Slides
Page 1
Congo LNG Ph2 2025 RESULTS FEBRUARY 26, 2026
Page 2
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 2
Page 3
3 FY 2025 | HIGHLIGHTS DRIVING OPERATIONAL EXCELLENCE AND STRATEGIC PROGRESS GLOBAL NATURAL RESOURCES Underlying production growth 4% y-o-y 900 Mboe of discovered resources RRR 167% best in class 6 start-ups: Johan Castberg, Balder X, Merakes East, Agogo, NGC and Congo LNG Ph 2 Ramp-ups: Congo LNG Ph 1, Baleine Ph 2, Area 1 Mexico 1EBIT 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. 2 Capital Expenditure of €8.6 bln, including expenditures relating to business combinations, purchase of minority interests and other non -organic items. 3Gearing: calculated as the ratio between net borrowings and net borrowings plus shareholders’ equity, including non -controlling interest before IFRS 16 lease liabilities. PERFORMANCESTRATEGIC 4 new major FIDs Sale of 30% stake in Baleine project plus non-strategic assets in Congo Progressing Argentina LNG project with YPF and XRG US LNG supply agreement with Venture Global. Long-term LNG sale agreement with BOTAŞ and Gulf Development Co. Agreement with Khazna to develop 500MW data center Indonesia-Malaysia business combination with Petronas Financial close with UK government for Liverpool Bay CCS. Closing of GIP investment into Eni CCUS Holding TRANSITION BUSINESSES Enilive: start-up of SAF production at Gela biorefinery Enilive: raised throughputs capture stronger 2H Bio scenario (2H +34% y-o-y) Plenitude: Year-end installed renewables capacity 5.8GW (+41%) Transition profitability: >€2 Bln of proforma adjusted EBITDA Enilive: biorefineries construction begun at a LG-Eni Daesan, S Korea & Eni- Petronas-Euglena Pengerang, Malaysia Sannazzaro biorefinery project FID approved. Partnership with Q8 for the construction of the Priolo biorefinery Plenitude: acquisition of Neoen portfolio in France and EDP solar & storage in the US; agreement to acquire Acea Energia Completion of KKR (30%) investment into Enilive; completion of Ares (20%) and EIP (10%) investments into Plenitude $1 bln+ PPA signed for fusion energy with CFS INDUSTRIAL TRANSFORMATION Versalis: start-up of recycled polymer production at Porto Marghera Versalis: Hoop® demo plant for chemical recycling of plastics started at Mantua Eni Storage Systems started engineering activities in Brindisi EBIT PRO FORMA 1 €12.2 bln OF WHICH: EBIT €8.3 bln INCOME FROM INVESTMENTS €1.4 bln NET PROFIT 1 €5.0 bln CFFO 1 €12.5 bln ORGANIC CAPEX2 €8.5 bln NET CAPEX €4.4 bln NET DEBT REDUCTION €2.8 bln GEARING3 15% (proforma 14%) Versalis: closure of Brindisi cracker in March and Priolo in July, both ahead of plan Launched Eni Industrial Evolution, new company for industrial transformation FINANCIAL RESULTS
Page 4
E&P Higher volumes offset the impact of the fall in oil prices GGP Optimization of the portfolio exposure in a quiet Q4 market delivers upgraded FY guidance ENILIVE Seasonally weaker marketing but improved bio margin scenario PLENITUDE Significant build out of renewable capacity. Normalizing retail conditions REFINING Improved margins drives EBIT/proforma EBIT to profitability but impacted by plant availability VERSALIS Scenario headwinds counter early restructuring benefits Q4 2025 | EARNINGS SUMMARY DELIVERING OUTSTANDING FINANCIAL PERFORMANCE 4 2.8 2.9 1.8 2.0 1.2 0.2 0.4 -0.1 -0.3 1.1 -0.2 -0.8 GNR Transition Businesses Other Ebit Proforma JV/Associates contribution Ebit Finance Expense Income from Investments Pre Tax Earnings Income taxes & NCI Net ProfitTransformation € BLN GGP & POWER 3.0 0.3
Page 5
CASH GENERATION ENABLES FURTHER DELEVERAGING Satellite model validated, supporting consistent CFFO Working capital down as part of cash initiatives Capex down 3% y - o - y in line with €8.5 bln FY guidance on efficiencies and optimization. Project delivery remains on plan 2024/25 net cash - in already equivalent to 85% of 2024 - 27 Plan portfolio activity target Portfolio cash inflows of €7.2bln includes aligned investment into Transition, Dual Exploration and high - grading actions Free cashflow €5.4 bln (vs €3.8 bln in 2024); €11.2 including Portfolio activity Distribution includes €1.5 bln from the new share buyback program launched in May, ~4% of our equity repurchased in year >€3.5 bln net debt reduction on a pro - forma basis in the year 2025 FY | CASHFLOW SUMMARY CONSISTENT, DISCIPLINED CFFO AND FCF 5 3.4 2.8 2.8 ~1 3.3 3.0 25 FY CFFO Working Capital Organic Capex Portfolio Distribution Lease Repayment Other & FX 2025 Net Debt Reduction Proforma Net Disposals Q2 Q1 Q3 Q4 12.5 FY WC release Capex -3% y-o-y Incl. €3.6 bln for KKR investment into Enilive, €2 bln for Ares and €0.2 bln for EIP into Plenitude and ~€1 bln for Baleine stake dilution ‘25 BB ‘24 BB BUYBACK €1.9 Bln total for year Of which €1.5 Bln of 2025 program DIVIDEND Includes Congo LNG € BLN
Page 6
2025 FY | NET CAPEX INVESTING SELECTIVELY FOR LONG-TERM VALUE 6 DISCIPLINED INVESTMENTS IN 2025 Disciplined capital allocation focused on value creation, portfolio flexibility and financial resilience 2025 pro forma net capex €4.4Bln with reported lower at €1.9 Bln 2024 pro forma adjustments primarily related to 25% KKR and 2.4% EIP equity investments MAINTAINED INTO 2026 2026 gross capex €7bln 2026 net capex around €5 bln 2025 Plan Gross Capex Plan Proforma Net Disposals Plan Net Capex Gross Capex Reduction Additional Valorization Proforma Net Capex Reported Net Capex <9 Pro forma excludes 25% KKR investment Efficiency and optimization of spend Above Plan activity and for greater value 6.5-7 4.4 1.9 GROSS & NET CAPEX | € BLN
Page 7
BALANCE SHEET DELEVERAGED FINANCIAL PROFILE 7 1Gearing guidance is provided assuming Brent at $62/bbl. 2Includes financial assets and committed credit lines. ENHANCED CAPITAL STRUCTURE Gearing outlook lowest in company history 1 Preserving Balance Sheet efficiency and flexibility 14% YE 2025 pro - forma gearing (15% reported); 2026 Outlook range 10 - 15% Ex - Plenitude gearing ~3 p.p. lower than reported at end 2025 Net debt/EBITDA: - Reported 0.6x - Pro forma 0.5x UPGRADED INVESTMENT GRADE LT RATINGS S&P A - Moody’s A3 Fitch A - CAPITAL STRUCTURE AT YE 2025 64% FIXED RATE ON LT DEBT 71% LT DEBT ON TOTAL DEBT 1.2% NET COST OF DEBT €28 BLN OF LIQUIDITY RESERVE2 GEARING 0% 5% 10% 15% 20% 25% 30% 2000- 2004 2005- 2009 2010- 2014 2015- 2019 2020 2021 2022 2023 2024 2025 2026
Page 8
SHAREHOLDER DISTRIBUTIONS VALUE CREATION THROUGH SUSTAINABLE DIVIDENDS 8 IMPROVED SHAREHOLDER DISTRIBUTION €1.05/ sh DPS for 2025 +5% versus 2024 Buy - back raised to €1.8 bln in October (+20% over original guidance); program completed in February Eni offers a payout ratio on the top end of the remuneration policy range of 35 - 40% MARKET PERFORMANCE Impressive results, achieving a 32% Total Shareholder Return in 2025, well ahead of peers avg of 7% -20% 0% 20% 40% Peer 1 Eni Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Price Dividend TSR TOTAL SHAREHOLDER RETURN 2025 (€) | % 1 3 4 5 >5% DPS CAGR 2021-2025 HISTORICAL DISTRIBUTION | € BLN 0 10 20 2020 2021 2022 2023 2024 2025 Cum. 22-25 Dividend Buyback announced Buyback raised
Page 9
9 CONCLUDING REMARKS SUSTAINABLE GROWTH & TRANSFORMATION Sector-leading underlying growth in Upstream, leveraging exploration success and fast-track execution Strong strategic execution, with significant renewable expansion and bio-refining capacity additions Versalis transformation entering the next phase with major capacity closures completed STRATEGY IN ACTION WITH CONSISTENT DELIVERY 2025 performance confirms the effectiveness of our strategy Business model resilient in both supportive and softer market environments Capital Markets Update: 19 March 2026 DISCIPLINED CAPITAL & PORTFOLIO EVOLUTION Continued improvement of the balance sheet supported by strategic, value-generating deals Active portfolio management and value crystallization to continue into 2026 Year-end gearing pro-forma at 14% Gearing in 2026 to remain at historically low levels of 10–15% ENHANCED SHAREHOLDER RETURNS Value creation translating into attractive and sustainable investor returns Unique 2025 combination of debt reduction and enhanced shareholder distributions Payout for the period achieved the upper end of the 35–40% CFFO target Buy-back raised to €1.8 bln during the year (+20% over original guidance)
Page 10
2025 RESULTS vs KEY GUIDANCE ITEMS 10*Announced in April 2025. E&P Strong project execution, supporting higher full - year production guidance. Underlying production growth 4% GGP Confirming resilient performance in capturing gas and LNG margins TRANSITION Renewables grew further, and bio margins recovered, keeping performance on track STRONG BALANCE SHEET Robust cash flow from operations combined with strategic portfolio actions Year-end gearing pro-forma at 14% Cash initiatives doubled in just 6 months FOCUSED CAPEX Allocating capital with discipline to drive value, flexibility, and resilience 75 44.4 4.7 1.05 BRENT ($/bbl) PSV (€/MWh) SERM ($/bbl) EXCHANGE RATE (€/$) 69.1 38.5 7.3 1.13 CMU 2025 RESULTSSCENARIO 2025 AVERAGE GROUP CFFO GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PRODUCTION PLENITUDE PRO-FORMA EBITDA €13.0 bln €0.8 bln €1.0 bln €1.5 bln 1.7 Mboed €1.05/share >€1.1 bln €6.5-7.0 bln €12.5 bln. Underlying improvement ~€1.5 bln €1.0 bln €1.0 bln Underlying improvement ~€0.2 bln €1.8 bln €4.4 bln 1.73 Mboed Confirmed €1.1 bln Underlying improvement ~€0.1 bln NET CAPEX DIVIDEND BUYBACK €2 bln* €4 blnCASH INITIATIVES €12 bln >€1 bln Confirmed €1.8 bln 1.71-1.72 Mboed Confirmed Confirmed <€5 bln €4 bln 70 37.0 5.8 1.13 OCT 2025
Page 11
2025 RESULTS FEBRUARY 26, 2026 Q&A
Page 12
12 OPERATIONAL MOMENTUM Consistent delivery across key operating metrics, reflecting strong execution PRODUCTION GROWTH Sustained production increase underpinned by a resilient upstream base ENERGY TRANSITION Steady expansion of low - carbon and bio activities alongside the core business FINANCIAL RESILIENCE Accelerated deleveraging reinforcing balance sheet strength and financial flexibility ENHANCED REMUNERATION Growing distributions supported by strong cash generation PERFORMANCE SUSTAINED OPERATIONAL AND FINANCIAL DELIVERY 12.2 8.9 8.5 18% 13% 14% 2023 2024 2025 BALANCE SHEET 69% 124% 167% 2023 2024 2025 ORGANIC RRR I % 1.66 1.71 1.73 2023 2024 2025 PRODUCTION I Mboed 0.87 1.12 1.16 2023 2024 2025 BIO THROUGHPUTS I Mtonnes 3.0 4.1 5.8 2023 2024 2025 INSTALLED CAPACITY I GW Dividend Buyback +4% underlying 25/24 4.9 9.9 14.9 2023 2023-24 2023-25 DISTRIBUTION 23-25 I € bln Net Debt Proforma € bln Gearing Proforma
Page 13
13 Long term refers to data from 2014 onwards. Peer group from WMK “Majors”. For some peers, 2025 figures are based on company preliminary disclosures/guidance/targets. LONG - TERM DELIVERY Multi - year delivery across cycles Consistently replacing and growing our resource base organically Maximizing returns through Infrastructure Led Exploration (ILX) Reinforcing long-term production visibility and value creation RRR RESILIENCE Organic Reserve Replacement Ratio above 100% over the cycle Top performer in 2025E with c.+80% higher RRR vs peer average STRONG EXPLORATION RESOURCE CONVERSION DELIVERING CONSISTENT EXPLORATION SUCCESS DISCOVERED CUMULATIVE RESOURCES | BLN BOE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Headline discoveries ZOHR NOOROS AGOGO NDUNGU BALEINE CRONOS GENG N. CALAO KONTA CAPRICORNUS VOLANS Organic RRR I % 0% 50% 100% 150% 200% Eni Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 RRR avg 2014-25 105% 0% 50% 100% 150% 200% Eni Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 2025 Avg 23-25
Page 14
14 SCENARIO Realisations - 12% y - o - y - Liquids - 15% - Natural gas - 6% INDUSTRY LEADERSHIP Start - ups (Agogo, Congo LNG) set new standards for TTM Exploration success feeds production growth and Dual strategy Production growth leads sector with RRR confirming outlook E&P PORTFOLIO HIGH - GRADING Strong operational execution and financial discipline Largest E&P satellite set to monetise sizeable gas discoveries across Indonesia/Malaysia Continued success in exploration, as demonstrated by Konta in Indonesia and Volans LEADING POSITION IN THE GLOBAL LNG MARKET Scaling LNG portfolio leveraging flexible, competitive and geographically diversified equity projects FOCUS GLOBAL NATURAL RESOURCES ADVANCING STRATEGIC INITIATIVES • LNG growth ambitions to ~20 MTPA by 2030 reinforced by supply agreement with Venture Global • €1 bln pro-forma Ebit, €0.2bln above FY guidance • LNG sales up 19% y-o-y 1.8 1.8 1.0 1.0 0.3 0.2 3.1 3.0 Q4 2024 Q4 2025 E&P E&P Associates GGP & Power • FY production up 2% y-o-y, seizing market opportunities ADJ. EBIT PRO-FORMA | € BLN E&P GGP POWER • 7% y-o-y production growth, supported by accelerated start-ups/ramp-ups (Angola, Congo, Cote d’Ivoire, Indonesia, Mexico and Norway) • Steady base performance and AI-driven reduced downtime • FY production at 1.73 mboe/d, ahead of guidance, with underlying growth of 4% • 2026 production growth is expected to be consistent with the 2025-28 Plan guidance • 900 Mboe discovered resources and >150% RRR in 2025
Page 15
15 SCENARIO Italian PUN Ind GME - 10% y - o - y EU HVO prices increasing, supported by stronger demand to meet 2025 targets BUSINESS VALIDATION Accretive valuations confirming business quality Market validates Transition satellites with premium multiples vs. >4x Eni group EV/EBITDA Guidance targets met across Transition satellites Plenitude net borrowings ~€2 bln (~2x EBITDA), implying Eni net debt excl. Plenitude at €7.4 bln (vs €9.4 bln total) FOCUS TRANSITION BUSINESS CREATING LONG-TERM VALUE THROUGH TRANSITION ADJ. EBITDA PRO-FORMA | € BLN • Capacity up 41% y-o-y (5.8 GW) and pipeline progressing to reach 10 GW by 2028 • Energy production from renewables up 8% y-o-y • EV charging points +7% y-o-y • 20% stake sold to Ares for €2bn (EV >€12bn) • On track to triple biofuel capacity by 2030 • Biorefining as the main contributor to strong quarter results (+88% y-o-y) • Bio throughputs +69% y-o-y, driven by higher volumes at Gela and Venice • Utilisation rate up to 75%, supported by lower maintenance downtime PLENITUDE ENILIVE 0.21 0.23 0.14 0.260.35 0.49 Q4 2024 Q4 2025 Plenitude Enilive
Page 16
16 SCENARIO (Q/Q) Realisations -8% - Liquids -9% - Natural gas -7% - Italian PUN Ind GME +5% E&P Higher-margin volumes underpin stronger underlying profitability and offset price impact GGP Effective portfolio optimization in a softer Q4 market ENILIVE Higher bio margins part offset seasonally softer marketing PLENITUDE Resilient performance despite higher depreciation driven by newly added capacity REFINING Returned to profitability, despite relatively low utilization rates VERSALIS Early benefits emerging from restructuring in Chemicals, despite weak market conditions Q4 2025 vs Q3 2025 EARNINGS 3.0 2.9 Q3 25 EBIT PRO FORMA Scenario Upstream Volumes & Efficiency Scenario & Perfomance GGP Scenario Performance Scenario & Performance Scenario & Performance Other Q4 25 EBIT PRO FORMA GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDEENILIVE EBIT PRO FORMA | € BLN
Page 17
17 SCENARIO (Q/Q) Realisations -8% - Liquids -9% - Natural gas -7% - Italian PUN Ind GME +5% [Similar trends evident on a q-o-q basis when looked at via EBIT] Q4 2025 vs Q3 2025 EARNINGS ADJUSTED PRE-TAX | € BLN 2.3 2.0 Q3 25 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Scenario & Perfomance GGP Scenario Performance Scenario & Performance Scenario & Performance Scenario Associates Performance Associates Other Q4 25 Adjusted Pre-tax GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDEENILIVE
Page 18
18 SCENARIO (Y/ Y ) Realisations -12% - Liquids -15% - Natural gas -6% - Italian PUN Ind GME -10% E&P/GGP Underlying operational strength mitigating the scenario impact in GNR TRANSITION Improved retail results alongside growth in renewable capacity and production Strong results from biorefineries supported by recovering bio- margins DOWNSTREAM Strengthening refining margins Restructuring actions at Versalis beginning to pay off, despite softer market conditions Q4 2025 vs Q4 2024 EARNINGS ADJUSTED PRE-TAX | € BLN 1.9 2.0 Q4 24 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Scenario & GGP one-off Performance GGP Scenario MTA & Performance Scenario & Performance Scenario & Performance Scenario Associates Performance Associates Other Q4 25 Adjusted Pre-tax GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDEENILIVE
Page 19
19 *New indicator has been calculated based on a new methodology which considers a revised industrial set -up in connection with the pla nned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high -sulfur and low sulfur crudes. Q4 2025 MARKET SCENARIO 3.7 8.9 11.7 Q4 2024 Q3 2025 Q4 2025 45 36 32 Q4 2024 Q3 2025 Q4 2025 1.067 1.168 1.163 Q4 2024 Q3 2025 Q4 2025 74.7 69.1 63.7 Q4 2024 Q3 2025 Q4 2025 BRENT| $/bbl EXCHANGE RATE| €/$ PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl