Slide 1: 9M 2025 Results
9M 2025 RESULTS OCTOBER 24, 2025 Nguya FLNG
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: Advancing Our Strategy
9M 2025 | HIGHLIGHTS ADVANCING OUR STRATEGY FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION EBIT PRO FORMA1 EXPLORATION ENILIVE €9.4 bln Namibia, Côte d'Ivoire and Norway Start-up of SAF production at Gela biorefinery of which: EBIT UPSTREAM, GGP & CCS Sannazzaro Biorefinery p
Slide 4: Driving Highly Excellent Financial Performance
Q3 2025 | EARNINGS SUMMARY DRIVING HIGHLY EXCELLENT FINANCIAL PERFORMANCE E&P Production above guidance with resilient financial results € BLN GGP 0.3 Efficient optimization of -0.1 portfolio position 3.0 -0.3 TRANSITION - ENILIVE GGP Seasonally strong marketing 0.3 & POWER plus recovering bio margi
Slide 5: Robust and Disciplined Cash Flows
9M 2025 | CASHFLOW SUMMARY ROBUST AND DISCIPLINED CASH FLOWS CASH GENERATION ENABLES FURTHER DELEVERAGING CASH FLOW RESULTS | € BLN Satellite model stands validated, backed by strong CFFO 9M WC release Capex -3% y-o-y Incl. €3.6 bln for KKR investment into Enilive, €0.2 for EIP into Plenitude and ~€
Slide 6: 2025 Guidance Update
2025 GUIDANCE UPDATE E&P Strong delivery across the portfolio, supporting an SCENARIO 2025 AVERAGE JULY 2025 OCTOBER 2025 upgraded full-year production guidance. Current production BRENT ($/bbl) 70 70 at ~1.8Mboed PSV (€/MWh) 42 37 SERM ($/bbl) 4.0 5.8 FURTHER RAISED GGP, CFFO EXCHANGE RATE (€/$) 1.
Slide 7: Concluding Remarks
CONCLUDING REMARKS Quarter captures all the key elements of our strategy SUSTAINED PORTFOLIO SUSTAINING MOMENTUM STRENGTHENED FINANCIAL DISCIPLINED CAPITAL PROGRESSION TOWARD YEAR-END POSITION MANAGEMENT Advancing the Indonesia–Malaysia Accelerating Upstream growth Further balance sheet Cost and fin
Slide 8: 9M 2025 Results Q&A
9M 2025 RESULTS OCTOBER 24, 2025 Q&A
Slide 9: Executing Value-Accretive Projects
FOCUS GLOBAL NATURAL RESOURCES EXECUTING VALUE-ACCRETIVE PROJECTS SCENARIO Realisations -7% y-o-y E&P - Liquids -13% - Natural gas +1% ADJ. EBIT PRO-FORMA | € BLN • 6% y-o-y production growth, supported by start-ups (Ivory Coast, Norway, Angola, Indonesia) ENHANCING E&P PORTFOLIO • 5% q-o-q growth c
Slide 10: Turning Transition Assets into Value
FOCUS TRANSITION BUSINESS TURNING TRANSITION ASSETS INTO VALUE SCENARIO Italian PUN Ind GME -8% y-o-y ADJ. EBITDA PRO-FORMA | € BLN ENILIVE EU HVO prices increasing, supported by stronger • Biorefining capacity to exceed 3 MTPA by 2028, demand to meet 2025 targets 0.54 0.50 supported by new projects
Slide 11: Angola: Agogo Integrated West Hub
GLOBAL NATURAL RESOURCES ANGOLA: AGOGO INTEGRATED WEST HUB Industry lowest emissions FPSO mainly thanks to first application of high efficiency combined cycle power genset, and full electric users. Residual emissions fully offset Full Field development phase of Agogo and Ndungu fields Start-up after
Slide 12: Congo LNG
GLOBAL NATURAL RESOURCES CONGO LNG NGUYA FLNG sets a record for time-to-market in the entire sector with only 33 months from contract award to sail away Mooring and startup expected by the 2 FLNG end of 2025 FLOATING UNITS FOR GAS LIQUEFACTION – TANGO and NGUYA 3 Mtpa TOTAL LNG PRODUCTION CAPACITY 1
Slide 13: Côte d'Ivoire: Baleine and Calao
GLOBAL NATURAL RESOURCES CÔTE D’IVOIRE: BALEINE AND CALAO Baleine and Calao top exploration successes after 20 years without commercial discoveries Outstanding Baleine reservoir performance – delivering above planned 2.5 Bbbl & 3.3 TCF Net Zero (scope 1 & 2) BALEINE RESOURCES IN PLACE project 150 Kb
Slide 14: Coral North
GLOBAL NATURAL RESOURCES CORAL NORTH Coral North Project as enhanced carbon copy of Coral South Leveraging on lessons learned of 2+ years of excellent uninterrupted production (120+ cargos, >95% uptime) 4.7 TCF CORAL NORTH RESERVES Project designed to cost 3.6 MTPA as Coral South FLNG CAPACITY Desig
Slide 15: Indonesia: Kutei Basin
GLOBAL NATURAL RESOURCES 3 Projects: Maha INDONESIA: KUTEI BASIN Gendalo & Gandang (IDD) North Hub Exploration at scale supports our dual exploration model and fast- track developments 650 Mscfd Leading a world-class SOUTHERN HUB gas province CURRENT GROSS PRODUCTION Geng North opened up material 14
Slide 16: Q3 2025 vs Q2 2025 Earnings
SCENARIO (Q/Q) Q3 2025 vs Q2 2025 EARNINGS Realisations +2% - Liquids +2% - Natural gas +4% - Italian PUN Ind GME +8% EBIT PRO FORMA | € BLN E&P High growth in high value barrels drives higher earnings GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE GGP Continuing value maximization from the g
Slide 17: Q3 2025 vs Q2 2025 Earnings
Q3 2025 vs Q2 2025 EARNINGS SCENARIO (Q/Q) Realisations +2% ADJUSTED PRE-TAX | € BLN - Liquids +2% - Natural gas +4% GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE Italian PUN Ind GME +8% Similar trends evident on a q-o-q basis when looked at via EBIT 2.3 2.2 Q2 25 Scenario Volumes & Performa
Slide 18: Q3 2025 vs Q3 2024 Earnings
Q3 2025 vs Q3 2024 EARNINGS SCENARIO (Y/Y) Realisations -7% - Liquids -13% - Natural gas +1% ADJUSTED PRE-TAX | € BLN Italian PUN Ind GME -8% EUR/USD +6% impacts results GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE in € denominated reporting E&P/GGP Production growth and performance improve
Slide 19: Q3 2025 Market Scenario
Q3 2025 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 80.2 1.168 67.8 69.1 1.134 1.098 3Q 2024 2Q 2025 3Q 2025 3Q 2024 2Q 2025 3Q 2025 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 38 38 8.9 36 4.8 1.7 3Q 2024 2Q 2025 3Q 2025 3Q 2024 2Q 2025 3Q 2025 *New indicator has been calculated based on a