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Eni — Plenitude Market Presentation October 2026 (company IR deck)
Eni (E) · 13 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 — Corporate Presentation
Corporate Presentation 2026 – 2030 October 2026
Slide 2 — LEGAL DISCLAIMER
LEGAL DISCLAIMER This document contains forward-looking statements regarding future events and the future results of Plenitude that are based on current expectations, estimates, forecasts, and projections about the industries in which Plenitude operates and the beliefs and assumptions of the management of Plenitude. In addition, Plenitude’s management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Plenitude’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni’s Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) under the section entitled “Risk factors” and in other sections. These factors include but are not limited to: ‐ Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets; ‐ Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions; ‐ Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Plenitude operates; ‐ Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market; ‐ Laws and regulations related to climate change; ‐ Risks related to legal proceedings and compliance with anti-corruption legislation; ‐ Risks arising from potential future acquisitions; and ‐ Exposure to exchange rate, interest rate and credit risks. Any forward-looking statements made by or on behalf of Plenitude speak only as of the date they are made. Plenitude does not undertake to update forward-looking statements to reflect any changes in Plenitude’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni or Plenitude may make in documents it files with or furnishes to the SEC and Consob. 2
Slide 3 — INVESTMENT CASE
GLOBAL Mature organization Operations in >15 countries GROWING Steady performance Resilient financial structure INTEGRATED Multi-asset ecosystem Synergies and natural hedging INVESTMENT CASE A GROWING PLAYER IN THE ENERGY TRANSITION E-MOBILITY RENEWABLES RETAIL 3
Slide 4 — EBITDA PERFORMANCE
EBITDA PERFORMANCE EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Enterprise value at the end of September 2026 € BLN 0.3 0.6 1.1 2018 2021 2025 >3x EBITDA DELIVERED from 2018 to 2025 ADAPTIVE MODEL which responded effectively to different cycles GUIDANCE MET with public targets achieved 2018 – 2025 EBITDA GROWTH ENTERPRISE VALUE > €13 bln 4
Slide 5 — GROWTH TO 2030
CUSTOMERS | #MLN OWNED PUBLIC CPs | #k 5.8 6.5 15 2025 2026 2030 10 >11 15 2025 2026 2030 23 23.5 30 2025 2026 2030 POWER & SOLUTIONS FOCUS ON DC FAST VISIBLE PIPELINE EBITDA | € BLN RETAIL INSTALLED CAPACITY | GW RENEWABLES 1.1 1.2 >2.5 2025 2026 2030 GROWTH TO 2030 E-MOBILITY Installed capacity figure is in Plenitude share. EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies 5 9M26: > €0.7 BLN
Slide 6 — RENEWABLES
RENEWABLES Installed capacity and pipeline figures are in Plenitude share. EBITDA is adjusted and both EBITDA and CAPEX include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. CAPEX include M&A 0.2 >0.3 1.2 2025 2026 2030 EBITDA | € BLN 1.0 2.2 2025 AVG 26-30 CAPEX | € BLN PIPELINE BREAKDOWN INSTALLED CAPACITY | GW 5.8 6.5 15 2025 2026 2030 • Accelerated capacity growth (2.5x to 2030) • Confirmed footprint: focus on Europe and US; 100% solar, wind and BESS • Integration with Retail 6 20 GW UNDER CONSTRUCTION / ADVANCED STAGE PROSPECTS MEDIUM /LOW MATURITY 7
Slide 7 — RETAIL
RETAIL EBITDA figure is adjusted CUSTOMERS | MLN 10 >11 15 2025 2026 2030 EBITDA | € BLN 0.9 >0.8 1.2 2025 2026 2030 VALUE-ADDED SERVICES ENERGY MIX >€100 MLN avg 26-30 EBITDA contribution GAS POWER 15 MLN @2030 +5 MLN vs 2025 • +50% customers by 2030 • Focus on valuable customers • >60% power customers in 2030 • Lean and effective operations A COMPLETE SUITE FOR B2C & B2B (PV, STORAGE, EV CHARGING, HVAC, BROADBAND AND OTHERS) 7
Slide 8 — E-MOBILITY
E-MOBILITY DC AC 30k @2030 +6k vs 2025 CAPEX | € BLN <0.1 <0.1 2025 AVG 26-30 INSTALLED MIX OWNED PUBLIC CPs | k >80% >85% 90% 2025 2026 2030 23 23.5 30 2025 2026 2030 ITALY ABROAD SHARE OF CPs IN OPERATION | % • +30% network growth by 2030 • Focus on DC 100% public access • Synergies with retail and Enilive stations • Partnerships with GDOs and carmakers 8
Slide 9 — KEY CONSOLIDATED DATA
KEY CONSOLIDATED DATA Capex includes M&A and both capex and CFFO include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. CFFO before Working Capital variations. Net debt/EBITDA calculated with statutory figures 2.1x ~3x 2025 AVG 26-30 ~1.5 <3 CFFO CAPEX € BLN FY25 €1.4 BLN CFFO AND CAPEX AVG 26-30 LEVERAGE RATIO NET DEBT / EBITDA NET DEBT YE25 €2.1 BLN FY25 >€0.7 BLN 9 INVESTMENT GRADE CREDIT RATING FROM FITCH AND MOODY’S
Slide 10 — ANNEX
ANNEX
Slide 11 — 9M26 - MAIN COUNTRIES OF PRESENCE
USA >1.7 GW • 1.7 GW PV + BESS IBERIA 1.8 GW • >1.5 GW PV • >0.2 GW wind onshore 0.5 MLN Clients 150 public CPs KAZAKHSTAN 0.2 GW • 0.1 GW PV • 0.1 GW wind onshore 11 9M26 - MAIN COUNTRIES OF PRESENCE AUSTRALIA 0.1 GW • 0.1 GW PV + BESS GREECE 0.1 GW • 0.1 GW PV 0.6 MLN Clients FRANCE 0.9 GW • >0.6 GW PV + BESS • >0.2 GW wind onshore ~1 MLN Clients 650 public CPs UK >0.2 GW • >0.2 GW offshore wind GERMANY 0.1 GW • 0.1 GW offshore wind 300 public CPs ITALY >1 GW • 0.4 GW PV + BESS • 0.7 GW wind onshore ~9 MLNClients ~22k public CPs
Slide 12 — RENEWABLES - KEY PROJECTS IN EXECUTION
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% 280 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 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 GW B B 8 >9 >21 5.8 6.5 15 FY 2025 FY 2026 FY 2030 PLENITUDE NET CAPACITY PLENITUDE GROSS CAPACITY RENEWABLES - KEY PROJECTS IN EXECUTION 12
Slide 13 — PLENITUDE ESG FOOTPRINT
PLENITUDE ESG FOOTPRINT 75 PERCENTILE in the Electric Utilities Industry in the S&P Global CSA – MARCH 2025 PLATINUM MEDAL JULY 2026 PLENITUDE RECENT ESG RATINGS SINCE 2021 WE ARE A BENEFIT CORPORATION with common benefit purposes into the company bylaws GOVERNANCE CLIMATE AND EMISSIONS BUSINESS SUSTAINABILITY PEOPLE COMMUNITIES 13