6-K 1 form6k-36145_eni.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number 0001002242

Eni S.p.A.

(Translation of registrant’s name into English)

Piazzale Enrico Mattei 1 - 00144 Rome, Italy

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☒ Form 20-F ☐ Form 40-F

TABLE OF CONTENTS

Approval of the first tranche of the provision in place of 2026 dividend: € 0.27 per share

Eni: results for the second quarter and half year 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Eni S.p.A.
			(Registrant)

Date:	July 29, 2026	By:	/s/ Giulia Saba
			(Signature)
		Name:	Giulia Saba
		Title:	Head of Company Secretariat

Eni’s Board of Directors

Approval of the first tranche of the provision in place of 2026 dividend: € 0.27 per share

San Donato Milanese, 28 July 2026 – Eni’s Board of Directors, chaired by Giuseppina Di Foggia, today resolved to distribute to Shareholders the first of the four tranches of the provision in place of the 2026 dividend¹ from Eni S.p.A. available reserves of € 0.27 (compared to a total annual provision, in place of the dividend, equal to € 1.1) per share outstanding at the ex-dividend date as of 21 September 2026², payable on 23 September 2026³, as resolved by the Shareholders’ Meeting of 6 May 2026.

Holders of ADRs, outstanding at the record date of 22 September 2026, will receive € 0.54 per ADR, payable on 7 October 2026⁴, with each ADR listed on the New York Stock Exchange representing two Eni shares.

Eni Company Contacts:

Press Office: Tel. +39.0252031875 – +39.0659822030

Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): +39.800 11 22 34 56

Switchboard: +39.0659821

ufficio.stampa@eni.com

segreteriasocietaria.azionisti@eni.com

investor.relations@eni.com

Website: www.eni.com

¹	Coupon No. 55.

²	Depending on the recipient’s fiscal status the payment is subject to a withholding tax or is treated in part as taxable income.

Pursuant to article 83-terdecies of the Italian Legislative Decree no. 58 of February 24, 1998, the right to receive the payment is determined with reference to the entries on the books of the intermediary – as set out in art. 83-quater, paragraph 3 of the Italian Legislative Decree no. 58 of February 24, 1998 – at the end of the accounting day of 22 September 2026 (record date).

⁴	On ADR payment date, Citibank, N.A. will pay net of the amount of the withholding tax under Italian law applicable to all Depository Trust Company Participants.

PRICE SENSITIVE

Eni: results for the second quarter and half year 2026

Excellent 2Q performance and enhanced guidance;

increased shareholder returns

2Q ’26 excellent results driven by consistent execution and delivery from a diversified portfolio of advantaged assets.

Exceptional underlying production growth of 11% y-o-y, net of price effects.

Established Searah JV with Petronas creating a major growth platform across Indonesia and Malaysia.

FID for Phase 3 of the Baleine field off Cote d’Ivoire, the Greater PAJ project offshore Angola and the Cronos gas project in deep waters off Cyprus.

Entered critical minerals value chain through investments in Canada and Chile on graphite and lithium.

Gearing on a proforma level close to 10%, a historic low.

As a result of strong execution and the market environment, Eni raises guidance on 2026 production to around 5% underlying growth and increases its distribution policy to €3.4 bln of share buyback.

San Donato Milanese, July 29, 2026 - Eni's Board of Directors, chaired by Giuseppina Di Foggia, yesterday approved the consolidated results for the second quarter and first half of 2026. Eni CEO Claudio Descalzi said:

“Our focus on executing our strategy has driven excellent results in 2Q ’26 underpinned by our diversified portfolio that provides us a wide range of options and a perspective of profitable growth across different businesses of the energy mix. The Group’s results reflect our robust industrial and financial performance, significantly outperforming the commodity market. We are successfully scaling our E&P business for the next phase of growth and value creation thanks to the start of the Searah JV across Indonesia and Malaysia, which will monetize our large gas discoveries in the Kutei Basin, as well as several project advancements and expansion in new geographies. The strength of this business and our world-class E&P capabilities have driven an outstanding 11% of underlying production growth. The Transition businesses have been steadily improving their contribution to the Group results while fueling their self-funded growth. Plenitude is on track to reach 6.5 GW of installed capacity at year-end and can already leverage a customer base of around 11 million clients to drive value. Enilive is bringing online new capacity to take advantage of rapidly raising biofuels demand and was able to capture the full upside of a strong market. As the results achieved so far in 2026 demonstrate, we are a fundamentally stronger company year after year thanks to the quality of our portfolio: it is geographically diversified, grounded in advantaged assets, with exploration competence and transition exposure, as well as optionality for early monetization, supporting dependable cash generation for years to come. It will enable us to continue returning significant capital to shareholders with material upside participation in high scenarios, while retaining a robust balance sheet as highlighted by a proforma gearing at a historic low of 10%. As a consequence of these excellent results, we are raising our distribution policy by further €600 mln, to €3.4 bln of share buyback.”

Key operating and financial results

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
1,798	Hydrocarbon production	kboe/d	1,789	1,668	7	1,793	1,658	8
5.9	Installed capacity from renewables at period end	GW	6.0	4.5	33	6.0	4.5	33
3,536	Proforma adjusted EBIT ^(a)	€ million	5,375	2,681	100	8,911	6,362	40
2,418	subsidiaries		3,516	1,889	86	5,934	4,489	32
1,118	main JV/Associates ^(b)		1,859	792	135	2,977	1,873	59
	Proforma adjusted EBIT (by segment) ^(a)
3,357	E&P		4,769	2,422	97	8,126	5,730	42
327	Global Gas & LNG Portfolio (GGP) and Power		503	387	30	830	860	(3)
351	Transition Businesses		521	262	99	872	598	46
(260)	Refining, Chemicals and Sites in transformation		(40)	(193)	79	(300)	(527)	43
(239)	Corporate, other activities and consolidation adjustments		(378)	(197)		(617)	(299)
2,378	Adjusted net profit before taxes ^(a)		3,857	2,200	75	6,235	4,949	26
1,302	Adjusted net profit (loss) ^(a)(c)		2,333	1,134	106	3,635	2,546	43
1,071	Net profit (loss) ^(c)		3,319	543	511	4,390	1,715	156
2,878	Cash flow from operations before changes in working capital at replacement cost ^(a)		4,469	2,775	61	7,347	6,189	19
1,427	Net cash from operations		4,270	3,517	21	5,697	5,902	(3)
1,872	Organic capital expenditure ^(d)		1,838	2,029	(9)	3,710	3,914	(5)
10,848	Net borrowings before lease liabilities ex IFRS 16		11,271	10,198	11	11,271	10,198	11
54,291	Shareholders' equity including non-controlling interest		56,930	53,405	7	56,930	53,405	7
15	Proforma gearing before lease liabilities ex IFRS 16 ^(a)	(%)	10			10

(a) Non-GAAP measures. For further information see the paragraph "Non-GAAP measures" on pages 18 and subsequent.

(b) The main JV/associates are listed in the "Reconciliation of Group proforma adjusted EBIT" on page 22.

(d) Net of expenditures relating to business combinations, purchase of minority interests and other non-organic items, also excludes the share of capex of sanctioned joint operators funded by Eni.

Strategic and financial highlights

E&P result reflects advantaged barrels and cost discipline, with exploration and project maturation underpinning growth outlook

Underlying production, net of price effects, grew by a robust 11% y-o-y to 1.79 mln boe/d, close to flat q-o-q, driven by new project ramp-ups in West Africa, the GoA, Norway and Indonesia. FY production growth rate to around 5%.

Established Searah JV with Petronas, a regional leader in Southeast Asia’s LNG market. Searah is immediately accretive to Eni’s 2Q cash flow and production. The JV will support the development of Eni’s material discoveries in the Kutei Basin, delivering highly attractive, and valuable, production growth into the 2030s.

Agreed to acquire interests in upstream assets in Argentina to supply the floating LNG production development.

Reached the final investment decision for Phase 3 of the core Baleine field, off Côte d’Ivoire, for the Greater PAJ block off Angola, operated by the Azule Energy JV and for the Cronos gas project off Cyprus.

Farmed into an unexplored block in the Republic of the Gambia, marking Eni’s entry into this new geography.

Transition businesses fully on track to meet or exceed annual profitability and growth targets

Enilive and Plenitude delivered adjusted EBITDA of €1.1 bln in the first half ’26.

Activities are progressing for the deconsolidation of Plenitude in 3Q ’26, with Eni still retaining a 65% stake, thus providing the entity with a more efficient capital structure to pursue growth plans.

Enilive signed an agreement to acquire from Prax a network of 320 service stations branded OIL!, strengthening its presence in the mobility retail business in key European markets.

Secured financing for the CCUS business from a pool of international lenders.

New business developments to further strengthen the portfolio

The agreement with Mercuria to establish a global trading JV will maximize value across the commodity supply chain by integrating the optimization of the physical asset portfolio with advanced trading capabilities and expertise.

Entered the critical minerals value chain through direct investments in initiatives in Canada and Chile, supporting Eni’s ongoing plans to strengthen its transition businesses.

Established a JV with the United Kingdom Atomic Energy Authority to offer specialized services for the fuel cycle, which will be a factor in the operation of fusion power plants at industrial scale.

Managing portfolio optionality to accelerate cash generation and growth

Reached a long-term partnership agreement concerning an upstream portfolio based on infrastructure. Eni entered into a partnership agreement with AC Europe II SCSp (an entity managed by Ares Credit Management LLC), in exchange for a $2 bln capital contribution to be cashed-in the third quarter. AC Europe II SCSp obtained binding commitment letters from funds managed by Ares Alternative Credit Asset Management and from Pacific Investment Management Company LLC - PIMCO in line with market practice for an aggregate amount equal to the investment to be made by it.

Near completion of the divestment of a 10% interest in the Baleine oilfield.

Expected to monetize a retained 10% equity stake in the Kutei blocks through a separate portfolio transaction in 2026.

Fast-tracking the reconversion of the main chemical hubs to transition businesses

Set up a Special Purpose Vehicle to build a biorefinery at the Priolo complex, which will be complemented by a post-consumer chemical plastics recycling plant based on proprietary recycling technology.

Construction work began at our Brindisi hub, on a manufacturing facility for lithium-iron-phosphate batteries for primary use in stationary electricity storage systems supporting renewable generation.

Excellent 2Q financial results driven by volume growth, cost management and a supportive pricing environment, with proforma gearing at the low end of our guided range of 10-15% and €1.35 bln of cash returns to shareholders.

2Q ‘26 Group’s proforma adjusted EBIT was €5.38 bln, doubling y-o-y (up 52% on a sequential basis) due to strong performance at E&P, GGP and the Transition satellites. Also adjusted net profit more than doubled to €2.3 bln.

E&P reported €4.77 bln of proforma adjusted EBIT (up 42% and 97% respectively vs. 1Q’ 26 and y-o-y) driven by favorable volume/mix effects, cost discipline and better oil realizations, despite exchange rate trend.

GGP and Power reported €0.50 bln of proforma adjusted EBIT, with GGP at €0.47 bln up 46% y-o-y due to continued asset portfolio optimization and specific benefits relating to renegotiations and settlements.

Enilive more than doubled its proforma adjusted EBIT to €0.29 bln, driven by the biorefining business, which benefited also from an improved market scenario. Plenitude reported €0.23 bln of proforma adjusted EBIT, up 70% y-o-y, driven by volume growth in the renewables and the halting of depreciation pending the proposed deconsolidation transaction.

The Refining business reported positive proforma adjusted EBIT of €0.08 bln, reversing the year-ago loss due to an improved refining margin scenario, partly capped by higher shipping cost and narrowing differentials between heavy/sour vs light/sweet crudes, which penalized margins at complex cycles. Versalis’ chemicals business began to show progress thanks to ongoing restructuring measures and last year’s plant closures, with the loss cut by 65% to around €0.07 bln, also on the back of temporary supply disruptions supporting commodity plastics margins.

2Q ’26 Group’s adjusted CFFO before working capital was €4.47 bln, funding organic capex of €1.84 bln. Cash returns to shareholders were €1.35 bln, comprising the final tranche of the ‘25 dividend (€0.79 bln) and start of the ‘26 buyback program (€0.56 bln). Net debt was €11.3 bln at end 2Q ‘26, with proforma gearing at 10%, at the low end of the 10%-15% target range.

Outlook 2026

Eni is raising guidance for business performance and cash flow generation, which translates into an increased buyback programme thus granting material upside participation for shareholders

Specifically, our updated segmental guidance is providing:

FY’26 underlying oil & gas production growth is now expected to be around 5%, compared with the previously announced 3–4% target range.

FY’26 GGP adjusted proforma EBIT guidance is raised to over €1.4 bln, representing an increase of 40% compared with the initial level.

Enilive and Plenitude: FY proforma adjusted EBITDA is revised upward, at current scenario, to €1.3 bln (from €1.1 bln) for Enilive and confirmed at €1.3 bln for Plenitude.

Year-end installed renewable capacity at 6.5 GW (Plenitude @100%); biorefinery capacity at 2.1 MTPA plus 1.5 MTPA under construction (net Enilive).

On the financial side, we are strengthening our cash flow guidance:

At a revised Brent scenario of 85 $/bbl and SERM refining margin at 14 $/bbl, with TTF gas price confirmed at 50 €/MWh (exchange rate EUR/USD of 1.16), adjusted CFFO is expected to amount to €15 bln, representing an underlying improvement of €0.7 bln vs Group’s sensitivities¹.

Gross capex confirmed at €7 bln; net capex is guided to less than €5 bln, down vs. previous guidance.

Proforma gearing at the lower end of the 10-15% guided range. Reported gearing expected to converge to that level by year end.

As a result of the Company’s improved outlook, we are raising cash distributions to shareholders:

The 2026 share repurchase plan is expanded to €3.4 bln, up 20% from last quarter already revised guidance of €2.8 bln, in line with the Group distribution policy of returning 60% of upside vs. the budgeted CFFO (€11.5 bln) to shareholders till a Brent price of 90 $/bbl. The new buyback amount represents more than double the initial guidance of €1.5 bln at the budgeted cash flow.

Considering the updated refining margin scenario at 14 $/bbl (vs 6 $/bbl of the budget), should such margin remain higher than 50% of the initial guidance (i.e. at least 9 $/bbl compared to budgeted 6 $/bbl) an extraordinary dividend is expected to be defined in October and paid in the fourth quarter, in line with the Group stated remuneration policy to return 100% of upside in CFFO due to a scenario with Brent above 90 $/bbl or with a 50% increase in gas prices or refining margins above budgeted levels, in accordance with the Group's sensitivities (€0.08 bln per each one-dollar change in the SERM margin).

Confirmed the planned 2026 dividend of €1.1 per share (up 5% vs. 2025).

¹ Group’s sensitivities are confirmed as follows: €0.11 bln and €0.08 bln per each one-dollar change in the Brent price and SERM margin respectively; €0.03 bln for each one-euro per MWh change in the spot price of European gas.

Business segments: operating and financial results

Exploration & Production

Production and prices

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
80.61	Brent dated	$/bbl	104.52	67.82	54	92.57	71.74	29
1.170	Average EUR/USD exchange rate		1.163	1.134	3	1.167	1.093	7
1,798	Hydrocarbons production^(a)	kboe/d	1,789	1,668	7	1,793	1,658	8
862	Liquids	kbbl/d	832	825	1	847	805	5
4,893	Natural gas	mmcf/d	5,006	4,415	14	4,950	4,458	11
55.68	Average realizations ^(b)	$/boe	69.79	50.81	37	62.57	52.99	18
72.79	Liquids	$/bbl	96.50	62.77	54	84.16	66.17	27
7.28	Natural gas	$/kcf	8.42	7.14	18	7.85	7.36	7

(a) In the second quarter 2026 and in the first half 2026, it includes 78 kboe/d, respectively, of production related to certain sanctioned joint-venture partners.

(b) Prices related to consolidated subsidiaries.

In Q2 ’26, hydrocarbons production averaged 1.79 mln boe/d, 7% higher than the comparative period (1.79 mln boe/d in IH ’26, up 8% from the comparative period) driven by projects ramp-ups in Norway, Congo and Mexico, new projects start-ups in Angola and higher contribution from Indonesia/Malaysia where the new JV Searah was launched, as well as operational continuity. Quarterly underlying y-o-y production growth was 11%, adjusted for impact of portfolio transactions and price effects.

Liquids production was 832 kbbl/d in Q2 ’26, broadly in line compared to Q2 ’25 (847 kbbl/d in IH ’26, up 5% from the comparative period), driven by growth in Norway, Angola, Congo and Mexico.

Natural gas production was 5,006 mmcf/d, an increase of 14% compared to Q2 ’25 (4,950 mmcf/d in IH ’26, 11% higher than the comparative period) mainly due to organic growth in Norway and Congo.

Results

Q1			Q2			IH
2026		(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
4,950	Upstream turnover		5,861	4,701	25	10,811	10,107	7
3,357	Proforma adjusted EBIT		4,769	2,422	97	8,126	5,730	42
1,074	of which: main JV/Associates		1,793	763	..	2,867	1,841	56
1,851	Operating profit (loss) of subsidiaries		1,651	1,495	10	3,502	3,446	2
432	Exclusion of special items		1,325	164		1,757	443
2,283	Adjusted operating profit (loss) of subsidiaries		2,976	1,659	79	5,259	3,889	35
2,398	Adjusted profit (loss) before taxes		3,469	1,957	77	5,867	4,413	33
38.3	tax rate (%)		35.2	45.9		36.4	46.2
1,480	Adjusted net profit (loss)		2,249	1,059	..	3,729	2,372	57
53	Exploration expenses:		167	42	..	220	86	..
53	prospecting, geological and geophysical expenses		81	42	93	134	86	56
	write-off of unsuccessful wells		86			86
1,615	Capital expenditure		1,526	1,336	14	3,141	2,775	13

Q1			Q2			IH
2026	Main JV/Associates		2026	2025	% Ch.	2026	2025	% Ch.
1,074	Adjusted operating profit (Eni's share)	(€ million)	1,793	763	..	2,867	1,841	56
703	of which: Vår Energi		1,217	412	..	1,920	1,009	90
177	Azule Energy		286	218	31	463	450	3
199	Adjusted net profit		592	167	..	791	495	60
308	Total dividends		250	330	(24)	558	596	(6)
525	Hydrocarbon production	(kboe/d)	566	432	31	546	432	26

In 2Q ’26, Exploration & Production reported a proforma adjusted EBIT of €4,769 mln, increasing by 97% vs. 2Q ’25 due to favorable volume/mix effects, cost discipline, higher crude oil realized prices in USD (the Brent marker was up by 54%) and higher gas realizations (up by 18%), offset by the negative impact of exchange rate translation of dollar-denominated results of foreign subsidiaries (the EUR/USD exchange rate was up by 3%). In the IH ’26, proforma adjusted EBIT was €8,126 mln, up 42% compared to the IH ’25, due to the same drivers as for the 2Q.

In 2Q ’26, the segment reported an adjusted net profit of €2,249 mln, more than doubling y-o-y and included a higher contribution from JVs and associates. Adjusted net profit was €3,729 mln in the IH ’26, an increase of 57% y-o-y.

In 2Q ’26 the tax rate was about 35% lower than in 2Q ’25 (46%), due to a more favorable geographical mix of pretax profit.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

In April, a significant gas and condensate discovery was made in Egypt, with the successful drilling of the Denise W 1 exploration well in the Temsah Concession, offshore in the Eastern Mediterranean Sea. Preliminary estimates indicate about 2 trillion cubic feet (Tcf) of gas in place and 130 Mbbl of associated condensates. The discovery is close to existing production facilities providing significant synergies for a fast-track development.

In April, a giant gas and condensate discovery was made at the Geliga-1 (Eni 82%) well located in the Ganal block in the Kutei Basin, offshore Indonesia. Preliminary estimates indicate in-place resources of approximately 5 trillion cubic feet (Tcf) and 300 Mbbl of condensate allowing the possible development of a third production hub in the prolific Kutei Basin. Subsequent production tests performed in May confirmed the magnitude of the discovery. Proximity to existing and planned infrastructure offers potentially significant development cost synergies and an accelerated time-to-market.

In April, a MOU was signed with the Ministry of Hydrocarbons of Venezuela and the state oil company PDVSA to relaunch oil activities participated by Eni in the country, including the Junin-5 heavy oil field (Eni 40%) in the Orinoco Belt, as part of the initiatives to recover amounts owed by PDVSA to Eni in connection with gas supplies at the Perla field.

In May, a final investment decision (FID) was approved for the Phase 3 of the Baleine oil project, off Côte d'Ivoire. The Phase 3 full field development will increase oil production to 150 kbbl/d and gas production to 200 mmcf/d, doubling the current production rate.

In June, Eni was awarded exploration Block A1 in the offshore of the Republic of the Gambia. The deal is in line with the Company’s exploration strategy focused on building a geographically diversified portfolio which includes opportunities in proven but still underexplored and emerging areas and in frontier ones with high potential.

In June, having obtained all required regulatory approvals, Eni and Petronas established Searah, a new 50/50 independent joint venture which combines assets across Indonesia and Malaysia, just seven months after the signing of the Investment Agreement. Searah, with a portfolio of 19 gas-producing and development assets, 14 in Indonesia and 5 in Malaysia, is currently producing about 300 kboe/d. A $6 bln revolving credit facility has been successfully secured to fund Searah’s growth plans, which include a pipeline of expected investments for over $20 bln over the next five years. These investments will support the development of more than 3 bln boe of discovered resources and unlock additional exploration potential, which will ensure a sustainable long-term production plateau of 500 kboe/d.

In June, the JV Azule Energy made a final investment decision for the operated Greater PAJ project, off Angola. The project will develop hydrocarbon reserves across five fields in two adjacent Block 31 and Block 31/21 concessions. Production start-up is expected in the first half of 2029 by means of a new Floating Production, Storage and Offloading vessel (FPSO) with a production capacity of 95 kbbl/d of oil and 70 mmcf/d of gas.

In June, production start- up was achieved at the Sabratha Compression Project in partnership with the Libyan National Oil Corporation (NOC), which was designed to sustain and increase gas output from the Bahr Essalam gas field. The Sabratha Compression Project will support increased gas volumes of about 800 mln cubic meters/year as well as associated condensates.

In June, a sale and purchase agreement was signed with YPF for the acquisition of a 32% interest in three upstream blocks (Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas) in Argentina. The three blocks will be part of the Argentina LNG integrated development, an upstream-midstream project aimed at leveraging the Vaca Muerta gas resources. These assets’ resources will feed the 12 mln tons per annum (MTPA) of LNG capacity (via two floating LNG units of 6 MTPA each).

In July, reached a final investment decision to develop the gas Cronos operated project, in Block 6 offshore Cyprus. Production start-up is expected in 2028 with a plateau production of about 500 mmcf/d. Production will be transported and processed in existing Zohr facilities, in Egypt, then liquefied in Damietta LNG plant for export to international markets.

The disposal of the 25% interest in the Congo LNG project announced in 1Q ’25 was not finalized, since the relevant conditions precedent were not satisfied.

Global Gas & LNG Portfolio and Power

Sales and production

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
	Global Gas & LNG Portfolio
42	Spot Gas price at Italian PSV	€/MWh	47	38	22	44	43	3
40	TTF		46	35	29	43	41	4
2	Spread PSV vs. TTF		1	3	(62)	2	2
	Natural gas sales	bcm
7.67	Italy		5.62	4.49	25	13.29	10.44	27
5.32	Rest of Europe		4.27	3.86	11	9.59	9.07	6
0.09	Importers in Italy		0.08	0.28	(71)	0.17	0.50	(66)
5.23	European markets		4.19	3.58	17	9.42	8.57	10
0.91	Rest of World		0.86	0.66	30	1.77	1.62	9
13.90	Worldwide gas sales ^(a)		10.75	9.01	19	24.65	21.13	17
3.4	LNG sales		2.9	2.8	4	6.3	5.6	13
	Power
5.32	Thermoelectric production	TWh	3.91	4.53	(14)	9.23	9.94	(7)

(a) Data include intercompany sales.

In 2Q ’26, natural gas sales were 10.75 bcm, an increase of 19% from the comparative period. Sales in Italy increased by 25% vs. 2Q ’25, whilst sales in the European markets amounted to 4.19 bcm, an increase of 17% vs. 2Q ’25, reflecting higher sales to hubs in Benelux, France and Germany/Austria. LNG sales in 2Q ‘26 increased by 4% compared to the same period of 2025, largely due to more supply from Congo and Nigeria. In IH ’26, natural gas sales amounted to 24.65 bcm, up 17% vs the IH ‘25, mainly thanks to higher gas volumes marketed in Italy (up 27% vs. IH ’25) and in the European markets, in particular in Benelux and Germany/Austria (up 10% vs. IH ’25).

Thermoelectric production amounted to 3.91 TWh in 2Q ’26, down by 14% vs. 2Q ’25 with a lower plant utilization rate due to planned maintenance activities (9.23 TWh in IH ‘26, representing a decrease of 7% compared to the same period in 2025, due to the same drivers as of the quarter).

Results

Q1		Q2			IH
2026	(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
5,375	Sales from operations	4,058	3,444	18	9,433	9,034	4
327	Proforma adjusted EBIT	503	387	30	830	860	(3)
315	GGP	468	321	46	783	631	24
9	of which: main JV/Associates	8	9	(11)	17	19	(11)
12	Power	35	66	(47)	47	229	(79)
(142)	Operating profit (loss) of subsidiaries	523	585	(11)	381	1,358	(72)
460	Exclusion of special items	(28)	(207)		432	(517)
318	Adjusted operating profit (loss) of subsidiaries	495	378	31	813	841	(3)
324	Adjusted profit (loss) before taxes	497	382	30	821	852	(4)
204	Adjusted net profit (loss)	311	235	32	515	542	(5)
8	Capital expenditure	14	25	(44)	22	37	(41)

In 2Q ’26, the Global Gas & LNG Portfolio business achieved a proforma adjusted EBIT of €468 mln, increasing by 46% vs. the comparative period benefitting from the continued asset portfolio optimizations and specific benefits relating to renegotiations and settlements. In IH ’26, proforma adjusted EBIT amounted to €783 mln, up by 24% compared to IH ’25.

In 2Q ’26, the Power generation business reported a proforma adjusted EBIT of €35 mln down by 47% compared to the comparative period. The y-o-y comparison is affected by the circumstance that the 2025 results were impacted by a one-off item. In IH ‘26, proforma adjusted EBIT was €47 mln, down by €182 mln compared to IH ’25 due to the same driver as for the quarter.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

In May, three long-term agreements were signed for the purchase of liquefied natural gas in Indonesia with the South Hub and North Hub gas projects, both projects operated by Searah, the new 50/50 joint venture between Eni and Petronas. These long-term agreements relate to LNG volumes that will be supplied through the existing Bontang plant and cover volumes of approximately 2 MTPA. These additional LNG volumes will further diversify and strengthen Eni’s global integrated portfolio.

In June, Eni booked regasification capacity at the Ravenna terminal equal to 2 bcm/year for a 10-year term.

In July, an agreement was signed with Mercuria to establish a global trading joint venture to fully capture value across the entire supply chain of energy commodities. The new venture, equally owned, will operate on an independent and unconsolidated basis through a holding structure with international trading hubs, ensuring a global operational presence. The activities include the commercialization and trading of commodities including oil, biofuels, gas, LNG and related logistics and infrastructure rights.

In July, reached the Final Investment Decision (FID) to develop Cronos project, in deep waters offshore Cyprus, with the target to bring the first Cypriot gas to market in 2028. Through the marketing of 50% of the LNG volumes, equivalent to 1.4 MTPA, Eni will increase its contracted LNG portfolio supporting its strategic ambition to exceed 20 MTPA by 2030.

Transition Businesses

Enilive

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
	Enilive
1,515	Spread EU HVO UCO-based vs UCO (CIF)	$/tonnes	1,732	852	103	1,623	777	109
750	Spread US RD^(a) UCO-based vs UCO		1,122	444	153	936	463	102
252	Bio throughputs	ktonnes	275	274		527	566	(7)
64	Average bio refineries utilization rate	%	74	74		69	77
4.69	Total Enilive sales	mmtonnes	5.24	5.38	(3)	9.93	10.66	(7)
1.89	Retail sales		2.11	1.97	7	4.00	3.75	7
1.39	of which: Italy		1.04	1.40	(26)	2.96	2.65	12
2.39	Wholesale sales		2.47	2.83	(13)	4.86	5.71	(15)
1.65	of which: Italy		1.74	2.09	(17)	3.39	4.36	(22)
0.41	Other sales		0.66	0.58	14	1.07	1.20	(11)

(a) Renewable Diesel.

In 2Q ’26, bio throughputs were 0.28 mmtonnes, substantially in line vs. the comparative period, driven by higher volumes processed at Gela and Chalmette biorefineries which offset lower volumes at Venice biorefinery following a planned shutdown in order to enhance biorefinery configuration. In IH ‘26, bio throughputs decreased by 7% compared to the same period of 2025, reflecting the shutdown at Venice biorefinery.

In 2Q ’26, retail sales were 2.11 mmtonnes, a 7% increase vs 2Q ’25, supported by a positive performance in Italy. In IH ‘26, retail sales amounted to 4 mmtonnes, up by 7% vs. IH ’25, following the same drivers of the quarter.

In 2Q ’26, wholesale sales were 2.47 mmtonnes, a reduction of 13% y-o-y due to portfolio optimization in a competitive market in Italy. In IH ‘26, wholesales sales amounted to 4.86 mmtonnes, a reduction of 15% vs. IH ‘25, following the same drivers of the quarter.

Q1		Q2			IH
2026	(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
4,757	Sales from operations	6,917	4,779	45	11,674	9,536	22
217	Proforma adjusted EBITDA	375	209	79	592	381	55
138	Proforma adjusted EBIT	295	129	129	433	224	93
2	of which: main JV/Associates	28	(9)	..	30	(24)	225
183	Operating profit (loss) of subsidiaries	192	53	262	375	174	116
(105)	Exclusion of inventory holding (gains) losses	70	61		(35)	42
58	Exclusion of special items	5	24		63	32
136	Adjusted operating profit (loss) of subsidiaries	267	138	93	403	248	63
127	Adjusted profit (loss) before taxes	287	126	128	414	213	94
93	Adjusted net profit (loss)	208	76	174	301	141	113
165	Cash flow from operations before changes in working capital at replacement cost	293	176	66	458	325	41
(1,004)	Net borrowings	(438)	(1,264)	65	(438)	(1,264)	65
63	Capital expenditure	56	68	(18)	119	101	18

In 2Q ’26 Enilive reported a proforma adjusted EBIT of €295 mln, more than double compared to 2Q ’25 (€433 mln in IH ’26, compared to €224 mln in IH ’25, up by 93%) mainly thanks to the biorefining business which benefited from an improved market scenario, despite the Venice plant shutdown.

Proforma adjusted EBITDA amounted to €375 mln, increasing by 79% compared to the 2Q ’25 (€209 mln). In IH ’26 Enilive reported a proforma adjusted EBITDA of €592 mln, compared to a profit of €381 mln in IH ’25 (up by 55%).

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

In May, Eni and MSC Cruises completed test activities of Enilive’s HVO diesel, confirming its immediate applicability for use in marine engines with performance in line with traditional marine fossil fuels and also reducing emissions.

In July, Enilive, through its subsidiary Enilive Deutschland, signed a binding agreement with Prax to acquire 100% of OIL! Tankstellen, a company operating in the mobility sector in Germany, Denmark, Austria and Switzerland. Completion of the transaction is subject to the approval of the relevant regulatory authorities. The acquisition will enable Enilive to expand its European network by approximately 320 service stations, strengthening its presence in key strategic markets.

In July, an agreement was signed with carmaker BMW Group to power its vehicles of corporate fleets in Italy with HVO Diesel manufactured by Enilive.

Plenitude

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
	Plenitude
130	Italian PUN Index GME	€/MWh	124	102	22	127	120	6
9.8	Retail and business customers at period end	mln pod	10.8	10.0	8	10.8	10.0	8
2.27	Retail and business gas sales to end customers	bcm	0.65	0.68	(5)	2.92	3.07	(5)
5.19	Retail and business power sales to end customers	TWh	5.14	4.09	26	10.33	8.99	15
5.9	Installed capacity from renewables at period end	GW	6.0	4.5	33	6.0	4.5	33
1.8	Energy production from renewable sources	TWh	2.2	1.5	47	4.0	2.7	48
22.9	EV charging points at period end	thousand	23.2	21.8	6	23.2	21.8	6

As of June 30, 2026, retail and business customers were 10.8 mln (gas and electricity), an increase of 0.8 mln compared to June 30, 2025 mainly benefitting from the acquisition of the Acea Energia customer portfolio.

Retail and business gas sales to end customers amounted to 0.65 bcm in 2Q ’26, decreasing by 5% compared to 2Q ’25. In IH ‘26, gas sales amounted to 2.92 bcm, decreasing by 5% vs. the comparative period, mainly abroad due to lower average consumptions.

Retail and business power sales to end customers were 5.14 TWh in 2Q ’26, reflecting an increase of 26% compared to 2Q ’25, thanks to higher sales in Italy. In IH ’26 power sales amounted to 10.33 TWh (+15%), benefitting from increasing customer portfolio in the domestic business segment following the above mentioned Acea Energia acquisition and increasing power average consumption.

As of June 30, 2026, the installed capacity from renewables was 6 GW, with an increase of 1.5 GW compared to June 30, 2025, reflecting the organic development in Spain, the UK, Greece, Italy and Kazakhstan, as well as the acquisitions in France and in the USA.

Energy production from renewable sources was 2.2 TWh in 2Q ’26, up by 47% y-o-y, mainly thanks to the increased capacity in France and the development of organic projects in Spain (4 TWh in IH ’26, +48% vs. the comparative period).

As of June 30, 2026, EV charging points amounted to 23.2 thousand, up by 6% compared to 21.8 thousand as of June 30, 2025, thanks to network development, mainly in Italy, France and Germany.

Q1		Q2			IH
2026	(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
3,230	Sales from operations	2,075	1,885	10	5,305	5,603	(5)
308	Proforma adjusted EBITDA	233	256	(9)	541	614	(12)
213	Proforma adjusted EBIT	226	133	70	439	374	17
774	Operating profit (loss) of subsidiaries	52	30	..	826	64	..
(574)	Exclusion of special items	147	94		(427)	302
200	Adjusted operating profit (loss) of subsidiaries	199	124	60	399	366	9
204	Adjusted profit (loss) before taxes	189	107	77	393	336	17
134	Adjusted net profit (loss)	130	68	91	264	223	18
248	Cash flow from operations before changes in working capital at replacement cost	154	217	(29)	402	580	(31)
2,810	Net borrowings ^(a)	3,274	2,061	59	3,274	2,061	59
101	Capital expenditure	118	196	(40)	219	340	(36)

(a) Of which €3.0 bln due to Eni's Group as of June 30, 2026.

In 2Q ’26 Plenitude reported a proforma adjusted EBIT of €226 mln, up by 70% vs 2Q ’25, benefiting from volume growth in the renewables business and the halting of depreciation pending the proposed deconsolidation transaction. In IH ’26 Plenitude reported a proforma adjusted EBIT of €439 mln, an increase of 17% compared to a proforma adjusted EBIT of €374 mln in IH ’25.

In 2Q ’26, proforma adjusted EBITDA amounted to €233 mln, down by 9% vs 2Q ’25. In IH ’26 reported a proforma adjusted EBITDA of €541 mln, down by 12% compared to IH ’25 (€614 mln).

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

In April, Plenitude completed the acquisition of 100% of the share capital of Acea Energia S.p.A. and 50% of the share capital of Umbria Energy S.p.A.

In May, Plenitude, through its subsidiary Plenitude On The Road, progressed the development plan of its charging network with the installation of new infrastructures at ALDI retail locations across Italy. The plan foresees installation of charging points supported by different technologies, with the target of reaching an overall presence in more than 100 ALDI stores.

In June, as part of the development of the Renopool photovoltaic project in Spain, the largest solar park built by the Company worldwide, with a total installed capacity of 330 MW, Plenitude started production at the second 200 MW plant.

In June, Plenitude signed a 15-year Power Purchase Agreement with STAT, a company specializing in the design and production of components for the automotive sector. Plenitude will build a new 890 kWp photovoltaic plant to supply electricity to the company’s production facilities.

In June, Plenitude started production at the Villarino photovoltaic plant (Spain); with an installed capacity of 220 MW, it is expected to reach an estimated annual production of over 400 GWh.

In July, Plenitude achieved the First Industrial Electricity in Kazakhstan from the 120 MW gas-fired power plant. This milestone marks a major step in the development of Kazakhstan’s first large-scale hybrid power plant, which will integrate solar, gas-fired and wind generation in the future.

Refining, Chemicals and Sites in transformation

Production and sales

Q1			Q2			IH
2026			2026	2025	% Ch.	2026	2025	% Ch.
	Refining
10.1	Standard Eni Refining Margin (SERM) ^(a)	$/bbl	8.3	4.8	74	9.1	4.3	..
2.78	Throughputs in Italy on own account	mmtonnes	3.37	3.73	(10)	6.14	7.07	(13)
2.23	Throughputs in the rest of World on own account		1.73	2.67	(35)	3.96	5.17	(23)
5.01	Total throughputs on own account		5.10	6.40	(20)	10.10	12.24	(17)
66	Average refineries utilization rate	%	74	84		70	79
	Chemicals
0.65	Sales of chemical products	mmtonnes	0.61	0.72	(15)	1.26	1.52	(17)
58	Average plant utilization rate	%	57	47	21	58	51	14

(a) 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.

Refining

In 2Q ’26, the Standard Eni Refining Margin averaged 8.3 $/barrel vs. 4.8 $/barrel in 2Q ’25 mainly due to more favorable middle distillate crack spreads reflecting product tightness in connection with disrupted flows from the Middle East and plant outages against a backdrop of refinery closures in the Atlantic Basin (9.1 $/barrel in the IH ‘26, representing an increase vs. 4.3 $/barrel reported in IH ’25).

In 2Q ’26, throughputs on own accounts at Eni’s refineries in Italy amounted to 3.37 mmtonnes, down 10% y-o-y, mainly affected by lower volumes processed at the Sannazzaro and Milazzo refineries due to planned maintenance downtime, partly offset by higher volumes at the Taranto refinery due to higher plant availability. In IH ’26 throughputs amounted to 6.14 mmtonnes, down by 13% vs. the comparative period. Throughputs outside Italy decreased by 35% vs. 2Q ’25, due to lower volumes processed due to the product unavailability connected to the closure of Strait of Hormuz. In IH ’26, throughputs decreased by 23% vs IH ’25, following the same drivers of the quarter.

Chemicals

Sales of chemical products were 0.61 mmtonnes in 2Q ’26, a 15% decrease y-o-y due to lower production in particular polymers, following the closing of the Brindisi and Priolo sites, but now under transformation, and weaker demand. In IH ‘26, sales amounted to 1.26 mmtonnes, representing a decrease of 17% from the comparative period.

Margins remained weak across the board as commodity prices did not recover feedstock and energy input expenses due to European industry headwinds, sluggish economic activity, and competitive pressures from players with advantaged cost structure. The only exception was an improvement in the polyethylene spread driven by product tightness amidst supply disruptions from the Middle East.

Results

Q1		Q2			IH
2026	(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
4,112	Sales from operations	6,441	4,533	42	10,553	9,465	11
(260)	Proforma adjusted EBIT	(40)	(193)	79	(300)	(527)	43
(14)	Refining ^(a)	80	(9)	..	66	(100)	..
20	of which: main JV/Associates	3	20	(85)	23	29	(21)
(158)	Chemicals	(65)	(184)	65	(223)	(427)	48
(88)	Sites in transformation	(55)	0		(143)	0
(173)	Operating profit (loss) of subsidiaries	(129)	(843)	85	(302)	(1,302)	77
(404)	Exclusion of inventory holding (gains) losses	(151)	396		(555)	427
297	Exclusion of special items	237	234		534	319
(280)	Adjusted operating profit (loss) of subsidiaries	(43)	(213)	80	(323)	(556)	42
(259)	Adjusted profit (loss) before taxes	(63)	(207)	70	(322)	(550)	41
(229)	Adjusted net profit (loss)	(87)	(197)	56	(316)	(507)	38
158	Capital expenditure	282	175	61	440	288	53

(a) Due to the shutdown of the gasoline production unit in the first half 2026, the Livorno hub, currenty being upgraded to a biorefinery, has been reclassified to the segment “Sites in transformation” effective 1 January 2026 with the adjustment of the Q1 result.

In 2Q ’26, the Refining business, including the contribution from the ADNOC R&GT associate, reported a proforma adjusted profit of €80 mln, a better performance compared to the loss of €9 mln reported in 2Q ’25. Despite the upside of a constructive refining margin scenario the result was capped by higher shipping expenses, narrowing differentials between heavy/sour vs light/sweet crudes which penalized margins at complex cycles and lower throughputs. In IH ’26 the business reported a proforma adjusted profit of €66 mln, reversing the proforma adjusted loss of €100 mln reported in IH ’25.

The Chemical business, managed by Versalis, reported a proforma adjusted loss of €65 mln in 2Q ’26, a significantly improved performance compared to the loss in 2Q ’25 (€184 mln), reflecting ongoing restructuring efforts and last year’s plant closures, as well as a temporary improvement in the market scenario due to supply disruptions in connection with the ME crisis in certain segments like polyethylene. The overall picture of the chemical sector remains depressed, because of rapidly escalating costs of oil-based feedstock and plant utilities expenses which were not reflected in commodity plastics final prices due to macro headwinds impacting commodity demands and competitive pressures from players with advantaged cost structures. Polyethylene spreads have returned to unprofitable territory in July. In IH ’26, proforma adjusted loss amounted to €223 mln, almost 50% better than the €427 mln loss recorded in IH ’25.

The Sites in transformation business, which is currently managing restructuring, decommissioning and environmental remediation operations at petrochemical hubs shut down in prior period, including the Brindisi and Priolo hubs, to prepare the sites for the next investment transformation phase, reported a proforma adjusted loss of €55 mln due to ongoing expenses for plant restructuring. In IH ’26, proforma adjusted loss amounted to €143 mln.

For the disclosure on business segment special charges, see “Special items” in the Group results section.

Strategic developments

In May, Eni Industrial Evolution and FIB (Seri Industrial Group) signed an agreement for the joint development of an integrated industrial supply chain in the lithium iron phosphate “LFP” battery sector. The initiative is aimed at establishing an integrated industrial platform including the production of cells and modules, the assembly of systems for stationary energy storage and electric mobility, and, in the longer term, recycling activities and the production of cathode active materials. As part of the transaction, Eni Industrial Evolution acquired a 30% stake in a new company set-up by FIB (70% FIB’s stake), which will be engaged in project's commercial development and procurement and engineering activities. In July 2026, construction works started at the Brindisi hub to build a manufacturing facility of LFP batteries to be primarily used for stationary electricity storage systems to support renewable generation.

Sustainability and other developments

The main developments of the Group strategy aimed at improving Eni’s ESG performance and building longer-term opportunities in the energy market have been:

In May, Eni finalized the acquisition of an 11.6% stake in Nouveau Monde Graphite ("NMG"), a Canadian company active in the natural graphite and advanced battery materials sector. The transaction allows Eni to enter the value chain of critical minerals, in line with its strategy of diversifying supply sources and strengthening in the battery materials sector and to support the development of the Gigafactory project for stationary lithium batteries in Brindisi.

In May, Eni Rovuma Basin, on behalf of its Area 4 partners, signed two Memorandums of Understanding with the Ministry of Health of Mozambique for the improvement of hospital facilities in the provinces of Cabo Delgado and Maputo, contributing to the strengthening of the national health system and the promotion of more equitable access to quality healthcare services.

In May, Eni CCUS Holding secured a financing facility of more than £500 mln from a pool of 13 international lenders to strengthen its Carbon Capture & Storage (CCS) project platform.

In June, Eni and Hera inaugurated the Environmental Hub in Ravenna in the Ca’ Ponticelle reclaimed area. The project will help reduce the structural shortage of plants for managing special waste in Italy, maximizing material recovery and reducing reliance on landfills.

In June, Eni signed a Letter of Intent with the Agenzia Italiana per la Cooperazione allo Sviluppo with the aim of identifying and evaluating initiatives in cooperation areas of common interest to support Ghana development.

During the first half of 2026, as part of the Clean Cooking Program, Eni significantly expanded access to more efficient cooking solutions in Africa, reaching 1 mln people in Mozambique through the distribution of more than 200,000 improved cookstoves and inaugurating a new production center in Luanda (Angola). The program helps to reduce fuel consumption, pressure on natural resources and improve health. In addition, in Angola, Eni announced the launch of a sustainable agriculture and restoration project for degraded ecosystems in the province of Moxico, in order to promote practices and interventions to rebuild forest ecosystems.

In June, Eni signed a strategic agreement with Fincantieri for the development and dissemination of its proprietary Clean Sea technology, an advanced underwater robotic system for monitoring marine ecosystems and inspecting offshore infrastructure, aimed at ensuring asset integrity. This technology provides applications in offshore projects and in Carbon Capture and Storage (CCS) in the marine environment.

In June, Eni launched its new supercomputing system, HPC7 (High Performance Computing – HPC), which, with a capacity of over 861 PFlops/s, ranks 6th overall in the new TOP500 global ranking, second supercomputer in Europe and confirming its position as the world’s most powerful High-Performance Computer for industrial use.

In June, Eni's stock was confirmed for the twentieth consecutive year in the FTSE4Good Developed index.

In July, Eni and UKAEA (the United Kingdom Atomic Energy Authority) formed RH3OVA, a joint venture which combines the technical and industrial expertise of both partners to deliver specialist consultancy and operational services to the growing global fusion industry.

In July, Eni signed an agreement to acquire a 25% stake in EnergyX's Chilean subsidiary company Black Giant SpA, owing a lithium project located in the Northern Chile, characterized by the application of an innovative technology with a lower environmental impact than traditional extraction techniques.

Group Results

Q1		Q2			IH
2026	(€ million)	2026	2025	% Ch.	2026	2025	% Ch.
22,962	Sales from operations	24,375	18,767	30	47,337	41,332	15
2,173	Operating profit (loss)	1,898	1,162	63	4,071	3,490	17
(434)	Exclusion of inventory holding (gains) losses	(151)	372	..	(585)	358	..
679	Exclusion of special items ^(a)	1,769	355	..	2,448	641	..
2,418	Adjusted operating profit (loss)	3,516	1,889	86	5,934	4,489	32
1,118	main JV/Associates adjusted EBIT	1,859	792	135	2,977	1,873	59
3,536	Proforma adjusted EBIT	5,375	2,681	100	8,911	6,362	40
3,357	E&P	4,769	2,422	97	8,126	5,730	42
327	Global Gas & LNG Portfolio (GGP) and Power	503	387	30	830	860	(3)
351	Transition Businesses	521	262	99	872	598	46
(260)	Refining, Chemicals and Sites in transformation	(40)	(193)	79	(300)	(527)	43
(239)	Corporate, other activities and consolidation adjustments	(378)	(197)		(617)	(299)
2,378	Adjusted profit (loss) before taxes	3,857	2,200	75	6,235	4,949	26
1,375	Adjusted net profit (loss)	2,434	1,175	107	3,809	2,628	45
1,279	Net profit (loss)	3,376	561	..	4,655	1,756	..
1,071	Net profit (loss) attributable to Eni's shareholders	3,319	543	..	4,390	1,715	..
(278)	Exclusion of inventory holding (gains) losses	(120)	256	..	(398)	246	..
509	Exclusion of special items (a)	(866)	335	..	(357)	585	..
1,302	Adjusted net profit (loss) attributable to Eni's shareholders	2,333	1,134	106	3,635	2,546	43

(a) For further information see table "Breakdown of special items".

In 2Q ’26, the Group proforma adjusted EBIT of €5,38 bln doubled y-o-y due to strong performance at E&P, GGP and the Transition satellites. The factors which drove the Group’s 2Q ’26 performance were better realizations on equity production, higher biofuels margins, better volume/mix effects and the positive outcome of restructuring the chemicals sector and other cost efficiencies.

In 2Q ’26 adjusted profit before taxes was €3.86 bln, 75% higher than 2Q ’25, reflecting the trend in the Group adjusted EBIT and higher profits reported at equity-accounted entities, partly offset by increased finance expenses. In IH ‘26, the Group reported an adjusted profit before taxes of €6.24 bln, up 26% compared to IH ’25.

In 2Q ’26 adjusted net profit attributable to Eni’s shareholders of €2.33 bln more than doubled compared to 2Q ’25, factoring in a lower adjusted tax rate down to 37% from 47%, due to a better geographical mix of profits before taxes in E&P reflecting higher contribution from jurisdictions with lower-than-average tax rates. In IH ‘26, the Group reported an adjusted net profit attributable to Eni’s shareholders of €3.64 mln, up 43% compared to IH ’25.

Net borrowings and cash flow from operations

Q1		Q2			IH
2026	(€ million)	2026	2025	Change	2026	2025	Change
1,279	Net profit (loss)	3,376	561	2,815	4,655	1,756	2,899
	Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
1,636	- depreciation, depletion and amortization and other non monetary items	140	1,716	(1,576)	1,776	3,558	(1,782)
(5)	- net gains on disposal of assets		(6)	6	(5)	(6)	1
1,161	- dividends, interests and taxes	1,539	950	589	2,700	2,384	316
(1,785)	Changes in working capital related to operations	269	1,176	(907)	(1,516)	192	(1,708)
290	Dividends received by equity investments	578	512	66	868	879	(11)
(855)	Taxes paid	(1,196)	(1,058)	(138)	(2,051)	(2,230)	179
(294)	Interests (paid) received	(436)	(334)	(102)	(730)	(631)	(99)
1,427	Net cash provided by operating activities	4,270	3,517	753	5,697	5,902	(205)
(1,967)	Capital expenditure	(2,041)	(1,954)	(87)	(4,008)	(3,773)	(235)
(65)	Investments and acquisitions	(735)	(100)	(635)	(800)	(351)	(449)
10	Disposal of consolidated subsidiaries, businesses, tangible and intangible assets and investments	(281)	83	(364)	(271)	84	(355)
15	Other cash flow related to investing activities	240	(275)	515	255	(175)	430
(580)	Free cash flow	1,453	1,271	182	873	1,687	(814)
(839)	Net cash inflow (outflow) related to financial activities	9	10	(1)	(830)	(190)	(640)
2,356	Changes in short and long-term financial debt	104	(317)	421	2,460	(1,324)	3,784
(342)	Repayment of lease liabilities	(327)	(300)	(27)	(669)	(675)	6
(1,075)	Dividends paid, share repurchases, changes in non-controlling interests and reserves	(1,452)	(458)	(994)	(2,527)	1,564	(4,091)
960	Issue of perpetual hybrid bond and interest payment	(156)	(65)	(91)	804	126	678
15	Effect of changes in consolidation and exchange differences of cash and cash equivalent	8	(121)	129	23	(204)	227
495	NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT	(361)	20	(381)	134	984	(850)
2,878	Adjusted net cash before changes in working capital at replacement cost	4,469	2,775	1,694	7,347	6,189	1,158
Q1		Q2			IH
2026	(€ million)	2026	2025	Change	2026	2025	Change
(580)	Free cash flow	1,453	1,271	182	873	1,687	(814)
(342)	Repayment of lease liabilities	(327)	(300)	(27)	(669)	(675)	6
	Net borrowings of acquired companies	(9)		(9)	(9)		(9)
	Net borrowings of divested companies	(238)		(238)	(238)		(238)
(284)	Exchange differences on net borrowings and other changes	307	(312)	619	23	(725)	748
(1,075)	Dividends paid and changes in non-controlling interest and reserves	(1,452)	(458)	(994)	(2,527)	1,564	(4,091)
960	Issue of perpetual hybrid bond and interest payment	(156)	(65)	(91)	804	126	678
(1,321)	CHANGE IN NET BORROWINGS BEFORE LEASE LIABILITIES	(422)	136	(558)	(1,743)	1,977	(3,720)
342	Repayment of lease liabilities	327	300	27	669	675	(6)
(269)	Inception of new leases and other changes	(141)	193	(334)	(410)	70	(480)
(1,248)	CHANGE IN NET BORROWINGS AFTER LEASE LIABILITIES	(236)	629	(865)	(1,484)	2,722	(4,206)

In IH ’26, net cash provided by operating activities was €5,697 mln and included €868 mln of dividends received by Eni’s equity-accounted investments. The amount of trade receivables discounted as part of non-recourse arrangements with financing institutions was ca. €0.2 bln higher than in the Q4 ‘25 as part of the Group initiatives to optimize working capital requirements.

Adjusted net cash before changes in working capital at replacement cost was €7,347 mln in IH ’26 (€4,469 mln in the Q2 ’26) and is net of the following items:

inventory holding gains or losses relating to oil and products;

the reversing of timing difference between gas inventories accounted at weighted average cost and management’s own measure of performance leveraging inventories to optimize margins;

the fair value of commodity derivatives lacking the formal criteria to be designated as hedges or prorated on an accrual basis;

accrued post-merger balancing proceeds and other minor items.

A reconciliation of adjusted net cash before changes in working capital at replacement cost to net cash provided by operating activities is provided below:

Q1		Q2			IH
2026	(€ million)	2026	2025	Change	2026	2025	Change
1,427	Net cash provided by operating activities	4,270	3,517	753	5,697	5,902	(205)
1,785	Changes in working capital related to operations	(269)	(1,176)	907	1,516	(192)	1,708
195	Exclusion of commodity derivatives	(123)	(28)	(95)	72	(279)	351
(434)	Exclusion of inventory holding (gains) losses	(151)	372	(523)	(585)	358	(943)
2,973	Net cash before changes in working capital at replacement cost	3,727	2,685	1,042	6,700	5,789	911
(95)	Extraordinary (gains) charges and other items	742	90	652	647	400	247
2,878	Adjusted net cash before changes in working capital at replacement cost	4,469	2,775	1,694	7,347	6,189	1,158

In IH ’26 organic capex was €3.7 bln (down 5% y-o-y) and excluded the share of capex that was reimbursed or is expected to be reimbursed upon closing of ongoing asset disposals, which have been used to net disposals of the period or reclassified in other cash flows related to investing activities. Organic capex also excluded the share of capex pertaining to sanctioned joint operators, which was funded by Eni.

Net borrowings before lease liabilities ex IFRS 16 increased by around €1.74 bln in the first half of 2026. The main inflows comprised the adjusted operating cash flow (€7.35 bln) and the issuance of a hybrid bond (€0.99 bln) which were utilized to fund cash outflows related to organic capex (€3.71 bln), working capital needs (€1.52 bln), dividend payments to Eni’s shareholders and share repurchases of €2.53 bln (dividend payments of €1.6 bln and share repurchases of €0.9 bln), acquisition of consolidated subsidiaries and other portfolio activities (€1 bln) and repayment of lease liabilities and hybrid bond interest (€0.85 bln).

Eni, following the authorization granted by the Shareholders' Meeting held on May 6, 2026, started a new share buyback program, to be executed through April 2027. As of July 17, 2026, around 39 mln shares have been purchased, for a cash outlay of €860 mln.

Summarized Group Balance Sheet

(€ million)	Dec. 31, 2025	Jun. 30, 2026	Change

Fixed assets
Property, plant and equipment	50,536	49,165	(1,371)
Right of use	5,184	4,948	(236)
Intangible assets	6,022	1,532	(4,490)
Inventories - Compulsory stock	1,187	1,655	468
Equity-accounted investments and other investments	14,484	19,170	4,686
Receivables financing and securities held for operating purposes	974	997	23
Net payables related to capital expenditure	(1,337)	(1,372)	(35)
	77,050	76,095	(955)
Net working capital