Eni S.p.a. · MIL:ENI
Eni — 9M 2026 Earnings Presentation
20 slides from Eni's earnings presentation, Oct 23, 2026
Slide 1: 9M 2026 Results
9M 2026 RESULTS OCTOBER 23, 2026
Slide 2: Disclaimer
DISCLAIMER 9M 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, gear
Slide 3: 9M 2026 Financial Highlights
9M 2026 I FINANCIAL HIGHLIGHTS ACCELERATING GROWTH, DELIVERING VALUE, BUILDING FOR THE FUTURE EBIT PRO FORMA ORGANIC CAPEX DIVIDEND €14.9 bln €5.1 bln €1.1/share +5% OF WHICH: EBIT PORTFOLIO ACTIONS SHARE BUYBACK €9.6 bln €1.5 bln €3.8 bln (raised +€2.3 bln from CMU) INCOME FROM NET DEBT EXTRAORDINA
Slide 4: 2026 to date: Global Natural Resources Highlights
2026 to date I GLOBAL NATURAL RESOURCES HIGHLIGHTS STRATEGIC EXECUTION DRIVES SUSTAINABLE VALUE E&P GGP Outstanding exploration success adding more than 1.2 bln Boe, and Increase full year Ebit Proforma guidance at around €1.5 Bln increased FY production guidance at 6-7% underlying YoY Long-term LNG
Slide 5: Global Upstream Growing Footprint
GLOBAL UPSTREAM GROWING FOOTPRINT 2026: MATERIALLY ENHANCING OUR PORTFOLIO Portfolio balance across geographies Americas Venezuela Uruguay Junin V New acreage Strengthening in each key region: Perla Americas, Africa, Mediterranean and Far East Argentina Canada Argentina LNG Ithaca/Suncor ✓ New addit
Slide 6: Focus Venezuela
PERLA (Cardon IV) FOCUS VENEZUELA Producing since 2015 (Licence awarded in 2005) REINFORCING OUR LONG-STANDING PRESENCE IN THE COUNTRY Reliable and valuable gas supplier to the domestic market 1. PERLA 2. JUNIN-5 3. COROCORO 580 Mscfd gross production 12 kbbld gross production 10 kbbld gross product
Slide 7: 2026 to date: Transition and Transformation Highlights
2026 to date I TRANSITION AND TRANSFORMATION HIGHLIGHTS STRATEGIC EXECUTION DRIVES SUSTAINABLE VALUE PLENITUDE OTHER TRANSITION Completion of the shareholder reorganization and new governance Acquisition of 25% stake in EnergyX’s Black Giant lithium mining project structure (Chile) and 11% stake in
Slide 8: Q3 2026 Earnings Summary
Q3 2026 I EARNINGS SUMMARY FURTHER BUILDING ON OUR STRONG EXECUTION E&P Production underlying up 7% y/y*, above guidance, driven by ramp- ups in Mexico and Congo, operational resilience and contribution from the Searah JV GGP € bln Effective optimization of portfolio 2.3 positioning and supportive t
Slide 9: 9M 2026 Cashflow Summary
CFFO Cash generation fully funds both 9M 2026 | CASHFLOW SUMMARY capital investments and shareholder distributions STRONG CASH FLOW CONVERSION Cash tax rate for 9M 25% Working Capital € bln Release in Q3 partially offsets the 11.6 seasonal build in Q1; YTD mainly represents scenario impact on Upstre
Slide 10: Strategic Capital Strength
STRATEGIC CAPITAL STRENGTH PRESERVING FINANCIAL HEADROOM DELEVERAGED FINANCIAL PROFILE RE-SETTING TO LOWER GEARING1 | % CAPITAL STRUCTURE AT 30/09 Gearing outlook lowest in company history 30 9% 9M 2026 pro-forma gearing 76% (10% reported) below 10%-15% target 25 LT DEBT ON TOTAL DEBT range 20 Low g
Slide 11: 2026 Guidance Update
2026 GUIDANCE UPDATE E&P Strong production growth in the BASED ON UPDATED SCENARIO ASSUMPTIONS quarter supporting FY growth guidance at 6-7% underlying SCENARIO CMU 2026 APR 2026 JULY UPDATE GGP Consistent performance underpins BRENT ($/bbl) 70 83 85 95 FY guidance raised to €1.5bn TTF (€/MWh) 36 50
Slide 12: Concluding Remarks
CONCLUDING REMARKS DELIVERING OPERATIONAL AND FINANCIAL RESULTS ACCELERATING OUR STRATEGY Exceptional progress in 9M 26: • Delivery of significant strategic progression as well as current financial results • Sector leading exploration and production growth in E&P • Demonstrating value creation of ou
Slide 13: Back Up
BACK UP
Slide 14: Focus Global Natural Resources
SCENARIO FOCUS GLOBAL NATURAL RESOURCES Realisations +33% y-o-y - Liquids +34% PERFORMANCE DELIVERING TO PLAN - Natural gas +30% EUR/USD FX -1% y-o-y ADJ. EBIT PRO-FORMA | € BLN E&P PROJECT-LED GROWTH Organic growth across new 5.1 • Over 1.2 Bln boe of discovered resources in 9M 26 geographies, powe
Slide 15: Focus Transition Business
FOCUS TRANSITION BUSINESS PROGRESSING OUR TRANSITION AGENDA SCENARIO Italian PUN Ind GME +65% y-o-y ADJ. EBITDA PRO-FORMA | € BLN EU HVO margins +41% y-o-y ENILIVE 0.7 VALUE CONFIRMATION • Retail sales up 5% y-o-y Continued progress across • Outstanding biorefining performance Transition businesses
Slide 16: Plenitude Deconsolidation
PLENITUDE DECONSOLIDATION Plenitude deconsolidation from FOCUS ON THE SHAREHOLDING REORGANIZATION Eni’s financials completed • Reported under associate PLENITUDE: A MATERIAL PLAYER THE TRANSACTION income from Q4. CFFO as global presence with mature organization (>15 countries) non-proportional capit
Slide 17: Q3 2026 vs Q2 2026 EBIT Pro Forma
SCENARIO (Q/Q) Realisations -1% Q3 2026 vs Q2 2026 EBIT PRO FORMA - Liquids -11% - Natural gas 14% - Italian PUN Ind GME 47% E&P EBIT PRO FORMA | € BLN Higher production, realizations and cost performance largely offset lower benchmark crude prices and disruption impacts GLOBAL NATURAL RESOURCES TRA
Slide 18: Q3 2026 vs Q2 2026 Pre-Tax Earnings
Q3 2026 vs Q2 2026 PRE-TAX EARNINGS SCENARIO (Q/Q) ADJUSTED PRE-TAX | € BLN Realisations -1% - Liquids 11% GLOBAL NATURAL RESOURCES TRANSFORMATION ENILIVE PLENITUDE - Natural gas 14% - Italian PUN Ind GME 47% Similar trends evident on a q-o-q basis when looked at through EBIT More limited scenario i
Slide 19: Q3 2026 vs Q3 2025 Pre-Tax Earnings
SCENARIO (Y/Y) Q3 2026 vs Q3 2025 PRE-TAX EARNINGS Realisations +33% y-o-y - Liquids +34% - Natural gas +30% - Italian PUN Ind GME +65% EUR/USD FX -1% y-o-y ADJUSTED PRE-TAX | € BLN E&P GLOBAL NATURAL RESOURCES TRANSFORMATION ENILIVE PLENITUDE Favorable volume/mix effects and higher realizations in
Slide 20: Q3 2026 Market Scenario
Q3 2026 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 104.5 1.168 1.163 1.151 97.0 69.1 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 63 28.1 46 32 8.9 8.3 Q3 2025 Q2 2026 Q3 2026 Q3 2025 Q2 2026 Q3 2026 *Given volatility and market dislocations, t