Eni — Earnings Release 2024

Apr 24, 2024

APRIL 24, 2024

1Q 2024 | HIGHLIGHTS

CONTINUED EXECUTION OF OUR STRATEGY

FINANCIALS RESULTS

EBIT PRO FORMA

€4.1 bln

of which: EBIT €3.0 bln

PROFIT FROM ASSOCIATES

€0.3 bln

NET PROFIT

€1.6 bln

CFFO €3.9 bln

ORGANIC CAPEX

€2.0 bln

LEVERAGE

23%

NATURAL RESOURCES

EXPLORATION

435 Mboe of discovered resources Major Gas & NGL discovery in Côte d'Ivoire (Calao) Excellent well deliverability of Cronos in Cyprus

UPSTREAM

Production up 5% Y/Y Fully integrating Neptune's activities Congo's first LNG cargo to Piombino

CCS

HyNet CO₂ pipeline given UK Govt. Development Consent Order

PORTFOLIO

Announced UK business combination with Ithaca Minor Upstream assets sale in Congo completed Acquisition of Neptune completed

ENERGY EVOLUTION

ENILIVE

FID Italy's third bio-refinery in Livorno JV agreement with LG for the biorefinery in South Korea

PLENITUDE

Agreement investment closed with EIP for €0.6 bln Entered 3 PV parks in US for 272 MW Started execution of Renopool, 300 MW PV park in Spain

2 EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. Leverage: before IFRS 16 lease liabilities

OUR EMERGING VALUE CHAIN OF THE FUTURE

A TRANSITION-ORIENTED PORTFOLIO OFFERING GROWTH AND RETURNS

² All figures at plan scenario, ex one-off.

1Q 2024 | EARNINGS SUMMARY

A STRONG START TO THE YEAR

E&P RESILIENT UPSTREAM DESPITE A WEAKER GAS SCENARIO

GGP

REFLECTING SEASONAL STRENGTH IN A LOWER TRADING ENVIRONMENT

ENILIVE

SIGNIFICANT RISE IN BIO THROUGHPUTS

PLENITUDE

EARNINGS GROWTH UNDERPINNED BY RETAIL PERFORMANCE AND RENEWABLE RISING PRODUCTION

DOWNSTREAM CAPTURING REFINING MARGINS

VERSALIS CHEMICALS SCENARIO REMAINS CHALLENGING

1Q 2024 | CASHFLOWS

INCREASED CASH GENERATION TO RAISE DISTRIBUTION

CASH FLOW RESULTS | € BLN

EXCELLENT CASH CONVERSION

DISCIPLINED ORGANIC CAPEX

EXPECT EMERGENCE OF FRONT END LOADED NET €8BLN CASH IN PORTFOLIO TARGET OVER REMAINDER OF 2024

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Cash Flows are adjusted pre-working capital at replacement cost. Leverage: before IFRS 16 lease liabilities

BUSINESS COMBINATION WITH ITHACA

LEVERAGING SATELLITE MODEL TO GENERATE VALUE

OVERVIEW OF COMBINED PORTFOLIO ENLARGED GROUP WILL BE ONE

OF THE LARGEST O&G COMPANIES IN THE UKCS, PLAYING A KEY ROLE IN REGIONAL ENERGY SUPPLY

SECURITY

DIVERSIFIED, HIGH-QUALITY AND HIGH-MARGIN ASSET BASE SPREAD OVER MULTIPLE HUBS ACROSS THE UKCS

INCREASED SCALE AND PORTFOLIO LONGEVITY, WITH STRATEGIC INTERESTS IN KEY ASSETS IN THE UKCS

MAJORITY-OPERATED PLATFORM, WELL-POSITIONED FOR ORGANIC AND INORGANIC GROWTH WITH A PORTFOLIO OF DEVELOPMENT OPPORTUNITIES

¹2023 pro-forma split

²2024 pro forma production – 2024 production guidance from Ithaca Energy, NSAI Top-Up Report in relation to Eni Uk and ERCE CPR in respect of Neptune, each as at 31 Dec 23 ³NSAI CPR in relation to Ithaca Energy, NSAI Top-Up Report in relation to Eni Uk and ERCE CPR in respect of Neptune, each as at 31 Dec 23 6

2024 GUIDANCE UPDATE

BRENT (\$/bbl)	80	86
PSV (€/MWh)	30.7	33
EXCHANGE RATE (€/\$)	1.08	1.075
PRODUCTION	1.69-1.71 MBOED	Confirmed
GGP PRO-FORMA EBIT	€ 0.8 BLN	Confirmed
ENILIVE PRO-FORMA EBITDA
	~ € 1.0 BLN	Confirmed
PLENITUDE PRO-FORMA EBITDA	€ 1.0 BLN	Confirmed
GROUP PRO-FORMA EBIT	~ € 13 BLN	Raised > € 14 BLN
GROUP CFFO	~ € 13.5 BLN	Raised > € 14 BLN
NET CAPEX	€ 7.0-8.0 BLN	Confirmed
DIVIDEND
	€ 1.00/SHARE	Confirmed
BUYBACK	€ 1.1 BLN	Raised to € 1.6 BLN

CONFIRMING SOLID BUSINESS PERFORMANCE ACROSS THE BOARD

DE-RISKING MID-POINT OF PRIOR 1.69-1.71 MBOED PRODUCTION GUIDANCE RANGE DESPITE PRICE EFFECT OF RAISED SCENARIO

CAPTURE OF STRENGHTENED SCENARIO ALLOWS RAISED GROUP GUIDANCE FOR RESULTS AND DISTRIBUTION

SHARING ADDITIONAL CASHFLOW TO SHAREHOLDERS: GIVES 2024 BUYBACK +45% VS ORIGINAL PLAN

HIGHLY COMPETITIVE ATTRACTIVE DISTRIBUTION AT 10% YIELD

BUYBACK EXPECTED TO COMMENCE AFTER AGM AUTHORISATION

EBITDA and EBIT are adjusted. Pro-forma includes Eni's share of equity-accounted entities. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives.

7

CONCLUDING REMARKS

CLEAR INDUSTRIAL STRATEGY TARGETING GROWTH AND COMPETITIVE RETURNS IN EVOLVING ENERGY MARKET

ACTIONS IN 2024 ALIGN WITH STRATEGIC PATH

HIGHLY DISTINCTIVE

RESULTS CONSISTENT WITH PLAN TARGETS

DELIVERING ON UNDERLYING OBJECTIVES

GROWTH CLEARLY VISIBLE

CAPTURING SCENARIO UPSIDES ALLOWS US TO RAISE GUIDANCE

RAISING DISTRIBUTION IN LINE WITH BUSINESS ENHANCEMENT

CAPTURING VALUE

8

1Q 2024 | CASHFLOWS

INCREASED CASH GENERATION TO RAISE DISTRIBUTION

CASH FLOW RESULTS | € BLN

10

BUSINESS COMBINATION WITH ITHACA

MATERIAL UPLIFT TO ENI UK RESERVES BASE

¹Wood Mackenzie as at 26 March 2024, NSAI CPR in relation to Ithaca Energy, NSAI Top-Up Report in relation to Eni UK and ERCE CPR in respect of Neptune, each as at 31 December 2023

11 ²Welligence, NSAI CPR in relation to Ithaca Energy, NSAI Top-Up Report in relation to Eni UK and ERCE CPR in respect of Neptune, each as at 31 December 2023. Welligence's view of remaining reserves and resources is based on all producing/sanctioned assets in projects where they have confidence that they will progress and line of sight to FID

MATERIAL 2C RESOURCE BASE PROVIDES FURTHER OPTIONALITY AND UPSIDE WITHIN THE PORTFOLIO

CLEAR PATH TO BECOME THE LARGEST UKCS PRODUCER BY 2030

POSITIONED TO ACT AS A CONSOLIDATOR FOR STRATEGICALLY OPPORTUNITIES WITHIN THE UKCS LANDSCAPE

1Q 2024 vs 4Q 2023 EARNINGS

GROWTH AND BUSINESS PERFORMANCE RESISTING WEAKER SCENARIO

EBIT PRO FORMA | € BLN

SCENARIO 1Q REALISATIONS -6% Q/Q LIQUIDS -4% NATURAL GAS -2%

PERFORMANCE

PRODUCTION MORE THEN OFFSET SCENARIO IN UPSTREAM

RESILIENT GGP DESPITE REDUCED TRADING OPPORTUNITIES

EXCELLENT CONTRIBUTIONS FROM TRANSITION BUSINESSES

HIGHER BIO VOLUMES AND STEADY MARKETING IN ENILIVE

HIGHER SALES MARGINS ALONG WITH RES PRODUCTION GROWTH IN PLENITUDE

1Q 2024 vs 4Q 2023 EARNINGS

ADJUSTED PRE-TAX | € BLN

1Q 2024 vs 1Q 2023 EARNINGS

ADJUSTED PRE-TAX | € BLN

PERFORMANCE

SCENARIO EFFECTS AND ABSENCE OF EXCEPTIONAL GGP OPTIMIZATION GAINS ACCOUNT FOR Y/Y DIFFERENCE IN PRE-TAX RESULTS

*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.

1Q 2024 MARKET SCENARIO

84.0 83.2

BRENT| \$/bbl EXCHANGE RATE| €/\$

1Q 2023 4Q 2023 1Q 2024

15

81.3

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