Eni: results for the fourth quarter and full year 2025 Significant strategic progress and financial performance

• Consistent and meaningful execution of strategy evidenced in excellent 4Q and full year financial results.
• Operational delivery supports resilient performance mitigating more adverse upstream pricing and currency impacts.
• 4Q adjusted net income €1.20 bln, up 35% y-o-y. 4Q CFFO of €3 bln, up 4% y-o-y. Cashflow well ahead of plan and active portfolio management contribute to historically low gearing of 14%.
• E&P delivers six major projects in the year in Angola, Indonesia, Norway and Congo. Full year production of 1.73 mln boe/d exceeds expectations:
  o   Oil & gas production growth of more than 7% over 2022-2025 to 1.84 mln boe/d in 4Q
  o   Leading reserve replacement ratio 167% organic. Exploration activities add 0.9 bln boe to our resource base
  o   Agreement to launch JV with Petronas across Indonesia/Malaysia; on track to start operating by mid ’26
  o   Significant progress toward FID of Argentina LNG project in partnership with YPF and XRG
• GGP expands in the LNG market with new long-term sale contracts in Turkey and Thailand
• Significant progress in our Transition activities:
  o   Plenitude adds French renewables with Neoen and new customers with pending Acea Energia acquisition
  o   Robust pipeline of biofuels projects currently executed, aiming to triple our capacity by 2030
  o   20% investment by Ares into Plenitude for €2 bln; JV formed with GIP for our CCS activities.

E&P delivered a very resilient performance. FY production ahead of guidance and Dual Exploration model realizing value

• 4Q ‘25 oil&gas production rose more than 7% y-o-y and 5% sequentially to 1.84 mln boe/d, enabled by accelerated and smooth start-ups and ramp-ups and excellent base business performance. FY production at 1.73 mln boe/d, 4% underlying growth vs 2024.
• Leading 2025 reserve replacement ratio (167% organic, 162% all sources). FY discovered resources of 900 mln boe including in 4Q ’25 the Konta gas discovery in the Kutei Basin finding potential in excess of 1 TCF, close to existing facilities for a fast-track development.
• A binding agreement signed with Petronas to establish a jointly-controlled E&P satellite over Indonesia/Malaysia, combining two material gas asset portfolios with rich exploration potential and initial production level of over 300 Kboe/d, expected to quickly ramp up to a sustainable level of over 500 Kboe/d. The entity will commence operations by mid ’26.
• Entry into the upstream of Uruguay with the farm-in of 50% and the operatorship of Block OFF-5 in the offshore.
• Start-up of Phase 2 of the Congo FLNG project, ahead of plan, raising production capacity to the design target of 3 MTPA (from current 0.6 MTPA). First LNG loading achieved in February ‘26.
• Inauguration by Azule of the gas treatment plant for the NGC operated project, the first non-associated gas project in Angola, feeding the Angola LNG export plant and the domestic market. First gas production into plant was reached in February ’26.
• The 12 MTPA Argentina LNG project moved towards FID with the partners signing the Joint Development Agreement.
• After year-end, sold a further 10% stake in the Baleine oilfield in Côte d'Ivoire to Socar with expected closing in 1Q ’26.

GGP signed 1.2 MTPA long-term LNG sale contracts in Thailand and Turkey to continue to diversify its global LNG footprint and to develop strategic commercial partnerships

Transition-related satellites on-track to meet their growth milestones with improving profitability ahead

• The binding agreement for the acquisition by Plenitude of Acea Energia was signed in December. Acea will strengthen Plenitude’s presence in its core Italian retail energy market immediately reaching the target of 11 mln clients in Europe, originally planned for 2028. Finalization of the deal, subject to normal approvals, is expected by June 2026.
• Plenitude closed the acquisition of Neoen, adding 0.76 GW of installed generating capacity in France. Capacity has topped 5.8 GW with a substantial pipeline of development projects expected to reach 10 GW by 2028.
• Construction works began at the Pengerang biorefinery in Malaysia, a JV with Petronas and Euglena, designed to process 650 Ktonnes/y of renewable feedstock. The project is part of Enilive’s portfolio of development initiatives, at various stages of execution, to triple the manufacturing capacity of biofuels by 2030 from current 1.7 MTPA.
• Value realized from satellite strategy:
  o   Closed the 20% equity investment in Plenitude by Ares Management for €2 bln, implying an enterprise value in excess of €12 bln.
  o   Closed the investment of a 49.99% stake in Eni CCUS by GIP, forming a strategic partnership to develop and fully valorize Eni’s portfolio of CCS projects. 

4Q ‘25 results demonstrate resilience of Eni’s business model underpinned by profitable oil&gas production growth, business diversification and cost and capital discipline
 

• 4Q ‘25 Group proforma adjusted EBIT was €2.87 bln above 2024 despite a 15% decline in crude oil prices and a 9% appreciation in the EUR/USD rate, aided by volume growth and cost efficiencies. The Group reported an adjusted net profit of €1.2 bln, up 35% y-o-y in part driven by a tax rate of 37% (giving around 44% for the full year).
  • E&P reported €2.80 bln of proforma adjusted EBIT (increase y-o-y), 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 €0.19 bln, consistent with our guidance, driven by continued margin improvement from gas and LNG portfolio optimization and asset-backed trading in a weaker market environment.
  • Enilive generated €0.18 bln of proforma adjusted EBIT (€0.26 bln proforma adjusted EBITDA), more than tripled vs. 4Q ’24, driven by recovery in bio-margins. Plenitude reported a proforma adjusted EBIT of €0.10 bln (€0.23 bln proforma adjusted EBITDA), increasing y-o-y.
  • Refining reverted to profit (versus a loss in the year-ago quarter) helped by improved product crack spreads. Chemicals reported a loss of €0.2 bln, impacted by the prolonged European industry slump, offsetting restructuring benefits.
    
• Adjusted cash flow before working capital was €3.01 bln, funding gross capex of €2.62 bln. Portfolio management delivered €1.73 bln of net proceeds, mainly relating to the investment by Ares into Plenitude and GIP into CCS. Cash returns to shareholders were €1.4 bln, comprising the second instalment of the 2025 dividend of €0.77 bln and share repurchases of €0.67 bln. Cash flow was supported by initiatives addressing working capital with overall cash initiatives delivering a €4 bln benefit in the FY offsetting the scenario. Net borrowings declined to €9.4 bln from September 30, 2025. This reduced gearing to 15%, and incorporating agreed but not completed portfolio transactions, proforma gearing at quarter-end was 14%. 

The Company will issue its main financial and operating guidance for 2026 and its strategic plan at a Capital Markets Update scheduled for March 19, 2026. A press release summarizing the Group’s strategy and objectives will be issued before the conference call and disseminated through the Company’s website (eni.com) and other public channels as required by applicable listing standards. In the meantime, however, we are providing the following outlook for 2026:

• oil and gas production growth expected to be consistent with the 2025-28 Plan guidance;
• gross capex expected to be €7 bln; net capex at around €5 bln;
• gearing is expected to be between 10-15%^[1].

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