This pricing pressure is most acute in the turbine’s most complex components. The nacelle, which houses the generator, gearbox and power electronics that convert wind into electricity, sits at the center of current supply constraints, while similar pressures are emerging in blade manufacturing, driven by increasing turbine sizes, longer production cycles and the logistical demands of transporting and installing next-generation components.

The supply constraint is not evenly distributed across the turbine value chain. It is most pronounced in nacelles and blades, where supplier concentration is high and substitution is limited, while towers remain comparatively more flexible, with a broader supplier base and lower barriers to entry. As a result, the market is becoming increasingly constrained in its most critical components, shaping the overall balance between supply and demand.

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The First Tranche will concern up to a maximum of 5.1 million of Eni’s shares (approximately 0.2% of share capital) to be used to serve the 2026-2028 Long-Term Incentive Plan, approved by the Shareholders’ Meeting held on 6 May 2026.

The purchases will be executed on the Euronext Milan through an authorized agent, who will act independently, also in relation to the timing of transactions and will be disclosed to the market in accordance with the terms and conditions set out in the laws and regulations in force.

As announced on 24 April 2026 in the context of the presentation of the first quarter 2026 results, Eni confirms that the 2026 share buyback program, to be executed by April 2027, will have a total amount of €2.8 billion. This amount may be increased up to a total maximum of €4 billion, in case of upside scenarios of the Cash Flow From Operations.

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Eni’s Board of Directors today appointed Claudio Descalzi as Chief Executive Officer and General Manager. In this role he will be responsible for the management of the company, with the exception of specific responsibilities that are reserved for the Board of Directors and those that are not to be delegated according to the current legislation.

The Board also confirmed the role of the Chairman of the Board of Directors, Giuseppina Di Foggia, in internal controls system, specifically, through the management of the relationship of the Head of Internal Audit with the Board of Directors in connection with the Chief Executive Officer in charge of establishing and maintaining the internal control and risk management system.

The Board also ascertained, on the basis of the declarations released by the Directors and of the information available to the Company, that all Directors have the integrity requirements required by current law, that causes for their ineligibility and incompatibility do not exist as required by current law and that the Chairman of the Board Giuseppina Di Foggia and the Directors Stefano Cappiello, Carolyn Adele Dittmeier, Benedetta Fiorini, Emma Marcegaglia, Matteo Petrella, Cristina Sgubin and Raphael Louis L. Vermeir have the independence requirements set by law.

With reference to the independence requirements recommended by the Corporate Governance Code, which Eni applies, the Board has preliminarily confirmed the evaluation criteria adopted by the previous Board and described in the 2025 Corporate Governance and Shareholding Structure Report, and assessed as independent the Chairman of the Board Di Foggia and the Directors Cappiello, Dittmeier, Fiorini, Marcegaglia, Petrella, Sgubin and Vermeir.

With reference to the Chairman of the Board Di Foggia and the Directors Fiorini and Sgubin, in relation to executive roles or employment relationships currently held, held in the last three financial years or to be hold in companies subject to common control, also indirect, with Eni by the Ministry of Economy and Finance (Terna, Ita Airways, and Telespazio, respectively), and, with reference to Director Cappiello, in relation to its role as Director General of the Ministry of Economy and Finance, the Board has deemed, based on a substantive assessment, as recommended by the Corporate Governance Code, that such relationships do not jeopardise their independence pursuant to the Corporate Governance Code. This is taking into account the public nature of the shareholder exercising common control, enhanced by authentic interpretation of Article 148 of the Consolidated Law on Finance contained in Article 13, paragraph 1-bis, of Decree-Law no. 95/2025 (ratified with amendments by Law no. 118/2025) and the fact that the Ministry, by law, does not exercise management and coordination over its investees and, with reference to Terna, that the latter, as a listed company, is subject to a special legal regime that enhances ​​the independence and autonomy of management with respect to the ownership.

The Board’s assessments were deemed correct by the Board of Statutory Auditors.

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Financial Highlights

• Reported earnings decreased compared to first quarter 2025 primarily due to unfavorable
  timing effects of approximately $2.9 billion. These effects include timing mismatches in
  earnings recognition related to the mark-to-market of financial derivatives prior to the
  physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory
  accounting. Excluding those unfavorable effects, earnings improved due to upstream
  production growth and higher refining margins.
• Production in the first quarter of 2026 was higher than first quarter last year largely due to
  the acquisition of Hess Corporation (Hess) and growth in the Gulf of America and the
  Permian Basin, partly offset by downtime at the company’s 50 percent owned affiliate
  Tengizchevroil (TCO) and curtailments in the Middle East (Israel and the Partitioned Zone
  between Saudi Arabia and Kuwait). U.S. production exceeded 2 million oil-equivalent barrels
  per day for the third consecutive quarter.
• U.S. refinery crude unit throughput remains over 1 million barrels per day for the fifth
  consecutive quarter and achieved a record in March 2026.
• Capex in the first quarter of 2026 was higher than last year largely due to spend on legacy
  Hess assets, partially offset by lower spend in the Permian Basin.
• Cash flow from operations in the first quarter of 2026 was lower than a year ago primarily
  due to higher working capital outflows largely resulting from the sharp increase in commodity
  prices in March 2026. Adjusted free cash flow benefited from a $1 billion loan repayment
  from TCO.
• The company returned $6.0 billion of cash to shareholders during the quarter, including
  share repurchases of $2.5 billion and dividends of $3.5 billion.
• The company’s Board of Directors declared a quarterly dividend of one dollar and seventyeight cents ($1.78) per share, payable June 10, 2026, to all holders of common stock as
  shown on the transfer records of the corporation at the close of business on May 19, 2026.

Business Highlights and Milestones

• Announced an agreement in Venezuela to expand Chevron’s heavy oil interest in the
  Petroindependencia, S.A. joint venture and include rights to develop the adjacent Ayacucho
  8 area at the Petropiar, S.A. joint venture in the Orinoco Oil Belt.
• Entered into an exclusivity agreement with Microsoft and Engine No. 1 related to a proposed
  power generation and electricity offtake agreement to support the power project under
  development in West Texas.
• Expansions at Tamar and Leviathan in Israel have achieved start-up, adding production
  capacity to support growing demand and regional energy security.
• Reached a final investment decision on the Aseng gas project in Equatorial Guinea,
  advancing the country’s efforts to expand its role in global gas markets.
• Discovered oil at the Bandit prospect in Green Canyon Block 680 in the Gulf of America,
  through a non-operated joint venture.
• Entered Libya as a winning bidder in the Sirte Basin, expanding the company’s exploration
  portfolio with high-quality acreage and high-impact prospects.
• Awarded four offshore exploration leases in Greece, further expanding the company’s
  position in the Eastern Mediterranean region.
• Farmed into the OFF-7 block in Uruguay, building depth in the exploration portfolio. Related News

Three sources, one system

The energy transition is reaching a tipping point and transitioning to renewables simply makes business sense. According to the UN, nearly three-quarters of the growth in electricity generated worldwide was from wind and solar. Renewable energy offers lower operating costs in the long-term, new job creation, increased energy security all while decreasing emissions.

From the lights in a store to the conveyor belts in a warehouse, electricity runs through almost every part of Ingka Group’s operations. In FY25, 94.8% of that annual consumption was matched with renewable sources.

Renewable electricity does not come from a single switch. Ingka Group reaches its figures through a combination of generation, ownership, and market mechanisms, each covering a different part of the picture.

On-site generation: Solar panels on store rooftops and carpark shelters supplied 7.8% of total electricity consumption in FY25.
Owned assets: Ingka Group owns and operates 49 wind farms and 26 solar parks across multiple countries, the largest single source at 49.1% of consumption.
Energy Attribute Certificates (EACs): High-quality certificates covered the remaining 37.9%, used in markets where direct renewable sourcing is not yet viable.

The remaining 5.2%

In some markets, renewable electricity is not available at the scale or cost required. South Korea is one example: the policy and pricing conditions needed to source renewable electricity at Ingka Group’s volumes do not yet exist. The company is engaging with regulators and advocacy groups including Climate Group’s RE100 and the Asia Clean Energy Coalition to push for more enabling conditions, while also working to reduce overall consumption.

The other lever is energy efficiency. The less electricity stores and warehouses use, the smaller the gap to close towards 100% renewable electricity sourcing. Across the portfolio, Ingka Group is improving insulation, recovering energy from heating and cooling systems, and running annual energy action plans for its buildings.

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First quarter operating cash flow from continuing operations of $1.4 billion included a use of working capital of $1.8 billion, which was mainly driven by higher receivables resulting from the sharp increase in commodity prices in March, together with typical seasonal first quarter cash requirements for employee benefits, interest payments and property taxes.

QUARTERLY RESULTS

Oil and Gas

Pre-tax income from oil and gas for the first quarter of 2026 totaled $1.0 billion, compared to $0.7 billion for the fourth quarter of 2025. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower crude oil volumes. First quarter average WTI and Brent marker prices were $71.93 per barrel and $77.93 per barrel, respectively. Average worldwide realized crude oil prices increased by 18% from the previous quarter to $69.91 per barrel, while average worldwide realized natural gas liquids prices increased by 14% to $18.99 per barrel. Average domestic realized gas prices fell by 10% to $1.01 per thousand cubic feet (Mcf).

Total global production for the first quarter of 2026 averaged 1,426 thousand barrels of oil equivalent per day (Mboed). This surpassed the high end of guidance led by contributions from the Permian, Rockies and Gulf of America business units.

Midstream and Marketing

Midstream and marketing reported a pre-tax loss of $87 million for the first quarter of 2026, compared to pre-tax income of $204 million in the previous quarter. Excluding items affecting comparability, the midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvements were attributed to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. WES equity method investment income for the first quarter was $138 million.

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“These awards demonstrate KBR’s ability to deliver dependable, mission‑critical services wherever and whenever our customers need them,” said Doug Hill, KBR Readiness and Sustainment President. “Across AFCAP V, our teams combine deep operational expertise, disciplined execution and innovative approaches to support readiness and sustainment missions in the world’s most complex environments.”

KBR provides extensive support and base operations services for the U.S. Air Force in Spain, Turkey, Saudi Arabia, Kuwait, Qatar, the UAE and Japan, and has supported U.S. military and allied nation missions for more than 30 years.

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Over the past year, Plenitude has confirmed its growth trajectory by further strengthening an integrated business model capable of combining economic development with the energy transition. Compared to 2024, the company increased its installed renewable capacity by 40%, further reinforcing its position in both energy retail and electric mobility.

This evolution highlights the robustness of Plenitude’s distinctive business model and its ability to generate long-term value, delivering solid economic results, with a pro forma EBITDA of approximately €1.1 billion.

Stefano Goberti, Chief Executive Officer of Plenitude, commented: “The 2025 results confirm Plenitude’s distinctive positioning: robust growth that successfully integrates economic performance with a strong focus on sustainability, thanks to our model, which is built around people, innovation and a long-term vision. We continue to contribute to the energy transition by leveraging the integration of renewables, retail and electric mobility.”

Plenitude, a company controlled by Eni, operates in over 15 countries worldwide with a business model integrating the generation of electricity from approximately 6 GW of renewable capacity, the sale of energy and energy solutions to more than 11 million customers across Europe, and a network of 23,000 electric vehicle charging points. By 2030, the company aims to reach 15 GW of installed renewable capacity globally and 15 million customers.

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A dedicated platform and a simple, open cabin design create a spacious interior where all occupants can relax regardless of seating position. Lexus has also refined its signature quietness and thoroughly enhanced the vehicle’s dynamic performance, aiming to deliver both the smooth ride quality unique to BEVs and the joy of driving.

TZ’s design pursues the dual goals of sculptural beauty and aerodynamic excellence. While maintaining the powerful presence of an SUV, the TZ achieves top‑class aerodynamic performance among Lexus SUVs^*1, which contributes to its impressive driving range. Additionally, “Forged Bamboo”, a decorative material made from Shikoku bamboo, adorns many of the interior’s surfaces, supporting both sustainable craftsmanship and the preservation of traditional techniques. Through the TZ, Lexus aims to offer a space that enriches time spent with loved ones, and a behind-the-wheel experience that stirs its driver’s emotions.

Main Features of the TZ

A lounge‑like space that enables passengers’ full relaxation

• The Driving Lounge concept creates a space that naturally encourages family conversation and smiles
• A sense of openness created by a newly developed platform and a wide, slim, movable panoramic roof
• A comfortable cabin space with Lexus top-level^*1 quietness, achieved through sound directivity control to create a natural acoustic environment.
• A soothing and relaxing atmosphere that stimulates the senses through use of the TZ’s audio system, ambient lighting, and other features

A Lexus mobility experience where driving enjoyment and a relaxing cabin coexist

• Shaped by Lexus’s Aji-migaki development philosophy, the vehicle delivers a more profound, composed driving character built on a rigorously refined core structure, together with exceptional comfort.
• Aerodynamic performance rooted in the vehicle’s fundamentals, balancing design and cabin comfort at a high level.
• “Rear Comfort” mode^*2 prioritizes rear seat comfort by using combination of hardware and software electrification technologies
• Interactive Manual Drive^*2 deepens enjoyable, exhilarating interactions between driver and vehicle

A commanding presence merging sculptural beauty and aerodynamic performance

• TZ’s design represents a fusion of simplicity and sharpness, pursuing the distinctive character and presence unique to Lexus
• Its spindle body and geometric graphics express functional beauty while delivering high aerodynamic performance
• TZ’s wheels balance visual appeal and aerodynamics, creating a stunning yet powerful look

Sustainable materials and circular vehicle development

• Adoption of sustainable materials such as forged bamboo and recycled aluminum
• TZ’s circular vehicle development incorporates manufacturing processes designed to minimize environmental impact

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Net production across DNO’s portfolio averaged 131,700 barrels of oil equivalent per day (boepd), down 12 percent from the previous quarter with lower Kurdistan volumes. Production comprised 88,600 boepd from the North Sea, 39,600 boepd from Kurdistan and 3,400 boepd from West Africa.

“With Middle East flows curtailed, every dollar generated elsewhere counts and the North Sea is delivering strongly,” said Executive Chairman Bijan Mossavar-Rahmani. “While higher oil and gas prices support new investments across our portfolio, these prices are a consequence of unwelcome and tragic geopolitical convulsions outside our industry’s control,” he added.

In the North Sea, DNO continues to build momentum as it pursues its target of raising production to 100,000 boepd by 2030. During the quarter, DNO continued to bring forward production, including through a strategic asset swap where the Company exchanged four non-core discoveries for a 19 percent share of the large Atlantis discovery in its core area surrounding the Kvitebjørn and Gjøa hubs.

In addition, DNO has entered into an agreement with INPEX Idemitsu Norge AS to acquire a 3.3 percent interest in the Vega Unit, which is tied back to Gjøa. The acquisition, which is subject to customary condition precedents, increases DNO’s interest in Vega to 8.8 percent and further strengthens the Company’s position in this core area.

DNO has four North Sea fields coming onstream from 2026 to 2029. At one of these, Symra, production from the first two wells started in April, nine months ahead of the original plan. In addition, the Company has stakes in nine North Sea discoveries that are up for project sanction, all of which are targeted for first oil by 2030.

The Company also has a six-well 2026 North Sea exploration program, which includes appraisal wells on the Carmen, Afrodite and Norma discoveries.

In Kurdistan, DNO started the year with strong production from its operated Tawke license, where it also brought two newly drilled wells onstream early in the quarter. However, as a safety measure, the Company elected to temporarily halt production and drilling following the launch of U.S.-Israeli air strikes against Iran on 28 February.

Limited field operations restarted on 9 April 2026, with resumption of workovers of existing wells and relaunch of the previously announced eight-well drilling campaign in preparation for stepped-up rates of production from the Tawke and Peshkabir fields when security and market conditions improve.
During the quarter, free cash flow climbed to USD 146 million, and net debt shrank by 11 percent to USD 790 million.

The Board of Directors approved a quarterly dividend of NOK 0.375 per share, payable in May 2026, maintaining the same level as the previous quarter. Including the upcoming payout, DNO will have returned USD 497 million to shareholders in dividends since resumption of distributions in 2021, in addition to USD 62 million in share buybacks.

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An undisclosed Carl-Gustaf customer has ordered HEAT 758 and production is underway.

“This round is our response of developments of the battlefield where reactive explosive armour has become a major problem for regular munitions trying to defeat armoured vehicles. HEAT 758 is an example of how Saab continues to generate ever more capable products while decreasing the armoured vehicle threat to the operator,” says Michael Höglund, head of Saab’s business unit Ground Combat.

HEAT 758 uses Saab’s Firebolt technology, meaning it can communicate with the Carl-Gustaf M4 weapon in which it is loaded and with the Fire Control Device 558 used to aim the M4, thereby simplifying the workload on the gunner while increasing first-round hit probability.

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