E Q1 2026 Earnings Call Summary

Pro Forma EBIT: EUR 3.5 billion
Cash Flow from Operations: EUR 2.9 billion
Pro Forma Gearing: 15% (12% when considering the full effect of Plenitude deconsolidation)
CapEx: EUR 1.9 billion, on track for a full-year target of EUR 7 billion
Tax Rate: 42%, consistent with guidance
Working Capital: Significant negative impact due to price spikes in March, expected to reverse in upcoming quarters.
Share Buyback: Increased to EUR 2.8 billion, a 90% rise from previous estimates.

Exploration Success: Achieved a record start to the year with significant discoveries in Angola, Côte d'Ivoire, Libya, Egypt, and Indonesia, adding approximately EUR 1 billion in new resources.
Production Growth: 9% year-on-year increase, driven by new production from Angola and the Congo.
Transition Sector: Progress in biorefineries with expected EBITDA growth; Plenitude's restructuring is advancing.
Market Positioning: Eni is focusing on reliable, affordable, and lower-carbon energy, leveraging a diversified asset portfolio and technology.

Production Growth: Expected to increase by 3-4% for 2026, despite potential disruptions in the Middle East.
Market Projections: Raised Brent price forecast to $83 per barrel and TTF to EUR 50 per megawatt hour, anticipating higher prices needed for storage refilling.
Cash Flow from Operations: Estimated at EUR 13.8 billion for 2026, a 20% increase from previous guidance.
Distribution Policy: New policy to be proposed at the AGM, maintaining a floor for distributions even in adverse scenarios.

Downstream Performance: Underperformance in downstream and biorefineries due to traditional maintenance schedules, impacting overall production.
Market Volatility: Ongoing geopolitical tensions affecting energy prices and supply chains, particularly in the Middle East.
Working Capital Issues: Significant negative impact from price spikes, which could affect cash flow stability in the short term.
Biofuel Affordability: Concerns regarding the affordability of biofuels, particularly sustainable aviation fuel, amidst rising prices.

Transformation Costs: Expected annualized efficiency savings of EUR 50 million, with ongoing transformation projects.
Middle East Exposure: Limited impact on production and cash flow from Middle Eastern disruptions, accounting for only 3% of total production.
Exploration Plans: Continued drilling in Indonesia and other regions, with a focus on near-field drilling that can quickly contribute to production.
Venezuela Developments: New agreements may allow for recovery of outstanding receivables, with a focus on sustainable production.
Market Dynamics: Discussion on demand destruction due to high prices remains inconclusive; Eni sees no significant demand drop yet.

This summary encapsulates Eni's financial health, strategic initiatives, and outlook while addressing challenges and insights from the Q&A session.

E — Eni S.p.A.