Eni: results for the third quarter and nine months of 2025

• Strong execution within a clear strategic framework delivered excellent 3Q ‘25 performance combining top line growth and focused cost efficiencies. As a result, Eni is again revising upwards its FY outlook for cash generation despite an unsupportive commodity and currency scenario.
• The FY25 share buyback is raised by €0.3 bln, 20% higher, to €1.8 bln, taking into account the healthy financial position with proforma leverage remaining around historic lows, benefiting from an expected €4 bln in cash initiatives, 30% higher than previously targeted.
• This has been a notable quarter for our industry leading Upstream, which included:
  • reported 6% y-o-y production growth as 2024 valorization effects began to roll-off;
  • reached the FID to develop the Coral North FLNG project off Mozambique;
  • closed the sale of a 30% stake in Baleine oilfield offshore Côte d’Ivoire;
  • made significant progress towards our fourth and largest E&P satellite built around Indonesian portfolio and focused on Asian LNG, on track to be finalized by 2025 YE in combination with Petronas.
• The development of our transition related strategy continues alongside our traditional businesses:
  • we began actions to upgrade the hubs of Brindisi, Sannazzaro and Priolo;
  • we are nearing completion of a 20% investment by Ares Fund in Plenitude for €2 bln;
  • a new satellite is being set up with GIP to enhance and unlock value from our CCUS business.

Accretive oil&gas production growth and excellent base performance underpinned strong E&P results in 3Q ‘25.

• 3Q ‘25 oil&gas production growth rose significantly, up 6% y-o-y and 5% sequentially to 1.76 mln boe/d, thanks to accelerated and smooth start-ups and ramp-ups, strong operational continuity and optimized turnaround activity.  
• FID to develop the major Coral North FLNG project offshore Mozambique was reached. Completion is expected in just three years, leveraging our fast-track approach and successful experience on Coral South, to bring on the market 3.6 MTPA of production capacity.
• The sail away of the Nguya FLNG marks a decisive step towards the start of Ph. 2 of the Congo LNG project, expected by 2025 YE with a target plateau of 3 MTPA, from the current 0.6 MTPA.
• The quarter was especially notable for the contribution coming from our upstream satellites. Azule Energy, our 50%-owned satellite in Angola, began production at the operated Agogo West Hub project, 10 months ahead of schedule. First gas at the operated NGC project is also imminent. Meanwhile Vår Energi, our 63%-owned satellite in Norway, reached 400 kboe/d in 3Q ‘25, a quarter ahead of schedule, benefiting from the fast ramp-ups at Johan Castberg and the operated Balder X fields. Our UK-focused satellite, Ithaca Energy (Eni 36%), has almost doubled its share price since its inception, and raised production guidance via value accretive bolt on acquisitions and top tier operational performance.
• A fourth upstream satellite, our largest to date, combining Eni's and Petronas' activities in Indonesia/Malaysia, is on track to be finalized by 2025 YE. It represents significant value creation and growth potential, with a particular focus on Asian LNG markets.
• Eni and YPF have signed an agreement on the next required steps to reach final investment decision in the large-scale integrated upstream/midstream Argentina LNG project developing the vast Vaca Muerta resources, entailing a phased approach to export up to 30 mln tons/y of LNG in the long-term.

Significant growth ahead for our transition-related satellites; progressing the transformation of Versalis

• With the regulatory approval of the reconversion plan of the Sannazzaro hub, Eni and Enilive are currently engaged in four ongoing projects (in Livorno and in South Korea/Malaysia) to materially expand biofuels manufacturing capacity.
• Plenitude's installed renewable capacity has reached 4.8 GW and is on track to achieve the year-end target of 5.5 GW. The customer base will also be enlarged and strengthened through the pending acquisition of Acea Energia.
• As a result of Versalis cracking plant closure in Brindisi, started the process to convert the site into a static battery manufacturing in JV with Seri Industrial. Started also a project to convert the Priolo hub to the production of biofuels and recycled plastics.

Dual Exploration model and aligned investment into our transition-related satellites catalyzes value generation

• Closed the divestment of 30% of the Baleine oilfield off Côte d’Ivoire, with proceeds of €1 bln.
• Agreed the creation of a JV satellite with GIP to develop and valorize our CCUS business.
• Progressed to near completion a 20% investment by Ares Fund into Plenitude for €2 bln.

Growth and cost and financial discipline mitigated a weaker scenario driving excellent 3Q ‘25 financial results, attractive shareholder returns and maintaining a strong balance sheet position

• 3Q ‘25 Group proforma adjusted EBIT was robust at €3 bln, despite a 14% decline in crude oil prices and a 6% appreciation in the EUR/USD rate y-o-y, with these negative impacts partly offset by volume growth and cost efficiencies. The Group reported an adjusted net profit of €1.2 bln, with a Group tax rate of 42%.
• E&P generated €2.64 bln of proforma adjusted EBIT (down 19% y-o-y, but up about 9% sequentially), with positive effects from production growth and self-help initiatives offsetting lower crude realizations and currency headwinds.
• GGP and Power reported proforma adjusted EBIT of €0.35 bln (up 21% y-o-y) driven by continued value maximization from gas portfolio optimization.
• Enilive generated €0.23 bln of proforma adjusted EBIT (€0.32 bln EBITDA), 35% higher than 3Q ’24, driven by recovery in bio-margins. Plenitude reported a proforma adjusted EBIT of €0.10 bln (€0.22 bln EBITDA), lower than the quarter 2024.
• Refining reverted to profit (€0.14 bln vs breakeven in the comparative quarters) due to improved product crack spreads and higher plant utilization rates. The Chemical business reported a loss of €0.19 bln, impacted by the prolonged downturn in the European sector but beginning to show some improvement through the early effects of the restructuring plan.
• Adjusted cash flow before working capital was €3.3 bln, well above gross capex of €2 bln, and was 14% higher y-o-y despite the challenging scenario. The resulting organic free cash flow of €1.3 bln was helped by cash-ins due to several initiatives addressing working capital with overall cash initiatives having delivered a €2.1 bln benefit, year-to-date. Together with proceeds from the portfolio management of around €1.1 bln, mainly relating to the sale of a 30% stake in the Baleine asset plus other non-strategic fields in Congo, this funded €1.3 bln of cash returns to shareholders, comprising the first instalment of the 2025 dividend for €0.78 bln and share repurchases of €0.56 bln as part of the 2025 buy-back program. Net borrowings declined to €9.9 bln from June 30, 2025. This left leverage at 19%, and incorporating agreed but not completed portfolio transactions, proforma leverage at quarter-end was 12%.

Eni is raising 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, which we are upgrading for the second time this year despite the headwinds of lower commodity prices and a weaker USD.

Specifically on our financial and operating guidance we are:

• Raising the Group’s expected CFFO before working capital adjustments to €12 bln from the previous €11.5 bln, under our latest scenario^[1]. This represents a €1.3 bln underlying improvement on the original Plan guidance.
• Raising our expected oil and gas production guidance for 2025 to a 1.71-1.72 mln boe/d range, implying a Q4 level of around 1.8 mln boe/d.
• Raising guidance on GGP’s proforma adjusted EBIT to above €1 bln thanks to better portfolio optimizations.
• Raising to around €4 bln from the previous €3 bln the cash initiatives and other self-help measures aimed at mitigating the scenario effects.

In addition, we:

• Confirm FY gross capex expected below €8.5 bln, down from an initial guidance of below €9 bln; net capex is seen below €5 bln from an initial guidance of €6.5-7 bln.
• Confirm Enilive and Plenitude outlook: FY proforma adjusted EBITDA respectively of around €1 bln and above €1.1 bln;
• Project end of year installed renewable capacity at 5.5 GW (Plenitude @100%); biorefinery capacity at 1.65 MTPA plus 1 MTPA under construction.

Robust balance sheet and leverage continue to be expected within the Plan stated range.

• Proforma leverage at year-end expected in a 0.15 - 0.18 range.

Raising shareholders returns for 2025 compared to the original plan, featuring now the execution of a buy-back program of at least €1.8 bln a 20% increase over the CMU guidance, on top of an already announced 5% dividend increase to €1.05 per share for FY 25.

• The second tranche of the 2025 dividend of €0.26 per share is set to be paid on November 26, 2025 (record date November 25).