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Eni — 2026 first quarter results (company IR deck)
Eni (E) · 17 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 — Q1 2026 RESULTS
NGC Project, Angola Q1 2026 RESULTS APRIL 24, 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. 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. DISCLAIMER Q1 2026 RESULTS
Slide 3 — 2026 I HIGHLIGHTS
2026 I HIGHLIGHTS DELIVERING ON OUR STRATEGIC PRIORITIES 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 €2.0 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. GLOBAL NATURAL RESOURCES UPSTREAM Outstanding exploration success: new discovered resources in Angola, Côte d'Ivoire, Egypt, Libya and Indonesia Hull launch of the Coral North FLNG Agreement with SOCAR for the sale of 10% stake in the Baleine project FIDs for the Gendalo and Gandang gas projects and for the Geng North and Gehem fields Start-up of the Ndungu full-field and first gas delivery from the NGC’s Quiluma in Angola Start-up of gas exports from Phase 2 of the Congo LNG project TRANSITION & TRANSFORMATION PLENITUDE Agreement to a shareholding reorganization and new governance structure. Closing expected in Q3 Completion of the acquisition of Acea Energia in April ENILIVE Sannazzaro project approval €500m financing secured through the EIB, Q8 partnership for construction of Priolo biorefinery ENI INDUSTRIAL EVOLUTION Launched EIE, new company for industrial transformation FINANCIAL RESULTS EBIT PRO FORMA €3.5 bln OF WHICH: EBIT €2.4 bln INCOME FROM INVESTMENTS €0.3 bln NET PROFIT €1.3 bln CFFO €2.9 bln ORGANIC CAPEX €1.9 bln NET CAPEX €1.9 bln GEARING 17% (proforma 15%)
Slide 4 — EXPLORATION
4 EXPLORATION A DISTINCTIVE MODEL CREATING VISIBILITY BEYOND 2030 MAIN DISCOVERIES | IN 2026 TO DATE 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 ANGOLA Block 15/06 – Algaita ~500 million barrels OOIP EGYPT Temsah DL – Denise West 2 Tcf GIIP and 130 Mbbls of condensate INDONESIA Ganal block – Geliga 5Tcf GIIP and 300Mbbls of condensate OUTSTANDING RESULTS DRIVEN BY A UNIQUE BUSINESS MODEL IN 2026 TO DATE 14 wells drilled @80% success rate ~1 Bln boe of new equity resources MIX OF HIGH IMPACT AND ILX/ NEAR-FIELD OPPORTUNITIES all with clear pathway to prompt development EXTENDS INDUSTRY LEADING TRACK-RECORD OF ORGANIC RESOURCES DISTINCTIVE DUAL EXPLORATION MODEL affords opportunity for de-risking and early valorization ADVANTAGED BARRELS to support leading production growth through 2030+
Slide 5 — Q1 2026 I EARNINGS SUMMARY
Q1 2026 I EARNINGS SUMMARY EXTENDING OUR TRACK RECORD OF STRONG PERFORMANCE 5 E&P Production growth, supportive commodity pricing and cost control discipline drove robust performance GGP In line y/y in seasonally strong quarter with optimizations offsetting weaker gas price Transition - Plenitude Resilient retail activity, continued growth in renewables Transition - Enilive Continued recovery in bio offset by planned turnaround activity and pressures on customer margins Transformation - Refining Impacted by high planned turnaround activity Transformation - Versalis Early signs of improved financials Other Significant contribution from satellites € bln 3.7 0.4 GGP & POWER 3.4 3.5 2.4 2.4 1.3 0.3 0.3 -0.3 -0.2 1.1 -0.3 -1.1 GNR Transition Businesses Other Ebit Proforma JV/Associates contribution Ebit Finance Expense Income from Investments Pre Tax Earnings Income taxes & NCI Net Profit Transformation
Slide 6 — Q1 2026 | CASHFLOW SUMMARY
6 Q1 2026 | CASHFLOW SUMMARY HIGH-QUALITY CASH GENERATION Robust CFFO generation Satellite model continues to prove effective, supporting strong cash conversion Working Capital Build due to seasonal trends and price. No unusual issues Capex Gross spend consistent with €7bln FY26 guidance No material portfolio activity completed Distribution Includes €0.3 bln completion of 2025 buyback programme Net debt and Gearing €0.9 bln proforma net debt change Proforma gearing 15% (12% assuming Plenitude deconsolidation) 2.9 -1.3 -0.9 Q1 26 CFFO Working Capital Organic Capex Portfolio Distribution Lease Repayment Other & FX € bln Q1 26 Net Debt Change Q1 26 Net Debt Change PF Dividend Buyback Exclusion of inventory holding gains
Slide 7 — 2026 GUIDANCE UPDATE
E&P Consistent performance supporting full-year production targets Q2 production expected 2%-4%1 y/y underlying GGP Guidance revised upward, capturing additional upside TRANSITION Confirming guidance CFFO Guidance increased, supported by improved scenario and underlying performance Gearing in 2026 to remain at historically low levels of 10–15% SHAREHOLDER RETURNS Buy-back raised to €2.8 bln subject to shareholder approval (~90% above original guidance) 7 2026 GUIDANCE UPDATE BASED ON UPDATED SCENARIO ASSUMPTIONS 1Underlying adjusts for impacts of valorization transactions (mainly Cote d’Ivoire and Congo) BRENT ($/bbl) TTF (€/MWh) SERM ($/bbl) EXCHANGE RATE (€/$) 83 50 8.0 1.15 UPDATE SCENARIO GROUP CFFO GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PRODUCTION PLENITUDE PRO-FORMA EBITDA €13.8 bln Underlying +€0.2 bln €1.3 bln Confirmed €2.8 bln Confirmed Confirmed 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
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 of ACEA Energia purchase Plenitude reorganization to support growth RAISED PERFORMANCE OUTLOOK AND HIGHER DISTRIBUTIONS CFFO outlook raised by ~20% on Scenario and underlying outperformance Raised Buyback to €2.8 Bln
Slide 9 — BACK UP
BACK UP
Slide 10 — FOCUS ON MIDDLE EAST CONFLICT
FOCUS ON MIDDLE EAST CONFLICT LIMITED EXPOSURE AND RESILIENCE OF A DIVERSIFIED BUSINESS MODEL 10 LNG VOLUMES NO IMPACT due to swap agreements and the high flexibility of Eni’s portfolio Leveraging diversified sourcing to ensure supply resilience In 2025 LNG volumes supplied from Qatar were 1.15 bcm (3% of total supplies) REFINING CONTAINED IMPACT Ruwais operations maintained at reduced levels, supported by local crude and domestic demand Trading benefiting from market volatility, partly offsetting limited export capacity No physical logistics effects UPSTREAM 2-3% PRODUCTION EXPOSURE Mainly in UAE, while representing a smaller share of Upstream earnings and CFFO 2025 production in UAE was 60 kbbl/d and 18.2 mmcf/d In Iraq minor impact, with production from Zubair field supplying local market 2025 production in Iraq was 31 kbbl/d and 82.2 mmcf/d
Slide 11 — PLENITUDE DECONSOLIDATION
GROWING RENEWABLES CAPACITY | GW PLENITUDE DECONSOLIDATION FOCUS ON THE SHAREHOLDING REORGANIZATION 11 Plenitude deconsolidated from Eni’s financials upon completion • expected from Q3 will be reported in associate income. CFFO as dividend received • proforma EBITDA at ownership percentage • loans to Plenitude from Eni become financing receivables EV of €13.1 bln up from >€12 bln €2.6 bln Plenitude’s net debt as of 31-Mar-2026 -3pp implied reduction in Eni’s gearing 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 Onshore Wind Offshore Wind 2025 2026 2030 5.8 6.5 15 Solar Storage 2025 2026 2030 RETAIL CUSTOMERS #MLN 10 11.5 15
Slide 12 — FOCUS GLOBAL NATURAL RESOURCES
FOCUS GLOBAL NATURAL RESOURCES DELIVERING ON STRATEGIC PRIORITIES 12 SCENARIO Realisations +1% y-o-y - Liquids +4% - Natural gas -4% EUR/USD FX +11% y-o-y UPGRADING E&P PORTFOLIO Continued exploration momentum Clear long-term visibility Robust operational execution and financial discipline Material contribution from satellites Upcoming start-up of the Eni– Petronas LNG JV in Indonesia and Malaysia, expected in Q2 PROGRESSING GAS VALUE CHAIN INTEGRATION Continued integration of equity gas into LNG to unlock further value ADJ. EBIT PRO-FORMA | € BLN 2.2 2.3 1.1 1.1 0.5 0.3 3.8 3.7 Q1 2025 Q1 2026 E&P E&P Associates GGP & Power • LNG sales up 21% y-o-y • Raised FY pro-forma EBIT guidance to €1.3 Bln, excluding possible one-off effects • Continued asset portfolio optimizations • Thermoelectric production was broadly in line y-o-y at 5.3 TWh E&P GGP POWER • ~1 Bln boe of discovered resources in the first 4 months • Material new discovered resources add additional support to 2025-2030 Plan production growth and add further visibility for beyond 2030+ • 9% production growth y-o-y continues to validate the underlying trend • Disciplined execution on new start-ups and gas monetization initiatives • Limited impact from Middle East disruptions +8% increase in USD
Slide 13 — FOCUS TRANSITION BUSINESS
FOCUS TRANSITION BUSINESS ADVANCING VALUE THROUGH ENERGY TRANSITION 13 SCENARIO Italian PUN Ind GME -6% y-o-y EU HVO margins continued to increase VALUE CONFIRMATION Delivery in line with guidance across Transition satellites Recent transactions at accretive valuations confirming Transition business quality Plenitude deconsolidation supporting accelerated growth and capital flexibility ADJ. EBITDA PRO-FORMA | € BLN • Energy produced from renewable sources up 58% y-o-y • Closed the acquisition of Acea Energy, adding 1.2 mln PoD to the customer base • Reached almost 6 GW of installed capacity • Retail sales up 6% y-o-y • Approved 2 main biorefining projects at the Sannazzaro and at the Priolo • 2 mln tonnes of new capacity expansion underway PLENITUDE ENILIVE 0.2 0.2 0.4 0.3 0.5 0.5 Q1 2025 Q1 2026 Enilive Plenitude
Slide 14 — Q1 2026 vs Q4 2025 EARNINGS
EBIT PRO FORMA | € BLN Q1 2026 vs Q4 2025 EARNINGS 14 SCENARIO (Q/Q) Realisations 16% - Liquids 25% - Natural gas 6% - Italian PUN Ind GME 13% E&P Supportive commodity prices, alongside continued cost discipline, helped cushion the effect of lower volumes GGP Strong seasonal quarter, benefiting from continued portfolio optimization ENILIVE Improving bio margins providing a supportive backdrop PLENITUDE Continued growth in renewables supporting performance REFINING Higher planned turnaround activity in the quarter VERSALIS Improving financial performance emerging, supported by the transformation plan rollout 2.9 3.5 Q4 25 EBIT PRO FORMA Scenario Upstream Volumes & Efficiency Scenario & Perfomance GGP Scenario, MTA & one-off Performance Scenario & Performance Scenario & Performance Other Q1 26 EBIT PRO FORMA GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
Slide 15 — Q1 2026 vs Q4 2025 EARNINGS
ADJUSTED PRE-TAX | € BLN Q1 2026 vs Q4 2025 EARNINGS 15 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 2.0 2.4 Q4 25 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Scenario & Perfomance GGP Scenario & MTA Performance Scenario & Performance Scenario & Performance Scenario & one-off Associates Performance Associates Other Q1 26 Adjusted Pre-tax GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
Slide 16 — Q1 2026 vs Q1 2025 EARNINGS
ADJUSTED PRE-TAX | € BLN Q1 2026 vs Q1 2025 EARNINGS 16 SCENARIO (Y/Y) Realisations +1% y-o-y - Liquids +4% - Natural gas -4% - Italian PUN Ind GME -6% EUR/USD FX +11% y-o-y E&P Higher volumes driven by ramp-ups in Norway, Congo, Mexico and new start-ups in Angola Limited impact from Middle East disruptions GGP performance enhanced by ongoing portfolio optimization TRANSITION Improved biofuels margins and sales volume growth within the biorefining business Renewable ramp-up amid softer retail environment GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE 2.8 2.4 Q1 25 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Scenario GGP Performance GGP Scenario & MTA Performance Scenario & Performance Scenario & Performance Scenario & one-off Associates Performance Associates Other Q1 26 Adjusted Pre-tax
Slide 17 — Q1 2026 MARKET SCENARIO
Q1 2026 MARKET SCENARIO 17 *New indicator has been calculated based on a methodology which considers a revised industrial set-up in connection with the planned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high-sulfur and low sulfur crudes. 3.8 11.7 10.9 Q1 2025 Q4 2025 Q1 2026 47 30 40 Q1 2025 Q4 2025 Q1 2026 1.052 1.163 1.170 Q1 2025 Q4 2025 Q1 2026 75.7 63.7 80.6 Q1 2025 Q4 2025 Q1 2026 BRENT| $/bbl EXCHANGE RATE| €/$ TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl