34 Earnings (loss) per share

Basic earnings (loss) per ordinary share are calculated by dividing net profit (loss) for the period attributable to Eni’s shareholders by the weighted average number of ordinary shares issued and outstanding during the period, excluding treasury shares.

Diluted earnings (loss) per share are calculated by dividing the net profit (loss) of the period attributable to Eni’s shareholders by the weighted average number of shares fully-diluted, excluding treasury shares, and including the number of potential shares to be issued.

As of December 31, 2023, the shares that could be potentially issued related to the estimation of new shares that will vest in connection with the 2020-2022 and 2023-2025 long-term monetary incentive plans and the convertible bond issued in 2023.

In determining basic and diluted earnings (loss) per share, the net profit (loss) for the period attributable to Eni is adjusted to take into account the remuneration of perpetual subordinated bonds and the convertible bond, net of tax effect, calculated by using the amortized cost method.

Reconciliation of basic and diluted earnings (loss) per share was as follows:

		2023		2022		2021
Weighted average number of shares used for basic earnings (loss) per share		3,303,766,512		3,483,633,816		3,565,973,883
Potential shares to be issued for ILT incentive plan		6,352,583		6,319,989		7,598,593
Potential shares to be issued for Sustainability-linked bond		17,014,702
Weighted average number of shares used for diluted earnings (loss) per share		3,327,133,797		3,489,953,805		3,573,572,476
Eni’s profit (loss)	(€ million)	4,771		13,887		5,821
Remuneration of subordinated perpetual bonds net of tax effect	(€ million)	(109	)	(109	)	(95	)
Remuneration of Sustainability-linked bond net of tax effect	(€ million)	9
Eni’s profit (loss) for basic and diluted earnings (loss) per share	(€ million)	4,671		13,778		5,726
Basic earnings (loss) per share	(€ per share)	1.41		3.96		1.61
Diluted earnings (loss) per share	(€ per share)	1.40		3.95		1.60