Eni — Earnings Release 2020

Oct 28, 2020

Eni 9M 2020 Results

Eni biorefinery in Venice October 28, 2020

9M HIGHLIGHTS

• Production: 1.74 Mboed. Main start ups in Algeria and Congo
• Exploration: success in Egypt, Angola, Mexico, Vietnam, UAE
• Global Gas & LNG: € 0.6 Bln FCF, despite a challenging scenario
• CCS: Carbon Storage Licence for Liverpool Bay Fields (potential 195 mt CO2)
• Business Group EBIT adj: € 323 mln (25% of Eni Group)
• Retail G&P: resilient contribution with over €200 mln Ebit adj
• Bio-refineries: positive contribution thanks to Gela ramp-up
• Renewables: 0.3 GW capacity installed
• Adj CFFO @ RC pre WC: € 5.1 Bln, in line with guidance
• Capex: € 3.8 Bln, in line with guidance
• FCF: positive in a challenging scenario
• Hybrid Bonds: €3bn successful emission (7 times the original offer)
• Leverage: significantly strengthened to 0.29 post hybrid bonds

RATINGS CONFIRM ENI'S LEADERSHIP IN ESG

NATURAL RESOURCES

2020 PRODUCTION CONFIRMED 1.72 – 1.74 Mboed

CCS – CARBON CAPTURE & STORAGE

EXPLORATION – CONTINUES TO BUILD OPTIONALITY DESPITE COVID-19

ENERGY EVOLUTION

2020 GUIDANCE: > € 0.3 bln

R&M includes pro-forma ADNOC Refining & Trading

REFINING – FOCUS ON BIO

€ 60 MLN 9M EBIT ADJ

HYBRID BOND: DIVERSIFYING AND STRENGTHENING FINANCIAL POSITION

2 PERPETUAL HYBRID BONDS FOR A TOTAL OF €3BN LARGEST EVER HYBRID ISSUANCE IN ITALY & 7X DEMAND VS ORIGINAL OFFER

• Significantly strengthened balance sheet
• Further diversified our capital structure
• Supports our strong investment grade rating
• Further enhanced our strong liquidity position

PORTFOLIO OPTIMISATION: LEVER TO ENHANCE FLEXIBILITY

RATIONALE

Non core Upstream assets Optimisation of non-upstream assets Asset mergers to optimise portfolio

2020 GROSS DISPOSALS : ~ €1 bln

2020 GUIDANCE

Production	1.72 - 1.74 mboed
Exploration discoveries	> 300 mln boe
GGP Adj EBIT	€ 0.2 bln
Energy Evolution Adj EBIT	> € 0.3 bln
CFFO @ 40 \$/bl	~ € 6.5 bln
CAPEX	~ € 5.2 bln
Gross Disposals	~ € 1 bln
Leverage (pre IFRS 16 lease liabilities)	< 0.3

MARKET SCENARIO

ASSUMPTIONS AND SENSITIVITY

4YP Scenario	2020	2021		2022		2023
Brent dated (\$/bbl)	42	48		55		60
(\$/€) FX avg	1.143	1.130		1.150		1.180
Med Dated Strip (\$/bbl) Ural MED c.i.f. -	-0.4	-1.3		-1.4		-1.5
Std. Eni Refining Margin (\$/bbl)	2.4	4.3		4.5		4.6
(\$/mmbtu) NBP	2.8	4.1		4.8		5.1
PSV (€/kcm)	104	147		163		167
Sensitivity 2020	EBIT adj (€ bln)		Net adj (€ bln)		FCF (€ bln)
Brent (+1 \$/bbl)	0.23		0.16		0.17
Std. Eni Refining Margin (+1 \$/bbl)	0.13		0.09			0.13
(-0.05 \$/€) Exchange rate \$/€	0.09		0.02		0.1

Brent sensitivity assumes oil and gas prices move proportionally. It is applicable for \$5-\$10/bbl moves in Brent.