Eni S.p.A. Q4 FY2025 earnings call

• 2025 was a year of exceptional progress at Eni, exceeding original targets in many cases. • Global Natural Resources: Successes in project execution, new projects, exploration, and portfolio activities. • Transition activities: Generated growth and value, with strong earnings and deals. • Industrial transformation: Addressing challenges in refineries and chemicals. • Financial delivery: Robust CFFO, adjusted EBIT, production results, and shareholder distributions.

Global Natural Resources: Started up 6 major projects, underlying production increased 4%, well above original full year guidance, growth above 7% over 2022-2025 period; took FIDs on 4 major new projects, 3 operated, service replacement ratio above 160%, 500,000 bpd of production under development; established new growth platform with Petronas in Indonesia and Malaysia, progressing Argentina LNG project with YPF and XRG; discovered 900 million barrels of new resources in 2025, over 10 billion barrels since 2014; GGP delivered EBIT above EUR 1 billion for the fourth consecutive year. Gas to power was a strong contributor. Transition activities: Generated material growth and value creation, EBITDA of EUR 2 billion, contribution of EUR 5.8 billion from top private equity firms, Plenitude expanded renewable capacity by over 40% in 2025, Enilive has 3 new biorefineries under construction and 2 more reached FID. Industrial transformation: Advancing refinery transformation, closing crackers earlier than planned, transforming Versalis towards bio, circular and specialized products.

• 2026 expects gross CapEx around EUR 7 billion and net CapEx around EUR 5 billion. • Pro-forma gearing in 2026 to remain at historically low levels between 10% to 15%. • Shareholder distribution details to be reverted to in March, with full funded attractive and growing dividend as first priority. • Portfolio activity to be material in 2026 as part of disciplined capital alignment and value disclosure.

• Uncertainties related to geopolitical situations like in Kazakhstan. • Challenges in the chemicals business scenario. • Potential impacts of changes in energy market regulations and policies.

Q: About upstream business outlook with Petronas joint venture and Kazakhstan situation, A: Petronas joint venture to be finalized by end of second quarter, contribution to production expected, positive view on Kazakhstan but details to be elaborated in March; Q: On CapEx guidance for 2026, bridge between this year and next, and FID priorities, A: CapEx reduction due to efficiency in exploration and project selection, focus on projects in Argentina, Ivory Coast, Cyprus, etc.; Q: On exploration success rate and AI benefits, A: Exploration success rate very high last year, AI to be applied in various business segments for production improvement, etc.; Q: On high-grading production, upstream tax rate, and resource split, A: High-grading by bringing onstream high-profit cash flow projects and divesting late-life assets, upstream tax rate expectation in range of 45%-50% depending on price, resource split 70% gas and 30% oil; Q: On Italian energy reform impact and buyback, A: Italian energy reform impact on Eni is marginal, buyback reference price $62, details in March Capital Market Day; Q: On net debt, gearing targets, and Venezuela upside, A: Gearing targets affected by various actions, Venezuela has multiple upside opportunities in gas recovery, oil development, etc.; Q: On oil trading business revitalization, A: Started journey to improve trading by unifying organization, changing risk approaches, and dialoguing with international players; Q: On CapEx and biofuels, A: Net CapEx and portfolio opportunities have increased, biofuels trading environment expected to evolve with demand growth in Europe and U.S.; Q: On third-party areas assisting delivery and biofuels market, A: Eni increased in-sourcing of competencies, biofuels demand to grow in 2026; Q: On cash initiative rollover and shareholder allocation, A: Cash initiatives have rolling potential, shareholder allocation based on cash flow from operations as priority; Q: On European carbon scheme and Libya offshore well, A: Views on ETS and CCS, Libya offshore well drilling ongoing with results to be announced when available