Slide 1: Q1 2026 Results
Q1 2026 RESULTS APRIL 24, 2026 NGC Project, Angola
Slide 2: Disclaimer
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, gear
Slide 3: 2026 Highlights: Delivering on Our Strategic Priorities
2026 I HIGHLIGHTS DELIVERING ON OUR STRATEGIC PRIORITIES FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION EBIT PRO FORMA UPSTREAM PLENITUDE €3.5 bln Outstanding exploration success: new discovered Agreement to a shareholding reorganization resources in Angola, Côte d'Ivoire, Eg
Slide 4: Exploration: Outstanding Results Driven by a Unique Business Model
EXPLORATION OUTSTANDING RESULTS DRIVEN BY A UNIQUE BUSINESS MODEL A DISTINCTIVE MODEL CREATING VISIBILITY BEYOND 2030 IN 2026 TO DATE 14 wells drilled @80% success rate MAIN DISCOVERIES | IN 2026 TO DATE ~1 Bln boe of new equity resources EGYPT Temsah DL – Denise West MIX OF HIGH IMPACT AND ILX/ 2 T
Slide 5: Q1 2026 Earnings Summary
Q1 2026 I EARNINGS SUMMARY E&P Production growth, supportive EXTENDING OUR TRACK RECORD OF STRONG PERFORMANCE commodity pricing and cost control discipline drove robust performance € bln 0.4 GGP In line y/y in seasonally strong 3.7 -0.3 quarter with optimizations -0.2 offsetting weaker gas price 0.3
Slide 6: Q1 2026 Cashflow Summary
Q1 2026 | CASHFLOW SUMMARY Robust CFFO generation Satellite model continues to HIGH-QUALITY CASH GENERATION prove effective, supporting strong cash conversion Working Capital Build due to seasonal trends € bln and price. No unusual issues Capex Gross spend consistent with €7bln FY26 guidance No mate
Slide 7: 2026 Guidance Update
E&P 2026 GUIDANCE UPDATE Consistent performance BASED ON UPDATED SCENARIO ASSUMPTIONS supporting full-year production targets Q2 production expected SCENARIO CMU 2026 UPDATE 2%-4%1 y/y underlying BRENT ($/bbl) 70 83 GGP TTF (€/MWh) 36 50 Guidance revised upward, capturing additional upside SERM ($/b
Slide 8: Concluding Remarks
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
Slide 9: Back Up
EE ban BACK UP
Slide 10: Focus on Middle East Conflict
FOCUS ON MIDDLE EAST CONFLICT LIMITED EXPOSURE AND RESILIENCE OF A DIVERSIFIED BUSINESS MODEL UPSTREAM LNG VOLUMES REFINING 2-3% PRODUCTION EXPOSURE NO IMPACT CONTAINED IMPACT Mainly in UAE, while representing a smaller due to swap agreements and the high flexibility of Ruwais operations maintained
Slide 11: 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 12: Focus Global Natural Resources
SCENARIO FOCUS GLOBAL NATURAL RESOURCES Realisations +1% y-o-y - Liquids +4% DELIVERING ON STRATEGIC PRIORITIES - Natural gas -4% EUR/USD FX +11% y-o-y +8% E&P ADJ. EBIT PRO-FORMA | € BLN increase in USD UPGRADING E&P PORTFOLIO • ~1 Bln boe of discovered resources in the first 4 months 3.8 Continued
Slide 13: Focus Transition Business
FOCUS TRANSITION BUSINESS ADVANCING VALUE THROUGH ENERGY TRANSITION SCENARIO ADJ. EBITDA PRO-FORMA | € BLN Italian PUN Ind GME -6% y-o-y EU HVO margins continued to 0.5 0.5 increase ENILIVE • Retail sales up 6% y-o-y VALUE CONFIRMATION • Approved 2 main biorefining projects at the Sannazzaro Deliver
Slide 14: Q1 2026 vs Q4 2025 Earnings
SCENARIO (Q/Q) Realisations 16% Q1 2026 vs Q4 2025 EARNINGS - Liquids 25% - Natural gas 6% - Italian PUN Ind GME 13% E&P EBIT PRO FORMA | € BLN Supportive commodity prices, alongside continued cost discipline, helped cushion the effect of lower volumes GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLE
Slide 15: vs Q4 2025 Earnings
Q1 2026 vs Q4 2025 EARNINGS ADJUSTED PRE-TAX | € BLN GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE SCENARIO (Q/Q) Realisations 16% - Liquids 25% - Natural gas 6% - Italian PUN Ind GME 13% Similar trends evident on a q-o-q basis when looked at via EBIT 2.4 2.0 Q4 25 Scenario Volumes & Scenari
Slide 16: vs Q1 2025 Earnings
Q1 2026 vs Q1 2025 EARNINGS SCENARIO (Y/Y) Realisations +1% y-o-y - Liquids +4% - Natural gas -4% ADJUSTED PRE-TAX | € BLN - Italian PUN Ind GME -6% EUR/USD FX +11% y-o-y GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE E&P Higher volumes driven by ramp-ups in Norway, Congo, Mexico and new star
Slide 17: Q1 2026 Market Scenario
Q1 2026 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 75.7 80.6 1.163 1.170 63.7 1.052 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 47 40 11.7 10.9 30 3.8 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q1 2026 *New indicator has been calculated based on