Eni — Earnings Release 2023

Feb 16, 2024

FY 2023

Results

FY 2023 | HIGHLIGHTS

DELIVERY OF STRATEGIC PRIORITIES

STRATEGIC MILESTONES

UPSTREAM RELEVANT START UPS

FAST TRACK PROJECTS DELIVERY (CONGO LNG, BALEINE)

GENG NORTH DISCOVERY

MATERIAL NEW GAS HUB OFFSHORE INDONESIA CONFIRMS EXPLORATION LEADERSHIP

NEPTUNE ACQUISITION SYNERGISTIC PORTFOLIO GROWTH

PLENITUDE

EIP TRANSACTION SUPPORTS GROWTH, CONFIRMS VALUE, VALIDATING SATELLITE MODEL

ENILIVE LAUNCH A CUSTOMER-FOCUSED MULTI-ENERGY AND MULTI-

SERVICE BUSINESS. BIO BUILD OUT

NOVAMONT ACQUISITION

A CATALYST VERSALIS' GREEN CHEMICALS TRANSFORMATION

CCS

2

FRAMEWORK AGREEMENTS WITH UK GOVERNMENT

BUSINESS PROGRESS

UPSTREAM

PRODUCTION 1.66 MBOED (+3% y/y; 4Q +6% y/y) ~900 MBOE RESOURCES DISCOVERED

GGP

LNG CONTRACTED VOLUMES BUILD UP RELIABILITY OF SUPPLIES TO EUROPEAN MARKETS DESPITE STRONG REDUCTION OF RUSSIAN VOLUMES

PLENITUDE

3 GW INSTALLED CAPACITY (+36% y/y) 10 MLN CUSTOMERS

ENILIVE

1.65 MTPA OF TOTAL CAPACITY BIO THROUGHPUTS OF 866 KT (+59% y/y)

DELIVERING AGAINST STRATEGIC PRIORITIES CLEARLY EVIDENT IN 2023

UPSTREAM EXPLORATION AND FAST TRACK DEVELOPMENT

ACTIVE PORTFOLIO MANAGEMENT

ADVANCING IMPORTANT NEW BUSINESS INITIATIVES

OPERATING AND FINANCIAL PERFORMANCE MEETING AND BEATING EXPECTATIONS

EBIT PROFORMA	€ 17.8 BLN	STRONG BUSINESS PERFORMANCE
PROFIT FROM ASSOCIATES	€ 1.7 BLN	SATELLITES REPRESENT AN IMPORTANT CONTRIBUTION
NET PROFIT	€ 8.3 BLN	SECOND BEST PERFORMANCE IN CURRENT STRUCTURE
CFFO	€ 16.5 BLN	EXCEPTIONAL CASH GENERATION
CAPEX	€ 9.2 BLN	LOWER VERSUS ORIGINAL OUTLOOK
LEVERAGE	20%	FINANCIAL FLEXIBILITY

SIGNIFICANT OUTPERFORMANCE OF SCENARIO

YE 2023 | GROUP RESULTS

€ 13.8 BLN

EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost.

3 Leverage: before IFRS 16 lease liabilities

STRONG EARNINGS

EBIT

NATURAL RESOURCES

ACCELERATING EXECUTION

ADJ. EBIT PRO-FORMA | € BLN

SCENARIO

2023 REALISATIONS -19%,

4Q REALISATIONS -7% Y/Y, in-line

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• FAVOURABLE RENEGOTIATION AND ARBITRATION OUTCOMES

PORTFOLIO PROGRESS

NEPTUNE DEAL COMPLETED

NETHERLANDS

Largest offshore operator in the country. Progressing a large-scale CCS project

UK

Operator of Cygnus – the UK's largest single producing gas field, supplying around 6% of UK gas. Awarded three CCS licences

ALGERIA

35% stake and operator of Touat with gross plateau production seen at >400Mscfd

EGYPT

Interests in O&G fields in the Egyptian desert and an operated exploration licence in the Gulf of Suez

INDONESIA

World class offshore position in Kutei Basin with ENI as partner, producing LNG for export via Bontang and gas for the domestic market

AUSTRALIA

Pre-development Petrel field, potential synergies with existing Eni Blacktip infrastructure

Interests in 12 producing fields including Snovhit LNG NORWAY

and operatorship of the Gjøa hub. Progressing electrification and CCS projects

\$2.6 BLN INVESTMENT BY ENI AS AT 1 JAN 2023; \$2.4Bln AT CLOSE

COMPELLING OVERLAP WITH ENI ACTIVITIES

\$500MLN SYNERGY VALUE WITH UPSIDE INCL. ADDITIONAL GENG STAKE

CURRENT PRODUCTION > 130KBOED, 100KBOED NET TO ENI

REINFORCES VÅR AS A LEADING E&P PLAYER OFFSHORE NORWAY

OECD/LOWER-RISK RESERVES

CONTRIBUTES ~4 BCM/Y GAS SUPPLY TO EUROPE

ADDS EXPOSURE TO GAS AND GLOBAL LNG MARKETS

SIGNIFICANTLY LOWER EMISSIONS INTENSITY THAN INDUSTRY AVERAGE

ENERGY EVOLUTION: DOWNSTREAM

CONTINUING OUR TRANSFORMATION

ADJ. EBIT PRO FORMA | € BLN BIOREFINING

Enilive Refining Chemicals

ENILIVE

2023 EBITDA €1 BLN

TOTAL CAPACITY 1.65 MTPA

2nd IN HVO PRODUCTION IN EUROPE

TRADITIONAL REFINING

2023 EBIT ADJ PRO-FORMA €0.8 BLN REFINERY THROUGHPUTS OF 27.4 MT

VERSALIS

2023 EBIT ADJ €-0.6 BLN REFLECTING EXCEPTIONALLY ADVERSE MARKET CONDITIONS

NOVAMONT ACQUISITION COMPLETED

RAMPING UP AGRIFEEDSTOCK SUPPLY WITH ACTIVITIES IN 8 COUNTRIES

EXPANDING BIOREFINING INTERNATIONALLY IN US, MALAYSIA AND SOUTH KOREA

TRADITIONAL REFINING SCENARIO CONDITIONS NOT FULLY CAPTURED BY THE SERM WITH TIGHTER CRUDE AND PRODUCT SPREADS

CONTINUED STRONG ADNOC REFINING EBIT AND DIVIDEND CONTRIBUTION

CHEMICALS WEAK DEMAND AND COMPETITIVE PRESSURES

ENERGY EVOLUTION: PLENITUDE

EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Number of owned public CPs at February 2024.

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2023 RESULTS vs KEY GUIDANCE ITEMS

BRENT (\$) PSV (€/MWh) EXCHANGE RATE \$/€	CMD 2023 85 92 1.03	RESULTS 82.6 42 1.08
PRODUCTION	1.63-1.67 MBOED	1.66 MBOED
DISCOVERED RESOURCES	700 MBOE	~900 MBOE
GGP EBIT	€ 1.7-2.2 BLN	€ 3.2 BLN
PLENITUDE EBITDA1	> € 0.7 BLN	€ 0.9 BLN
DOWNSTREAM EBIT1	€ 1.2 BLN	€ 1.0 BLN
ENILIVE EBITDA1	€ 0.9 BLN	€ 1.0 BLN
EBIT	€ 13 BLN	€ 13.8 BLN
CFFO2	> € 17 BLN	€ 16.5 BLN
DIVIDEND	€ 0.94/SHARE	€ 0.94/SHARE
BUYBACK3	€ 2.2 BLN	€ 2.2 BLN
CAPEX	~ € 9.5 BLN	€ 9.2 BLN
LEVERAGE	10%-20%	20%

¹ Results are pro-forma.

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² Cash Flow is adjusted pre working capital at replacement cost and excludes effects of derivatives. ³ Buyback to be completed in 1Q as originally guided. €1.8Bln of total €2.2Bln completed by year-end.

IN 2023 WE MET OR BEAT ALL OF OUR TARGETS AND GUIDANCE IN ALL KEY AREAS OF THE BUSINESS:

• UPSTREAM PRODUCTION AND DISCOVERED RESOURCES
• TRANSITION GROWTH BUSINESSES EBITDA AND OPERATIONAL GROWTH
• ALL MAJOR CORPORATE-WIDE EARNINGS AND CASHFLOW METRICS ADJUSTED FOR SCENARIO
• INVESTMENT AND BALANCE SHEET
• SHAREHOLDER RETURNS

CONCLUDING REMARKS

FY23 AHEAD OF GUIDANCE ON ALL KEY METRICS

Q4 23 RESULTS CONTINUE STRONG TREND

EXCEPTIONAL PROGRESS AGAINST STRATEGY

VALUE DELIVERY IN TRADITIONAL BUSINESSES

OUTSTANDING GROWTH IN NEW TRANSITION BUSINESSES

CLEAR EVIDENCE OF VALUE CREATION

ATTRACTIVE SHAREHOLDER RETURNS DELIVERED

ANNEX

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COMPARATIVE PERFORMANCE

DELIVERED COMPETITIVE RETURNS

TOTAL SHAREHOLDER RETURN 2023 | %

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LEADING RETURNS IN THE SECTOR SHARES +16%, TSR +23%

2023 MAIN START UPS

BALEINE CONGO LNG

2.5 bln Potential barrels of oil in place

100 bln/m³

Associated gas since start-up in 2023

Reduction of carbon footprint

Baleine is set to be the first Net Zero (Scope 1 and 2) upstream project in Africa

3 MTPA Total LNG production capacity

2 FLNG Floating units for gas liquefaction

A zero flaring technological approach Aimed at reducing fugitive methane emissions

YE 2023 | GROUP RESULTS

BALANCE OF INVESTMENTS AND SHAREHOLDER DISTRIBUTION

BUSINESS PERFORMANCE SUPPORTS ORGANIC GROWTH, STRATEGIC INVESTMENT, AND SHAREHOLDER DISTRIBUTIONS

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

4Q 2023 RESULTS SUMMARY

PRE-TAX TO CASHFLOW AND NET DEBT

RESILIENT RESULTS FUND INVESTMENT AND SHAREHOLDER DISTRIBUTIONS:

• Q4 PRE-TAX INCOME INCLUDES IMPORTANT CONTRIBUTION FROM ASSOCIATES REFLECTING SATELLITE STRUCTURES
• TAX RATE TOWARDS HIGHER END OF RECENT RANGE REFLECTING LOWER UPSTREAM PRICES
• SMALL BENEFIT FROM WC AS PRICES FALL
• NET PORTFOLIO EFFECTS INCLUDE NOVAMONT COMPLETION
• STEP-UP IN BUYBACK

4Q 2023 EARNINGS SUMMARY

EBIT TO PRE-TAX RECONCILIATION

E&P DELIVERS A STRONG OPERATIONAL EXECUTION

GGP BENEFITED FROM ONE-OFF

4Q 2023 vs 3Q 2023 EARNINGS

CONTINUED EXCELLENT FINANCIAL RESULTS:

• UPSTREAM IMPACTED BY SCENARIO EFFECTS AND EXPLORATION WRITE-OFFS
• GGP OPTIMIZATION IMPACTS IN LINE WITH EXPECTATIONS AND BENEFITS FROM POSITIVE ARBITRATION

€ BLN

4Q 2023 vs 4Q 2022 EARNINGS

€ BLN

YEAR OVER YEAR COMPARISON MAINLY IMPACTED BY SCENARIO EFFECTS OFFSET BY BUSINESS PERFORMANCE

• EXCEPTIONAL GGP RESULTS
• RESILIENT DOWNSTREAM
• CONTINUED PLENITUDE OVER-DELIVERY
• ASSOCIATES ALSO IMPACTED BY SCENARIO

DELIVERING ON GHG EMISSIONS REDUCTION

UPSTREAM PROGRESSING TOWARDS DECARBONISATION

NET CARBON FOOTPRINT UPSTREAM (SCOPE 1+2) | MILLION TONNES CO2EQ.

ADVANCING

TO REACH NET ZERO CARBON FOOTPRINT UPSTREAM (SCOPE 1+2) TARGET BY 2030

CUTTING EMISSIONS

INTEGRAL TO PERFORMANCE AS A RESPONSIBLE AND SUSTAINABLE COMPANY

KPI accounted for on an equity basis.

YE 2023 MARKET SCENARIO BRENT| \$/bbl EXCHANGE RATE| €/\$

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