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Eni — 2026 third quarter results (company IR deck)
Eni (E) · 20 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 — 9M 2026 RESULTS
9M 2026 RESULTS OCTOBER 23, 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 9M 2026 RESULTS
Slide 3 — 9M 2026 I FINANCIAL HIGHLIGHTS
9M 2026 I FINANCIAL HIGHLIGHTS ACCELERATING GROWTH, DELIVERING VALUE, BUILDING FOR THE FUTURE 3 EXTRAORDINARY DIVIDEND Introduced €1.3 bln equivalent to €0.46/share DIVIDEND €1.1/share +5% SHARE BUYBACK €3.8 bln (raised +€2.3 bln from CMU) EBIT PRO FORMA €14.9 bln INCOME FROM INVESTMENTS €1.8 bln NET PROFIT €6.4 bln CFFO €11.6 bln OF WHICH: EBIT €9.6 bln ORGANIC CAPEX €5.1 bln NET DEBT €4.6 bln reduction in net debt vs Q2 Gearing to 9% PORTFOLIO ACTIONS €1.5 bln EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. See page 19 of Press Release for Non-GAAP measures. Capital Expenditure of €5.4 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. Buyback €2.0bln includes €0.3 bln completion of 2025 programme.
Slide 4 — 2026 to date I GLOBAL NATURAL RESOURCES HIGHLIGHTS
2026 to date I GLOBAL NATURAL RESOURCES HIGHLIGHTS STRATEGIC EXECUTION DRIVES SUSTAINABLE VALUE 4 E&P Outstanding exploration success adding more than 1.2 bln Boe, and increased FY production guidance at 6-7% underlying YoY Start-up: Ndungu FF, Sabratha Compression, New Gas Consortium, Melehia Ph. 2, Bouri GUP, and KEP 1B Ramp-up: Congo LNG, Balder X, Johan Castberg FIDs: Baleine Ph3, Gendalo & Gandang; Geng N. & Gehem; Cronos; Greater PAJ, Balder Next New Wells, Umm Shaif Gas Cap Agreements with Venezuela for Junin-5 and Perla projects Vaca Muerta entry integrating with Argentina LNG project Completion of the sale of a 10% in the Baleine project to SOCAR Agreements for the sale of stakes in selected Upstream assets in Indonesia Searah JV established on 1 June with Petronas, reports first full quarter in Q3 Vår acquisition of BlueNord in Denmark to create Europe’s largest independent E&P producer Ithaca acquisition of Suncor E. Canada offshore assets GGP Increase full year Ebit Proforma guidance at around €1.5 Bln 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 CCUS Expansion of financing sources for Eni CCUS Holding with a £500+ million facility Installation of the new Douglas CCS platform in Liverpool Bay Ravenna Phase 2: Innovation Fund awarded from EU Commission
Slide 5 — GLOBAL UPSTREAM GROWING FOOTPRINT
5 2026 Exploration: discoveries & new acreage 2026 Start-ups, FIDs and additional opportunities Portfolio balance across geographies Strengthening in each key region: Americas, Africa, Mediterranean and Far East ✓New additional opportunities identified in 2026 4.6 bln boe resources ✓Development ~600 kboed of new production in 2030 sanctioned in 2026 alone ✓FY Production guidance 6-7% underlying growth GLOBAL UPSTREAM GROWING FOOTPRINT 2026: MATERIALLY ENHANCING OUR PORTFOLIO Americas Venezuela Junin V Perla Argentina Argentina LNG Uruguay New acreage Canada Ithaca/Suncor Sub-Saharan Africa Angola Azule/Algaita-1, Acacia-5, 105-4X, Vicango East NGC, Ndungu FF, Gretar PAJ Namibia Azule/Volans-1 Capricornus-1A Côte d’Ivoire Murène South-1 Baleine ph. 3 Nigeria Zabazaba-Etan Ghana Gye Nyame Sierra Leone, Senegal, Guinea Conakry, Equatorial Guinea New acreage Europe & Med Libya BESS-2 BESS-3 BES – GC Bouri GUP Cyprus Cronos Egypt Denise West Bostan S Melehia Ph-2 Denise West Italy Gemini Norway ILX program Balder Next New Wells Denmark Var/BlueNord Far East - ME & Central Asia Indonesia Searah/ Maha-3/4 Geliga-1 New acreage Maha Gendalo&Gandang Kutei North Malaysia Searah UAE Umm Shaif Gas Cap Kazakhstan KEP 1B
Slide 6 — FOCUS VENEZUELA
6 PERLA (Cardon IV) Producing since 2015 (Licence awarded in 2005) Reliable and valuable gas supplier to the domestic market High-quality reservoir with expansions engineered into existing facilities JUNIN 5 New CPPH Hydrocarbon Licence terms (Eni 100%) Present in the field since 2010 Existing processing plant and pipelines ready for Phase 1 development volumes OUTSTANDING BALANCES Agreements allow for prompt payment for current gas production, free of US sanctions Export volumes create conditions for repayment of overdue commercial receivables Orinoco Belt 1. PERLA 580 Mscfd gross production De-bottlenecking up to ~645 Mscfd gross by 2028 Unlocking Perla Field Value New FLNG export project ~550 Mscfd gross (3.5 MTPA) Total Recoverable gross Resources ~2.5 Bboe 2. JUNIN-5 12 kbbld gross production Phase 1 (200 kbbld gross) Potential 1 Mbbld gross in the 2030s with full field development Total Recoverable gross Resources >3 Bbbl 3. COROCORO 10 kbbld gross production Potential to increase production up to >30 kbbld gross Potential synergies with Junin export Total Recoverable gross Resources ~100 Mbbl FOCUS VENEZUELA REINFORCING OUR LONG-STANDING PRESENCE IN THE COUNTRY
Slide 7 — 2026 to date I TRANSITION AND TRANSFORMATION HIGHLIGHTS
7 2026 to date I TRANSITION AND TRANSFORMATION HIGHLIGHTS STRATEGIC EXECUTION DRIVES SUSTAINABLE VALUE PLENITUDE Completion of the shareholder reorganization and new governance structure 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 FID for Priolo biorefinery Agreement with Prax to acquire 100% of OIL! Service station network OTHER TRANSITION Acquisition of 25% stake in EnergyX’s Black Giant lithium mining project (Chile) and 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
Slide 8 — Q3 2026 I EARNINGS SUMMARY
-0.1 0.5 0.6 0.4 4.6 Corporate and other Refining, Chemicals and Sites in transformation Transition Businesses GGP and Power E&P 8 € bln *Adjusted for impact of portfolio transactions and price effects E&P Production underlying up 7% y/y*, above guidance, driven by ramp- ups in Mexico and Congo, operational resilience and contribution from the Searah JV GGP Effective optimization of portfolio positioning and supportive trading environment Transition - Plenitude Renewables-led growth Transition - Enilive Strong marketing plus elevated bio margins Transformation - Refining Refining margins scenario captured and improved plant utilization Transformation - Versalis Challenging macro backdrop, with encouraging signs from the transformation Other Rising contribution from JVs and associates Q3 2026 I EARNINGS SUMMARY FURTHER BUILDING ON OUR STRONG EXECUTION 6.0 3.7 4.3 2.8 0.9 2.3 -0.3 -1.5 Ebit Proforma JV/Associates contribution Ebit Finance Expense Income from Investments Pre Tax Earnings Income taxes & NCI Net Profit Enilive Plenitude
Slide 9 — 9M 2026 | CASHFLOW SUMMARY
9 9M 2026 | CASHFLOW SUMMARY STRONG CASH FLOW CONVERSION CFFO Cash generation fully funds both capital investments and shareholder distributions Cash tax rate for 9M 25% Working Capital Release in Q3 partially offsets the seasonal build in Q1; YTD mainly represents scenario impact on Upstream Portfolio Infrastructure deal, unlocks $2bn. Dual exploration and high-grading continues in E&P Organic Capex Down 14% y-o-y, with the €7bln FY26 guidance confirmed. H1 profile consistent with H2 deconsolidations Distribution Buyback €2.0bln includes €0.3 bln completion of 2025 programme Net debt and Gearing Plenitude deconsolidation drove a significant €4.6bn reduction in net debt vs Q2 (€2.8 for 9 months) Pro forma gearing below the 10–15% FY26 guidance range € bln 9M 26 Net Debt Reduction PF Dividend Q2 11.6 1.0 2.9 2.8 4.5 4.3 9M 26 CFFO Working Capital Organic Capex Portfolio Lease Repayment Other & FX 9M 26 Net Debt Reduction SBB Q3 Distribution Incl. Plenitude deconsolidation Q1
Slide 10 — STRATEGIC CAPITAL STRENGTH
10 STRATEGIC CAPITAL STRENGTH PRESERVING FINANCIAL HEADROOM 1Gearing ante lease liability. 2Includes financial assets and committed credit lines. 3 Revised to Stable from negative on 1 Oct. DELEVERAGED FINANCIAL PROFILE Gearing outlook lowest in company history 9% 9M 2026 pro-forma gearing (10% reported) below 10%-15% target range Low gearing and higher levels of liquidity and duration ensure maximum resilience, flexibility and preserves optionality Increased USD issuance matching functional earnings STRONG LT RATINGS S&P A-3 Moody’s A3 Fitch A- all with Stable outlook RE-SETTING TO LOWER GEARING1 | % Gearing Proforma Gearing CAPITAL STRUCTURE AT 30/09 76% LT DEBT ON TOTAL DEBT 1.7% NET COST OF DEBT €37 BLN OF LIQUIDITY RESERVE2 0 5 10 15 20 25 30 2000- 2004 2005- 2009 2010- 2014 2015- 2019 2020 2021 2022 2023 2024 2025 Q3 26
Slide 11 — 2026 GUIDANCE UPDATE
11 2026 GUIDANCE UPDATE BASED ON UPDATED SCENARIO ASSUMPTIONS BRENT ($/bbl) TTF (€/MWh) SERM ($/bbl) EXCHANGE RATE (€/$) 85 50 14.0* 1.16 JULY SCENARIO GROUP CFFO GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PRODUCTION PLENITUDE PRO-FORMA EBITDA €15.0 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 €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. E&P Strong production growth in the quarter supporting FY growth guidance at 6-7% underlying GGP Consistent performance underpins FY guidance raised to €1.5bn TRANSITION Strong Enilive performance supports FY guidance upgrade to €1.4bn CFFO Further guidance upgrade, driven by improved scenario and underlying performance HIGHER SHAREHOLDER RETURNS Extraordinary dividend of €1.3 to be paid in December and raised SBB to €3.8 bln 95 55 18* 1.15 UPDATE €16.5 bln Underlying +€1.2 bln ~€1.5 bln €1.4 bln €3.8 bln <€4.5bln 6-7% underlying Extraordinary ~€1.2 Confirmed
Slide 12 — CONCLUDING REMARKS
CONCLUDING REMARKS DELIVERING OPERATIONAL AND FINANCIAL RESULTS ACCELERATING OUR STRATEGY Exceptional progress in 9M 26: • Delivery of significant strategic progression as well as current financial results • Sector leading exploration and production growth in E&P • Demonstrating value creation of our satellites • Maturing material new opportunities and differentiated visibility on longer-term Transition confirming value creation and delivering profitable growth Continuing to work on each component of the energy trilemma PLATFORM FOR MORE CFFO outperformance captures macro scenario and enduring self-help effects Balance sheet leverage down to below target range confirming added resilience and strategic optionality RAISED OUTLOOK AND HIGHER DISTRIBUTIONS Sharing success with our investors: • Buyback raised to €3.8 bln • Extraordinary dividend of €1.3 bln to be paid in December
Slide 13 — BACK UP
BACK UP
Slide 14 — FOCUS GLOBAL NATURAL RESOURCES
FOCUS GLOBAL NATURAL RESOURCES PERFORMANCE DELIVERING TO PLAN 14 SCENARIO Realisations +33% y-o-y - Liquids +34% - Natural gas +30% EUR/USD FX -1% y-o-y PROJECT-LED GROWTH Organic growth across new geographies, powered by major projects and a diversified portfolio STRENGTHENING OUR INTEGRATED GAS POSITIONING Continued portfolio optimization and integrated gas & LNG positioning strengthen flexibility ADJ. EBIT PRO-FORMA | € BLN 1.8 2.7 0.8 1.9 0.3 0.4 3.0 5.1 Q3 2025 Q3 2026 E&P E&P Associates GGP & Power E&P GGP POWER • Over 1.2 Bln boe of discovered resources in 9M 26 • 7% y-o-y underlying production growth sustains long- term growth momentum* • Upgrading FY production growth to 6–7% with significant upside to the initial 4Y Plan production targets • Strategic agreements with PDVSA expand resource access, unlocking ~5.5 bln boe of recoverable resources • Mitigated impact of Middle East disruptions *Underlying production adjusted for impact of M&A and price effects • Gas sales up 16% y-o-y • Leveraging continued portfolio optimization • Raised FY pro-forma EBIT guidance to ~€1.5 bln • Production up 9% y-o-y, driven by higher plant utilization to capture favorable market conditions
Slide 15 — FOCUS TRANSITION BUSINESS
FOCUS TRANSITION BUSINESS PROGRESSING OUR TRANSITION AGENDA 15 SCENARIO Italian PUN Ind GME +65% y-o-y EU HVO margins +41% y-o-y VALUE CONFIRMATION Continued progress across Transition businesses supports delivery of FY guidance Expanding biorefining capacity and consistent operational performance support Enilive’s growth Plenitude’s new ownership structure supports acceleration into its next phase of growth ADJ. EBITDA PRO-FORMA | € BLN PLENITUDE ENILIVE 0.3 0.5 0.2 0.2 0.5 0.7 Q3 2025 Q3 2026 Enilive Plenitude • Retail sales up 5% y-o-y • Outstanding biorefining performance • Year-end capacity at 2.1 MTPA plus 1.5 MTPA under construction • Energy produced from renewable sources up 38% y-o-y • Installed capacity exceeded 6 GW • EV charging points amounted to 23.3k, up 5% y-o-y
Slide 16 — PLENITUDE DECONSOLIDATION
PLENITUDE DECONSOLIDATION FOCUS ON THE SHAREHOLDING REORGANIZATION 16 1Net debt before lease liabilities ex IFRS 16 2Plenitude as reported per Eni Q3 2026 financials. As deconsolidated represents the same Q3 result reported under the accounting treatment from Q4. From Q4 Eni interest in Plenitude will be 65% as compared with 70% in Q3. Plenitude deconsolidation from Eni’s financials completed • Reported under associate income from Q4. CFFO as dividend received • Proforma EBIT at ownership percentage • Loans to Plenitude from Eni become financing receivables Transaction confirms EV of €13.1 bln up from >€12 bln Positive reported gearing impact on Eni -4.0pp reduction in Eni’s gearing at 30-Sept THE TRANSACTION non-proportional capital increase of ~€1.6bln with Ares committing to ~€1.1bln NEW GOVERNANCE FRAMEWORK based on joint control between Eni and Ares Eni shareholding will dilute down to ~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 Q3 20262 Plenitude as reported Plenitude deconsolidated Adjusted operating profit (loss) of subsidiaries (a) 157 - main JV/Associates adjusted EBIT (b) 34 134 Proforma adjusted EBIT (c)=(a)+(b) 191 134 Finance expenses and dividends of subsidiaries (d) 3 - Finance expenses and dividends of main JV/associates (e) (21) (13) Income taxes of main JV/associates (f) (8) (35) Adjusted net profit (loss) of main JV/associates (g)=(b)+(e)+(f) 5 - Adjusted profit (loss) before taxes (h)=(a)+(d)+(g) 165 86 Income taxes (i) (45) - Tax rate (%) 27% - Adjusted net profit (loss) (j)=(h)+(i) 120 86 of which: - Adjusted net profit (loss) of non-controlling interest 34 - - Adjusted net profit (loss) attributable to Eni's shareholders 86 86
Slide 17 — Q3 2026 vs Q2 2026 EBIT PRO FORMA
EBIT PRO FORMA | € BLN Q3 2026 vs Q2 2026 EBIT PRO FORMA 17 SCENARIO (Q/Q) Realisations -1% - Liquids -11% - Natural gas 14% - Italian PUN Ind GME 47% E&P Higher production, realizations and cost performance largely offset lower benchmark crude prices and disruption impacts GGP Portfolio optimization in improved trading environment a feature TRANSFORAMTION: REFINING - Capturing favorable margin dynamics via higher plant availability VERSALIS – Weaker environment more than offsets restructuring gains ENILIVE Strong biorefining margins more than offset planned turnaround effects PLENITUDE Renewables growth but challenging retail conditions in quarter OTHER Unrealized profit in stock 5.4 6.0 Q2 26 EBIT PRO FORMA Scenario Upstream Disruption effects Volumes & Efficiency One-off GGP Scenario & Performance GGP Scenario, MTA & Disruption effects Performance Scenario & Performance Scenario & Performance Other Q3 26 EBIT PRO FORMA GLOBAL NATURAL RESOURCES TRANSFORMATION PLENITUDE ENILIVE
Slide 18 — Q3 2026 vs Q2 2026 PRE-TAX EARNINGS
ADJUSTED PRE-TAX | € BLN Q3 2026 vs Q2 2026 PRE-TAX EARNINGS 18 SCENARIO (Q/Q) Realisations -1% - Liquids 11% - Natural gas 14% - Italian PUN Ind GME 47% Similar trends evident on a q-o-q basis when looked at through EBIT More limited scenario impact on E&P Satellites Searah JV’s full operational contribution reflects in lower EBIT but higher associates’ results 3.9 4.3 Q2 26 Adjusted Pre-tax Scenario Upstream Disruption effects Searah decons Volumes & Efficiency One-offGGP Scenario & Performance GGP Scenario & MTA Performance Scenario & Performance Scenario & Performance Scenario, Disruption eff Assoc Performance Associates Other Q3 26 Adjusted Pre-tax GLOBAL NATURAL RESOURCES TRANSFORMATION PLENITUDE ENILIVE
Slide 19 — Q3 2026 vs Q3 2025 PRE-TAX EARNINGS
ADJUSTED PRE-TAX | € BLN Q3 2026 vs Q3 2025 PRE-TAX EARNINGS 19 SCENARIO (Y/Y) Realisations +33% y-o-y - Liquids +34% - Natural gas +30% - Italian PUN Ind GME +65% EUR/USD FX -1% y-o-y E&P Favorable volume/mix effects and higher realizations in a supportive commodity environment GGP Further portfolio optimization, increased LNG volumes and favorable trading opportunities TRANSITION Improved biorefining margins and favorable market conditions Significant volume growth in the renewables TRANSFORMATION Favorable margin scenario and improved plant availability underpin refining performance Chemical business impacted by renewed structural weakness across the European sector GLOBAL NATURAL RESOURCES TRANSFORMATION PLENITUDE ENILIVE 2.3 4.3 Q3 25 Adjusted Pre-tax Scenario Upstream Disruption effects Searah decons Volumes & Efficiency One-off GGP Scenario & Performance GGP Scenario & MTA Performance Scenario & MTA Performance Scenario & One-off Performance Scenario, Disruption eff Assoc Performance Associates Other Q3 26 Adjusted Pre-tax
Slide 20 — Q3 2026 MARKET SCENARIO
Q3 2026 MARKET SCENARIO 20 *Given volatility and market dislocations, the benchmark SERM refining margin has been calculated to factor such conditions. 8.9 8.3 28.1 Q3 2025 Q2 2026 Q3 2026 32 46 63 Q3 2025 Q2 2026 Q3 2026 1.168 1.163 1.151 Q3 2025 Q2 2026 Q3 2026 69.1 104.5 97.0 Q3 2025 Q2 2026 Q3 2026 BRENT| $/bbl EXCHANGE RATE| €/$ TTF| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl