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Eni Investor Presentation 2026
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INFO
Q1 2026 RESULTS
APRIL 24, 2026
NGC Project, Angola
DISCLAIMER
Q1 2026 RESULTS
This document 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.
2026 I HIGHLIGHTS
DELIVERING ON OUR STRATEGIC PRIORITIES
FINANCIAL RESULTS
EBIT PRO FORMA
€3.5 bln
OF WHICH: EBIT
€2.4 bln
INCOME FROM INVESTMENTS
€0.3 bln
NET PROFIT
€1.3 bln
CFFO
€2.9 bln
ORGANIC CAPEX
€1.9 bln
NET CAPEX
€1.9 bln
GEARING
17%
(proforma 15%)
GLOBAL NATURAL RESOURCES
UPSTREAM
Outstanding exploration success: new discovered resources in Angola, Côte d'Ivoire, Egypt, Libya and Indonesia
Hull launch of the Coral North FLNG
Agreement with SOCAR for the sale of 10% stake in the Baleine project
FIDs for the Gendalo and Gandang gas projects and for the Geng North and Gehem fields
Start-up of the Ndungu full-field and first gas delivery from the NGC's Quiluma in Angola
Start-up of gas exports from Phase 2 of the Congo LNG project
TRANSITION & TRANSFORMATION
PLENITUDE
Agreement to a shareholding reorganization and new governance structure. Closing expected in Q3
Completion of the acquisition of Acea Energia in April
ENILIVE
Sannazzaro project approval
€500m financing secured through the EIB, Q8 partnership for construction of Priolo biorefinery
ENI INDUSTRIAL EVOLUTION
Launched EIE, new company for industrial transformation
EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. See page 18 of Press Release for Non-GAAP measures. Capital Expenditure of €2.0 bln, including expenditures relating to business combinations, purchase of minority interests and other non-organic items. Gearing: calculated as the ratio of net borrowings to net capital employed before lease liabilities.
4
EXPLORATION
A DISTINCTIVE MODEL CREATING VISIBILITY BEYOND 2030
MAIN DISCOVERIES | IN 2026 TO DATE
OUTSTANDING RESULTS DRIVEN BY A UNIQUE BUSINESS MODEL IN 2026 TO DATE
14 wells drilled @80% success rate
~1 Bln boe of new equity resources
MIX OF HIGH IMPACT AND ILX/NEAR-FIELD OPPORTUNITIES
all with clear pathway to prompt development
EXTENDS INDUSTRY LEADING TRACK-RECORD OF ORGANIC RESOURCES
DISTINCTIVE DUAL EXPLORATION MODEL
affords opportunity for de-risking and early valorization
ADVANTAGED BARRELS
to support leading production growth through 2030+
5
Q1 2026 | EARNINGS SUMMARY
EXTENDING OUR TRACK RECORD OF STRONG PERFORMANCE
E&P
Production growth, supportive commodity pricing and cost control discipline drove robust performance
GCP
In line y/y in seasonally strong quarter with optimizations offsetting weaker gas price
Transition - Plenitude
Resilient retail activity, continued growth in renewables
Transition - Enilive
Continued recovery in bio offset by planned turnaround activity and pressures on customer margins
Transformation - Refining
Imported by high-planned turnaround activity
Transformation - Versalis
Early signs of improved financials
Other
Significant contribution from satellites
6
Q1 2026 | CASHFLOW SUMMARY
HIGH-QUALITY CASH GENERATION
€ bln
Robust CFFO generation
Satellite model continues to prove effective, supporting strong cash conversion
Working Capital
Build due to seasonal trends and price. No unusual issues
Capex
Gross spend consistent with €7bln FY26 guidance
No material portfolio activity completed
Distribution
Includes €0.3 bln completion of 2025 buyback programme
Net debt and Gearing
€0.9 bln proforma net debt change
Proforma gearing 15% (12% assuming Plenitude deconsolidation)
7
2026 GUIDANCE UPDATE
BASED ON UPDATED SCENARIO ASSUMPTIONS
| SCENARIO | CMU 2026 | UPDATE |
|---|---|---|
| BRENT ($/bbl) | 70 | 83 |
| TTF (€/MWh) | 36 | 50 |
| SERM ($/bbl) | 6.0 | 8.0 |
| EXCHANGE RATE (€/$) | 1.15 | 1.15 |
| PRODUCTION | 3-4% underlying | Confirmed |
| --- | --- | --- |
| GGP PRO-FORMA EBIT | ~€1.0 bln | €1.3 bln |
| ENILIVE PRO-FORMA EBITDA | €1.1 bln | Confirmed |
| PLENITUDE PRO-FORMA EBITDA | €1.3 bln | Confirmed |
| GROUP CFFO | €11.5 bln | €13.8 bln |
| Underlying +€0.2 bln | ☐ | |
| GROSS CAPEX | €7.0 bln | Confirmed |
| NET CAPEX | ~€5.0 bln | Confirmed |
| DIVIDEND | €1.10/share | Confirmed |
| BUYBACK | €1.5 bln | €2.8 bln |
E&P
Consistent performance supporting full-year production targets
Q2 production expected 2%-4%¹ y/y underlying
GGP
Guidance revised upward, capturing additional upside
TRANSITION
Confirming guidance
CFFO
Guidance increased, supported by improved scenario and underlying performance
Gearing in 2026 to remain at historically low levels of 10-15%
SHAREHOLDER RETURNS
Buy-back raised to €2.8 bln subject to shareholder approval (~90% above original guidance)
¹Underlying adjusts for impacts of valorization transactions (mainly Cote d’Ivoire and Congo)
CONCLUDING REMARKS
EXCELLENT DELIVERY
Solid Q1 earnings and cashflow generation. Proforma gearing at 15%
Exceptional exploration results adding new resources of ~1 Bln boe; major new FIDs; 9% y/y production growth
Capacity build out in Transition activities continues
IMPORTANT INITIATIVES
- Completion of ACEA Energia purchase
- Plenitude reorganization to support growth
RAISED PERFORMANCE OUTLOOK AND HIGHER DISTRIBUTIONS
CFFO outlook raised by ~20% on Scenario and underlying outperformance
Raised Buyback to €2.8 Bln
BACK UP
FOCUS ON MIDDLE EAST CONFLICT
LIMITED EXPOSURE AND RESILIENCE OF A DIVERSIFIED BUSINESS MODEL
UPSTREAM
2-3% PRODUCTION EXPOSURE
Mainly in UAE, while representing a smaller share of Upstream earnings and CFFO
2025 production in UAE was 60 kbbl/d and 18.2 mmcf/d
In Iraq minor impact, with production from Zubair field supplying local market
2025 production in Iraq was 31 kbbl/d and 82.2 mmcf/d
LNG VOLUMES
NO IMPACT
due to swap agreements and the high flexibility of Eni's portfolio
Leveraging diversified sourcing to ensure supply resilience
In 2025 LNG volumes supplied from Qatar were 1.15 bcm (3% of total supplies)
REFINING
CONTAINED IMPACT
Ruwais operations maintained at reduced levels, supported by local crude and domestic demand
Trading benefiting from market volatility, partly offsetting limited export capacity
No physical logistics effects
11
PLENITUDE DECONSOLIDATION
FOCUS ON THE SHAREHOLDING REORGANIZATION
PLENITUDE: A MATERIAL PLAYER
global presence with mature organization (>15 countries)
Fully integrated across renewable generation, retail supply and green energy services
THE TRANSACTION
non-proportional capital increase of ~€1.5bln
with Ares committing to ≥€1bln
RATIONALE FOR REORGANIZATION
efficient funding of accelerating growth profile
Strengthening Plenitude's independence in delivering its plan
Targeting investment grade credit rating
NEW GOVERNANCE FRAMEWORK
based on joint control between Eni and Ares
Eni shareholding will dilute down to 64-65%
Eni to continue exercising direction and coordination rights over Plenitude
Plenitude deconsolidated
from Eni's financials upon completion
- expected from Q3 will be reported in associate income. CFFO as dividend received
- proforma EBITDA at ownership percentage
- loans to Plenitude from Eni become financing receivables
EV of €13.1 bln
up from >€12 bln
€2.6 bln
Plenitude's net debt as of 31-Mar-2026
-3pp
implied reduction in Eni's gearing
FOCUS GLOBAL NATURAL RESOURCES
DELIVERING ON STRATEGIC PRIORITIES
ADJ. EBIT PRO-FORMA | € BLN
+8% increase in USD
3.8
0.5
1.1
2.2
Q1 2025
■ E&P ■ E&P Associates ■ GGP & Power
E&P
- ~1 Bln boe of discovered resources in the first 4 months
- Material new discovered resources add additional support to 2025-2030 Plan production growth and add further visibility for beyond 2030+
- 9% production growth y-o-y continues to validate the underlying trend
- Disciplined execution on new start-ups and gas monetization initiatives
- Limited impact from Middle East disruptions
GGP
- LNG sales up 21% y-o-y
- Raised FY pro-forma EBIT guidance to €1.3 Bln, excluding possible one-off effects
- Continued asset portfolio optimizations
POWER
- Thermoelectric production was broadly in line y-o-y at 5.3 TWh
SCENARIO
Realisations +1% y-o-y
- Liquids +4%
- Natural gas -4%
EUR/USD FX +11% y-o-y
UPGRADING E&P PORTFOLIO
Continued exploration momentum
Clear long-term visibility
Robust operational execution and financial discipline
Material contribution from satellites
Upcoming start-up of the Eni-Petronas LNG JV in Indonesia and Malaysia, expected in Q2
PROGRESSING GAS VALUE CHAIN INTEGRATION
Continued integration of equity gas into LNG to unlock further value
FOCUS TRANSITION BUSINESS
ADVANCING VALUE THROUGH ENERGY TRANSITION
ADJ. EBITDA PRO-FORMA | € BLN
ENILIVE
- Retail sales up 6% y-o-y
- Approved 2 main biorefining projects at the Sannazzaro and at the Priolo
- 2 mln tonnes of new capacity expansion underway
PLENITUDE
- Energy produced from renewable sources up 58% y-o-y
- Closed the acquisition of Acea Energy, adding 1.2 mln PoD to the customer base
- Reached almost 6 GW of installed capacity
SCENARIO
Italian PUN Ind GME -6% y-o-y
EU HVO margins continued to increase
VALUE CONFIRMATION
Delivery in line with guidance across Transition satellites
Recent transactions at accretive valuations confirming Transition business quality
Plenitude deconsolidation supporting accelerated growth and capital flexibility
Q1 2026 vs Q4 2025 EARNINGS
EBIT PRO FORMA | € BLN
SCENARIO (Q/Q)
Realisations 16%
- Liquids 25%
- Natural gas 6%
- Italian PUN Ind GME 13%
E&P
Supportive commodity prices, alongside continued cost discipline, helped cushion the effect of lower volumes
GOP
Strong seasonal quarter, benefiting from continued portfolio optimization
ENILIVE
Improving bio margins providing a supportive backdrop
PLENTUDE
Continued growth in renewables supporting performance
REFINING
Higher planned turnaround activity in the quarter
VERSALIS
Improving financial performance emerging, supported by the transformation plan rollout
Q1 2026 vs Q4 2025 EARNINGS
ADJUSTED PRE-TAX | € BLN
SCENARIO (Q/Q)
Realisations 16%
- Liquids 25%
- Natural gas 6%
- Italian PUN Ind GME 13%
Similar trends evident on a q-q basis when looked at via EBIT
Q1 2026 vs Q1 2025 EARNINGS
ADJUSTED PRE-TAX | € BLN
SCENARIO (Y/Y)
Realisations +1% y-o-y
- Liquids +4%
- Natural gas -4%
- Italian PUN Ind GME -6%
EUR/USD FX +11% y-o-y
E&P
Higher volumes driven by ramp-ups in Norway, Congo, Mexico and new start-ups in Angola
Limited impact from Middle East disruptions
GGP
performance enhanced by ongoing portfolio optimization
TRANSITION
Improved biofuels margins and sales volume growth within the biorefining business
Renewable ramp-up amid softer retail environment
1
Q1 2026 MARKET SCENARIO
BRENT| $/bbl
EXCHANGE RATE| €/$
TTF| €/MWh
STANDARD ENI REFINING MARGIN*| $/bbl
*New indicator has been calculated based on a methodology which considers a revised industrial set-up in connection with the planned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high-sulfur and low sulfur crudes.