Nguya FLNG, CongoH1 2026 RESULTS
JULY 29, 2026
This document contains certain forward‐looking statements particularly those regarding capital expenditure, development and m anagement of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearin g, targets of production and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and un certainties because they relate to events and depend on circumstances that will or may occur in the future.
DISCLAIMER
H1 2026 RESULTS
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 s ucceeding in commercial transactions; future levels of industry product supply, demand and pricing; operational issues; general economic c ond itions;
political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; develop men t and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors an d 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.
H1 2026 I HIGHLIGHTS
EXECUTION SUPPORTED BY FINANCIAL STRATEGY DRIVES VALUE CREATION
3EBIT and Net Profit are adjusted. Cash Flows are adjusted pre -working capital at replacement cost. See page 18 of Press Release for Non -GAAP measures.
Capital Expenditure of €4.0 bln, including expenditures relating to business combinations, purchase of minority interests and other non -organic items.
Gearing: calculated as the ratio of net borrowings to net capital employed before lease liabilities.EBIT PRO FORMA
€8.9 bln
INCOME FROM
INVESTMENTS
€0.9 blnNET PROFIT
€3.6 blnCFFO
€7.3 bln
ORGANIC
CAPEX
€3.7 bln
New Eni Headquarters, MilanGEARING 17%
(proforma 10%)
BUYBACK
€0.8blnOF WHICH: EBIT
€5.9 bln
OTHER
$2 blninfrastructure
valorization
2026 to date I HIGHLIGHTS
EXECUTING OUR STRATEGY, DELIVERING RESULTS
4TRANSITION & TRANSFORMATION
PLENITUDE
Shareholding reorganization and new governance structure. Closing expected in Q3
with deconsolidation
Completion of the acquisition of Acea Energia Start -up of second 200 MW block of the Renopool and 220 MW Villarino photovoltaic projects in Spain
ENILIVE
FIDs for Sannazzaro and Priolo biorefineries Agreement with Prax to acquire 100% of OIL! Service station network
OTHER TRANSITION
Acquisition of a 25% stake in Energyx’s Black Giant lithium mining project (Chile) and an11% stake in Nouveau Monde Graphite (Canada) to secure key materials for the battery supply chain Formed RH3OVA JV with UKAEA providing technical and industrial expertise to the fusion industry, building on agreement to construct tritium fuel cycle facility
ENI INDUSTRIAL EVOLUTION
Launched EIE, new company for industrial transformation Eni Storage Systems JV begins construction of stationary battery manufacturing plant in Brindisi
GLOBAL NATURAL RESOURCES
UPSTREAM
Outstanding exploration: Angola, Namibia, Côte d'Ivoire, Egypt, Libya and Indonesia Searah JV establishment with Petronas Vår acquisition of BlueNord creating Europe’s largest independent E&P producer Strategic agreements signed with Venezuela for Junin -5 and Perla projects Entry into Upstream of Argentina LNG project Start -ups: Ndungu full -field, Sabratha Compression and first cargo from Ph2 of Congo LNG GGP Long -term LNG supply agreements for 2 MTPA from Indonesia’s South and North Hub projects LNG supply contract from Damietta linked to Cronos with volume up to 1.4MTPA from 2028
ENERGY TRADING
Global Trading JV with Mercuria
CCUS
Expansion of financing sources for Eni CCUS Holding with a £500+ million facilityFIDs: Baleine Ph3, Gendalo & Gandang; Geng North & Gehem ; Cronos;
Greater PAJ, Balder Next New Wells
5A WORLD -CLASS E&P BUSINESS
POWERED BY DIVERSIFICATION
MAIN DISCOVERIES | IN 2026 TO DATEADDING NEW OPPORTUNITIES
Exploration > +1bln boe New acreage positions: Uruguay, Timor -Leste, and The Gambia Significant progress in maturing giant opportunities in Argentina
and Venezuela
Completed Searah JV with new
projects added
OUTSTANDING PRODUCTION
+11% y -o-y underlying production growth in H1 Strong operatorship driving industry -leading time -to-market, execution excellence and capex
discipline
GLOBAL FOOTPRINT
Global diversification supporting reliable supply and long -term
value creationPRODUCTION GRO WTH | UNDERLYING YoY
LIBYA
Bahr Essalam South More than 1 TcfGIIP
CÔTE D'IVOIRE
Block CI -501 –Murene South consolidated 5 TcfGIIP and 450 Mbbls of condensate of the Calao
gas complex
EGYPT
Temsah DL – Denise West 2 TcfGIIP and 130 Mbbls
of condensateANGOLA
Block 15/06 – Algaita ~500 million barrels OOIPINDONESIA Ganal block – Geliga 5Tcf GIIP and 300Mbbls
of condensate
H1 2025 H1 2026~11*%
*Underlying production adjusted for impact of M&A and price effectsMAIN CONTRIBUTIONS ◆Angola ( Agogo and NGC), Congo LNG, Ghana (OCTP), Mexico ( Amoca ), Norway (Balder and Johan Castberg ) ◆Establishment of Searah JV
ACCELERATION AND EXPANSION OF A STRONG PROJECT
PIPELINE
6*Start up expected between late 2026 and early 2027 as per Ithaca disclosure.
EXECUTION A COMPETITIVE
ADVANTAGE
3-4 major start -ups and ramp -up
year -to-date
4-5 major FIDs year -to-date
EARLIER VALUE REALIZATION
Monetization of 10% sale in Indonesia expected in H2 26
BUILDING THE NEXT WAVE OF
GROWTH
850 kboed new production
at2030
>8 Bboe in production
beyond 2030
Unique project visibilityANGOLA
AGOGO IWH ✓
NGC ✓
CONGO
LNG PHASE 2 ✓
INDONESIA
MAHA
QATAR
NFEEGYPT
MELEIHA PH. 2
LIBYA
BESS COMPRESSION ✓
BOURI GUP
UAE
DALMA
UMM SHAIF LTDP -1MOZAMBIQUE
CORAL NORTH FLNG ✓
LIBYA
STRUCTURE A&E ✓
NIGERIA
BONGA NORTH ✓
ZABAZABA ETAN
UAE
HAIL & GHASHA ✓
UMM SHAIF GAS & LTDPs ✓
LOWER ZAKUM LTDPs ✓
SARB✓
WASET
NASR
INDONESIA
GENDALO & GANDANG ✓
KUTEI NORTH HUB ✓
GELIGA
ARGENTINA
ARGENTINA LNG
ALGERIA
TOUAT PH. 2
CYPRUS
CRONOS ✓
ITALY
GEMINI, PANDA
CÔTE D’IVOIRE
BALEINE PH. 3 ✓
AUSTRALIA
PETREL2026 START UP & RAMP UP
✓ START -UP ACHIEVED2027 -2030 START UP
✓ FID ALREADY ACHIEVED
UK
CAMBO
ANGOLA
GREATER PAJ ✓
CÔTE D’IVOIRE
CALAO
KAZAKHSTAN
KASHAGAN FURTHER PH.
KARACHAGANAK GAS
MOZAMBIQUE
FURTHER DEV.
BEYOND 2030
NAMIBIA
CAPRICORNUS
VOLANS
VENEZUELA
PERLA
JUNIN 5 FURTHER PH.
AUSTRALIA
VERUS
NORWAY
BALDER FURTHER PH.
VIDSYN
INDONESIA
KUTEI FURTHER PH.
LIBYA
BESS
BOURI PH.2
UK
ROSEBANK Ph 1*
NORWAY
BALDER PH. VI ✓
JOHAN C. FURTHER PH. ✓
GOLIAT FURTHER PH.
GJØA
ANGOLA
ALGAITA
EGYPT
DENISE WEST
VENEZUELA
JUNIN 5 FIRST PHASE
NEW PROJECTS AND ANTICIPATION
POST -CMU2026 -30+ E&P PROJECTS UPDATE
✓ACHIEVED POST -CMU ✓ACHIEVED POST -CMU
Q2 2026 I EARNINGS SUMMARY
CONTINUING OUR STRONG EXECUTION AND DELIVERY
7E&P
Production reported+7 %y/y; above guidance reflecting project delivery, operational resilience and closing of Searah JV GGP Captured value in line with raised guidance, retaining upside exposure in H2
Transition -Plenitude
Renewable growth with retail supplement by Acea acquisition
Transition -Enilive
Supportive bio margins, and seasonal marketing strength
Transformation -Refining
Improving utilization on completion of MTAs. Well positioned for H2
Transformation -Versalis
Initiatives driving sustained y -o-y
improvement
Other
Increasing value contribution from
satellites
Tax rate benefits from Upstream country mix, low exploration charge and Downstream profit
contribution
€ bln
5.30.5
GGP &
POWER
4.85.4
3.53.9
2.30.5
0.6-0.0
-0.4
1.9
-0.3
-1.5
GNR Transition
BusinessesOther Ebit
ProformaJV/Associates
contributionEbit Finance
ExpenseIncome from
InvestmentsPre Tax
EarningsIncome taxes
& NCINet Profit Transformation
Businesses
8H1 2026 | CASHFLOW SUMMARY
SUSTAINED CASH FLOW STRENGTH
CFFO
Strong cash generation fully funds both capital investments and
dividends
Dividend income skewed to H2 Cash tax rate for H1 26%
Working Capital
H1 build remains driven by Q1 seasonality, with no unusual trends. Expectation of a FY drop
Organic Capex
down 5% y -o-y, with the €7bln FY26 guidance confirmed. H1 skew consistent with H2
deconsolidations
Distribution
Buyback €0.8bln includes €0.3 bln completion of 2025 programme Net debt and Gearing €2.8 blnproforma net debt change confirms gearing at the low end of the 10 –15% FY26 guidance range2.9
-1.74.5
H1 26 CFFO Working
CapitalOrganic
CapexPortfolio Lease
RepaymentOther & FX
€ bln
H1 26 Net Debt ChangeH1 26 Net Debt
Change PF
Dividend
SBB Q2
Q1
Distribution7.3
2.8
E&P Strong operational performance enabling an increase in FY
production guidance
Q3 production expected in the 1.78 -
1.82 Mboed range GGP Guidance upgraded, capturing additional operational upside
TRANSITION
Enilive guidance raised driven by strong biofuels market conditions
CFFO
Guidance upgraded on the back of a better scenario and continued
operational strength
Gearing in 2026 to remain at historically low levels of 10 –15%
SHAREHOLDER RETURNS
Buy -back raised to €3.4 bln(>2x above original guidance) Extraordinary dividend to be reviewed at Q3
92026 GUIDANCE UPDATE
BASED ON UPDATED SCENARIO ASSUMPTIONS
BRENT ($/ bbl)
TTF (€/MWh)
SERM ($/ bbl)
EXCHANGE RATE (€/$)85
50
14.0*
1.16UPDATE SCENARIO
GROUP CFFOGGP PRO -FORMA EBIT
ENILIVE PRO -FORMA EBITDAPRODUCTION
PLENITUDE PRO -FORMA EBITDA
€15.0 bln
Underlying +€0.7 bln>€1.4 bln
€1.3 bln
€3.4 bln<€5bln~5% underlying
ConfirmedConfirmed
NET CAPEX
DIVIDEND
BUYBACKConfirmed GROSS CAPEX
€11.5 bln~€1.0 bln
€1.1 bln
€1.5 bln3-4% underlying
€1.10/share€1.3 bln
~€5.0 bln€7.0 bln70 36 6.0
1.15CMU 2026 APR 2026
€13.8 bln
Underlying +€0.2 bln€1.3 bln
Confirmed
€2.8 blnConfirmedConfirmed
ConfirmedConfirmed
Confirmed83
50 8.0
1.15
*Given volatility and market dislocations, the benchmark SERM refining margin has been calculated to factor such conditions.
CONCLUDING REMARKS
ACCELERATING OUR STRATEGY
Exceptional progress in H1 26:
Upstream delivering production growth; delivering projects, originating further new opportunities Transition delivering growth and realizing tangible shareholder value. Maturing new energy options Financial strategy aligned with objectives: strong H1 earnings and cash generation, fully funding capex and enhanced distributions while reducing gearing
VALUE -ENHANCING ACTIONS
World class exploration; multiple FIDs, long -term growth visibility further improved Establishment of Searah, our largest E&P satellite to date and regional E&P leader Delivered record growth in renewable capacity and retail customers, paired with strong biorefining performance driven by operational excellence at key plants
RAISED PERFORMANCE OUTLOOK AND HIGHER DISTRIBUTIONS
CFFO outlook increased to €15 blnon Scenario and underlying outperformance Raised Buyback to €3.4 bln. Extraordinary dividend to be reviewed at Q3
BACK UP
12SENSITIVITIES
UPDATED ASSUMPTIONS
Brent sensitivity applies to liquids and oil -linked gas.
Sensitivity is based on a 10$ price variation.
Production to vary by up to 1 kboe /d for each one -dollar change in the price of the Brent crude oil.
SENSITIVITY 2026EBIT adj
(€ bln)EBIT adj
pro-forma
(€ bln)Net adj
(€ bln)CFFO
before WC
(€ bln)
Brent +1 $/ bbl 0.16 0.26 0.13 0.11 Exchange rate $/€ +0.05 $/€ -0.33 -0.64 -0.27 -0.57 Std. Eni Refining Margin +1 $/ bbl 0.10 0.10 0.07 0.08 European Gas Spot Upstream+1 $/ mmbtu 0.09 0.24 0.10 0.08
+1 €/MWh 0.03 0.08 0.03 0.03
LEADING A WORLD -CLASS
GAS BASIN
Optimally positioned to supply key LNG markets Investment grade and self-financing, with USD 6B revolving credit facility secured to support growth Strong footprint in different prolific basins across Malaysia
and Indonesia
Significant exploration potential
FOCUS GLOBAL NATURAL RESOURCES
SEARAH AT A GLANCE –DRIVING GROWTH TO 800 Kboed
13SEARAH TO LEAD SOUTH -EAST ASIA GAS & LNG MARKET
19 ASSETS
14 blocks in Indonesia & 5 in Malaysia PRODUCTION (mostly operated)
>300 KBOED FROM DAY 1
>500 kboed by 2029 >800 Kboed by 2030
>3 BLN BOE RESERVES
JUN 2025
JV framework
agreement with
PETRONAS for a
business
combinationNOV 2025
Investment
agreement with
PETRONAS to
combine Indonesia
and Malaysia blocksJUN 2026
Establishment
of SearahKUTEI NORTHERN HUB
KUTEI SOUTHERN HUBSARAWAK
PENINSULA
MASELA/ABADI
VACA MUERTA ONSHORE
SHALE GAS RESOURCES
DEVELOPMENT
Entered theMeseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca
Muerta basin
Midstream development
advancing with FLNGs and pipeline infrastructure to Río
Negro coast
A UNIQUE OPPORTUNITY TO
CREATE LONG -TERM VALUE
World -class gas project
including production,
treatment, transportation and
liquefaction
Eni’s distinctive know -how on major projects management and leadership in FLNG
technology
FEBRUARY 2026
Joint development
Agreement
Eni-XRG -YPFOCTOBER 2025
Final technical
Project description
Eni-YPFAPRIL 2025
MOU
Eni-YPFJUNE 2025
Head of
Agreement
Eni-YPFEND of 2026
Expected
FIDFOCUS GLOBAL NATURAL RESOURCES
ARGENTINA LNG PROJECT
14POSITIONED AS GLOBAL LEADING LNG PROJECT
25 TCF
Project resources base
2X6 MTPA
FLNG capacity through 2 floating units
+500 K BOED
LNG and liquid productionVACA MUERTA
2 FLNG
JUNE 2026
Entered the
Upstream
Project
15PERLA
580 Mscfd production Unlocking Perla Field Value Gas export Project -3.5 MTPA FLNG Total Recoverable Resources 2.5 Bboe
JUNIN 5
12 kbopd production To develop Junin -5 field up to ~ 200 kbopd plateau production Total Recoverable Resources ~3 Bbbl
COROCORO
10 kbopd production Increasing production up to 30 kbopd Total Recoverable Resources 100 MbblPERLA
COROCORO
JUNIN 5FOCUS GLOBAL NATURAL RESOURCES
VENEZUELA
ENI MAINTAINS MAIN GAS
PRODUCER POSITION
Cardon IV consistently providing gas for the national electricity demand (over 90% of the demand of the Western regions) and satisfies industrial
demand
OIL OPPORTUNITY -JUNIN 5
New Hydrocarbon Law enables sustainable development of our oil assets, particularly Giant field of Junin V
DYNAMIC EXPANSION
Expanding Enilive global
footprint
Far East strategical for developing long -term SAF market and feedstock
availability
Partnering with leading
local players
Synergies with existing facilities, cost optimisation
opportunities
Enhancing product mix and capacity de -bottlenecking in
VeniceENILIVE
NEAR -FUTURE DEVELOPMENT PROJECTS
16
LIVORNO
FID taken
in January 2024
Completion by
the end of 2026
~500 kton
total capacity
100% Enilive
DAESAN/
SEOSAN
FID taken
in July 2024
Start -up
in 2027
400 kton
total capacity
JV with LG Chem
PENGERANG
FID taken
in July 2024
Start -up
in 2028
650 kton
total capacity
JV with
PETRONAS &
Euglena
VENICE
EXPANSION
FID taken
in February 2026
Start -up
in 2027
up to 600 kton
total capacity
100% Enilive
PRIOLO
FID taken
in January 2026 Start -up in
2028
500 kton
total capacity
JV with Q8 Italia
SANNAZZARO
FID taken
in January 2026 Start -up in
2028
550 kton
total capacity
100% Enilive
ECOFINING TECHNOLOGY & ADVANCED PRETREATMENT
For Storage BESS, the yearly production refers to the annual energy dispatched .
Completion represents the final construction stage excluding the grid connection, meaning that all principal components have been installed . Pre-commissioning activities fall within the construction phase .PLENITUDE
RENEWABLES KEY PROJECTS IN EXECUTION
17
SOLAR PV OFFSHORE WINDB
STORAGE
ONSHORE WIND
COUNTRY PROJECTWORKING
INTERESTEQUITY INSTALLED
CAPACITY (MW)TECHNOLOGY COMPLETIONYEARLY
PRODUCTION
(GWh)
UK Dogger Bank 13% 470 2023 -2028 2,250
ITALYBESS
Gela/Assemini,
Tarsia,
Maschito,
Scanderberg ,
and others100%/65%/51% 285 2025 -2027 >600 USA Huisache PV, BESS 100% 276 2028 500 SPAIN Orense 100% 100 2029 >200 GREECE Mandria 100% 80 2026 >100 KAZAKHSTAN Mangystau - Aral 51%/100% 69 2026-2027 >200 FRANCEAntugnac2 100% 8 2027 >10 BB
810>21
5.86.515
FY 2025 FY 2026 FY 2030PLENITUDE
NET CAPACITYPLENITUDE
GROSS CAPACITY
FOCUS GLOBAL NATURAL RESOURCES
OPERATIONAL DELIVERY ON TRACK
18
SCENARIO
Realisations +37% y -o-y
-Liquids +54%
-Natural gas +18%
EUR/USD FX +3% y -o-y
PORTFOLIO HIGH -GRADING
Global diversification enhances resilience, supporting reliable supply and cash flow visibility Satellite businesses continue to unlock shareholder value
FURTHER INTEGRATING THE
GAS VALUE CHAIN
Equity gas and LNG integration provide additional monetization
opportunities
Creating a Global Energy Trading Platform with Mercuria
ADJ. EBIT PRO -FORMA | € BLN
1.73.00.81.8
0.40.5
2.85.3
Q2 2025 Q2 2026
E&P E&P Associates GGP & Power•LNG sales up 4% y -o-y •Benefiting from continued portfolio optimization •Raised FY pro -forma EBIT guidance to >€1.4 bln •Thermoelectric production temporarily impacted by planned maintenance activitiesE&P GGP POWER•Over 1 Blnboe of discovered resources in H1 •11% y -o-y underlying production growth underpins the long -term growth outlook •Continued delivery of key start -ups •Searah creates a leading Asia Pacific player with production potential significantly above initial guidance •South America becoming a strategic growth area, supported by material new opportunities •Limited operational impact from Middle East disruptions *Underlying production adjusted for impact of M&A and price effects
FOCUS TRANSITION BUSINESS
EXECUTING OUR TRANSITION STRATEGY
19
SCENARIO
Italian PUN Ind GME +22% y -o-y EU HVO margins continued to
strengthen
VALUE CONFIRMATION
Strong delivery across Transition satellites underpins confidence in full -year guidance Closed the acquisition of Acea Energy, adding 1.2 mln PoD to the customer base Expanding Enilive’s European retail network with the acquisition of OIL! Tankstellen , adding ~320 service stations
Plenitude deconsolidation
enables a stronger capital structure to support 2030
growth targets
ADJ. EBITDA PRO -FORMA | € BLN
•Energy produced from renewable sources up 47% y-o-y •Reached 6 GW of installed capacity •EV charging points amounted to 23.2k, up 6% y -o-y•Retail sales up 7% y -o-y •Successfully leveraged a stronger marketing business •Year -end capacity at 2.1 MTPA plus 1.5 MTPA under
construction
PLENITUDE
ENILIVE
0.20.40.40.20.50.6
Q2 2025 Q2 2026
Enilive Plenitude
GROWING RENEWABLES
CAPACITY | GW
PLENITUDE DECONSOLIDATION
FOCUS ON THE SHAREHOLDING REORGANIZATION
201Net debt before lease liabilities ex IFRS 16
Plenitude deconsolidated
from Eni’s financials upon
completion
•expected from Q3 will be reported in associate income. CFFO as dividend
received
•proforma EBIT at ownership
percentage
•loans to Plenitude from Eni
become financing
receivables
EV of €13.1 bln up from >€12 bln
€3.0 bln
Plenitude’s net debt as of
30-Jun 2026
-3.5pp
implied reduction in Eni’s gearing at H1THE TRANSACTION non-proportional capital increase of ~€1.5bln with Ares committing to ≥€1bln
NEW GOVERNANCE FRAMEWORK
based on joint control between Eni and Ares Eni shareholding will dilute down to 64 -65% Eni to continue exercising direction and coordination rights over PlenitudeRATIONALE FOR REORGANIZATION efficient funding of accelerating growth profile Strengthening Plenitude’s independence in delivering
its plan
Targeting investment grade credit ratingPLENITUDE: A MATERIAL PLAYER global presence with mature organization (>15 countries) Fully integrated across renewable generation, retail supply and green energy services
PRO -FORMA EBITDA
€ BLN
Retail
Renewables
E-mobility
2025 2026 20301.11.3>2.5 2025 2026 20305.86.515
Solar
Storage
Onshore Wind
Offshore Wind2025 2026 2030RETAIL
CUSTOMERS #MLN
1011.515NET DEBT1
€ BLN
2.1 2.03.0
2024 2025 H1 26
EBIT PRO FORMA | € BLNQ2 2026 vs Q1 2026 EARNINGS
21SCENARIO (Q/Q)
Realisations 25%
-Liquids 33%
-Natural gas 16% -Italian PUN Ind GME -5% E&P Excellent operational delivery, with FY26 production growth above
guidance
GGP Portfolio optimization progress and
supportive trading
ENILIVE
Stronger bio margins and seasonal
marketing support
PLENITUDE
Accelerating renewable growth
REFINING
Improved operational availability
following MTAs
VERSALIS
Continued execution of restructuring initiatives supported
performance
3.55.4
Q1 26
EBIT PRO FORMAScenario
UpstreamDisruption
effectsVolumes &
EfficiencyScenario &
Performance
GGPScenario, MTA &
Disruption
effectsPerformance Scenario &
PerformanceScenario &
PerformanceOther Q2 26
EBIT PRO FORMAGLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
ADJUSTED PRE -TAX | € BLNQ2 2026 vs Q1 2026 EARNINGS
22SCENARIO (Q/Q)
Realisations 25%
-Liquids 33%
-Natural gas 16% -Italian PUN Ind GME -5% Similar trends evident on a q-o-q basis when looked at
via EBIT
2.43.9
Q1 26
Adjusted
Pre-taxScenario
UpstreamDisruption
effectsVolumes &
EfficiencyScenario &
Performance
GGPScenario &
MTAPerformance Scenario &
PerformanceScenario &
PerformanceScenario,
Disruption
eff AssocPerformance
AssociatesOther Q2 26
Adjusted
Pre-taxGLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
ADJUSTED PRE -TAX | € BLNQ2 2026 vs Q2 2025 EARNINGS
23SCENARIO (Y/Y)
Realisations +37% y -o-y
-Liquids +54%
-Natural gas +18% -Italian PUN Ind GME +22%
EUR/USD FX +3% y -o-y
E&P Favorable volume/mix effects, continued cost discipline and higher realizations supported
results
GGP
Continued portfolio
optimization, more favorable trading environment and higher LNG sales volumes
TRANSITION
Improved bio margins and seasonal marketing strength
supported performance
Higher renewables volumes and retail cost efficiencies
supported growth
GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE
2.23.9
Q2 25
Adjusted
Pre-taxScenario
UpstreamDisruption
effectsVolumes &
EfficiencyScenario &
Performance
GGPScenario &
MTAPerformance Scenario & MTAPerformance Scenario &
One-offPerformance Scenario,
Disruption
eff AssocPerformance
AssociatesOther Q2 26
Adjusted
Pre-tax
Q2 2026 MARKET SCENARIO
24 *Given volatility and market dislocations, the benchmark SERM refining margin has been calculated to factor such conditions. The margin for Q1 ’26 has been revised accordingly.4.810.1 8.3