Commentary & Deal Flow

Reoffer: 5yr: MS+63bp / 99.465 / 3.619% 9yr: MS+100bp / 98.922 / 4.146%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.38 / B+76.5 9yr: DBR 2.5 15-Feb-35 @ 95.44 / B+104.3

5yr: Final Books >€2.75bn. Peak book >€3bn
9yr: Final Books >€2.95bn. Peak book >€3.5bn

Launched:
5yr: €750m @ MS+63bp - Books >€3bn
9yr: €1.25bn @ MS+100bp - Books >€3.5bn
Guidance: 5yr: MS+70a 9yr: MS+105a - Combined books in excess of €6.5bn (good at guidance, ex JLM, pre-rec)
IPTs: 5yr: MS+95a 9yr: MS+130a

• Issuer: Eni S.p.A. (Ticker: ENIIM) (Country: IT)
• Issuer Ratings: A3 (sta) / A- (neg) / A- (sta) (Moody's/S&P/Fitch)
• Exp. Issue Ratings: A3 / A- / A- (Moody's/S&P/Fitch)
• Issuer LEI: BUCRF72VH5RBN7X3VL35
• Format: Senior Unsecured Notes, Reg. S, bearer form (TEFRA rules apply, no communications with or into the U.S.)
• Size:
• • 5yr: €750m
  • 9yr: €1.25bn
• Maturity:
• • 5yr: 26-May-31 (5 years)
  • 9yr: 26-May-35 (9 years)
• Reoffer:
• • 5yr: MS+63 bps / 99.465 / 3.619
  • 9yr: MS+100 bps / 98.922 / 4.146
• Benchmark:
• • 5yr: 76.5bps vs OBL 2.5 16-Apr-31 @98.38 / 2.854% (HR: 100%)
  • 9yr: 104.3bps vs DBR 2.5 15-Feb-35 @95.44/ 3.103% (HR: 100%)
• MWC:
• • 5yr: B+15
  • 9yr: B+20
• Coupon:
• • 5yr: 3.5%, Fixed, Annual, ACT/ACT
  • 9yr: 4.000%, Fixed, Annual, ACT/ACT
• Settlement: 26-May-26 (T+5)
• Call Option: MWC
• Interest Payment Date: 26 May in each year commencing on 26-May-27
• ISINs:
• • 5yr: XS3388188586
  • 9yr: XS3388189394
• Denoms: €100k + €1k
• Documentation / Governing Law: EMTN Programme dated 03-Oct-25 / English law
• Listing: Luxembourg Stock Exchange (Regulated Market) and Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Clearing: Euroclear / Clearstream
• Joint Bookrunners: Deutsche Bank, HSBC, IMI-Intesa Sanpaolo, J.P. Morgan, Natixis, Société Générale, UniCredit (B&D), BPER Corporate & Investment Banking
• Use of Proceeds: General corporate purposes
• MiFID II/MIFIR Target Market: Eligible Counterparties and Professional Clients only (all distribution channels). No PRIIPs key information document (KID) or CCI disclosure document has been prepared as not available to retail investors in the EEA or the UK
• Selling Restrictions: Regulation S (Cat 2), TEFRA D rules apply, no communications with or into the U.S., no sales into Canada, except Ontario
• Advertisement: The Base Prospectus (dated 03-Oct-25), any Supplements and the Final Terms, when published, will be available on the website of the Luxembourg Stock Exchange at www.luxse.com , the Issuer at https://www.eni.com/en_IT and/or Borsa Italiana S.p.A. at https://www.borsaitaliana.it
• TOE:
• • 5yr: 16.35 CET / 15.35 UKT
  • 9yr: 16.34 CET / 15.34 UKT
• FTT: 17.00 CET / 16.00 UKT