Eni — Earnings Release 2024

Feb 27, 2025

2024 RESULTS

FEBRUARY 27, 2024

FPSO Petrojarl Kong, Baleine Project

FY 2024 | HIGHLIGHTS

DELIVERED ON OUR STRATEGY OF GROWTH AND VALUE

FINANCIALS RESULTS

EBIT PRO FORMA

€14.3 bln

of which: EBIT €10.3 bln

INCOME FROM INVESTMENTS €1.5 bln

NET PROFIT

€5.3 bln

CFFO €13.6 bln

ORGANIC CAPEX

€8.8 bln

LEVERAGE

22% (proforma at 15%)

GLOBAL NATURAL RESOURCES

EXPLORATION

1.2 bln boe of discovered resources Material resource upside identified in Indonesia Major discovery in Côte d'Ivoire (Calao) Excellent appraisal well deliverability in Cyprus Oil and associated gas discovery in Mexico

UPSTREAM & CCS

Production up 3% Y-o-Y Startup at Argo Cassiopea and Baleine Ph2 Indonesia PoDs approved by authorities Commencement of CO² injection in Ravenna CCS UK funding secured for Liverpool Bay CCS

PORTFOLIO

Acquisition of Neptune completed Completed UK business combination with Ithaca Sale of minor assets in Congo, NAOC (Nigeria) and Alaska completed

TRANSITION & TRANSFORMATION

ENILIVE

FID of Italy's third bio-refinery at Livorno FID of bio-refineries in Malaysia and South Korea

PLENITUDE

Commenced construction on 330MW Renopool solar park in Spain – Plenitude's largest ever

VERSALIS

Announced a detailed plan for restructuring and transformation

PORTFOLIO

25% investment into Enilive from KKR agreed 10% EIP investment in Plenitude for €0.8 (of which €0.6 cashed in 2024)

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

4Q 2024 | EARNINGS SUMMARY

PROVED RESILIENCY OF ENI'S BUSINESS MODEL

€ BLN

Plenitude

Enilive

E&P

Resilient results despite the weaker oil price and normal Q4 non-cash effects

GGP

Guidance achieved, highlighting strong underlying performance

ENILIVE

Results remained resilient, underpinned by robust marketing performance

PLENITUDE

Firm performance in retail and continuous progress in renewable

REFINING

Results hindered by extended downtime and cost phasing

VERSALIS Persisting structural headwinds

OTHER ITEMS

Associates continued to deliver solid performance

FY 2024 | EARNINGS SUMMARY

EXCEEDING OUR GUIDANCE ON STEADY STRATEGY EXECUTION

Plenitude

Enilive

4

€1.7bln overperformance to plan scenario adjusted guidance

E&P

Resilient, cost-disciplined delivery

GGP

Excellent margin capture throughout the year, €0.3 Bln above CMU 24 guidance

ENILIVE

Robust marketing performance in a volatile biorefining macro

PLENITUDE

Continued over-performance Y/Y, EBITDA €0.1 Bln above CMU 24 guidance

DOWNSTREAM SECTORS

Impacted by weak demand and industry competitive pressure

OTHER ITEMS

Reinforced relevance of associates in Eni's business model

Tax rate 52% - higher on oil lower oil price and mix effects

EBIT, EBT and Net Profit are adjusted.

Q4 2024 | CASHFLOWS

CONTINUED TREND OF STRONG CASH CONVERSION

CASH FLOW RESULTS | € BLN

CASH GENERATION Proven strong cash conversion

efficiency

Release of WC from seasonal inventory dynamics and falling liquid prices

CASH OUT

4Q start-ups bringing higher capital intensity but well within the guidance.

€2.7 bln net debt reduction on a

FY 2024 | CASHFLOWS

STRONG CASH GENERATION FUNDED GROWTH AND COMPETITIVE RETURNS

CASH FLOW RESULTS | € BLN

€1 bln

Negligible WC movement over the

Cash distribution fully covered by

FY 2024 | NET DEBT

STRENGTHENED BY CAPITAL DISCIPLINE AND PORTFOLIO ACTIVITIES

NET DEBT | € BLN

Clear evidence of value creation from satellite model and portfolio high-grading

Retained key flexibility in balance sheet

Pending divestments includes €2.9 bln for KKR investment into Enilive (closes in coming days)

Proforma leverage on €8.9 bln of net debt equivalent to 15%

FOCUS: GLOBAL NATURAL RESOURCES

EFFECTIVE PROJECT EXECUTION, STRATEGIC PORTFOLIO FOCUS

SCENARIO Realisations -1% Liquids -2%

Natural gas -1%

PORTFOLIO HIGH-GRADING

Powering competitive advantage thorough Exploration

Streamlining Upstream by strategically rebalancing the portfolio and divesting non-core assets

GGP

Stabilising outcomes following one-time benefits in 2023

Developing integrated gas and LNG portfolio to capture the entire value chain

ADJ. EBIT PRO-FORMA | € BLN

E&P

• +3% growth in production reflecting ramp-ups, Neptune net of sales and excellent regularity
• 1.2 Bln Boe of discovered resources

GGP

• +2% of LNG sales helped by Congo LNG
• €1.1bln pro-forma Ebit, €0.3bln above FY guidance

POWER

• -2% of TWh production due to a negative power market scenario

E&P E&P Associates GGP & Power underlying GGP one-off

FOCUS: TRANSITION BUSINESSES

WELL-POSITIONED AND RESILIENT BUSINESSES GENERATING GROWTH

Weak biofuels margins during the year. Resilient marketing earnings

-15% PUN (-16% TTF)

INDUSTRIAL STRATEGY

Satellite model enhances growth and confirm value already created

Drive the conversion of traditional refining into bio-refining

Renewable growth supported by a 22 GW project pipeline

SATELLITE STRATEGY 25% sale in KKR at implied ~12X EV/EBITDA

10% sale in Plenitude (2 tranches) at ~10x EV/EBITDA

2024 RESULTS vs KEY GUIDANCE ITEMS

	CMU 2024	RESULTS
BRENT (\$/bbl) PSV (€/MWh) EXCHANGE RATE (€/\$)	80 30.7 1.08	81 36 1.082
PRODUCTION	1.69-1.71 Mboed	1.71 Mboed
GGP PRO-FORMA EBIT	€0.8 bln	€1.1 bln
ENILIVE PRO-FORMA EBITDA	~ €1.0 bln	€0.9 bln
PLENITUDE PRO-FORMA EBITDA	€1.0 bln	€1.1 bln
GROUP PRO-FORMA EBIT	~ €13 bln	€14.3 bln
GROUP CFFO	~ €13.5 bln	€13.6 bln
NET CAPEX	€7.0-8.0 bln	€5.3 bln on a pro-forma basis
DIVIDEND	€1.00/share	Confirmed
BUYBACK	€1.1 bln	€2 bln completed

€1.7bln and €1bln overperformance to plan scenario adjusted guidance for EBIT and CFFO respectively

2024 an excellent financial and operating proof point

Strong production growth

Consistent performance and growth of transition businesses

Remarkable results despite the mixed market environment

Disciplined investments and strong balance sheet

Shareholder distributions increased by over 80% compared to March 2024 announcement

EBITDA and EBIT are adjusted.

10

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.

FEBRUARY 27, 2024

Dogger Bank Wind Farm, UK

4Q 2024 vs 3Q 2024 EARNINGS

EBIT PRO FORMA | € BLN

Realisations -3% q/q Lower liquids prices and stable gas prices

PERFORMANCE

Upstream affected by year-end exploration write-offs

Downstream lower on unfavorable differentials for crude mix, impact of cost phasing and weaker chemicals demand.

Plenitude lower on strong 3Q retail result, and higher depreciation with new capacity added

Enilive lower on seasonally lower retail marketing and reduced bio throughputs at Gela ahead of SAF unit start-up

4Q 2024 vs 3Q 2024 EARNINGS

ADJUSTED PRE-TAX | € BLN

PERFORMANCE

Lower hydrocarbon realization (\$54.46/boe vs \$55.95/boe) driven by lower crude (-7% y/y)

4Q E&P impacted by higher yearend exploration write-offs

GGP conditions consistent across quarters

Downstream lower on unfavorable differentials for crude mix, impact of cost phasing and weaker chemicals demand.

Plenitude results lower on strong 3Q retail plus higher depreciation on new capacity added

Enilive results impacted by seasonally weaker marketing and planned maintenance shut-down at Gela ahead of SAF unit start-up

4Q 2024 vs 4Q 2023 EARNINGS

ADJUSTED PRE-TAX | € BLN

PERFORMANCE

1.9

Lower hydrocarbon realization (\$54.46/boe vs \$57.48/boe) driven by lower crude (-11% y/y)

2023 GGP result benefitted from positive contract settlements and re-negotiation effects

Downstream impacted by lower SERM (down \$0.60/bbl y/y) and continued challenging petrochemicals scenario. Refining throughputs down on Livorno closure. Chemicals plant utilization remains below 50%

Resilient Transition businesses. Enilive throughputs down on Gela shutdown ahead of SAF unit startup. Renewable energy production up 20% y/y.

*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.

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

BRENT| \$/bbl EXCHANGE RATE| €/\$