Eni

Earnings Release • Apr 30, 2021

1Q 2021 Results

April 30, 2021

NATURAL RESOURCES

OIL, GAS, LNG CCS/CCUS AND FORESTRY

• PRODUCTION: 1.7 MBOED IN LINE WITH YEARLY GUIDANCE
• DISCOVERED RESOURCES: 120 MBOE FROM INFRASTRACTURE LED EXP MAINLY IN NORWAY AND ANGOLA
• GAS & LNG: DAMIETTA RESTARTED, SYNERGIES WITH ZOHR

ENERGY EVOLUTION

TRADITIONAL TO BIO, BLUE, GREEN PRODUCTS

• RETAIL G&P + RENEWABLES: ENTRANCE IN THE SPANISH RETAIL AND RENEWABLES MARKET; COMPLETION OF DOGGER BANK ACQUISITION
• R&M: WEAK MARKET DUE TO LOCKDOWNS; GELA READY FOR 100% 2° GEN FEEDSTOCK; ENTERED THE BIO GAS MARKET
• VERSALIS: BEST RESULT SINCE 2018

FINANCIALS

• EBIT Adj: 1.3 BLN, FLAT VERSUS LAST YEAR
• NET INCOME Adj: € 0.27 BLN, ~5 TIMES HIGHER YoY
• ORGANIC FCF: ~€ 0.6 BLN
• LEVERAGE: FLAT AT AROUND 0.3

FCF adjusted pre working capital at replacement cost Leverage: before IFRS 16 lease liabilities

NATURAL RESOURCES

UPSTREAM | EBIT Adj € BLN GGP | DAMIETTA LNG PLANT (EGYPT)

First Cargo: February 2021 YtD Cargoes: 9 Full Year 2021 Cargoes: ~40

2021 GGP EBIT ALMOST @ BREAKEVEN 2021 GGP FCF @ € 0.2 BLN

FCF post working capital

MERAKES: STARTED UP

ENI WI: 65%

Hydrocarbon: Gas

Start up: April 2021

2021 Equity: ~ 30 kboed

2022 Equity: ~ 50 kboed

FAST AND LOW-COST TIE IN TO JANGKRIK HUB

ENERGY EVOLUTION

ENI GAS E LUCE, POWER & REN| EBITDA Adj €Bln R&M AND CHEMICALS

RETAIL & RENEWABLE EXCELLENT PERFORMANCE

Gela Biomass Treatment Unit launched: enabled to receive up to 100% waste and residue feedstock

Versalis: positive EBIT capturing better scenario

DOWNSTREAM RESULTS IMPROVING THROUGH THE REST OF THE YEAR

CASH RESULTS

1Q CASHFLOW| € bln

2021 LEVERAGE <0.3

CFFO & FCF are adjusted and pre working capital at replacement cost Leverage: before IFRS 16 lease liabilities

RETAIL+RENEWABLES: DISTINCTIVE GROWTH PATH

RETAIL+RENEWABLES: A UNIQUE PROPOSITION

MARKET SCENARIO

2021 GUIDANCE

PRODUCTION	1.7 MBOED
EXPLORATION DISCOVERIES	500 MLN BOE
GGP	EBIT ALMOST AT BREAKEVEN FCF € 0.2 BLN
RETAIL + RENEWABLES EBIT	€ 0.35 BLN
R&M + VERSALIS EBIT	€ 0.4 BLN
CAPEX	€ 6 BLN
LEVERAGE	<0.3

R&M: SERM refining margin @ 1.9 \$/bbl Leverage: before IFRS 16 lease liabilities

UPSTREAM PORTFOLIO QUALITY

Peers: BP, CVX, COP, EQUINOR, RDS, TOT, XOM.

RENEWABLE PIPELINE