Strong Financial Management Amid Market Challenges

• Pro Forma Adjusted EBITDA: EUR3.4 billion for Q3 2024.

• Cash Flow from Operations: EUR2.9 billion for Q3 2024; EUR10.7 billion for the nine months.

• CapEx: EUR2 billion for Q3 2024; EUR6.1 billion for the nine months, expected below EUR9 billion for the year.

• Net CapEx: EUR1.6 billion for Q3 2024, expected below EUR6 billion for the year.

• Upstream Production: Expected around 1.7 million barrels per day for the full year.

• Pro Forma EBIT: EUR3.4 billion for Q3 2024.

• Net Debt and Leverage: Both down in Q3 2024, comfortably below the planned 15%-25% leverage range.

• Share Buyback: EUR560 million in Q3 2024; planned increase to EUR2 billion for 2024.

• Dividend: First tranche of annual EUR1 dividend paid in September, up 6% from last year.

• GGP Pro Forma EBIT: Raised to EUR1.1 billion for the full year.

• Transition Businesses EBITDA: Expected to deliver EUR1 billion each for the full year.

• Cash Tax Rate: Expected to revert to a more normal level in the low 30s for Q4 2024.

Release Date: October 25, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Eni SpA (NYSE:E) reported a pro forma adjusted EBITDA of EUR3.4 billion and cash flow from operations of EUR2.9 billion, demonstrating resilience despite a challenging market environment.

• The company successfully reduced net debt and leverage ahead of its original plan, indicating strong financial management.

• Eni SpA (NYSE:E) confirmed a EUR2.9 billion investment by KKR for a 25% stake in Enilive, supporting growth and validating the value created.

• The company is advancing its transition strategy with significant progress in biorefineries in South Korea and Malaysia, and the start of its first bio jet plant.

• Eni SpA (NYSE:E) increased its 2024 share buyback plan to EUR2 billion, reflecting better-than-expected progress in M&A and financial performance.

• The company’s cash flow from operations and EBIT were down 14% year-on-year, reflecting the impact of a deteriorating market scenario.

• Eni SpA (NYSE:E) faces challenges in its petrochemical segment, with Versalis continuing to incur losses and a restructuring plan that may not achieve breakeven EBITDA by 2025.

• The European chemicals industry is expected to remain weak, with no significant improvement anticipated in 2025, impacting Eni’s operations.

• The company is dealing with a high tax rate of 51%, consistent with the current oil price and earnings mix.

• Eni SpA (NYSE:E) anticipates a challenging environment for its refining operations, with low margins expected to persist in the European market.

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