Thank you. Good morning, everyone. As mentioned, I'm Dave Donnelly. I'm the head of North American Investor Relations for Eni, and I'm going to spend the next 20 minutes or so going over some of the highlights of our company. Safe harbor, we're good to go there. Before we get into some of the more strategic elements of our company, I just thought I'd provide a bit of background for those of you that may not be as familiar with Eni. We were founded in 1953, listed in 1955. We are the Italian integrated energy company. We have over 33,000 employees. As mentioned, we operate in over 60 countries, and firm-wide, we have close to 10,000 patents. In terms of our stock, our ticker is ENI, listed on the Borsa Italiana in Milan, and the ticker's also E on the NYSE, thanks to our sponsored ADR program. Market cap is roughly $82 billion. Enterprise value is roughly $100 billion. Trading-wise, it is somewhat seasonal, but we generally trade over $300 million of market cap on a combined basis across the two exchanges. In terms of our business model within our global natural resources portfolio, we're adding higher margin, lower emission barrels and growing our global gas portfolio. We're also increasing our CCS footprint on a global basis. On the energy transition front, in addition to our CCS efforts, we're also increasing our renewable energy footprint, as well as growing our already established 11 million customer retail base. We're also expanding our global biorefining capacity. We're using our proprietary Ecofining process to augment this growth, and we're also sleeving that into our proprietary agri-feedstock sourcing front that we can take right to end consumption. That's kind of underwritten by a very well-established and entrenched European retail network of over 5,300 outlets, and we're growing that as well. We're also transforming our conventional chemicals business into a more sustainable, profitable entity. Lastly, thanks to Eni Next, which is really our private equity efforts, we are the largest investor in Commonwealth Fusion Systems or CFS. This is a company that essentially spun out of MIT, and they plan to be the first entity to be commercially dispatching grid-connected fusion-generated energy and power early in the next decade. In terms of our corporate structure, we have a very unique satellite model. This allows us to unlock value in a very timely manner as we can attract strategic partners at implied multiples that are materially above our corporate currency. We have the most fortified balance sheet on a pro forma basis that we've ever had in the history of the company. We are growing and diversifying our operating cash flow. We're maintaining capital discipline, and we're enhancing our return of capital proposition through the process as our strategy continues to progress. Next, I'm going to take a quick look at three of the core businesses within our company. I'm going to spend a little more time on our global upstream business just because there is an awful lot going on within that business. I think just in light of the current global macro backdrop, it warrants some incremental time just to allow you to better understand the process that we have that we feel is a real key differentiator for us in the industry. Okay. Let's see if we're on track here. First business I want to talk about is our global upstream business. As I mentioned, this is the real engine of the company. It is a key relative differentiator, as I mentioned. It is the dominant piece of our business mix, if you will. It represents well over 70% of our capital employed base, and it will contribute a proportionate share of 2026 operating profit. We currently produce roughly 1.8 million BOE a day. We are guiding to a 3%-4% growth CAGR from the 2026 through to 2030 timeframe. We just recently upgraded our 2026 production profile expectations to imply a 5% year-over-year growth. As mentioned, we are intentionally getting incrementally gassy. We are lowering our carbon footprint, and we are also increasing cash flow per BOE. On the exploration front, we have been named the industry's most admired explorer, a record-tying five times by Wood Mackenzie in their annual exploration survey. From 2015 through the end of last year, we added on average 900 million BOE of resource per year, and that was at roughly EUR 1 a BOE. I think importantly, this trend will continue through 2026 at a minimum because we have already discovered in excess of 1 billion BOE year to date. In terms of our process, Eni's global exploration team relies on our HPC7 computer. This is currently, this probably changes by the end of the week, but this is currently the world's sixth most powerful supercomputer, and that is across all industries, including government and defense. We use this compute power to augment our efforts on the seismic reprocessing, subsurface imaging, and reservoir simulation fronts. We can now process data with our proprietary algorithms at over an exaflop a second, so that is over a billion billion operations a second. This combination is proving extremely valuable to the overall global portfolio, but it is actually incrementally value in some of the more mature basins like Indonesia and Côte d'Ivoire. In terms of development, we lever our dual exploration model to accretively decrease our FDC obligation. We usually do this around project FID or even a little later. Then we lean on what we call is our infrastructure led exploration or ILX. This just allows us to drive peer group leading cycle time and cash flow generation. On that point, we are the quickest in industry from initial discovery to first cash flow and production, and that is not by a couple percentage points. We are actually close to 30% faster than the peer group average on that front. In terms of how this is all reflected in our results and our future expectations, as this slide illustrates, 2025 organic reserve replacement was 167%. The slide also illustrates that this is clearly better than the peer group average. I think given the current market focus on resource quality, security, and diversity, this is just another clear competitive advantage for us. As importantly, given the visibility that we have across our global portfolio well into the 2030s, we are actually able to guide to our reserve replacement ratio expectations over the 2026- 2030 timeframe, and we are expecting over 140% in that capacity. This is really just a reflection of lining up our production profile as well as anticipated FIDs and basically doing the math. This slide just gives you a feel for how global our portfolio is and how rich our project pipeline is, again, well into the next decade. You can see in green, this also indicates progress we have made post our capital market day update in March of 2026. What is also important to note is that three of these projects or thereabouts have already entered into the 2027, 2030 startup lineup, just as a further reflection of our cycle time advantage. Before we move on from E&P, I thought a quick asset level update on three of our key assets made some sense. This is both from the perspective of importance to us as a company as well as relative to the global macro backdrop that we are all living through. The first one is our Searah JV with Petronas. This basically expanded our existing Indonesian footprint into a true regional hub for the company. It also provides us tremendous platform for material, intermediate term production growth, and then tremendous resource-driven upside beyond that, if you will. A couple key takeaways here. It is a 50/50 JV. It closed in June of 2026. We were producing roughly 90,000 BOE a day standalone prior to the JV closing. With the JV now closed, the combined entity is producing well over 300,000 BOE a day. Just by developing our Geng North discovery that we made in late 2023, combined gross volumes will grow to over 500,000 BOE a day by 2028. Subsequently by developing our recent Geliga discovery, the JV volumes will grow to well over 800,000 BOE a day by the end of the decade. Also consistent with our ILX model that I referred to earlier, most of the development as the JV grows from 300,000-ish today to 800,000-ish by the end of the decade can be viewed as brownfield development. This is driven by the amount of white space that currently exists within the Bontang liquefaction facility that some of you may remember from days gone by on Turin, Indonesia. Lastly, there is material unrisked upside to these numbers. This is important to note that this is largely underwritten by structures that have a similar seismic signature that have been reprocessed through our process and our super compute power that are similar to both Geng North and Geliga. We are two for two on that front. I would say there is a lot more to come, but until we get well control, I do not expect you to discount that in your models. The second asset, Argentina LNG. As of our fairly recent foray into the upstream, this is now a fully integrated project for Eni. The resource base here is roughly 25 TCF. Our commitment within the JV structure is to provide two 6 million ton a year floating LNG vessels. There is material potential upside to this if you back into it off of the reservoir size and quality. Gross production potential is in the 500,000 BOE a day range, and that includes about 200,000 of liquids. Most of that liquid leg is going to be high quality C5+ or condensate. FID is expected by year-end, and we own roughly 1/3 of the project with YPF and ADNOC. The last upstream asset level highlight I want to make is on Venezuela. This is very topical. The key takeaway for us here, the two most important assets to Eni are Perla and Junin- 5. Perla is 50/50 with Repsol. This is a massive gas reservoir located offshore in the Gulf of Venezuela. The existing gas volumes are used domestically. Plans are in place under existing fiscal terms, which is extremely important to note, to double production to roughly 1.2 BCF a day gross. There is a 3.5 million ton a year floating LNG gas export project that basically underwrites the growth that we are expecting from the reservoir. Junin- 5 is currently 40/60 Eni PDVSA. This is part of the once extremely prolific Orinoco Heavy Belt onshore Venezuela. Current production is roughly in the 12,000 barrel a day range. Importantly, the new hydrocarbon law allows incremental development of this asset. This is a huge license. Total recoverable reserves net to the license is in the three billion barrel range. Potential development sees plateau production in the 200,000 barrel a day range, and there is material blue sky upside to these numbers. This is all contingent upon acceptable fiscal terms and suffice to say that discussions on fiscal terms continue as we and other industry participants would concur with. Okay. I have two more upstream slides for you. I think as the last three asset level slides indicated, both LNG and floating LNG are extremely important growth drivers for us within our global upstream portfolio. This slide just indicates how long we have been involved in floating LNG, how core competency floating LNG is to us. We feel that we have helped de-risk this from an industry perspective, and we intend to lever this expertise materially going forward as well. Okay. The second slide, this just broadens things out a little bit and I think in light of the pendulum swinging back in favor of global offshore exploration and development across oil and gas reservoirs, I think it is important to note just how core competency this has been for us in the past and will continue to be in the future. As you can see in the chart, over the last 10 years, we lead the industry in terms of delivered floating LNG vessels. Interestingly, our JV partner at Searah, Petronas, is tied with Golar for number two. Then we only trail Petrobras, which makes sense, but we only trail Petrobras over the same time period in terms of FPSO delivery. All right. We are going to move on to the energy transition here. Plenitude, this is one of our key energy transition businesses. This is one of our successful satellites that I referred to previously. You can think of this as our renewable retail and e-mobility business. Importantly, know that we intend to generate EUR 1.3 billion of EBITDA this year. We are aggressively growing this business, and we expect to double 2026 EBITDA to about EUR 2.6 billion of EBITDA by the end of the decade. In terms of value markers, we recently sold 30% of Plenitude to Energy Infrastructure Partners and Ares Management Alternative Credit. This marked Plenitude enterprise value at over EUR 12 billion at the time. This year, we are in the process of selling an incremental 5% to Ares. So net of the proceeds from net sale and net of roughly EUR 3 billion of Plenitude-level debt as of the end of the second quarter 2026. Implied enterprise value for Plenitude is now in the EUR 13.1 billion range. We are also in the process of deconsolidating Plenitude. This is just going to allow this entity to more freely and appropriately pursue the growth initiatives that I have outlined for you. We are going to take existing installed capacity on the renewable side of roughly 6 GW and grow that to 15 GW by the end of the decade. This is also going to reduce Eni Corp consolidated level gearing by roughly 3.5%, again, based on Q2 2026 actual financials. This slide just adds a little more granularity to the five-year growth plan that I just articulated in terms of country project and working interests. Next energy transition business is Enilive. You will see that Eni is in both of these transition business. This one is a little more blatant. Plenitude is a little more subtle, but we think it is very clever. Another one of our key transition businesses, another very successful satellite. You can think of this leg as our renewable diesel and sustainable aviation fuel business that is basically underwritten by a well-established, well-entrenched European retail network that we are growing as well. Similar to Plenitude, we expect to generate EBITDA of roughly EUR 1.3 billion this year. We are aggressively growing this business as well, and we expect to effectively, while not quite triple, but we expect to generate EBITDA of EUR 3 billion for the calendar year 2030. Two things to note here. As we grow the EBITDA line, we are also going to triple the underlying biorefining capacity. So we expect to take it from roughly 1.65 million tons a year capacity right now to 5 million tons a year by the end of 2030. We also plan on growing our agri-feedstock integration project to 1 million tons a year. That is, in our view, a very differentiated feature of our biorefining business, just the amount of feedstock integration, which is unique to Eni and should help in terms of margin preservation and feedstock sourcing. In terms of the implied value of the underlying business based on two transactions with KKR over the 2024-2025 timeframe for roughly EUR 3.6 billion, again, for 30% of Enilive. Post-money implications on an EV basis is roughly EUR 12 billion. This slide just frames sort of project by project, kind of the key pieces that will get you most of the way from 1.65 million tons today, gets pretty close to the 5 million tons by the end of the decade. The last strategic element I would like to highlight is our private equity efforts within Eni. It is fortified or manifested in a company called Eni Next. Eni Next was created in 2018. The mandate here is to find the world's most disruptive energy transition technologies globally and deploy into those technologies. To date, roughly EUR 650 million has been deployed. Current market value is approximately three times invested capital. There are currently 23 startup companies within the portfolio, and this chart just gives you basically a timeline since inception through this year in terms of the companies that were invested in in the year of initial investment. I did want to add some color on the largest contributor to the value that has been created at the Eni Next level. This is namely our investment in CFS that I talked to in the earlier comments. Couple of very important highlights of note here. CFS has raised roughly EUR 4 billion to date. We are the largest investor. Other investors in the stack include Morgan Stanley, Bill Gates, Google, Microsoft, and Stanley Druckenmiller. The company, as I mentioned, was essentially spun out of MIT in 2018 and now has over 1,000 employees based in their Devens, Massachusetts, head office and facility, which is about an hour and a bit outside of Boston. Most of them are working on the pilot facility right now that's located in the same location. The pilot is called SPARC. It will be a 100-MW facility. It's over 75% complete as we speak, and it should be generating plasma next year and should be generating positive energy shortly thereafter. It's not going to be grid connected, but proof-of-concept-wise, it's quite sizable. I think that's of importance. The first commercial plant is called ARC, and I guess for reference, SPARC stands for Smallest Possible ARC. The first ARC facility is going to be located in Chesterfield County, Virginia. This has already been selected. There's a strategic alliance between CFS and Dominion/NextEra. That site's been selected. Ground is being cleared. That's right in the alley of data center, right in the center of data center alley, if you will, in Virginia. This is going to be a 400-MW facility. It will be grid connected and should be dispatching fusion-generated power early next decade. Importantly, Eni and Google have already signed PPAs for the offtake. I'd say it's tricky to value in terms of its impact to Eni today. I think what is also very important to note is that relative to other fusion efforts of the past, where proof of concept was measured in decades, we should know the commercial viability of CFS over the 2027, 2028 timeframe. I definitely urge you to stay tuned on this front. All right. Very quickly, consolidated CapEx over the 2026- 2030 timeframe is coming down. That's both gross and net, and this is thanks to perimeter effects, if you will, as well as incremental efficiencies we've been able to grind out of the system. Balance sheet, as I mentioned, it's as strong as it's ever been, and it's poised to stay there. In terms of return of capital, we feel we offer a very competitive proposition. We will return between 35% and 45% of our CFFO to our shareholders. Our 2026 base dividend of EUR 1.1 per share has recently been confirmed, and we view the base dividend sort of philosophically as essentially sacrosanct, and we anticipate or we expect to grow the base dividend in the low single-digit percentage range per year, which is in line with what we've been doing over the recent past. Our current annual share buyback commitment has more than doubled since our March 2026 capital market update. We've increased that from EUR 1.5 billion at the time to EUR 3.4 billion currently, and we will review the prospect of a special dividend this quarter, and if that's declared, that will be payable to shareholders in the fourth quarter of 2026. To conclude, we feel the Eni investment proposition is fairly straightforward. We have the best global upstream business model in the industry, and we will accretively grow this business through the end of the decade and beyond. This is underpinned and driven by projects that we have already identified. We are also aggressively growing our energy transition businesses, and these are both poised to earn their economic rent through the cycle and are going to help diversify consolidated cash flow generation at a corporate level. Our balance sheet is as good as it has been over the 70+ year history of the company. Our return of capital proposition is competitive and self-funded, and we are the largest investor in the company that intends to deliver the first commercial nuclear fusion power project in our history. I will stop there, and thank you very much for your time and interest in Eni.
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