Credit rating and debt

Solicited ratings, namely ratings requested by Eni, are provided below.

Ratings do not constitute a recommendation to buy, sell or hold any financial instruments issued by companies of the Eni group. As aforementioned ratings may be subject to amendment, action, suspension or withdrawal, website users are required to verify current long-term and short-term rating and current outlook.

_{(a) It includes €142 million of cash at held-for-sale subsidiaries provisionally deposited at third-party banks at the end of 2025 and moved to the Group cash pooling at the beginning of 2026.}

All of the information and figures on this page are correct to December 31, 2025, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.

Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. At December 31, 2025, debts subjected to restrictive covenants amounted to €981 million (€613 million at December 31, 2024). Eni was in compliance with those covenants.

Warning to visitors to the site:

All of the information and figures on this page are correct to December 31, 2025, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.

Euro Medium Term Notes Programme:

Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €12.8 billion were drawn as of December 31, 2025.

Commercial Paper Programme:

The Euro Commercial Paper Programme amounts to €6 billion.

Notice for users:

All the information and data contained in these pages refer to the situation as at December 31, 2025, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments.

The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2025.

During 2025, new ordinary bonds in euro were issued by Eni SpA for a nominal value of €851 million.

As of December 31, 2025, Eni SpA had in place sustainability-linked bonds for a total nominal value of €3,750 million in case the Company misses those targets, a step-up mechanism will be applied, providing for a marginal increase in the interest rate.

Convertible bonds by issuer and currency

As of December 31, 2025, Eni SpA had in place a sustainability-linked senior unsecured convertible bond with an aggregate nominal amount of €1,000 million. The bonds will be convertible into Eni existing ordinary shares bought under the share buyback program approved by the Shareholders' Meeting held on May 10, 2023. The bonds will mature in 7 years. The conversion price is €17.5513.

Sustainability-linked bonds and sustainability-linked convertible bonds are indexed to the achievement of sustainability targets related to the Net Carbon Footprint of the Upstream (Scope 1 and 2) and renewable energy installed capacity. In case the Company fails to reach each of the agreed targets, a step-up adjustment to the interest rates of the underlying financing is due to be applied.

Notice for users:

All the information and data contained in these pages refer to the situation as at December 31, 2025, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments.