Eni S.p.a. · MIL:ENI
Eni — Q4 2025 Earnings Presentation
19 slides from Eni's earnings presentation, Feb 26, 2026
Slide 1: 2025 Results
2025 RESULTS Congo LNG Ph2 FEBRUARY 26, 2026
Slide 2: Disclaimer
DISCLAIMER 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
Slide 3: FY 2025 Highlights
FY 2025 | HIGHLIGHTS DRIVING OPERATIONAL EXCELLENCE AND STRATEGIC PROGRESS GLOBAL NATURAL RESOURCES TRANSITION BUSINESSES INDUSTRIAL TRANSFORMATION FINANCIAL RESULTS Underlying production growth 4% y-o-y Enilive: start-up of SAF production at Gela Versalis: start-up of recycled polymer PERFORMANCE 9
Slide 4: Q4 2025 Earnings Summary
Q4 2025 | EARNINGS SUMMARY E&P Higher volumes offset the impact of DELIVERING OUTSTANDING FINANCIAL PERFORMANCE the fall in oil prices GGP € BLN Optimization of the portfolio 0.3 exposure in a quiet Q4 market -0.1 delivers upgraded FY guidance 3.0 -0.3 0.2 GGP ENILIVE & POWER Seasonally weaker marke
Slide 5: 2025 FY Cashflow Summary
CASH GENERATION ENABLES 2025 FY | CASHFLOW SUMMARY FURTHER DELEVERAGING Satellite model validated, CONSISTENT, DISCIPLINED CFFO AND FCF supporting consistent CFFO Working capital down as part of € BLN FY WC Capex cash initiatives release -3% y-o-y Incl. €3.6 bln for KKR investment into Enilive, €2 C
Slide 6: 2025 FY Net Capex
2025 FY | NET CAPEX DISCIPLINED INVESTMENTS INVESTING SELECTIVELY FOR LONG-TERM VALUE IN 2025 Disciplined capital allocation focused on value creation, portfolio GROSS & NET CAPEX | € BLN flexibility and financial resilience 2025 pro forma net capex €4.4Bln with reported lower at €1.9 Bln Pro forma
Slide 7: Balance Sheet
BALANCE SHEET ENHANCED CAPITAL DELEVERAGED FINANCIAL PROFILE STRUCTURE Gearing outlook lowest in company history1 GEARING Preserving Balance Sheet efficiency and flexibility 30% 14% YE 2025 pro-forma gearing 25% (15% reported); 2026 Outlook range 10-15% 20% Ex-Plenitude gearing ~3 p.p. lower 15% tha
Slide 8: Shareholder Distributions
SHAREHOLDER DISTRIBUTIONS IMPROVED SHAREHOLDER VALUE CREATION THROUGH SUSTAINABLE DIVIDENDS DISTRIBUTION €1.05/sh DPS for 2025 +5% versus 2024 HISTORICAL DISTRIBUTION | € BLN 20 Buy-back raised to €1.8 bln in October (+20% over original guidance); program completed in 5 February 4 10 Eni offers a pa
Slide 9: Concluding Remarks
CONCLUDING REMARKS STRATEGY IN ACTION WITH SUSTAINABLE GROWTH & DISCIPLINED CAPITAL & ENHANCED SHAREHOLDER CONSISTENT DELIVERY TRANSFORMATION PORTFOLIO EVOLUTION RETURNS 2025 performance confirms the Sector-leading underlying growth in Continued improvement of the Value creation translating into att
Slide 10: 2025 Results vs Key Guidance Items
E&P 2025 RESULTS vs KEY GUIDANCE ITEMS Strong project execution, supporting higher full-year production guidance. Underlying production growth 4% SCENARIO 2025 AVERAGE CMU 2025 OCT 2025 RESULTS GGP BRENT ($/bbl) 75 70 69.1 Confirming resilient performance 38.5 in capturing gas and LNG margins PSV (€
Slide 11: 2025 Results Q&A
2025 RESULTS FEBRUARY 26, 2026 Q&A
Slide 12: Performance
PERFORMANCE SUSTAINED OPERATIONAL AND FINANCIAL DELIVERY OPERATIONAL MOMENTUM Consistent delivery across key BALANCE SHEET ORGANIC RRR I % PRODUCTION I Mboed operating metrics, reflecting strong Net Debt Proforma € bln execution Gearing Proforma +4% PRODUCTION GROWTH underlying 25/24 Sustained produ
Slide 13: Strong Exploration Resource Conversion
STRONG EXPLORATION RESOURCE CONVERSION DELIVERING CONSISTENT EXPLORATION SUCCESS LONG-TERM DELIVERY Multi-year delivery across cycles DISCOVERED CUMULATIVE RESOURCES | BLN BOE RRR avg 2014-25 Consistently replacing and growing 105% our resource base organically Maximizing returns through Infrastruct
Slide 14: Focus Global Natural Resources
SCENARIO Realisations -12% y-o-y FOCUS GLOBAL NATURAL RESOURCES - Liquids -15% - Natural gas -6% ADVANCING STRATEGIC INITIATIVES E&P INDUSTRY LEADERSHIP Start-ups (Agogo, Congo LNG) set • 7% y-o-y production growth, supported by accelerated new standards for TTM ADJ. EBIT PRO-FORMA | € BLN start-ups
Slide 15: Focus Transition Business
FOCUS TRANSITION BUSINESS CREATING LONG-TERM VALUE THROUGH TRANSITION SCENARIO Italian PUN Ind GME -10% y-o-y ADJ. EBITDA PRO-FORMA | € BLN ENILIVE EU HVO prices increasing, supported by stronger demand to • On track to triple biofuel capacity by 2030 meet 2025 targets • Biorefining as the main cont
Slide 16: Q4 2025 vs Q3 2025 Earnings
SCENARIO (Q/Q) Q4 2025 vs Q3 2025 EARNINGS Realisations -8% - Liquids -9% - Natural gas -7% - Italian PUN Ind GME +5% E&P EBIT PRO FORMA | € BLN Higher-margin volumes underpin stronger underlying profitability and offset price impact GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE GGP Effectiv
Slide 17: Q4 2025 vs Q3 2025 Earnings
Q4 2025 vs Q3 2025 EARNINGS ADJUSTED PRE-TAX | € BLN GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE SCENARIO (Q/Q) Realisations -8% - Liquids -9% - Natural gas -7% - Italian PUN Ind GME +5% [Similar trends evident on a q-o-q basis when looked at via EBIT] 2.3 2.0 Q3 25 Scenario Volumes & Scen
Slide 18: Q4 2025 vs Q4 2024 Earnings
Q4 2025 vs Q4 2024 EARNINGS SCENARIO (Y/Y) Realisations -12% - Liquids -15% - Natural gas -6% - Italian PUN Ind GME -10% ADJUSTED PRE-TAX | € BLN E&P/GGP Underlying operational strength GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE mitigating the scenario impact in GNR TRANSITION Improved re
Slide 19: Q4 2025 Market Scenario
Q4 2025 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 74.7 69.1 1.168 1.163 63.7 1.067 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 45 11.7 36 32 8.9 3.7 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 *New indicator has been calculated based on a