) | -
inventories | (405) | 113 | (4) | (337) |
| 2,868 | -
trade receivables | 1,166 | 1,615 | 3,821 | 4,072 |
| (1,545) | -
trade payables | (609) | (1,260) | (3,046) | (3,211) |
| (276) | -
provisions for contingencies | (109) | (57) | (548) | (358) |
| 167 | -
other assets and liabilities | 152 | 887 | 164 | 94 |
| (14) | Net
change in the provisions for employee benefits | (63) | (64) | (55) | (95) |
| 512 | Dividends
received | 417 | 305 | 1,296 | 1,409 |
| 52 | Interest
received | 51 | 69 | 168 | 239 |
| (386) | Interest
paid | (242) | (240) | (990) | (994) |
| (1,058) | Income
taxes paid, net of tax receivables received | (572) | (1,735) | (2,802) | (4,554) |
| 3,517 | Net
cash provided by operating activities | 3,078 | 2,997 | 8,980 | 9,472 |
| (2,433) | Cash
flow from investing activities | (2,494) | (2,539) | (7,029) | (8,965) |
| (2,021) | -
tangible assets | (2,061) | (1,884) | (5,768) | (5,605) |
| | -
prepaid right of use | | (2) | | (5) |
| (125) | -
intangible assets | (117) | (117) | (375) | (348) |
| | -
consolidated subsidiaries and businesses net of cash and cash equivalent acquired | | (2) | | (1,844) |
| (100) | -
investments | (229) | (74) | (580) | (540) |
| (23) | -
securities and financing receivables held for operating purposes | (8) | (47) | (43) | (96) |
| (164) | -
change in payables in relation to investing activities | (79) | (413) | (263) | (527) |
| 187 | Cash
flow from disposals | 1,430 | 669 | 1,750 | 1,510 |
| 65 | -
tangible assets | 1,351 | 6 | 1,417 | 219 |
| | -
intangible assets | 3 | 17 | 3 | 19 |
| | -
consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | | 991 | | 991 |
| 18 | -
investments | 52 | 45 | 70 | 457 |
| 4 | -
securities and financing receivables held for operating purposes | 7 | 23 | 23 | 43 |
| 100 | -
change in receivables in relation to disposals | 17 | (413) | 237 | (219) |
| 10 | Net
change in receivables and securities not held for operating purposes | (459) | 255 | (649) | 135 |
| (2,236) | Net
cash used in investing activities | (1,523) | (1,615) | (5,928) | (7,320) |

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GROUP CASH FLOW STATEMENT (continued)

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- |
| 2,223 | Increase
in long-term debt | 1,514 | 66 | 5,235 | 3,366 |
| (1,985) | Payment
of long-term debt | (2,908) | (1,030) | (7,711) | (3,618) |
| (300) | Payment
of lease liabilities | (303) | (262) | (978) | (933) |
| (555) | Increase
(decrease) in short-term financial debt | 1,297 | (1,099) | 1,055 | (367) |
| (759) | Dividends
paid to Eni's shareholders | (781) | (779) | (2,305) | (2,274) |
| (20) | Dividends
paid to non-controlling interests | (30) | (16) | (63) | (45) |
| | Net
capital issuance from non-controlling interest | | (1) | 709 | 589 |
| 601 | Disposal
(acquisition) of additional interests in consolidated subsidiaries | | (4) | 3,069 | (4) |
| (280) | Net
purchase of treasury shares | (560) | (570) | (1,226) | (1,136) |
| | Issue
of perpetual hybrid bonds | (1) | 1,549 | 230 | 1,549 |
| | Other
contributions | | | 9 | 14 |
| (65) | Interest
payment of perpetual hybrid bond | | | (105) | (87) |
| (1,140) | Net
cash used in financing activities | (1,772) | (2,146) | (2,081) | (2,946) |
| (121) | Effect
of exchange rate changes on cash and cash equivalents and other changes | 2 | (89) | (202) | (44) |
| 20 | Net
increase (decrease) in cash and cash equivalents | (215) | (853) | 769 | (838) |
| 9,147 | Cash
and cash equivalents - beginning of the period | 9,167 | 10,220 | 8,183 | 10,205 |
| 9,167 | Cash
and cash equivalents - end of the period | 8,952 | 9,367 | 8,952 | 9,367 |

Capital expenditure

| Q2 — 2025 | (€
million) | Q3 — 2025 | 2024 | var
% | Nine
months — 2025 | 2024 | %
Ch. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,336 | Exploration &
Production | 1,535 | 1,384 | 11 | 4,310 | 4,270 | 1 |
| 79 | of
which: - exploration | 63 | 67 | (6) | 229 | 347 | (34) |
| 1,241 | -
oil & gas development | 1,345 | 1,304 | 3 | 3,931 | 3,893 | 1 |
| 25 | Global
Gas & LNG Portfolio and Power | 14 | 22 | (36) | 51 | 67 | (24) |
| 9 | -
Global Gas & LNG Portfolio | 2 | 10 | (80) | 11 | 15 | (27) |
| 16 | -
Power | 12 | 12 | - | 40 | 52 | (23) |
| 264 | Enilive
and Plenitude | 288 | 290 | (1) | 729 | 895 | (19) |
| 68 | -
Enilive | 98 | 100 | (2) | 199 | 224 | (11) |
| 196 | -
Plenitude | 190 | 190 | - | 530 | 671 | (21) |
| 175 | Refining
and Chemicals | 142 | 163 | (13) | 430 | 453 | (5) |
| 132 | -
Refining | 97 | 110 | (12) | 303 | 295 | 3 |
| 43 | -
Chemicals | 45 | 53 | (15) | 127 | 158 | (20) |
| 153 | Corporate
and other activities | 51 | 149 | (66) | 304 | 285 | 7 |
| 1 | Impact
of unrealized intragroup profit elimination | (13) | (7) | (86) | (34) | (17) | .. |
| 1,954 | Capital
expenditure (a) | 2,017 | 2,001 | 1 | 5,790 | 5,953 | (3) |

(a) Expenditures to purchase plant and equipment from suppliers whose payment terms matched classification as financing payables, have been recognized among other changes of the reclassified cash flow statements and are not reported in the table above (€270 mln and €572 mln in the third quarter 2025 and 2024, respectively, €1,023 mln and €1,628 mln in the nine months 2025 and the nine months 2024, respectively, and €327 mln in the second quarter 2025).

In the nine months ’25, capital expenditure amounted to €5,790 mln (€5,953 mln in the nine months ’24) decreasing by 2.7% y-o-y, in particular:

• in the Exploration & Production, capital expenditure (€4,310 mln) was mainly related to oil&gas development activities in particular in the United Arab Emirates, Libya, Indonesia, Egypt, Italy and Congo;

• in the Enilive and Plenitude segment, Plenitude’s capital expenditure (€530 mln) related to development activities in the renewable business, acquisition of new customers, as well as development of electric vehicles network infrastructure, while Enilive capital expenditure (€199 mln) mainly related to biorefineries and marketing activity in Italy and in the rest of Europe, regulation compliance and stay-in-business initiatives in the retail network, as well as HSE initiatives;

• in the Refining and Chemicals segment mainly related to traditional refining in Italy (€303 mln) specifically to the new Livorno biorefinery, maintenance and stay-in-business as well as to the chemical business (€127 mln) and regarded the circular economy and asset integrity;

• in the Corporate and other activities mainly related to the CCUS and agri-business projects (€184 mln).

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Exploration & Production

PRODUCTION OF OIL AND NATURAL GAS BY REGION

| Q2 — 2025 | | | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- | --- |
| 65 | Italy | (kboe/d) | 62 | 60 | 66 | 64 |
| 243 | Rest
of Europe | | 287 | 225 | 256 | 247 |
| 515 | North
Africa | | 529 | 576 | 524 | 597 |
| 336 | Sub-Saharan
Africa | | 340 | 309 | 333 | 304 |
| 161 | Kazakhstan | | 154 | 150 | 163 | 157 |
| 208 | Rest
of Asia | | 235 | 204 | 214 | 202 |
| 132 | Americas | | 143 | 134 | 130 | 130 |
| 8 | Australia
and Oceania | | 6 | 3 | 5 | 3 |
| 1,668 | Production
of oil and natural gas (a)(b) | | 1,756 | 1,661 | 1,691 | 1,704 |
| 432 | -
of which Joint Ventures and associates | | 493 | 380 | 452 | 388 |
| 136 | Production
sold (a) | (mmboe) | 143 | 138 | 413 | 426 |

PRODUCTION OF LIQUIDS BY REGION

| Q2 — 2025 | | | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- | --- |
| 26 | Italy | (kbbl/d) | 25 | 27 | 26 | 27 |
| 150 | Rest
of Europe | | 193 | 127 | 161 | 135 |
| 173 | North
Africa | | 175 | 175 | 173 | 180 |
| 194 | Sub-Saharan
Africa | | 193 | 175 | 190 | 174 |
| 115 | Kazakhstan | | 112 | 107 | 116 | 111 |
| 99 | Rest
of Asia | | 85 | 94 | 92 | 90 |
| 68 | Americas | | 77 | 70 | 66 | 66 |
| | Australia
and Oceania | | - | | - | |
| 825 | Production
of liquids | | 860 | 775 | 824 | 783 |
| 238 | -
of which Joint Ventures and associates | | 283 | 205 | 250 | 210 |

PRODUCTION OF NATURAL GAS BY REGION

| Q2 — 2025 | | | Q3 — 2025 | 2024 | Nine
months — 2025 | 2024 |
| --- | --- | --- | --- | --- | --- | --- |
| 208 | Italy | (mmcf/d) | 190 | 178 | 212 | 193 |
| 487 | Rest
of Europe | | 491 | 513 | 497 | 587 |
| 1,786 | North
Africa | | 1,851 | 2,105 | 1,836 | 2,186 |
| 745 | Sub-Saharan
Africa | | 769 | 698 | 747 | 679 |
| 240 | Kazakhstan | | 221 | 222 | 248 | 238 |
| 571 | Rest
of Asia | | 787 | 576 | 634 | 584 |
| 338 | Americas | | 346 | 332 | 335 | 339 |
| 40 | Australia
and Oceania | | 32 | 14 | 26 | 15 |
| 4,415 | Production
of natural gas | | 4,687 | 4,638 | 4,535 | 4,821 |
| 1,019 | -
of which Joint Ventures and associates | | 1,096 | 916 | 1,060 | 934 |

(a) Includes Eni’s share of production of equity-accounted entities.

(b) Includes volumes of hydrocarbons consumed in operation (129 and 125 kboe/d in the third quarter of 2025 and 2024, respectively, 131 and 125 kboe/d in the nine months of 2025 and 2024, respectively, and 133 kboe/d in the second quarter of 2025).

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