Financial Data and Key Metrics Changes - The company reported production of 1,670,000 barrels per day, consistent with guidance, and EBIT for the quarter was approximately €1,700,000,000, with pro forma EBIT of €2,400,000,000 [11] - Cash flows before working capital for the quarter were €2,800,000,000, totaling €6,200,000,000 for the half year, maintaining efficient conversion of earnings into cash [13] - Net debt decreased to €10,200,000,000, which is €2,000,000,000 lower than year-end 2024, with leverage at 19%, the lowest level in company history [14] Business Line Data and Key Metrics Changes - In the Upstream segment, the company discovered approximately 600 million barrels of oil equivalent of new resources, with significant projects in Norway and Angola contributing to production growth [5][6] - Transition businesses, including Plenitude and Eni Life, are expected to see EBITDA close to tripling between 2024 and 2030, with Plenitude's renewable capacity projected to grow by over 30% year-on-year [7][8] - Versalis showed improvement quarter-on-quarter but remains significantly loss-making, with a turnaround in EBIT expected to approach €1,000,000,000 by the end of the full-year plan [10][12] Market Data and Key Metrics Changes - The refining operations improved on Q1 due to better margins, although impacted by downtime at key assets [12] - The company expects to grow cash flow from operations (CFFO) in 2025 to €11,500,000,000, which is €500,000,000 higher than previous guidance [18] - The company anticipates a strong ramp-up in production in the second half of the year, with guidance for production to reach between 1.7 million and 1.72 million barrels per day [17] Company Strategy and Development Direction - The company aims to grow CFFO by around 40% by 2030 and improve return on capital employed, focusing on shareholder returns through dividends and share buybacks [4] - The strategy includes integrating equity gas production into the LNG chain and building complementary energy businesses related to decarbonization [4][5] - The company is advancing its upstream satellite model, which is expected to create significant cash flow and strategic options, particularly in Indonesia and Malaysia [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and positive outlook for the second half of the year, driven by production ramp-ups and new renewable power generation capacity [17][18] - The company is focused on maintaining a strong balance sheet and leveraging new partnerships to enhance operational efficiency and cash flow [63][66] - Management acknowledged the challenges in the chemical sector but expects slight improvements in margins and performance [84] Other Important Information - The company has signed a significant contract with Venture Global for U.S. LNG, which is expected to complement its portfolio of contracted volumes [23][27] - The company is pursuing a binding offer for Atea Energia, which aligns with its strategy to increase its customer base in the power sector [73] - The company is not interested in the Galp process in Namibia, focusing instead on its existing resources and exploration wells [76] Q&A Session Summary Question: Can you elaborate on the terms of the contract with Venture Global? - The company cannot comment on third-party contracts but finds the project competitive and complementary to its portfolio [26][27] Question: What is the status of the asset sale to Vitol? - The closing will consider production cash and investment ramp-up, with adjustments made at the time of closing [33][34] Question: What is the outlook for the tax rate? - The tax rate is expected to be closer to 50%, driven by the conversion of loss-making businesses into profitable ones [41][42] Question: Can you provide an update on the YPF Argentina project? - The plan is to have an FID by Q1 2026, with necessary agreements to be finalized by the end of the year [54][97] Question: What are the expectations for the buyback program? - The company is considering an increase in the buyback program, depending on the positive trend in financial performance [56][92]

Financial Data and Key Metrics Changes - The company reported production of 1,670,000 barrels per day, consistent with guidance, and EBIT for the quarter was approximately €1,700,000,000, with pro forma EBIT expected to be around €2,400,000,000 [11][12] - Cash flows before working capital for the quarter were €2,800,000,000, totaling €6,200,000,000 for the half year, maintaining efficient conversion of earnings into cash [13] - Net debt decreased to €10,200,000,000, which is €2,000,000,000 lower than year-end 2024, with leverage at 19%, the lowest level in company history [14] Business Line Data and Key Metrics Changes - In the Upstream segment, the company discovered approximately 600,000,000 barrels of oil equivalent of new resources, with significant projects in Norway and Angola contributing to production growth [4][5] - Transition businesses, including Plenitude, are expected to see EBITDA close to tripling between 2024 and 2030, with renewable capacity growth projected to exceed 30% year-on-year [6][7] - Versalis showed improvement quarter-on-quarter but remains significantly loss-making, with a turnaround in EBIT expected to approach €1,000,000,000 by the end of the full-year plan [10][12] Market Data and Key Metrics Changes - The refining operations improved due to better margins, although impacted by downtime at key assets [12] - The company expects to grow cash flow from operations (CFFO) to €11,500,000,000 in 2025, which is €500,000,000 higher than previous guidance [19] - The company anticipates a strong production ramp-up in the second half of the year, with guidance for production to reach between 1.7 million and 1.72 million barrels per day [18] Company Strategy and Development Direction - The strategic focus includes delivering efficient competitive growth in Upstream, integrating equity gas production into the LNG chain, and building complementary energy businesses related to decarbonization [2][3] - The company aims to grow CFFO by around 40% by 2030 and improve return on capital employed, driving shareholder returns through a competitive dividend and share buyback program [3][4] - The combination with Petronas in Indonesia and Malaysia is expected to create a leading regional player with significant growth potential in gas demand [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and positive outlook for the second half of the year, with expectations for a promising 2026 [19] - The company highlighted the importance of cash management initiatives and the adaptability of its satellite model to enhance efficiency and reduce costs [60][62] - Management noted that the current market conditions are conducive for continued strong performance in gas trading, despite volatility [112] Other Important Information - The company has identified an additional €1,000,000,000 in cash initiatives to be captured by the end of the year, raising the total benefit to €3,000,000,000 [13] - The company is advancing its biorefinery projects, with four additional projects in the pipeline, two of which are located in the Asian market [6][7] - The company is focused on corporate cost efficiency as part of its transformation plan for Versalis [10] Q&A Session Summary Question: Can you elaborate on the terms of the contract with Venture Global and the confidence in volume delivery? - Management stated that they cannot comment on third-party contracts but expressed confidence in Venture Global's ability to deliver based on their past performance [27][28] Question: What is the expected adjustment in the asset sale to Vitol? - Management confirmed that the closing will consider production cash and investment ramp-up, leading to an uncertain but adjusted final consideration [34] Question: Can you provide an update on the tax rate and refining margins? - Management indicated that the tax rate is expected to be closer to 50% due to improved profitability in previously loss-making businesses, while refining margins are expected to remain strong due to low product storage and high crack spreads [42][44] Question: What is the timeline for Plenitude to turn cash flow neutral? - Management expects Plenitude to maintain a strong financial position, with cash flow turning positive as retail clients are served by renewable production [48] Question: What are the next milestones for the restructuring of Versalis? - Management outlined that the restructuring plan will yield positive effects in 2025, with significant improvements expected by the second half of 2026 [80][82] Question: What is the status of Libya gas projects? - Management reported multiple ongoing projects in Libya, with first production from structures A and E expected by the end of 2027 [106]

GROWING RETURNS OUR VALUE PROPOSITION – KEY FEATURES GLOBAL NATURAL RESOURCES Enabling efficient Upstream growth through exploration and portfolio quality Integrating equity gas production into the LNG chain. Leading FLNG player Enhancing margin capture via trading Advancing CCS with a distinctive model H1 2025 RESULTS JULY 25, 2025 Jangkrik FPU, Kutei Basin, Indonesia Low-carbon business growth leveraging strategic and competitive advantages Improving returns from mature businesses, converting to new growt ...