# Eni S.p.A. (E): narrative for the third quarter of 2026 Eni reports in euros. Every money amount below has been converted to US dollars, except amounts the filings themselves state in US dollars, which are given as stated. Conversions use the euro/dollar exchange rates Eni states for each period: flows at the average rate for the period they cover, and balances at the rate on the balance-sheet date. Guidance, declared dividends and buyback amounts announced on October 22, 2026 are converted at that day's rate. Percentage changes stated next to two converted amounts are the change in US dollar terms. Where a percentage is given without amounts, it is the company's own figure and is measured in euros. Eni's American Depositary Shares trade on the New York Stock Exchange under the ticker "E". Each ADS represents two Eni ordinary shares. Per-share amounts below are stated per ADS. Sources: - Business, risk factors and the full-year 2025 review: annual report on Form 20-F for fiscal year 2025 (accession 0001554855-26-000390, filed March 23, 2026). - Current quarter, outlook and subsequent events: results release for the third quarter and nine months of 2026 on Form 6-K (accession 0001104659-26-119043, filed October 27, 2026). This release is unaudited. - Additional detail on the Ares/PIMCO upstream partnership: interim consolidated report as of June 30, 2026 on Form 6-K (accession 0001104659-26-091832). - Enilive's OIL! Tankstellen agreement and the Mercuria trading joint venture: results release for the second quarter of 2026 on Form 6-K (accession 0001174947-26-000742). --- ## Business *Source: Form 20-F for fiscal 2025, Item 4 (accession 0001554855-26-000390).* Eni is an integrated energy company headquartered in Rome. Most of its earnings come from finding, developing and producing oil and natural gas, which it does in 33 countries. Its main producing areas include North and Sub-Saharan Africa (Libya, Egypt, Algeria, Angola, Congo, Nigeria, Côte d'Ivoire, Mozambique), Norway and the UK, Kazakhstan, Indonesia, Mexico and the Middle East. It sells its own gas and LNG, along with gas it buys from third parties, to wholesale customers in Italy and the rest of Europe. It also runs gas-fired power plants in Italy, refines crude oil, makes petrochemicals through its subsidiary Versalis, and manufactures biofuels. Its downstream businesses sell fuel at service stations and supply gas and power to retail customers. In 2025, Eni's sales from operations were $92.83 billion. Its oil and gas production averaged 1,594 thousand barrels of oil equivalent per day (kboe/d) on an available-for-sale basis: 839 thousand barrels per day of liquids and 3,951 million cubic feet per day of gas. Eni reported the following segments for 2025: - **Exploration & Production (E&P):** oil and gas exploration, development and production, plus LNG operations. It also includes oil and products trading that supplies the refineries and balances commercial positions. In several countries, the business runs through equity-accounted companies rather than subsidiaries. The main ones are Vår Energi in Norway (Eni owns 63%), Azule Energy in Angola (50%) and Ithaca Energy in the UK. Since June 2026 they also include Searah, a 50/50 joint venture with Petronas that holds 19 gas assets in Indonesia and Malaysia. - **Global Gas & LNG Portfolio and Power (GGP):** wholesale supply and trading of pipeline gas and LNG, international gas transport, and gas-fired power generation in Italy. The business aims to earn a steady margin from a portfolio of long-term contracts, transport and storage capacity, and a growing volume of LNG from Eni's own production. - **Enilive:** biofuels made at the Venice and Gela biorefineries in Italy and through the Chalmette joint venture in the US, plus a network of service stations in Italy and other European countries. KKR owns 30% of Enilive. - **Plenitude:** retail gas and power (about 10 million delivery points at the end of 2025), renewable generation and electric-vehicle charging. Plenitude was a subsidiary through 2025. On September 30, 2026, it became a jointly controlled, equity-accounted company in which Eni holds 65% (see the current-quarter section). - **Refining and Chemicals:** fuel refining and wholesale marketing, and Versalis's base chemicals, plastics and elastomers, mostly in Italy and Europe. From January 1, 2026, Eni reports this segment as "Refining, Chemicals and Sites in transformation". The new unit reports the costs of preparing closed petrochemical sites (Brindisi, Priolo) and the Livorno refinery for conversion. - **Corporate and Other:** head-office costs, Eni Rewind's environmental remediation, carbon capture and storage (CCS), and agri-feedstock projects. Two models drive Eni's strategy: - **The "satellite" model.** Eni places businesses in separately financed companies with outside partners. Those companies fund their own growth and pay dividends back to Eni. Examples are the regional upstream joint ventures, KKR's 30% stake in Enilive, Ares's investment in Plenitude, and Global Infrastructure Partners' 49.99% stake in Eni CCUS Holding. - **The "dual exploration" model.** Eni sells down large working interests in its own discoveries early, which brings in cash before production starts. In 2025, Eni sold 30% of the Baleine oilfield off Côte d'Ivoire for net proceeds of $1.24 billion. The 2026–2030 plan calls for about $32.77 billion of gross capital expenditure, most of it in upstream. Under the plan, production grows at around 3–4% a year through 2030, with LNG the largest single driver. Eni targets a ratio of net debt to equity plus net debt of 0.10–0.15 and net-zero emissions across its products and processes by 2050. Proved reserves were 6,885 million barrels of oil equivalent (mmBOE) at December 31, 2025, up about 6% during the year. Of that total, 4,830 mmBOE was in subsidiaries and 2,055 mmBOE was Eni's share of equity-accounted companies. The all-sources reserve replacement ratio over 2023–2025 was 115%. About 84% of proved reserves are in non-OECD countries. About 60% are held under production-sharing agreements, where Eni's entitlement volumes fall as prices rise. About 73% of 2025 production came from offshore fields. --- ## Risk factors *Source: Form 20-F for fiscal 2025, Item 3 (accession 0001554855-26-000390).* Eni's results depend mainly on the price of crude oil. Beyond that, its biggest exposures are geopolitical risk in the countries where its reserves sit, the structural decline of European refining and petrochemicals, and the energy transition. The main risks Eni discloses are these: - **Commodity prices, unhedged.** Eni does not hedge future production from its reserves. Its E&P costs are largely fixed, so price moves pass almost directly into profit. The 14.5% fall in the average Brent price in 2025 cut E&P operating profit by an estimated $2.03 billion. For 2026, Eni estimates that each $1/bbl change in Brent moves operating cash flow by about $123.33 million. Because about 60% of reserves are under production-sharing agreements, higher prices also reduce Eni's entitlement volumes, by up to 1 kboe/d per $1/bbl change in Brent. - **Macroeconomic and geopolitical shocks.** The filing cites the war involving the US, Israel and Iran that began in late February and early March 2026, which could disrupt oil and LNG flows from the Gulf. It also cites Russia's war in Ukraine, US trade disputes and high long-term interest rates, any of which could tip the world economy into a slowdown and cut demand for hydrocarbons. - **Russia.** Eni still has long-term take-or-pay gas contracts with Gazprom. It has taken no gas under them for three years, has replaced Russian gas with other supply and wants to end the contracts. Exiting them may involve significant operational and financial risk. Eni's crude, gas, LNG and products trading also exposes it to the risk of breaching the evolving EU and US sanctions on Russia. - **Political exposure in producing countries.** The filing names Libya, Venezuela and Egypt. - *Libya:* 155 kboe/d in 2025, about 10% of group production, in a country whose politics remain split between two rival governments. - *Venezuela:* PDVSA owed Eni about $2.3 billion in nominal overdue receivables at the end of 2025, carried at about $1.0 billion after loss provisions. The 2026 change of government may make that balance easier to collect. - *Egypt:* state buyers have paid late in the past, although the overdue balance was almost cleared in 2025. - **Structural weakness in downstream businesses.** Global overcapacity, Asian competitors with lower costs and Europe's high energy costs weigh on refining and chemicals. In 2025, the refining business had an operating loss of $1.24 billion. The chemicals business had its fourth straight operating loss, of $1.58 billion, and an adjusted operating loss of $925.47 million. Eni's plan to close and convert plants depends on obtaining permits and avoiding cost overruns. - **Climate policy and the energy transition.** - *Carbon costs:* in 2025, Eni accrued about $904 million for European Emissions Trading Scheme allowances covering 11.3 million tonnes of CO2. - *Demand:* electric vehicles, renewables and hydrogen could cause a structural fall in oil and gas demand. - *Litigation:* climate cases are spreading. NGOs and private citizens sued Eni in an Italian court in 2023. - *Financing:* investors and lenders are reducing their exposure to fossil fuels, which could raise Eni's cost of capital. - *Physical risk:* extreme weather can disrupt operations. - **Returns on low-carbon businesses.** Margins in biofuels and renewable power may stay below historical oil and gas margins. Biofuels are exposed to oversupply and dumping. Outside investors in satellite companies take a growing share of dividends. - **Upstream execution and reserves.** - *Execution:* exploration may fail, and projects can run late and over budget. A concentrated supplier base for vessels, rigs and services keeps costs high. - *Undeveloped reserves:* 44% of proved reserves were undeveloped at the end of 2025, with estimated future development and decommissioning costs of about $53.27 billion. - *Reserve estimates:* lower SEC reference prices removed 12 mmBOE in 2025. The standardized present value of proved reserves was about $50.45 billion at year-end, down from a year earlier. - **Windfall taxes.** Oil prices above $100/bbl in 2026 brought political pressure in Europe. Eni says it cannot rule out new windfall taxes on the sector. - **Gas and power regulation.** - *Contract commitments:* long-term take-or-pay supply contracts, mainly from Algeria and Norway, oblige Eni to buy minimum volumes. - *Retail pricing:* the Italian energy regulator can limit how much of a cost increase retail suppliers pass on to customers. - *February 2026 decree:* Italy's "Bollette" decree aims to narrow the gap between Italian (PSV) and Dutch (TTF) gas prices. It also raises a regional income-tax rate for energy companies by two percentage points for 2026–2027. Eni expects the overall effect to be not significant. - **Health, safety and environment.** Eni is not insured against a disaster on the scale of Macondo. In December 2024, a fire at an Eni fuel depot killed five people, and insurance did not cover all the losses. Eni also faces strict-liability environmental claims at former industrial sites in Italy, along with anti-corruption proceedings, cyberattacks and data-protection rules. - **Currency and credit.** Eni's statements are in euros, but its main E&P subsidiaries use the US dollar, and this translation exposure is not hedged. The euro's appreciation in 2025 reduced reported results by about $565 million and equity by about $7.53 billion. Eni's credit rating is also linked to Italy's sovereign rating. --- ## Management's discussion: full-year 2025 *Source: Form 20-F for fiscal 2025, Item 5 (accession 0001554855-26-000390).* Lower oil prices and a stronger euro drove Eni's 2025 results. Brent averaged $69.06/bbl against $80.76/bbl in 2024, and the average EUR/USD rate rose to 1.130 from 1.082. Management estimates that the lower oil price alone cut 2025 operating profit by $2.15 billion and operating cash flow by $1.81 billion. European gas prices were roughly flat, and chemicals margins fell further. Refining margins improved from the second half of the year, and biofuel margins recovered from their 2024 lows. - **Revenue and earnings.** Sales from operations were $92.83 billion, compared with $96.08 billion in 2024 (down 3.4%). Adjusted operating profit (a non-GAAP measure) fell to $9.43 billion from $11.20 billion (down 15.8%). - *E&P:* the main driver, down about $1.92 billion on lower prices and the weaker dollar, partly offset by higher volumes and cost savings. - *GGP and Power:* up about $146.9 million, from optimizing the gas portfolio. - *Enilive:* up about $124.3 million, as biofuel margins and processed volumes recovered. - *Chemicals and refining:* chemicals lost $925.47 million on an adjusted basis, in line with 2024, and refining had a small adjusted loss. - **Net profit.** Net profit attributable to shareholders was $2.95 billion, essentially flat in euro terms. Adjusted net profit was $5.64 billion, compared with $5.69 billion. The adjusted tax rate fell to 44% from 52% because more profit came from lower-tax jurisdictions and maturing exploration projects released tax benefits. Excluded special items included about $1.24 billion of E&P impairments, $632.8 million of environmental provisions and $339 million of risk provisions, mainly for an Italian Antitrust Authority case over retail biofuel sales. - **Cash and capital returns.** Operating cash flow was $15.06 billion, which funded $9.72 billion of capital expenditure. Shareholders received $5.65 billion: $3.50 billion in dividends and $2.15 billion in buybacks. Portfolio deals brought in substantial cash: KKR's 30% stake in Enilive about $4.07 billion, Ares's 20% stake in Plenitude $2.26 billion, and the 30% Baleine stake $1.24 billion. The sales of minority stakes in Enilive and Plenitude were recorded in equity, not profit. - **Debt.** Net borrowings excluding lease liabilities fell to $11.04 billion at year-end 2025 from $12.66 billion a year earlier. Gearing was 0.15, even though the weaker dollar reduced equity. - **Outlook at the time of filing.** Eni planned 2026 on Brent at $70/bbl, with production growing in line with the five-year plan. --- ## Current quarter: third quarter of 2026 *Source: results release for the third quarter and nine months of 2026, Form 6-K (accession 0001104659-26-119043), except where noted.* ### Operating environment The third quarter was far more favorable than a year earlier, largely because the Middle East conflict disrupted oil and products flows from the Gulf: | | Q3 2026 | Q3 2025 | |---|---|---| | Brent ($/bbl) | 97.00 | 69.07 | | Dutch TTF gas price (€/MWh) | 63 | 32 | | Standard Eni Refining Margin, SERM ($/bbl) | 28.1 | 8.9 | | Average EUR/USD exchange rate | 1.151 | 1.168 | The release attributes the refining margin to tight supply of middle distillates as flows from the Middle East were disrupted. The closure of the Strait of Hormuz also cut Eni's refinery throughput outside Italy by 12%. ### Group results Profit before special items roughly doubled: - **Proforma adjusted EBIT** was $6.90 billion, compared with $3.50 billion (up 97.2%). This is Eni's main non-GAAP profit measure: adjusted operating profit of subsidiaries plus Eni's share of the operating profit of its main joint ventures and associates. - **Adjusted net profit attributable to shareholders** was $3.22 billion, compared with $1.46 billion (up 121.3%). The adjusted tax rate fell to 32% from 42% because more profit came from lower-tax upstream jurisdictions and Italian subsidiaries performed better. - **Reported net profit attributable to shareholders** was $3.69 billion, compared with $937.90 million. It includes a gain of about $1.73 billion from remeasuring Eni's retained 65% stake in Plenitude at fair value when Eni gave up control. The gain is reported in discontinued operations. - **Sales from continuing operations** were $29.52 billion, compared with $21.49 billion (up 37.3%). Results by segment (proforma adjusted EBIT unless stated otherwise): - **E&P:** $5.33 billion, compared with $3.08 billion (up 73.0%). - *Production:* 1,829 kboe/d, up 4%, or 7% excluding portfolio and price effects. Projects ramped up in Congo, Mexico, Norway and West Africa, and Searah contributed for the full quarter. The total includes 81 kboe/d linked to certain sanctioned joint-venture partners. - *Mix and prices:* liquids fell 2% to 845 kbbl/d, gas rose 10% to 5,148 mmcf/d, and the average realized price rose 33% to $69.31/boe. - *Tax and exploration:* the segment's tax rate fell to about 35% from 42%. Exploration discoveries in the first nine months totaled 1.23 billion boe. - **GGP:** $468.46 million, compared with $325.87 million (up 43.8%), from portfolio optimization and capturing market volatility. Gas sales rose 16% to 10.68 billion cubic meters (bcm). - **Power:** $43.74 million, compared with $78.26 million. The prior-year quarter included a one-off gain. - **Enilive:** $471.91 million, compared with $272.14 million (up 73.4%). Adjusted EBITDA was $563.99 million. Biorefining margins were much stronger. Biofuel throughput fell 17% because planned shutdowns at Venice and Gela outweighed better output at Chalmette. - **Plenitude:** $219.84 million, compared with $114.46 million. Part of the increase came from stopping depreciation in connection with the deconsolidation. Adjusted EBITDA fell to $234.80 million from $258.13 million on retail competition and weaker renewable power prices. The business ended the quarter with 10.8 million customers (helped by the acquisition of Acea Energia) and 6.1 GW of renewable capacity. - **Refining:** $836.78 million (including the ADNOC Refining and Global Trading associate), compared with $157.68 million. Plants were more available, and the associate's export and trading activity recovered. Higher shipping costs and a narrower price gap between heavy and light crudes held the result back. - **Chemicals (Versalis):** a loss of $204.88 million, compared with a loss of $219.58 million. Feedstock and energy costs rose faster than polymer prices, so margins fell below last year's already depressed levels. Restructuring and the plant closures made last year absorbed the impact. - **Sites in transformation:** a loss of $88.63 million in operating costs at closed sites being prepared for conversion. Special items excluded from adjusted results were net pre-tax charges of $1.85 billion in the quarter. The largest was a $1.50 billion charge for fair-value changes on GGP commodity derivatives that do not qualify for hedge accounting. Environmental provisions in refining and chemicals were another $260.13 million. Over nine months, E&P impairments reached $1.43 billion. Eni says these mainly reflect shifting capital away from later phases of marginal fields and downward revisions to reserves. Below operating profit, the nine-month figures also include a gain of about $2.32 billion from contributing Eni's Indonesian gas assets to Searah in June. ### Cash flow and balance sheet - **Cash flow.** Net cash from operations was $5.02 billion, compared with $3.60 billion. Adjusted operating cash flow before working capital, Eni's guidance measure, was $4.93 billion, compared with $3.85 billion (up 28.1%). Organic capital expenditure fell to $1.55 billion from $2.32 billion. Free cash flow on Eni's own definition (a non-GAAP measure) was $3.20 billion. Shareholders received $2.19 billion in the quarter: $920.8 million as the first tranche of the 2026 dividend and $1.27 billion in buybacks. - **Upstream infrastructure partnership.** In the quarter, Eni received a $2 billion capital contribution from AC Europe II SCSp, an entity managed by Ares Credit Management that is backed by funds of Ares and PIMCO. In return, the partner shares in the future dividends of a portfolio of E&P infrastructure assets. Eni recorded the contribution in group equity. *(Counterparty detail from the interim report as of June 30, 2026, accession 0001104659-26-091832.)* - **Net borrowings.** Net borrowings before lease liabilities (the ex-IFRS 16 basis) were $7.61 billion at September 30, 2026, compared with $11.20 billion at December 31, 2025. The annual report gave a lower figure for the same date, $11.04 billion, also excluding lease liabilities. The two calculations differ only in year-end cash: the annual report's cash included $166.99 million held at subsidiaries classified as held for sale, which was moved into Eni's central cash pool early in 2026, while the release's year-end cash figure is lower by that amount. The release does not comment on the difference. Deconsolidating Plenitude reduced net borrowings by about $3.12 billion. Gearing was 0.10, or 0.09 on a pro forma basis that includes the pending Indonesian sales. That is below the bottom of Eni's 0.10–0.15 target range and the lowest in the company's history. - **Equity and investments.** Shareholders' equity including minority interests was $65.42 billion. The retained 65% stake in Plenitude was recorded at $7.72 billion and the 50% Searah stake at $5.56 billion, which together explain most of the rise in fixed assets. ### Nine months to September 30, 2026 | | 9M 2026 | 9M 2025 | Change | |---|---|---|---| | Proforma adjusted EBIT | $17.30 billion | $10.47 billion | up 65.3% | | Adjusted net profit attributable to shareholders | $7.47 billion | $4.24 billion | up 76.0% | | Reported net profit attributable to shareholders | $8.82 billion | $2.82 billion | | | Net cash from operations | $11.68 billion | $10.05 billion | | | Adjusted operating cash flow before working capital | $13.51 billion | $10.61 billion | | Organic capital expenditure was $5.87 billion, down 14% in euro terms. Shareholder distributions totaled $4.99 billion. Eni also issued a hybrid bond of $1.15 billion. Over the same period, Enilive and Plenitude together earned adjusted EBITDA of $2.09 billion, up 20% in euro terms. ### Portfolio moves in the quarter - **Plenitude deconsolidated.** Eni and Ares completed a non-proportional capital increase of $1.77 billion, with Eni subscribing 30% and Ares the rest. The deal took effect on September 30. It reduced Eni's stake to 65% and gave Eni and Ares joint control. The transaction valued Plenitude's equity at $12.26 billion before the new money and its enterprise value at $14.76 billion. Plenitude's assets and liabilities left Eni's balance sheet, and the retained stake is now equity-accounted. - **Junín 5, Venezuela.** In September, Eni signed a 25-year production contract with PDVSA that makes Eni the exclusive operator of the Junín 5 heavy-oil field. The field holds 35 billion barrels of certified oil in place and currently produces about 12 kbbl/d. Together with an agreement to export gas from the Perla field, this gives Eni access to about 5.5 billion boe of recoverable resources. - **Baleine.** In September, Eni completed the sale of a further 10% of the Baleine project in Côte d'Ivoire to SOCAR. The release does not give the price. - **OIL! Tankstellen (signed; completion not reported).** In July, Enilive, through its subsidiary Enilive Deutschland, signed a binding agreement with Prax to acquire 100% of OIL! Tankstellen, which would add about 320 service stations in Germany, Denmark, Austria and Switzerland to Enilive's network. The second-quarter release said completion was subject to regulatory approval; the third-quarter release does not say whether it has completed. The second-quarter release does not give the price. *(Second-quarter results release, Form 6-K accession 0001174947-26-000742, Strategic developments.)* - **Mercuria trading joint venture (signed; completion not reported).** In July, Eni signed an agreement with Mercuria to set up a global trading joint venture, owned equally by the two companies. It is to operate independently and will not be consolidated, trading commodities including oil, biofuels, gas and LNG through a holding structure with international trading hubs. *(Same release, Strategic developments.)* - **New exploration acreage.** Eni became operator of offshore block OFF-5 in Uruguay with a 50% stake and signed an agreement for an adjacent block. It was also awarded the Sapukala block in Indonesia's Kutei Basin with a 100% interest. - **Argentina LNG.** The project led by YPF, Eni and XRG applied for Argentina's large-investment incentive regime (RIGI). The project targets an initial 12 million tonnes per year of LNG exports, with a final investment decision expected around the end of 2026. ### 2026 outlook Eni raised its full-year guidance with the third-quarter results: - **Production:** underlying growth raised to 6–7%. - **GGP:** proforma adjusted EBIT of about $1.68 billion, roughly 50% above the initial guidance. - **Enilive and Plenitude:** Enilive proforma adjusted EBITDA raised to $1.57 billion. Plenitude EBITDA is expected at about $1.35 billion. - **Capacity:** renewable capacity of 6.5 GW at year-end. A further 0.5 million tonnes a year of biorefining capacity should reach mechanical completion at year-end. - **Cash flow:** adjusted operating cash flow of $18.5 billion. This assumes Brent at $95/bbl, a SERM of $18/bbl, TTF gas at €55/MWh and EUR/USD at 1.15. Eni says this includes an underlying improvement of $1.35 billion beyond what its price sensitivities explain. - **Capital expenditure:** gross capex of $7.85 billion and net capex below $5.05 billion. Gearing is expected at the bottom of the 0.10–0.15 range. - **Sensitivities:** each $1/bbl change in Brent moves operating cash flow by about $123.33 million, each $1/bbl change in SERM by about $89.70 million, and each €1/MWh change in European gas prices by about $33.64 million. - **Shareholder distributions:** - *Extraordinary dividend:* the Board declared $1.03 per ADS, about $1.46 billion in total. - *Buyback:* raised to $4.26 billion, up 12% from the level set last quarter and almost three times the initial guidance. - *Ordinary dividend:* confirmed at $2.47 per ADS for 2026, up 5% in euro terms. - *Payout policy:* Eni returns 60% of operating cash flow above its $12.89 billion budget to shareholders, up to Brent at $90/bbl. It pays out 100% of the upside as an extraordinary dividend when the full-year Brent forecast is above $90/bbl, and also where gas prices and refining margins exceed plan assumptions by more than 50%. --- ## Subsequent events *Source: results release for the third quarter and nine months of 2026, Form 6-K (accession 0001104659-26-119043). The release is dated October 23, 2026, and covers events after the September 30, 2026 balance-sheet date.* - **Indonesian farm-downs.** In October, Eni signed binding agreements to sell interests in Indonesian upstream assets operated by Searah. Pertamina, Indonesia's national energy company, would buy 10% of the East Sepinggan, North Ganal and Rapak production-sharing contracts. Medco would buy 10% of the West Ganal, East Ganal, Ganal and Muara Bakau contracts. The assets include the Northern and Southern hub developments and the Geliga discovery. The release does not give the prices. Both sales need government and regulatory approval. The 0.09 pro forma gearing reported for September 30 already includes them. - **Plenitude closing.** The Plenitude ownership reorganization with Ares and Energy Infrastructure Partners closed in October, effective from September 30, 2026. - **Dividends declared on October 22, 2026.** - *Second tranche of the 2026 dividend:* $0.61 per ADS. The shares go ex-dividend on November 23 and the dividend is paid on November 25, 2026. ADS holders of record on November 24 are paid on December 7, 2026. - *Extraordinary dividend:* $1.03 per ADS. The shares go ex-dividend on December 7 and the dividend is paid on December 9, 2026. ADS holders of record on December 8 are paid on January 8, 2027. - **Buyback progress.** The program authorized by shareholders on May 6, 2026 runs through April 2027. Under it, Eni had bought about 85 million shares for $2.19 billion by October 16, 2026, against the raised plan of $4.26 billion. - **Projects completed in October.** - *Liverpool Bay CCS:* Eni's CCUS Holding installed the Douglas CCS platform for the Liverpool Bay project, the CO2 transport and storage backbone of the UK's HyNet cluster. - *Bouri, Libya:* the Bouri Gas Utilization Project was completed. It recovers associated gas for the domestic market and is expected to cut emissions by about 1.5 million tonnes of CO2 a year. - **"Eni for Italy" price relief.** - *Enilive fuel price cap:* from September 28, Enilive capped fuel prices at its stations for an initial 30 days, with a possible extension to year-end. - *Agricultural and fishing discount:* in October, Eni extended a 20% discount on fuel for the agricultural and fishing sectors through October 31, also with a possible extension. - *Plenitude discount:* from October 1, Plenitude offered a 30% discount on the raw-material component of electricity and gas, fixed for two years, on contracts signed by October 24. Plenitude absorbs the higher raw-material costs.