Slide 1: H1 2026 Results
H1 2026 RESULTS JULY 29, 2026 Nguya FLNG, Congo
Slide 2: Disclaimer
DISCLAIMER H1 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: H1 2026 Highlights
H1 2026 I HIGHLIGHTS EXECUTION SUPPORTED BY FINANCIAL STRATEGY DRIVES VALUE CREATION EBIT PRO FORMA NET PROFIT CFFO GEARING €8.9 bln €3.6 bln €7.3 bln 17% (proforma 10%) OF WHICH: EBIT €5.9 bln INCOME FROM ORGANIC BUYBACK OTHER INVESTMENTS CAPEX €0.8bln $2 bln infrastructure €0.9 bln €3.7 bln valori
Slide 4: 2026 to date Highlights
2026 to date I HIGHLIGHTS EXECUTING OUR STRATEGY, DELIVERING RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION UPSTREAM PLENITUDE Outstanding exploration: Angola, Namibia, Côte d'Ivoire, Egypt, Libya and Indonesia Shareholding reorganization and new governance structure. Closing expected
Slide 5: A World-Class E&P Business Adding New Opportunities
A WORLD-CLASS E&P BUSINESS ADDING NEW OPPORTUNITIES Exploration > +1bln boe POWERED BY DIVERSIFICATION New acreage positions: Uruguay, Timor-Leste, and The Gambia MAIN DISCOVERIES | IN 2026 TO DATE PRODUCTION GROWTH | UNDERLYING YoY Significant progress in maturing giant opportunities in Argentina a
Slide 6: Acceleration and Expansion of a Strong Project Pipeline
ACCELERATION AND EXPANSION OF A STRONG PROJECT PIPELINE 2026-30+ E&P PROJECTS UPDATE EXECUTION A COMPETITIVE 2026 START UP & RAMP UP 2027-2030 START UP BEYOND 2030 ADVANTAGE ✓ START-UP ACHIEVED ✓ FID ALREADY ACHIEVED NEW PROJECTS AND ANTICIPATION 3 major start-ups and ramp-up ✓ ACHIEVED POST-CMU ✓ A
Slide 7: Q2 2026 Earnings Summary
E&P Production reported+7% y/y; above Q2 2026 I EARNINGS SUMMARY guidance reflecting project delivery, operational resilience and CONTINUING OUR STRONG EXECUTION AND DELIVERY closing of Searah JV GGP Captured value in line with raised € bln guidance, retaining upside 0.5 exposure in H2 -0.0 5.3 -0.4
Slide 8: H1 2026 Cashflow Summary
CFFO H1 2026 | CASHFLOW SUMMARY Strong cash generation fully funds both capital investments and SUSTAINED CASH FLOW STRENGTH dividends Dividend income skewed to H2 € bln Cash tax rate for H1 26% 7.3 Working Capital H1 build remains driven by Q1 seasonality, with no unusual trends. Expectation of a F
Slide 9: 2026 Guidance Update
E&P 2026 GUIDANCE UPDATE Strong operational performance enabling an increase in FY BASED ON UPDATED SCENARIO ASSUMPTIONS production guidance Q3 production expected in the 1.78- SCENARIO CMU 2026 APR 2026 UPDATE 1.82 Mboed range GGP BRENT ($/bbl) 70 83 85 Guidance upgraded, capturing TTF (€/MWh) 36 5
Slide 10: Concluding Remarks
CONCLUDING REMARKS ACCELERATING OUR STRATEGY Exceptional progress in H1 26: Upstream delivering production growth; delivering projects, originating further new opportunities Transition delivering growth and realizing tangible shareholder value. Maturing new energy options Financial strategy aligned
Slide 11: Back Up
EE ban BACK UP
Slide 12: Sensitivities
SENSITIVITIES UPDATED ASSUMPTIONS EBIT adj EBIT adj Net adj CFFO SENSITIVITY 2026 (€ bln) pro-forma (€ bln) before WC (€ bln) (€ bln) Brent +1 $/bbl 0.16 0.26 0.13 0.11 Exchange rate $/€ +0.05 $/€ -0.33 -0.64 -0.27 -0.57 Std. Eni Refining Margin +1 $/bbl 0.10 0.10 0.07 0.08 European Gas Spot +1 $/mm
Slide 13: Searah at a Glance – Driving Growth to 800 Kboed
FOCUS GLOBAL NATURAL RESOURCES SEARAH AT A GLANCE – DRIVING GROWTH TO 800 Kboed LEADING A WORLD-CLASS SEARAH TO LEAD SOUTH-EAST ASIA GAS & LNG MARKET GAS BASIN 19 ASSETS Optimally positioned to supply 14 blocks in Indonesia & 5 in Malaysia SARAWAK key LNG markets PENINSULA Investment grade and self-
Slide 14: Argentina LNG Project Development
FOCUS GLOBAL NATURAL RESOURCES VACA MUERTA ONSHORE SHALE GAS RESOURCES ARGENTINA LNG PROJECT DEVELOPMENT VACA MUERTA Entered the Meseta Buena Esperanza, Aguada Villanueva POSITIONED AS GLOBAL LEADING LNG PROJECT and Las Tacanas blocks in Vaca Muerta basin 25 TCF Project resources base Midstream deve
Slide 15: Venezuela: Perla, Junin 5, Corocoro
FOCUS GLOBAL NATURAL RESOURCES VENEZUELA PERLA PERLA ENI MAINTAINS MAIN GAS 580 Mscfd production PRODUCER POSITION Unlocking Perla Field Value COROCORO Cardon IV consistently Gas export Project - 3.5 MTPA FLNG providing gas for the national Total Recoverable Resources 2.5 Bboe electricity demand (ov
Slide 16: Enilive Near-Future Development Projects
ENILIVE NEAR-FUTURE DEVELOPMENT PROJECTS DYNAMIC EXPANSION Expanding Enilive global footprint Far East strategical for developing long-term SAF market and feedstock LIVORNO PENGERANG DAESAN/ VENICE PRIOLO SANNAZZARO availability SEOSAN EXPANSION Partnering with leading FID taken FID taken FID taken
Slide 17: Plenitude Renewables Key Projects in Execution
PLENITUDE RENEWABLES KEY PROJECTS IN EXECUTION B PLENITUDE PLENITUDE SOLAR PV ONSHORE WIND OFFSHORE WIND STORAGE NET CAPACITY GROSS CAPACITY YEARLY WORKING EQUITY INSTALLED COUNTRY PROJECT TECHNOLOGY COMPLETION PRODUCTION INTEREST CAPACITY (MW) (GWh) >21 UK Dogger Bank 13% 470 2023-2028 2,250 BESS G
Slide 18: Focus Global Natural Resources
FOCUS GLOBAL NATURAL RESOURCES OPERATIONAL DELIVERY ON TRACK SCENARIO Realisations +37% y-o-y - Liquids +54% E&P - Natural gas +18% ADJ. EBIT PRO-FORMA | € BLN EUR/USD FX +3% y-o-y • Over 1 Bln boe of discovered resources in H1 5.3 • 11% y-o-y underlying production growth underpins the 0.5 PORTFOLIO
Slide 19: Focus Transition Business
FOCUS TRANSITION BUSINESS SCENARIO Italian PUN Ind GME +22% y-o-y EXECUTING OUR TRANSITION STRATEGY EU HVO margins continued to strengthen ADJ. EBITDA PRO-FORMA | € BLN VALUE CONFIRMATION 0.6 Strong delivery across Transition ENILIVE satellites underpins confidence 0.5 in full-year guidance • Retail
Slide 20: Plenitude Deconsolidation
PLENITUDE DECONSOLIDATION Plenitude deconsolidated from Eni’s financials upon FOCUS ON THE SHAREHOLDING REORGANIZATION completion PLENITUDE: A MATERIAL PLAYER THE TRANSACTION • expected from Q3 will be global presence with mature organization (>15 countries) non-proportional capital increase of ~€1.
Slide 21: Q2 2026 vs Q1 2026 Earnings
Q2 2026 vs Q1 2026 EARNINGS SCENARIO (Q/Q) Realisations 25% - Liquids 33% - Natural gas 16% EBIT PRO FORMA | € BLN - Italian PUN Ind GME -5% E&P Excellent operational delivery, with GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE FY26 production growth above guidance GGP Portfolio optimization
Slide 22: Q2 2026 vs Q1 2026 Earnings
Q2 2026 vs Q1 2026 EARNINGS ADJUSTED PRE-TAX | € BLN GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE SCENARIO (Q/Q) Realisations 25% - Liquids 33% - Natural gas 16% - Italian PUN Ind GME -5% Similar trends evident on a q-o-q basis when looked at via EBIT 3.9 2.4 Q1 26 Scenario Disruption Volum
Slide 23: Q2 2026 vs Q2 2025 Earnings
Q2 2026 vs Q2 2025 EARNINGS SCENARIO (Y/Y) Realisations +37% y-o-y - Liquids +54% - Natural gas +18% - Italian PUN Ind GME +22% ADJUSTED PRE-TAX | € BLN EUR/USD FX +3% y-o-y GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE E&P Favorable volume/mix effects, continued cost discipline and higher r
Slide 24: Q2 2026 Market Scenario
Q2 2026 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 104.5 1.170 1.163 1.134 80.6 67.8 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 46 40 10.1 35 8.3 4.8 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 *Given volatility and market dislocations, t