Eni S.p.a. · MIL:ENI
Eni — Investor Day (March 2026)
61 slides from Eni's investor day presentation, Mar 19, 2026
Slide 1: Capital Markets Update
CAPITAL MARKETS UPDATE 19 March 2026
Slide 2: Disclaimer
DISCLAIMER CAPITAL MARKETS UPDATE 2026 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 perfo
Slide 3: A Clear Strategy
CONSISTENT STRATEGY AND EXECUTION A CLEAR STRATEGY E&P: A DISTINCTIVE DRIVING GROWTH AND RESILIENCE THROUGH THE CYCLE GROWTH ENGINE Outstanding exploration-led portfolio supporting a deep, diversified development pipeline with industry-leading time to market TRANSITION: CREATING DIVERSIFIED VALUE Sc
Slide 4: Strategy Execution & Key Milestones
STRATEGY EXECUTION & KEY MILESTONES 2025: DELIVERING ON OUR STRATEGY GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION CORPORATE UPSTREAM PLENITUDE RESULTS AHEAD 4% underlying production growth (6 main startups) Rising renewables generation integrated with Stronger than expected cash generation t
Slide 5: Strategy Overview
STRATEGY OVERVIEW OUR VALUE PROPOSITION GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION CORPORATE Optimizing growth and value Sustaining, self-funding business models Historically strong balance sheet position Broad diversification across geographies, Increasing renewables capacity & EV network
Slide 6: Global Natural Resources
GLOBAL NATURAL RESOURCES
Slide 7: Exploration
EXPLORATION DUAL EXPLORATION MODEL AT WORK DISTINCTIVE CAPABILITIES & RESERVE REPLACEMENT ~11 Bboe equity resources discovered DISCOVERED RESOURCES | CUMULATIVE MBOE since 2014 at $1/boe UEC in multiple geographies and plays >$13 bln from dual exploration model since 2013 STRONG RESOURCES CONVERSION
Slide 8: Exploration
EXPLORATION RESOURCES & PROJECTS KEY BASINS | IN THE 5YP NCS & NORTH SEA EAST MED SIRTE BALANCED MIX OF ILX / BASIN NEAR-FIELD AND HIGH-IMPACT OPPORTUNITIES Industry leading resource opportunity Distinctive Dual KUTEI BASIN Exploration Model to accelerate resources BERKINE valorization BASIN Advanta
Slide 9: E&P Growth, Diversification and Value
E&P GROWTH, DIVERSIFICATION AND VALUE LEADING PRODUCTION UPSTREAM PRODUCTION | Mboed ORGANIC FCF PER BARREL | $/boe GROWTH CAGR GROWTH 3-4% 2026 growth underlying (2025-30) 3-4% (2025-30) >7% reported >50%* DIVERSIFICATION IN HIGH >10% POTENTIAL/VALUE MARKETS +25 pp P1 reserves @2030 1.73 from new w
Slide 10: Super Pipeline of Projects
SUPER PIPELINE OF PROJECTS E&P 850 kboed new production 2026-30 PROJECTS at 2030 >8 Bboe in production 2026 START UP & RAMP UP 2027-2030 START UP BEYOND 2030 beyond 2030 ✓ START-UP ACHIEVED ✓ FID ACHIEVED ACCRETIVE & RESILIENT ANGOLA ANGOLA ALGERIA LIBYA ~20% IRR ✓ AGOGO IWH ALGAITA TOUAT PH. 2 ✓ ST
Slide 11: Eni-PETRONAS Business Combination – Searah at a Glance
E&P ENI-PETRONAS BUSINESS COMBINATION – SEARAH AT A GLANCE SEARAH TO LEAD SOUTH-EAST ASIA GAS & LNG MARKET SARAWAK LEADING A WORLD-CLASS PENINSULA 19 ASSETS GAS BASIN 14 blocks in Indonesia & 5 in Malaysia Optimally positioned to supply PRODUCTION >300 KBOED FROM DAY 1 NORTHERN HUB key LNG markets >
Slide 12: Argentina LNG Project
E&P ARGENTINA LNG PROJECT POSITIONED AS GLOBAL LEADING LNG PROJECT 2 FLNG VACA MUERTA ONSHORE 25 TCF SHALE GAS RESOURCES Project resources base DEVELOPMENT 2X6 MTPA VACA MUERTA World-class gas project FLNG capacity through 2 floating units including production, +500 KBOED treatment, transportation a
Slide 13: Transition Businesses
X TRANSITION BUSINESSES
Slide 14: Transition Businesses Strategy Summary
TRANSITION BUSINESSES STRATEGY SUMMARY ENILIVE PLENITUDE FINANCIAL MODEL Leading global position meeting Supplying decarbonized energy and €6.4 BLN proceeds from 3rd parties in transportation demand services to our customers aligned capital to support Transition Satellites growth €11.75 bln Equity V
Slide 15: Enilive
ENILIVE A GLOBAL PLAYER IN SUSTAINABLE MOBILITY Shareholders Eni 70% KKR 30% BIOREFINING PRO-FORMA EBITDA I € bln DELIVERING CAPACITY AND >15% SAF OPTIONALITY I MTPA Tripling capacity ROACE by 2030 Stronger global footprint 3.0 5 with significant growth in Europe, North America & ~2 MTPA Asia, while
Slide 16: Plenitude
PLENITUDE A GROWING PLAYER IN THE ENERGY TRANSITION GLOBAL A mature international RENEWABLES PRO-FORMA EBITDA GROWING RENEWABLES RETAIL organization with operations in € BLN CAPACITY | GW CUSTOMERS #MLN >15 countries Capacity growth to 2030 2.5x in 2030 vs 2025 >2.5 15 GROWING 15 Focus in EU and US
Slide 17: Technology
TECHNOLOGY
Slide 18: Technology: Driving Business Growth and Creating Value
Technology a key driver for TECHNOLOGY origination, growth and value Strengthened R&D and DRIVING BUSINESS GROWTH AND CREATING VALUE partnerships since 2014; integral to both upstream and transition businesses; LONG TERM OPPORTUNITY | TECHNOLOGY DRIVEN TECHNOLOGY | ENABLING GROWTH positioned for gro
Slide 19: Financials
FINANCIALS
Slide 20: Capital Investment
CAPITAL INVESTMENT DISCIPLINED GROWTH FOCUSSED INVESTMENT €7 bln 2026-30 ANNUALIZED GROSS & NET CAPEX | € bln 2026-30 GROSS CAPEX 2026 gross capex Reduction driven by perimeter effect and efficiency ~€5 bln 2026 net capex Growth ~€29 bln gross capex in 5YP (~€25 bln net) >8 >30% Uncommitted capex av
Slide 21: Cash Flow & Returns
CASH FLOW & RETURNS BUSINESSES DRIVE EFFICIENT FINANCIAL GROWTH 14% CAGR CFFO/share 2026-30 High-quality upstream portfolio New phase of development in transition businesses CFFO GROWTH | € bln FCF 2026-30 | € bln 2026 SCENARIO Continued disciplined investment & portfolio high-grading ~17 ~71 Improv
Slide 22: Balance Sheet
BALANCE SHEET GEARING OUTLOOK LOWEST IN COMPANY HISTORY STRENGTHENED CAPITAL STRUCTURE <2% Net Cost of debt RE-SETTING TO LOWER GEARING1 | % CASH-IN FROM SATELLITES | € bln Financial efficiency ~€27 bln 30 ~€16 bln of liquidity 2 expected 25 Financial flexibility cash-in >70% 20 Long-term debt 15 Fi
Slide 23: Shareholder Distributions
SHAREHOLDER DISTRIBUTIONS Attractive yield GROWING DIVIDENDS & GENERATING VALUE of more than 40% market cap 1 over 2026-30 Plan <$35/BBL ENHANCED DISTRIBUTION POLICY 2026 DIVIDEND AND BUYBACK 2026-30 average cash Ordinary dividend our first priority €1.10/sh DPS neutrality for the ordinary dividend
Slide 24: Concluding Remarks
CONCLUDING REMARKS
Slide 25: Concluding Remarks
CONSISTENT STRATEGY TECHNOLOGY & CAPABILITIES CONCLUDING REMARKS IN A VOLATILE ENERGY ENABLING LONG-TERM LANDSCAPE OPPORTUNITIES Clear strategic direction and Strong technical expertise and consistent execution across cycles innovation supporting the delivery of complex projects Strong financial dis
Slide 26: Back Up
BACK UP
Slide 27: 2026 Guidance
BACKUP 2026 GUIDANCE 2026 GUIDANCE 2026-30 PLAN PRODUCTION 3-4% underlying 3-4% reported GGP PRO-FORMA EBIT ~€1.0 bln ~€1.0 bln (2027-30 avg) ENILIVE PRO-FORMA EBITDA €1.1 bln €3.0 bln in 2030 PLENITUDE PRO-FORMA EBITDA €1.3 bln >€2.5 bln in 2030 GROUP CFFO €11.5 bln ~€71 bln in 5YP GROSS CAPEX €7.0
Slide 28: Scenario Assumptions
BACKUP SCENARIO ASSUMPTIONS 5YP SCENARIO 2026 2027 2028 2029 2030 Brent dated $/bbl 70 70 80 82 84 Exchange rate avg $/€ 1.15 1.14 1.07 1.07 1.09 Std. Eni Refining Margin $/bbl 6.0 4.0 3.5 3.4 3.4 TTF €/MWh 36 29 28 28 27 NBP $/mmbtu 11.8 9.5 8.6 8.8 8.6 EBIT adj EBIT adj Net adj CFFO SENSITIVITY 20
Slide 29: 2026 Sensitivity to Commodity Prices
2026 SENSITIVITY TO COMMODITY PRICES IMPLICATIONS FOR CASH FLOW AND DISTRIBUTIONS 1.1 UPSIDE ↑ 1.6 1.6 0.9 1.5 1.5 1.5 1.5 ■ Dividend (€/sh) ■ Buyback (€bln) ■ Extra Dividend (€bln) 1.10 €/sh 1.10 €/sh 1.10 €/sh 1.10 €/sh ■ Extra Buyback (€ bln) Brent | $/bbl 70 80 90 100 TTF | €/MWh 36 40 40 40 SER
Slide 30: 2025 Outcomes vs CMU 2025 Guidance
BACKUP 2025 OUTCOMES vs CMU 2025 GUIDANCE CMU 2025 OUTCOMES 2025 BRENT ($/bbl) 75 69.1 PSV (€/MWh) 44.4 38.5 EXCHANGE RATE (€/$) 1.05 1.13 PRODUCTION 1.7 Mboed 1.73 Mboed ↑ GGP PRO-FORMA EBIT €0.8 bln €1.0 bln ↑ €1.0 bln ENILIVE PRO-FORMA EBITDA €1.0 bln Underlying improvement ~€0.2 bln ✓ €1.1 bln P
Slide 31: Summary of Main Decarbonization Targets
BACKUP SUMMARY OF MAIN DECARBONIZATION TARGETS 2026 2030 2035 2040 2050 UPS ENI NET SCOPE 1+2 NET NET VS 2018 GHG ZERO ZERO EMISSIONS a ENI NET INTENSITY SCOPE 1+2+3 -15% -50% NET VS 2018 ZERO Zero Routine Flaring, UPSTREAM ROUTINE FLARING c maintained through 2030 FLARING & METHANE below 0.2%, EMIS
Slide 32: Transparency Leads to Top Ranked ESG Ratings
TRANSPARENCY LEADS TO TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT A MSCI ESG CCC AAA 2025 A SUSTAINALYTICS HIGH MEDIUM SEVERE NEGLIGIBLE ESG RISK RATING RISK RISK 2025 C B- ISS ESG D- A+ 2025 CA100+ NZ 24 34 BENCHMARK 0 49 metrics 2025 FTSE4GOOD Developed Index Top 5 in the O&G sect
Slide 33: Global Natural Resources
GLOBAL NATURAL RESOURCES
Slide 34: Eni Unchallenged Leadership on FLNG Operatorship
PROVEN FLNG E&P OPERATORSHIP ENI UNCHALLENGED LEADERSHIP ON FLNG OPERATORSHIP 6 FLNG in operation @2030 Delivering on time and on 30 budget in multiple geographies 25 Congo LNG setting a record with Nguya delivered in 33 20 months from execution start to ~22 operated MTPA within 2030 sail away 15 Fu
Slide 35: E&P Libya
E&P BOURI & LIBYA BAHR GHADAMES ESSALAM BASIN SIRTE STEADY OPERATIONS AND BASIN CONTINUITY OF UNLOCKING GAS FOR GROWTH AND A LOWER-CARBON DEVELOPMENT PROJECTS FUTURE. Libya’s main gas producer STRUCTURES A&E 2 offshore gas fields in Bahr Essalam to Mellitah plant Progress in development projects to
Slide 36: Côte d'Ivoire: Baleine Phase 3
E&P CÔTE D’IVOIRE: BALEINE PHASE 3 2.5 Bbbl & 3.3 TCF Baleine resources in place Baleine top exploration success 150 kbopd & 200 Mscfd after 20 years in Cote d’Ivoire Total Baleine Ph 1, 2 & 3 production capacity Outstanding Baleine 90 kbopd reservoir performance Baleine Ph 3 FPSO Net Zero (scope 1
Slide 37: E&P Nigeria
E&P NIGERIA ZABAZABA & ETAN +500 MBBL Reserves 150 KBOPD FPSO Capacity Unlocking Nigeria’s deepwater resources development 200 MSCFD Gas at peak exported through Nigeria LNG BONGA NORTH Deployment leveraging Eni’s distinctive expertise in fast- track development BONGA NORTH - Tie-back to Bonga FPSO
Slide 38: Cyprus: Cronos
E&P CYPRUS: CRONOS FAST TRACK DEVELOPMENT LEVERAGING ON EXISTING FACILITIES CRONOS 3 TCF Discovered resources 500 MSCFD DAMIETTA Cross-border development Production at plateau LNG ZOHR between Egypt and Cyprus ~250 MBOE for the export Reserves of Block 6 resources >2 TCF Fast track development ILX u
Slide 39: E&P Venezuela
E&P 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 JUNIN 5 providing gas for the national Total Recoverable Resources 2.5 Bboe electricity demand (over 90% of the deman
Slide 40: Main Projects in Execution
E&P MAIN PROJECTS IN EXECUTION COUNTRY PROJECT ENI OPERATORSHIP W.I. PRODUCTS START UP PRODUCTION (Kboed – 100%) (a) Agogo West Hub Integrated N* 18% Liquids Jul 2025 180 ANGOLA Gas Treatment Plant Nov 2025; NGC Quiluma & Mabuqueiro N* 19% Gas 100 (Azule Energy) Full Field Mar 2026 Greater PAJ N* Bl
Slide 41: Global Gas & LNG Portfolio
GLOBAL GAS & LNG PORTFOLIO ADDITIONAL VALUE DRIVERS SUPPLY DIVERSIFICATION LNG CONTRACTED VOLUMES | MTPA LNG vs Gas: >40% of LNG share @2030 vs ~15% in 2022 >20 RESILIENT RESULTS WITH UPSIDES 15 ~€1.0 bln 9 2026 GGP pro-forma EBIT EUROPE NORTH ATLANTIC EAST OF SUEZ/ ~€1.0 bln avg Norway AFRICA US PA
Slide 42: CCS
CCS DEVELOPING DECARBONIZATION AT SCALE ~3 Gtons | Total Storage Capacity* STORAGE CAPACITY PER YEAR | MTPA Strategic partnership with BlackRock's infrastructure fund GIP in Eni CCUS Holding adding further initiative to our >40 satellite model LBA L10 Reliable and steady returns in UK NETHERLANDS re
Slide 43: Data Centers
DATA CENTERS OUR INTEGRATED STRATEGY POWERED POWER BACK UP CONNECTED LAND AND REDUNDANCY Up to 1 GW IT capacity of data Industrial sites available, ready to Installed power capacity ensuring back center construction in Italy be built on to fast time to market up. Redundant connection to national in
Slide 44: Transition Businesses
X TRANSITION BUSINESSES
Slide 45: Enilive
ENILIVE Shareholders Eni 70% A GLOBAL PLAYER IN SUSTAINABLE MOBILITY KKR 30% VISIBLE PIPELINE OF ENILIVE GLOBAL FOOTPRINT FROM BIOREFINERIES TO SERVICE STATIONS ACTIVITIES UNDERPINNING TANGIBLE GROWTH BIOREFINERIES Global biorefining production Operational in Europe, N. America and Asia In execution
Slide 46: Enilive
ENILIVE KEY REGULATORY UPDATE ROBUST 2030 MACRO SCENARIO LED BY HEFA RED III Directive doubled 2030 target to 29% WORLD RENEWABLE DIESEL/SAF 2025-30 WORLD RENEWABLE DIESEL/SAF DEMAND renewable fuels in transport Supply Vs Demand (Mton) 2025-30 (Mton) Removal of double counting in >40 Germany HVO/RD
Slide 47: Enilive: Distinctive Elements Driving Growth
ENILIVE DISTINCTIVE ELEMENTS DRIVING GROWTH FIRST MOVER INTO BIOREFINERY CONVERSION 1.65 Mton 1st player among energy majors and 2nd in Europe by biorefining capacity biorefining capacity in 2025 10+ years of successful biorefining operations & conversion track record STRONG TECHNOLOGY INNOVATION CA
Slide 48: Enilive: Broad Portfolio of Products and Services
ENILIVE BROAD PORTFOLIO OF PRODUCTS AND SERVICES HIGH-VALUE ADDED INCREASED SERVICE OFFER PRODUCTS IN A FLEXIBLE TO SATISFY EVOLVING PRODUCTION SYSTEM CUSTOMER NEEDS CARBON REDUCTION CREDENTIALS Emissivity of 100% HVO SAF PEOPLE SERVICES powered ICE vehicles in line Gela upgrade completed in 2024 Ag
Slide 49: 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 50: Plenitude
PLENITUDE A GROWING PLAYER IN THE ENERGY TRANSITION USA GLOBAL PRESENCE WITH MATURE ORGANIZATION (>15 COUNTRIES) >1.7 GW Fully integrated across renewable generation, retail supply and green energy services IBERIA >1.5 GW Photovoltaic 500k clients Onshore wind UK 0.2 GW GLOBAL Offshore wind A mature
Slide 51: Plenitude Renewables
PLENITUDE RENEWABLES Accelerated capacity growth INSTALLED CAPACITY | GW EBITDA | € BLN (2.5x to 2030) Confirmed footprint: focus on 15 1.2 Europe and US; 100% solar, wind and BESS Integration with Retail 6.5 5.8 0.4 0.2 2025 2026 2030 2025 2026 2030 PIPELINE BREAKDOWN CAPEX | € BLN 2.2 UNDER 7 1.0
Slide 52: Plenitude Renewables Key Projects in Execution
PLENITUDE RENEWABLES KEY PROJECTS IN EXECUTION B PLENITUDE PLENITUDE NET CAPACITY GROSS CAPACITY SOLAR PV ONSHORE WIND OFFSHORE WIND STORAGE YEARLY WORKING EQUITY INSTALLED COUNTRY PROJECT TECHNOLOGY COMPLETION PRODUCTION >21 INTEREST CAPACITY (MW) (GWh) Entrenúcleos, SPAIN 100% 300 2026-2029 >600 O
Slide 53: Plenitude Retail
PLENITUDE RETAIL CUSTOMERS | MLN EBITDA | € BLN +50% customers by 2030 1.2 Focus on valuable customers 15 11.5 0.9 0.9 >60% power customers in 2030 10 Lean and effective operations 2025 2026 2030 2025 2026 2030 ENERGY MIX VALUE-ADDED SERVICES >€100 MLN avg 26-30 EBITDA contribution A COMPLETE SUITE
Slide 54: Plenitude E-Mobility
PLENITUDE E-MOBILITY +30% network growth by 2030 OWNED PUBLIC CPs | k SHARE OF CPs IN OPERATION | % Focus on DC 100% public access 30 >80% 85% 90% Synergies with retail and 23 24 Abroad Enilive stations Partnerships with GDOs and carmakers Italy 2025 2026 2030 2025 2026 2030 INSTALLED MIX CAPEX | €
Slide 55: Industrial Transformation
*%= INDUSTRIAL _ aS TRANSFORMATION -
Slide 56: Industrial Transformation
INDUSTRIAL TRANSFORMATION ENABLING THE ENERGY TRANSITION LEGACY INDUSTRIAL BASE NEW PLATFORMS GROWTH Converting traditional refineries & petrochemicals plants Establishing competitive biochemistry and circular platforms while retaining strategic optionality around remaining capacity as structural dr
Slide 57: Versalis
VERSALIS STRATEGIC INITIATIVES FOR FULL POTENTIAL AMBITION Chemical player leading in sustainability through restructuring base chemicals, growth and development new platforms TARGET BUSINESS RESTRUCTURING GROWTH & DEVELOPMENT UNITS BASE CHEMICAL & BIOCHEMISTRY CIRCULARITY MOLDING & COMPOUDING OIL F
Slide 58: Technology
TECHNOLOGY
Slide 59: Technology
TECHNOLOGY PUSH BOUNDARIES TO FUEL COMPETITIVENESS AND GENERATE VALUE THE MOST TRANSFORMATIVE CUTTING-EDGE TECHNOLOGIES SPARC | Progress more than 70%. Ready for start up in 2027. ENI’S ARC | Power delivery to grid (early 2030s). TECH H3AT | Construction ongoing. Ready for start up in 2028. TRIANGLE
Slide 60: Open Innovation
OPEN INNOVATION ENI NEXT PORTFOLIO: CREATING VALUE ENABLING SOLUTIONS RENEWABLES, MOBILITY NEW ENERGY & SMART CITIES & LOW CARBON PRODUCTS & DECARBONIZED SOLUTIONS ■ Critical elements, advanced materials ■ Sustainable mobility ■ Fusion ■ Digital & automation ■ Renewables, energy storage ■ Decarboniz
Slide 61: Non-GAAP Measures (Alternative Performance Indicators)
BACK-UP NON-GAAP MEASURES (ALTERNATIVE PERFORMANCE INDICATORS) 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 arri