Eni S.p.A. (E): Business Model Canvas [Dec-2025 Updated]

You're looking at an energy giant navigating a massive shift, and honestly, the numbers for 2025 tell a clear story. Eni S.p.A. isn't just talking about the energy transition; they are executing a dual strategy that balances robust traditional output-targeting 1.71-1.72 million boe/d in hydrocarbons-with aggressive value creation in new areas. For instance, their renewables arm, Plenitude, is set to deliver an EBITDA north of €1.1 billion, all while expecting a massive €12 billion in Cash Flow From Operations to fund it all. This model hinges on strategic asset sales, like the one with KKR, and a clear path to shareholder returns, showing a defintely balanced approach. If you want to see exactly how they are structuring this complex pivot across all nine building blocks, check out the full breakdown below.

Eni S.p.A. (E) - Canvas Business Model: Key Partnerships

You're looking at how Eni S.p.A. is structuring its energy transition businesses by bringing in specialized capital partners, which is a key part of its satellite model strategy. This approach helps fund growth without straining the main balance sheet.

Here's a look at the confirmed, hard numbers related to these strategic alliances as of late 2025.

The partnership with KKR finalized the stake increase in Enilive, Eni's sustainable mobility arm. KKR's final ownership stands at 30% of Enilive's share capital, following an additional purchase representing 5% of the capital for approximately EUR 601 million, which closed in April 2025. The initial 25% stake transaction yielded proceeds of 2.967 billion euros for the Eni group. This entire structure values 100% of Enilive at EUR 11.75 billion of Equity Value.

For Plenitude, the renewables subsidiary, Energy Infrastructure Partners (EIP) completed an increase of its stake to 10% in March 2025. This involved a capital increase of approximately €209 million. EIP's total investment in Plenitude is now around €800 million, including the €588 million paid in March 2024. This latest transaction confirmed Plenitude's post-money equity value at around €8 billion and an enterprise value exceeding €10 billion. Furthermore, in November 2025, Ares Management Corp completed a deal to sell 20% of Plenitude to Eni for around EUR 2 billion.

The joint venture with Global Infrastructure Partners (GIP) for carbon capture, utilization, and storage (CCUS) involves GIP acquiring a 49.99% stake in Eni CCUS Holding, establishing joint control. The portfolio includes major projects:

• Liverpool Bay and Bacton (UK): Each targeting 10 million tonnes of CO2 storage annually by 2030.
• L10 project (Netherlands): Targeting 5 million tonnes.
• Ravenna CCS project (Italy): Rights to acquire 50% stake, potentially storing 4 million tonnes by 2030.

Eni S.p.A. and PETRONAS established a 50:50 JV, 'NewCo,' to combine selected upstream assets in Indonesia and Malaysia. This entity will manage 19 assets total, with 14 in Indonesia and 5 in Malaysia.

The NewCo venture is set to invest about US$15 billion over the next five years. This investment supports the development of at least eight new projects and the drilling of 15 exploration wells. The initial production base is expected to be over 300 kboe/d, with a medium-term target of over 500 kboe/d. The combined entity holds approximately 3 billion barrels of oil equivalent (boe) in discovered reserves, plus an estimated 10 billion boe of unrisked exploration potential.

The collaboration with FS Italiane Group centers on the use of HVOlution biofuel, which is derived from renewable sources. This biofuel can contribute to a reduction of up to 80% in CO2eq emissions compared to the reference fossil mix. The formal agreement between the two is for a duration of three years. Experimentation with pure HVO biofuel as a diesel substitute started in July 2023, utilizing Trenitalia Blues hybrid trains in Calabria.

Eni S.p.A. (E) - Canvas Business Model: Key Activities

You're looking at the core operational engines driving Eni S.p.A.'s strategy as we close out 2025. These activities are where the company is deploying capital and executing its transformation plan, moving from legacy assets to new, integrated energy solutions. Honestly, the numbers coming out of Q3 2025 show the dual strategy is gaining traction.

Exploration and Production (E&P)

The E&P segment is focused on efficient organic growth, heavily leveraging the satellite model to accelerate value realization. The performance in the third quarter of 2025 was strong, showing a 6% year-on-year increase in output.

The key activity here is managing and growing the high-quality portfolio. This is supported by accelerated project start-ups, like the Agogo West Hub in Angola, which began production 10 months ahead of schedule via the Azule Energy satellite.

Also, the Congo LNG project's Phase 2 is expected to start by the 2025 year-end, targeting a plateau of 3 MTPA from the current 0.6 MTPA.

Global Gas & LNG Portfolio (GGP)

The GGP activity centers on maximizing margins in gas supply and trading, which proved lucrative when market volatility returned. The focus is on building a diversified, global LNG footprint to secure long-term supply for Europe and capture growth in Asia.

Here are the financial expectations tied to this activity:

• GGP pro-forma adjusted EBIT guidance for 2025 raised to above €1 bln.
• Strategy aims to grow the total LNG portfolio to approximately 20 MTPA by 2030.
• A recent long-term deal signed in December 2025 commits Eni to sell 0.8 million tons per annum (MTPA) of LNG for 10 years to Thailand's Gulf Development Company starting in 2027.
• Another agreement secured 2 million tpy for 20 years from Venture Global's CP2 LNG Phase 1, with offtake starting by the end of the decade.

Renewable Energy Development

This key activity is executed primarily through Plenitude, focusing on rapidly scaling installed renewable generation capacity. The growth has been steady, with significant additions in Spain last year.

As of the third quarter of 2025, Plenitude had reached 4.8 GW of installed renewable capacity. They are on track to hit their year-end goal.

Also, Plenitude is expanding its customer base, aiming for 15 million customers by 2030.

Biorefining and Sustainable Mobility

Eni S.p.A. is actively converting existing refineries and sanctioning new projects to expand its biofuels production, which is structurally supported by mandates like the EU's ReFuelEU Aviation. The adjusted EBIT for Enilive's biofuels division saw a 35% year-over-year increase in Q3 2025.

The capacity expansion is concrete:

• Total biorefinery capacity expected to reach 1.65 million mt/year by the end of 2025.
• An additional 1 million mt/year is currently under construction across projects like Sannazzaro and Priolo in Italy, and new sites in South Korea/Malaysia.
• SAF (Sustainable Aviation Fuel) production optionality is targeted at more than 2 million tonnes by 2030.

Carbon Capture and Storage (CCS)

A major strategic activity for 2025 is the formal launch of a new CCS satellite company. This entity will consolidate existing CCS projects, aiming to capitalize on decarbonization opportunities for hard-to-abate sectors.

The unrisked portfolio capacity for CCS is substantial:

• Unrisked portfolio storage capacity is in the order of 3GT (Gigatonnes) gross.
• Expected injection capacity on-line before 2030 is over 15 MTPA.
• This is projected to progressively rise to around 40 MTPA after 2030.

The company is also applying the satellite model to this business, similar to the structure used for Azule Energy and Ithaca Energy.

Finance: draft 13-week cash view by Friday.

Eni S.p.A. (E) - Canvas Business Model: Key Resources

You're looking at the core assets Eni S.p.A. (E) is relying on to execute its strategy through 2025 and beyond. These aren't just line items; they are the engines driving the business model.

Financial Capital

The financial muscle is evident in the expected cash generation. For the full year 2025, Eni S.p.A. has raised its guidance for the Group's expected Cash Flow From Operations (CFFO) before working capital adjustments to €12 billion. This strong cash outlook, supported by portfolio management and cash initiatives, underpins capital discipline and shareholder returns.

Here's the quick math on that cash flow: The company is targeting cash initiatives and other self-help measures expected to deliver around €4 billion for the full year 2025.

Hydrocarbon Reserves

Eni S.p.A. maintains a significant global portfolio of proven and probable (3P) hydrocarbon reserves, which remains a foundational resource. A substantial portion of this resource base is strategically located across key producing regions.

The geographical distribution of these reserves highlights a major operational focus:

• Africa: 43.2% of significant global portfolio.
• Other key regions include the North Sea, Central/South America, and the Middle East.

The company's upstream segment is focused on fast-track development to reduce time-to-market for these reserves.

Integrated Industrial Assets

The physical infrastructure supporting Eni S.p.A.'s operations is extensive, covering the entire value chain from resource extraction to product delivery. These assets are crucial for both traditional and transition businesses.

Consider the scale of the assets supporting the downstream and gas businesses:

Also, the company is actively reshaping and repositioning its traditional Refining and Chemicals businesses as part of its structural response to the evolving energy landscape.

Installed Renewable Capacity

The growth of Eni S.p.A.'s renewable arm, Plenitude, is a measurable resource. As of June 30, 2025, the installed renewable capacity, primarily managed through Plenitude, reached 4.6 GW. This is a key step toward the stated target of reaching 5.5 GW by the end of 2025.

Plenitude's capacity as of the third quarter of 2025 was reported at 4.8 GW.

Proprietary Technology

Intellectual property and technological capability provide a competitive edge, particularly in exploration efficiency and the energy transition. These are not just patents; they are operational advantages.

Key technological resources include:

• Distinctive exploration model driving high commercial success rates.
• Ecofining biorefining technology, with capacity at 1.65 MTPA plus 1 MTPA under construction as of early 2025.
• HPC6 High-Performance Computing system, ranked as the 5th most powerful in the world and first in the industry as of early 2025.
• Technical expertise leveraged for Carbon Capture and Storage (CCS) development.

Finance: draft 13-week cash view by Friday.

Eni S.p.A. (E) - Canvas Business Model: Value Propositions

Reliable Energy Access: High-quality, cost-competitive traditional energy supply

Eni S.p.A. is advancing its gas share in production, moving from 50% currently towards over 60% by 2030 and 90% after 2040.

The company is expanding its LNG business, with an expected sanctioning of the world-class Argentina LNG project to develop 12 mln tons/year.

Decarbonized Solutions: Progressively lower-carbon energy and mobility products

Eni S.p.A. is building out its transition businesses, including Plenitude, which grew installed capacity by more than 30% in 2024 to 4.1 GW. Plenitude targets around 10 GW capacity in 2028 and 15 GW by 2030.

Integrated Energy Offering: Bundled oil, gas, power, and mobility services

The integrated model includes the expansion of Plenitude's customer base from 10 million to 15 million by 2030. Eni also offers 'blue power' energy, which uses gas-fired plants paired with CCS technology.

Shareholder Returns: Growing dividend, targeting €1.05/share for 2025

The shareholder distribution policy targets 35-40% of annual CFFO. For the 2025 fiscal year, Eni announced an annual dividend of €1.05/share, a 5% increase versus 2024. The 2025 share buyback program commitment was raised to €1.8 bln. The expected CFFO before working capital adjustments for FY25 is €12 bln.

Carbon Management: Advancing CCS position for hard-to-abate sectors

Eni S.p.A. is advancing towards its zero routine flaring target for operated assets by 2025. The methane emission intensity on gas marketed achieved the OGCI target of 'well below 0.2%' by 2025 (recorded at 0.07% in 2024). Eni started up its first CCS project, Ravenna 1, in the Adriatic Sea in 2024. The company established a new company for CCS activities in 2025, and agreed to sell a 49.9% stake in Eni CCUS Holding, which may value the business at around $1.2 billion (€1 billion).

• Upstream Net Carbon Footprint (Scope 1+2) Reduction vs. 2018 Baseline: 55% (as of 2024)
• Upstream Net Zero Target (Scope 1+2): 2030
• Eni Net Zero Target (Scope 1+2): 2035
• CCUS Stake Sale to GIP: 49.9%
• Estimated CCUS Valuation: $1.2 billion (€1 billion)

Eni S.p.A. (E) - Canvas Business Model: Customer Relationships

You're looking at how Eni S.p.A. (E) manages its relationships across its diverse customer base, from massive B2B energy buyers to millions of retail energy and mobility users. It's a mix of high-touch, multi-year commitments and scalable digital self-service.

Dedicated B2B Account Management: Long-term contracts for LNG, gas, and power supply

For large-scale energy needs, Eni S.p.A. (E) locks in stable, multi-year relationships, which is key for portfolio stability. This is evident in their aggressive pursuit of long-term Liquefied Natural Gas (LNG) supply agreements, supporting their ambition to grow the global contracted LNG portfolio to approximately 20 MTPA by 2030.

Here are some concrete examples of these long-term B2B commitments:

• LNG sale agreement with Venture Global (US) for 2 MTPA over 20 years, with offtake starting by the end of the decade.
• Long-term LNG sale agreement with Thailand's Gulf Development Company for 0.8 MTPA for 10 years starting from 2027.
• Long-term LNG sale agreement with Turkish company BOTAŞ for approximately 0.4 MTPA for 10 years starting from 2028.

Eni S.p.A. (E) is a global player, operating in 64 Countries, which necessitates a broad and deep account management structure.

Self-service and Digital Tools: Managing Plenitude's customer base of over 10 million

The retail arm, Plenitude, relies heavily on digital tools to manage its growing customer base efficiently. As of September 2025, Plenitude served 10 MLN total customers in Europe, where it operates across 6 countries (Italy, France, Spain, Portugal, Greece, and Slovenia). This customer base is set to grow significantly, especially following the agreement to acquire over 1.4 million retail customers in Italy from Acea Energia, pushing the total past 11 million and anticipating the 2028 target.

The digital focus supports Plenitude's expected proforma adjusted EBITDA of above €1.1bln for the full year 2025.

Retail Loyalty Programs: Enilive service station network engagement

For mobility services, the Enilive network uses its loyalty program, Enilive Insieme, to drive repeat business. In 2024, Enilive operated a network of around 5,300 Stations in Europe, serving over 1.5 million customers daily.

The loyalty program translates engagement into tangible rewards. For example, you can redeem 800 points for a 5€ Gift Card Mondadori Store.

The program encourages engagement through:

• Transforming purchases and refueling into gifts via the Enilive App.
• Earning points by sharing referral codes (up to 400 points maximum from friends).
• Vouchers, such as a 5€ Voucher for Enilive Café or Eni Café Emporium.

Strategic Alliances: Active involvement with producing countries and institutions

Eni S.p.A. (E) frames its customer relationships within its broader transition strategy, aiming for carbon neutrality by 2050 (Scope 1-2-3). This involves deep involvement with partners in producing and consuming regions.

Key strategic relationship indicators include:

• Global operational footprint across 64 Countries.
• Achieving €5.8 bln cash realized from third-party investments into Enilive and Plenitude during 2025.
• Plenitude's proforma adjusted EBITDA is expected above €1.1bln for 2025, supported by these strategic partnerships.

Digital Customer Experience: Online platforms and apps for retail energy and mobility services

The digital experience is centered around the Plenitude and Enilive applications, which are the primary interfaces for self-service for the millions of retail customers. While specific app usage statistics aren't provided, the scale of the retail operation implies significant digital traffic.

The offerings managed through these digital channels include:

• Sale of certified electricity backed by guarantees of European origin.
• Energy solutions for households and businesses, including building efficiency improvements.
• Access to the vast network of over 22,000 public EV charging points managed by Plenitude.

Finance: confirm the 2026 capex allocation for digital platform enhancements by end of Q1.

Eni S.p.A. (E) - Canvas Business Model: Channels

Global LNG and Gas Trading Hubs: Facilitating international supply and sales

Eni S.p.A. is expanding its global LNG portfolio, with a target to grow LNG capacity to 20 MTPA by 2030. The company expected contracted LNG volumes to reach more than 15 MTPA by the end of the 2022-2025 plan. The Gas & Power (GGP) segment's proforma adjusted EBIT for the full year 2025 was increased to more than €1 billion. For the first half of 2025, natural gas sales amounted to 21.13 bcm, representing a 15% decrease versus the first half of 2024.

Retail Service Station Network: Enilive for traditional and sustainable fuels

The Enilive brand encompasses over 5,000 Enilive Stations across Europe. Enilive's proforma adjusted EBITDA expectation for the full year 2025 is around €1bln. The non-oil contribution is expected to be about 40% of retail earnings by the end of the Plan.

• Number of Enilive Stations in Europe: Over 5,000
• FY 2025 Proforma Adjusted EBITDA Expectation: Around €1bln
• Expected Proforma EBITDA: Over €1.6 billion by 2027
• Non-oil share of retail earnings target: About 40%

Power and Gas Distribution Networks: Plenitude serving residential and business customers

As of March 31, 2025, Plenitude served slightly more than 10 million retail and business customers for gas and electricity. The installed renewable capacity target for the end of 2025 was 5.5 GW. The proforma adjusted EBITDA for Plenitude is expected above €1.1bln for the full year 2025. Electricity sales in Q1 2025 rose by 6% year-on-year to 4.90 TWh. The total installed capacity as of October 2025 was 4.8 GW.

Direct Sales Force: For large industrial and commercial B2B clients

The GGP segment's operations include marketing gas to European markets. The segment's proforma adjusted EBIT for H1 2025 was €0.86 billion, up 21% versus H1 2024.

Regasification Terminals: Converting LNG back to gas for domestic use

Eni acquired regasification capacity at the Snam terminal in Piombino, Italy. This terminal has a total processing capacity of 5 billion cubic metres (bcm) per year. The company hoped the added capacity would help replace Russian gas completely by 2024-25.

• Piombino Terminal Processing Capacity: 5 bcm per year
• Russian Gas Share in Italy (Targeted Reduction): Less than 10%

Eni S.p.A. (E) - Canvas Business Model: Customer Segments

You're looking at the core groups Eni S.p.A. serves as of late 2025, based on their latest operational structure. This is how they break down who buys their energy and services.

Global Commodity Markets: Buyers of crude oil, natural gas, and LNG

This segment includes large-scale buyers in the wholesale energy markets, often counterparties for Eni's Exploration and Production and Global Gas & LNG Portfolio segments. These customers secure volumes of crude oil, natural gas, and Liquefied Natural Gas (LNG) under long-term or spot contracts.

Eni S.p.A.'s LNG strategy targets a portfolio of approximately 20 MTPA by 2030. Oil and gas production is expected to plateau in 2025 at around 2.3 million b/d of oil equivalent.

Retail Consumers: Households and small businesses (Plenitude)

This group is served primarily through Eni Plenitude, which operates as a Benefit Corporation, focusing on electricity from renewables, energy sales, and energy solutions across Europe. They are actively growing this customer base.

As of September 2025, Plenitude served 10 MLN total customers in Europe. Following the announced acquisition of Acea Energia, this number is set to exceed 11 million customers, achieving the original 2028 target two years early. Plenitude manages over 22,000 electric vehicle charging points.

Here is a breakdown of their European retail presence as of late 2025:

• Italy customers: about 8 MLN
• France customers: about 1 mln
• Portugal and Spain customers: over 450,000
• Greece customers: over 600,000
• Slovenia customers: 14,000

The expected FY proforma adjusted EBITDA for Plenitude is above €1.1 bln.

Industrial and Commercial Clients: Large-scale users of power, gas, and petrochemicals

These are significant, non-retail customers requiring substantial volumes of gas and power, as well as downstream products from Eni's Refining & Marketing and Chemicals operations. Performance metrics reflect the scale of these B2B energy and product sales.

For the first half of 2025 (IH '25), gas sales to retail and business segments totaled 3.07 bcm. In the second quarter of 2025 (Q2 '25), power sales to end customers reached 4.09 TWh.

Transportation Sector: Users of traditional and sustainable mobility fuels (Enilive)

This segment serves consumers and businesses through Enilive, which manages refining, marketing, and the growing biofuels and sustainable mobility business. They are converting refineries to produce decarbonized products.

Enilive's expected FY proforma adjusted EBITDA is around €1 bln. The current bio-refining capacity stands at 1.65 MTPA, with an additional 1 MTPA under construction. Eni finalized the sale of a 30% investment tranche in Enilive to KKR in the first half of 2025.

Institutional Investors: Seeking exposure to a defintely balanced energy transition strategy

This group includes asset managers, pension funds, and private equity firms interested in Eni's financial stability and its energy transition strategy, often through minority stakes in its 'satellite' businesses like Plenitude and Enilive.

As of November 20, 2025, Institutional Investors held 44.963% of Eni's share capital. The total share capital is made up of 3,146,765,114 ordinary registered shares. Eni's 2025 share repurchase program was initially set at up to €3.5 billion, with an execution of €0.28 bln in Q2 2025. Eni's treasury shares as of November 28, 2025, were 170,963,919, equal to 5.43% of the share capital.

The company expects investors to value Plenitude at more than $11 billion including debt.

Eni S.p.A. (E) - Canvas Business Model: Cost Structure

You're looking at the cost side of Eni S.p.A.'s operations as of late 2025. It's a structure heavily influenced by capital discipline and ongoing portfolio optimization, especially given the revised commodity price outlook.

Capital Expenditure (Capex)

Eni S.p.A. has tightened its spending plans in response to macroeconomic factors. The gross capital expenditure for the full year 2025 is now expected to be below €8.5 billion, a reduction from the initial guidance of approximately €9 billion. This reflects a series of mitigation measures worth over €2 billion implemented across the portfolio and operating costs. Net capex, which accounts for asset sales, is even tighter, expected to be below €6 billion for 2025, down from the initial plan of €6.5-€7 billion. Organic investments specifically in the third quarter of 2025 were reported at €2 billion.

Exploration and Development Costs

Upstream project execution remains a focus, driving efficient organic production growth. Eni S.p.A. raised its full-year production guidance in the third quarter of 2025 to the 1.71-1.72 million barrels of oil equivalent per day (Mboed) range. This acceleration is thanks to new fields coming online in places like Côte d'Ivoire, Congo, Qatar, and Libya, alongside progress on the Indonesian and Malaysian LNG combination. The Exploration & Production segment posted a proforma adjusted EBIT of €2.64 billion in Q3 2025, despite lower crude realizations, helped by production growth and self-help initiatives.

• Q1 2025 Total Oil and Gas Production: 1,647 thousand boe/d.
• Q3 2025 Hydrocarbon Production: 1.76 million boe/d (+6% year-on-year).
• Upstream project execution included reaching the FID for the Coral North FLNG project off Mozambique.

Cost of Purchased Energy

The cost structure for energy procurement is assessed using revised scenario assumptions for 2025. The company has adjusted its expected Brent crude price assumption downwards compared to earlier in the year, though the Q3 outlook saw a slight increase from the lowest point.

The Global Gas & LNG Portfolio and Power division saw a 21% improvement in proforma adjusted EBIT to €346 million in Q3 2025, driven by continued value maximization on the gas portfolio.

Operating Expenses (OPEX)

Eni S.p.A. has actively implemented cost efficiencies to counter macro pressures. The company is now targeting around $3.5 billion (€3 billion) of cost cuts for the full year 2025, which is an increase from the previously targeted $2.3 billion (€2 billion). These mitigating actions around operating costs are a key part of the overall plan to offset negative scenario effects.

• Refining business returned to profit at €140 million in Q3 2025 due to better utilization rates.
• Chemical business reported a loss of €0.19 billion in Q3 2025, impacted by the European sector downturn.

Decarbonization Investments

Funding the transition businesses involves specific capital allocations for renewables and CCUS. Eni S.p.A. now plans €1.4 billion capital expenditure per year in renewable energy from 2025 to 2028. This represents a 22% drop compared to the €1.8 billion per year previously targeted for the 2024 to 2027 period. With this new target, renewable energy is set to represent 17% of Eni S.p.A.'s total investments for the period. The company is also setting up a new satellite for its CCUS (Carbon Capture and Storage) business with GIP to enhance and unlock value.

• Plenitude proforma adjusted EBITDA expectation for FY 2025 is above €1.1 billion.
• Installed renewable capacity was projected to reach 5.5 GW by year-end 2025.
• In Q3 2025, installed renewable capacity reached 4.8 GW (+55% year-on-year).

Eni S.p.A. (E) - Canvas Business Model: Revenue Streams

You're looking at the actual money-making parts of Eni S.p.A.'s business as of late 2025. It's all about how they convert their assets and operations into cash flow, focusing heavily on their satellite strategy.

Hydrocarbon Sales: Revenue from E&P of oil and natural gas is underpinned by production guidance raised for the full year 2025 to a range of 1.71-1.72 million barrels of oil equivalent per day (Mboed). For the third quarter of 2025, hydrocarbon production averaged 1.76 million boe/d. The forecast average Brent price used for guidance is $70/bbl.

Gas and Power Sales: The Gas & Power (GGP) segment saw its outlook improve due to portfolio optimizations and better negotiation outcomes. The proforma adjusted EBIT target for the full year 2025 was increased to more than €1 billion, up from the initial guidance of about €0.8 billion.

Sustainable Mobility Sales: Enilive, the biofuels and fuel retail subsidiary, has a full-year proforma adjusted EBITDA target of around €1 billion for 2025. For the first nine months of 2025, Enilive generated €698 million in proforma adjusted EBITDA.

Renewable Energy Sales: Plenitude's proforma adjusted EBITDA target for 2025 is set at above €1.1 billion. The company is expected to reach 5.5 GW of installed renewable capacity by the 2025 year-end.

Asset Monetization: Value realization from the satellite model has been significant. During 2025, approximately €5.8 billion in cash was realized from third-party investments into Enilive and Plenitude. This included the closing of the KKR investment into Enilive, which generated proceeds of €2.967 billion for the Eni group after adjustments, and a €0.2 billion tranche from the EIP fund into Plenitude.

Here's a quick look at the key 2025 targets for the transition businesses:

• Enilive proforma adjusted EBITDA target: around €1 billion
• Plenitude proforma adjusted EBITDA target: above €1.1 billion
• Plenitude installed renewable capacity target (year-end): 5.5 GW
• GGP proforma adjusted EBIT target: more than €1 billion

The cash generated from these portfolio initiatives supported deleveraging, with the KKR investment into Enilive being €3.6 billion and the EIP investment into Plenitude being €0.2 billion, totaling €3.8 billion in H1 2025 from these two specific transactions.

The following table summarizes the updated 2025 outlook figures for the key operating segments:

Finance: review the Q4 2025 cash flow forecast against the raised €12 billion Group CFFO expectation.