Business and Financial Outlook 2025

Strong fundamentals across all business areas with Transition and Transformation strategy accelerating. CCUS Satellite creation enabled by GIP agreement. Growing energy supply and lowering emissions. Strengthened financial framework with gross capex reduced and strong positive impact from portfolio management. Leverage outlook lowered. Enhanced shareholder payout and commitment to growing dividend.

• E&P: In the third quarter Eni raised the full year production guidance to 1.71-1.72 Mboed range from the initial 1.7 Mboed, with a forecast average Brent price of $70/bbl.
• GGP: Proforma adjusted EBIT expected for the full year was increased in the third  quarter to more than €1 billion, compared to the  initial guidance of about €0.8 billion. This increase is attributed to better than anticipated outcome from renegotiations and settlements, and portfolio optimizations. GGP will continue to focus on maximizing margins on the gas supply portfolio.
• Enilive: expectation of proforma adjusted EBITDA around €1bln for the full year. Regulatory and mandate impacts over 2025-26 will help to absorb the current surplus of biofuels and support margins.
• Plenitude: proforma adjusted EBITDA is expected above €1.1bln, while installed renewable capacity to reach 5.5 GW by 2025 year-end (+34% vs the previous year).

Eni financial model supports the execution of our strategy across the cycle, providing financial resilience, alignment of capital, demonstration of value creation and returns to our shareholders

• During the CMU we announced an expected adjusted CFFO before working capital of €13 bln⁽¹⁾ for 2025, then updated to €11 bln, during Q1, incorporating our revised scenario assumptions⁽²⁾. In the second quarter of 2025, Eni raised the Group’s expected CFFO before working capital adjustments to  €11.5 bln. In the third quarter the company further raised the Group’s expected CFFO before working capital adjustments to €12 bln.
• Even though 2024 was such a successful year for divestments and despite the pressures of cost inflation and a stronger USD, in the CMU net capex for 2025 was initially expected to be in the range of €6.5-€7 bln, subsequently lowered, during Q1, to below €6 bln and during Q3 below €5 bln, as a cash mitigation measure to offset the lowered scenario assumptions⁽³⁾. 

Shareholder Returns: enhanced distribution for 2025 with between 35-40% of expected CFFO. Dividend per share up 5% vs 2024

• For 2025 Eni announced: an annual dividend of €1.05/share, a 5% increase versus 2024, and a share buyback programme of €1.5 bln, reflecting the expectations on scenario and the performance of the business. In the third quarter Eni raised its 2025 share buy-back commitment by €0.3 bln to €1.8 bln thanks to outstanding strategic progress and an improved FY ‘25 CFFO outlook.
• The share buyback is a flexible tool. We intend to use our financial flexibility in a lower than planned scenario and any CFFO shortfall to deliver the target buyback. While in case of better than planned CFFO outcomes, we will allocate up to 60% of incremental cash to additional purchases. Additionally, if the disposal plan is more material than planned, we could decide to further increase the percentage of CFFO distribution.

Positive contribution from portfolio management; leverage expected to decline

• Eni has made significant positive steps in portfolio in 2024 achieving divestments quicker and for better value than we expected in our previous plan. During  2025, progress continued in realizing value from Eni’s distinctive satellite model with approximately €5.8 bln cash realized from third-party investments into Enilive and Plenitude.
• Proforma leverage at 2024 was 15% and during the third quarter reached 12%, due to portfolio optionality, capital discipline and cash initiatives. Year end Pro-forma leverage narrowed to 15-18% from previous 15-20%  averaging 16% during 2025-2028, 5 percentage points lower than previous Plan.

The above-described outlook is a forward-looking statement based on information to date and management’s judgement and is subject to the potential risks and uncertainties of the scenario.