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Eni — group proforma adjusted results 2025 and nine months 2026 (company IR deck)
Eni (E) · 12 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All E deck slides
Slide 1 — Third Quarter 2026
(€ million) Third Quarter 2026 Reported operating profit (loss) 2,440 (699) (4) 389 864 516 (313) (248) (448) (20) 2,477 Exclusion of inventory holding (gains) losses (154) (323) 23 71 (383) Exclusion of special items: environmental charges (expense recovered from third-parties) 7 17 58 151 159 392 impairment losses (impairment reversals), net 28 1 28 48 13 2 5 125 impairment of exploration projects net gains on disposal of assets (9) (2) (11) risk provisions 33 (1) (4) 28 provision for redundancy incentives 29 8 2 55 1 17 39 87 238 commodity derivatives 34 1,266 39 28 (721) 182 828 exchange rate differences and derivatives (7) 24 (1) 1 17 other 156 (198) 1 13 (1) 2 20 (5) (12) Special items of operating profit (loss) 264 1,100 42 118 (707) 263 112 171 242 1,605 Adjusted operating profit (loss) of subsidiaries (a) 2,704 401 38 353 157 456 (178) (77) (206) 51 3,699 main JV/Associates adjusted EBIT (b) 1,927 6 57 34 271 2,295 Proforma adjusted EBIT (c)=(a)+(b) 4,631 407 38 410 191 727 (178) (77) (206) 51 5,994 Finance expenses and dividends of subsidiaries (d) 21 (4) 3 (3) (174) (157) Finance expenses and dividends of main JV/associates (e) (196) 3 (3) (21) 2 (215) Income taxes of main JV/associates (f) (1,233) (3) (8) (48) (1,292) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 498 6 54 5 225 788 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 3,223 403 38 407 165 681 (181) (77) (380) 51 4,330 Income taxes (i) (1,123) (160) (13) (111) (45) (125) 15 180 (17) (1,399) Tax rate (%) 32.3 Adjusted net profit (loss) (j)=(h)+(i) 2,100 243 25 296 120 556 (166) (77) (200) 34 2,931 of which: - Adjusted net profit (loss) of non-controlling interest 130 - Adjusted net profit (loss) attributable to Eni's shareholders 2,801 Reported net profit (loss) attributable to Eni's shareholders 3,205 Exclusion of inventory holding (gains) losses (235) Exclusion of special items (169) Adjusted net profit (loss) attributable to Eni's shareholders 2,801 Refining Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Sites in transformation Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP
Slide 2 — Third Quarter 2025
(€ million) Third Quarter 2025 Reported operating profit (loss) 1,670 187 40 219 23 (21) (270) (418) (86) 1,344 Exclusion of inventory holding (gains) losses (8) 33 36 56 117 Exclusion of special items: environmental charges (expense recovered from third-parties) 2 11 19 32 impairment losses (impairment reversals), net 109 9 35 24 4 181 impairment of exploration projects net gains on disposal of assets risk provisions 38 170 208 provision for redundancy incentives 3 1 1 1 1 2 10 19 commodity derivatives 16 (58) 26 1 66 (1) 50 exchange rate differences and derivatives (32) 17 (1) (1) (17) other (6) 129 8 2 (14) 21 (1) 139 Special items of operating profit (loss) 130 88 27 30 69 40 46 182 612 Adjusted operating profit (loss) of subsidiaries (a) 1,800 275 67 241 92 52 (188) (236) (30) 2,073 main JV/Associates adjusted EBIT (b) 838 4 (8) 6 83 923 Proforma adjusted EBIT (c)=(a)+(b) 2,638 279 67 233 98 135 (188) (236) (30) 2,996 Finance expenses and dividends of subsidiaries (d) (84) (4) (6) (6) 5 (2) (75) (172) Finance expenses and dividends of main JV/associates (e) (137) 3 (2) (9) (19) (164) Income taxes of main JV/associates (f) (402) 3 1 11 (387) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 299 10 (10) (2) 75 372 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 2,015 281 67 225 84 132 (190) (311) (30) 2,273 Income taxes (i) (840) (113) (19) (62) (31) (23) 7 114 9 (958) Tax rate (%) 42.1 Adjusted net profit (loss) (j)=(h)+(i) 1,175 168 48 163 53 109 (183) (197) (21) 1,315 of which: - Adjusted net profit (loss) of non-controlling interest 68 - Adjusted net profit (loss) attributable to Eni's shareholders 1,247 Reported net profit (loss) attributable to Eni's shareholders 803 Exclusion of inventory holding (gains) losses 87 Exclusion of special items 357 Adjusted net profit (loss) attributable to Eni's shareholders 1,247 Exploration & Production Global Gas & LNG Portfolio Impact of unrealized intragroup profit elimination GROUP Power Enilive Plenitude Refining Chemicals Corporate and other activities
Slide 3 — Second Quarter 2026
(€ million) Second Quarter 2026 Reported operating profit (loss) 1,651 412 111 192 52 3 (80) (52) (313) (78) 1,898 Exclusion of inventory holding (gains) losses 70 (106) (16) (29) (70) (151) Exclusion of special items: environmental charges 16 31 46 10 10 (10) 103 impairment losses (impairment reversals), net 1,104 6 94 15 (1) 69 1,287 impairment of exploration projects net gains on disposal of assets risk provisions 11 1 1 6 19 provision for redundancy incentives 6 1 3 3 3 16 commodity derivatives (179) (19) (76) (23) 159 15 (123) exchange rate differences and derivatives (4) 65 (2) 4 7 70 other 371 2 (8) (13) 17 (4) 17 15 397 Special items of operating profit (loss) 1,325 48 (76) 5 147 180 31 26 83 1,769 Adjusted operating profit (loss) of subsidiaries (a) 2,976 460 35 267 199 77 (65) (55) (230) (148) 3,516 main JV/Associates adjusted EBIT (b) 1,793 8 28 27 3 1,859 Proforma adjusted EBIT (c)=(a)+(b) 4,769 468 35 295 226 80 (65) (55) (230) (148) 5,375 Finance expenses and dividends of subsidiaries (d) (99) (5) (6) (11) 3 (1) (144) (263) Finance expenses and dividends of main JV/associates (e) (235) 2 (2) (20) (14) (269) Income taxes of main JV/associates (f) (966) (3) (6) (11) (986) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 592 7 26 1 (22) 604 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 3,469 462 35 287 189 58 (66) (55) (374) (148) 3,857 Income taxes (i) (1,220) (177) (9) (79) (59) (20) (4) 101 44 (1,423) Tax rate (%) 36.9 Adjusted net profit (loss) (j)=(h)+(i) 2,249 285 26 208 130 38 (70) (55) (273) (104) 2,434 of which: - Adjusted net profit (loss) of non-controlling interest 101 - Adjusted net profit (loss) attributable to Eni's shareholders 2,333 Reported net profit (loss) attributable to Eni's shareholders 3,319 Exclusion of inventory holding (gains) losses (120) Exclusion of special items (866) Adjusted net profit (loss) attributable to Eni's shareholders 2,333 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Sites in transformation Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 4 — Second Quarter 2025
(€ million) Second Quarter 2025 Reported operating profit (loss) 1,495 512 73 53 30 (486) (357) (261) 103 1,162 Exclusion of inventory holding (gains) losses 61 300 96 (85) 372 Exclusion of special items: environmental charges (expense recovered from third-parties) 6 68 34 55 163 impairment losses (impairment reversals), net 214 6 68 31 4 323 impairment of exploration projects net gains on disposal of assets (3) (3) (6) risk provisions 16 1 17 provision for redundancy incentives 4 4 5 13 commodity derivatives (27) (92) (7) 1 84 13 (28) exchange rate differences and derivatives (9) (196) 15 (9) 1 (198) other (15) 88 11 10 (4) 1 (20) 71 Special items of operating profit (loss) 164 (200) (7) 24 94 157 77 46 355 Adjusted operating profit (loss) of subsidiaries (a) 1,659 312 66 138 124 (29) (184) (215) 18 1,889 main JV/Associates adjusted EBIT (b) 763 9 (9) 9 20 792 Proforma adjusted EBIT (c)=(a)+(b) 2,422 321 66 129 133 (9) (184) (215) 18 2,681 Finance expenses and dividends of subsidiaries (d) 131 (4) (2) (10) 6 (11) 32 142 Finance expenses and dividends of main JV/associates (e) (192) 2 (1) (15) (21) (227) Income taxes of main JV/associates (f) (404) (3) (1) 12 (396) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 167 8 (10) (7) 11 169 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 1,957 316 66 126 107 (12) (195) (183) 18 2,200 Income taxes (i) (898) (127) (20) (50) (39) 4 6 103 (4) (1,025) Tax rate (%) 46.6 Adjusted net profit (loss) (j)=(h)+(i) 1,059 189 46 76 68 (8) (189) (80) 14 1,175 of which: - Adjusted net profit (loss) of non-controlling interest 41 - Adjusted net profit (loss) attributable to Eni's shareholders 1,134 Reported net profit (loss) attributable to Eni's shareholders 543 Exclusion of inventory holding (gains) losses 256 Exclusion of special items 335 Adjusted net profit (loss) attributable to Eni's shareholders 1,134 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 5 — First Quarter 2026
(€ million) First Quarter 2026 Reported operating profit (loss) 1,851 (59) (83) 183 774 108 (170) (111) (302) (18) 2,173 Exclusion of inventory holding (gains) losses (105) (423) (10) 29 75 (434) Exclusion of special items: environmental charges (1) 17 24 40 impairment losses (impairment reversals), net 99 5 68 11 4 187 impairment of exploration projects net gains on disposal of assets (5) (5) risk provisions provision for redundancy incentives 3 1 1 1 3 3 4 16 commodity derivatives 168 314 95 37 (582) 163 195 exchange rate differences and derivatives 31 87 2 3 123 other 137 (37) (2) 7 (12) 5 27 (2) 123 Special items of operating profit (loss) 432 365 95 58 (574) 248 22 27 6 679 Adjusted operating profit (loss) of subsidiaries (a) 2,283 306 12 136 200 (67) (158) (55) (296) 57 2,418 main JV/Associates adjusted EBIT (b) 1,074 9 2 13 20 1,118 Proforma adjusted EBIT (c)=(a)+(b) 3,357 315 12 138 213 (47) (158) (55) (296) 57 3,536 Finance expenses and dividends of subsidiaries (d) (84) (4) (8) 9 1 2 (177) (261) Finance expenses and dividends of main JV/associates (e) (214) 4 (3) (19) (17) (249) Income taxes of main JV/associates (f) (661) (3) 1 15 (648) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 199 10 (1) (5) 18 221 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 2,398 312 12 127 204 (48) (156) (55) (473) 57 2,378 Income taxes (i) (918) (116) (4) (34) (70) 22 8 123 (14) (1,003) Tax rate (%) 42,2 Adjusted net profit (loss) (j)=(h)+(i) 1,480 196 8 93 134 (26) (148) (55) (350) 43 1,375 of which: - Adjusted net profit (loss) of non-controlling interest 73 - Adjusted net profit (loss) attributable to Eni's shareholders 1,302 Reported net profit (loss) attributable to Eni's shareholders 1,071 Exclusion of inventory holding (gains) losses (278) Exclusion of special items 509 Adjusted net profit (loss) attributable to Eni's shareholders 1,302 Sites in transformation Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP
Slide 6 — First Quarter 2025
(€ million) First Quarter 2025 Reported operating profit (loss) 1,951 597 176 121 34 (203) (256) (278) 186 2,328 Exclusion of inventory holding (gains) losses (19) 40 (9) (26) (14) Exclusion of special items: environmental charges (2) 16 15 29 impairment losses (impairment reversals), net 255 (1) 43 17 4 318 impairment of exploration projects net gains on disposal of assets risk provisions provision for redundancy incentives 5 1 3 12 21 commodity derivatives 8 (230) (13) 208 2 (25) exchange rate differences and derivatives 24 (101) (1) 4 (7) (81) other (11) 34 (7) (1) 9 24 Special items of operating profit (loss) 279 (297) (13) 8 208 63 22 16 286 Adjusted operating profit (loss) of subsidiaries (a) 2,230 300 163 110 242 (100) (243) (262) 160 2,600 main JV/Associates adjusted EBIT (b) 1,078 10 (15) (1) 9 1,081 Proforma adjusted EBIT (c)=(a)+(b) 3,308 310 163 95 241 (91) (243) (262) 160 3,681 Finance expenses and dividends of subsidiaries (d) (102) (5) (6) (3) 2 (2) (48) (164) Finance expenses and dividends of main JV/associates (e) (130) 3 (2) (9) (20) (158) Income taxes of main JV/associates (f) (620) (1) 11 (610) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 328 12 (17) (10) 313 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 2,456 307 163 87 229 (98) (245) (310) 160 2,749 Income taxes (i) (1,143) (116) (47) (22) (74) 27 6 119 (46) (1,296) Tax rate (%) 47.1 Adjusted net profit (loss) (j)=(h)+(i) 1,313 191 116 65 155 (71) (239) (191) 114 1,453 of which: - Adjusted net profit (loss) of non-controlling interest 41 - Adjusted net profit (loss) attributable to Eni's shareholders 1,412 Reported net profit (loss) attributable to Eni's shareholders 1,172 Exclusion of inventory holding (gains) losses (10) Exclusion of special items 250 Adjusted net profit (loss) attributable to Eni's shareholders 1,412 Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP
Slide 7 — First Half 2026
(€ million) First Half 2026 Reported operating profit (loss) 3,502 353 28 375 826 144 (250) (196) (615) 4,071 Exclusion of inventory holding (gains) losses (35) (529) (26) (585) Exclusion of special items: environmental charges (expense recovered from third-parties) 15 48 70 10 10 (10) 143 impairment losses (impairment reversals), net 1,203 11 162 26 (1) 73 1,474 impairment of exploration projects net gains on disposal of assets (5) (5) risk provisions 11 1 1 6 19 provision for redundancy incentives 9 1 1 2 6 6 7 32 commodity derivatives (11) 295 19 14 (423) 178 72 exchange rate differences and derivatives 27 152 (2) 6 10 193 other 508 (35) (10) (6) 5 1 44 13 520 Special items of operating profit (loss) 1,757 413 19 63 (427) 428 53 53 89 2,448 Adjusted operating profit (loss) of subsidiaries (a) 5,259 766 47 403 399 43 (223) (143) (526) 5,934 main JV/Associates adjusted EBIT (b) 2,867 17 30 40 23 2,977 Proforma adjusted EBIT (c)=(a)+(b) 8,126 783 47 433 439 66 (223) (143) (526) 8,911 Finance expenses and dividends of subsidiaries (d) (183) (9) (14) (2) 4 1 (321) (524) Finance expenses and dividends of main JV/associates (e) (449) 6 (5) (39) (31) (518) Income taxes of main JV/associates (f) (1,627) (6) (5) 4 (1,634) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 791 17 25 (4) (4) 825 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 5,867 774 47 414 393 43 (222) (143) (847) 6,235 Income taxes (i) (2,138) (293) (13) (113) (129) 2 4 224 (2,426) Tax rate (%) 38.9 Adjusted net profit (loss) (j)=(h)+(i) 3,729 481 34 301 264 45 (218) (143) (623) 3,809 of which: - Adjusted net profit (loss) of non-controlling interest 174 - Adjusted net profit (loss) attributable to Eni's shareholders 3,635 Reported net profit (loss) attributable to Eni's shareholders 4,390 Exclusion of inventory holding (gains) losses (398) Exclusion of special items (357) Adjusted net profit (loss) attributable to Eni's shareholders 3,635 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 8 — First Half 2025
(€ million) First Half 2025 Reported operating profit (loss) 3,446 1,109 249 174 64 (689) (613) (539) 289 3,490 Exclusion of inventory holding (gains) losses 42 340 87 (111) 358 Exclusion of special items: environmental charges (expense recovered from third-parties) (2) 22 83 34 55 192 impairment losses (impairment reversals), net 469 5 111 48 8 641 impairment of exploration projects net gains on disposal of assets (3) (3) (6) risk provisions 16 1 17 provision for redundancy incentives 9 1 7 17 34 commodity derivatives (19) (322) (20) 1 292 15 (53) exchange rate differences and derivatives 15 (297) (1) 19 (16) 1 (279) other (26) 122 4 10 (5) 10 (20) 95 Special items of operating profit (loss) 443 (497) (20) 32 302 220 99 62 641 Adjusted operating profit (loss) of subsidiaries (a) 3,889 612 229 248 366 (129) (427) (477) 178 4,489 main JV/Associates adjusted EBIT (b) 1,841 19 (24) 8 29 1,873 Proforma adjusted EBIT (c)=(a)+(b) 5,730 631 229 224 374 (100) (427) (477) 178 6,362 Finance expenses and dividends of subsidiaries (d) 29 (9) (8) (13) 8 (13) (16) (22) Finance expenses and dividends of main JV/associates (e) (322) 5 (3) (24) (41) (385) Income taxes of main JV/associates (f) (1,024) (4) (1) 23 (1,006) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 495 20 (27) (17) 11 482 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 4,413 623 229 213 336 (110) (440) (493) 178 4,949 Income taxes (i) (2,041) (243) (67) (72) (113) 31 12 222 (50) (2,321) Tax rate (%) 46.9 Adjusted net profit (loss) (j)=(h)+(i) 2,372 380 162 141 223 (79) (428) (271) 128 2,628 of which: - Adjusted net profit (loss) of non-controlling interest 82 - Adjusted net profit (loss) attributable to Eni's shareholders 2,546 Reported net profit (loss) attributable to Eni's shareholders 1,715 Exclusion of inventory holding (gains) losses 246 Exclusion of special items 585 Adjusted net profit (loss) attributable to Eni's shareholders 2,546 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 9 — Nine months 2026
(€ million) Nine months 2026 Reported operating profit (loss) 5,942 (346) 24 764 1,690 660 (563) (444) (1,063) (116) 6,548 Exclusion of inventory holding (gains) losses (189) (852) (3) 76 (968) Exclusion of special items: environmental charges (expense recovered from third-parties) 15 55 87 68 161 149 535 impairment losses (impairment reversals), net 1,231 1 39 210 39 1 78 1,599 impairment of exploration projects net gains on disposal of assets (14) (2) (16) risk provisions 44 1 2 47 provision for redundancy incentives 38 9 2 56 3 23 45 94 270 commodity derivatives 23 1,561 58 42 (1,144) 360 900 exchange rate differences and derivatives 20 176 (3) 7 10 210 other 664 (233) (9) 7 4 3 64 8 508 Special items of operating profit (loss) 2,021 1,513 61 181 (1,134) 691 165 224 331 4,053 Adjusted operating profit (loss) of subsidiaries (a) 7,963 1,167 85 756 556 499 (401) (220) (732) (40) 9,633 main JV/Associates adjusted EBIT (b) 4,794 23 87 74 294 5,272 Proforma adjusted EBIT (c)=(a)+(b) 12,757 1,190 85 843 630 793 (401) (220) (732) (40) 14,905 Finance expenses and dividends of subsidiaries (d) (162) (13) (14) 1 4 (2) (495) (681) Finance expenses and dividends of main JV/associates (e) (645) 9 (8) (60) (29) (733) Income taxes of main JV/associates (f) (2,860) (9) (13) (44) (2,926) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 1,289 23 79 1 221 1,613 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 9,090 1,177 85 821 558 724 (403) (220) (1,227) (40) 10,565 Income taxes (i) (3,261) (453) (26) (224) (174) (123) 19 404 13 (3,825) Tax rate (%) 36.2 Adjusted net profit (loss) (j)=(h)+(i) 5,829 724 59 597 384 601 (384) (220) (823) (27) 6,740 of which: - Adjusted net profit (loss) of non-controlling interest 304 - Adjusted net profit (loss) attributable to Eni's shareholders 6,436 Reported net profit (loss) attributable to Eni's shareholders 7,595 Exclusion of inventory holding (gains) losses (633) Exclusion of special items (526) Adjusted net profit (loss) attributable to Eni's shareholders 6,436 Sites in transformation Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 10 — Nine months 2025
(€ million) Nine months 2025 Reported operating profit (loss) 5,116 1,296 289 393 87 (710) (883) (957) 203 4,834 Exclusion of inventory holding (gains) losses 34 373 123 (55) 475 Exclusion of special items: environmental charges (expense recovered from third-parties) 33 102 34 55 224 impairment losses (impairment reversals), net 578 14 146 72 12 822 impairment of exploration projects net gains on disposal of assets (3) (3) (6) risk provisions 38 16 171 225 provision for redundancy incentives 12 1 2 1 1 9 27 53 commodity derivatives (3) (380) 6 2 358 14 (3) exchange rate differences and derivatives (17) (280) (1) 19 (17) (296) other (32) 251 12 12 (19) 31 (21) 234 Special items of operating profit (loss) 573 (409) 7 62 371 260 145 244 1,253 Adjusted operating profit (loss) of subsidiaries (a) 5,689 887 296 489 458 (77) (615) (713) 148 6,562 main JV/Associates adjusted EBIT (b) 2,679 23 (32) 14 112 2,796 Proforma adjusted EBIT (c)=(a)+(b) 8,368 910 296 457 472 35 (615) (713) 148 9,358 Finance expenses and dividends of subsidiaries (d) (55) (13) (14) (19) 13 (15) (91) (194) Finance expenses and dividends of main JV/associates (e) (459) 8 (5) (33) (60) (549) Income taxes of main JV/associates (f) (1,426) (1) 34 (1,393) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 794 30 (37) (19) 86 854 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 6,428 904 296 438 420 22 (630) (804) 148 7,222 Income taxes (i) (2,881) (356) (86) (134) (144) 8 19 336 (41) (3,279) Tax rate (%) 45.4 Adjusted net profit (loss) (j)=(h)+(i) 3,547 548 210 304 276 30 (611) (468) 107 3,943 of which: - Adjusted net profit (loss) of non-controlling interest 150 - Adjusted net profit (loss) attributable to Eni's shareholders 3,793 Reported net profit (loss) attributable to Eni's shareholders 2,518 Exclusion of inventory holding (gains) losses 333 Exclusion of special items 942 Adjusted net profit (loss) attributable to Eni's shareholders 3,793 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 11 — Fourth Quarter 2025
(€ million) Fourth Quarter 2025 Reported operating profit (loss) 1,186 153 32 106 66 (351) (541) (542) 67 176 Exclusion of inventory holding (gains) losses 0 0 0 81 0 163 25 1 270 Exclusion of special items: environmental charges (expense recovered from third-parties) 24 0 1 24 0 31 139 117 336 impairment losses (impairment reversals), net 503 2 (20) (14) 7 107 126 49 760 impairment of exploration projects 0 0 0 0 0 0 0 0 0 net gains on disposal of assets (7) 0 0 0 1 (2) 0 (7) (15) risk provisions 84 0 0 0 0 20 0 (4) 100 provision for redundancy incentives 11 1 0 1 (2) 1 0 7 19 commodity derivatives (6) (41) 38 (15) 23 (22) 0 0 (23) exchange rate differences and derivatives (31) (12) 0 0 0 5 0 0 (38) other 40 25 0 10 1 48 47 26 197 Special items of operating profit (loss) 618 (25) 19 6 30 188 312 188 0 1,336 Adjusted operating profit (loss) of subsidiaries (a) 1,804 128 51 193 96 0 (204) (354) 68 1,782 main JV/Associates adjusted EBIT (b) 991 7 (13) 3 95 1,083 Proforma adjusted EBIT (c)=(a)+(b) 2,795 135 51 180 99 95 (204) (354) 68 2,865 Finance expenses and dividends of subsidiaries (d) (24) (3) 0 (4) 2 17 7 (74) (79) Finance expenses and dividends of main JV/associates (e) (220) 5 (3) (13) (18) (249) Income taxes of main JV/associates (f) (515) (10) 0 2 (3) (526) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 256 2 0 (16) (8) 74 0 0 308 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 2,036 127 51 173 90 91 (197) (428) 68 2,011 Income taxes (i) (708) (69) (16) (21) (20) (3) 9 103 (19) (744) Tax rate (%) 37.0 Adjusted net profit (loss) (j)=(h)+(i) 1,328 58 35 152 70 88 (188) (325) 49 1,267 of which: 0 0 0 0 0 0 0 0 0 - Adjusted net profit (loss) of non-controlling interest 71 - Adjusted net profit (loss) attributable to Eni's shareholders 1,196 Reported net profit (loss) attributable to Eni's shareholders 90 Exclusion of inventory holding (gains) losses 175 Exclusion of special items 931 Adjusted net profit (loss) attributable to Eni's shareholders 1,196 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining
Slide 12 — Full Year 2025
(€ million) Full Year 2025 Reported operating profit (loss) 6,302 1,449 321 499 153 (1,061) (1,424) (1,499) 270 5,010 Exclusion of inventory holding (gains) losses 0 0 0 115 0 536 148 (54) 745 Exclusion of special items: environmental charges (expense recovered from third-parties) 24 0 1 57 0 133 173 172 560 impairment losses (impairment reversals), net 1,081 2 (20) 0 7 253 198 61 1,582 impairment of exploration projects 0 0 0 0 0 0 0 0 0 net gains on disposal of assets (10) 0 0 0 1 (5) 0 (7) (21) risk provisions 122 0 0 0 0 20 16 167 325 provision for redundancy incentives 23 1 1 3 (1) 2 9 34 72 commodity derivatives (9) (421) 44 (13) 381 (8) 0 0 (26) exchange rate differences and derivatives (48) (292) 0 (1) 0 24 (17) 0 (334) other 8 276 0 22 13 29 78 5 431 Special items of operating profit (loss) 1,191 (434) 26 68 401 448 457 432 0 2,589 Adjusted operating profit (loss) of subsidiaries (a) 7,493 1,015 347 682 554 (77) (819) (1,067) 216 8,344 main JV/Associates adjusted EBIT (b) 3,670 30 (45) 17 207 3,879 Proforma adjusted EBIT (c)=(a)+(b) 11,163 1,045 347 637 571 130 (819) (1,067) 216 12,223 Finance expenses and dividends of subsidiaries (d) (79) (16) 0 (18) (17) 30 (8) (165) (273) Finance expenses and dividends of main JV/associates (e) (679) 13 (8) (46) (78) (798) Income taxes of main JV/associates (f) (1,941) (11) 0 2 31 (1,919) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 1,050 32 0 (53) (27) 160 0 0 1,162 Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 8,464 1,031 347 611 510 113 (827) (1,232) 216 9,233 Income taxes (i) (3,589) (425) (102) (155) (164) 5 28 439 (60) (4,023) Tax rate (%) 43.6 Adjusted net profit (loss) (j)=(h)+(i) 4,875 606 245 456 346 118 (799) (793) 156 5,210 of which: 0 0 0 0 0 0 0 0 0 - Adjusted net profit (loss) of non-controlling interest 221 - Adjusted net profit (loss) attributable to Eni's shareholders 4,989 Reported net profit (loss) attributable to Eni's shareholders 2,608 Exclusion of inventory holding (gains) losses 508 Exclusion of special items 1,873 Adjusted net profit (loss) attributable to Eni's shareholders 4,989 Chemicals Corporate and other activities Impact of unrealized intragroup profit elimination GROUP Exploration & Production Global Gas & LNG Portfolio Power Enilive Plenitude Refining