Eni

Investor Presentation • Jul 28, 2023

Eni 1H 2023 Results Financial Delivery and Strategic Progression

JULY 28, 2023

This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forwardlooking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni's Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to:

• Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;
• Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
• Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions;
• Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects;
• Uncertainties in the estimates of natural gas reserves;
• The time and expense required to develop reserves;
• Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
• Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or-pay long-term gas supply contracts;
• Laws and regulations related to climate change;
• Risks related to legal proceedings and compliance with anti-corruption legislation;
• Risks arising from potential future acquisitions; and
• Exposure to exchange rate, interest rate and credit risks.

Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.

DELIVERY ON STRATEGY

1H 2023 SIGNIFICANT STRATEGIC PROGRESS

A LONGER TERM PERSPECTIVE ON OUR PATH

OUR LEGACY

OUR PRESENT OUR FUTURE

RE-SHAPED EQUITY DRIVEN SOURCED MODEL LNG PORTOFLIO GROWTH FOCUS ON VALUE TOWARDS A GLOBAL LEADER IN RELIABLE AND SECURE GAS AND LNG SUPPLY MULTIPLE PLATFORMS HIGH GROWTH SAF & HVO UNIQUE INTEGRATION ON FEEDSTOCKS FIRST MOVER IN BIOREFINING DEEP TECHNOLOGY AND KNOW-HOW DEVELOPED SUSTAINABLE MOBILITY LAUNCH RESHAPING BUSINESS THROUGH DEVELPOMENT OF INNOVATIVE PROCESSES AND TECHNOLOGIES FULLY SUSTAINABLE AND DIFFERENTIATED COMPANY FOCUSSING ON CIRCULARITY AND BIOCHEMICALS BUILD OUT RENEWABLES AND E-MOBILITY BUSINESS LEVERAGE CUSTOMER BASE ADRESS CUSTOMER EMISSIONS ACCELERATING FURTHER GROWTH AND CRYSTALLIZING VALUE THROUGH PLENITUDE MARKET VALORIZATION VERSALIS GGP SUSTAINABLE MOBILITY FOCUS ON TIME TO MARKET REDUCED PROJECTS BREAKEVEN DUAL EXPLORATION MODEL & PHASED DEVELOPMENT BALANCE RETURN AND RISKS WITH SHIFT TO GAS IMPROVED RISK-RETURN PROFILE 60% GAS WEIGHTED PORTFOLIO AT 2030 CCS AT SCALE TO TACKLE UNABATED EMISSIONS E&P UPSTREAM G&P R&M AND CHEMICALS

HIGH PERFORMANCE COMPUTING CAPABILITIES ENI-NEXT VENTURES TECH LED BUSINESS GROWTH

PERFORMANCE IMPROVEMENT IN EXISTING BUSINESS BREAKTHROUGH TECHNOLOGIES E.G. FUSION

MORE RESILIENT, PROFITABLE COMPANY

FINANCIAL IMPROVEMENT OVER THE LAST DECADE

ATTRACTIVE GROWING CASHFLOW FROM STREAMLINED BUSINESS AT CONSTANT PRICES

FOCUS ON ALLOCATION AND CAPITAL PRODUCTIVITY YIELDS HIGHER ROACE AT CONSTANT PRICES

HALVED LEVEL OF LEVERAGE ADDS TO RESILIENCE AND CAPACITY TO SEIZE OPPORTUNITY

UNDERPINNED ORGANICALLY FUNDED DISTRIBUTION TO THE HIGHEST LEVEL FOR THE COMPANY

DIVIDEND GROWS AS A FUNCTION OF PERFORMANCE IMPROVEMENT AND SHARES IN ISSUE

1H 2023 | GROUP RESULTS

CONFIRMING OUR FINANCIAL STRENGTH

EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. Leverage: before IFRS 16 lease liabilities.

NATURAL RESOURCES

OUTPERFORMING SCENARIO

E&P

ADJ. EARNINGS PRE-TAX | € BLN

PRODUCTION 1.61 MBOED IN 2Q +2% YOY DRIVEN BY RAMP-UP IN MOZAMBIQUE, MEXICO AND RECOVERED PRODUCTION IN KAZAKHSTAN

CONTINUOUS FOCUS ON COST MANAGEMENT

7 7

GGP

ADJ. EARNINGS PRE-TAX | € BLN

DELIVERING ON SUPPLY PORTFOLIO RELOAD

POSITIVE CONTRIBUTION FROM OPTIMIZATION AND TRADING

WEAKER SCENARIO

LOWER PRICES BRENT -31%, PSV -62%

E&P

EBIT €2.1 BLN RESILIENT IN CONTEXT OF SCENARIO & HIGHER NON-CASH EXPLORATION EXPENSES

GGP

BUSINESS RESILIENT TO ABSOLUTE GAS PRICE FALL

BENEFITS FROM CONTRACTUAL TRIGGERS, RENEGOTIATIONS AND SETTLEMENTS

1H EBIT € 2.5 BLN YTD EXCEEDING ORIGINAL GUIDANCE

2023 GGP GUIDANCE RAISED TO € 2.7-3.0 BLN

DOWNSTREAM

CHALLENGED BY MACRO

ADJ. EBIT PRO FORMA | € BLN

SUSTAINABLE MOBILITY

EBITDA €0.27 BLN

SCENARIO SERM 6.6 \$/BBL DOWN 62% vs 2Q 2022

GTR&M

REFINING SERM IMPACTED BY LOWER CRACKS & OTHER MARKET DEVELOPMENTS NOT CAPTURED BY SERM PLUS LOWER UTILISATION DUE TO TURNAROUNDS

RESILIENT MARKETING

STRONG CONTRIBUTION FROM ADNOC

CLOSING OF ST. BERNARD BIOREFINERY TRANSACTION

CHEMICAL PERSISTING MARGIN COMPRESSION

NOVAMONT ACQUISITION AGREEMENT FINALISED*

*subject to the customary conditions

PLENITUDE

INTEGRATED BUSINESS MODEL DELIVERING VALUE

ADJ. EBITDA PRO FORMA | € BLN END OF 1H23 DATA

RENEWABLES

2.5 GW INSTALLED CAPACITY

RETAIL

10 M CUSTOMERS

E-MOBILITY

17 k OWNED PUBLIC EV CPs

ON TRACK VS FY23 GUIDANCE

GROWING INSTALLED CAPACITY IN RES AND E-MOBILITY

STRATEGIC AGREEMENTS IN 1H:

• OFFSHORE WIND: SIMPLY BLUE AND GREENIT
• INTERNATIONAL RETAIL: KRAKEN
• E-MOBILITY: BMW AND IKEA

STRONG FINANCIAL PERFORMANCE DRIVEN BY BUSINESS INTEGRATION AND RETAIL

2Q 2023 RESULTS SUMMARY

PRE-TAX TO CASHFLOW AND NET DEBT

HIGH LEVEL OF CASH CONVERSION

POSITIVE WORKING CAPITAL RELEASE AS SEASONAL EFFECTS REVERSE

CFFO MORE THAN COVERS CAPEX AND DISTRIBUTION

FUNDING OF BUYBACK, PORTFOLIO & WINDFALL TAX

NET DEBT € 8.2 BLN CONFIRMS A STRONG BALANCE SHEET WITH HISTORICAL LOW LEVEL OF LEVERAGE AT 15%

Change

CONCLUDING REMARKS

DELIVERING FINANCIAL RESULTS IN A WEAKER SCENARIO

SIGNIFICANT STEPS IN PROGRESSING STRATEGY

CONSITENCY OF PURPOSE

ADVANCING VALUE OF BUSINESS AND DELIVERING ATTRACTIVE SHAREHOLDER RETURN

ANNEX

12

2023 GUIDANCE

PRODUCTION	1.63-1.67 MBOED	1.63 Mboed in 3Q23
DISCOVERED RESOURCES	700 MBOE
GGP EBIT	€ 2.7-3.0 BLN
PLENITUDE EBITDA1	~ € 0.8 BLN
DOWNSTREAM EBIT1	€ 0.8 BLN	reflecting market conditions not captured by SERM
SUST. MOBILITY EBITDA1	> € 0.9 BLN
EBIT	€ 12 BLN	underlying improvement of ~€2B
CFFO2	€ 15.5-16 BLN	underlying improvement of €1-1.5B
CAPEX	< € 9.0 BLN
DIVIDEND	€ 0.94/SHARE	first interim payment in September
BUYBACK	€ 2.2 BLN	commenced in Q2 with €0.4B in May/June
LEVERAGE	10%-20%

GUIDANCE

SIGNIFICANT PROGRESS IN MEETING AND BEATING GUIDANCE EVEN AS SCENARIO SOFTER

FY EBIT AND CFFO REFLECTS NORMALISING GGP

¹ Plenitude and Sustainable Mobility: EBITDA is pro-forma; Downstream: EBIT is pro-forma.

² Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives.

Updated 2023 Scenario is: Brent 80 \$/bbl (from \$85/bbl); SERM \$8/bbl (unchanged); PSV 484 €/kmc (from €529/kmc); and average EUR/USD exchange rate of 1.08 (unchanged)

2Q 2023 EARNINGS SUMMARY

EBIT TO PRE-TAX RECONCILIATION

€ BLN

RESISTING SCENARIO HEADWINDS TO DELIVER

DIVERSITY IN CONTRIBUTION

RESILIENT DELIVERY FROM

GGP CONFIRMS QUALITY AND PERFORMANCE OF BUSINESS

EMERGENCE OF PLENITUDE

SATELLITES AND ASSOCIATES INCREASINGLY IMPORTANT CONTRIBUTORS IN EARNINGS AND AS DIVIDEND PAYERS

2Q 2023 vs 2Q 2022 EARNINGS

2Q 2023 vs 1Q 2023 EARNINGS

NATURAL

EARNINGS PRIMARILY IMPACTED BY FALL IN NATURAL GAS PRICES AND SEASONAL TRENDS BETWEEN 1Q AND 2Q

DOWNSTREAM PLENITUDE

€ BLN

2Q MARKET SCENARIO

BRENT| \$/bbl EXCHANGE RATE| €/\$

PSV| €/kcm STANDARD ENI REFINING MARGIN| \$/bbl

UPSTREAM KEY START-UPS IN THE PLAN [1/2]

COUNTRY	PROJECT	OPERATOR	W.I.	PRODUCTS	FID	START UP	PRODUCTION (KBOED)A
ANGOLA (Azule Energy)	Agogo West Hub Integrated	J	18%	Liquids	2022	2026 (FPSO)	175 (100%)
	NGC Quiluma & Mabuqueiro	J	19%	Gas	2021	2026	100 (100%)
CONGO	Congo LNG	Y	65%	Gas	2022	2023	123 (100%)
EGYPT	Melehia ph.2	Y	76%	Liquids/Gas	2022	2024 (Gas Plant)	37 (100%, Oil&Gas)
	Merakes East	Y	65%	Gas	2023	2025	15 (100%)
INDONESIA	Maha	Y	40%	Gas	2024	2026	34 (100%)
ITALY	Cassiopea	Y	60%	Gas	2018	2024	27 (100%)

a Average yearly production in peak year/at plateau Operatorship legend: Y (yes), N (no), J (joint) 18

UPSTREAM KEY START-UPS IN THE PLAN [2/2]

COUNTRY	PROJECT	OPERATOR	W.I.	PRODUCTS	FID	START UP	PRODUCTION (KBOED)A
IVORY COAST	Baleine ph.1	Y	83%	Liquids/Gas	2022	2023	18 (100%)
	Baleine ph.2	Y	83%	Liquids/Gas	2022	2024	38 (100%)
LIBYA	A&E Structure	Y	50%	Gas	2023	2026 (Struct. A)	160 (100%)
	Balder X	N	58%	Liquids	2019	Q3 2024	>70 (100%)b
NORWAY (Var Energi)	Breidablikk	N	22%	Liquids	2020	2024	~62 (100%)c
	Johan Castberg	N	19%	Liquids	2017	2024	~190 (100%)c
UAE	Dalma Gas	N	25%	Gas	2019	2025	56 (100%)

a Average yearly production in peak year/at plateau

b Source: Var Energi Q1 2022 results (total Balder field production)

c Source: IPO prospect 19

Operatorship legend: Y (yes), N (no), J (joint)

BIOREFINING KEY PROJECTS 2023-26

COUNTRY	PROJECT	W.I.	START UP	CAPACITY	STATUS	ADDITIONAL NOTES
ITALY (VENICE)	Production capacity increase from 360 to 560 kt/y		2024
	Enhanced flexibility to allow other biomass processing (incl. low bio ILUC)	100%	Ph1 in 2023 Ph2 in 2027	560 kton/y	Firm	-
ITALY (VENICE & GELA)	Product mix enrichment to grow HVO diesel & biojet production	100%	2024-2025	~740 kton/y (Gela)	Firm	-
ITALY (LIVORNO)	Building 3 new plants for hydrogenated biofuel production	100%	2025	500 Kton/y	Firm	Biogenic feedstock pre treatment unit, 500 kton/y ecofining™ plant and hydrogen plant
MALAYSIA (PENGERANG)	New biorefinery under study (flexible configuration to max SAF & HVO prod.)	Under eval.	FID by 2023, completion by 2025	650 kton/y (gross)	Under study	Strategic location (easy access to growing Asian markets)
USA CHALMETTE	New biorefinery conversion (expanding presence in North America)	50%	H1 2023	550 kton/y (equity)	Firm	Access to premium HVO and SAF market and ample bio feedstock availability

PLENITUDE KEY PROJECTS

COUNTRY	PROJECT	WORKING INTEREST	EQUITY INSTALLED CAPACITY (MW)	TECHNOLOGY	COMPLETION	YEARLY PRODUCTION (GWH)
SPAIN	Guillena & Caparacena	100%	380		2024	800
USA	Brazoria	100%	263		2022	450
USA	Guajillo	100%	200	B	2024	150
SPAIN	Orense	100%	100		2024	210
FRANCE	Samoussy	100%	90		2022	90
GREECE	Toumba	100%	80		2024	130
ITALY	Borgia, Corleone & Salandra	100%	65		2023-2024	100
KAZAKHSTAN	Shaulder	100%	50		2023	90
ITALY	Montalto & Castelvetrano	60%	65		2024	110
UK	Dogger Bank (A, B, C)	13%	470		2023-2026	2.100

Storage: BESS production refers to annual energy dispatched.

21

Completion represents the final construction stage excluding the grid connection, meaning that all principal components have been installed. Pre-commissioning activities fall within the construction phase.

SENSITIVITY 2023
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SENSITIVITY 2023	EBIT ADJ (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (1 \$/bbl)	0.18	0.13	0.13
European Gas Spot Upstream (1 \$/mmbtu)	0.15	0.12	0.13
Std. Eni Refining Margin (1 \$/bbl)	0.14	0.10	0.14
Exchange rate \$/€ (+0.05 \$/€)	-0.47	-0.26	-0.58