Eni — Earnings Release 2021

Feb 18, 2022

FY 2021 RESULTS February 18, 2022

FY 2021 | HIGHLIGHTS

STRATEGIC MILESTONES

• VÅR ENERGI: LARGEST O&G IPO IN EUROPE IN OVER A DECADE
• PLENITUDE: IPO PROCESS PROGRESSING
• PORTFOLIO: COMPLETION OF ANGOLA BUSINESS COMBINATION EXPECTED BY SUMMER

BUSINESS PROGRESS

• HSE: CONFIRMING LEADERSHIP IN SAFETY
• UPSTREAM: PRODUCTION @ 1.7 MBOED PSA ADJ; >700 MBOE RESOURCES DISCOVERED
• GGP: STRONG RESULTS FROM PORTFOLIO OPTIMIZATION ACTIVITIES AND LONG-TERM CONTRACT NEGOTIATION
• PLENITUDE: REACHED THE ACCELERATED YEARLY TARGET OF >2 GW INSTALLED AND UNDER CONSTRUCTION
• DOWNSTREAM: RECOVERY UNDERWAY; FAST-TRACK OF AGRO-BIO FEEDSTOCK INITIATIVES FOR BIO-REFINERIES

FINANCIALS

• RESULTS: EBIT € 9.7 BLN; NET € 4.7 BLN; CFFO € 12.7 BLN; LEVERAGE 0.20
• REMUNERATION: DIVIDEND BACK TO PRE-COVID LEVEL; BUYBACK COMPLETED IN DECEMBER

Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives Leverage: before IFRS 16; EBIT and Net are adjusted

ENERGY TRANSITION | DECARBONIZING PROCESSES AND PRODUCTS

NATURAL RESOURCES | STRONG RESULTS ACROSS THE VALUE CHAIN

4

UPSTREAM | DELIVERING OPERATIONAL EFFICIENCY

NET ZERO @2030 CARBON FOOTPRINT UPSTREAM (EQUITY SCOPE 1+2)

PROGRESS AT 2021

-25% vs 2018

CÔTE D'IVOIRE AND CONGO LNG | FAST TRACK DEVELOPMENTS

CÔTE D'IVOIRE BALEINE OFFSHORE BLOCK CI-101

> 2 BLN BOE IN PLACE

NET-ZERO SCOPE 1+2 DEVELOPMENT

FAST TRACK: 5 MONTHS FROM DISCOVERY TO FID

CONGO LNG DEVELOPMENT

GAS VALORIZATION TO DOMESTIC INDUSTRY/POWER & LNG EXPORT

TARGETING ZERO-GAS FLARING

TWO MODULAR AND FLEXIBLE LIQUEFACTION PLANTS DESIGNED FOR COMPETITIVE TIME-TO-MARKET

NEAR-SHORE CONCEPT PHASE 1

OFFSHORE CONCEPT PHASE 2

START-UP 2023 ~2 MTPA AT PLATEAU

PLENITUDE | DELIVERING VALUE DECARBONIZING OUR CUSTOMERS

DOWNSTREAM | MORE DIVERSIFIED AND SUSTAINABLE

	BIOGAS & BIOMETHANE PROJECTS
HIGHLIGHTS	LAUNCHED SAF PRODUCTION
2021	ADVANCING ON SPECIALTY CHEMICALS
	ACCESSED ECOPLASTIC TECHNOLOGIES

TRANSFORMATION UNDERWAY

PALM OIL -50% vs 2020 ON TRACK TO ZERO 2023 TARGET

WASTE & RESIDUES ~60% ON TRACK TO 80% 2024 TARGET

FINANCIALS| OUTSTANDING FCF WITH A SOLID BALANCE SHEET

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

FAST PROGRESSING	OUTSTANDING	STRONGER
ON OUR ROAD TO NET-ZERO	BUSINESS RESULTS	AND MORE RESILIENT
PORTFOLIO VALUE CREATION UNDERWAY SUSTAINABLE FINANCE TOOLS INTRODUCED	VALUABLE UPSTREAM WITH EXCELLENCE IN EXPLORATION FAST-TRACK DEVELOPMENTS	OUTSTANDING CASH FLOW DISCIPLINED CAPEX STRONG BALANCE SHEET
MAGNETIC FUSION	BUILDING SIZE	DISTRIBUTION ENHANCED
BREAKTHROUGH	IN GREEN AND BIO	AND ACCELERATED

FULL YEAR MARKET SCENARIO