Q4 2025 Eni SpA Earnings Call

February 26, 2026

Speaker #3: You make me feel like it really. You like. Aggressively, and with determination.

Claudio Descalzi: Aggressively and with determination.

Speaker #1: Good afternoon, ladies and gentlemen, and welcome to ENI's 2025 fourth quarter and full year results conference call. Hosted by Mr. Claudio Descalzi, Chief Executive Officer.

Operator: Good afternoon, ladies and gentlemen, welcome to Eni's 2025 Q4 and full year results conference call, hosted by Mr. Claudio Descalzi, Chief Executive Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star and one on your telephone. Now, I'm handing you over to your host to begin today's conference. Thank you.

Operator: Good afternoon, ladies and gentlemen, welcome to Eni's 2025 Q4 and Full Year Results Conference Call, hosted by Mr. Claudio Descalzi, Chief Executive Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star and one on your telephone. Now, I'm handing you over to your host to begin today's conference. Thank you.

Speaker #1: For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star N1 on your telephone.

Speaker #1: I am now ending you over to your hosts to begin today's conference. Thank you.

Speaker #2: Thank you. Good morning. Everyone. 2025 was a year of exceptional progress at ENI. We developed and executed our distinctive strategy in many cases exceeding our regional targets.

Claudio Descalzi: Thank you. Good morning, everyone. 2025 was a year of exceptional progress at Eni. We developed and executed our distinctive strategy, in many cases exceeding our original targets. We will discuss in detail our update plan at the forthcoming capital markets update in March. I can say at this point that 2025 provided an excellent guide to what you should expect the future to hold for Eni. Last year's result proved the value of our consistent strategies, strong operational and financial performance, timely project delivery to support growth, and diversified investment for the short and long term to generate further value for investors. Specifically, looking in detail at the 3 main business pillars, the successes are compelling. 1st, Global Natural Resources. We started up 6 major projects as planned.

Speaker #2: We will discuss in detail our update plan at the forecoming capital markets update in March, but I can say at this point that 2025 provides an excellent guide to what you should expect the future to hold for ENI.

Speaker #2: Last year's result proved the value of our consistent strategy, strong operational and financial performance, timely project delivery to support growth, and diversified investment for the short and long term to generate further value for investors.

Speaker #2: Specifically, looking in detail at the three main business pillars, the successes are compelling. First, global natural resources. We started up six major projects as planned.

Speaker #2: This supported an underlying production increase of 4%, well above our original full year guidance, and growth above 7% over the 2022-2025 period, leading among our peers.

Claudio Descalzi: This supported an underlying production increase of 4%, well above our original full year guidance, and growth above 7% over the 2020 to 2025 period, leading among our peers. Project execution is a clear strength of ours, and both Agogo, Angola, and Congo LNG are further examples of our leadership in time to market. In addition, we took FIDs on 4 major new projects, 3 of which are operated, driving a strong reserves replacement ratio of above 160%, and meaning we currently have 500,000 barrel per day of production under development, securing our medium-term outlook. At the portfolio level, we have also established a new platform of growth by creating our largest business combination with Petronas in Indonesia and Malaysia, and we are progressing our Argentina LNG project with YPF and XRG.

Speaker #2: Project execution is a clear strength of ours, and both Agogin Angola and Congo LNG are further examples of our leadership in time-to-market. In addition, we took FIDs on four major new projects, three of which are operated.

Speaker #2: Driving a strong reserve replacement ratio of above 160%, and, meaning we currently have 500,000 barrels per day of production under development, securing our medium-term outlook.

Speaker #2: At the portfolio level, we have also established a new platform of growth by creating our largest business combination with Petronas in Indonesia and Malaysia.

Speaker #2: And we are progressing our Argentina LNG XRG. Alongside our continued exploration success under PINSA long-term outlook, we discovered 900 million barrels of new resources in 2025, reaffirming our industry-leading track record.

Claudio Descalzi: Alongside, our continued exploration success underpins our long-term outlook. We discovered 900 million barrel of new resources in 2025, reaffirming our industry-leading track record. Over 10 billion barrel of resources discovered since 2014, at less than $1 per barrel from multiple geographies and different geological plays. Our focus on value, as well as volume, is also emphasized by our continued action to valorize our resources through Dual Exploration, as we did in Indonesia with the business combination in Côte d'Ivoire, and high grade our portfolio through tail asset divestment. GGP is a business we have comprehensively transformed in the past few years, and notwithstanding a softer market, we deliver EBIT above EUR 1 billion for the 4th consecutive year.

Speaker #2: Now, over 10 billion barrels of resources discovered since 2014, at less than $1 per barrel, from multiple geographies and different geological places. Our focus on value, as well as volume, is also emphasized by our continued action to valorize our resources through dual exploration.

Speaker #2: As we did in Indonesia, with the business combination in Côte d'Ivoire and high-grade our portfolio through tail asset divestment. GDP is a business we have comprehensively transformed in the past few years, and notwithstanding its software market, we deliver EBIT above $1 billion for the fourth consecutive year.

Speaker #2: Gas-to-power was also a strong contributor in 2025, and together, these results emphasize the work underway to capture more margin from our equity production. Second, our transition activities.

Claudio Descalzi: Gas to Power was also a strong contributor in 2025, Together, these results emphasized the work underway to capture more margin from our equity production. Second are transition activities. They generate material growth and value creation, and are important in diversifying and strengthening Eni's earnings. In a year that was not remarkable for market improvement, we proved the robustness of our integrated business models, and we have been rewarded with strong earnings, EUR 2 billion of EBITDA, and by the validation from the market with a contribution of EUR 5.8 billion from top private equity firms. These deals were completed at multiple around 3 times those of Eni standalone, implying over EUR 23 billion of enterprise value for these new business lines. We are locking in further growth with both Plenitude and Enilive.

Speaker #2: They generate material growth and value creation, and are important in diversifying and strengthening ENI's earnings. In the year that was not remarkable for market improvement, we proved the robustness of our integrated business models, and we have been rewarded with strong earnings.

Speaker #2: $2 billion of EBITDA. And by the validation from the market, with a contribution of 5.8 billion from top private equity firms. These deals were completed in a multiple round with at multiple around three times those of ENI's standalone.

Speaker #2: Implying over $23 billion of enterprise value for these new business lines. We are locking in further growth with both Plenitude and Eni Live. Plenitude expanded its renewable capacity by more than 40% in 2025, and will add 10% to its customer base in 2026 on closing the agreed ACEA Energy acquisition.

Claudio Descalzi: Plenitude expanded its renewable capacity by more than 40% in 2025, and will add 10% to its customer base in 2026 on closing the agreed ACEA Energia acquisition. Enilive has 3 new biorefineries under construction, and 2 more have recently reached FID, together representing a further net 2 million tons of annual capacity. Third, industrial transformation. Changes in the energy market bring challenges that we are successfully mitigating, but also opportunities. In this context, we are advancing the transformation of our traditional refineries, and we have set out the decisive measures to address challenges in our chemical business that are the same impacting the entire European industry. In 2025, we accelerated these actions, closing the crackers that bring this in Priolo, 3 to 6 months earlier than planned.

Speaker #2: ENI Live has three new biorefineries under construction and two more have recently reached FID. Together, representing a further net $2 million tons of annual capacity.

Speaker #2: And third, industrial transformation. Changes in the energy market bring challenges that we are successfully mitigating, but also opportunities. In this contest, we are advancing the transformation of our traditional refineries and we have set out the decisive measures to address challenges in our chemical business that are the same impacting the entire European industry.

Speaker #2: In 2025, we accelerate the. These actions, closing the crackers that bring the CNP oil, 3 to 6 months earlier than planned. At the same time, we are transforming Versailles towards biocircular and specialized products.

Claudio Descalzi: At the same time, we are transforming Versalis towards bio, circular, and specialized products. The strategic and operational progress achieved in 2025 translates into exceptional financial delivery. Robust financial position is critical in managing the cycle, preserving flexibility, and delivering our strategy. Last year, CFFO of EUR 12.5 billion was EUR 1.5 billion ahead of plan on a scenario-adjusted basis. Responding promptly to the more challenging scenario, we cut gross CapEx from a planned EUR 9 billion to EUR 8.5 billion, and we identified cash initiatives totaling EUR 4 billion, raised from an initial EUR 2 billion, including delivering EUR 0.5 billion of savings.

Speaker #2: The strategic and operational progress achieved in 2025 translates into exceptional financial delivery. Robust financial position is critical in managing the cycle of preserving flexibility and delivering our strategy.

Speaker #2: Last year, CFA4 of at 12.5 billion was 1.5 billion ahead of plan on a scenario adjusted basis. Responding promptly to the more challenging scenario, we cut gross capital from a planned $9 billion to 8.5 billion and we identify cash initiatives totally in $4 billion raised from an initial $2 billion.

Speaker #2: Including delivering 0.5 billion of savings. Net CAPEX on a proforma basis was lower than $5 billion versus our initial expectation of 6.5 to 7 billion.

Claudio Descalzi: Net CapEx on a pro forma basis was lower than EUR 5 billion, versus our initial expectation of EUR 6.5 to 7 billion, as we executed on more portfolio activity for better value. As a result, pro forma gearing at year-end was 14%, with net debt down almost EUR 3 billion over the year. These outcomes gave us the opportunity to raise our share buyback by 20% from EUR 1.5 billion to 1.8 billion, achieving the unique combination in 2025 of both lowering debt and enhancing shareholder distribution. In Q4, pro forma adjusted EBIT was EUR 2.9 billion, up 6% year-on-year, despite the lower oil price and weaker dollar.

Speaker #2: As we executed on more portfolio activity, for better value. As a result, proforma gearing at year-end was 14%. With net debt down almost $3 billion over the year.

Speaker #2: This outcome gave us the opportunity to raise our share buyback by 20% from 1.5 billion to 1.8 billion. Achieving the unique combination in 2025 of both lowering debt and enhancing shareholder distribution.

Speaker #2: In Q4, proforma adjusted EBIT was 2.9 billion up 6% year on year, despite the lower oil price and weaker dollar. We reported the excellent EMP result with production up 7% year on year, and 5% sequentially at 1.839 million barrels per day, underpinned by the positive impact of 2025 startups.

Claudio Descalzi: We reported excellent E&P result, with production up 7% year-on-year. Five percent sequentially at 1.839 million barrel per day, underpinned by the positive impact of 2025 startups. Full year production of 1.728 million barrel per day was 2% above our guidance for the year. GGP Q4 EBIT of EUR 0.1 billion, delivered on our raised full year guidance of more than EUR 1 billion, despite relatively low volatile markets. Plenitude and Enilive together delivered EUR 2 billion of pro forma adjusted EBIT in the year. Enilive benefited from improved bio margins in the quarter, part of setting seasonally lower marketing....

Speaker #2: Full year production of 1.728 million barrels per day was 2% above our guidance for the year. GDP Q4 EBIT of 0.1 billion delivered on our raised full year guidance of more than $1 billion despite relatively low volatile markets.

Speaker #2: Plenitude ENI Live together delivered $2 billion of proforma adjusted EBIT in the year and ENI Live benefited from improved biomargins in the quarter. Part of setting seasonally lower marketing.

Speaker #2: Refining returned to profit in the quarter, albeit held back by relatively low utilization rates, while chemicals continued to see a weak scenario of setting the early benefit of the restructuring underway.

Claudio Descalzi: Refining returned to profit, to profit in the Q4, albeit held back by relatively low utilization rates, while chemicals continued to see a weak scenario, setting the early benefit of the restructuring underway. Q4 adjusted net profit was EUR 1.2 billion, with a tax rate of 37%, as we adjusted to a full year rate of 44%, just below guidance. The FFO in Q4 was EUR 3 billion, representing excellent cash conversion again, held by the material cash initiatives we undertook in the year. Full year cash flow at EUR 12.5 billion was EUR 1.5 billion above our full year guidance on a scenario-adjusted basis. Thanks to a release in working capital and our actions around the portfolio, we were able to fund our CapEx, shareholder distributions, and other commitments, also to significantly reduce debt.

Speaker #2: Q4 adjusted net profit was $1.2 billion, with a tax rate of 37%. As we adjusted to a full-year rate of 44%, this was just below guidance.

Speaker #2: CFA4 in Q4 was $3 billion, representing excellent cash conversion again, helped by the material cash initiatives we undertook in the year. Full-year cash flow at $12.5 billion was $1.5 billion above our full-year guidance on a scenario-adjusted basis.

Speaker #2: Thanks to a release in working capital and our actions around the portfolio, we were able to fund our capex, shareholder distributions, and other commitments, and also to significantly reduce debt.

Speaker #2: Gross organic CAPEX in the quarter was 2.6 billion taking the full year figure to 8.5 billion 0.5 billion less than our original plan. Valorizations sent portfolio activities have raised our raised around $10 billion over the past two years.

Claudio Descalzi: Gross organic CapEx in the quarter was EUR 2.6 billion, taking the full year figure to EUR 8.5 billion, EUR 0.5 billion less than our original plan. Valorizations and portfolio activities have raised around EUR 10 billion over the past two years. In 2025, we completed more than EUR 6.5 billion in valorization and portfolio activity, which meant that adjusting to a pro forma basis, net CapEx was lower than EUR 5 billion, around EUR 2 billion below our original plan. 2025 is not a one-off year. For 2026, we expect to limit our gross CapEx to around EUR 7 billion and net CapEx at around EUR 5 billion.

Speaker #2: In 2025, we completed more than 6.5 billion in valorization of portfolio activity. Which meant that adjusting to a proforma basis, net CAPEX was lower than $5 billion around $2 billion below our original plan.

Speaker #2: But 2025 is not a one-off year. For 2026, we expect to limit our gross CAPEX to around $7 billion and net CAPEX at around $5 billion.

Speaker #2: We reduced net debts over 2025 by almost $3 billion as we said, bringing gearing to 15%. At the year-end, or 14% on proforma basis.

Claudio Descalzi: We reduced net debts over 2025 by almost EUR 3 billion, as we said, bringing gearing to 15% at the year-end, or 14% on pro forma basis. We can confirm that we expect pro forma gearing in 2026 to remain at historically low levels at between 10% to 15%. Our shareholder distribution details, we have to revert to the CMU in March, but we can confirm a full funded, attractive, and growing dividend is our first priority. In the last 5 years, we have raised the dividend by an average of 5% per year, reflecting underlying growth and the reduction of share initiative. At the same time, we have additional tool of distribution via the buyback that reflects our policy of sharing cash flow, generation, and its upside.

Speaker #2: We can confirm that we expect proforma gearing in 2026 to remain at historically low levels at between 10 to 15%. Our shareholder distribution details we have to revert to the CMU in March, but we can confirm a full funded attractive and growing dividend is our first priority.

Speaker #2: In the last five years, we have raised the dividend by an average 5% per year, reflecting underlying growth and the reduction of share initial.

Speaker #2: At the same time, we have additional tool of distribution via the buyback debt reflects our policy of sharing cash flow generation and its upside.

Speaker #2: In 2025, for example, we raised the buyback by 20%. The third occasion in the past four years we have increased distributions. In conclusion, 2025 was a clear outcome of ENI strategy in action.

Claudio Descalzi: In 2025, for example, we raised the buyback by 20%, the 3rd occasion in the past 4 years we have increased distributions. In conclusion, 2025 was a clear outcome of Eni strategy in action. Looking ahead, we will update our plan in March, strategy remains unchanged. The choices we make in how we do business are driven by our investor, technological, and commercial strength, and by a business model that has proven to perform in strong and soft market conditions. The upstream will grow organically at a sector-leading rate, leveraging our exploration successes and our proven ability to fast-track time to market, while managing cost and delivering the value from our business combinations and partnerships.

Speaker #2: Looking ahead, we will update our on our plan in March by a strategy remain unchanged. The choices we make in how we do business are driven by our investor technological and commercial strength.

Speaker #2: And by a business model that has proven to perform in strong and soft market conditions. The upstream will grow organically at a sector-leading rate, leveraging our exploration successes and our proven ability to fast-track time to market.

Speaker #2: While managing cost and delivering the value from our business combinations and partnerships, on the energy transition, we will deliver the programs outlined by for planning to the Eni Live, while developing CCS, fusion, battery storage, and data centers for hyperscalers, coupled with blue power, and exploring opportunities in critical minerals.

Claudio Descalzi: On the energy transition, we will deliver the programs outlined by, for Plenitude and Enilive, while developing CCS, fusion, battery storage, and data centers for hyperscalers, coupled with Blue Power and exploring opportunities in critical mineral. Portfolio activity will again be material in 2026 as we continue to pursue disciplined capital alignment and value disclosure. In March, we will share with you the details that underpin this outlook and which support continued highly attractive investor returns. Now, with the rest of Eni top management are ready to take your questions. Thank you.

Speaker #2: Portfolio activity will again be material in 2026 as we continue to pursue disciplined capital alignment and value disclosure. In March, we will share with you the details that underpin this outlook and which support continued highly attractive investor returns.

Speaker #2: And now with the rest of any top manager are ready to take your question. Thank you.

Speaker #1: Thank you. This is the conference operator. Please press star and one for questions. First question is from Alejandro Vidu Santander.

Operator: Thank you. This is the conference operator. Please press star and one for questions. First question is from Alejandro Vigil, Santander.

Speaker #3: Yes, hello. Thank you for taking my questions, and congratulations on the results. I have two questions about the upstream business. Definitely, you will elaborate more at the Capital Markets Day.

Alejandro Vigil: Yes, hello, thank you for taking my questions, and congratulations for the results. I have two questions about the upstream business. Definitely you will elaborate more on the capital market day. I'm very interested in the outlook for this year, thanks to the contribution of the joint venture with Petronas. You can elaborate about potential increase in interaction driven by this joint venture? The second question is about Kazakhstan. There is a lot of noise in the media, and I would like to know your view about the situation in the country. Thank you.

Speaker #3: But I'm very interested in the outlook for this year. Thanks to the contribution of the joint venture with Petronas. You can elaborate about potential increase in production, driven by this joint venture.

Speaker #3: And the second question is about Kazakhstan. There is a lot of noise in the media and I would like to know your view about the situation in the country.

Speaker #3: Thank you.

Speaker #4: Okay. Thank you. Thank you for the questions. I just give you a few words about Petronas. And the outlook and Kazakhstan. And I give Guido I will give Guido the possibility to expand in variable rate on these two questions.

Claudio Descalzi: Okay. Thank you. Thank you for the questions. I just give you a few word about Petronas, and the outlook and in Kazakhstan, then I give the Guido, I will give Guido the possibility to expand and elaborate on these two questions. Petronas, I think that Petronas will be finalized by, I know, the second end of the Q2. and it's going to give a contribution, clearly, yes. We cannot be precise now. I think that we can give you more detail on the, in March, but clearly it's going to give a contribution in term of production, for six months.

Speaker #4: So Petronas, I think that Petronas will be finalized by the second end of the second quarter. And it's going to give a contribution clearly, yes, we cannot be precise now.

Speaker #4: I think that we can give you more detail on the in March. But clearly, it's going to give a contribution in terms of production.

Speaker #4: For six months. And as you know, we are going to have an immediate company that is producing about 300,000 barrels per day. But we have already project that we're going to implement a FED in the next years to reach 500,000 barrels per day.

Claudio Descalzi: Well, as you know, we are going to have a immediately a company that is producing about 300,000 BOE per day. We have already project that we're going to implement FID in the next years to reach 500,000 BOE per day. We already drilled Indonesia, as you know, successful wells that we can tie into the existing infrastructure. We talk about reserves, not just resources. Kazakhstan is, I think that is a long story, because in the last, the last 15 years, every 3, 2 years, we have some renegotiation and some, I can say disputes, but more discussion because we are friends. As always happen between friends, we always find a solutions.

Speaker #4: We already drilled in Indonesia, as you know—successful wells that we can tie into the existing infrastructure. So we talk about reserves, not just resources.

Speaker #4: Kazakhstan is I think that is a long story because in the last 15 some renegotiation. And some I can say disputes, but more discussion because we are friends.

Speaker #4: And as always happened between friends, we always find a solutions. I'm positive about the future, but now I think that Guido can take over and give you more detail.

Claudio Descalzi: I'm positive about the future, but now I think that Guido can take over and give you more detail.

Speaker #3: Yeah.

Speaker #4: Thanks, Claudio. Sorry. Barring from more details, coming in the growth of production next year will be driven by the project we have started up recently.

Guido Brusco: Yeah. Thanks, Claudio. Barring from more details coming in the next CMU, of course, the growth of production as next year will be driven by the project we have started up recently. We will see more production coming from Congo, from Norway, from Angola, from UAE, and of course, from Indonesia. As I said, more details will come in a few more weeks. As far as Kazakhstan, of course, as you know, the Republic has advanced several arbitration claims regarding production performance, cost recovery, environmental matters, sulfur storage, and the JV is defending.

Speaker #4: So we will see more production coming from Congo, from Norway, from Angola, from UAE, and of course, from Indonesia. But as I said, more details will come in a few more weeks.

Speaker #4: As far as Kazakhstan of course, as you know, the Republic has advanced several arbitration claims regarding production performance. Cost recovery, environmental matters, sulfur storage, and the JV is defending.

Speaker #4: There is a broad claim here, which it's in the arbitration court at the moment. And we do not expect a result before 2027, 2028.

Guido Brusco: There is a broad claim here, which it's in the arbitration court at the moment, and we do not expect a result before 2027, 2028. However, we continue, as the operator is saying, confirm that operation have been conducted in compliance with the law of Kazakhstan, and the operator had always possessed the required permits, and therefore we are challenging this sulfur fine in all the courts.

Speaker #4: However, we continue, as the operator is saying, confirmed that operations have been conducted in compliance with the law of Kazakhstan. And the operator had always possessed the required permits, and therefore we are challenging this sulfur fine in all the courts.

Speaker #3: Thank you.

Speaker #4: Thanks. Thanks, Alex. We can now pass over to Michele Della Vigna, Goldman Sachs. Michele, you want to ask your questions?

[Analyst]: Thank you.

Alejandro Vigil: Thank you.

[Company Representative] (Eni): Thanks. Thanks, Alex. We can now pass over to Michele Della Vigna at Goldman Sachs. Michele, you want to ask your questions?

Operator: Thanks. Thanks, Alex. We can now pass over to Michele Della Vigna at Goldman Sachs. Michele, you want to ask your questions?

Speaker #5: Thank you very much. And congratulations on the results. I wanted to ask two questions. First, on your CapEx guidance for 26 of 7 billion, I was wondering if you could walk us through the bridge between the 1.5 this year and the 7.

Michele Della Vigna: Thank you very much, and congratulations on the results. I wanted to ask two questions. First, on your CapEx guidance for EUR 6 or 7 billion, I was wondering if you could walk us through the bridge between the EUR 1.5 billion this year and the EUR 7 billion. Clearly, the deconsolidation of Indonesia plays a part, but if you could give us a bit more detail. Then secondly, the more we look at all of your discoveries and access in the last couple of years, it feels like you probably have the best pipeline of new projects you've ever had in your corporate history. How should we think about your priorities for FID in 2026, given the wealth of opportunities between Namibia, Indonesia, Cote d'Ivoire, and all of your recent discoveries? Thank you.

Speaker #5: Clearly, the deconsolidation of Indonesia plays a part. But if you could give us a bit more detail. And then secondly, the more we look at all of your discoveries and access in the last couple of years, it feels like you probably have the best pipeline of new projects you've ever had in your corporate history.

Speaker #5: How should we think about your priorities for FID in 2026, given the wealth of opportunities between Namibia, Indonesia, Côte d'Ivoire, and all of your recent discoveries?

Speaker #5: Thank you.

Speaker #4: Okay, thank you. Thank you for the question. So, we said that we cut our CapEx, or we reduced our CapEx, from €8.5 billion this year to €7 billion.

Claudio Descalzi: Okay. Thank you. Thanks for the question. We said that we cut our CapEx, or we reduced our CapEx, from EUR 8.50 to 7 billion. That is a reduction in term of CapEx optimization. We are not reducing the growth, we are not touching the growth of the company, but just we became more efficient because we have a strategy, or we applied a strategy to be more efficient, starting from the exploration. Exploring and go to the place where we have existing facilities. You know, this year we had a very excellent success. Also last year's, we are moving at EUR 1 billion or less than EUR 1 billion resource discoveries in the right place, where we have infrastructure.

Speaker #4: Billion. That is a reduction in terms of CapEx optimization. We are not reducing the growth. We are not touching the growth of the company.

Speaker #4: But just we became more efficient. Because we have a strategy or we applied a strategy to be more efficient. Starting from the exploration. So exploring and go to the place where we have existing facilities.

Speaker #4: And then this year, we had a very excellent success. Also last year, we are moving at 1 billion or less than 1 billion resource discoveries in the right place, where we have infrastructure that means that we can continue to reduce CapEx because we need less CapEx to produce more production.

Claudio Descalzi: That means that we can continue to reduce CapEx, because we need less CapEx to produce more production. That was a strategy that is not something that you can start overnight. It's something that we start in 2011, 2012, 2013. It's something that we built day by day because we never stop exploration, we never stop exploring, we never stop developing, we never stop going directly to the development and working as upstreamer. That is the reason why we can reduce our gross CapEx. We have other points that maybe Guido can explain to you that is an additional important layers that can explain why we can reduce CapEx. Guido, you can explain.

Speaker #4: That was a strategy that is not something that you can start overnight. It's something that we start in 2011, 2012, 2013. It's something that we built day by day because we never stop exploration.

Speaker #4: We never stop exploring. We never stop developing. We never stop going directly to the development and working as upstreamer. So that is the reason why we can reduce our gross CapEx.

Speaker #4: Then we have other points that might be Guido can explain to you. That is an additional important legs that can explain why we can reduce CapEx.

Speaker #4: Guido, you can explain.

Speaker #5: Yeah, Claudio. And I mean, just building on what you were saying about the advantaged barrels, the project we have started up in the last four or five years, and the prospective project—which you will have more visibility on in the Capital Market Update—are projects with, first of all, low unit development cost.

Guido Brusco: Yeah, yeah, Claudio, I mean, just building on what you were saying about the advantaged barrels. The project we have started up in the last four or five years, and the prospective project, which will, you will have more visibility in the capital market update. Our project with, first of all, low unit development costs. Second, they have longer plateau, so we can devote less CapEx to maintain the production and fight the decline, and more CapEx for the growth at the same CapEx level in a nutshell. As far as concern, your question, Michele, about what will come next year. Of course, we have a great degree of optionality.

Speaker #5: Second, they have longer plateau. So we can devote less CapEx to maintain the production and fight the decline and more CapEx for the growth at the same CapEx level in a nutshell.

Speaker #5: As far as concerns your question, Michele, about what will come next year, of course, we have a great degree of optionality. We have a very large and diverse portfolio of projects.

Speaker #5: But clearly, next year, the project that we will focus more in terms of FIDs, Argentina, ivory coast, Cyprus, plus a few more geographies in Africa.

Guido Brusco: We have a very large and diverse portfolio of projects, clearly next year, the project that we will focus more in terms of FIDs, Argentina, Ivory Coast, Cyprus, plus few more geographies in Africa.

Speaker #4: Is that okay, Michele?

Speaker #5: Perfect. Thank you very much.

Speaker #4: Thank you. We're going to now move on to Biraj Bakattari, RBC Biraj, if you're there. You can ask your questions.

Claudio Descalzi: Is that okay, Michele?

Guido Brusco: Perfect. Thank you very much.

Michele Della Vigna: Perfect. Thank you very much.

[Company Representative] (Eni): Thank you. We're gonna now move on to Biraj Borkhataria, RBC. Biraj, if you're there, you ask your questions.

Operator: Thank you. We're gonna now move on to Biraj Borkhataria, RBC. Biraj, if you're there, you ask your questions.

Speaker #6: Hi, thanks for taking my question. Just to follow up on the CapEx point and the number you guided today: how much of that year-on-year change is the Indonesia CapEx coming out, as you deconsolidate it?

Biraj Borkhataria: Hi, yeah, thanks for taking my question. Just to follow up on the CapEx point and the number you guided today, how much of that year-on-year change is the Indonesia CapEx coming out as you deconsolidate it? Is there anything you can say on the CFFO contribution that will be removed also when you deconsolidate that production? The second question is just on Versalis. You've now closed down the crackers, but we haven't seen that sort of come through in the P&L. Do you still expect to be EBIT breakeven in 2027, and what should we expect for 2026? Thank you.

Speaker #6: And is there anything you can say on the CFFO contribution that will be removed also when you deconsolidate that production? And then the second question is just on Bersalis.

Speaker #6: You've now closed down the crackers, but we haven't seen that sort of come through in the P&L. So do you still expect to be EBIT break-even in 2027?

Speaker #6: And what should we expect for 2026? Thank you.

Speaker #4: Okay. CapEx in Indonesia. We already said that Indonesia is not, I think that we can start working on Indonesia after the finalization of the business combination of the new company that we expect in the second quarter.

Claudio Descalzi: The CapEx Indonesia, we already said that Indonesia is not. I think that we can start working on Indonesia after this finalization of the business combination of the new company that we expect in Q2. I think in any case, the impact on CapEx on Indonesia, we know, will not be very large this year, because we have FID to take, maybe in 2026, but mainly in 2027. For Versalis, I think Adriano, CEO of Versalis, can give some answer in some way.

Speaker #4: So I think in any case, the impact on CapEx on Indonesia we know will be very large this year because then we have FID to take.

Speaker #4: Maybe in 2026, but mainly in 2027. For Bersalis, I think Adriano, CEO of Bersalis, can give some answer in some way.

Speaker #5: Sure. Thank you for the question. I mean, we have seen some improvement in the second half of 2025 following the shutdown of the two crackers that, as we said before, we move forward and we stop earlier than what was the original plan.

Guido Brusco: Sure. Thank you for the question. I mean, we have seen some improvement in the second half of 2025 following the shutdown of the two cracker, that, as we said before, we move forward and then we stop earlier than what was the original plan. Unfortunately, the positive impact, although you remember what we said in the previous call, that the impact of the two major cracker shutdown, you start to see after 12, 18 months. We've seen some positive impact, and these help in order to mitigate the deterioration in the scenario. We've seen improvement in the second half of 2025 compared to the second half of 2024, and we continue to see also in the beginning of the months of 2026.

Speaker #5: Unfortunately, the positive impact—although, you remember what we said in the previous call, that the impact of the two major cracker shutdowns—you start to see after 12 to 18 months.

Speaker #5: So we've seen some positive impact. And this helps in order to mitigate the deterioration in the scenario. So we've seen improvement in the second half of 2025 compared to the second half of 2024.

Speaker #5: And we continue to see also in the beginning of the months of 2026. We are taking additional actions in order to mitigate the plan that is not coming as expected in terms of scenario.

Guido Brusco: We are taking additional actions in order to mitigate the plan that is not coming as expected. In term of scenario, I'm pretty sure that you have seen that so many shutdown have been announced in the last three years, close to 160 shutdown announcement. In the next capital market update, we are going to share the plan for the next two, three years.

Speaker #5: I'm pretty sure that you have seen so many shutdowns have been announced in the last three years, close to 160 shutdown announcements. And in the next capital market update, we are going to share the plan for the next two, three years.

Speaker #6: Yeah. Thank you.

Speaker #4: Thanks, Biraj. We're going to move to Lydia Rainforth at Barclays. Lydia, if you're there.

Biraj Borkhataria: Yep. Thank you.

[Company Representative] (Eni): Thanks, Biraj. We're gonna move to Lydia Rainforth at Barclays. Lydia, if you're there.

Operator: Thanks, Biraj. We're gonna move to Lydia Rainforth at Barclays. Lydia, if you're there.

Speaker #7: Thank you, and good afternoon. Two questions, if I could, please. The first one, on the exploration side—and building a little bit on Michele's question earlier—you've clearly been very, very successful in what you've done.

Lydia Rainforth: Thank you, and good afternoon. Two questions, if I could, please. The first one, on the exploration side, and building a little bit on Michele's question earlier, you've clearly been very, very successful in what you've done. Can you actually give us what the success rate is now? Are we looking at sort of one in two, four out of five? Well, I'm just trying to work out what that success rate is. Secondly, just on AI, clearly, you've got a lot of computing power. I'm just wondering what you're seeing, if you're seeing any benefits at this point or what your plans are around that. Thank you.

Speaker #7: Can you actually give us what the success rate is now? Are we looking at sort of one in two for out of five worlds?

Speaker #7: I'm just trying to work out what that success rate is. And then secondly, just on AI, clearly you've got a lot of computing power.

Speaker #7: I'm just wondering what you're seeing, if you're seeing any benefits at this point, or what your plans are around that. Thank you.

Speaker #4: On exploration, last year, we've been very, very successful. And success rate was exceptionally high. As you could also notice from the very low rate of we basically written in our books.

Guido Brusco: On exploration, last year, we've been very successful, and success rate was exceptionally high. As you could also notice from the very low write-off we basically written in our books. It was really exceptionally high, very close to 100% the success rate last year. On the AI, as you may be aware, last year, we've opened a new business line on data center, coupled with the gas-fired plant. We have a plan with international partners to develop a data center in the north of Italy, close to Milan, up to 500 megawatts, split in different phases.

Speaker #4: So it was really exceptionally high, very close to 100%—the success rate last year. On the AI, as you may be aware, last year we've opened a new business line on data center, coupled with the gas-fired plant.

Speaker #4: We have a plan with international partners to develop a data center in the north of Italy, close to Milan, up to 500 megawatt, split in different phases.

Speaker #4: We have a first phase which will go from 80 to 100 megawatt. And the second phase to 500 megawatt. And this is in an area which is underdeveloped.

Guido Brusco: We have a first phase, which will go from 80 to 100 MW, and the second phase to 500 MW. This is in an area which is underdeveloped and in a country like Italy, which has foreseen a demand of AI center by 2030, up to 1.

Speaker #4: And in a country like Italy, which has foreseen a demand of AI centers by 2030—up to one—the impact, of course, we are forerunners in terms of application of technology and supercomputational capacity on our activity.

Claudio Descalzi: -

Guido Brusco: The impact, of course, we are forerunner in term of application of technology and super computational capacity on our activity, and the exploration success is one example of it. Of course, AI will apply also on other segment of the business in the upstream, like the production improvement, drilling and projects, project improvement, and rotating machine enhancement. We expect a significant impact on the AI. Just to remind that in the industry, we have already the one of the lowest downtime for the production facilities, which is less than 1%, while the average of the industry with MAC data is around 3.5%.

Speaker #4: And the exploration success is one example of it. Of course, AI will apply also on other segments of the business in the upstream, like the production improvement, drilling, and project improvement, rotating machine, enhancement, so we expect a significant impact on the AI.

Speaker #4: Just to remind that in the industry, we have the already one of the lowest downtime for the production facilities, which is around which is less than 1%, while the average of the industry would max data is around 3.5%.

Speaker #7: Brilliant. Thank you.

Speaker #4: Thanks, Lydia. We're now going to move to Irene Hermono at Bernstein. Irene, if you're there.

David Brown: Brilliant. Thank you.

Lydia Rainforth: Brilliant. Thank you.

[Company Representative] (Eni): Thanks, Lydia. We're now gonna move to Irene Himona at Bernstein. Irene, if you're there?

Operator: Thanks, Lydia. We're now gonna move to Irene Himona at Bernstein. Irene, if you're there?

Speaker #8: Yes. Good afternoon. Congratulations on a strong year, especially in the upstream. Can you please say, firstly, what did you change exactly to high-grade production?

Irene Himona: Okay. Yes, good afternoon. Congratulations on a strong year, especially in the upstream. Can you please say, firstly, what did you change exactly to high grade production? What does that involve? Secondly, can you remind what upstream tax rate we should expect in an environment of $65 to 70 Brent? Finally, very quickly, looking at the 10 billion BOE resource you have discovered since 2014, can you say roughly what the split is between gas and liquids, please? Thank you.

Speaker #8: What does that involve? Secondly, can you remind us what upstream tax rate we should expect in an environment of 65 to 70-dollar brands? And then finally, very quickly, looking at the 10 billion BOE resource you have discovered, since 2014, can you say roughly what the rate is between gas and liquids, please?

Speaker #8: Thank you.

Speaker #4: On what on the what we did, basically, question of the high grading, of course, in our portfolio, we are bringing onstream project with very high profitable cash flow per barrel.

Guido Brusco: On what, on the what we did, basically, question of the high grading, of course, in our portfolio, we are bringing on stream project with very high profitable cashflow per barrel. We are divesting late life assets. The combination of these two elements, so the new project and the late life asset disposal, is high grading our portfolio. You may also seen that, if we compare the free cash flow per barrel, from 2024 to 2025, we have seen a 10% increase. On the tax rate-

Speaker #4: And we are divesting late-life, late-life assets. So the combination of these two elements, so the new project and the late-life asset disposal, is high grading our portfolio.

Speaker #4: And you may also see that if we compare the free cash flow per barrel from 2024 to 2025, we have seen a 10% increase, on the tax rate, before talking about the tax rate.

Speaker #4: So you remarked a very successful increase in our production. Absolutely, what we just said is true. So we have a different quality in terms of barrel.

Claudio Descalzi: Sorry. Before talking about the tax rate, you remark the very successful increase in our production. Absolutely what Wida said is true. We have a different quality in term of barrel, so higher cash flow per barrel, but also we have been successful for, in the last years to be in term of time to market and budget. We have been able to not only respect our schedule, but be, in most of the case, faster. That clearly impacted positive, the production impact and internal rate of return of all our projects. We respected all the budgets.

Speaker #4: So higher cash flow per barrel. But also, we have been successful for in the last years, to be in terms of time to market.

Speaker #4: Time to market and budget. So we have been able to not only respect our schedule, but be in most of the case, faster. So that clearly impacted positively the production impact and internal rate of return of all our projects.

Speaker #4: And we respected all the budget. So that is something that maybe is not clear or explicit to all, to everybody, to investors, to all our community.

Claudio Descalzi: That is something that maybe is not clear or explicit to all, to everybody, to investors, to all our community, but that is one key point of success in term of result and the value of our volume. Tax rate?

Speaker #4: But that is one key point of success in terms of result and the value of our volume. Tax rate.

Speaker #5: On the tax rate, as we have seen, there is a fluctuation that is mainly related clearly to the composition. In this case, you mentioned the upstream tax rate.

Guido Brusco: On the tax rate, as you have seen, there is a fluctuation that is mainly related to, clearly, to the composition. In this case, you mentioned the upstream tax rate. On the composition in terms of production and contribution of different countries on the exploration rate offer, and some additional or one-off factors that could imply or determine certain effects. In the 2026 expectation is to, with a $62, that is for the time being our assumption, a tax rate that should be in the range of 45% to 50%. If the price will improve, there will be a lower tax rate. Just to complete, you made another question: the split between oil and gas of the discovery is 70% gas and 30% oil.

Speaker #5: So, on the composition in terms of production and contribution of different countries, on the exploration rate, and some additional or one-off factor that could imply or determine certain effects.

Speaker #5: In the 2026 expectation is to with 62 dollars, that is for the time being our assumption, a tax rate that should be in the range of 45 to 50%.

Speaker #5: Clearly, if the price will improve there will be a lower tax rate.

Speaker #2: Yeah. Just to complete, you made another question, the split between oil and gas of the discovery is 70% gas and 30% oil.

Speaker #8: Thank you very much.

Speaker #4: Thanks, Irene. We are now going to move over to Josh Stone at UBS. Josh.

Irene Himona: Thank you very much.

[Company Representative] (Eni): Thanks, Irene. We are now going to move over to Joshua Stone at UBS. Josh?

Operator: Thanks, Irene. We are now going to move over to Joshua Stone at UBS. Josh?

Speaker #9: Yeah. Thanks, hi, John, and good afternoon, everyone. Two questions, please. One, I wanted to pick on this up on this Italian energy reform that got passed.

Claudio Descalzi: Yeah, thanks. Hi, John, good afternoon, everyone. Two questions, please. One, I wanted to pick up on this Italian energy reform that got passed, whether you had a chance to estimate the initial impacts, 'cause it looks like.

Joshua Stone: Yeah, thanks. Hi, John, good afternoon, everyone. Two questions, please. One, I wanted to pick up on this Italian energy reform that got passed, whether you had a chance to estimate the initial impacts, 'cause it looks like.

Speaker #9: And whether you had a chance to estimate the initial impacts, because it looks like there's yeah, it's quite complicated. Lots of moving parts. It's connected to gas spreads, the ETS, and tax.

Speaker #9: Maybe you could just talk about how you're thinking about that. Yeah, being a net positive or net negative and the different impacts on your different parts of the businesses, that would be useful.

Joshua Stone: It's quite complicated, lots of moving parts. It's connected to gas spreads, ETS, and tax. Maybe you could just talk about how you're thinking about that. Is it being a net positive or net negative, and the different impacts on your different parts of the businesses? That'd be useful. Thanks. Then second question on the buyback. I know we've got to be patient for the actual number, but I was hoping you could maybe share just your thought process here and the importance you put on buybacks after the rerating of your stock. Am I right in saying when you set this buyback, you'll be using the $62 oil price deck for 2026? Thanks.

Speaker #9: Thanks. And then second question on the buyback. I know we've got to be patient for the actual number. But I was hoping you could maybe share just your thought process here and the importance you put on buybacks after the re-rating of your stock and am I right in saying when you set this buyback, you'll be using the 62-dollar oil price deck for 2026?

Speaker #9: Thanks.

Speaker #5: About the energy bill that you were referring in Italy, clearly, the impact is slightly negative, but quite marginal, because you have to consider that as E&I, we are not just a supplier and a producer, but we are also an important industrial player in the country, with different activities spanning from the refinery, chemicals, biorefineries, and also certain upstream activity, clearly.

Claudio Descalzi: About the energy bill that you were referring in Italy, clearly the impact is slightly negative, but quite marginal, because you have to consider that as Eni, we are not just a supplier and a producer, but we are also an important industrial player in the country with different activities spanning from the refinery, chemicals, bio refineries, and also certain upstream activity, clearly. You have to consider that the overall effect is mitigated by this double exposure. It's absolutely, let's say, marginal towards the overall performance of Eni. In term of buyback, I was mentioned before, the reference is $62 for the expectation for the next year. In term of pricing, we have to confirm at the next capital market day. Clearly, you know, what is the structure of our distribution policy.

Speaker #5: So you have to consider that the overall effect is mitigated by this double exposure. So it's absolutely let's say marginal towards the overall performance of E&I.

Speaker #5: In terms of buyback, I was mentioned before the reference is 62-dollar for the expectation for the next year in terms of pricing. We have the to confirm at the next capital market day.

Speaker #5: Clearly, you know what is the structure of our distribution policy. One we set up a buyback that is clearly the variable component of our distribution.

Speaker #5: This is a floor, and historically, we proved that this is the floor because we raised the floor three times on four years. And the scope is substantially too sheer.

Claudio Descalzi: One, we set up a buyback that is clearly the variable component of our distribution. This is a floor, and historically, we proved that this is a floor because we raised the floor three times in four years. The scope is substantially to share the upside that will emerge both in the performance and the scenario to our investors. We will provide all the details in the capital market day at the end of March.

Speaker #5: The upside that will emerge both in the performance and the scenario to our investors. We will provide all the details in the capital market day at the end of March.

Speaker #4: Very good. Thank you. Thanks, Josh. So now we are looking for Al Sime. Al at Citigroup. Oh, Al has disappeared off the list. I apologize.

Joshua Stone: Very good. Thank you.

[Company Representative] (Eni): Thanks, Josh. Now we are looking for Alastair Syme. Al at Citigroup. Oh, Al has disappeared off the list. Apologies. We're gonna move to Matthew Lofting at J.P. Morgan.

Operator: Thanks, Josh. Now we are looking for Alastair Syme. Al at Citigroup. Oh, Al has disappeared off the list. Apologies. We're gonna move to Matthew Lofting at J.P. Morgan.

Speaker #4: We're going to move to Matt Lofting at JPMorgan.

Speaker #10: Thanks. Hi, everybody, and congratulations on the strength of execution throughout 2025. Just two quick questions from my side. First, coming back to the net debt and gearing targets, I wondered you mentioned Asia and the JV earlier.

Matthew Lofting: Thanks. Hi, everybody, and congratulations on the strength of execution throughout 2025. Just two quick questions from my side. First, coming back to the net debt and gearing targets, I wondered, you mentioned Asia and the JV earlier. I wondered whether there was any other accounting effects in those targets, including any allowance for a possible deconsolidation of Plenitude, which I know has been sort of talked about in the past. Secondly, Eni is obviously one of the companies in the industry that's retained a presence in Venezuela.

Speaker #10: I wondered whether there was any other accounting effects in those targets, including any allowance for a possible deconsolidation of plenitude, which, you know, has been sort of talked about in the past.

Speaker #10: And then secondly, E&I is obviously one of the companies in the industry that's retained a presence in Venezuela. Do you have any thoughts at this point on the near and longer-term upside that could sit there for you in the country?

Matthew Lofting: Do you have any thoughts at this point on the near and longer term upside that could sit there for you in the country, and how you sort of think about ranking that within the range of portfolio opportunities that you have from a capital allocation and risk reward perspective? Thank you.

Speaker #10: And how you'd sort of think about ranking that within the range of portfolio opportunities that you have from a capital allocation and risk-reward perspective?

Speaker #10: Thank you.

Speaker #4: Thank you. So Francesco, look after gearing. And I'm look after Venezuela.

Claudio Descalzi: Thank you. Francesco, look after gearing, and I look after Venezuela.

Speaker #5: Okay. Clearly, about the gearing target that we provide you is a, let's say, an effect of a number of action and levers. As we said before, there is a strong operational performance cash flow improvement, capex efficiency, and clearly, the satellites model that helps to, let's say, transform this potential contribution in terms of growth in standalone companies or entities that will be able by themselves to provide their debt.

Francesco: Okay, clearly, about the gearing target that we provide you is a, let's say, as an effect of a number of action and levers. As we said before, there is a strong operational performance, cash flow improvement, CapEx efficiency, and clearly the satellites model that helps to, let's say, transform this potential contribution in term of growth, in standalone companies or entities that will be able by themselves to provide the debt. We are studying different solution. You were referring to Plenitude, but clearly we are working on different concept and potentially this could be, but is something that will be eventually disclosed at the proper time.

Guido Brusco: Okay, clearly, about the gearing target that we provide you is a, let's say, as an effect of a number of action and levers. As we said before, there is a strong operational performance, cash flow improvement, CapEx efficiency, and clearly the satellites model that helps to, let's say, transform this potential contribution in term of growth, in standalone companies or entities that will be able by themselves to provide the debt. We are studying different solution. You were referring to Plenitude, but clearly we are working on different concept and potentially this could be, but is something that will be eventually disclosed at the proper time.

Speaker #5: We are studying different solutions. You were referring to plenitude, but clearly, we are working on different but is something that will be eventually disclosed at the proper time.

Speaker #2: Venezuela. What I can say that for sure is an upside for us. An upside from SERA point of view is not just one, two, maybe three upside, different kind of upside.

Claudio Descalzi: Venezuela. What I can say that for sure is an upside for us, an upside from several points of view, just not just one, two, maybe three upside, different kind of upside. The first one, that through the General License No. 50, that is issued a few days before, one week, I think, we can recover our gas. We, Venezuela can pay through using crude the gas that we deliver to the domestic market. That is already a big upside. Before, we were stuck for almost one year. It build up of our outstanding. Now that is done. There is a second upside. We have blocks, we have oil. We are in one of the best blocks in the Orinoco Belt.

Speaker #2: The first one that through the general licenses number 50, issued a few days before, one week I think, we can recover our gas. So we.

Speaker #2: We through Venezuela can pay through using crude the gas debt we deliver to the domestic market. So that is already a big upside. Before, we were stuck for almost one year.

Speaker #2: That creates a buildup of our outstanding. So now that is done. Then there is a second upside. We have blocks. We have oil. We are in one of the best blocks in the Orinoco belt.

Speaker #2: We are also offshore with CoroCoro. And that possible additional development I can use to recover the past cost or the past outstanding that are around 3 billion.

Claudio Descalzi: We are also offshore with Corocoro. That possible additional development can use to recover the past cost or the past outstanding that are around EUR 3 billion. That is another upside. For sure, we are working with some American companies to see if we are creating a joint venture to develop this field up. Producing clearly, they can grow our production quite quickly, and that is a possible upside. The third upside is gas. Gas is something that is needed. You have to consider that the US have to increase or deliver additional EUR 20 billion, more EUR 20 billion, in 1 year, less than 1 year, because with the sanction on the LNG gas, Russian gas, we need to compensate this EUR 20 billion.

Speaker #2: And that is another upside. So for sure, we are working with some American companies to see if we are creating a joint venture to develop this buildup, producing clearly they can grow our production quite quickly.

Speaker #2: And that is a possible upside. And the third upside is gas. Gas is something that is needed. You have to consider that the US have to increase deliver additional 20 billion or more 20 billion in one year.

Speaker #2: Less than one year because with expansion on the LNG gas and Russian gas, we need to compensate this 20 billion. So US to they have to increase.

Speaker #2: But US need also gas domestic. Market. So the gas that we discover about 20 TCF in Perla with additional prospect that are really located in the right position, not just to deliver domestic gas, but also to export to Europe, is a third opportunity.

Francesco: They have to increase, but you guys need also gas domestic market. The gas that we discover, about 20 TCF in Perla, with additional prospect, that are really located in the right position, not just to deliver domestic gas, but also to export to Europe, is a third opportunity. Actually, these are in line with what President Trump wants. I mean, develop the oil and gas in Venezuela, for Venezuela first, but also to create a different kind of environment in the region. I see that very positively.

Claudio Descalzi: They have to increase, but you guys need also gas domestic market. The gas that we discover, about 20 TCF in Perla, with additional prospect, that are really located in the right position, not just to deliver domestic gas, but also to export to Europe, is a third opportunity. Actually, these are in line with what President Trump wants. I mean, develop the oil and gas in Venezuela, for Venezuela first, but also to create a different kind of environment in the region. I see that very positively.

Speaker #2: And clearly, these are in line with what President Trump wants. I mean, develop the oil and gas in Venezuela for Venezuela first, but also to create a different kind of environment in the region.

Speaker #2: So I see that very positively.

Speaker #10: Super. Thank you.

Speaker #4: Thanks, Matt. So we'll move to Martin Ratz at Morgan Stanley. Martin.

Speaker #11: Yeah. To be honest, my question is largely been asked, but I've got one left. There have been a couple of articles saying that you're interested in sort of revitalizing some of the oil trading business within E&I.

David Brown: Super. Thank you.

Matthew Lofting: Super. Thank you.

[Company Representative] (Eni): Thanks, Matt. We move to Martijn Rats at Morgan Stanley. Martin?

Operator: Thanks, Matt. We move to Martijn Rats at Morgan Stanley. Martin?

Martijn Rats: To be honest, most my questions have largely been asked, but I've got one left. There have been a couple of articles saying that you're interested in sort of revitalizing some of the oil trading business with Eni, and including some partnerships with some other firms. I was wondering if you could provide some color around that issue, what your thoughts are in that area?

Speaker #11: And including some partnerships with some other firms. I was wondering if you could provide some color around that issue, what your thoughts are in that area.

Speaker #2: With started a journey to improve our trading and extract more value from this segment of the business. And we've first of all, we've created one single organization.

Francesco: We've started a journey to improve our trading and extract more value from this segment of the business. We've first of all, we've created one single organization, so we have put under one umbrella, all the trading arms of the company, all along the value chain to extract all the margins. That's the number one. Number two, we have changed also some of our approaches to the risk. We are becoming a little bit less risk-averse. Number three, we are, of course, looking at different way to do business.

Claudio Descalzi: We've started a journey to improve our trading and extract more value from this segment of the business. We've first of all, we've created one single organization, so we have put under one umbrella, all the trading arms of the company, all along the value chain to extract all the margins. That's the number one. Number two, we have changed also some of our approaches to the risk. We are becoming a little bit less risk-averse. Number three, we are, of course, looking at different way to do business. In doing that, of course, we have started a dialogue with some international trading players in the recent months.

Speaker #2: So we've put under one umbrella all the trading arms of the company all along the value chain to extract all the margins. That's the number one.

Speaker #2: Number two, we have changed also some of our approaches to the risk. We are becoming a little bit more a little bit less risk-adverse.

Speaker #2: And number three, we are, of course, looking at different way to do business. And in doing that, of course, we have started a dialogue with some international trading players in the recent months.

Francesco: In doing that, of course, we have started a dialogue with some international trading players in the recent months.

Speaker #11: Okay. Thank you.

Speaker #4: Thanks, Martin. We are going to move to Massimo Bonesoli at Equitan. Massimo.

Martijn Rats: Okay, thank you.

[Company Representative] (Eni): Thanks, Martin. We are gonna move to Massimo Bonisoli at Equita. Massimo?

Operator: Thanks, Martin. We are gonna move to Massimo Bonisoli at Equita. Massimo?

Speaker #12: Good afternoon. Thank you for taking my two questions. One on capex. Net M&A was around 4 billion in 2025. Roughly 2 billion above the initial guidance.

Massimo Bonisoli: Good afternoon. Thank you for taking my 2 questions, one on CapEx. Net M&A was around EUR 4 billion in 2025, roughly EUR 2 billion above the initial guidance, with EUR 2 billion target also for 2026. Does this implicitly rise your opportunities over the 4-year plan? I'm curious to understand if you have more options in your portfolio than one year ago. The second question on biofuels. How do you see biofuels trading environment evolving in 2026, particularly in terms of margins and market balance between supply and demand? Thank you.

Speaker #12: With 2 billion target also for 2026, does this implicitly rise your opportunities over the four-year plan? So I'm curious to understand if you have more options in your portfolio than one year ago.

Speaker #12: And the second question on biofuels, how do you see biofuels trading environment evolving in 2026, particularly in terms of margins and market balance between supply and demand?

Speaker #12: Thank you.

Speaker #2: Yes. Thank you, Massimo. About the net capex and the portfolio effect, as you can see, we continue to upgrade our portfolio to leverage on our capability to execute and to explore and to have success for the dual exploration model.

Francesco: Yes, thank you, Massimo. About the net CapEx in the portfolio factor, as you can see, we continue to upgrade our portfolio to leverage on our capability to execute and to explore and to have success for the Dual Exploration Model, to valorize, as we have done so far, the business line that will be recognized as valuable through the transition. There is a large list of opportunity. As I remember last year, we declared there was a risk amount, and the result at the end, in terms of value and the higher effect is the fact that clearly we had a positive result at the end.

Claudio Descalzi: Yes, thank you, Massimo. About the net CapEx in the portfolio factor, as you can see, we continue to upgrade our portfolio to leverage on our capability to execute and to explore and to have success for the Dual Exploration Model, to valorize, as we have done so far, the business line that will be recognized as valuable through the transition. There is a large list of opportunity. As I remember last year, we declared there was a risk amount, and the result at the end, in terms of value and the higher effect is the fact that clearly we had a positive result at the end.

Speaker #2: To valorize as we have done so far the business line that will be recognized as valuable through the transition. So there is a large list of opportunities.

Speaker #2: Remember last year we declared there was a risk amount and the result at the end in term of value and the higher effect is the fact that clearly we had a positive result at the end.

Speaker #2: So on term of this year, effect of 2 billion, you can also already appreciate that we completed in early January the first disposal. It was the Ivory Coast top-up.

Francesco: On term of this year, effect of EUR 2 billion, you can also already appreciate that we completed in early January, the first disposal. It was the Ivory Coast top up, and this is something that is already on our, let's say, results. We are moving to additional progress or activity related in particular, you know, Indonesia, 10%, is a program that is ongoing and some other additional element. We continue to work, and you should expect, as we had the last year, eventually upside us, because we generally risk our overall portfolio program.

Claudio Descalzi: On term of this year, effect of EUR 2 billion, you can also already appreciate that we completed in early January, the first disposal. It was the Ivory Coast top up, and this is something that is already on our, let's say, results. We are moving to additional progress or activity related in particular, you know, Indonesia, 10%, is a program that is ongoing and some other additional element. We continue to work, and you should expect, as we had the last year, eventually upside us, because we generally risk our overall portfolio program.

Speaker #2: And this is something that is already on our let's say results. And we are moving to additional progress or activity relating particularly Indonesia. 10% is a program that is ongoing.

Speaker #2: And some other additional element. We continue to work and you should expect as we had last year eventually upside us because we generally risk our overall portfolio program.

Speaker #12: Yeah. On biofuel, thanks for the question, Massimo. Biofuel, we see the development is absolutely constructive. We estimate biofuel demand in 2026 above 20 million.

Stefano: Yeah, on biofuel, thanks for the question, Massimo. Biofuel, we see the development is absolutely constructive. We estimate biofuel demand in 2026 above 20 million. This year is gonna be around 16 million, so a significant step up. It's gonna be driven mainly by Europe and US. Main reason for this demand growth is twofold. In Europe is the well-known Renewable Energy Directive III. We quoted the Germany example, even in previous call. I just wanna add that on top of getting extra GHG reduction target, and the ban of double counting, they are even asking to allow site investigation in countries, foreign countries that are providing flows to Germany, in order to be that flow accountable. This is actually a positive evolvement for the supply-demand balance. This is another good news.

Guido Brusco: Yeah, on biofuel, thanks for the question, Massimo. Biofuel, we see the development is absolutely constructive. We estimate biofuel demand in 2026 above 20 million. This year is gonna be around 16 million, so a significant step up. It's gonna be driven mainly by Europe and US. Main reason for this demand growth is twofold. In Europe is the well-known Renewable Energy Directive III. We quoted the Germany example, even in previous call. I just wanna add that on top of getting extra GHG reduction target, and the ban of double counting, they are even asking to allow site investigation in countries, foreign countries that are providing flows to Germany, in order to be that flow accountable. This is actually a positive evolvement for the supply-demand balance. This is another good news.

Speaker #12: This year is going to be around 16 million. So a significant step up. There's going to be driven mainly by Europe and US. Main reason for this demand growth is twofold.

Speaker #12: In Europe, it's the well-known renewable energy directive number three. We quoted the Germany example. Even in previous call, I just want to add that on top of getting extra GHG reduction target, and the ban of the double counting, they are even asking to allow site investigation in countries, foreign countries that are providing flows to Germany in order to be that flow accountable.

Speaker #12: And this is actually a positive evolvement for the supply-demand balance. So this is another good news. Talking about US, actually just yesterday, the EPA said that within the end of March, they want to finalize the new renewable volume target.

Stefano: Talking about US, actually, just yesterday, the EPA said that, within the end of March, they want to finalize the new renewable volume target. Expectation is to have a significant increase between 35% and 40% increase.

Guido Brusco: Talking about US, actually, just yesterday, the EPA said that, within the end of March, they want to finalize the new renewable volume target. Expectation is to have a significant increase between 35% and 40% increase.

Speaker #12: Expectation is to have a significant increase between 35 and 40 percent increase we are seeing this already on the green prices. Green prices improved by 40 percent from the beginning of the year.

Speaker #12: And this happened without an improvement in term of green generation. So this means that in order to cope with the new EPA target, we need to have green generation improvement.

Adriano: We are seeing this already on the refining margins. Ring prices improved by 40% from the beginning of the year. This is, as, this happened without an improvement in term of refining generation. This means that in order to cope with the new EPA target, we need to have refining generation improvement, and this is going to drive economic margins improvement itself. Last comment, this year, we saw a reduction at this stocking of the refining banking. It's about EUR half a billion, this stocking, and this is a turning point that reversed the trends that we saw previous year when the refining banking actually got exactly in the opposite direction with an increase of EUR 2 billion. We expect this trend to definitely move forward and to rebalancing the supply demands overall.

Guido Brusco: We are seeing this already on the refining margins. Ring prices improved by 40% from the beginning of the year. This is, as, this happened without an improvement in term of refining generation. This means that in order to cope with the new EPA target, we need to have refining generation improvement, and this is going to drive economic margins improvement itself. Last comment, this year, we saw a reduction at this stocking of the refining banking. It's about EUR half a billion, this stocking, and this is a turning point that reversed the trends that we saw previous year when the refining banking actually got exactly in the opposite direction with an increase of EUR 2 billion. We expect this trend to definitely move forward and to rebalancing the supply demands overall.

Speaker #12: And this is going to drive economic margins improvement itself. Last comment. This year, we saw a reduction at destocking of the green banking. It's about half a billion destocking.

Speaker #12: And this is a turning point that revert the trends that we saw previous year when the green banking actually got exactly in the opposite direction with an increase of 2 billion.

Speaker #12: We expect this trend to definitely move forward and to rebalance the supply and demand overall. Clear. Thank you.

Speaker #4: Thanks, Stefano. Thanks, Massimo. We're going to move now to Mark Wilson at Jefferies. Mark, if you're online.

Speaker #13: Okay. Thank you, good afternoon. You said earlier how the strategic path that has got you where you are in upstream is not one that you can start overnight.

Paul Redman: Clear. Thank you.

Massimo Bonisoli: Clear. Thank you.

[Company Representative] (Eni): Thanks, Stefano. Thanks, Massimo. We're going to move now to Mark Wilson at Jefferies. Mark, if you're online.

Operator: Thanks, Stefano. Thanks, Massimo. We're going to move now to Mark Wilson at Jefferies. Mark, if you're online.

Mark Wilson: Okay. Thank you, good afternoon. You said earlier how the strategic path that has got you where you are in upstream is not one that you can start overnight, the exploration, the infrastructure, as you say, you've never stopped. Now, you've also spoke to AI impacting exploration, and on the last call, you spoke to the technical hedge that Floating LNG is giving you. My question is that it's impossible to have this kind of delivery alone. I'd like to ask which third-party areas, other than the ones already spoken to, across your upstream partners or indeed, oil field service contractors, where's the greatest improvement been to assist your delivery? Is it drilling, reservoir characteristic, E&C, cycle time, shipyards? Is it something else? That would be my question. Thank you.

Speaker #13: The exploration, the infrastructure, as you say, you've never stopped. Now, you've also spoke to AI impacting exploration. And on the last call, you spoke to the technical hedge that floating LNG is giving you.

Speaker #13: But my question is that it's impossible to have this kind of delivery alone. So I'd like to ask which third-party areas other than the ones already spoken to across your upstream partners or indeed oilfield service contractors?

Speaker #13: Where's the greatest improvement been to assist your delivery? Is it drilling, reservoir characteristic, E&C cycle time, shipyards? Is it something else? That would be my question.

Speaker #13: Thank you.

Speaker #2: Well, thank you for the question. It's very interesting. No, first of all, we never alone in the life. I have a lot of colleagues with me in.

Claudio Descalzi: Well, thank you for the question. It's very interesting. No, first of all, we are never alone in the life. I have a lot of colleagues with me in Eni, but we are not alone in term of strategy. When other company outsourcing, we insourcing, that means that we kept in our company all the main competencies. That started in the 2000, and so 2000 now, and 2000, 2011, 2012, we decide to insource. We didn't follow the mainstream that say, reduce cost, and may your contractor says a main contractor, they do everything to you.

Speaker #2: Many. But we are not alone in terms of strategy. When other company outsourcing that mean that we kept in our company all the main competencies.

Speaker #2: That started in the 2000s. And so 2000 now and 2000, 2011, 2012, we decide to insource so we didn't follow the mainstream that say reduce cost and may your contractor says a main contractor, they do everything in Turkey.

Speaker #2: No, we want to take our end in each project. And that means that in the last, I think, 16, 17 years, we put our competencies and we increase our competencies in all the different.

Claudio Descalzi: No, we want to take our end in each project, and that means that in the last, I think 16, 17 years, we put our competencies, and we increase our competencies in all the different segments of our business. I talk about AMP, not only. We increased the R&D investment, we open up 7 R&D centers. We increase our R&D people at 1,200 people, and we have in our end, technology in drilling, reservoir, or seismic, and development, and we made a revolution in our, in our time to market. We are the best, we can say, in time to market. We are not alone, but we are alone in term of the choices we made in the last 15 years. I think that that is the main reason.

Speaker #2: Segment of our business. I talk about AMP, not only. We increase the R&D investment. We open up seven R&D centers. We increase our R&D people at 1.1.2 thousand people.

Speaker #2: And we have in our end technology in drilling, reservoir, all seismic and development. And we made a revolution now in our time to market and we are the best we can say in time to market.

Speaker #2: So, we are not alone, but we are alone in terms of the choices we made in the last 15 years. So, I think that that is the main reason.

Speaker #2: I don't know if we share this point or you want to say something else. I hope it's been better said. It shouldn't be better said.

Claudio Descalzi: I don't know if we share this point, or you want to say something else.

Speaker #13: I think it was very well said. Thank you very much, I'll hand it over.

Speaker #4: Thank you, Mark. We're going to move to Paul Redman at BNP Paribas. Paul.

Adriano: It couldn't be better said.

Guido Brusco: It couldn't be better said.

Mark Wilson: I think it's very well said. Thank you very much. I'll hand it over.

Speaker #14: Hi, guys. Thank you very much for your time. Just two, please. First was you achieve 4 billion euros of cash initiative benefit in 2025.

[Company Representative] (Eni): Thank you, Mark. We're going to move to Paul Redman at BNP Paribas. Paul.

Operator: Thank you, Mark. We're going to move to Paul Redman at BNP Paribas. Paul.

Paul Redman: Hi, guys. Thank you very much for your time. Just two, please. First was, you achieved EUR 4 billion of cash initiative benefit in 2025. I wanted to ask how much of that is roll or could roll over into 2026. Secondly, I don't know if you've been asked, kind of, and it is early, seeing you've got a capital market in a few weeks' time. I wanted to ask about how you think about allocating to shareholder. You currently allocate based on a percentage of cash flow from operations, but you've clearly paid above that percentage, and I think part of that has been driven by acceleration of divestments. This year your guide is EUR 2 billion of divestment.

Speaker #14: I wanted to ask how much of that is role or could roll over into 2026. And secondly, I know people have asked, but kind of, and it is early, so you've got a capital markets then a few weeks' time.

Speaker #14: But I wanted to ask about how you think about allocating to shareholder. You've currently allocate based on a percentage of cash flow from operations.

Speaker #14: But you've clearly paid above that percentage. And I think part of that has been driven by acceleration of divestments. So I wanted, and this year your guide is 2 billion euros of divestment.

Speaker #14: So I wanted to ask if you still believe that percentage of cash flow from operations is the appropriate way to allocate cash flow to shareholders.

Speaker #14: Thank you.

Paul Redman: I wanted to ask if you still believe that percentage of Cash Flow From Operations is the appropriate way to allocate cash flow to shareholders? Thank you.

Speaker #2: Before about the cash initiative, you're seeing that we executed, I think that there is a lot of evidence through the results that we achieved that we started with 2 billion, we raised it to 3, and then 4 billion.

Adriano: First, about the cash initiative, you have seen that we executed. I think that there is a lot of evidence through the result that we achieved. We started with EUR 2 billion, we raised it to EUR 3 billion and then EUR 4 billion. We performed. Most of that are one-off factor. That doesn't mean that they will be reverted, but actually will be rolling. We are executing our cash management in a different way than before, optimizing the time, the time to market of these cash needs. There were a lot of opportunity.

Claudio Descalzi: First, about the cash initiative, you have seen that we executed. I think that there is a lot of evidence through the result that we achieved. We started with EUR 2 billion, we raised it to EUR 3 billion and then EUR 4 billion. We performed. Most of that are one-off factor. That doesn't mean that they will be reverted, but actually will be rolling. We are executing our cash management in a different way than before, optimizing the time, the time to market of these cash needs. There were a lot of opportunity.

Speaker #2: And we performed. Most of that are one-off factor that doesn't mean that they will be reverted, but actually will be rolling. So we are executing our cash management in a different way than before.

Speaker #2: Optimizing the time to market of this cash needs. And there were a lot of opportunities. We continue to study because I believe that generally in managing a huge amount of cash in a company as E&I, there is still a lot of pockets or upside that have to be discovered with a sort of treasury search that we look for.

Adriano: We continue to study because I believe that in generally in managing the huge amount of cash in a company's Eni, there is still a lot of pockets or upside that are have to be discovered with a sort of treasury search that we look for. We do expect something also, this is probably, we have to wait a bit, three weeks for additional disclosure. On the cash flow from operational reference?

Claudio Descalzi: We continue to study because I believe that in generally in managing the huge amount of cash in a company's Eni, there is still a lot of pockets or upside that are have to be discovered with a sort of treasury search that we look for. We do expect something also, this is probably, we have to wait a bit, three weeks for additional disclosure. On the cash flow from operational reference?

Speaker #2: So we do respect something also about this is probably we have to wait a bit, three weeks for additional disclosure. On the cash flow from operation reference, the idea of having cash flow from operation as a starting point for distribution is because we want to put the shareholders at the top of our priority.

Speaker #2: So the first line of cash flow is the cash flow from operation, pre-working capital. And clearly, there is all the other factor that come later or so the free cash flow could be another way to distribute.

Francesco: The idea of having Cash Flow From Operation as a starting point for distribution is because we want to put the shareholders at the top of our priority. The first line of cash flow is the Cash Flow From Operation, pre-working capital, and clearly there is all the other factors that come later on. The free cash flow could be another way to distribute. Clearly, you have to change the percentage because you are speaking about different absolute figures, but at the end of the day, the logic of having Cash Flow From Operation is giving the reference in term of priority versus the distribution line. We will see again, also in the next Capital Market Day, what will be the announcement and what will be eventually the percentage of it we allocate.

Claudio Descalzi: The idea of having Cash Flow From Operation as a starting point for distribution is because we want to put the shareholders at the top of our priority. The first line of cash flow is the Cash Flow From Operation, pre-working capital, and clearly there is all the other factors that come later on. The free cash flow could be another way to distribute. Clearly, you have to change the percentage because you are speaking about different absolute figures, but at the end of the day, the logic of having Cash Flow From Operation is giving the reference in term of priority versus the distribution line. We will see again, also in the next Capital Market Day, what will be the announcement and what will be eventually the percentage of it we allocate.

Speaker #2: Clearly, you have to change the percentage because you are speaking about different absolute figures. But at the end of the day, the logic of having cash flow from operation is giving the reference in terms of priority versus the distribution line.

Speaker #2: We will see again also in the next capital market day what will be the announcement and what will be eventually the percentage that we allocate.

Speaker #14: Thank you, Paul.

Speaker #13: Thanks, Paul. And we're going to go to the last question. We found Alastair. Al, you're around. Al at Citigroup.

Speaker #15: I'm here. Thanks, John. Thanks for coming back. Yeah, so the question I had was really on well, I mean, there's been a lot of commentary in Italy and across the European Union about the European carbon scheme, the ETS.

Claudio Descalzi: Thank you, Paul.

Guido Brusco: Thank you, Paul.

[Company Representative] (Eni): Thanks, Paul. We're gonna go to the last question. We found Alistair. Al, are you around? Al at Citigroup.

Operator: Thanks, Paul. We're gonna go to the last question. We found Alistair. Al, are you around? Al at Citigroup.

Alastair Syme: I'm here. Thanks, John. Thanks for coming back. Well, I mean, there's been a lot of commentary in Italy and across the European Union about the European carbon scheme, the ETS. You have a foot in several camps here. You're a carbon emitter, you're a power generator, you got a CCS business. Can you give us a sense of where you think the political discussion is, and what, if any, changes you would like to see? If I could poke in a second question, do you have any update on the well you're drilling offshore Libya? Thank you.

Speaker #15: And you have a foot in several camps here. You're a carbon emitter. You're a power generator. You've got a CCS business. So can you give us a sense of where you think the political discussion is and what, if any, changes you would like to see?

Speaker #15: And if I could poke in a second question, do you have any update on the well you're drilling offshore Libya? Thank you.

Speaker #2: Yeah. Libya offshore, we are currently drilling one exploration well. And we'll announce results when they become available, of course.

Francesco: Yeah. Libya offshore, we are currently drilling one exploration well, and we'll announce results when they become available, of course.

Guido Brusco: Yeah. Libya offshore, we are currently drilling one exploration well, and we'll announce results when they become available, of course.

Speaker #16: I think that we are very ready to talk about drilling reservoir explorations and all we want. But on ETS, honestly, we cannot give you a lot of lights.

Claudio Descalzi: You know, I think that we are very ready to talk about drilling, reservoir explorations and all we want. On ETS, honestly, we cannot give you a lot of light. It's a tax we pay. I think. I don't know. Honestly, you know, there is a big debate today because in Europe, the industry is suffering a lot, is not growing. As in the contrary, they are squeezing the industry in Europe with all the different kind of taxes and green deals that impacted negatively all the kind of industry. ETS is one of these taxes, and Europe is the only country that apply these taxes in very high level.

Speaker #16: Is a tax that you pay. I don't know. Honestly, there is a big debate today because in Europe, the industry is suffering a lot because it's not growing.

Speaker #16: In the country, there are squeezing the industry in Europe with all the different kinds of taxes and green deals. That's impacted negatively all the kinds of industry.

Speaker #16: ETS is one of these taxes. And in Europe, you're the only country that applies these taxes. And very high level. So when we talk at competition with the rest of the war, it's not easy to compete when the other are not really applying the same kind of rules.

Speaker #16: So that's what I can say. But I'm not want to enter in any political debate if it's not our business. I prefer to increase production and get good results for my company instead to cry about taxes and I'm paying.

Claudio Descalzi: When we talk at competition with the rest of the world, it's not easy to compete when the other are not really applying the same kind of rules. That's what I can say, but I'm not one to enter into any political debate. It's not our business. I prefer to increase production and get good results for my company, instead to cry about taxes I'm paying. Thank you.

Speaker #16: Thank you.

Speaker #15: Claudia, can I ask, does it make you think differently about putting capital in the CCS business? Given that there is a potential that the legislation could change?

Alastair Syme: Claudio, can I ask, does it make you think differently about putting capital in the CCS business, given that, you know, there is a potential that the legislation could change?

Speaker #16: I think that this change has been made already. There is in taxonomy, and it's been accepted at least at the moment in Norway and especially in the UK, and now in Italy.

Claudio Descalzi: I think that a change has been made already. There have been this Taxonomy, and they've been accepted at least at the moment in Holland and especially UK and now in Italy. We have at least three countries that where the CCS can be developed. In UK, they made a big, I think, effort for the future, and for that reason, they now the investment started, and also the project being sanctioned. In Holland, I think that is going to follow, and Italy, we are very close to have a new law, but we have a huge amount of potential as we exploit. We constitute the company.

Speaker #16: So we are at least three countries where the CCS can be developed. In the UK, they made a big I think effort for the future and for that reason, they now the investment started and they also the project has been sanctioned.

Speaker #16: In Orland, I think that is going to follow. And Italy, we are very close to having a new law, but we have a huge amount of potential to be exploited.

Speaker #16: And we constitute the company. We're already got interest from a investors. And we're already an investor with us in the company. So I'm positive.

Claudio Descalzi: We already got interest from investors, and we are already an investor with us in the company. I'm positive. Europe, after years, now they accepted this important tool to reduce CO2 emissions. Clearly, the CCS is the counterpart of the ETS, because so the capture now is not matching yet, but now with the ETS, that is close to 90 or between 80 and 90 EUR per ton, I think that the CCS, based on the existing assets, not on new development, is very good. Is from an economic point of view, is very positive.

Speaker #16: And after years, now they accepted this important tool to reduce CO2 emissions. And clearly, the CCS is the counterpart of the ETS because the CC, so the capture now is not mentioned yet, but now with the ETS, that is close to 90 or between 80 and 90 Europe per ton.

Speaker #16: I think that the CCS, based on the existing assets, not new development, is very good. It's from an economic point of view. It's very positive.

Speaker #15: Thank you.

Speaker #13: Thanks, Claudia. Thanks, Al. That brings us to the end of the call. Thank you very much for your attention, both today and through 2025.

Alastair Syme: Yeah. Thank you.

Speaker #13: And we look forward to speaking to you all in greater detail on the new strategy and plan or the strategy and the new plan on the 19th of March.

[Company Representative] (Eni): Thanks, Claudio. Thanks, Al. That brings us to the end of the call. Thank you very much for your in attention, both today and through 2025. We look forward to speaking to you all in greater detail on the new strategy and plan or the strategy and the new plan on 19 March. We'll see you all then. Thank you very much.

Operator: Thanks, Claudio. Thanks, Al. That brings us to the end of the call. Thank you very much for your in attention, both today and through 2025. We look forward to speaking to you all in greater detail on the new strategy and plan or the strategy and the new plan on 19 March. We'll see you all then. Thank you very much.

Speaker #13: So we'll see you all then. Thank you very much.

Operator: Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.

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