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Eni — 2026 second quarter results (company IR deck)
Eni (E) · 24 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All E deck slides
Slide 1 — H1 2026 RESULTS
Nguya FLNG, Congo H1 2026 RESULTS JULY 29, 2026
Slide 2 — 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 production and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. DISCLAIMER H1 2026 RESULTS Actual results may differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease, the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply, demand and pricing; operational issues; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.
Slide 3 — H1 2026 I HIGHLIGHTS
H1 2026 I HIGHLIGHTS EXECUTION SUPPORTED BY FINANCIAL STRATEGY DRIVES VALUE CREATION 3 EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. See page 18 of Press Release for Non-GAAP measures. Capital Expenditure of €4.0 bln, including expenditures relating to business combinations, purchase of minority interests and other non-organic items. Gearing: calculated as the ratio of net borrowings to net capital employed before lease liabilities. EBIT PRO FORMA €8.9 bln INCOME FROM INVESTMENTS €0.9 bln NET PROFIT €3.6 bln CFFO €7.3 bln ORGANIC CAPEX €3.7 bln New Eni Headquarters, Milan GEARING 17% (proforma 10%) BUYBACK €0.8bln OF WHICH: EBIT €5.9 bln OTHER $2 bln infrastructure valorization
Slide 4 — 2026 to date I HIGHLIGHTS
2026 to date I HIGHLIGHTS EXECUTING OUR STRATEGY, DELIVERING RESULTS 4 TRANSITION & TRANSFORMATION PLENITUDE Shareholding reorganization and new governance structure. Closing expected in Q3 with deconsolidation Completion of the acquisition of Acea Energia Start-up of second 200 MW block of the Renopool and 220 MW Villarino photovoltaic projects in Spain ENILIVE FIDs for Sannazzaro and Priolo biorefineries Agreement with Prax to acquire 100% of OIL! Service station network OTHER TRANSITION Acquisition of a 25% stake in Energyx’s Black Giant lithium mining project (Chile) and an 11% stake in Nouveau Monde Graphite (Canada) to secure key materials for the battery supply chain Formed RH3OVA JV with UKAEA providing technical and industrial expertise to the fusion industry, building on agreement to construct tritium fuel cycle facility ENI INDUSTRIAL EVOLUTION Launched EIE, new company for industrial transformation Eni Storage Systems JV begins construction of stationary battery manufacturing plant in Brindisi GLOBAL NATURAL RESOURCES UPSTREAM Outstanding exploration: Angola, Namibia, Côte d'Ivoire, Egypt, Libya and Indonesia Searah JV establishment with Petronas Vår acquisition of BlueNord creating Europe’s largest independent E&P producer Strategic agreements signed with Venezuela for Junin-5 and Perla projects Entry into Upstream of Argentina LNG project Start-ups: Ndungu full-field, Sabratha Compression and first cargo from Ph2 of Congo LNG GGP Long-term LNG supply agreements for 2 MTPA from Indonesia’s South and North Hub projects LNG supply contract from Damietta linked to Cronos with volume up to 1.4 MTPA from 2028 ENERGY TRADING Global Trading JV with Mercuria CCUS Expansion of financing sources for Eni CCUS Holding with a £500+ million facility FIDs: Baleine Ph3, Gendalo & Gandang; Geng North & Gehem; Cronos; Greater PAJ, Balder Next New Wells
Slide 5 — A WORLD-CLASS E&P BUSINESS
5 A WORLD-CLASS E&P BUSINESS POWERED BY DIVERSIFICATION MAIN DISCOVERIES | IN 2026 TO DATE ADDING NEW OPPORTUNITIES Exploration > +1bln boe New acreage positions: Uruguay, Timor-Leste, and The Gambia Significant progress in maturing giant opportunities in Argentina and Venezuela Completed Searah JV with new projects added OUTSTANDING PRODUCTION +11% y-o-y underlying production growth in H1 Strong operatorship driving industry-leading time-to-market, execution excellence and capex discipline GLOBAL FOOTPRINT Global diversification supporting reliable supply and long-term value creation PRODUCTION GROWTH | UNDERLYING YoY LIBYA Bahr Essalam South More than 1 Tcf GIIP CÔTE D'IVOIRE Block CI-501 – Murene South consolidated 5 Tcf GIIP and 450 Mbbls of condensate of the Calao gas complex EGYPT Temsah DL – Denise West 2 Tcf GIIP and 130 Mbbls of condensate ANGOLA Block 15/06 – Algaita ~500 million barrels OOIP INDONESIA Ganal block – Geliga 5Tcf GIIP and 300Mbbls of condensate H1 2025 H1 2026 ~11*% *Underlying production adjusted for impact of M&A and price effects MAIN CONTRIBUTIONS ◆Angola (Agogo and NGC), Congo LNG, Ghana (OCTP), Mexico (Amoca), Norway (Balder and Johan Castberg) ◆Establishment of Searah JV
Slide 6 — ACCELERATION AND EXPANSION OF A STRONG PROJECT
ACCELERATION AND EXPANSION OF A STRONG PROJECT PIPELINE 6 *Start up expected between late 2026 and early 2027 as per Ithaca disclosure. EXECUTION A COMPETITIVE ADVANTAGE 3 major start-ups and ramp-up year-to-date 5 major FIDs year-to-date EARLIER VALUE REALIZATION Monetization of 10% sale in Indonesia expected in H2 26 BUILDING THE NEXT WAVE OF GROWTH 850 kboed new production at 2030 >8 Bboe in production beyond 2030 Unique project visibility ANGOLA AGOGO IWH ✓ NGC ✓ CONGO LNG PHASE 2 ✓ INDONESIA MAHA QATAR NFE EGYPT MELEIHA PH. 2 LIBYA BESS COMPRESSION ✓ BOURI GUP UAE DALMA UMM SHAIF LTDP-1 MOZAMBIQUE CORAL NORTH FLNG ✓ LIBYA STRUCTURE A&E ✓ NIGERIA BONGA NORTH ✓ ZABAZABA ETAN UAE HAIL & GHASHA ✓ UMM SHAIF GAS & LTDPs ✓ LOWER ZAKUM LTDPs ✓ SARB ✓ WASET NASR INDONESIA GENDALO & GANDANG ✓ KUTEI NORTH HUB ✓ GELIGA ARGENTINA ARGENTINA LNG ALGERIA TOUAT PH. 2 CYPRUS CRONOS ✓ ITALY GEMINI, PANDA CÔTE D’IVOIRE BALEINE PH. 3 ✓ AUSTRALIA PETREL 2026 START UP & RAMP UP ✓ START-UP ACHIEVED 2027-2030 START UP ✓ FID ALREADY ACHIEVED UK CAMBO ANGOLA GREATER PAJ ✓ CÔTE D’IVOIRE CALAO KAZAKHSTAN KASHAGAN FURTHER PH. KARACHAGANAK GAS MOZAMBIQUE FURTHER DEV. BEYOND 2030 NAMIBIA CAPRICORNUS VOLANS VENEZUELA PERLA JUNIN 5 FURTHER PH. AUSTRALIA VERUS NORWAY BALDER FURTHER PH. VIDSYN INDONESIA KUTEI FURTHER PH. LIBYA BESS BOURI PH.2 UK ROSEBANK Ph 1* NORWAY BALDER PH. VI ✓ JOHAN C. FURTHER PH. ✓ GOLIAT FURTHER PH. GJØA ANGOLA ALGAITA EGYPT DENISE WEST VENEZUELA JUNIN 5 FIRST PHASE NEW PROJECTS AND ANTICIPATION POST-CMU 2026-30+ E&P PROJECTS UPDATE ✓ACHIEVED POST-CMU ✓ACHIEVED POST-CMU
Slide 7 — Q2 2026 I EARNINGS SUMMARY
Q2 2026 I EARNINGS SUMMARY CONTINUING OUR STRONG EXECUTION AND DELIVERY 7 E&P Production reported+7% y/y; above guidance reflecting project delivery, operational resilience and closing of Searah JV GGP Captured value in line with raised guidance, retaining upside exposure in H2 Transition - Plenitude Renewable growth with retail supplement by Acea acquisition Transition - Enilive Supportive bio margins, and seasonal marketing strength Transformation - Refining Improving utilization on completion of MTAs. Well positioned for H2 Transformation - Versalis Initiatives driving sustained y-o-y improvement Other Increasing value contribution from satellites Tax rate benefits from Upstream country mix, low exploration charge and Downstream profit contribution € bln 5.3 0.5 GGP & POWER 4.8 5.4 3.5 3.9 2.3 0.5 0.6 -0.0 -0.4 1.9 -0.3 -1.5 GNR Transition Businesses Other Ebit Proforma JV/Associates contribution Ebit Finance Expense Income from Investments Pre Tax Earnings Income taxes & NCI Net Profit Transformation Businesses
Slide 8 — H1 2026 | CASHFLOW SUMMARY
8 H1 2026 | CASHFLOW SUMMARY SUSTAINED CASH FLOW STRENGTH CFFO Strong cash generation fully funds both capital investments and dividends Dividend income skewed to H2 Cash tax rate for H1 26% Working Capital H1 build remains driven by Q1 seasonality, with no unusual trends. Expectation of a FY drop Organic Capex down 5% y-o-y, with the €7bln FY26 guidance confirmed. H1 skew consistent with H2 deconsolidations Distribution Buyback €0.8bln includes €0.3 bln completion of 2025 programme Net debt and Gearing €2.8 bln proforma net debt change confirms gearing at the low end of the 10–15% FY26 guidance range 2.9 -1.7 4.5 H1 26 CFFO Working Capital Organic Capex Portfolio Lease Repayment Other & FX € bln H1 26 Net Debt Change H1 26 Net Debt Change PF Dividend SBB Q2 Q1 Distribution 7.3 2.8
Slide 9 — 2026 GUIDANCE UPDATE
E&P Strong operational performance enabling an increase in FY production guidance Q3 production expected in the 1.78- 1.82 Mboed range GGP Guidance upgraded, capturing additional operational upside TRANSITION Enilive guidance raised driven by strong biofuels market conditions CFFO Guidance upgraded on the back of a better scenario and continued operational strength Gearing in 2026 to remain at historically low levels of 10–15% SHAREHOLDER RETURNS Buy-back raised to €3.4 bln (>2x above original guidance) Extraordinary dividend to be reviewed at Q3 9 2026 GUIDANCE UPDATE BASED ON UPDATED SCENARIO ASSUMPTIONS BRENT ($/bbl) TTF (€/MWh) SERM ($/bbl) EXCHANGE RATE (€/$) 85 50 14.0* 1.16 UPDATE SCENARIO GROUP CFFO GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PRODUCTION PLENITUDE PRO-FORMA EBITDA €15.0 bln Underlying +€0.7 bln >€1.4 bln €1.3 bln €3.4 bln <€5bln ~5% underlying Confirmed Confirmed NET CAPEX DIVIDEND BUYBACK Confirmed GROSS CAPEX €11.5 bln ~€1.0 bln €1.1 bln €1.5 bln 3-4% underlying €1.10/share €1.3 bln ~€5.0 bln €7.0 bln 70 36 6.0 1.15 CMU 2026 APR 2026 €13.8 bln Underlying +€0.2 bln €1.3 bln Confirmed €2.8 bln Confirmed Confirmed Confirmed Confirmed Confirmed 83 50 8.0 1.15 *Given volatility and market dislocations, the benchmark SERM refining margin has been calculated to factor such conditions.
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 with objectives: strong H1 earnings and cash generation, fully funding capex and enhanced distributions while reducing gearing VALUE-ENHANCING ACTIONS World class exploration; multiple FIDs, long-term growth visibility further improved Establishment of Searah, our largest E&P satellite to date and regional E&P leader Delivered record growth in renewable capacity and retail customers, paired with strong biorefining performance driven by operational excellence at key plants RAISED PERFORMANCE OUTLOOK AND HIGHER DISTRIBUTIONS CFFO outlook increased to €15 bln on Scenario and underlying outperformance Raised Buyback to €3.4 bln. Extraordinary dividend to be reviewed at Q3
Slide 11 — BACK UP
BACK UP
Slide 12 — SENSITIVITIES
12 SENSITIVITIES UPDATED ASSUMPTIONS Brent sensitivity applies to liquids and oil-linked gas. Sensitivity is based on a 10$ price variation. Production to vary by up to 1 kboe/d for each one-dollar change in the price of the Brent crude oil. SENSITIVITY 2026 EBIT adj (€ bln) EBIT adj pro-forma (€ bln) Net adj (€ bln) CFFO before WC (€ 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 Upstream +1 $/mmbtu 0.09 0.24 0.10 0.08 +1 €/MWh 0.03 0.08 0.03 0.03
Slide 13 — FOCUS GLOBAL NATURAL RESOURCES
LEADING A WORLD-CLASS GAS BASIN Optimally positioned to supply key LNG markets Investment grade and self-financing, with USD 6B revolving credit facility secured to support growth Strong footprint in different prolific basins across Malaysia and Indonesia Significant exploration potential FOCUS GLOBAL NATURAL RESOURCES SEARAH AT A GLANCE – DRIVING GROWTH TO 800 Kboed 13 SEARAH TO LEAD SOUTH-EAST ASIA GAS & LNG MARKET 19 ASSETS 14 blocks in Indonesia & 5 in Malaysia PRODUCTION (mostly operated) >300 KBOED FROM DAY 1 >500 kboed by 2029 >800 Kboed by 2030 >3 BLN BOE RESERVES JUN 2025 JV framework agreement with PETRONAS for a business combination NOV 2025 Investment agreement with PETRONAS to combine Indonesia and Malaysia blocks JUN 2026 Establishment of Searah KUTEI NORTHERN HUB KUTEI SOUTHERN HUB SARAWAK PENINSULA MASELA/ABADI
Slide 14 — FOCUS GLOBAL NATURAL RESOURCES
VACA MUERTA ONSHORE SHALE GAS RESOURCES DEVELOPMENT Entered the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta basin Midstream development advancing with FLNGs and pipeline infrastructure to Río Negro coast A UNIQUE OPPORTUNITY TO CREATE LONG-TERM VALUE World-class gas project including production, treatment, transportation and liquefaction Eni’s distinctive know-how on major projects management and leadership in FLNG technology FEBRUARY 2026 Joint development Agreement Eni-XRG-YPF OCTOBER 2025 Final technical Project description Eni-YPF APRIL 2025 MOU Eni-YPF JUNE 2025 Head of Agreement Eni-YPF END of 2026 Expected FID FOCUS GLOBAL NATURAL RESOURCES ARGENTINA LNG PROJECT 14 POSITIONED AS GLOBAL LEADING LNG PROJECT 25 TCF Project resources base 2X6 MTPA FLNG capacity through 2 floating units +500 KBOED LNG and liquid production VACA MUERTA 2 FLNG JUNE 2026 Entered the Upstream Project
Slide 15 — FOCUS GLOBAL NATURAL RESOURCES
15 PERLA 580 Mscfd production Unlocking Perla Field Value Gas export Project - 3.5 MTPA FLNG Total Recoverable Resources 2.5 Bboe JUNIN 5 12 kbopd production To develop Junin-5 field up to ~200 kbopd plateau production Total Recoverable Resources ~3 Bbbl COROCORO 10 kbopd production Increasing production up to 30 kbopd Total Recoverable Resources 100 Mbbl PERLA COROCORO JUNIN 5 FOCUS GLOBAL NATURAL RESOURCES VENEZUELA ENI MAINTAINS MAIN GAS PRODUCER POSITION Cardon IV consistently providing gas for the national electricity demand (over 90% of the demand of the Western regions) and satisfies industrial demand OIL OPPORTUNITY - JUNIN 5 New Hydrocarbon Law enables sustainable development of our oil assets, particularly Giant field of Junin V
Slide 16 — ENILIVE
DYNAMIC EXPANSION Expanding Enilive global footprint Far East strategical for developing long-term SAF market and feedstock availability Partnering with leading local players Synergies with existing facilities, cost optimisation opportunities Enhancing product mix and capacity de-bottlenecking in Venice ENILIVE NEAR-FUTURE DEVELOPMENT PROJECTS 16 LIVORNO FID taken in January 2024 Completion by the end of 2026 ~500 kton total capacity 100% Enilive DAESAN/ SEOSAN FID taken in July 2024 Start-up in 2027 400 kton total capacity JV with LG Chem PENGERANG FID taken in July 2024 Start-up in 2028 650 kton total capacity JV with PETRONAS & Euglena VENICE EXPANSION FID taken in February 2026 Start-up in 2027 up to 600 kton total capacity 100% Enilive PRIOLO FID taken in January 2026 Start-up in 2028 500 kton total capacity JV with Q8 Italia SANNAZZARO FID taken in January 2026 Start-up in 2028 550 kton total capacity 100% Enilive ECOFINING TECHNOLOGY & ADVANCED PRETREATMENT
Slide 17 — PLENITUDE
For Storage BESS, the yearly production refers to the annual energy dispatched. Completion represents the final construction stage excluding the grid connection, meaning that all principal components have been installed. Pre-commissioning activities fall within the construction phase. PLENITUDE RENEWABLES KEY PROJECTS IN EXECUTION 17 SOLAR PV OFFSHORE WIND B STORAGE ONSHORE WIND COUNTRY PROJECT WORKING INTEREST EQUITY INSTALLED CAPACITY (MW) TECHNOLOGY COMPLETION YEARLY PRODUCTION (GWh) UK Dogger Bank 13% 470 2023-2028 2,250 ITALY BESS Gela/Assemini, Tarsia, Maschito, Scanderberg, and others 100%/65%/51% 285 2025-2027 >600 USA Huisache PV, BESS 100% 276 2028 500 SPAIN Orense 100% 100 2029 >200 GREECE Mandria 100% 80 2026 >100 KAZAKHSTAN Mangystau - Aral 51%/100% 69 2026-2027 >200 FRANCE Antugnac2 100% 8 2027 >10 B B 8 10 >21 5.8 6.5 15 FY 2025 FY 2026 FY 2030 PLENITUDE NET CAPACITY PLENITUDE GROSS CAPACITY
Slide 18 — FOCUS GLOBAL NATURAL RESOURCES
FOCUS GLOBAL NATURAL RESOURCES OPERATIONAL DELIVERY ON TRACK 18 SCENARIO Realisations +37% y-o-y - Liquids +54% - Natural gas +18% EUR/USD FX +3% y-o-y PORTFOLIO HIGH-GRADING Global diversification enhances resilience, supporting reliable supply and cash flow visibility Satellite businesses continue to unlock shareholder value FURTHER INTEGRATING THE GAS VALUE CHAIN Equity gas and LNG integration provide additional monetization opportunities Creating a Global Energy Trading Platform with Mercuria ADJ. EBIT PRO-FORMA | € BLN 1.7 3.0 0.8 1.8 0.4 0.5 2.8 5.3 Q2 2025 Q2 2026 E&P E&P Associates GGP & Power • LNG sales up 4% y-o-y • Benefiting from continued portfolio optimization • Raised FY pro-forma EBIT guidance to >€1.4 bln • Thermoelectric production temporarily impacted by planned maintenance activities E&P GGP POWER • Over 1 Bln boe of discovered resources in H1 • 11% y-o-y underlying production growth underpins the long-term growth outlook • Continued delivery of key start-ups • Searah creates a leading Asia Pacific player with production potential significantly above initial guidance • South America becoming a strategic growth area, supported by material new opportunities • Limited operational impact from Middle East disruptions *Underlying production adjusted for impact of M&A and price effects
Slide 19 — FOCUS TRANSITION BUSINESS
FOCUS TRANSITION BUSINESS EXECUTING OUR TRANSITION STRATEGY 19 SCENARIO Italian PUN Ind GME +22% y-o-y EU HVO margins continued to strengthen VALUE CONFIRMATION Strong delivery across Transition satellites underpins confidence in full-year guidance Closed the acquisition of Acea Energy, adding 1.2 mln PoD to the customer base Expanding Enilive’s European retail network with the acquisition of OIL! Tankstellen, adding ~320 service stations Plenitude deconsolidation enables a stronger capital structure to support 2030 growth targets ADJ. EBITDA PRO-FORMA | € BLN • Energy produced from renewable sources up 47% y-o-y • Reached 6 GW of installed capacity • EV charging points amounted to 23.2k, up 6% y-o-y • Retail sales up 7% y-o-y • Successfully leveraged a stronger marketing business • Year-end capacity at 2.1 MTPA plus 1.5 MTPA under construction PLENITUDE ENILIVE 0.2 0.4 0.4 0.2 0.5 0.6 Q2 2025 Q2 2026 Enilive Plenitude
Slide 20 — PLENITUDE DECONSOLIDATION
GROWING RENEWABLES CAPACITY | GW PLENITUDE DECONSOLIDATION FOCUS ON THE SHAREHOLDING REORGANIZATION 20 1Net debt before lease liabilities ex IFRS 16 Plenitude deconsolidated from Eni’s financials upon completion • expected from Q3 will be reported in associate income. CFFO as dividend received • proforma EBIT at ownership percentage • loans to Plenitude from Eni become financing receivables EV of €13.1 bln up from >€12 bln €3.0 bln Plenitude’s net debt as of 30-Jun 2026 -3.5pp implied reduction in Eni’s gearing at H1 THE TRANSACTION non-proportional capital increase of ~€1.5bln with Ares committing to ≥€1bln NEW GOVERNANCE FRAMEWORK based on joint control between Eni and Ares Eni shareholding will dilute down to 64-65% Eni to continue exercising direction and coordination rights over Plenitude RATIONALE FOR REORGANIZATION efficient funding of accelerating growth profile Strengthening Plenitude’s independence in delivering its plan Targeting investment grade credit rating PLENITUDE: A MATERIAL PLAYER global presence with mature organization (>15 countries) Fully integrated across renewable generation, retail supply and green energy services PRO-FORMA EBITDA € BLN Retail Renewables E-mobility 2025 2026 2030 1.1 1.3 >2.5 2025 2026 2030 5.8 6.5 15 Solar Storage Onshore Wind Offshore Wind 2025 2026 2030 RETAIL CUSTOMERS #MLN 10 11.5 15 NET DEBT1 € BLN 2.1 2.0 3.0 2024 2025 H1 26
Slide 21 — Q2 2026 vs Q1 2026 EARNINGS
EBIT PRO FORMA | € BLN Q2 2026 vs Q1 2026 EARNINGS 21 SCENARIO (Q/Q) Realisations 25% - Liquids 33% - Natural gas 16% - Italian PUN Ind GME -5% E&P Excellent operational delivery, with FY26 production growth above guidance GGP Portfolio optimization progress and supportive trading ENILIVE Stronger bio margins and seasonal marketing support PLENITUDE Accelerating renewable growth REFINING Improved operational availability following MTAs VERSALIS Continued execution of restructuring initiatives supported performance 3.5 5.4 Q1 26 EBIT PRO FORMA Scenario Upstream Disruption effects Volumes & Efficiency Scenario & Performance GGP Scenario, MTA & Disruption effects Performance Scenario & Performance Scenario & Performance Other Q2 26 EBIT PRO FORMA GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
Slide 22 — Q2 2026 vs Q1 2026 EARNINGS
ADJUSTED PRE-TAX | € BLN Q2 2026 vs Q1 2026 EARNINGS 22 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 2.4 3.9 Q1 26 Adjusted Pre-tax Scenario Upstream Disruption effects Volumes & Efficiency Scenario & Performance GGP Scenario & MTA Performance Scenario & Performance Scenario & Performance Scenario, Disruption eff Assoc Performance Associates Other Q2 26 Adjusted Pre-tax GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
Slide 23 — Q2 2026 vs Q2 2025 EARNINGS
ADJUSTED PRE-TAX | € BLN Q2 2026 vs Q2 2025 EARNINGS 23 SCENARIO (Y/Y) Realisations +37% y-o-y - Liquids +54% - Natural gas +18% - Italian PUN Ind GME +22% EUR/USD FX +3% y-o-y E&P Favorable volume/mix effects, continued cost discipline and higher realizations supported results GGP Continued portfolio optimization, more favorable trading environment and higher LNG sales volumes TRANSITION Improved bio margins and seasonal marketing strength supported performance Higher renewables volumes and retail cost efficiencies supported growth GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE 2.2 3.9 Q2 25 Adjusted Pre-tax Scenario Upstream Disruption effects Volumes & Efficiency Scenario & Performance GGP Scenario & MTA Performance Scenario & MTA Performance Scenario & One-off Performance Scenario, Disruption eff Assoc Performance Associates Other Q2 26 Adjusted Pre-tax
Slide 24 — Q2 2026 MARKET SCENARIO
Q2 2026 MARKET SCENARIO 24 *Given volatility and market dislocations, the benchmark SERM refining margin has been calculated to factor such conditions. The margin for Q1 ’26 has been revised accordingly. 4.8 10.1 8.3 Q2 2025 Q1 2026 Q2 2026 35 40 46 Q2 2025 Q1 2026 Q2 2026 1.134 1.170 1.163 Q2 2025 Q1 2026 Q2 2026 67.8 80.6 104.5 Q2 2025 Q1 2026 Q2 2026 BRENT| $/bbl EXCHANGE RATE| €/$ TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl