| Other information about investments |
37 Other information about investments Information on Eni’s investments as of December 31, 2025 The following section provides information about Eni’s consolidated subsidiaries as of December 31, 2025. CONSOLIDATED SUBSIDIARIES EXPLORATION & PRODUCTION IN ITALY | | | | | | | | | | | | | | | | | | Eni Mediterranea Idrocarburi SpA | | | | | | | | | | | | | | | | | | Eni Natural Energies Mozambico Srl | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Società Petrolifera Italiana SpA | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Agip Energy and Natural Resources (Nigeria) Ltd | | | | | | | | | | | | | | | | | | | | | | | | | | | Burren Energy (Bermuda) Ltd | | | | | | | | | | Road Town (British Virgin Islands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (..) | | | | | | | | | | | | | | | | | | | | | | Eni Algeria Exploration BV | | | | | | | | | Eni Algeria Production BV | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Argentina Exploración y Explotación SA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pointe-Noire (Republicof the Congo) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Energy Alam El Shawish BV | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Energy Australia Pty Ltd | | | | | | | | | Eni Energy Bonaparte Pty Ltd | | | | Eni En. Australia Pty Ltd | | | | | Eni Energy E&P Holding Netherlands BV | | | | | | | | | | | | | | | | | | Eni Energy East Sepinggan BV | | | | | | | | | | | | | | | | | | Eni Energy Facilities Netherlands BV | | | | | | | | | | | | | | | | | | Eni Energy Group Holdings Ltd | | | | | | | | | | | | | | | | | |
| | | | | | | | | Eni Energy Group Midco Ltd | | | | | | | | | Eni Energy Holding Netherlands BV | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Energy Muara Bakau BV | | | | | | | | | Eni Energy Netherlands Administration BV | | | | | | | | | Eni Energy Netherlands BV | | | | | | | | | Eni Energy North Ganal BV | | | | | | | | | Eni Energy North West El Amal BV | | | | | | | | | Eni Energy Participation Netherlands BV | | | | | | | | | | | | | | | | | | Eni Energy Touat Holding BV | | | | | | | | | | | | | | | | | | Eni Exploration & Production Holding BV | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Gas & Power LNG Australia BV | | | | | | | | | Eni Ghana Exploration and Production Ltd | | | | | | | | | | | | | | | | | | | Aberdeen (United Kingdom) | | | | | | | | | Aberdeen (United Kingdom) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | George Town (Cayman Islands) | | | | | | | | Eni International NA NV Sàrl | | | | | | | | | | | | | | | | | | | | | | | (..) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (..) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni México S. de RL de CV | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Mozambique LNG Holding BV | | | | | | | | | | | | | | | | | | Eni Natural Energies Congo SAU | Pointe-Noire (Republic of the Congo) | | | | | | | | Eni Natural Energies Côte d'Ivoire SA | | | | | | | | | Eni Natural Energies Kenya EPZ Ltd | | | | | | | | |
| | | | | | | | | Eni Natural Energies Vietnam Llc | Ho Chi Minh City (Vietnam) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Aberdeen (United Kingdom) | | | | | | | | Eni Trading & Shipping Inc | | | | | | | | | Eni Transporte y Suministro México S. de RL de CV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (..) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni USA Gas Marketing Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Venezuela E&P Holding SA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Calgary Petroleums LP | | | | | | | | | | | | | | | | | | First Calgary Petroleums Partner Co ULC | | | | | | | | | | | | | | | | | | | | | | | | | | | Nigerian Agip Exploration Ltd | | | | | | | | | | | | | | | | | | Production North Sea Netherlands Ltd | | | | | | | | | PT Eni Natural Energies Indonesia | | | | | | | | | | | | | | | | | |
GLOBAL GAS & LNG PORTFOLIO IN ITALY | | | | | | | | | Eni Global Energy Markets SpA | | | | | | | | | | | | | | | | | |
OUTSIDE ITALY | | | | | | | | | Eni España Comercializadora de Gas SAU | | | | | | | | | | | | | | | | | | | | | | | | | | |
Power IN ITALY REFINING AND CHEMICALS Refining IN ITALY OUTSIDE ITALY | | | | | | | | | Eni Abu Dhabi Refining & Trading BV | | | | | | | | |
Chemicals IN ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Versalis Oilfield Solutions Srl (former Rewave Srl) | | | | | | | | |
OUTSIDE ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dunastyr Polisztirolgyártó Zártkörûen Mûködõ Részvénytársaság | | | | | | | | | | | | | | | | | | | | | | Versalis International SA | | | | | | | | | | | | | | | | | | | (..) | | | | | Valea Lui Mihai (Romania) | | | | | | | | Foam Creations (2008) Inc | | | | | | | | | Foam Creations México SA de CV | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cornellà de Llobregat (Spain) | | | | | | | | Novamont North America Inc | | | | | | | | | | | | | | | | | | Versalis Asia Pacific Pte Ltd | | | | | | | | | | Pointe-Noire (Republic of the Congo) | | | | | | | | Versalis Deutschland GmbH | | | | | | | | | | | | | | | | | | Versalis International Côte d'Ivoire Sarlu | | | | | | | | |
| | | | | | | | | Versalis International SA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Versalis Kimya Ticaret Limited Sirketi | | | | Versalis International SA | | | | | Versalis México S. de RL de CV | | | | | | | | | | | | | | (..) | | | | Versalis Pacific Trading (Shanghai) Co Ltd | | | | | | | | | | | | | | | | | |
ENILIVE AND PLENITUDE Enilive IN ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | Bioraffineria di Gela SpA | | | | | | | | | | | | | | | | | |
OUTSIDE ITALY | | | | | | | | | | | | | | | | | | Eni Energy (Shanghai) Co Ltd | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Enilive Marketing Austria GmbH | | | | | | | | | | | | | | (..) | | | | Enilive Schmiertechnik GmbH | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Plenitude IN ITALY | | | | | | | | | Eni Plenitude SpA Società Benefit | | | | | | | | | | | | | | | | | | Agrikroton Srl - Società Agricola | | | | | | | | | | | | | | | | | | Eni Plenitude Miniwind Srl | | | | | | | | | Eni Plenitude Renewables Italy SpA | | | | | | | | | Eni Plenitude Società Agricola Bio Srl | | | | | | | | | Eni Plenitude Solar II Srl | | | | | | | | | Eni Plenitude Storage Italy Srl | | | | | | | | | | | | | | | | | | Fotovoltaica Pietramontecorvino Srl | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Lugo Società Agricola Srl | | | | | | | | | Plenitude Energy Services SpA | | | | | | | | | Plenitude On The Road Srl (former Be Charge Srl) | | | | | | | | | Società Agricola Casemurate Srl | | | | | | | | | Società Agricola Forestale Pianura Verde Srl | | | | | | | | | Società Agricola L'Albero Azzurro Srl | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Adriaplin Podjetje za distribucijo zemeljskega plina doo Ljubljana | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Athies-Samoussy Solar PV1 SAS | | | | | | | | | Athies-Samoussy Solar PV2 SAS | | | | | | | | | Athies-Samoussy Solar PV3 SAS | | | | | | | | | Athies-Samoussy Solar PV4 SAS | | | | | | | | | Athies-Samoussy Solar PV5 SAS | | | | | | | | | | | | | | | | | | | Levallois-Perret (France) | | | | | | | | | Levallois-Perret (France) | | | | | | | | Belle Magiocche Solaire SAS | | | | | | | | | | | | | | | | | | Brazoria Class B Member Llc | | | | | | | | | Brazoria County Solar Project Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Centrale Eolienne de la Verte Epine SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne de l'Orvin SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne des Ailes de Foulzy SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne de Viersat SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne du Pays entre Madon et Moselle SAS | Levallois-Perret (France) | | | | | | | | | | | | | | | | | Centrale Eolienne la Garenne SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne Largeasse SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne le Mont de Malan SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne les Hauts Chemins SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne Neo Avel SAS | Levallois-Perret (France) | | | | | | | | Centrale Eolienne Terrajeaux SAS | Levallois-Perret (France) | | | | | | | | Centrale Photovoltaique de Mer SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Antugnac 2 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Arue 1 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Arue 2 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Arue 3 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Cessieu Nord Isere SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Corbas 1 SAS | Levallois-Perret (France) | | | | | | | |
| | | | | | | | | Centrale Solaire Corbas 3 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Helys SAS | Levallois-Perret (France) | | | | | | | | | | | | | | | | | Centrale Solaire le Bernardan 2 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire les Huchanes SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Morcenx 1 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Morcenx 2 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Morhange 2 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 6 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 8 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 9 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 10 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 11 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 12 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 18 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 19 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 20 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 21 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 24 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 26 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 28 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 31 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 34 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 38 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 43 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Orion 50 SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Poullignac SAS | Levallois-Perret (France) | | | | | | | | | | | | | | | | | Centrale Solaire Saint Avit SAS | Levallois-Perret (France) | | | | | | | | Centrale Solaire Valenciennes Aerodrome SAS | Levallois-Perret (France) | | | | | | | | Centrales Solaires Delta SAS | Levallois-Perret (France) | | | | | | | | | | | | | | | | | | | | | | | | | | Corazon Energy Class B Llc | | | | | | | | | | | | | Corazon Tax Eq. Part. Llc | | | | | Corazon Tax Equity Partnership Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | Daviess County Energy Llc | | | | | | | | | | Levallois-Perret (France) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Emery Bull Creek Energy Llc | | | | | | | | | | Levallois-Perret (France) | | | | | | | | Energías Ambientales de Outes SLU | | | | | | | | |
| | | | | | | | | Eni New Energy US Holding Llc | | | | | | | | | | | | | Eni New Energy US Inv.Inc | | | | | | | | | | | | | | Eni New Energy US Investing Inc | | | | | | | | | Eni Plenitude France SAS (former Eni Gas & Power France SA) | Levallois-Perret (France) | | | | | | | | | | | | | | | | | Eni Plenitude Investment Colombia SAS | | | | | | | | | Eni Plenitude Investment Spain SLU | | | | | | | | | Eni Plenitude Operations France SAS | | | | | | | | | Eni Plenitude Renewables Australia Pty Ltd (former Eni New Energy Australia Pty Ltd) | | | | | | | | | Eni Plenitude Renewables Batchelor Pty Ltd (former Eni New Energy Batchelor Pty Ltd) | | | | Eni Plen Ren Aus. Pty Ltd | | | | | Eni Plenitude Renewables France SAS | | | | | | | | | Eni Plenitude Renewables Hellas Single Member SA | | | | | | | | | Eni Plenitude Renewables Holding BV (former Eni Energy Solutions BV) | | | | | | | | | Eni Plenitude Renewables Katherine Pty Ltd (former Eni New Energy Katherine Pty Ltd) | | | | Eni Plen Ren Aus. Pty Ltd | | | | | Eni Plenitude Renewables Luxembourg Sàrl | | | | | | | | | Eni Plenitude Renewables Manton Dam Pty Ltd (former Eni New Energy Manton Dam Pty Ltd) | | | | Eni Plen Ren Aus. Pty Ltd | | | | | Eni Plenitude Renewables Spain SLU | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Plenitude Rooftop France SAS | | | | | | | | | Eni Plenitude Technical Services Colombia SAS | | | | | | | | | | | | | | | | | | Eni Plenitude Technical Services Romania Srl | | | | | | | | | Eni Plenitude Technical Services Spain SLU | | | | | | | | | Eolica Cuellar de la Sierra SLU | | | | | | | | | Eoliennes Chemin Vert SAS | Levallois-Perret (France) | | | | | | | | | Levallois-Perret (France) | | | | | | | | Estanque Redondo Solar SLU | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fotovoltaica Fotozar 5 SLU | | | | | | | | | Fotovoltaica Fotozar 6 SLU | | | | | | | | | | | | | | | | | | Gas Supply Company Thessaloniki - Thessalia SA | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Guajillo Energy Storage Llc | | | | | | | | | Hanks Crossing Energy Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kellam Tax Equity Partnership Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maristella Directorship SLU | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parc Eolien des Avaloirs SAS | Levallois-Perret (France) | | | | | | | | Plenitude Kazakhstan Llp (former Arm Wind Llp) | | | | | | | | | Plenitude Production France SAS | Levallois-Perret (France) | | | | | | | | Plenitude Zephyr France SAS | Levallois-Perret (France) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sandrini 100 Class B Member Llc | | | | | | | | | Sandrini 200 Class B Member Llc | | | | | | | | | Sandrini BESS Class B Member Llc | | | | | | | | | SASU PV Les Poulettes SAS | Levallois-Perret (France) | | | | | | | | SKGRPV1 Single Member Private Company | | | | | | | | | SKGRPV2 Single Member Private Company | | | | | | | | |
| | | | | | | | | SKGRPV3 Single Member Private Company | | | | | | | | | SKGRPV4 Single Member Private Company | | | | | | | | | SKGRPV5 Single Member Private Company | | | | | | | | | SKGRPV6 Single Member Private Company | | | | | | | | | SKGRPV7 Single Member Private Company | | | | | | | | | SKGRPV8 Single Member Private Company | | | | | | | | | SKGRPV9 Single Member Private Company | | | | | | | | | SKGRPV12 Single Member Private Company | | | | | | | | | SKGRPV13 Single Member Private Company | | | | | | | | | SKGRPV14 Single Member Private Company | | | | | | | | | SKGRPV15 Single Member Private Company | | | | | | | | | SKGRPV16 Single Member Private Company | | | | | | | | | SKGRPV17 Single Member Private Company | | | | | | | | | SKGRPV19 Single Member Private Company | | | | | | | | | SKGRPV20 Single Member Private Company | | | | | | | | | South Triangle Energy Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | Timber Road Blue Harvest Class A Llc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CORPORATE AND OTHER ACTIVITIES Corporate and financial companies IN ITALY | | | | | | | | | Agenzia Giornalistica Italia SpA | | | | | | | | | | | | | | | | | | | | | | | | | | | EniBioCh4in Grupellum Società Agricola Srl | | | | | | | | | | | | | | | | | | | | | | | | | | | EniBioCh4in Pannellia BioGas Srl Società Agricola | | | | | | | | | EniBioCh4in Po Energia Srl Società Agricola | | | | | | | | | EniBioCh4in Quadruvium Srl Società Agricola | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni Corporate University SpA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OUTSIDE ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Eni International Resources Ltd | | | | | | | | | | | | | | (..) | | | | Eni Netherlands Holding BV | | | | | | | | | | | | | | | | | |
Other activities IN ITALY JOINT OPERATIONS EXPLORATION & PRODUCTION OUTSIDE ITALY GLOBAL GAS & LNG PORTFOLIO AND POWER OUTSIDE ITALY | | | | | | | | | Blue Stream Pipeline Co BV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Equity ratio equal to the Eni's working interest. POWER IN ITALY | | | | | | | | | Società EniPower Ferrara Srl | | | | | | | | | | | | | | | | | |
REFINING AND CHEMICALS Refining IN ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | Raffineria di Milazzo ScpA | | | | | | | | | | | | | | | | | |
OUTSIDE ITALY | | | | | | | | | | Jose Puerto La Cruz (Venezuela) | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Equity ratio equal to the Eni's working interest. ENILIVE AND PLENITUDE ENILIVE OUTSIDE ITALY | | | | | | | | | Bayernoil Raffineriegesellschaft mbH | | | | | | | | | | | | | | | | | |
CORPORATE AND OTHER ACTIVITIES Other activities IN ITALY Information on Eni’s consolidated subsidiaries with significant non-controlling interest The following section provides information about economic, equity and financial data, gross of intragroup elisions, relating to Enilive Group, 70% owned by Eni, the Plenitude Group, 70% owned by Eni, and EniPower group, 51% owned by Eni. The ownership of the non-controlling interest corresponds to voting rights. | Enilive Group | Plenitude Group | EniPower Group | | | | | | | Non controlling interest (%) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3) | | | | Total comprehensive income | | (158) | | | | | | | | | | Net cash provided by operating activities | | | | | | Net cash used in investing activities | (542) | (1,206) | (1,389) | (77) | (92) | Net cash used in financing activities | | (13) | (85) | | (18) | Net increase (decrease) in cash and cash equivalents | | | (23) | | (9) | Profit attributable to non-controlling interest | | | | | | Dividends paid to minority interest | | | | | |
Equity pertaining to non-controlling interests as of December 31, 2025, amounted to €4,847 million (€2,863 million December 31, 2024) and includes the perpetual subordinated bond of Eni Marine Services SpA of €1,701 million. More information is reported in note 26 – Equity – Non-controlling interest. Changes in the ownership interest without loss of control On March 6, 2025, Eni and the private equity fund KKR finalized KKR's investment in a 25% minority stake in its subsidiary Enilive, with total proceeds for Eni of €2,968 million, including a capital increase of €500 million. Subsequently, on April 11, 2025, Eni and KKR completed a similar transaction for an additional 5% investment for approximately €601 million. Following the transaction, KKR holds a total stake of 30% of Enilive’s share capital. On March 31, 2025, Energy Infrastructure Partners (EIP) completed an increase in Plenitude's share capital, reaching a total stake of 10%. EIP's increase was achieved through a capital increase of approximately €209 million, which, taking into account the of €588 million paid in March 2024, brings the total investment to approximately €800 million. On November 4, Eni and the private equity fund Ares Capital finalized an investment in a 20% minority stake in Plenitude for €2,003 million. Principal joint ventures, joint operations and associates as of December 31, 2025 | | Country of operation | | | | | | | | | | | | | | | | Azule Energy Holdings Ltd | | | | | | | Caracas (Venezuela) | | | | | | | | | | | | | | | | | | San Donato Milanese (MI) (Italy) | | | | | Mozambique Rovuma Venture SpA | San Donato Milanese (MI) (Italy) | | | | | | | | Corporate and financial companies | | | | San Donato Milanese (MI) (Italy) | | Global Gas & LNG Portfolio | | | St. Bernard Renewables Llc | | | | | | | | | | | | | | | | | | | | | Global Gas & LNG Portfolio | | | | | | Global Gas & LNG Portfolio | | | Blue Stream Pipeline Co BV | | | Global Gas & LNG Portfolio | | | | | | | | | | Abu Dhabi (United Arab Emirates) | | | | | Abu Dhabi Oil Refining Company (Takreer) | Abu Dhabi (United Arab Emirates) | | | | | | | | | | | | | | | | | | Doha (Qatar) | | | | | | Sandnes (Norvegia) | | | | |
Main line items of profit and loss and balance sheet related to the joint ventures, represented by the amounts included in the reports accounted under IFRS of each company, are provided in the table below: | | | Azule Energy Holdings Ltd | St. Bernard Renewables Llc | | Saipem SpA | SeaCorridor Srl | Current assets | | | | | | - of which cash and cash equivalent | | | | | | Non-current assets | | | | | | | | | | | | Current liabilities | | | | | | - of which current financial liabilities | | | | | | Non-current liabilities | | | | | | - of which non-current financial liabilities | | | | | | | | | | | | | | | | | | Eni’s share of the investment (%) | | | | | | Goodwill, Group capital gains and perpetual subordinated bonds | (926) | | | (17) | | Book value of the investment | | | | | | | | | | | | Revenues and other income | | | | | | | (822) | (961) | (90) | (13,792) | (44) | Other operating profit (loss) | (47) | (75) | | | | Depreciation, amortization and impairments | (2,188) | (57) | (88) | (1,037) | (47) | | | (94) | | | | | (268) | | (3) | (189) | (1) | Income (expense) from investments | | (24) | | | | Profit (loss) before income taxes | | (116) | | | | | (238) | | (53) | (207) | (214) | | | (116) | | | | Other comprehensive income (loss) | (1,212) | (182) | (115) | | (24) | Total other comprehensive income (loss) | (569) | (298) | (62) | | | Profit (loss) attributable to Eni | | (58) | | | | | | | | | | Dividends received from the joint venture | | | | | |
| | | Azule Energy Holdings Ltd | St. Bernard Renewables Llc | | | | | | | | | | - of which cash and cash equivalent | | | | | | | | | | | | | | | | | | | | | | | | - of which current financial liabilities | | | | | | | | | | | | - of which non-current financial liabilities | | | | | | | | | | | | | | | | | | Eni’s share of the investment (%) | | | | | | Goodwill, Group capital gains and perpetual subordinated bonds | (1,250) | | | (17) | | Book value of the investment | | | | | | | | | | | | Revenues and other income | | | | | | | (1,261) | (1,134) | (98) | (13,224) | (45) | Other operating profit (loss) | | (93) | | | | Depreciation, amortization and impairments | (1,479) | (72) | (105) | (723) | (44) | | | (79) | | | | | (474) | (11) | | (85) | | Income (expense) from investments | | | | (25) | | Profit (loss) before income taxes | | (90) | | | | | (751) | | (13) | (190) | (189) | | | (90) | | | | Other comprehensive income (loss) | | | | (124) | | Total other comprehensive income (loss) | | | | | | Profit (loss) attributable to Eni | | (45) | | | | | | | | | | Dividends received from the joint venture | | | | | |
The results for the year and the comprehensive income of the significant joint ventures are shown below: | | | | | Mozambique Rovuma Venture SpA | | | | | | | | (54) | Other comprehensive income (loss) | (24) | (1) | (131) | (87) | (42) | Total other comprehensive income (loss) | (24) | | (31) | | (96) |
| | | | | Mozambique Rovuma Venture SpA | | | | | | | (18) | (57) | Other comprehensive income (loss) | | (2) | | | | Total other comprehensive income (loss) | | | | | (31) |
Main line items of profit and loss and balance sheet related to the associates represented by the amounts included in the reports accounted under IFRS of each company are provided in the table below: | | | Abu Dhabi Oil Refining Company (TAKREER) | Vår Energi ASA | Ithaca Energy Plc | | Current assets | | | | | - of which cash and cash equivalent | | | | | Non-current assets | | | | | | | | | | Current liabilities | | | | | - of which current financial liabilities | | | | | Non-current liabilities | | | | | - of which non-current financial liabilities | | | | | | | | | | | | | | | Eni’s share of the investment (%) | | | | | Goodwill, Group capital gains and perpetual subordinated bonds | | (300) | (295) | | Book value of the investment | | | | | | | | | | Revenues and other income | | | | | | (21,341) | (1,409) | (815) | (12) | Other operating income (expense) | (831) | | | | Depreciation, amortization and impairments | (755) | (1,888) | (824) | | | | | | (12) | | (381) | | (226) | (2) | Income (expense) from investments | | | | | Profit (loss) before income taxes | | | | (14) | | | (3,061) | (809) | | | | | (67) | (10) | Other comprehensive income (loss) | (1,308) | | (128) | (310) | Total other comprehensive income (loss) | (1,192) | | (195) | (320) | Profit (loss) attributable to Eni | | | (15) | (3) | | | | | | Dividends received from the associate | | | | |
| | | Abu Dhabi Oil Refining Company (TAKREER) | Vår Energi ASA | Ithaca Energy Plc | | Current assets | | | | | - of which cash and cash equivalent | | | | | Non-current assets | | | | | | | | | | Current liabilities | | | | | - of which current financial liabilities | | | | | Non-current liabilities | | | | | - of which non-current financial liabilities | | | | | | | | | | | | | | | Eni’s share of the investment (%) | | | | | Goodwill, Group capital gains and perpetual subordinated bonds | | (505) | (348) | | Book value of the investment | | | | | | | | | | Revenues and other income | | | | | | (11,985) | (1,375) | (134) | (6) | Other operating income (expense) | (386) | | | | Depreciation, amortization and impairments | (338) | (1,884) | (367) | | | | | | (6) | | (332) | (455) | (66) | | Profit (loss) before income taxes | (162) | | | (5) | | | (2,759) | (118) | | | (162) | | | (4) | Other comprehensive income (loss) | | (125) | | | Total other comprehensive income (loss) | | | | | Profit (loss) attributable to Eni | (32) | | | (1) | | | | | | Dividends received from the associate | | | | |
The results for the year and the comprehensive income of the significant associates are shown below: | | | | | | | (84) | Other comprehensive income (loss) | (106) | (104) | Total other comprehensive income (loss) | | (188) |
| | | | | | | (33) | Other comprehensive income (loss) | | | Total other comprehensive income (loss) | | |
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