Eni

Investor Presentation • Jul 25, 2025

Jangkrik FPU, Kutei Basin, Indonesia

GLOBAL NATURAL RESOURCES

Enabling efficient Upstream growth through exploration and portfolio quality

Integrating equity gas production into the LNG chain. Leading FLNG player

Enhancing margin capture via trading

Advancing CCS with a distinctive model

TECHNOLOGY AND INNOVATION

TRANSITION CORPORATE & TRANSFORMATION

Low-carbon business growth leveraging strategic and competitive advantages

Improving returns from mature businesses, converting to new growth platforms

Building on proprietary technology, competencies, and existing market positions

Positioning early in frontier sectors such as data centers and fusion energy

2030 ROACE GNR >15% >15% ENILIVE; ~10% PLENITUDE 12-14% ENI GROUP

Deploying innovative financial strategy to unlock value, growth, and strengthen the balance sheet

Prioritizing shareholder returns with a growing dividend and an enhanced buyback

Driving ~40% CFFO growth by 2030 and materially improving capital returns

Reducing leverage towards historically low levels

EBIT PRO FORMA¹ €6.4 bln

of which: EBIT €4.5 bln

INCOME FROM INVESTMENTS €0.6 bln

NET PROFIT¹ €2.5 bln

CFFO¹ €6.2 bln

ORGANIC CAPEX €3.9 bln

LEVERAGE² 19% (proforma 10%)

3

EXPLORATION Namibia, Ivory Coast and Norway

UPSTREAM, GGP & CCS Start-up of Johan Castberg, Balder X and Merakes East

Agreement with YPF for Eni's participation in the Argentina LNG project

Signed US LNG supply contract with Venture Global

Financial close for the Hynet Liverpool Bay CCS project

First agri-hub in the Republic of the Congo

PORTFOLIO

Framework Agreement with Petronas for Indonesia-Malaysia business combination

Valorization of West Africa assets agreed with Vitol

Agreement with GIP for the sale of a co-control stake in Eni CCUS Holding

FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION

ENILIVE Start-up of SAF production at Gela biorefinery

Launch of new biorefinery project in Sannazzaro

PLENITUDE

Advanced PV plants in Spain with +290 MW under construction and +130 MW in operation

Offer to acquire Acea Energia

VERSALIS

Closure of Brindisi cracker in March and Priolo in July ahead of plan. Start-up of recycled polymer production at Porto Marghera

PORTFOLIO

Completion of KKR 30% investment into Enilive

Completion of EIP 10% investment into Plenitude

Agreement with Ares for the sale of a 20% in Plenitude's share capital

¹EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. ²Leverage: calculated as the ratio between net borrowings and shareholders' equity, including non-controlling interest before IFRS 16 lease liabilities.

€ BLN

Plenitude

E&P

Production in line with guidance with results reflecting price sensitivities

GGP

Normal lower seasonal trading performance with gains from a contract re-negotiation driving FY guidance upgrade

ENILIVE

Seasonal improvement driven by Marketing while biofuel market conditions in Europe begin to recover

PLENITUDE

Good retail performance and continued progress in renewable production growth

REFINING

Improved q-o-q on higher SERM and better utilization

VERSALIS

Early improvement signs but accelerating transformation expected in H2

OTHER ITEMS

Tax rate 47% on favorable Upstream mix effects, EBIT mix and optimization

CASH FLOW RESULTS | € BLN

CASH INFLOWS ALLOW FOR CONTINUED DELEVERAGING

5 CFFO is adjusted pre-working capital at replacement cost.. Gearing: calculated as the ratio between net borrowings and capital employed net.

ENI ASSETS

NEWCO MILESTONES

Framework Agreement June 2025 Memorandum of Understanding February 2025 Final Agreements 4Q 2025 (e)

~2 Bboe Discovered in last 15 years in Kutei Basin by Eni

Deep geological knowledge of the basins

Significant and relatively low risk, near field exploration potential identified in the Kutei area

Integration with key assets and existing infrastructure enabling accelerated value creation

OPERATIONAL FEATURES 11 producing assets

300kboed of initial production, primarily gas

500kboed in 4-5 years

FOCUS ON EXPLORATION UPSIDE 10 bln Boe of resources

10 high impact wells planned

CASH OUT UPSIDE Cash compensation for exploration success

Farm down of retained equity

BUILDING A FINANCIALLY SELF-SUFFICIENT NEWCO High bankability to fund development

Distribute dividends

GOVERNANCE STRUCTURE

50:50 ownership

Operational responsibility follows legacy ownership

6

CONCLUDING REMARKS

CONTINUED PORTFOLIO FOCUS

Progressing Indonesia-Malaysia combination

Closing West Africa Upstream valorization and Ares investment into Plenitude

CCUS Satellite with GIP

BUILDING MOMENTUM THROUGH '25

Upstream start-ups and ramp-ups

25% increase in Renewable capacity

Advancing biorefinery pipeline with 4 projects

Pushing ahead with Versalis transformation

MAINTAINED FINANCIAL STRENGTH

Significant balance sheet strengthening through valueaccretive transactions with clear strategic alignment

Keeping the company 25YE proforma leverage in a 15%-20% range

EFFICIENT CAPITAL MANAGEMENT

FY gross capex < €8.5bln and net capex < €6 bln

Buyback underway as part of our continued distribution commitment

Confirming €1.05/share and €1.5 bln share buyback for 2025

Q&A Livorno Refinery, Italy

SCENARIO	APRIL 2025	JULY 2025
BRENT (\$/bbl )	65	70
PSV (€/MWh)	41	42
SERM (\$/bbl )	3.5	4.0
EXCHANGE RATE (€/\$)	1.10	1.10

PRODUCTION	1.7 Mboed	Confirmed
GGP PRO -FORMA EBIT	€0.8 bln	~€1 bln
ENILIVE PRO -FORMA EBITDA	~€1.0 bln	Confirmed
PLENITUDE PRO -FORMA EBITDA	>€1.1 bln	Confirmed
GROUP CFFO	€11.0 bln	€11.5 bln
CASH INITIATIVES	€2 bln	€3 bln
NET CAPEX	Below €6 bln	Confirmed
DIVIDEND	€1.05/share	Confirmed
BUYBACK	€1.5 bln	Confirmed

E&P

Robust operational delivery in line with full -year production guidance

Q3 Production expected in the 1.70 -1.72 Mboed range

RAISED GGP, CFFO ANDCASH INITIATIVES GUIDANCE

STRONG BALANCE SHEET Consistent delivery supporting high cash conversion

2025 leverage within 15 -20% range on a proforma basis

CAPEX DISCIPLINE

Moving ahead with the investment plan optimization

SHAREHOLDER RETURNS

Confirm FY '25 dividend to €1.05/share (+5% YoY)

Launched the new share buyback program in May

SENSITIVITY 2025		EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent	+1 \$/bbl	0.18	0.27	0.15	0.12
European Gas Spot Upstream	+1 \$/mmbtu	0.09	0.23	0.10	0.09
	+1 €/MWh	0.03	0.07	0.03	0.03
Std. Eni Refining Margin	+1 \$/bbl	0.12	0.12	0.08	0.12
Exchange rate €/\$	+0.05 €/\$	-0.30	-0.47	-0.19	-0.46

10 Brent sensitivity applies to liquids and oil-linked gas. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1\$/MMBTU has an impact of -15 mln € on SERM calculation. OUR SATELLITE MODEL UNLOCKING THE FULL POTENTIAL

¹TSR since IPO: +93%; Share price gain: +23% ²TSR since completion of the combination: +68%; Share price gain: +44% Share prices as per closing July 18th

LEVERAGE | %

DEBT REDUCTION

bln on a pro-forma basis

Progressive debt reduction, >€6

• Reported 16% • Pro forma 9%

• Reported 0.6x • Pro forma 0.3x

Net debt/EBITDA

12 *Considering the incoming cash-ins of the Vitol investment in the Upstream projects, the acquisition of a 20% stake in Plenitude by ARES, and other minor agreed transactions.

STRONG AND FLEXIBLE FINANCIAL POSITION

OPTIMIZING LIQUIDITY FOR VALUE CREATION €28 bln of available liquidity

ENABLING ACCESS TO LOW-COST CAPITAL

Net cost of debt in 2025 estimated at below 1.5%

10%

MAINTAINED HIGH-QUALITY LT RATINGS

• S&P A- (neg outlook)
• Moody's Baa1 (pos outlook)
• Fitch A- (stable outlook)

13 Leverage: calculated as the ratio between net borrowings and shareholders' equity, including non-controlling interest before IFRS 16 lease liabilities.

-30%

ADJ. EBIT PRO-FORMA | € BLN

E&P

• Mature asset divestments completed in 2024
• West Africa valorizations agreed with Vitol
• 1.3% production growth q-o-q confirms underlying trend
• 1H start-ups Merakes, Johan Castberg, Balder X
• 2H start-ups Agogo, NGC, Congo LNG Ph2
• Significant new access Indonesia/Malaysia JV; Argentina LNG
• ~600Mboe of discovered resources in 1H25

GGP

• LNG sales up +27% y-o-y
• Raised FY pro-forma EBIT guidance to €1 Bln
• 2M tonne/year supply contract for US LNG export signed with Venture Global

POWER

• Thermoelectric production up 8% y-o-y

SCENARIO

Realisations -11% y-o-y

• Liquids -19%
• Natural gas -2%

E&P results in-line with sensitivities Raised outlook for GGP

HIGH-GRADING E&P PORTFOLIO

Resilient financial performance

Long-term visibility

Continued exploration success

Significant contribution from satellites

GROWING GAS VALUE CHAIN

Integrating our equity gas production into the LNG chain to maximise value

E&P E&P Associates GGP & Power

ADJ. EBITDA PRO-FORMA | € BLN

ENILIVE

• Reached ~1 MTPA capacity under construction
• Product diversification and optimized slates mitigated a bottomed macro
• Confirmed value of integration with resilient marketing and captive retail sales up y-o-y
• KKR's stake in Enilive raised to 30%

PLENITUDE

• Capacity up +45% y-o-y (4.5 GW)
• Energy production from renewables up 23% y-o-y
• Growth in Renewables complemented by resilient retail results
• Agreement with Ares for investment into 20% of Plenitude's share capital

SCENARIO

Biofuels spreads showing signs of recovery in Europe

Italian PUN Index GME +7%

SATELLITE STRATEGY

30% investment by KKR into Enilive at implied ~12X EV/EBITDA

Ares confirms attractiveness of growth/returns/risk profile

20% investment by Ares into Plenitude at implied ~11x EV/EBITDA

Confirming proforma EBITDA guidance of the transition satellites

EBIT PRO FORMA | € BLN

SCENARIO (Q/Q)

Realisations -8% q-o-q

• Liquids -10%
• Natural gas -6%

Italian PUN Index GME -26% q-o-q

E&P

Resilient performance despite a weaker scenario

GGP

Stabilizing results, with continued success in capturing margin upside

ENILIVE

Stronger on better marketing and bio optimizations

PLENITUDE

Ramp-up in renewable installed capacity, lower retail scenario

DOWNSTREAM

Refining almost at breakeven, Versalis restructuring program begins to yield some benefits

ADJUSTED PRE-TAX | € BLN

SCENARIO (Q/Q)

Realisations -8% q-o-q

• Liquids -10%
• Natural gas -6%

Italian PUN Index GME -26% q-o-q

Similar trends evident on a q/q basis when looked at via EBIT

ADJUSTED PRE-TAX | € BLN

SCENARIO

Realisations -11% y-o-y

• Liquids -19%
• Natural gas -2%

Italian PUN Index GME +7%

E&P

Strong underlying delivery despite a significantly weaker environment, with Brent down 20%

GGP

Stabilizing results

TRANSITION BUSINESS

Positive performance of marketing activities in Enilive

Growth in Renewables complemented by resilient retail results in Plenitude

DOWNSTREAM

Refining close to breakeven, with early benefits emerging from Versalis restructuring

COUNTRY	PROJECT	ENI OPERATORSHIP	W.I.	PRODUCTS	START UP	PRODUCTION 100%)a (Kboed –
ANGOLA (Azule Energy)	Agogo West Hub Integrated	N*	18%	Liquids	Q3 2025	180
	NGC Quiluma & Mabuqueiro	N*	19%	Gas	2026	100
CONGO	Congo LNG	Y	65%	Gas/Liquids	Dec 2023 Nearshore ph. Q4 2025 Offshore ph.	120
EGYPT	Melehia ph.2	Y	76%	Liquids/Gas	2026 (Gas Plant)	25 (Oil&Gas)
INDONESIA	Southern Hub	Y	85% Merakes East 70% Maha	Gas	May 2025 2026	50
KAZAKHSTAN	KEP 1B KPO	Y	29%	Liquids	2026	15
LIBYA	A&E Structure	Y	50%	Gas	2027 (Struct. A)	160
	Bouri GUP	Y	100%	Gas	2026	20
NORWAY (Vår Energi)	Balder X	N*	58%	Liquids	Jun 2025	70
	Johan Castberg	N	19%	Liquids	Mar 2025	200
	Halten East	N	16%	Gas	Mar 2025	60
NIGERIA	Bonga North	N	13%	Liquids	2028	110
QATAR	North Field Expansion (NFE)	N	3%	Gas	2026	1350
UAE	Dalma Gas	N	10%	Gas	Q4 2025	60
	Umm Shaif LTDP 1.0	N	10%	Liquids	Q4 2025	60
	Umm Shaif LTDP 2.0	N	10%	Liquids	2027	120
	Hail & Gasha	N	10%	Gas	2028	340

B

COUNTRY	PROJECT	WORKING INTEREST	EQUITY INSTALLED CAPACITY (MW)	TECHNOLOGY	COMPLETION	YEARLY PRODUCTION (GWh)
SPAIN	Caparacena, Guillena, Villarino, Renopool, Grijota, La Flota, Entrenúcleos, Orense	100%	1,430		2024-2028	2,950
USA	Sandrini BESS	80%	45	B	2025	65
GREECE	Toumba, Mandria	100%	160		2025-2026	250
ITALY	Tarsia, Assemini aree interne, Ferrandina and others	100%/65%/51%	110		2025-2026	220
KAZAKHSTAN	Mangystau	51%	65		2025-2027	200
UK	Dogger Bank	13%	470		2023-2027	2,250
		H1 2024	FY 2024		H1 2025	FY 2025 (e)
PLENITUDE NET CAPACITY (GW)		3.1	4.1		4.5	>5.5

PLENITUDE GROSS CAPACITY (GW) 3.6 5.1 5.8 >7

20 In Spain, around 840 MW are already installed. In UK, around 110 MW of Dogger Bank are already installed.

For Storage BESS, the yearly production refers to the annual energy dispatched.

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.

COUNTRY	PROJECT	WORKING INTEREST	TOTAL CAPACITY (kton)	FID	START UP
ITALY	Livorno	100% Enilive	~500	January 2024	2026
MALAYSIA	Pengerang	JV with Petronas & Euglena	650	July 2024 & EPC awarded	2028
SOUTH KOREA	Daesan/Seosan	JV with LG Chem	400	July 2024 & EPC awarded	2027
ITALY	Sannazzaro	100% Enilive	550	2025 (expected)	December 2027
ITALY	Priolo		500	2025 (expected)	December 2028

BRENT| \$/bbl EXCHANGE RATE| €/\$

PSV| €/MWh STANDARD ENI REFINING MARGIN* | \$/bbl

22 *New indicator has been calculated based on a new methodology which considers a revised industrial set-up in connection with the planned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high-sulfur and low sulfur crudes.