Eni

Earnings Release • Oct 28, 2022

ENI 9M 2022 RESULTS

Securing Energy amid Market Complexity

OCTOBER 28, 2022

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DISCLAIMER

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The following applies to this document, the oral presentation of the information in this document by Eni S.p.A., Eni Plenitude S.p.A. società benefit, and their affiliates (collectively, the "Company") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions.

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The Information contains forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. Such statements, that may include statements with regards 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, the Company'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 the Company'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: (i) fluctuations in the prices of crude oil, natural gas, oil products and chemicals; (ii) strong competition worldwide to supply energy to the industrial, commercial and residential energy markets; (iii) 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; (iv) 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; (v) uncertainties in the estimates of natural gas reserves; (vi) the time and expense required to develop reserves; (vii) material disruptions arising from political, social and economic instability, particularly in light of the areas in which the Company operates; (viii) risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under the Company take-or-pay long-term gas supply contracts; (ix) laws and regulations related to climate change; (x) risks related to legal proceedings and compliance with anti-corruption legislation; (xii) risks arising from potential future acquisitions; and (xiii) exposure to exchange rate, interest rate and credit risks.

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NATURAL RESOURCES

• ✓ DEVELOPMENT: CORAL FIRST LNG PROD; BERKINE SOUTH START-UP; NEW GAS CONSORTIUM FID IN ANGOLA
• ✓ DISCOVERED RESOURCES: YTD 630 MBOE MAINLY IN CȎTE D'IVOIRE, CYPRUS, UAE AND ALGERIA
• ✓ PORTFOLIO: ACQUISITION OF BP ASSETS IN ALGERIA AND OF TANGO FLNG IN CONGO; AZULE OPERATIONAL

ENERGY EVOLUTION

• ✓ R&M: JV WITH ACI FOR SUSTAINABLE MOBILITY; CAR SHARING FLEET IN BOLOGNA AND FIRENZE GOES ELECTRIC
• ✓ VERSALIS: ADVANCED RECYCLING PARTNERSHIP AT PORTO MARGHERA; NEW BRANDING AND BUSINESS PLAN
• ✓ PLENITUDE: RES PIPELINE EXPANSION IN ITALY AND SPAIN; AWARDED EV CHARGING EU GRANT

FINANCIALS

• ✓ EBIT: € 5.8 BLN, SUSTAINED OPERATING CONTRIBUTION FROM GGP AND R&M
• ✓ NET PROFIT: € 3.7 BLN, FULLY CAPTURING GROWING SUPPORT FROM ASSOCIATES
• ✓ CFFO: € 5.5 BLN, CONFIRMING STRONG CASH GENERATION
• ✓ CAPEX: € 2.0 BLN, QUARTERLY UPTICK ALIGNED TO YEARLY GUIDANCE

NATURAL RESOURCES CAPTURING SCENARIO WHILE MANAGING RISK

NATURAL RESOURCES COMBINED 9M EBIT AT €15.5 BLN

AZULE AT A GLANCE

SIGNIFICANT OPERATING SCALE AND ADDITIONAL EXPLORATION UPSIDE. NEW GAS CONSORTIUM LEADER.

RANKED #1 PRODUCER IN ANGOLA

200+ KBOED EQUITY O&G PRODUCTION

2 BILLION BOE NET RESOURCES

16 LICENSES OF WHICH 8 OPERATED INCLUDING NGC

4 FPSO

5 EXPLORATION BLOCKS

800+ EMPLOYEES

4YP KEY OPERATING AND FINANCIAL TARGETS

5% CAGR PRODUCTION GROWTH

\$8 BLN* NET CAPEX

\$400 MLN* EXPLORATION SPENDING

\$2.5 BLN AVAILABLE LOAN FACILITY

NO ADDITIONAL FUNDING FROM SHAREHOLDERS DRAWNED FACILITY DISTRIBUTED TO SHAREHOLDERS ATTRACTIVE FCF BASED DIVIDEND STREAM

ENERGY EVOLUTION – R&M AND VERSALIS OPTIMISING, DIVERSIFYING, TRANSFORMING

2022 DOWNSTREM PRO-FORMA EBIT GUIDANCE RAISED TO €2.5 BLN

ENERGY EVOLUTION – SUSTAINABLE MOBILITY BUILDING AN INTEGRATED VALUE CHAIN FOR A GROWING MARKET

BIO-FEEDSTOCK

35% VERTICAL INTEGRATION BY 2025; ENDED PALMOIL PROCUREMENT AHEAD OF 2023 TARGET

PRIMARY SUPPLY LOGISTICS AGRI FEEDSTOCK

GROWING BIOFEEDSTOCK CONTRIBUTION FIRST DELIVERY OF VEGETABLE OIL FROM KENYA 30 KTON FROM KENYA AND CONGO BY 2023

BIOREFINING MARKETING

2 MTPA CAPACITY BY 2025 GROWING OFFER OF

VENICE BIOREFINERY GELA BIOREFINERY

THIRD BIO-REFINERY IN LIVORNO UNDER STUDY

HVO, BIOMETHANE, SAF, SMART SERVICES AND SOLUTIONS

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APPOINTED FOCUSED MANAGEMENT TEAM

SUSTAINABLE MOBILITY INCORPORATION IN 2023

DECARBONIZED PRODUCTS AND SOLUTIONS

ENERGY EVOLUTION

PERFORMANCE-DRIVEN FINANCIAL STRENGTH CASHFLOW UNDERPINNED BY CONSISTENT PRIORITIES

EBIT ADJ.	€ 16.8 BLN	~3X VS 9M 2021	NET DEBT	€ 6.4 BLN
ASSOCIATES	€ 1.7 BLN	GROWING CONTRIBUTION	LEVERAGE	0.11

2022 GUIDANCE

PRODUCTION	1.63 MBOED	1.67 adj. for FM effects, unplanned events in Kashagan and lower contribution from Norway
DISCOVERED RESOURCES	750 MBOE
GGP EBIT	€ >1.8 BLN
PLENITUDE EBITDA	€ >0.6 BLN
DOWNSTREAM EBIT	€ 2.5 BLN
CFFO	€ 20 BLN AT \$100 BRENT
CAPEX	€ 8.3 BLN
LEVERAGE	0.15	In line with previous, adj for WFT and inorganic spending
BUYBACK	€ 2.4 BLN

Plenitude: EBITDA is pro-forma; Downstream: EBIT is pro-forma.

Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. Leverage: before IFRS 16 lease liabilities.

2022 SENSITIVITIES

BRENT (+1 \$/BBL)	EBIT ADJ: NET ADJ: FCF:	(€ BLN) 0.21 0.15 0.13
STD. ENI REFINING MARGIN (+1 \$/BBL)	EBIT ADJ: NET ADJ: FCF:	(€ BLN) 0.14 0.10 0.14
EXCHANGE RATE \$/€ (-0.05 \$/€)	EBIT ADJ: NET ADJ: FCF:	(€ BLN) 1.00 0.70 0.70

"Brent" standard sensitivity assumes oil and gas price changes are directional and proportional; Sensitivities are valid for limited price variation.

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PERFORMANCE OF ITALIAN AND FOREIGN ACTIVITIES 2014 - 9M 2022

Eni SpA Performance of Italian and Foreign Activities ¹ | € BLN

From 2014 to September 2022, Eni SpA Italian Activities reported an accumulated operating loss of about €10.7 billion and an accumulated net Eni SpA Performance loss of about €21.3 billion.

* Gains from the divestment of a 25% stake in Mozambique Rovuma Venture SpA has been classified among income from investments in foreign activities

¹"Italian Activities Performance" includes operating income, finance income and income taxes (reported numbers)

KEY PROJECTS START UPS OVER 2022-25 [1/2]

NOTE: Average yearly production in peak year/ at plateau

KEY PROJECTS START UPS OVER 2022-25 [2/2]