[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","v173y2hh9wn2sqmgv4eu71yv7","revision",2,"title","Eni披露2026年第三季度及前九个月业绩，上调全年现金流预测并增加股息与回购","originalTitle","6-K - ENI SPA (0001002242) (Filer)","summary","Eni披露2026年第三季度及前九个月业绩：前九个月调整后备考EBIT为149.05亿欧元，同比增长59%；归属于股东的调整后净利润为64.36亿欧元，同比增长70%。","reason","材料披露了Eni 2026年前九个月经营业绩、现金流与资产负债情况，并列出额外股息和回购计划调整，可用于了解公司业绩及股东回报安排。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-27T15:45:08.000Z","discoveredAt","2026-10-28T01:51:22.987Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",79,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fPitqPKMymoc",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","bd2fbb83-db49-4758-969c-ca1000116f8d","Eni披露2026年前九个月业绩",{"_73":74,"_16":75},"

美利坚合众国

证券交易委员会

华盛顿特区 20549

6-K 表

根据《证券交易法》第 13a-16 条或第 15d-16 条提交的外国私人发行人报告

根据《1934 年证券交易法》

2026 年 10 月

委员会档案编号 0001002242

Eni S.p.A.

（注册人名称的英文译名）

Piazzale Enrico Mattei 1 - 00144 Rome, Italy

（主要行政办公室地址）

请勾选注册人是否提交或将提交 20-F 表或 40-F 表年度报告。

X 20-F 表 ¨\n40-F 表

Eni 董事会——批准以替代 2026 年股息的拨备第二期：每股 € 0.27

Eni：2026 年第三季度及前九个月业绩

签名

根据《1934 年证券交易法》的要求，注册人已正式授权下述签署人代表其签署本报告。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

			\n Eni S.p.A.
			（注册人）

日期：	2026 年\n 10 月 23 日	签署人：	/s/\n Giulia Saba
			（签名）
		姓名：	Giulia\n Saba
		职务：	Eni SpA 公司秘书事务及后台业务负责人

$\"\"$

Eni 董事会

批准以替代 2026 年股息的拨备第二期：每股 € 0.27

罗马，2026 年 10 月 22 日——Eni 董事会在主席 Giuseppina Di Foggia 的主持下，于今日决议向股东分配以替代 2026 年股息的拨备的第二期¹，从 Eni S.p.A. 可用储备中支付，每股 € 0.27（替代股息的全年拨备总额为 € 1.1）；以 2026 年 11 月 23 日除息日已发行在外的股份为准²，并于 2026 年 11 月 25 日支付³。该拨备经 2026 年 5 月 6 日股东大会决议批准。

截至 2026 年 11 月 24 日登记日仍持有 ADR 的持有人，每份 ADR 将获得 € 0.54，并于 2026 年 12 月 7 日支付⁴；每份在纽约证券交易所上市的 ADR 代表两股 Eni 股票。

Eni 公司联系方式：

新闻办公室：电话 +39.0252031875 – +39.0659822030

股东免费电话（意大利境内）：800940924
\n股东免费电话（意大利境外）：+39.800 11 22 34 56

总机：+39.0659821

ufficio.stampa@eni.com

segreteriasocietaria.azionisti@eni.com

investor.relations@eni.com

网站：www.eni.com

$\"\"$

¹\n第 56 号息票。

²\n根据收款人的税务身份，付款需缴纳预扣税，或部分视为应税收入。

³\n根据 1998 年 2 月 24 日第 58 号意大利立法法令第 83-terdecies 条，收取该款项的权利以 2026 年 11 月 24 日会计日结束时中介机构账簿上的记录为准（登记日）；相关记录依据该法令第 83-quater 条第 3 款确定。

⁴\n在 ADR 付款日，花旗银行将按照意大利法律对所有存管信托公司参与者适用的预扣税金额扣税后支付。

\n\n \n \n

$\"\"$

价格敏感信息

Eni：2026 年第三季度及前九个月业绩

第三季度运营和财务业绩支持进一步上调2026财年
\n展望，债务降至创纪录低位，并通过特别股息和提高回购规模
\n增加股东回报

2026年第三季度的表现体现了我们战略的优势、持续的执行力，以及对高质量机遇的审慎投资。

鉴于2026年前九个月出色的运营和财务表现，以及对2026财年现金流的预测有所改善（165亿欧元），Eni已决定于12月派发每股0.46欧元的特别股息（约13亿欧元），并将回购计划规模进一步提高12%，至38亿欧元。

受项目逐步投产及Searah合资企业（JV）完整季度贡献的推动，油气勘探与生产（E&P）基础产量增长7%，达到183万桶油当量/日。

已签署一项战略合同，将重启委内瑞拉Junin 5巨型油田的生产，显著增强未来上游业务的增长选择。

剥离Plenitude并表地位，为下一阶段增长提速打造高效平台。

出售Baleine项目10%权益，以及基础设施资产组合变现，体现了高效的资本管理。已签署具有约束力的协议，将印度尼西亚Kutei盆地保留的10%权益转让出去。

强劲的现金创造能力和严谨的资本配置使备考杠杆率降至历史低位9%，进一步增强韧性和投资增长的能力。

罗马，2026年10月23日——Eni董事会昨日批准了2026年第三季度及前九个月的合并业绩。董事会由Giuseppina Di Foggia主持。Eni首席执行官Claudio Descalzi表示：

“Eni第三季度的出色业绩得益于运营模式的优势，以及对多元化、优质资产组合的审慎投资。凭借稳健的基本面、持续改善的增长前景和历史上强劲的财务表现，我们完全有能力继续为客户提供价格可负担、供应安全且日益脱碳的能源。第三季度，油气勘探与生产业务再次实现强劲的基础产量增长，增幅达7%，这反映了项目逐步投产、资产全面运营，以及我们在东南亚的Searah合资企业投产所带来的效益。此外，本季度我们加快推进了南美、非洲和东南亚新一轮重大举措，这些举措将在未来多年提升增长和现金创造能力。最后，得益于出色的勘探活动，今年我们已发现12.3亿桶新的烃类资源，远超预算目标，同时还降低了勘探成本。在发展上游业务、确保天然气和电力业务及炼油业务业绩稳健的同时，我们的转型业务业绩也超出预期，对集团收益多元化的贡献日益增加。Plenitude的增资和新治理架构进一步降低了Eni资产负债表的风险，并将使这一卫星业务能够以自筹资金的方式实现增长。

得益于我们的核心业务、工业化执行能力和更大的选择空间，我们能够在广泛的市场环境下创造稳健且可持续的现金流。基于这些基本面、修订后的 FY ‘26 现金流展望以及处于历史低位的备考杠杆率，我们将通过在第四季度派发每股 €0.46 的特别股息，进一步提高分配，并再次将回购规模增至 €3.8 bln，彰显我们持续与股东分享上行收益的承诺。”

主要运营和财务\n业绩

第二季度			第三季度		九个月
2026		2026	2025	变化\n百分比		2026	2025	变化\n百分比
1,789	油气\n产量	千桶油当量/日	1,829	1,756	4		1,805	1,691	7
6.0	期末可再生能源\n装机容量	GW	6.1	4.8	27		6.1	4.8	27
5,375	备考\n调整后 EBIT ^(a)	€\n百万	5,994	2,996	100		14,905	9,358	59
3,516	子公司		3,699	2,073	78		9,633	6,562	47
1,859	主要\n合资企业/联营公司 ^(b)		2,295	923	149		5,272	2,796	89
	备考\n调整后 EBIT（按业务板块）^(a)
4,769	勘探与生产		4,631	2,638	76		12,757	8,368	52
503	全球\n天然气与 LNG 组合（GGP）及电力		445	346	29		1,275	1,206	6
521	转型\n业务		601	331	82		1,473	929	59
(40)	炼油、\n化工及转型中的资产		472	(53)	..		172	(580)	..
(378)	公司、\n其他活动及合并调整		(155)	(266)			(772)	(565)
3,857\n	税前\n调整后净利润 ^(a)		4,330\n	2,273\n	90\n		10,565\n	7,222\n	46\n
2,333	调整后\n净利润（亏损）^(a)(c)		2,801	1,247	125		6,436	3,793	70
3,319	净\n利润（亏损）^(c)		3,205	803	299		7,595	2,518	202
4,469	按重置成本计，在营运资本变动前的\n经营活动现金流 ^(a)		4,287	3,297	30		11,634	9,486	23
4,270	经营活动\n净现金流		4,359	3,078	42		10,056	8,980	12
1,838\n	有机\n资本支出 ^(d)		1,345\n	1,990\n	(32)		5,055\n	5,904\n	(14)
11,271	不含 IFRS 16 租赁负债的净借款		6,702	9,931	(33)		6,702	9,931	(33)
56,930	包括非控股权益的股东\n权益		57,640	52,966	9		57,640	52,966	9
15	不含 IFRS 16 租赁负债的备考\n杠杆率 ^(a)	(%)	9				9
(a)\n 非 GAAP 指标。更多信息请参见第 19 页及后续页面的“非 GAAP 指标”段落。
(b)\n 主要合资企业/联营公司列于第 23 页“集团备考调整后 EBIT 调节表”中。
(c)\n 归属于 Eni 股东。
(d) 扣除与业务合并、少数股权收购及其他非有机项目相关的支出；亦不包括由 Eni 出资的已获批联合运营商资本支出份额。

战略和财务亮点

勘探与生产业务表现出色，得益于增值型\n产量增长，同时通过新的重大举措强化业务组合

\n\n\n\n\n\n\n

	·	2026 年第三季度，勘探与生产业务报告称，在扣除价格影响后，产量较 2025 年第三季度稳健增长 7%，环比增长 2%，达到 183 万桶油当量/日；增长由西非、墨西哥海上和挪威新项目产能爬坡，以及 Searah 合资企业全面投产所推动。
	·	在委内瑞拉，我们与 PDVSA 签署战略协议，将按修订后的合同条款振兴巨型 Junin 5 油田，并出口 Perla 气田天然气，从而获得约 55 亿桶油当量的可采资源。
	·	在阿根廷，参与开发大型一体化 LNG 项目的 YPF/Eni/XRG 联盟已申请加入该国旨在激励大型投资的财政制度（RIGI）；该项目初期目标出口能力为每年 1200 万吨，此举标志着项目朝预计于今年年底前后作出最终投资决定迈出重要一步。
	·	通过农场出让方式获得乌拉圭近海一个勘探区块的新权益，并签署了相邻区块协议。此外，在印度尼西亚首轮 2026 年石油招标框架下，获得库泰盆地 Sapukala 区块 100% 的参与权益。

转型业务持续向好，推动业绩跑赢预期，并提高了对集团盈利的贡献

\n\n\n\n\n\n\n

	·	Enilive 和 Plenitude 前九个月实现调整后 EBITDA 18 亿欧元（较去年同期增长 20%）。
	·	与 Ares 完成协议，通过非同比例增资稀释 Eni 的持股比例（从 70% 降至 65%），从而共同控制 Plenitude。随着新治理架构生效，该实体自 ’26 年 9 月底起不再纳入 Eni 资产负债表合并范围。
	·	借助这一新架构，Plenitude 能够以自筹资金高效实现可持续的长期增长，并有望在年底达到 6.5 GW 的目标装机容量。
	·	受益于生物炼制利润率环境改善，Enilive 业绩强劲，再次彰显这一新兴交通清洁燃料来源的重要性。

通过组合管理提前实现资产变现，并优化业务的风险回报状况

\n\n\n\n\n

	·	与私募股权投资者就基础设施类 E&P 资产组合达成长期合作协议，本季度获得 18 亿欧元资本注入，并将投资于回报率更高的项目。
	·	按 Dual-Exploration 模式完成向 Socar 出售 Baleine 油田 10% 权益。
	·	10 月签署具有约束力的协议，将 Eni 在印度尼西亚 Kutei 盆地两个天然气资产区块中保留的 10% 工作权益转让给 Pertamina 和 Medco，涉及北部和南部枢纽的两大巨型开发项目及 Geliga 发现。

转型业务表现改善

\n\n\n

	·	在有利市场环境下，炼油业务装置利用率提高，带动本季度业绩强劲。
	·	Brindisi/Priolo 的主要 Versalis 园区转型改造正在推进，而传统石化业务的市场环境又进一步恶化。

第三季度业绩出色，得益于销量增长、装置可靠性提升和组合优化，使公司充分把握市场环境带来的上行机会。备考负债率为 9%，低于指引区间下限，并向股东返还现金 19 亿欧元

’26 年第三季度集团备考调整后 EBIT 为 60 亿欧元，同比翻倍，环比增长 12%，得益于所有业务稳健表现（包括 E&P 卫星资产的显著贡献），以及化工行业持续重组带来的收益和总部职能费用下降。调整后净利润同比增长逾一倍，达到 28 亿欧元。

\n\n\n\n\n\n\n

	·	E&P 报告备考调整后 EBIT 为 46.3 亿欧元，较 3Q’ 25 增长 76%；在大宗商品环境利好的情况下，销量增长、产品结构改善带动权益产量实现价格提高。
	·	GGP 和 Power 报告备考调整后 EBIT 为 4.5 亿欧元，其中 GGP 为 4.1 亿欧元，较 3Q ’25 增长 46%，得益于在市场波动加剧的情况下持续优化资产组合。
	·	Enilive 报告备考调整后 EBIT 为 4.1 亿欧元，较 3Q ’25 增长 80%，得益于生物炼制业务受惠于市场环境改善和强劲表现。Plenitude 报告备考调整后 EBIT 为 1.9 亿欧元，同比增长 95%，受可再生能源业务销量增长带动。
	·	在强劲情景下，工厂利用率提高，带动报告的备考调整后 EBIT 达到 €0.73 bln，较 3Q ’25 大幅增长；但运费上涨以及重质/高硫原油与轻质/低硫原油之间的不利价差部分抵消了这一增长。Versalis 化工业务继续推进重组和去年关闭工厂所带来的效益，但产品利润率急剧恶化，导致亏损 €0.18 bln。

3Q ’26 集团营运资本变动前调整后 CFFO 为 €4.29 bln，为 €1.3 bln 的有机资本支出提供资金。股东现金回报为 €1.9 bln，包括 ’26 年股息首期支付 (€0.8 bln) 和执行 ’26 年回购计划 (€1.1 bln)。3Q ‘26 末净负债为 €6.7 bln，备考杠杆率为 9%。

2026 年展望

2026 年业务趋势稳健，预计将实现超额表现，使我们能够把握大宗商品市场利好情景带来的上行空间。这将转化为出色的股东回报。

具体而言，我们更新后的分部指引如下：

FY’26 油气产量增长指引上调至 6-7%。

FY’26 GGP 备考调整后 EBIT 指引上调至约 €1.5 bln，较初始水平提高 50%。

Enilive 全年备考调整后 EBITDA 上调至 €1.4 bln，较最初假设高出近 30%；Plenitude EBITDA 预计约为 €1.2 bln。

年末装机可再生能源容量为 6.5 GW，另有 1.2 GW 在建（Plenitude @100%）；生物炼制产能为 0.5 MTPA，此外现有 1.65 MTPA 产能预计将在年底实现机械完工；另有 1.5 MTPA 产能正在推进中（Enilive 净值）。

在财务方面，我们正在上调现金流指引，备考杠杆率将降至历史最低水平：

按修订后的情景¹，调整后 CFFO 目前预计为 €16.5 bln，较集团敏感性分析²所示水平及初始指引均有 €1.2 bln 的基础性改善，反映出卓越的基础运营表现。

确认总资本支出为 €7 bln；净资本支出指引为低于 €4.5 bln。

备考杠杆率预计处于 10-15% 指引区间的低端。

鉴于公司前景改善，我们将通过启动 €1.3 bln（即每股 €0.46）的特别股息，并再次将回购规模上调至 €3.8 bln，提高对股东的现金分配：

考虑到更新后的年初至今情景和展望，Eni 董事会已决议派发每股 €0.46 的特别股息³（总额 €1.3 bln），将于 December 9 支付。这符合集团既定的薪酬政策：当情景高于相较初始假设设定的特定门槛时，将 CFFO 上行部分的 100% 返还股东⁴。

2026 年股票回购计划提高至 38 亿欧元，较上季度已上调后的 34 亿欧元指引增加 12%，符合集团的分配政策：在布伦特油价不高于 90 美元/桶时，将超出预算的 CFFO（115 亿欧元）部分的 60% 返还给股东。按预算现金流计算，新的回购金额几乎是最初 15 亿欧元指引的三倍。

确认 2026 年计划派发的普通股息为每股 1.1 欧元（较 2025 年增长 5%）。

¹ 布伦特油价 95 美元/桶，SERM 炼油利润率 18 美元/桶（已调整，纳入价差和公用事业成本），TTF 天然气价格 55 欧元/兆瓦时（欧元/美元汇率为 1.15）。

² 确认集团的敏感性如下：布伦特油价每变动 1 美元，影响 0.11 亿欧元；SERM 利润率每变动 1 美元，影响 0.08 亿欧元；欧洲天然气现货价格每变动 1 欧元/兆瓦时，影响 0.03 亿欧元。

³ 除息日为 2026 年 12 月 7 日。根据意大利 1998 年 2 月 24 日第 58 号立法法令第 83-terdecies 条，收款权以 2026 年 12 月 8 日（登记日）会计日结束时中介机构账簿上的记录为准——具体见意大利 1998 年 2 月 24 日第 58 号立法法令第 83-quater 条第 3 款。

在 2026 年 12 月 8 日登记日仍持有的 ADR 持有人，将于 2027 年 1 月 8 日收到每份 ADR 0.92 欧元；每份在纽约证券交易所上市的 ADR 代表两股 Eni 股票。在 ADR 派息日，Citibank, N.A. 将扣除依据意大利法律适用于所有存管信托公司参与者的预扣税后支付净额。

⁴ Eni 的股东分配政策规定：若预测的本财年布伦特油价情景高于 90 美元/桶，且其他偏差因素（天然气价格和炼油利润率）较情景假设高出 50% 以上，则将调整后 CFFO 的全部超额部分以特别股息形式派发。

\n \n \n

业务板块：经营和财务业绩

勘探与生产

产量和价格

第二季度			第三季度		前九个月
2026		2026	2025	变动百分比	2026	2025	变动百分比
104.52	即期布伦特	美元/桶	97.00	69.07	40	94.05	70.85	33
1.163	平均欧元/美元汇率		1.151	1.168	(1)	1.161	1.119	4
1,789	碳氢化合物产量⁽ᵃ⁾	千桶油当量/日	1,829	1,756	4	1,805	1,691	7
832	液体	千桶/日	845	860	(2)	846	824	3
5,006	天然气	百万立方英尺/日	5,148	4,687	10	5,017	4,535	11
69.79	平均实现价格⁽ᵇ⁾	美元/桶油当量	69.31	52.07	33	64.77	52.68	23
96.50	液体	美元/桶	85.59	64.00	34	84.65	65.43	29
8.42	天然气	美元/千立方英尺	9.60	7.40	30	8.39	7.37	14

(a)\n2026 年第三季度和前九个月分别包括与某些已获批准的合资伙伴相关的产量 81 和 79 千桶油当量/日。

(b)\n与合并子公司相关的价格。

\n\n\n

	·	2026 年第三季度，碳氢化合物产量平均为 183 万桶油当量/日，较比较期增长 4%（2026 年前九个月为 181 万桶油当量/日，较比较期增长 7%）。增长由刚果和墨西哥项目产能爬坡、印度尼西亚/马来西亚贡献增加（受益于 Searah 合资企业全面运营）以及运营连续性推动。剔除投资组合交易和价格影响后，季度基础同比产量增长为 7%。

\n\n\n

	·	2026 年第三季度，液体产量为 845 千桶/日，较 2025 年第三季度下降 2%（2026 年前九个月为 846 千桶/日，较比较期增长 3%）；投资组合交易和价格影响带来的下降，被刚果、印度尼西亚/马来西亚及墨西哥的增长所抵消。

天然气产量为5,148 mmcf/d，较Q3 ’25增长10%（’26年前九个月为5,017 mmcf/d，较同期增长11%），主要得益于刚果、印度尼西亚/马来西亚和挪威的内生增长。

业绩

Q2		Q3		前九个月
2026	（€百万）	2026	2025	变化%	2026	2025	变化%
5,861	上游营业额	5,686	4,616	23	16,497	14,723	12
4,769	备考调整后EBIT	4,631	2,638	76	12,757	8,368	52
1,793	其中：主要合资企业/联营公司	1,927	838	..	4,794	2,679	79
1,651	子公司营业利润（亏损）	2,440	1,670	46	5,942	5,116	16
1,325	特殊项目剔除额	264	130		2,021	573
2,976	子公司调整后营业利润（亏损）	2,704	1,800	50	7,963	5,689	40
3,469	调整后税前利润（亏损）	3,223	2,015	60	9,090	6,428	41
35.2	税率（%）	34.8	41.7		35.9	44.8
2,249	调整后净利润（亏损）	2,100	1,175	79	5,829	3,547	64
167	勘探费用：	65	45	44	285	131	..
81	勘探、地质和地球物理费用	57	36	58	191	122	57
86	未成功井的核销	8	9		94	9
1,526	资本支出	1,091	1,535	(29)	4,232	4,310	(2)

Q2			Q3		前九个月
2026	主要合资企业/联营公司		2026	2025	变化%	2026	2025	变化%
1,793	调整后营业利润（Eni所占份额）	（€百万）	1,927	838	..	4,794	2,679	79
1,217	其中：Vår Energi		1,212	479	..	3,132	1,488	..
286	Azule Energy		216	204	6	679	654	4
592	调整后净利润		498	299	67	1,289	794	62
250	股息总额		876	307	..	1,434	903	59
566	烃类产量	（kboe/d）	648	493	31	580	452	28

’26年第三季度，勘探与生产部门报告备考调整后EBIT为€4,631 mln，较’25年第三季度增长76%，这得益于产量增长、产品组合改善及有利的大宗商品市场环境，带动权益产量实现价格提高、以美元计价的原油实现价格上涨（布伦特基准价格上涨40%）以及天然气实现价格上涨（上涨30%）。’26年前九个月，备考调整后EBIT为€12,757 mln，较’25年前九个月增长52%，原因与第三季度相同。

’26年第三季度，该部门报告调整后净利润为€2,100 mln，同比增长79%，其中合资企业和联营公司的贡献有所增加。’26年前九个月，调整后净利润为€5,829 mln，同比增长64%。

’26年第三季度税率约为35%，低于’25年第三季度的42%，这是由于税前利润的地域组合更有利。

有关业务部门特殊费用的披露，见集团业绩部分的“特殊项目”。

战略进展

在勘探成果非凡的一年中，’26年前九个月通过在安哥拉、纳米比亚、科特迪瓦、利比亚、埃及、挪威和印度尼西亚开展的活动，发现资源量达1.23 bln boe。

8月，由YPF、Eni和XRG推动的阿根廷LNG综合液化天然气（LNG）项目已提交申请，拟加入阿根廷大型投资激励制度（RIGI），以支持利用Vaca Muerta地层资源开发大型LNG出口项目。提交RIGI申请是项目迈向最终投资决策（FID）的重要里程碑，FID目标是在2026年底前作出。

8月，Eni与Sonatrach签署了一份新的意向备忘录，旨在扩大两家公司在推动石油与天然气行业具体脱碳举措及减少阿尔及利亚排放方面的合作，同时采用国际最佳实践。具体而言，双方将通过林业项目合作开展自然去除CO₂举措，并通过采用相关国际石油与天然气标准，加强甲烷排放的监测、量化和减排工作。

8月，Eni与MIWEN（YPF的全资子公司）及乌拉圭国家石油公司ANCAP签署协议，在获得乌拉圭当局批准后进入乌拉圭海上OFF-5勘探区块。Eni是OFF-5区块的作业者，持有50%的权益。Eni与MIWEN携手进入乌拉圭，进一步加强了Eni与YPF之间的合作；双方是阿根廷LNG（ARGLNG）上游—中游一体化项目的合作伙伴，也进一步巩固了Eni在南美洲的布局。

9月，Eni签署了“Contrato de Participación Productiva de Hidrocarburos”（CPPH），以开发位于奥里诺科带陆上区域的Junín 5巨型油田。CPPH的签署标志着4月签署条款清单后启动的流程完成。该协议为期25年，并可延期，授予Eni Junín 5区块的独家作业者身份，由其全面负责项目的技术、财务和商业管理。Junín 5是一个重油油田，已认证原地石油储量为350亿桶。目前日产量约为12万桶。

9月，Eni宣布完成向SOCAR出售其在科特迪瓦Baleine项目中10%权益的交易。该交易符合Eni通过“双重勘探”策略优化上游资产组合的战略。

9月，Eni获得印度尼西亚Kutei盆地富产区Sapukala区块的一项新勘探许可证。

10月，Eni签署两项有约束力的协议，出售由Searah运营的部分印度尼西亚上游资产权益：向印度尼西亚国家能源公司Pertamina出售East Sepinggan、North Ganal和Rapak产量分成合同（PSC）10%的权益；向东南亚能源和自然资源公司Medco出售West Ganal、East Ganal、Ganal和Muara Bakau PSC 10%的权益。这些交易进一步印证了Eni通过运营、并购、勘探和项目开发创造的重大价值。两项交易的完成均须获得政府和监管部门批准。

全球天然气与LNG组合及电力

销售与产量

第二季度			第三季度		九个月
2026		2026	2025	% 变动	2026	2025	% 变动
	全球天然气与LNG组合
47	意大利PSV现货气价	€/MWh	66	36	86	52	41	27
46	TTF		63	32	95	50	38	30
1	PSV与TTF价差		3	3	(3)	2	3	(14)
	天然气销售	bcm
5.62	意大利		5.46	4.26	28	18.75	14.70	28
4.27	欧洲其他地区		3.80	3.72	2	13.39	12.79	5
0.08	意大利进口商		0.08	0.09	(11)	0.25	0.59	(58)
4.19	欧洲市场		3.72	3.63	2	13.14	12.20	8
0.86	世界其他地区		1.42	1.20	18	3.19	2.82	13
10.75	全球天然气销售^(a)		10.68	9.18	16	35.33	30.31	17
2.9	LNG销售		3.1	3.3	(6)	9.4	8.9	6
	电力
3.91	火力发电	TWh	5.28	4.83	9	14.51	14.77	(2)

(a) 数据包含公司内部销售。

2026年第三季度，天然气销售为10.68 bcm，较比较期增长16%。意大利销售额较2025年第三季度增长28%；欧洲市场销售量为3.72 bcm，较2025年第三季度增长2%，反映出法国销售量上升。2026年第三季度LNG销售量较2025年同期下降6%。2026年前九个月，天然气销售量为35.33 bcm，较2025年前九个月增长17%，主要得益于意大利（较2025年前九个月增长28%）和欧洲市场（增长8%）的销售气量增加，尤其是在比荷卢地区以及德国/奥地利。

热电生产\n达到 5.28 TWh，较 3Q ’25 增长 9%，这是为了把握有利的环境情景而提高电厂利用率所致（‘26 年前九个月为 14.51 TWh，较 2025 年同期下降 2%）。

业绩

Q2		Q3		前九\n 个月
2026	（€\n 百万）	2026	2025	变动\n %	2026	2025	变动\n %
4,058	运营\n 销售额	6,290	3,503	80	15,723	12,537	25
503	备考调整后 EBIT	445	346	29	1,275	1,206	6
468	GGP	407	279	46	1,190	910	31
8	其中：主要合资企业/联营企业	6	4	50	23	23	-
35	电力	38	67	(43)	85	296	(71)
523	子公司经营利润（亏损）	(703)	227	..	(322)	1,585	..
(28)	特殊项目\n 剔除项	1,142	115		1,574	(402)
495	子公司调整后\n 经营利润（亏损）	439	342	28	1,252	1,183	6
497	调整后\n 税前利润（亏损）	441	348	27	1,262	1,200	5
311	调整后\n 净利润（亏损）	268	216	24	783	758	3
14	资本\n 支出	7	14	(50)	29	51	(43)

3Q ’26，全球\n天然气与 LNG 组合业务实现备考调整后 EBIT 4.07 亿欧元，较 3Q ‘25 增长近 50%，这得益于持续优化资产组合，以及把握情景波动加剧带来的收益。‘26 年前九个月，备考调整后 EBIT 达到 11.9 亿欧元，较 ’25 年前九个月增长 31%，反映了与 2026 年第三季度相同的驱动因素、LNG 供应量增加，以及与重新谈判和和解相关的特定收益。

3Q ’26，发电业务报告备考调整后 EBIT 为 3,800 万欧元，较 3Q ‘25 下降 43%，原因是 2025 年业绩受到一次性项目影响，且费用增加，部分被电力裂解价差改善所抵消。‘26 年前九个月，备考调整后 EBIT 为 8,500 万欧元，较 ’25 年前九个月减少 2.11 亿欧元，降幅为 71%，原因与本季度相同。

有关业务分部特殊费用的披露，\n请参阅集团业绩部分的“特殊项目”。

转型业务

Enilive

Q2			Q3		前九\n 个月
2026		2026	2025	变动\n %	2026	2025	变动\n %
	Enilive
1,732	欧盟 HVO（UCO 原料）与 UCO 价差（CIF）	美元/吨	1,609	1,143	41	1,618	899	80
1,122	美国 RD^(a)（UCO 原料）与 UCO 价差		1,512	420	..	1,128	449	..
275	生物燃料\n 加工量	千吨	262	315	(17)	789	881	(10)
74	生物炼厂\n 平均利用率	%	71	85		70	79
5.24	Enilive\n 总销售额	百万吨	5.67	5.75	(1)	15.59	16.41	(5)
2.11	零售\n 销售额		2.20	2.10	5	6.20	5.85	6
1.57	其中：意大利		1.65	1.49	11	4.61	4.14	11
2.47	批发\n 销售额		3.00	3.21	(7)	7.85	8.92	(12)
1.74	其中：意大利		2.04	2.42	(16)	5.43	6.78	(20)
0.66	其他\n 销售额		0.47	0.44	7	1.54	1.64	(6)

(a)\n可再生柴油。

\n\n\n

	·	3Q ’26，生物燃料加工量\n为 0.26 百万吨，较比较期下降 17%；这是由于 Gela 和 Venice 生物炼厂在计划停产后加工量减少，以提升生物炼厂配置，Chalmette 生物炼厂表现改善部分抵消了这一影响。‘26 年前九个月，生物燃料加工量较 2025 年同期下降 10%，主要反映了 Venice 停产的影响。

\n\n\n

	·	3Q ’26，零售销售额\n为 2.20 百万吨，较 3Q ’25 增长 5%，得益于意大利市场表现良好。‘26 年前九个月，零售销售额为 6.20 百万吨，较 ’25 年前九个月增长 6%，驱动因素与本季度相同。

3Q ’26，批发\n销售额为 3 百万吨，同比下降 7%，原因是在意大利竞争激烈的市场中优化了业务组合。‘26 年前九个月，批发销售额为 7.85 百万吨，较 ‘25 年前九个月下降 12%，驱动因素与本季度相同。

Q2		Q3		前九\n 个月
2026	（€\n 百万）	2026	2025	变动\n %	2026	2025	变动\n %
6,917	运营\n 销售额	7,726	5,206	48	19,400	14,742	32
375	备考调整后 EBITDA	490	317	55	1,082	698	55
295	备考调整后 EBIT	410	233	76	843	457	84
28	其中：主要合资企业/联营企业	57	(8)	..	87	(32)	..
192	子公司经营利润（亏损）	389	219	78	764	393	94
70	剔除存货持有收益（损失）	(154)	(8)		(189)	34
5	剔除特殊项目	118	30		181	62
267	子公司调整后经营利润（亏损）	353	241	46	756	489	55
287	调整后税前利润（亏损）	407	225	81	821	438	87
208	调整后净利润（亏损）	296	163	82	597	304	96
293	按重置成本计，营运资金变动前的经营现金流	404	283	43	862	608	42
(438)	净借款	(882)	(1,338)	34	(882)	(1,338)	34
56	资本支出	103	98	5	222	199	12

\n\n\n

	·	在 3Q ’26，Enilive报告备考调整后 EBIT 为 €410 mln，较 3Q ’25 增长 76%（’26 前九个月为 €843 mln，’25 前九个月为 €457 mln，增长 84%），主要得益于生物炼制业务，该业务受益于市场环境改善，尽管威尼斯工厂停产。

备考调整后 EBITDA 为 €490 mln，较 3Q ’25 增长 55%（€317 mln）。’26 前九个月，Enilive 报告备考调整后 EBITDA 为 €1,082 mln，而 ’25 前九个月 EBITDA 为 €698 mln（增长 55%）。

有关业务分部特殊费用的披露，请参见集团业绩部分的“特殊项目”。

战略进展

自 9 月 1^st 日起，BWT Alpine Formula One Team 在 FIA Formula One World Championship 欧洲分站赛期间，使用 Enilive 的柴油生物燃料 HVOlution 为其物流车辆提供动力。该燃料由 100% 可再生原料制成。

9 月，Eni 和 Teha 在切尔诺比奥论坛上发布战略研究报告《可持续生物燃料：提升工业竞争力、能源安全与脱碳水平的战略杠杆》。研究指出，可再生生物燃料（包括 HVO 和 SAF）是现成可用的解决方案，可支持交通运输脱碳、加强能源安全、

\n\n

实现供应多元化、减少整个价值链的温室气体排放，并维护欧洲国家的工业竞争力、产能和技能。

9 月，Eni 与 Petronas 签署可行性协议（FA），评估基于 Ecofining™ 技术开发高性能生物汽油的可行性。该协议将评估可再生生物汽油用于赛车运动及其他商业应用、以支持交通运输脱碳的技术、市场、可持续性和性能方面。

9 月底，Eni 推出“Eni for Italy”倡议，对 Enilive 加油站销售的燃料设定价格上限：柴油 €2.19/l，汽油 €1.99/l，较当前平均水平低约 17 cents，旨在帮助意大利客户应对能源成本上涨。价格上限与现行消费税减免挂钩，自 9 月 28 日起实施，初始期限为 30 天；视市场和供应趋势，可延长至年底。

10 月，Eni 将面向农业和渔业行业销售燃料的降价措施延长，提供不含增值税价格 20% 的折扣。折扣适用至 10 月 31 日，并可能视市场情况和产品供应情况延长至年底。

Plenitude

Q2			Q3		前九个月
2026		2026	2025	变化百分比	2026	2025	变化百分比
	Plenitude
124	意大利 PUN 指数 GME	€/MWh	182	110	65	145	117	24
10.8	期末零售及商业客户数	百万 pod	10.8	9.9	9	10.8	9.9	9
0.65	面向终端客户的零售及商业天然气销售量	bcm	0.41	0.47	(13)	3.33	3.54	(6)
5.14	面向终端客户的零售及商业电力销售量	TWh	6.41	4.84	32	16.74	13.83	21
6.0	期末可再生能源装机容量	GW	6.1	4.8	27	6.1	4.8	27
2.2	可再生能源发电量	TWh	2.2	1.6	38	6.2	4.3	44
23.2	期末电动汽车充电点	千个	23.3	22.1	5	23.3	22.1	5

截至2026年9月30日，零售和企业客户为1080万（燃气和电力），较2025年9月30日增加90万，主要得益于收购Acea Energia客户组合。

面向终端客户的零售和企业燃气销售在2026年第三季度为0.41 bcm，较2025年第三季度下降13%。2026年前九个月，燃气销售为3.33 bcm，较比较期下降6%，原因是竞争压力加大。

面向终端客户的零售和企业电力销售在2026年第三季度为6.41 TWh，较2025年第三季度增加32%，原因是意大利销量增加。2026年前九个月，电力销售为16.74 TWh（+21%），受益于国内企业业务客户组合扩大，这主要归功于上述Acea Energia收购。

截至2026年9月30日，可再生能源装机容量为6.1 GW，较2025年9月30日增加1.3 GW，反映了西班牙、英国、希腊和意大利的有机发展，以及在法国的收购。

2026年第三季度可再生能源发电量为2.2 TWh，同比增长38%，主要得益于法国装机容量增加以及西班牙和英国有机项目的开发（2026年前九个月为6.2 TWh，较比较期增长44%）。

截至2026年9月30日，电动汽车充电点为23.3千个，较2025年9月30日的22.1千个增长5%，得益于网络扩建，主要是在意大利、法国和德国。

第二季度		第三季度		前九个月
2026	（€百万）	2026	2025	变动百分比	2026	2025	变动百分比
2,075	经营销售额	2,444	1,818	34	7,749	7,421	4
233	备考调整后EBITDA	204	221	(8)	745	835	(11)
226	备考调整后EBIT	191	98	95	630	472	33
52	子公司经营利润（亏损）	864	23	..	1,690	87	..
147	特殊项目剔除额	(707)	69		(1,134)	371
199	子公司调整后经营利润（亏损）	157	92	71	556	458	21
189	调整后税前利润（亏损）	165	84	96	558	420	33
130	调整后净利润（亏损）	120	53	..	384	276	39
154	按重置成本计量、营运资本变动前的经营现金流	117	163	(28)	519	743	(30)
118	资本支出	142	190	(25)	361	530	(32)

2026年第三季度，Plenitude报告备考调整后EBIT为€191 mln，同比增长95%，受益于可再生能源业务的销量增长，以及与解除合并交易相关的折旧停止计提。2026年前九个月，Plenitude报告备考调整后EBIT为€630 mln，较2025年前九个月的€472 mln备考调整后EBIT增长33%。

2026年第三季度，备考调整后EBITDA为€204 mln，较2025年第三季度下降8%，反映了零售业务当前的竞争环境以及特定可再生能源市场的情景条件，抵消了可再生能源业务的增长。2026年前九个月，备考调整后EBITDA为€745 mln，较2025年前九个月的€835 mln下降11%。

关于业务部门特殊费用的披露，请参阅集团业绩部分的“特殊项目”。

战略进展

9月，Plenitude合资企业GreenIT在意大利北部的两座光伏电站开始发电。预计这些电站每年可发电约30 GWh，合计装机容量约为19 MW。

自 2026 年 10 月 1 日起，作为“Eni for Italy”计划的一部分，Plenitude 向客户提供电力和天然气供应合同中原材料部分 30% 的折扣，与其主要固定价格报价相比，价格锁定两年。该计划适用于截至 2026 年 10 月 24 日签署的合同，将通过由 Plenitude 吸收原材料成本上涨，帮助意大利客户应对当前能源形势。

10 月，Plenitude 的股东 Eni、Ares 和 EIP 完成了被投资企业所有权结构重组，自 2026 年 9 月 30 日起生效；各方完成了 15.6 亿欧元的非同比例增资，该增资由 Eni 认购 30%，并导致其持股比例稀释至 65%。该交易意味着 Plenitude 100% 股权的投前估值约为 108 亿欧元，企业价值为 130 亿欧元。新的所有权结构配套建立了基于 Eni 与 Ares 共同控制的治理模式，并导致 Eni 失去对 Plenitude 的控制权，因此终止确认 Plenitude 的全部资产和负债，并按公允价值确认所持股权；未来将采用权益法核算。有关该交易的更多信息，请参阅下文“列报基础”。

转型中的炼油、化工与基地

产量与销售

第二季度			第三季度		九个月
2026		2026	2025	变化百分比	2026	2025	变化百分比
	炼油
8.3	Eni 标准炼油利润率（SERM）^(a)	美元/桶	28.1	8.9	..	15.5	5.8	..
3.37	意大利自营加工量	百万吨	4.14	3.81	9	10.28	10.88	(5)
1.73	世界其他地区自营加工量		2.47	2.79	(12)	6.43	7.95	(19)
5.10	自营加工总量		6.61	6.60	0	16.71	18.83	(11)
74	炼厂平均利用率	%	86	84		76	81
	化工
0.61	化工产品销售量	百万吨	0.60	0.59	3	1.86	2.10	(11)
57	装置平均利用率	%	43	47	(9)	53	50	6
(a) 鉴于市场波动和错位，基准 SERM 炼油利润率的计算已将这些情况纳入考量。

炼油

2026 年第三季度，Eni 标准炼油利润率平均为 28.1 美元/桶，而 2025 年第三季度为 8.9 美元/桶，主要得益于中间馏分油裂解价差更加有利；这反映出中东供应流受扰及装置停运导致产品持续紧缺，同时大西洋盆地炼厂关闭。（2026 年前九个月为 15.5 美元/桶，较 2025 年前九个月报告的 5.8 美元/桶有所上升。）

2026 年第三季度，Eni 在意大利炼厂的自营加工量为 4.14 百万吨，同比增加 9%，主要受益于塔兰托炼厂装置可用率提高带来的加工量增加。2026 年前九个月，加工量为 10.28 百万吨，较比较期下降 5%。意大利以外地区加工量为 2.47 百万吨，较 2025 年第三季度减少 12%，原因是霍尔木兹海峡关闭导致加工量下降。2026 年前九个月，加工量为 6.43 百万吨，较 2025 年前九个月减少 19%，原因与本季度相同。

化工

化工产品销售\n在2026年第三季度为0.60 mmtonnes，几乎与比较期持平；尽管Brindisi和Priolo厂区关闭并进入转型阶段，且需求疲软，但特定聚合物产量增加抵消了影响。2026年前九个月，销售量为1.86 mmtonnes，较比较期下降11%，原因与本季度相同。

由于欧洲行业面临逆风、经济活动迟缓，以及成本结构更具优势的参与者带来的竞争压力，大宗商品价格未能弥补原料和能源投入成本，因此各业务板块的利润率仍然疲弱。

业绩

第二季度		第三季度		前九\n 个月
2026	（€\n 百万）	2026	2025	%\n 变动	2026	2025	%\n 变动
6,441	经营销售额	7,050	4,545	55	17,603	14,010	26
(40)	备考调整后EBIT	472	(53)	..	172	(580)	..
80	炼油\n ^(a)	727	135	439	793	35	..
3	其中：主要合资企业/联营公司	271	83	..	294	112	..
(65)	化工	(178)	(188)	5	(401)	(615)	35
(55)	转型中的厂区	(77)	0		(220)	0
(129)	子公司经营利润（亏损）	(45)	(291)	85	(347)	(1,593)	78
(151)	剔除库存持有收益（损失）	(300)	69		(855)	496
237	剔除特殊项目	546	86		1,080	405
(43)	子公司调整后经营利润（亏损）	201	(136)	..	(122)	(692)	82
(63)	调整后税前利润（亏损）	423	(58)	..	101	(608)	..
(87)	调整后净利润（亏损）	313	(74)	..	(3)	(581)	99
282	资本支出	39	142	(73)	479	430	11
(a)\n 由于2026年上半年汽油生产装置停产，目前正在升级为生物炼油厂的Livorno枢纽，自2026年1月1日起重新分类至“转型中的厂区”板块。

在\n 2026年第三季度，炼油业务（包括ADNOC R&GT联营公司的贡献）报告备考调整后利润大幅增至€727 mln，较2025年第三季度增长逾400%。这一业绩反映出，该业务凭借工厂可用率、利用率略有提升，以及联营公司常规出口和贸易活动的复苏，成功把握了极为有利的利润率环境带来的上行机会。部分利好被较高的

\n\n\n

运输费用、重质/高硫与轻质/低硫原油之间价差收窄所抵消；这压低了复杂炼油周期的利润率，部分套期保值因素也产生了影响。2026年前九个月，该业务报告备考调整后利润为€793 mln，高于2025年前九个月报告的€35 mln备考调整后利润。

2026年第三季度，化学品业务的备考调整后亏损为1.78亿欧元（较2025年第三季度略低）。由于霍尔木兹海峡危机的后续影响，第二季度曾暂时反弹；此后，预计欧洲行业近年持续面临的结构性疲软趋势将再次显现。2026年第三季度，以石油为基础的原料成本迅速攀升，能源及其他工厂公用设施费用也有所增加。但受宏观逆风影响大宗商品需求，以及全球产能过剩背景下具备成本优势的竞争者带来的压力，成本上涨未能转嫁至大宗塑料最终售价，导致产品利润率低于去年同期已然低迷的水平。通过优化措施、持续重组举措带来的成本效率提升，以及去年关闭工厂，抵消了不利市场环境的影响。2026年前九个月，备考调整后亏损为4.01亿欧元，较2025年前九个月录得的6.15亿欧元亏损改善35%。

转型中的资产业务目前正在已关闭的石化枢纽（包括布林迪西和普里奥洛枢纽）开展重组、退役和环境修复工作，为这些场地下一阶段的投资转型做好准备。报告亏损为7700万欧元，反映了升级计划所产生的运营费用；环境和退役准备金则归类为特殊项目。

关于业务部门特殊费用的披露，见集团业绩部分的“特殊项目”。

\n\n \n \n

可持续发展及其他进展

集团战略旨在提升Eni的ESG表现，并在能源市场创造长期机遇，主要进展如下：

7月，Eni向企业、初创公司和研究中心开放其超级计算基础设施，提供计算能力、专业知识和先进工具，以支持人工智能解决方案的开发和数字创新。首批加入该计划的企业和机构包括Domyn、Mercuria、Dompé、Almawave、Reply和布鲁诺·凯斯勒基金会。其他企业、机构和研究中心今后可通过提交双方共同感兴趣的项目提案加入该计划。

9月，Eni基金会在卢旺达穆桑泽区的Karwasa卫生中心启用了产科病房。该项目旨在加强当地的妇幼保健服务，尤其注重基本及专科产科和新生儿急症的管理。

9月，Eni与意大利深科技公司Generative Bionics签署协议，以评估在先进机器人领域开展技术和产业合作的潜在方向。该公司专注于开发由Physical AI驱动的人形机器人。

9月，Systema基金会成立。这是一家意大利联盟，汇聚企业、行业、金融界、协会和机构，其中包括Eni及其他主要企业，旨在通过合作、共享模式和Open-es平台提升产业链竞争力。

9月，Eni在彭博ESG评分的28家公司中排名第一。

10月，Eni CCUS Holding宣布，Liverpool Bay CCS已完成Liverpool Bay新Douglas CCS平台的安装，这是英国HyNet工业脱碳集群骨干项目——CO₂运输与封存项目交付工作迈出的重要一步。新建的Douglas CCS是全球首个专为工业脱碳碳捕集与封存而建的海上平台。

10月，利比亚Bouri天然气利用项目竣工，可回收该气田的伴生气。该项目是利比亚能源领域最重要的减排举措之一，预计温室气体排放每年将减少约150万吨。回收的天然气将用于满足国内需求。

10月，Eni连续第三年获油气甲烷伙伴关系2.0授予“黄金标准报告”称号，肯定其致力于以最高数据质量标准报告排放量。

\n\n \n \n

集团业绩

第二季度		第三季度		前九个月
2026	（€百万）	2026	2025	变动%	2026	2025	变动%
24,375\n	运营销售额	28,072\n	20,204\n	39	75,409\n	61,536\n	23
1,898\n	营业利润（亏损）	2,477\n	1,344\n	84	6,548\n	4,834\n	35
(151)	剔除库存持有收益（损失）	(383)	117\n	..	(968)	475\n	..
1,769\n	剔除特殊项目^(a)	1,605\n	612\n	..	4,053\n	1,253\n	..
3,516\n	调整后营业利润（亏损）	3,699\n	2,073\n	78	9,633\n	6,562\n	47
1,859\n	主要合资企业/联营公司调整后EBIT	2,295\n	923\n	..	5,272\n	2,796\n	89
5,375\n	备考调整后EBIT	5,994\n	2,996\n	..	14,905\n	9,358\n	59
4,769\n	勘探与生产	4,631\n	2,638\n	76	12,757\n	8,368\n	52
503\n	全球天然气与LNG组合（GGP）及电力	445\n	346\n	29	1,275\n	1,206\n	6
521\n	转型业务	601\n	331\n	82	1,473\n	929\n	59
(40)	炼油、化工及转型中的基地	472\n	(53)	..	172\n	(580)	..
(378)	公司、其他业务及合并调整	(155)	(266)		(772)	(565)
3,857\n	税前调整后利润（亏损）	4,330\n	2,273\n	90	10,565\n	7,222\n	46
2,434\n	调整后净利润（亏损）	2,931\n	1,315\n	..	6,740\n	3,943\n	71
3,376\n	净利润（亏损）	3,492\n	865\n	..	8,147\n	2,621\n	..
3,319\n	归属于Eni股东的净利润（亏损）	3,205\n	803\n	..	7,595\n	2,518\n	..
(120)	剔除库存持有收益（损失）	(235)	87\n	..	(633)	333\n	..
(866)	剔除特殊项目^(a)	(169)	357\n	..	(526)	942\n	..
2,333\n	归属于Eni股东的调整后净利润（亏损）	2,801\n	1,247\n	..	6,436\n	3,793\n	70
(a) 更多信息请参见“特殊项目明细”表。

2026年第三季度，Eni集团实现60亿欧元备考调整后EBIT，较2025年第三季度翻倍，增加30亿欧元；得益于产量增长、成本效率提升和利润率优化，在有利的大宗商品行情下，几乎所有业务均表现改善。勘探与生产业务实现46亿欧元备考调整后EBIT，提升20亿欧元，得益于有机产量增长及其卫星项目的稳健贡献，尤其是东南亚Searah合资企业的产量爬坡。炼油业务受益于利润丰厚的市场环境，季度表现稳健。转型相关卫星项目实现6亿欧元，几乎是2025年第三季度的两倍，得益于产量增长和利润率扩大。在充满挑战的市场环境下，化工业务仍借助持续推进的重组举措，应对大宗商品利润率下滑；与此同时，老旧基地改造转型工作正在推进。

在 ’26 年第三季度，税前调整后利润为 €4.33 bln，较 ’25 年第三季度增长 90%，反映了集团调整后 EBIT 的趋势以及权益法核算实体报告利润的增加，但部分被融资费用上升所抵消（较 2025 年第三季度增加 €0.06 bln）；融资费用上升是由于总债务利率提高，以及收益率走高导致按公允价值计量的交易性证券收入减少。’26 年前九个月，集团报告税前调整后利润为 €10.57 bln，较 ’25 年前九个月增长 46%。

’26 年第三季度，归属于 Eni 股东的调整后净利润为 €2.80 bln，较 ’25 年第三季度增加逾一倍，其中计入调整后税率从 42% 降至 32% 的影响。这得益于 E&P 税前利润的地域组合改善，来自税率低于平均水平辖区的利润贡献增加，以及意大利子公司业绩改善、推动其对集团业绩的贡献提高。’26 年前九个月，集团报告归属于 Eni 股东的调整后净利润为 €6.44 bln，较 ’25 年前九个月增长 70%。

净借款和经营活动现金流

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

第二季度		第三季度			前九个月
2026	(€ 百万)	2026	2025	变动		2026	2025	变动
3,376	净利润（亏损）	3,492	865	2,627		8,147	2,621	5,526
	将净利润（亏损）调节为经营活动提供的净现金的调整项：
140	- 折旧、折耗及摊销和其他非现金项目	(352)	1,505	(1,857)		1,424	5,063	(3,639)
	- 资产处置净收益	(45)	(32)	(13)		(50)	(38)	(12)
1,539	- 股息、利息和税款	1,274	891	383		3,974	3,275	699
269	与经营活动相关的营运资本变动	178	435	(257)		(1,338)	627	(1,965)
578	权益投资收到的股息	1,112	417	695		1,980	1,296	684
(1,196)	已付税款	(1,148)	(812)	(336)		(3,199)	(3,042)	(157)
(436)	已付（收取）利息	(152)	(191)	39		(882)	(822)	(60)
4,270	经营活动提供的净现金	4,359	3,078	1,281		10,056	8,980	1,076
(2,041)	资本支出	(1,415)	(2,017)	602		(5,423)	(5,790)	367
(735)	投资和收购	(134)	(229)	95		(934)	(580)	(354)
(281)	处置合并子公司、业务、有形及无形资产和投资	215	1,275	(1,060)		(56)	1,359	(1,415)
240	其他投资活动相关现金流	(244)	(93)	(151)		11	(268)	279
1,453	自由现金流	2,781	2,014	767		3,654	3,701	(47)
9	金融活动相关净现金流入（流出）	(1,895)	(459)	(1,436)		(2,725)	(649)	(2,076)
104	短期和长期金融债务变动	1,669	(97)	1,766		4,129	(1,421)	5,550
(327)	租赁负债偿还	(272)	(303)	31		(941)	(978)	37
(1,452)	已付股息、股份回购、非控股权益及储备变动	907	(1,371)	2,278		(1,620)	193	(1,813)
(156)	发行永续混合债券及支付利息	(30)	(1)	(29)		774	125	649
8	合并范围变动及现金和现金等价物汇兑差额的影响	57	2	55		80	(202)	282
(361)	现金及现金等价物净增加（减少）	3,217	(215)	3,432		3,351	769	2,582
4,469	按重置成本计量、营运资本变动前的调整后净现金	4,287	3,297	990		11,634	9,486	2,148

第二季度		第三季度			前九个月
2026	(€ 百万)	2026	2025	变动		2026	2025	变动
1,453	自由现金流	2,781	2,014	767		3,654	3,701	(47)
(327)	租赁负债偿还	(272)	(303)	31		(941)	(978)	37
(9)	收购公司的净借款					(9)		(9)
(238)	剥离公司的净借款	1,846		1,846		1,608		1,608
307	供应商融资协议、汇兑差额及其他变动	(663)	(72)	(591)		(640)	(797)	157
(1,452)	已付股息以及非控股权益和储备变动	907	(1,371)	2,278		(1,620)	193	(1,813)
(156)	发行永续混合债券及支付利息	(30)	(1)	(29)		774	125	649
(422)	租赁负债变动前净借款变动	4,569	267	4,302		2,826	2,244	582
327	租赁负债偿还	272	303	(31)		941	978	(37)
(141)	新租赁的开始及其他变动	(445)	(113)	(332)		(855)	(43)	(812)
(236)	租赁负债变动后净借款变动	4,396	457	3,939		2,912	3,179	(267)

’26 年前九个月，经营活动提供的净现金为 €10,056 mln，其中包括 Eni 权益法核算投资收到的 €1,980 mln 股息。

’26 年前九个月，按重置成本计量、营运资本变动前的调整后净现金为 €11,634 mln（’26 年第三季度为 €4,287 mln），扣除了以下项目：

库存\n 与石油及其产品相关的持有收益或损失；

按加权平均成本核算的天然气库存与管理层用于优化利润率、衡量业绩的库存指标之间时间差异的转回；\n

未满足指定为套期工具的正式标准或按权责发生制比例确认的商品衍生品公允价值；

非常规风险和环境准备金以及其他非常规费用/收益（第三季度现金流还包括转回上一季度计提的一项收益，该收益与向合资企业 Searah 股东分配股息有关）。

下文列出了按重置成本计量的营运资本变动前调整后净现金与经营活动提供的净现金之间的调节：

第二季度		第三季度		九个月
2026	（€\n 百万）	2026	2025	变动	2026	2025	变动
4,270	经营活动提供的净现金	4,359	3,078	1,281	10,056	8,980	1,076
(269)	与经营相关的营运资本变动	(178)	(435)	257	1,338	(627)	1,965
(123)	剔除商品衍生品影响	828	50	778	900	(3)	903
(151)	剔除库存持有（收益）损失	(383)	117	(500)	(968)	475	(1,443)
3,727	按重置成本计量的营运资本变动前净现金	4,626	2,810	1,816	11,326	8,825	2,501
742	非常规（收益）费用及其他项目	(339)	487	(826)	308	661	(353)
4,469	按重置成本计量的营运资本变动前调整后净现金	4,287	3,297	990	11,634	9,486	2,148

2026年前九个月，有机资本开支为 €5.06 billion（同比下降14%），未计入已报销或预计将在正在进行的资产处置完成后获得报销的资本开支份额；该部分已用于抵减本期处置额，或重新分类至其他投资活动相关现金流。有机资本开支也未计入由 Eni 提供资金、归属于已获批准的合资运营商的资本开支份额。

不含 IFRS 16 租赁负债的净借款 在2026年前九个月减少约 €2.8 billion，降至 €6.7 billion。主要现金流入包括调整后经营现金流（€11.63 billion）、与上游基础设施资产组合货币化相关的第三方资本投入（€1.75 billion）以及混合债券发行（€0.99 billion）；这些资金用于支付有机资本开支（€5.06 billion）、营运资本需求（€1.4 billion）、向 Eni 股东派发股息及回购股票共 €4.30 billion（股息支付 €2.33 billion，股票回购 €1.96 billion）、偿还租赁负债及支付混合债券利息（€1.3 billion）、收购及其他资产组合交易（€1.3 billion），以及供应商融资协议的设立和其他变动（€1 billion）。Plenitude 解除合并使集团净借款减少约 €2.75 billion。

根据2026年5月6日股东大会授予的授权，Eni 启动了一项新的股票回购计划，将执行至2027年4月，授权上限为 €4 billion。按照集团薪酬政策，Eni 管理层计划实施 €3.8 billion 的回购计划。截至2026年10月16日，已购入约8500万股，现金支出为 €1.95 billion。

集团资产负债表摘要


（€\n 百万）	2025年12月\n 31日	2026年9月\n 30日	变动

固定\n 资产
房地产、厂房\n 及设备	50,536	49,997	(539)
使用权	5,184	5,100	(84)
无形\n 资产	6,022	1,525	(4,497)
存货\n - 强制性库存	1,187	1,787	600
权益法核算的\n 投资及其他投资	14,484	25,791	11,307
经营用途的应收款项\n 融资及证券	974	1,020	46
与资本支出相关的净\n 应付款项	(1,337)	(1,416)	(79)
	77,050	83,804	6,754
净\n 营运资金
存货	5,143	8,011	2,868
贸易\n 应收款项	8,986	11,288	2,302
贸易\n 应付款项	(13,901)	(17,899)	(3,998)
净税项资产（负债）	1,506	1,973	467
准备	(14,580)	(14,131)	449
其他\n 流动资产和负债	(1,572)	(4,235)	(2,663)
	(14,418)	(14,993)	(575)
员工福利\n 准备	(596)	(719)	(123)

持有待售资产\n 及相关负债	5,979	1,864	(4,115)
净\n 已动用资本	68,015	69,956	1,941

Eni股东权益	47,940	54,508	6,568
非控股\n 权益	4,847	3,132	(1,715)
股东\n 权益	52,787	57,640	4,853
不含IFRS 16租赁负债的\n 净借款	9,528	6,702	(2,826)
租赁\n 负债	5,700	5,614	(86)
含租赁负债的\n 净借款，不含IFRS 16	15,228	12,316	(2,912)
负债和股东权益\n 总额	68,015	69,956	1,941
不含IFRS 16租赁负债的\n 负债比率	0.15	0.10
含IFRS 16租赁负债的\n 负债比率	0.22	0.18

截至2026年9月30日，固定资产（838亿欧元）较2025年12月31日增加约68亿欧元，主要原因是失去控制权后，初始确认保留的Plenitude 65%权益法核算所有权权益（68亿欧元）；以及2026年6月，因将Eni在印度尼西亚的天然气资产实物出资，初始确认对合资企业Searah的50%投资（49亿欧元）。本期资本支出为54亿欧元，已扣除折旧、折耗及摊销。汇率折算差额为正（期末欧元兑美元汇率为1.135，较2025年12月31日的1.176下降3%），使以美元计价资产的欧元报告金额增加20亿欧元。

净营运资金\n金额为150亿欧元，较2025年12月31日小幅下降。在大宗商品价格上涨环境下，供应品加权平均成本导致存货账面价值上升，且净准备金使用增加；但这些影响被贸易应收款项与应付款项之间的余额（17亿欧元）以及其他流动资产和负债（27亿欧元）所抵消，后者源于衍生工具公允价值变动。

持有待售资产包括若干持有待售的勘探与生产资产。

Eni股东权益（545亿欧元）较2025年12月31日增加66亿欧元，主要由于本期净利润（76亿欧元）和外币折算差额为正（17亿欧元），部分被现金流量套期储备减少22亿欧元以及约43亿欧元的股东回报（股息和股票回购）所抵销。此外，集团权益中还确认了来自一组投资者的18亿欧元资本投入，该投资者将参与一组勘探与生产基础设施资产组合未来的股息流。

Non-controlling\ninterests of €3.1 bln mainly included: i) a minority participating interest acquired by the private equity fund KKR in the share\ncapital of Enilive (€0.9 bln) in 2025; ii) a perpetual subordinated hybrid bond (€1.8 bln) issued by a Group subsidiary in\n2024, classified as equity since the Group retains an unconditional right to avoid transferring cash or other financial assets to the\nbondholders, (iii) while the €2 bln minority interest in Plenitude representing equity investments made by Ares and Eip funds was\nderecognized following loss of control over Plenitude by the Eni Group.

Net borrowings⁵\nbefore lease liabilities as of September 30, 2026 of €6.7 bln were down by approximately €2.8 bln from December 31, 2025. \nGearing⁶ - the ratio of net borrowings to net capital employed before lease liabilities - was 0.10 on September 30,\n2026.

Considering the portfolio\ntransactions underway mainly relating to the sale of a 10% stake of the Indonesian assets, the Group proforma gearing stands at 0.09.

Special items

The breakdown of pre-tax special items recorded\nin operating profit by segment (net charges of €4,053 mln and €1,605 mln in the nine months ’26 and Q3 ’26, respectively)\nis as follows:

E&P: net charges of\n€2,021 mln were incurred in the nine months ’26 (€264 mln in Q3 ‘26). Those mainly comprised impairment losses at\noil&gas properties driven by re-prioritization of investment capital away from future phases of development of marginal properties\nand instead a focus on the core projects in the portfolio consistent with strategy, as well as downward reserves revisions (€1,231\nmln and €28 mln in the nine months ’26 and Q3 ’26, respectively); credit loss provisions (€102 mln and €10\nmln in the nine months ’26 and Q3 ’26, respectively), decommissioning activities in compliance with applicable regulations\n(€67 mln in both reporting periods), risk provisions (€44 mln and €33 mln in the nine months ’26 and Q3 ’26,\nrespectively) and provisions for redundancy incentives (€38 mln and €29 mln in the nine months ’26 and Q3 ’26, respectively);\n

GGP and Power: net charges\nof €1,574 mln in the nine months ’26 (net charges of €1,142 mln in Q3 ‘26) mainly relating to the accounting effect\nof certain fair-valued commodity derivatives lacking the formal criteria to be classified as hedges or to be waived from fair value accounting\nunder the own use exemption (charge of €1,619 mln and €1,305 mln in the nine months ’26 and Q3 ’26, respectively).\nThe reclassification of the positive balance of €176 mln (€24 mln in Q3 ‘26) related to derivatives covering margin exposure\nto foreign currency exchange rate movements and exchange translation differences of commercial payables and receivables;

Transition Businesses:\nnet gains of €953 mln (net gains of €589 mln in Q3 ‘26) mainly related to the fair values of commodity derivatives lacking\nthe formal criteria to be classified as hedges under IFRS relating exposure to the gas commodity (gain of €1,102 mln and of €693\nmln in the nine months ’26 and Q3 ‘26, respectively);

Refining, Chemicals and Sites\nin transformation: net charges of €1,080 mln (€546 mln in Q3 ’26) mainly related to the fair values of commodity derivatives\nlacking the formal criteria to be classified as hedges under IFRS (€360 mln and €182 mln in the nine months ’26 and Q3\n’26, respectively); the write-down of capital expenditures made for compliance and stay-in-business at certain CGU with expected\nnegative cash flows in Refining business (€210 mln and €48 mln in the nine months ’26 and Q3 ’26, respectively)\nas well as environmental charges of €316 mln (€226 mln in Q3 ’26).

Below operating profit, the main special items comprised\na gain of around €2 bln on the contribution of gas assets in Indonesia to the Searah JV with Petronas made in June 2026 in exchange\nfor a 50% participating interest in the new equity-accounted entity and around €1.5 bln gain on the alignment of the book value of\nthe retained ownership interest in Plenitude at the fair value underlying the transaction with the private equity fund Ares triggering\nthe loss of control over the former subsidiary and remeasurement of the retained ownership interest.

5 Details on net borrowings are furnished on page 25.

6 Non-GAAP financial measures and other alternative\nperformance indicators disclosed throughout this press release are accompanied by explanatory notes and tables in line with guidance provided\nby ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For further information, see the\nsection “Non-GAAP measures” of this press release. See pages 19 and subsequent.

Other information, basis\nof presentation and disclaimer

This press release\non Eni’s unaudited results for the third quarter and the nine months of 2026 has been prepared on a voluntary basis according to\narticle 82-ter, Regulations on issuers (CONSOB Regulation No. 11971 of May 14, 1999, and subsequent amendments and inclusions). The disclosure\nof results and business trends on a quarterly basis is consistent with Eni’s policy to provide the market and investors with regular\ninformation about the Company’s financial and industrial performances and business prospects considering the reporting policy followed\nby oil&gas peers who are communicating results on quarterly basis.

Results and cash\nflow are presented for the second and third quarter of 2026, the nine months of 2026 and for the third quarter and the nine months of\n2025. Information on the Company’s financial position relates to end of the periods as of September 30, 2026 and December 31, 2025.

Accounts set forth\nherein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting Standards\n(IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the procedure\nset forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.

These criteria are\nunchanged from the 2025 Annual Report on Form 20-F filed with the US SEC on March 23, 2026, which investors are urged to read.

The Annual Report\non Form 20-F 2025 is published on Eni’s website (eni.com) in the “Publications” section.

Shareholders can\nrequest a hard copy of Eni’s Annual Report on Form 20-F 2025, free of charge, by emailing a request to segreteriasocietaria.azionisti@eni.com\nor to investor.relations@eni.com.

Effective September\n30, 2026, Eni and private equity investor Ares have closed a non-proportional share capital increase at Eni’s former subsidiary\nPlenitude, which was subscribed for 30% by Eni and the remaining by Ares, resulting in Eni diluting its ownership interest to 65%. As\npart of the transaction, the two shareholders have agreed to a new governance framework, which is establishing joint control over the\nentity. Therefore, at closing Plenitude’s assets and liabilities have been derecognized from Eni Group consolidated accounts and\nthe retained 65% ownership interest in the investee has been recognized at the net asset fair value underlying the transaction with the\nrecording of a gain of around €1.5 billion given by difference between the book value of the derecognized net assets and the fair\nvalue of shareholding at the transaction date. This gain has been reported within results from discontinued operations. Going forward,\nthe shareholding in Plenitude will be recognized as a joint venture accounted with the equity method.

*\n* *

Non-GAAP financial\nmeasures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory notes and\ntables in line with guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5,\n2015. For further information, see the section “Alternative performance measures (Non-GAAP measures)” of this press release.

The manager responsible\nfor the preparation of the Company’s financial reports, Francesco Esposito, declares pursuant to rule 154-bis paragraph 2 of Legislative\nDecree No. 58/1998 that data and information disclosed in this press release correspond to the Company’s evidence and accounting\nbooks and records.

*\n* *

Disclaimer

This press release\ncontains certain forward-looking statements particularly those regarding capital expenditure, development and management of oil and gas\nresources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets\nof production and sales growth, new markets and the progress and timing of projects. By their nature, forward-looking statements involve\nrisks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results\nmay differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease,\nthe timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial\ntransactions; future levels of industry product supply; demand and pricing; operational issues; general economic conditions; political\nstability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new\ntechnology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed\nelsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number\nof external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results\nfrom operations and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.

Company\nContacts

Press Office: Tel. +39.0252031875 - +39.0659822030

Freephone for shareholders (from Italy):\n800940924

Freephone for shareholders (from abroad):\n+80011223456

Switchboard: +39-0659821

ufficio.stampa@eni.com

segreteriasocietaria.azionisti@eni.com

investor.relations@eni.com

website: www.eni.com

Eni

Società per\nAzioni, Rome, Piazzale Enrico Mattei, 1

Share capital: €4,005,358,876 fully\npaid.

Tax identification number 00484960588

Tel.: +39 0659821 - Fax: +39 0659822141

This press release for the third quarter\nand the nine months of 2026 results (not subject to audit) is also available on Eni’s website eni.com.

Alternative\nperformance indicators (Non-GAAP measures)

Management evaluates\nunderlying business performance on the basis of Non-GAAP financial measures, which are not provided by IFRS (“Alternative performance\nmeasures”), such as adjusted operating profit, adjusted net profit, which are arrived at by excluding from reported results certain\ngains and losses, defined special items, which include, among others, asset impairments, including impairments of deferred tax assets,\ngains on disposals, risk provisions, restructuring charges, the accounting effect of fair-valued derivatives used to hedge exposure to\nthe commodity, exchange rate and interest rate risks, which lack the formal criteria to be accounted as hedges, and analogously evaluation\neffects of assets and liabilities utilized in a relation of natural hedge of the above mentioned market risks. Furthermore, in determining\nthe business segments’ adjusted results, finance charges on finance debt and interest income are excluded (see below). In determining\nadjusted results, inventory holding gains or losses are excluded from base business performance, which is the difference between the\ncost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes\nsold calculated using the weighted average cost method of inventory accounting as required by IFRS, except in those business segments\nwhere inventories are utilized as a lever to optimize margins. Finally, the same special charges/gains are excluded from the Eni’s\nshare of results at JVs and other equity accounted entities, including any profit/loss on inventory holding.

Management is disclosing\nNon-GAAP measures of performance to facilitate a comparison of base business performance across periods, and to allow financial analysts\nto evaluate Eni’s trading performance on the basis of their forecasting models.

Non-GAAP financial\nmeasures should be read together with information determined by applying IFRS and do not stand in for them. Other companies may adopt\ndifferent methodologies to determine Non-GAAP measures.

Follows the description\nof the main alternative performance measures adopted by Eni. The measures reported below refer to the performance of the reporting periods\ndisclosed in this press release:

Adjusted\noperating and net profit

Adjusted operating\nprofit and adjusted net profit are determined by excluding inventory holding gains or losses, special items and, in determining the business\nsegments’ adjusted results, finance charges on finance debt and interest income. The adjusted operating profit of each business\nsegment reports gains and losses on derivative financial instruments entered into to manage exposure to movements in foreign currency\nexchange rates, which impact industrial margins and translation of commercial payables and receivables. Accordingly, also currency translation\neffects recorded through profit and loss are reported within business segments’ adjusted operating profit. The taxation effect\nof the items excluded from adjusted operating or net profit is determined based on the specific rate of taxes applicable to each of them.

Finance charges or\nincome related to net borrowings excluded from the adjusted net profit of business segments are comprised of interest charges on finance\ndebt and interest income earned on cash and cash equivalents not related to operations. Therefore, the adjusted net profit of business\nsegments includes finance charges or income deriving from certain segment operated assets, i.e., interest income on certain receivable\nfinancing and securities related to operations and finance charge pertaining to the accretion of certain provisions recorded on a discounted\nbasis (as in the case of the asset retirement obligations in the Exploration & Production segment).

Inventory\nholding gain or loss

This is the difference\nbetween the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of\nthe volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS.

Special\nitems

These include certain\nsignificant income or charges pertaining to either: (i) infrequent or unusual events and transactions, being identified as non-recurring\nitems under such circumstances; (ii) certain events or transactions which are not considered to be representative of the ordinary course\nof business, as in the case of environmental provisions, restructuring charges, asset impairments or write ups and gains or losses on\ndivestments even though they occurred in past periods or are likely to occur in future ones. Exchange rate differences and derivatives\nrelating to industrial activities and commercial payables and receivables, particularly exchange rate derivatives to manage commodity\npricing formulas which are quoted in a currency other than the functional currency are reclassified in operating profit with a corresponding\nadjustment to net finance charges, notwithstanding the handling of foreign currency exchange risks is made centrally by netting off naturally-occurring\nopposite positions and then dealing with any residual risk exposure in the derivative market. Finally, special items include the accounting\neffects of fair-valued commodity derivatives relating to commercial exposures, in addition to those which lack the criteria to be designed\nas hedges, also those which are not eligible for the own use exemption, including the ineffective portion of cash flow hedges, as well\nas the accounting effects of settled commodity and exchange rates derivatives whenever it is deemed that the underlying transaction is\nexpected to occur in future reporting periods.

Correspondently, special\ncharges/gains also include the evaluation effects relating to assets/liabilities utilized in a natural hedge relation to offset a market\nrisk, as in the case of accrued currency differences at finance debt denominated in a currency other than the reporting currency, where\nthe cash outflows for the reimbursement are matched by highly probable cash inflows in the same currency. The deferral of both the unrealized\nportion of fair-valued commodity and other derivatives and evaluation effects are reversed to future reporting periods when the underlying\ntransaction occurs.

As provided for in\nDecision No. 15519 of July 27, 2006 of the Italian market regulator (CONSOB), non-recurring material income or charges are to be clearly\nreported in the management’s discussion and financial tables.

Gearing

Gearing is calculated\nas the ratio between net borrowings and capital employed net and measures how much of capital employed net is financed recurring to third-party\nfunding. Gearing ex-IFRS 16 is calculated by excluding lease liabilities and right-of-use assets from numerator and denominator, respectively.\nOn a proforma basis gearing is calculated net of pending portfolio transactions.

Cash\nflow from operations before changes in working capital at replacement cost (Adjusted net cash before changes in working capital at replacement\ncost)

This is defined as\nnet cash provided from operating activities before changes in working capital at replacement cost. It also excludes certain non-recurring\ncharges such as extraordinary credit allowances and, considering the high market volatility, changes in the fair value of commodity derivatives\nlacking the formal criteria to be designed as hedges, including derivatives which were not eligible for the own use exemption, the ineffective\nportion of cash flow hedges, as well as the effects of certain settled commodity derivatives whenever it is deemed that the underlying\ntransaction is expected to occur in future reporting periods.

Free\ncash flow

Free cash flow represents\nthe link existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net borrowings\n(deriving from the summarized cash flow statement) that occurred from the beginning of the period to the end of period. Free cash flow\nis the cash in excess of capital expenditure needs. Starting from free cash flow it is possible to determine either: (i) changes in cash\nand cash equivalents for the period by adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt\nand receivables related to financing activities), shareholders’ equity (dividends paid, net repurchase of own shares, capital issuance)\nand the effect of changes in consolidation and of exchange rate differences; (ii) changes in net borrowings for the period by adding/deducting\ncash flows relating to shareholders’ equity and the effect of changes in consolidation and of exchange rate differences.

Net\nborrowings

Net borrowings is\ncalculated as total finance debt less cash, cash equivalents, financial assets measured at fair value through profit or loss and financing\nreceivables held for non-operating purposes. Financial activities are qualified as “not related to operations” when these\nare not strictly related to the business operations.

Proforma\nadjusted EBIT

Is the measure adding\nthe operating margin of the equity accounted entities to the adjusted EBIT, introduced by the management to reflect the increasing contribution\nfrom the JV/associates also in connection with the Eni satellite model.

Reconciliation tables of Non-GAAP\nresults to the most comparable measures of financial performance determined in accordance to GAAPs

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(€\n million)
\n \n Third\n Quarter 2026	Exploration\n & \n Production	Global\n Gas & LNG \n Portfolio and Power	Enilive	Plenitude	Refining,\n Chemicals \nand Sites in \n transformation	Corporate\n and other \n activities	Impact\n of unrealized \n intragroup profit \n elimination	GROUP	Discontinued\n operations \nexclusion	CONTINUING \n\n OPERATIONS

		Plenitude\n	Infragroup \n\n elimination	TOTAL
Reported\n operating profit (loss)	2,440	(703)	389	864	(45)	(448)	(20)	2,477	(864)	249	(615)	1,862
Exclusion\n of inventory holding (gains) losses			(154)		(300)		71	(383)				(383)
Exclusion\n of special items:
environmental\n charges			7		226	159		392				392
impairment\n losses (impairment reversals), net	28	1	28		63	5		125				125
impairment\n of exploration projects
net\n gains on disposal of assets	(9)				(2)			(11)				(11)
risk\n provisions	33				(1)	(4)		28				28
provision\n for redundancy incentives	29	10	55	1	56	87		238	(1)		(1)	237
commodity\n derivatives	34	1,305	28	(721)	182			828	721	(722)	(1)	827
exchange\n rate differences and derivatives	(7)	24	(1)		1			17				17
other	156	(198)	1	13	21	(5)		(12)	(13)		(13)	(25)
Special\n items of operating profit (loss)	264	1,142	118	(707)	546	242		1,605	707	(722)	(15)	1,590
Adjusted\n operating profit (loss) of subsidiaries (a)	2,704	439	353	157	201	(206)	51	3,699	(157)	(473)	(630)	3,069
main\n JV/Associates adjusted EBIT (b)	1,927	6	57	34	271			2,295	(34)		(34)	2,261
Proforma\n adjusted EBIT (c)=(a)+(b)	4,631	445	410	191	472	(206)	51	5,994	(191)	(473)	(664)	5,330
Finance\n expenses and dividends of subsidiaries (d)	21	(4)		3	(3)	(174)		(157)	(3)	2	(1)	(158)
Finance\n expenses and dividends of main JV/associates (e)	(196)	3	(3)	(21)	2			(215)	21		21	(194)
Income\n taxes of main JV/associates (f)	(1,233)	(3)		(8)	(48)			(1,292)	8		8	(1,284)
Adjusted\n net profit (loss) of main JV/associates (g)=(b)+(e)+(f)	498	6	54	5	225			788	(5)		(5)	783
Adjusted\n profit (loss) before taxes (h)=(a)+(d)+(g)	3,223	441	407	165	423	(380)	51	4,330	(165)	(471)	(636)	3,694
Income\n taxes (i)	(1,123)	(173)	(111)	(45)	(110)	180	(17)	(1,399)	45	(7)	38	(1,361)
Tax\n rate (%)								32.3				36.8
Adjusted\n net profit (loss) (j)=(h)+(i)	2,100	268	296	120	313	(200)	34	2,931	(120)	(478)	(598)	2,333
of\n which:
-\n Adjusted net profit (loss) of non-controlling interest								130			267	397
- Adjusted net profit (loss) attributable to Eni's shareholders						2,801		(865)	1,936

Reported net profit (loss) attributable to Eni's shareholders						3,205		(1,757)	1,448
Exclusion of inventory holding (gains) losses						(235)			(235)
Exclusion of special items						(169)		892	723

Adjusted net profit (loss) attributable to Eni's shareholders						2,801		(865)	1,936

(€\n million)
\n \n Third Quarter 2025	Exploration\n & \n Production	Global\n Gas & LNG \n Portfolio and Power	Enilive	Plenitude	Refining,\n Chemicals \n and Sites in \n transformation	Corporate\n and other \n activities	Impact\n of unrealized \n intragroup profit \n elimination	GROUP	Discontinued\n operations \nexclusion	CONTINUING \n\n OPERATIONS

		Plenitude\n	Infragroup \n\n elimination	TOTAL
Reported\n operating profit (loss)	1,670	227	219	23	(291)	(418)	(86)	1,344	(23)	(489)	(512)	832
Exclusion\n of inventory holding (gains) losses			(8)		69		56	117				117
Exclusion\n of special items:
environmental\n charges (expense recovered from third-parties)	2		11		19			32				32
impairment\n losses (impairment reversals), net	109		9		59	4		181				181
risk\n provisions	38					170		208				208
provision\n for redundancy incentives	3	1	1	1	3	10		19	(1)		(1)	18
commodity\n derivatives	16	(32)	1	66	(1)			50	(66)	64	(2)	48
exchange\n rate differences and derivatives	(32)	17			(1)	(1)		(17)				(17)
other	(6)	129	8	2	7	(1)		139	(2)		(2)	137
Special\n items of operating profit (loss)	130	115	30	69	86	182		612	(69)	64	(5)	607
Adjusted\n operating profit (loss) of subsidiaries (a)	1,800	342	241	92	(136)	(236)	(30)	2,073	(92)	(425)	(517)	1,556
main\n JV/Associates adjusted EBIT (b)	838	4	(8)	6	83			923	(6)		(6)	917
Proforma\n adjusted EBIT (c)=(a)+(b)	2,638	346	233	98	(53)	(236)	(30)	2,996	(98)	(425)	(523)	2,473
Finance\n expenses and dividends of subsidiaries (d)	(84)	(4)	(6)	(6)	3	(75)		(172)	6	4	10	(162)
Finance\n expenses and dividends of main JV/associates (e)	(137)	3	(2)	(9)	(19)			(164)	9		9	(155)
Income\n taxes of main JV/associates (f)	(402)	3		1	11			(387)	(1)		(1)	(388)
Adjusted\n net profit (loss) of main JV/associates (g)=(b)+(e)+(f)	299	10	(10)	(2)	75			372	2		2	374
Adjusted\n profit (loss) before taxes (h)=(a)+(d)+(g)	2,015	348	225	84	(58)	(311)	(30)	2,273	(84)	(421)	(505)	1,768
Income\n taxes (i)	(840)	(132)	(62)	(31)	(16)	114	9	(958)	31	(5)	26	(932)
Tax\n rate (%)								42.1				52.7
Adjusted\n net profit (loss) (j)=(h)+(i)	1,175	216	163	53	(74)	(197)	(21)	1,315	(53)	(426)	(479)	836
of\n which:
- Adjusted net profit (loss) of non-controlling interest						68		(48)	20
- Adjusted net profit (loss) attributable to Eni's shareholders						1,247		(431)	816

Reported net profit (loss) attributable to Eni's shareholders						803		(448)	355
Exclusion of inventory holding (gains) losses						87			87
Exclusion of special items						357		17	374
Adjusted net profit (loss) attributable to Eni's shareholders						1,247		(431)	816

(€\n million)
\n \n \n Nine months 2026	Exploration\n & \n Production	Global\n Gas & LNG \n Portfolio and Power	Enilive	Plenitude	Refining,\n Chemicals \n and Sites in transformation	Corporate\n and other \n activities	Impact\n of unrealized \n intragroup profit \n elimination	GROUP	Discontinued\n operations \n exclusion	CONTINUING \n\n OPERATIONS

		Plenitude\n	Infragroup \n\n elimination	TOTAL
Reported\n operating profit (loss)	5,942	(322)	764	1,690	(347)	(1,063)	(116)	6,548	(1,690)	(1,114)	(2,804)	3,744
Exclusion\n of inventory holding (gains) losses			(189)		(855)		76	(968)				(968)
Exclusion\n of special items:
environmental\n charges	15		55		316	149		535				535
impairment\n losses (impairment reversals), net	1,231	1	39		250	78		1,599				1,599
net\n gains on disposal of assets	(14)				(2)			(16)				(16)
risk\n provisions	44		1			2		47				47
provision\n for redundancy incentives	38	11	56	3	68	94		270	(3)		(3)	267
commodity\n derivatives	23	1,619	42	(1,144)	360			900	1,144	(1,147)	(3)	897
exchange\n rate differences and derivatives	20	176	(3)		17			210				210
other	664	(233)	(9)	7	71	8		508	(7)		(7)	501
Special\n items of operating profit (loss)	2,021	1,574	181	(1,134)	1,080	331		4,053	1,134	(1,147)	(13)	4,040
Adjusted\n operating profit (loss) of subsidiaries (a)	7,963	1,252	756	556	(122)	(732)	(40)	9,633	(556)	(2,261)	(2,817)	6,816
main\n JV/Associates adjusted EBIT (b)	4,794	23	87	74	294			5,272	(74)		(74)	5,198
Proforma\n adjusted EBIT (c)=(a)+(b)	12,757	1,275	843	630	172	(732)	(40)	14,905	(630)	(2,261)	(2,891)	12,014
Finance\n expenses and dividends of subsidiaries (d)	(162)	(13)	(14)	1	2	(495)		(681)	(1)	(10)	(11)	(692)
Finance\n expenses and dividends of main JV/associates (e)	(645)	9	(8)	(60)	(29)			(733)	60		60	(673)
Income\n taxes of main JV/associates (f)	(2,860)	(9)		(13)	(44)			(2,926)	13		13	(2,913)
Adjusted\n net profit (loss) of main JV/associates (g)=(b)+(e)+(f)	1,289	23	79	1	221			1,613	(1)		(1)	1,612
Adjusted\n profit (loss) before taxes (h)=(a)+(d)+(g)	9,090	1,262	821	558	101	(1,227)	(40)	10,565	(558)	(2,271)	(2,829)	7,736
Income\n taxes (i)	(3,261)	(479)	(224)	(174)	(104)	404	13	(3,825)	174	(18)	156	(3,669)
Tax\n rate (%)								36.2				47.4
Adjusted\n net profit (loss) (j)=(h)+(i)	5,829	783	597	384	(3)	(823)	(27)	6,740	(384)	(2,289)	(2,673)	4,067
of\n which:
-\n Adjusted net profit (loss) of non-controlling interest								304			(359)	(55)
- Adjusted net profit (loss) attributable to Eni's shareholders						6,436		(2,314)	4,122

Reported net profit (loss) attributable to Eni's shareholders						7,595		(3,124)	4,471
Exclusion of inventory holding (gains) losses						(633)			(633)
Exclusion of special items						(526)		810	284
Adjusted net profit (loss) attributable to Eni's shareholders						6,436		(2,314)	4,122

(€\n million)
\n \n \n Nine months 2025	Exploration\n & \n Production	Global\n Gas & LNG \n Portfolio and Power	Enilive	Plenitude	Refining,\n Chemicals and \n Sites in transformation	Corporate\n and other \n activities	Impact\n of unrealized \n intragroup profit \n elimination	GROUP	Discontinued\n operations \nexclusion	CONTINUING \n\n OPERATIONS

		Plenitude\n	Infragroup \n\n elimination	TOTAL
Reported\n operating profit (loss)	5,116	1,585	393	87	(1,593)	(957)	203	4,834	(87)	(2,864)	(2,951)	1,883
Exclusion\n of inventory holding (gains) losses			34		496		(55)	475				475
Exclusion\n of special items:
environmental\n charges (expense recovered from third-parties)			33		136	55		224				224
impairment\n losses (impairment reversals), net	578		14		218	12		822				822
net\n gains on disposal of assets	(3)				(3)			(6)				(6)
risk\n provisions	38				16	171		225				225
provision\n for redundancy incentives	12	1	2	1	10	27		53	(1)		(1)	52
commodity\n derivatives	(3)	(374)	2	358	14			(3)	(358)	354	(4)	(7)
exchange\n rate differences and derivatives	(17)	(280)	(1)		2			(296)				(296)
other	(32)	251	12	12	12	(21)		234	(12)		(12)	222
Special\n items of operating profit (loss)	573	(402)	62	371	405	244		1,253	(371)	354	(17)	1,236
Adjusted\n operating profit (loss) of subsidiaries (a)	5,689	1,183	489	458	(692)	(713)	148	6,562	(458)	(2,510)	(2,968)	3,594
main\n JV/Associates adjusted EBIT (b)	2,679	23	(32)	14	112			2,796	(14)		(14)	2,782
Proforma\n adjusted EBIT (c)=(a)+(b)	8,368	1,206	457	472	(580)	(713)	148	9,358	(472)	(2,510)	(2,982)	6,376
Finance\n expenses and dividends of subsidiaries (d)	(55)	(13)	(14)	(19)	(2)	(91)		(194)	19	75	94	(100)
Finance\n expenses and dividends of main JV/associates (e)	(459)	8	(5)	(33)	(60)			(549)	33		33	(516)
Income\n taxes of main JV/associates (f)	(1,426)	(1)			34			(1,393)				(1,393)
Adjusted\n net profit (loss) of main JV/associates (g)=(b)+(e)+(f)	794	30	(37)	(19)	86			854	19		19	873
Adjusted\n profit (loss) before taxes (h)=(a)+(d)+(g)	6,428	1,200	438	420	(608)	(804)	148	7,222	(420)	(2,435)	(2,855)	4,367
Income\n taxes (i)	(2,881)	(442)	(134)	(144)	27	336	(41)	(3,279)	144	(12)	132	(3,147)
Tax\n rate (%)								45.4				72.1
Adjusted\n net profit (loss) (j)=(h)+(i)	3,547	758	304	276	(581)	(468)	107	3,943	(276)	(2,447)	(2,723)	1,220
of\n which:
- Adjusted net profit (loss) of non-controlling interest						150		(235)	(85)
- Adjusted net profit (loss) attributable to Eni's shareholders						3,793		(2,488)	1,305

Reported net profit (loss) attributable to Eni's shareholders						2,518		(2,569)	(51)
Exclusion of inventory holding (gains) losses						333			333
Exclusion of special items						942		81	1,023
Adjusted net profit (loss) attributable to Eni's shareholders						3,793		(2,488)	1,305

(€\n million)
\n \n \n Second Quarter 2026	Exploration\n & \n Production	Global\n Gas & LNG \n Portfolio and Power	Enilive	Plenitude	Refining,\n Chemicals and \n Sites in transformation	Corporate\n and other \n activities	Impact\n of unrealized \n intragroup profit \n elimination	GROUP	Discontinued\n operations \n exclusion	CONTINUING \n\n OPERATIONS

		Plenitude\n	Infragroup \n\n elimination	TOTAL
Reported\n operating profit (loss)	1,651	523	192	52	(129)	(313)	(78)	1,898	(52)	(669)	(721)	1,177
Exclusion\n of inventory holding (gains) losses			70		(151)		(70)	(151)				(151)
Exclusion\n of special items:
environmental\n charges	16		31		66	(10)		103				103
impairment\n losses (impairment reversals), net	1,104		6		108	69		1,287				1,287
risk\n provisions	11		1		1	6		19				19
provision\n for redundancy incentives	6			1	6	3		16	(1)		(1)	15
commodity\n derivatives	(179)	(95)	(23)	159	15			(123)	(159)	156	(3)	(126)
exchange\n rate differences and derivatives	(4)	65	(2)		11			70				70
other	371	2	(8)	(13)	30	15		397	13		13	410
Special\n items of operating profit (loss)	1,325	(28)	5	147	237	83		1,769	(147)	156	9	1,778
Adjusted\n operating profit (loss) of subsidiaries (a)	2,976	495	267	199	(43)	(230)	(148)	3,516	(199)	(513)	(712)	2,804
main\n JV/Associates adjusted EBIT (b)	1,793	8	28	27	3			1,859	(27)		(27)	1,832
Proforma\n adjusted EBIT (c)=(a)+(b)	4,769	503	295	226	(40)	(230)	(148)	5,375	(226)	(513)	(739)	4,636
Finance\n expenses and dividends of subsidiaries (d)	(99)	(5)	(6)	(11)	2	(144)		(263)	11	(3)	8	(255)
Finance\n expenses and dividends of main JV/associates (e)	(235)	2	(2)	(20)	(14)			(269)	20		20	(249)
Income\n taxes of main JV/associates (f)	(966)	(3)		(6)	(11)			(986)	6		6	(980)
Adjusted\n net profit (loss) of main JV/associates (g)=(b)+(e)+(f)	592	7	26	1	(22)			604	(1)		(1)	603
Adjusted\n profit (loss) before taxes (h)=(a)+(d)+(g)	3,469	497	287	189	(63)	(374)	(148)	3,857	(189)	(516)	(705)	3,152
Income\n taxes (i)	(1,220)	(186)	(79)	(59)	(24)	101	44	(1,423)	59	(5)	54	(1,369)
Tax\n rate (%)								36.9
Adjusted\n net profit (loss) (j)=(h)+(i)	2,249	311	208	130	(87)	(273)	(104)	2,434	(130)	(521)	(651)	1,783
of\n which:
- Adjusted net profit (loss) of non-controlling interest						101		(196)	(95)
- Adjusted net profit (loss) attributable to Eni's shareholders						2,333		(455)	1,878

Reported net profit (loss) attributable to Eni's shareholders						3,319		(492)	2,827
Exclusion of inventory holding (gains) losses						(120)			(120)
Exclusion of special items						(866)		37	(829)
Adjusted net profit (loss) attributable to Eni's shareholders						2,333		(455)	1,878

Breakdown of special items

Q2		Q3	Nine months
2026	(€\n million)	2026	2025	2026	2025
103	Environmental charges	392	32	535	224
1,287	Impairment losses (impairment\n reversals), net	125	181	1,599	822
	Net gains on disposal of\n assets	(11)		(16)	(6)
19	Risk provisions	28	208	47	225
16	Provisions for redundancy\n incentives	238	19	270	53
(123)	Commodity derivatives	828	50	900	(3)
70	Exchange rate differences\n and derivatives	17	(17)	210	(296)
397	Other	(12)	139	508	234
1,769	Special\n items of operating profit (loss)	1,605	612	4,053	1,253
(75)	Net finance\n (income) expense	(24)	11	(225)	280
	of which:
(70)	- exchange rate differences\n and derivatives reclassified to operating profit (loss)	(17)	17	(210)	296
(2,384)	Net income\n (expense) from investments, including net gains on business \n combinations and other items	(1,473)	(112)	(3,909)	(266)
(146)	Income\n taxes	(401)	(145)	(652)	(285)
(836)	Total\n special items of net profit (loss)	(293)	366	(733)	982
	attributable to:
(866)	-\n Eni's shareholders	(169)	357	(526)	942
30	-\n Non-controlling interest	(124)	9	(207)	40

Reconciliation of Group proforma adjusted EBIT

Q2		Q3		Nine\n months
2026	(€\n million)	2026	2025	%\n Ch.	2026	2025	%\n Ch.
2,976	E&P\n adjusted Ebit of consolidated subsidiaries	2,704	1,800	50	7,963	5,689	40
1,793	main\n JV/Associates adjusted Ebit	1,927	838	..	4,794	2,679	79
4,769	E&P\n proforma adjusted Ebit	4,631	2,638	76	12,757	8,368	52
495	GGP\n and Power adjusted Ebit of consolidated subsidiaries	439	342	28	1,252	1,183	6
8	main\n JV/Associates adjusted Ebit	6	4	50	23	23	-
503	GGP\n and Power proforma adjusted Ebit	445	346	29	1,275	1,206	6
466	Transition\n Businesses adjusted Ebit of consolidated subsidiaries	510	333	53	1,312	947	39
55	main\n JV/Associates adjusted Ebit	91	(2)	..	161	(18)	..
521	Transition\n Businesses proforma adjusted Ebit	601	331	82	1,473	929	59
(43)	Refining,\n Chemicals and Sites in transformation adjusted Ebit of consolidated subsidiaries	201	(136)	..	(122)	(692)	82
3	main\n JV/Associates adjusted Ebit	271	83	..	294	112	..
(40)	Refining,\n Chemicals and Sites in transformation proforma adjusted Ebit	472	(53)	..	172	(580)	..
(230)	Other\n segments adjusted Ebit	(206)	(236)	13	(732)	(713)	(3)
(148)	Impact\n of unrealized intragroup profit elimination	51	(30)	..	(40)	148	..
5,375	Group\n proforma adjusted Ebit⁽ᵃ⁾	5,994	2,996	..	14,905	9,358	59


(a)\n Main JV/Associates are Vår Energi, Azule Energy, Ithaca, Searah, Mozambique Rovuma Venture, Neptune Algeria, SeaCorridor, Adnoc\n R&GT and St. Bernard Renewables Llc.

Profit and loss reconciliation GAAP vs Non-GAAP

Third\n Quarter	2026	Nine\n months
Reported \n\n results	Profit\n on \n stock	Special \n\n items	Finance \n\n expense \n reclassified	Adjusted \n\n results	(€\n million)	Reported \n\n results	Profit \n\n on stock	Special \n\n items	Finance \n\n expense \n reclassified	Adjusted \n\n results

2,477	(383)	1,588	17	3,699	Operating\n profit	6,548	(968)	3,843	210	9,633
(284)		(7)	(17)	(308)	Finance\n income (expense)	(663)		(15)	(210)	(888)
2,412		(1,473)		939	Income\n (expense) from investments	5,729		(3,909)		1,820
(1,113)	115	(401)		(1,399)	Income\n taxes	(3,467)	294	(652)		(3,825)
3,492	(268)	(293)		2,931	Net\n profit	8,147	(674)	(733)		6,740
287	(33)	(124)		130	-\n Non-controlling interest	552	(41)	(207)		304
3,205	(235)	(169)		2,801	Net\n profit attributable to Eni's shareholders	7,595	(633)	(526)		6,436

Third\n Quarter	2025	Nine\n months
Reported \n\n results	Profit\n on \n stock	Special \n\n items	Finance \n\n expense \n reclassified	Adjusted \n\n results	(€\n million)	Reported \n\n results	Profit\n on \n stock	Special \n\n items	Finance \n\n expense \n reclassified	Adjusted \n\n results

1,344	117	629	(17)	2,073	Operating\n profit	4,834	475	1,549	(296)	6,562
(258)		(6)	17	(247)	Finance\n income (expense)	(668)		(16)	296	(388)
559		(112)		447	Income\n (expense) from investments	1,314		(266)		1,048
(780)	(33)	(145)		(958)	Income\n taxes	(2,859)	(135)	(285)		(3,279)
865	84	366		1,315	Net\n profit	2,621	340	982		3,943
62	(3)	9		68	-\n Non-controlling interest	103	7	40		150
803	87	357		1,247	Net\n profit attributable to Eni's shareholders	2,518	333	942		3,793

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

2026	Q2
(€\n million)	Reported \n\n results	Profit\n on \n stock	Special \n\n items	Finance \n\n expense \n reclassified	Adjusted \n\n results

Operating\n profit	1,898	(151)	1,699	70	3,516
Finance\n income (expense)	(191)		(5)	(70)	(266)
Income\n (expense) from investments	2,991		(2,384)		607
Income\n taxes	(1,322)	45	(146)		(1,423)
Net\n profit	3,376	(106)	(836)		2,434
-\n Non-controlling interest	57	14	30		101
Net\n profit attributable to Eni's shareholders	3,319	(120)	(866)		2,333

Analysis\nof Profit and Loss account items – continuing operations

Sales\nfrom operations

Q2		Q3		Nine\n months
2026	(€\n million)	2026	2025	%\n Ch.	2026	2025	%\n Ch.
16,579	Exploration\n & Production	17,639	13,329	32	47,956	38,271	25
4,058	Global\n Gas & LNG Portfolio and Power	6,290	3,503	80	15,723	12,537	25
6,917	Enilive	7,726	5,206	48	19,400	14,742	32
6,441	Refining,\n Chemicals and Sites in transformation	7,050	4,545	55	17,603	14,010	26
476	Corporate\n and other activities	499	487	2	1,431	1,466	(2)
(12,157)	Consolidation\n adjustments	(13,559)	(8,670)	(56)	(34,412)	(26,874)	(28)
22,314		25,645	18,400	39	67,701	54,152	25

Operating expenses

Q2		Q3		Nine\n months
2026	(€\n million)	2026	2025	%\n Ch.	2026	2025	%\n Ch.
17,806	Purchases,\n services and other	20,674	15,362	35	54,603	45,416	20
51	Impairment\n losses (impairment reversals) of trade and other receivables, net	40	(24)	..	141	49	..
759	Payroll\n and related costs	889	676	32	2,471	2,230	11
15	of\n which: provision for redundancy incentives and other	237	18	..	267	52	..
18,616		21,603	16,014	35	57,215	47,695	20

DD&A, impairments, reversals and write-off

Q2		Q3		Nine\n months
2026	(€\n million)	2026	2025	var\n %	2026	2025	%\n Ch.
1,514	Exploration\n & Production	1,363	1,521	(10)	4,310	4,586	(6)
42	Global\n Gas & LNG Portfolio and Power	47	64	(27)	137	196	(30)
76	Enilive\n	74	79	(6)	223	224	-
38	Refining,\n Chemicals and Sites in transformation	38	39	(3)	111	114	(3)
40	Corporate\n and other activities	41	38	8	120	115	4
(8)	Impact\n of unrealized intragroup profit elimination	(9)	(10)	10	(26)	(26)	-
1,702	Total\n depreciation, depletion and\n amortization	1,554	1,731	(10)	4,875	5,209	(6)
1,287	Impairment\n losses (impairment reversals) of tangible and intangible and right of use assets, net	125	181	(31)	1,599	822	95
2,989	Depreciation,\n depletion, amortization, impairments and reversals	1,679	1,912	(12)	6,474	6,031	7
113	Write-off\n of tangible and intangible assets	9	11	(18)	128	(3)	..
3,102		1,688	1,923	(12)	6,602	6,028	10

Income (expense) from investments

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(€\n million)
Nine\n months 2026	Exploration\n & \n Production	Global\n Gas & \n LNG Portfolio \n and Power	Enilive	Refining, \n\n Chemicals and \n Sites in \n transformation	Corporate\n and \n other activities	Group
Share\n of profit (loss) from equity-accounted investments	1,574	23	109	283	(40)	1,949
Dividends\n	148		6	1	21	176
Net\n gains (losses) on disposals					18	18
Other\n income (expense), net	2,088	2			(3)	2,087
	3,810	25	115	284	(4)	4,230

\n\n

Gearing and net borrowings

Gearing\nis a measure used by management to assess the Company’s level of indebtedness. It is calculated as the ratio between net borrowings\nand capital employed net and measures how much capital employed net is financed recurring to third-party funding. Management periodically\nreviews gearing in order to assess the soundness and efficiency of the Group balance sheet in terms of optimal mix between net borrowings\nand net capital employed, and to carry out benchmark analysis with industry standards.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


(€\n million)	Dec.\n 31, 2025	Sept.\n 30, 2026	Change
Total\n debt	28,464	34,390	5,926
- Short-term\n debt	8,363	8,362	(1)
- Long-term\n debt	20,101	26,028	5,927
Cash\n and cash equivalents	(8,100)	(11,767)	(3,667)
Financial\n assets measured at fair value through profit or loss	(6,991)	(8,371)	(1,380)
Financing\n receivables held for non-operating purposes	(3,845)	(7,550)	(3,705)
Net\n borrowings before lease liabilities ex IFRS 16	9,528	6,702	(2,826)
Lease\n Liabilities	5,700	5,614	(86)
Net\n borrowings after lease liabilities ex IFRS 16	15,228	12,316	(2,912)
Shareholders'\n equity including non-controlling interest	52,787	57,640	4,853
Gearing\n before lease liability ex IFRS 16	0.15	0.10
Gearing\n after lease liability ex IFRS 16	0.22	0.18

The increase in financing receivables held for non-operating\npurposes was mainly due to the recognition of former intercompany financing receivables owed by Plenitude to Eni for around €1.7\nbln, which have been netted against the Group‘s gross finance debt in determining net borrowings, because a reimbursement plan has\nbeen agreed and the Group is only exposed to a credit risk. Other increases were due to higher margin deposits in connection with Group\ncommodity trading activities and other cash requirements.

\n\n

Consolidated financial statements

BALANCE SHEET

(€\n million)
	Sept.\n 30, 2026	Dec.\n 31, 2025
ASSETS
Current\n assets
Cash\n and cash equivalents	11,767\n	8,100\n
Financial\n assets measured at fair value through profit or loss	8,371\n	6,991\n
Other\n financial assets	2,710\n	3,710\n
Trade\n and other receivables	15,197\n	12,436\n
Inventories\n	8,011\n	5,143\n
Income\n tax assets	942\n	539\n
Other\n assets	5,522\n	3,943\n
	52,520\n	40,862\n
Non-current\n assets
Property,\n plant and equipment	49,997\n	50,536\n
Right\n of use assets	5,100\n	5,184\n
Intangible\n assets	1,525\n	6,022\n
Inventory\n - compulsory stock	1,787\n	1,187\n
Equity-accounted\n investments	24,362\n	13,155\n
Other\n investments	1,429\n	1,329\n
Other\n financial assets	5,860\n	1,109\n
Deferred\n tax assets	6,875\n	6,716\n
Income\n tax assets	139\n	125\n
Other\n assets	1,490\n	2,839\n
	98,564\n	88,202\n
Assets\n held for sale	2,994\n	8,005\n
TOTAL\n ASSETS	154,078\n	137,069\n
LIABILITIES\n AND SHAREHOLDERS' EQUITY
Current\n liabilities
Short-term\n debt	5,054\n	4,929\n
Current\n portion of long-term debt	3,308\n	3,434\n
Current\n portion of long-term lease liabilities	1,131\n	1,263\n
Trade\n and other payables	22,759\n	20,261\n
Income\n taxes payable	388\n	343\n
Other\n liabilities	11,954\n	4,039\n
	44,594\n	34,269\n
Non-current\n liabilities
Long-term\n debt	25,922\n	20,139\n
Long-term\n lease liabilities	4,483\n	4,437\n
Provisions\n for contingencies	14,131\n	14,580\n
Provisions\n for employee benefits	719\n	596\n
Deferred\n tax liabilities	4,313\n	4,805\n
Income\n taxes payable	24\n	40\n
Other\n liabilities	1,122\n	3,390\n
	50,714\n	47,987\n
Liabilities\n directly associated with assets held for sale	1,130\n	2,026\n
TOTAL\n LIABILITIES	96,438\n	84,282\n
Share\n capital	4,005\n	4,005\n
Retained\n earnings	31,995\n	33,209\n
Cumulative\n currency translation differences	3,616\n	1,936\n
Other\n reserves and equity instruments	10,274\n	8,964\n
Treasury\n shares	(2,977)	(2,782)
Net\n profit (loss)	7,595\n	2,608\n
Total\n Eni shareholders' equity	54,508\n	47,940\n
Non-controlling\n interest	3,132\n	4,847\n
TOTAL\n SHAREHOLDERS' EQUITY	57,640\n	52,787\n
TOTAL\n LIABILITIES AND SHAREHOLDERS' EQUITY	154,078\n	137,069\n

GROUP PROFIT AND LOSS ACCOUNT


Q2		Q3	Nine\n months
2026	(€\n million)	2026	2025	2026	2025
	CONTINUING\n OPERATIONS
22,314\n	Sales\n from operations	25,645\n	18,400\n	67,701\n	54,152\n
354\n	Other\n income and revenues	390\n	284\n	1,063\n	933\n
22,668\n	Total\n revenues	26,035\n	18,684\n	68,764\n	55,085\n
(17,806)	Purchases,\n services and other	(20,674)	(15,362)	(54,603)	(45,416)
(51)	Impairment\n reversals (impairment losses) of trade and other receivables, net	(40)	24\n	(141)	(49)
(759)	Payroll\n and related costs	(889)	(676)	(2,471)	(2,230)
227\n	Other\n operating (expense) income	(882)	85\n	(1,203)	521\n
(1,702)	Depreciation,\n Depletion and Amortization	(1,554)	(1,731)	(4,875)	(5,209)
(1,287)	Impairment\n reversals (impairment losses) of tangible, intangible and right of use assets, net	(125)	(181)	(1,599)	(822)
(113)	Write-off\n of tangible and intangible assets	(9)	(11)	(128)	3\n
1,177\n	OPERATING\n PROFIT (LOSS)	1,862\n	832\n	3,744\n	1,883\n
1,735\n	Finance\n income	1,482\n	836\n	4,699\n	6,195\n
(2,066)	Finance\n expense	(1,778)	(1,135)	(5,485)	(6,864)
82\n	Net\n finance income (expense) from financial assets measured at fair value through profit or loss	2\n	71\n	97\n	182\n
61\n	Derivative\n financial instruments	9\n	(18)	18\n	(88)
(188)	FINANCE\n INCOME (EXPENSE)	(285)	(246)	(671)	(575)
889\n	Share\n of profit (loss) of equity-accounted investments	777\n	359\n	1,949\n	1,028\n
2,106\n	Other\n gain (loss) from investments	135\n	195\n	2,281\n	301\n
2,995\n	INCOME\n (EXPENSE) FROM INVESTMENTS	912\n	554\n	4,230\n	1,329\n
3,984\n	PROFIT\n (LOSS) BEFORE INCOME TAXES	2,489\n	1,140\n	7,303\n	2,637\n
(1,312)	Income\n taxes	(869)	(773)	(2,986)	(2,829)
2,672\n	Net\n profit (loss) - continuing operations	1,620\n	367\n	4,317\n	(192)
	DISCONTINUED\n OPERATIONS
704\n	Net\n profit (loss) - discontinued operations	1,872\n	498\n	3,830\n	2,813\n
	TOTAL\n GROUP
3,376\n	Net\n profit (loss)	3,492\n	865\n	8,147\n	2,621\n
	attributable\n to:
3,319\n	-\n Eni's shareholders	3,205\n	803\n	7,595\n	2,518\n
2,827\n	-\n continuing operations	1,448\n	355\n	4,471\n	(51)
492\n	-\n discontinued operations	1,757\n	448\n	3,124\n	2,569\n
57\n	-\nNon-controlling interest	287\n	62\n	552\n	103\n
(155)	-\ncontinuing operations	172\n	12\n	(154)	(141)
212\n	-\ndiscontinued operations	115\n	50\n	706\n	244\n

	Net\n profit (loss) per share attributable to Eni's shareholders (€ per share)
1.11\n	-\n basic	1.09\n	0.25\n	2.53\n	0.77\n
1.09\n	-\n diluted	1.07\n	0.24\n	2.48\n	0.76\n
	Net\n profit (loss) per share - continuing operations attributable to Eni's shareholders (€ per share)
0.94\n	-\n basic	0.48\n	0.10\n	1.46\n	(0.07)
0.92\n	-\n diluted	0.47\n	0.10\n	1.44\n	(0.07)
	Weighted\n average number of shares outstanding (million)
2,934.6\n	-\n basic	2,886.5\n	3,011.2\n	2,922.0\n	3,041.0\n
3,000.2\n	-\n diluted	2,952.2\n	3,073.8\n	2,987.6\n	3,103.6\n

COMPREHENSIVE INCOME (LOSS)

	Q3	Nine\n months
(€\n million)	2026	2025	2026	2025
Net\n profit (loss)	3,492	865	8,147	2,621
Items\n that are not reclassified to profit or loss in later periods	(12)		(2)	5
Remeasurements\n of defined benefit plans	1		1
Share\n of other comprehensive income on equity accounted entities			1
Change\n in the fair value of interests with effects on other comprehensive income	(13)		(4)	5
Taxation
Items\n that may be reclassified to profit in later periods	(1,027)	38	186	(5,481)
Currency\n translation differences	158	(90)	1,758	(6,153)
Change\n in the fair value of cash flow hedging derivatives	(1,730)	132	(2,212)	864
Share\n of other comprehensive income on equity-accounted entities	(1)	31	(57)	55
Taxation\n	546	(35)	697	(247)
Total\n other items of comprehensive income (loss)	(1,039)	38	184	(5,476)
Total\n comprehensive income (loss)	2,453	903	8,331	(2,855)
attributable\n to:
-\nEni's shareholders	2,147	845	7,675	(2,704)
-\n continuing operations	368	403	4,472	(5,197)
-\n discontinued operations	1,779	442	3,203	2,493
-\nNon-controlling interest	306	58	656	(151)
-\n continuing operations	182	7	(84)	(388)
- discontinued\noperations	124	51	740	237

CHANGES IN SHAREHOLDERS’ EQUITY

(€\n million)
Shareholders'\n equity at January 1, 2025		55,648\n
Total\n comprehensive income (loss)	(2,855)
Dividends\n paid to Eni's shareholders	(2,307)
Dividends\n distributed by consolidated subsidiaries	(63)
Net\n purchase of treasury shares	(1,217)
Issue\n of hybrid bonds	1,500\n
Repurchase\n of perpetual hybrid bonds	(1,251)
Coupon\n of perpetual subordinated bonds	(105)
Taxes\n on disposal of Enilive and Plenitude	(26)
Taxes\n on hybrid bond coupon and costs	9\n
Plenitude\n transaction - disposal to EIP	209\n
Put\n option on Plenitude	(139)
Enilive\n transaction - disposal to KKR	3,569\n
Other\n changes	(6)
Total\n changes		(2,682)
Shareholders'\n equity at September 30, 2025		52,966\n
attributable\n to:
-\nEni's shareholders		49,243\n
- Non-controlling interest		3,723\n
Shareholders'\n equity at January 1, 2026		52,787\n
Total\n comprehensive income (loss)	8,331\n
Dividends\n paid to Eni's shareholders	(2,333)
Dividends\n distributed by consolidated subsidiaries	(156)
Net\n purchase of treasury shares	(1,995)
Issue\n of hybrid bonds	1,000\n
Coupon\n of perpetual subordinated bonds and Enimarine	(214)
Taxes\n on hybrid bond coupon and costs	55\n
Upstream\n infrastructure transaction	1,753\n
Plenitude\n deconsolidation	(2,101)
Put\n option liability elimination	541\n
Other\n changes	(28)
Total\n changes		4,853\n
Shareholders'\n equity at September 30, 2026		57,640\n
attributable\n to:
-\nEni's shareholders		54,508\n
- Non-controlling interest		3,132\n

GROUP CASH FLOW STATEMENT

Q2		Q3	Nine\n months
2026	(€\n million)	2026	2025	2026	2025
2,672\n	Net\n profit (loss) - continuing operations	1,620\n	367\n	4,317\n	(192)
704\n	Net\n profit (loss) - discontinued operations	1,872\n	498\n	3,830\n	2,813\n
3,376\n	Net\n profit (loss)	3,492\n	865\n	8,147\n	2,621\n
	Adjustments\n to reconcile net profit (loss) to net cash provided by operating activities:
1,702\n	Depreciation,\n depletion and amortization	1,554\n	1,842\n	4,952\n	5,538\n
1,287\n	Impairment losses (impairment reversals) of tangible, intangible and right of use, net	125\n	181\n	1,599\n	822\n
114\n	Write-off\n of tangible and intangible assets	9\n	11\n	129\n	(2)
(882)	Share\n of (profit) loss of equity-accounted investments	(775)	(359)	(1,933)	(1,008)
	Gains\n on disposal of assets, net	(45)	(32)	(50)	(38)
(17)	Dividend\n income	(116)	(87)	(176)	(187)
(121)	Interest\n income	(135)	(121)	(358)	(323)
355\n	Interest\n expense	412\n	319\n	1,041\n	926\n
1,322\n	Income\n taxes	1,113\n	780\n	3,467\n	2,859\n
(2,064)	Other\n changes	(1,383)	(107)	(3,460)	(232)
269\n	Cash\n flow from changes in working capital	178\n	435\n	(1,338)	627\n
(1,200)	-\n inventories	(1,734)	(405)	(3,463)	(4)
2,660\n	-\n trade receivables	(2,079)	1,166\n	(3,312)	3,821\n
(1,442)	-\n trade payables	2,955\n	(609)	4,749\n	(3,046)
(70)	-\n provisions for contingencies	36\n	(109)	(387)	(548)
321\n	-\n other assets and liabilities	1,000\n	392\n	1,075\n	404\n
(17)	Net\n change in the provisions for employee benefits	118\n	(63)	137\n	(55)
578\n	Dividends\n received	1,112\n	417\n	1,980\n	1,296\n
49\n	Interest\n received	51\n	51\n	138\n	168\n
(485)	Interest\n paid	(203)	(242)	(1,020)	(990)
(1,196)	Income\n taxes paid, net of tax receivables received	(1,148)	(812)	(3,199)	(3,042)
4,270\n	Net\n cash provided by operating activities	4,359\n	3,078\n	10,056\n	8,980\n
(2,981)	Cash\n flow from investing activities	(1,819)	(2,494)	(6,893)	(7,029)
(2,114)	-\n tangible assets	(1,645)	(2,061)	(6,123)	(5,768)
(94)	-\n intangible assets	(116)	(117)	(279)	(375)
(499)	-\n consolidated subsidiaries and businesses net of cash and cash equivalent acquired			(499)
(236)	-\n investments	(134)	(229)	(435)	(580)
(8)	-\n securities and financing receivables held for operating purposes	(25)	(8)	(58)	(43)
(30)	-\n change in payables in relation to investing activities	101\n	(79)	501\n	(263)
164\n	Cash\n flow from disposals	241\n	1,430\n	491\n	1,750\n
2\n	-\n tangible assets	380\n	1,351\n	392\n	1,417\n
	-\n intangible assets	1\n	3\n	1\n	3\n
38\n	-\n consolidated subsidiaries and businesses net of cash and cash equivalent disposed of	(201)		(163)
27\n	-\n investments	42\n	52\n	69\n	70\n
42\n	-\n securities and financing receivables held for operating purposes	12\n	7\n	55\n	23\n
55\n	-\n change in receivables in relation to disposals	7\n	17\n	137\n	237\n
9\n	Net\n change in receivables and securities not held for operating purposes	(1,895)	(459)	(2,725)	(649)
(2,808)	Net\n cash used in investing activities	(3,473)	(1,523)	(9,127)	(5,928)

GROUP CASH FLOW STATEMENT (continued)

Q2		Q3	Nine\n months
2026	(€\n million)	2026	2025	2026	2025
2,821	Increase\n in long-term debt	3,000	1,514	8,116	5,235
(1,177)	Payment\n of long-term debt	(250)	(2,908)	(3,156)	(7,711)
(327)	Payment\n of lease liabilities	(272)	(303)	(941)	(978)
(1,540)	Increase\n (decrease) in short-term financial debt	(1,081)	1,297	(831)	1,055
(786)	Dividends\n paid to Eni's shareholders	(781)	(781)	(2,333)	(2,305)
(106)	Dividends\n paid to non-controlling interests	(24)	(30)	(150)	(63)
	Net\n capital issuance from non-controlling interest	1,080		1,080	709
	Disposal\n (acquisition) of additional interests in consolidated subsidiaries				3,069
(560)	Net\n purchase of treasury shares	(1,115)	(560)	(1,964)	(1,226)
	Issue\n (repayment) of perpetual hybrid bonds		(1)	988	230
	Other\n contributions	1,747		1,747	9
(156)	Interest\n payment of perpetual hybrid bond	(30)		(214)	(105)
(1,831)	Net\n cash used in financing activities	2,274	(1,772)	2,342	(2,081)
8	Effect\n of exchange rate changes on cash and cash equivalents and other changes	57	2	80	(202)
(361)	Net\n increase (decrease) in cash and cash equivalents	3,217	(215)	3,351	769
8,916	Cash\n and cash equivalents - beginning of the period	8,555	9,167	8,421	8,183
8,555	Cash\n and cash equivalents - end of the period	11,772	8,952	11,772	8,952

Capital expenditure

Q2		Q3		Nine\n months
2026	(€\n million)	2026	2025	var\n %	2026	2025	%\n Ch.
1,526	Exploration\n & Production	1,091	1,535	(29)	4,232	4,310	(2)
97	of\n which: - exploration	31	63	(51)	296	229	29
1,418	- oil & gas development	1,046	1,345	(22)	3,906	3,931	(1)
14	Global\n Gas & LNG Portfolio and Power	7	14	(50)	29	51	(43)
2	-\n Global Gas & LNG Portfolio	1	2	(50)	3	11	(73)
12	-\n Power	6	12	(50)	26	40	(35)
174	Transition\n Businesses	245	288	(15)	583	729	(20)
56	-\n Enilive	103	98	5	222	199	12
118	-\n Plenitude	142	190	(25)	361	530	(32)
282	Refining,\n Chemicals and Sites in transformation	39	142	(73)	479	430	11
247	-\n Refining	9	97	(91)	393	303	30
27	-\n Chemicals	22	45	(51)	66	127	(48)
8	-\n Sites in transformation	8			20
44	Corporate\n and other activities	34	51	(33)	112	304	(63)
1	Impact\n of unrealized intragroup profit elimination	(1)	(13)		(12)	(34)
2,041	Capital\n expenditure ^(a)	1,415	2,017	(30)	5,423	5,790	(6)

(a)\nExpenditures to purchase plant and equipment from suppliers whose payment terms matched classification as financing payables, have been\nrecognized among other changes of the reclassified cash flow statements and are not reported in the table above (€436 mln and €270\nmln in the third quarter 2026 and 2025, respectively, €997 mln and €1,023 mln in the nine months 2026 and the nine months 2025,\nrespectively and €289 mln in the second quarter 2026).

In the nine months ’26, capital expenditure\namounted to €5,423 mln (€5,790 mln in the nine months ’25) decreasing by 6% y-o-y, in particular:

• in the Exploration & Production, capital\nexpenditure (€4,232 mln) was mainly related to oil&gas development activities in particular in Libya, Egypt, Congo, Italy, the\nUnited Arab Emirates, Indonesia, Algeria, Kazakhstan, Nigeria, Mexico and Iraq;

• in the Transition Businesses segment, Plenitude’s\ncapital expenditure (€361 mln) related to development activities in the renewable business, acquisition of new customers, as well\nas development of electric vehicles network infrastructure, while Enilive capital expenditure (€222 mln) mainly related to biorefining\nprojects (Ecofining^TM and Steam Reformer in Venice and Gela catalysts) and marketing activity in Italy and in the rest of Europe;

• in the Refining, Chemicals and Sites in transformation\nsegment mainly related to refining in Italy (€393 mln) specifically to the reconversion of Livorno in biorefinery, maintenance and\nstay-in-business, as well as to the chemical business (€66 mln) and regarded the circular economy and asset integrity;

• in the Corporate and other activities mainly\nrelated to the CCUS and agri-business projects (€21 mln).

Exploration & Production

PRODUCTION\nOF OIL AND NATURAL GAS BY REGION

Q2			Q3	Nine\n months
2026			2026	2025	2026	2025
57	Italy	(kboe/d)	57	62	58	66
300	Rest of Europe		293	287	305	256
529	North Africa		536	529	532	524
404	Sub-Saharan Africa		403	340	401	333
342	Asia		390	389	359	377
157	Americas		150	143	150	130
-	Australia and Oceania		-	6	-	5
1,789	Production\n of oil and natural gas ^{(a)\n (b) (c) (d)}		1,829	1,756	1,805	1,691
566	- of which Joint Ventures and associates		648	493	580	452
145	Production\nsold ^(a)	(mmboe)	146	143	432	413

PRODUCTION\nOF LIQUIDS BY REGION

Q2			Q3	Nine\n months
2026			2026	2025	2026	2025
23	Italy	(kbbl/d)	24	25	24	26
185	Rest of Europe		181	193	190	161
176	North Africa		178	175	175	173
185	Sub-Saharan Africa		202	193	193	190
174	Asia		177	197	182	208
89	Americas		83	77	82	66
-	Australia and Oceania		-	-	-	-
832	Production of liquids		845	860	846	824
282	- of which Joint Ventures and associates		279	283	286	250

PRODUCTION\nOF NATURAL GAS BY REGION

Q2			Q3	Nine\n months
2026			2026	2025	2026	2025
175	Italy	(mmcf/d)	174	190	178	212
603	Rest of Europe		583	491	601	497
1,848	North Africa		1,869	1,851	1,870	1,836
1,145	Sub-Saharan Africa		1,053	769	1,089	747
878	Asia		1,115	1,008	927	882
357	Americas		354	346	352	335
-	Australia and Oceania		-	32	-	26
5,006	Production of natural gas		5,148	4,687	5,017	4,535
1,487	- of which Joint Ventures and associates		1,930	1,096	1,541	1,060

(a) Includes Eni’s share of production of equity-accounted entities.

(b) Includes volumes of hydrocarbons consumed in operation (157 and 129 kboe/d in the third quarter of 2026 and 2025, respectively, 159 and 131 kboe/d in the nine months of 2026 and 2025, respectively, and 150 kboe/d in the second quarter of 2026).

(c) In the third quarter 2026 and in the nine months 2026, it includes 81 and 79 kboe/d, respectively, of production related to certain sanctioned joint-venture partners.

(d) From 2026, Eni has discontinued reporting data on production/reserves for Kazakhstan because this Country has represented less than 15% of Eni’s total proved reserves for three years in a row, with 15% being the US SEC threshold for single country disclosures, due to growth in other areas. Kazakhstan data have been aggregated in the geographic area “Asia”.

","original","zhKind","translation","complete",false,"E","公司与财报","财报","业绩指引","股息","回购","能源","aihot","/items/v173y2hh9wn2sqmgv4eu71yv7","https://www.sec.gov/Archives/edgar/data/1002242/000110465926119043/0001104659-26-119043-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1793491200&sig=a44fc010ba6ad89b","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1793491200&sig=f0c2f6edbccf6c64 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1793491200&sig=1e232851b6ece00c 96w","changelogVersion","2026-10-01T08:00"]