Eni: results for the fourth quarter and Full Year of 2024

• Q4 ’24 results continue to prove the resilience of Eni’s business model, underpinned by capital and cost discipline.
• FY ’24 Group operating and financial performance above full year guidance, driven by the effective execution of our strategy.
• Strategic investments of KKR in Enilive and EIP in Plenitude reiterate the attractiveness of our transition-focused satellite businesses in a year of outstanding strategic delivery.
• Better than anticipated progress in our portfolio activities delivered Group leverage at 15% on a proforma basis.
• Returned over €5 bln to shareholders, driven by underlying performance and deleveraging.

San Donato Milanese, February 27, 2025 - Eni's Board of Directors, chaired by Giuseppe Zafarana, yesterday approved the unaudited consolidated results for the fourth quarter and FY 2024. Eni CEO Claudio Descalzi said:

“2024 was an exceptional year of growth and value creation for Eni, underpinned by our financial framework and our cost discipline. Our leading industry position comes from the competitiveness of our asset portfolio and the unique managerial and financial alignment of our satellite model which has unlocked more than €21 bln of enterprise value in the year. 

We continue to drive value from our exploration portfolio with E&P reporting a 3% increase in oil&gas production driven by organic projects start-ups and the integration of Neptune. We are also building additional value through the creation of a new geographically-focused North Sea satellite Ithaca Energy alongside the ongoing disposal of mature and non-core assets. Exploration has continued its track record of outstanding results booking 1.2 Bboe of new resources, efficiently creating future development opportunities and options for early monetization of our discoveries, consistent with Eni ‘dual model’. Our chemical business, impacted by the structural headwinds in Europe, is being restructured and transformed by leveraging our technological expertise to build competitively advantaged businesses linked to the transition and the circular economy.

Plenitude and Enilive delivered on their EBITDA target despite a challenging commercial backdrop, emphasizing the value of our focused approach to future prospects. Operational capacity and throughput growth was outstanding. Meanwhile, building on the success of our satellite model track record, we are progressing our CCS projects in Italy and the UK laying the foundations of a new transition-related satellite, leveraging our existing skills and asset positions.

This outstanding level of delivery means we have reported €14.3 bln of proforma adjusted EBIT, and €13.6 bln of adjusted cash flow, both well above our plan. After funding €8.8 bln of organic capex, lower than we originally expected, we have delivered about €5 bln of free cash flow, pairing cash returns to shareholders, featuring an increased 2024 dividend and an accelerated pace in the execution of a near doubled €2 bln share buy-back program. Moreover, our portfolio actions mean our proforma leverage is now an historically low 15%, enabling us to continue to invest in the business and reward our shareholders through the cycle.”

Eni delivered another quarter of both growth and value creation by leveraging its asset portfolio and the satellite model, confirming the Company’s distinctive competitive edge in changing energy markets.

• Q4 ‘24 oil & gas production was 1.72 mln boe/d (1.71 mln/boe/d, +3%, for the FY), ensuring reliable and cost-competitive energy supplies to markets.
• Phase II start-up of our flagship Baleine oil project, off Cote d’Ivoire, leveraging our fast-track, phased approach to reduce the time-to-market, started up on schedule in December.
• Congo FLNG project is progressing towards its target completion by end of 2025 with the launch of the hull of the Nguya floating vessel, which will increase the liquefaction capacity of the project from the current 0.6 to 3 MTPA.
• Exploration activities again delivered excellent results proving up 1.2 Bboe of resources in the year, setting the stage of a new gas-driven, growth phase thanks to material discoveries off Indonesia and Cyprus.
• In 2024 installed renewable capacity grew by 37% to 4.1 GW, and biorefinery throughputs increased by 29%. Our first bio-jet plant in Sicily commenced operation.
• Enilive and Plenitude together generated €1.9 bln EBITDA in 2024, delivering on the overall annual target.
• Confirmed the appeal of our satellite model in creating separate low-carbon entities, with the 2024 landmark investments of KKR in Enilive, acquiring a 25% interest, and of EIP in Plenitude, increasing its stake up to 10%, for a total amount of €3.1 bln, attracting aligned capital to fund their independent growth, whilst unlocking value for the parent. In February 2025, in the wake of the first transaction, it was agreed with KKR to increase its interest in Enilive by 5% to an overall 30%, further strengthening the investment case for our transition-related satellites.
• Building on the success of Vår Energi and Azule Energy, a new upstream satellite was established combining Eni’s and Ithaca Energy’s respective oil & gas portfolios in the UK, with a view of maximizing growth options and returns.
• Eni’s technological leadership has been reinforced by the launch in November of the new High-Performance Computing, HPC6, the 5^th most powerful in the World and first in the industry.
• Building on our exploration success, in February 2025 a major deal was signed to bring Cyprus offshore gas of Block 6 to Europe via Egypt.

2024 shareholder returns were €5.1 bln through dividends and an increased share buy-back program of €2 billion, 80% completed at year, end enabled by portfolio actions executed faster and for better value than planned.

• Taking into account cash in from the 25% KKR investment in Enilive (€2.9 bln), the second tranche of EIP’s investment into Plenitude (about €0.2 bln) and other minor agreed transactions, the Group’s proforma leverage stands at 15%.
• Continued exploration success has provided the Group with material options for early monetization and value creation.

Q4 results reflected strong execution against strategic objectives and diligent financial discipline.

• In Q4 ’24 delivered Group proforma adjusted EBIT^[1] of €2.7 bln and adjusted net profit of €0.9 bln. Adjusted cash flow of €2.9 bln reflected continued strategic progress, new projects ramp-ups and financial discipline.
• Q4 ’24 E&P proforma adjusted EBIT of €2.8 bln was helped by the contribution of higher value barrels at new projects, strong execution, and cost control, despite weaker Brent prices impacting both y-o-y and sequential comparisons (down 17% and 15%, respectively). Q4 production was resilient and grew sequentially by 3% (flat compared to Q4 last year) driven by higher activity levels in Kazakhstan and Libya, production ramp-ups at new projects in Cote d’Ivoire, Congo and Mozambique and despite divestment actions.
• Q4 ’24 GGP and Power proforma adjusted EBIT was steady at €0.28 bln.
• Q4 ’24 Enilive proforma adjusted EBITDA of €0.14 bln benefited from the marketing performance, offsetting lower biofuels margins. In Q4 ’24 Plenitude proforma adjusted EBITDA was €0.21 bln, driven by a solid performance in the retail market.
• Q4 ’24 Refining proforma adjusted result was negative at -€0.04 bln, down both sequentially and y-o-y, due to weak products crack spreads and lower throughputs. The Chemicals business incurred a loss (€0.23 bln), in line with previous quarters, and continues to be impacted by industry-wide headwinds: subdued demand, competitive pressure and the comparatively higher energy/environmental costs of operating in Europe.
• For the FY’24, Group proforma adjusted EBIT of €14.3 bln beat plan scenario adjusted guidance by €1.7 bln driven by E&P outperformance, GGP delivering 40% above original base case guidance and resilient contributions from Enilive and Plenitude in challenging scenarios.
• FY ’24 adjusted operating cash flow of €13.6 bln beat plan scenario adjusted guidance by €1.0 bln, and largely covered the organic capex of €8.8 bln, itself below plan guidance of €9.0 bln. Organic free funds “FCF” of about €5 bln broadly matched cash distributions of €5.1 bln and together with around €0.2 bln of net disposals enabled the Company to maintain net borrowings at €12.2 bln, following the €2.4 bln financing of the Neptune acquisition.

The Company will issue its financial and operating targets for 2025 and its strategic plans at a Capital Markets Update scheduled for 2 pm CET today. A press release summarizing the Group’s strategy and objectives will be issued this morning before the conference call and disseminated through the Company’s website (eni.com) and other public channels as required by applicable listing standards.

The full version of the Press Release is available in PDF format.