Eni — Investor Presentation 2021

Nov 22, 2021

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ENI DIVERSIFIED APPROACH for the energy transition

FAST TRACKING ENERGY TRANSITIO N

STAKEHOLDER VALUE CREATION Through R&R listing

UNLOCKING HIDDEN VALUE

TABLE OF CONTENTS

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

A SUPPORTIVE INDUSTRY BACKDROP

¹Stated Policies Scenario (STEPS), reflects current policy settings based on a sector-by-sector assessment of the specific policies that are in place, as well as those that have been announced by Governments around the world. ² Announced Pledges Scenario (APS), assumes that all climate commitments made by Governments around the world, including Nationally Determined Contributions (NDCs) and longer term net zero targets, will be met in full and on time. ³Net Zero Emissions by 2050 Scenario (NZE), sets out a narrow but achievable pathway for the global energy sector to achieve net zero CO2 emissions by 2050.

A SUPPORTIVE INDUSTRY BACKDROP

¹ Levelized cost of energy.

2 Includes battery electric vehicles, plug-in hybrid electric vehicles and fuel cell electric vehicles. Sales numbers include passenger vehicles, trucks, buses and two/three-wheelers.

³ Announced Pledges Scenario (APS), assumes that all climate commitments made by Governments around the world, including Nationally Determined Contributions (NDCs) and longer term net zero targets, will be met in full and on time.

⁴ Net Zero Emissions by 2050 Scenario (NZE), sets out a narrow but achievable pathway for the global energy sector to achieve net zero CO2 emissions by 2050.

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

A UNIQUE PROPOSITION

PLATFORM

Combining generation and supply of green energy

TARGETING NET ZERO BY 2040 & BOOSTING STAKEHOLDER VALUE

Well developed organization Reference shareholder

A UNIQUE PROPOSITION | SIZEABLE AND DIVERSIFIED 1

A GLOBAL, SIZEABLE AND DIVERSIFIED PORTFOLIO FROM DAY ONE

Note: as of 2021E.

Refers to operating installed capacity and under construction assets. Includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Charging points. Includes Greece, Slovenia, Kazakhstan and Australia. Includes storage and other technologies.

A UNIQUE PROPOSITION | 2 GROWING

A ROBUST GROWTH PROFILE

1 Includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies.

² Pro forma for neutralization extra-ordinary effects from derivatives due to market scenario for EUR 0.16 BLN. 9

A UNIQUE PROPOSITION | INTEGRATED PLATFORM 3

Green premium Generation Customers E-mobility Benefits from integration Energy management cost and risk optimisation Revenue synergies

SYNERGIC BUSINESSES WITH MULTIPLE GROWTH OPPORTUNITIES

A UNIQUE PROPOSITION | RESILIENT 4

CASH FLOW VISIBILITY AND INTEGRATED NATURAL HEDGE ENHANCE RESILIENCE

1 Includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies.

² Pro forma for neutralization extra-ordinary effects from derivatives due to market scenario for EUR 0.16 BLN.

A UNIQUE PROPOSITION | FINANCIALLY STRONG 5

CASH ALLOCATION TO ACCELERATE GROWTH INVESTMENTS AND ALLOW SHAREHOLDER DISTRIBUTION

A UNIQUE PROPOSITION | CREDIBLE 6

OUR TRACK RECORD AND OUR PEOPLE TO DELIVER ON OUR TARGETS ENI ACTING AS A REFERENCE SHAREHOLDER, CONTINUING TO SUPPORT PLENITUDE GROWTH

GROWING WHILE DECARBONISING OUR CUSTOMER BASE

TARGETING NET ZERO SCOPE 1-2-3 BY 2040

OUR ESG MODEL

SDG'S AT THE FOUNDATION OF PLENITUDE STAKEHOLDER VALUE CREATION

PLENITUDE LEADERSHIP TEAM

Stefano Goberti CEO

Alessandro Della Zoppa Head of Renewables

Mauro Fanfoni Head of International Markets and Business Development

Giorgia Molajoni Head of Sustainability, Identity and Digitalization

Pasquale Cuzzola Head of Italian Retail Market

Available during Q&A session

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

RENEWABLES | SNAPSHOT

1 Includes 100% capacity of the consolidated companies and the pro-quota of the non-consolidated companies. ²Includes storage and other technologies. ³Includes Greece, Australia, Kazakhstan and others.

Renewable targets

RENEWABLES | DRIVERS FOR INTERNATIONAL GROWTH

ROOM TO GROW IN SYNERGY WITH RETAIL

1 Includes Greece, Australia, Kazakhstan and others. ²Includes Italy, France, Spain and other.

RENEWABLES | DRIVERS FOR INTERNATIONAL GROWTH

									Other1
2021E renewable installed capacity				494 MW	129 MW	108 MW	265 MW	--	165 MW
% of 2021E renewable capacity			c.40%	c.10%	c.10%	c.25%	--	c.15%
% of 2025E renewable capacity				c.20%	c.30%	c.10%	c.20%	c.10%	c.10%
a eri h crit wt o gr c gi e at Str	2		Government support for the renewable industry	✓	✓	✓	✓	✓	✓
	3		Attractive renewable country	✓	✓	✓	✓	✓
	3		Market peculiarities	Markets with established Eni presence and strong growth dynamics		Large market with strong growth dynamics	Offshore wind champion
	4		Strong partnerships	✓	✓		✓	✓
	5		Existing presence of Eni	✓	✓	✓	✓	✓	✓

1 Includes Greece, Australia, Kazakhstan and others.

RENEWABLES | LEVERAGING EXISTING CORE CAPABILITIES

A RENEWABLES TEAM OF c.200 EXPERIENCED FTEs IN 2021, WHICH WILL GROW TO c.300 BY 2025

RENEWABLES | OFFSHORE WIND IS A GOOD EXAMPLE OF HOW ENI'S CAPABILITIES CAN COME TO FRUITION

¹ The IRENA 1.5°C Scenario has been developed as a part of the World Energy Transition Outlook and constitutes a pathway for the world to achieve the Paris Agreement goals – including limiting global temperature rise to 1.5°C above preindustrial levels - and halt the pace of climate change by transforming the global energy landscape.

RENEWABLES | A HIGHLY VISIBLE PIPELINE…

EXPANDING AND DE-RISKING OUR PIPELINE

¹High visibility and medium maturity pipeline contains projects that have already secured land rights, demonstrated feasibility and have connection rights and/or permitting process already completed or in an advanced stage.

²The majority of projects in this category have land already secured or about to be secured and the feasibility confirmed.

3 Includes storage and other technologies. 4

Includes Greece, Australia and Kazakhstan.

RENEWABLES | …THAT GIVES SUPPORT TO OUR TARGETS

RENEWABLES | KEY FINANCIAL TARGETS

A BALANCED INVESTMENT PROGRAMME TO DELIVER STRONG GROWTH

1 Includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies.

²Includes storage and other technologies.

³Includes Greece, Australia, Kazakhstan and others.

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

RETAIL | ACCOMPLISHMENTS TO DATE

RETAIL | A COMPLETE AND EVOLVING SUITE OF PRODUCTS

HIGHLIGHTS

▪ Long-term partnerships with key equipment and device manufacturers (heating, cooling, etc.)

▪ Near-industry partnerships to build bundled offers (broadband, insurance)

▪ Acquisitions to incorporate knowhow and enter new markets (solar PV, energy efficiency)

RETAIL | MULTIPLE GROWTH LEVERS

Growth levers
1	International expansion
2	Green power offer to gas customers
3	Green power market share capture
4	Energy efficiency offering
5	Distributed generation market
6	Customer-side energy management

RETAIL | MULTIPLE GROWTH LEVERS

RETAIL | MULTIPLE GROWTH LEVERS

RETAIL | KEY FINANCIAL TARGETS

A RELIABLE AND GROWING CASH FLOW GENERATIVE PROFILE

¹Includes Greece, Slovenia and others.

² Pro forma for neutralization extra-ordinary effects from derivatives due to market scenario for EUR 0.16 BLN.

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

E-MOBILITY | SNAPSHOT

▪ Retailers, car manufactures, fleets and car sharing, financial institutions and infrastructure players

E-MOBILITY | ABLE TO CAPTURE MARGIN ACROSS THE VALUE CHAIN THROUGH AN INTEGRATED BUSINESS MODEL

	Engineering Procurement Construction	Charging Station Owner	Charge Point Operator	Mobility Service Provider	Scope	Revenue stream
Business models
Full ownership and operatorship		PREFERRED MODEL			▪ Focus on normal, fast and ultra fast charging stations in Italy and Europe	▪ Recharge services
Construction and operatorship		✖			▪ Mainly tailored to B2B customers	▪One-off sale ▪ Recurrent fees
Operatorship	✖	✖			▪ Fully-scalable model leveraging proprietary digital platforms	▪ Recurrent fees
Mobility Services	✖	✖	✖		▪ Interoperability with third-party and seamless mobility across Europe	▪ Pay-per-use ▪ Subscriptions

E-MOBILITY | SYNERGIC BUSINESS WITH RETAIL & RENEWABLES

Selected opportunities Benefits

E-mobility for Retail & Renewables

• Increased visibility of retail brand and repeated purchases
• Preferential access to flexible resources (car batteries)

• Price inelastic offtake of power

• Higher number, lower cost to acquire and increased loyalty of retail customers

• More efficient aggregation of flexible resources

• Perfect natural hedging of own renewables

• Multiple touch-points to push retail customers to own charging stations

• Access to B2B commodity customer base

▪ Increase in public charging stations utilization

▪ Increase of sales of private charging stations to B2B customers

E-MOBILITY | A HIGH GROWTH REVENUE STREAM

1 Defined as operating cash flow minus capex.

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

A SOLID FINANCIAL FRAMEWORK

Ambitious but credible renewables growth targets supported by positive cash flow from retail with strict return thresholds and targets

Net debt zero as of 1st January 2022

Investment grade capital structure targeting Net debt/EBITDA of 3-4x

Dividend policy will allow distribution of capital to investors while retaining flexibility to invest in growth projects

Embedded hedging from integration coupled with active energy management

AMBITIOUS BUT CREDIBLE RENEWABLES GROWTH TARGETS…

1 Includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. ² Pro forma for neutralization extra-ordinary effects from derivatives due to market scenario for EUR 0.16 BLN.

…WITH STRICT RETURN THRESHOLDS AND TARGETS

¹3 years capex repayment period for each charging station assuming it runs for 1.5h every day.

PLENITUDE: A UNIQUE PROPOSITION

PLATFORM

Combining generation and supply of green energy

TARGETING NET ZERO BY 2040 & BOOSTING STAKEHOLDER VALUE

Established industrial footprint Well developed organization Reference shareholder

PLENITUDE FITS INTO ENI'S STRATEGY AND INDUSTRY BACKDROP

A UNIQUE PROPOSITION

A STRONG RENEWABLES PIPELINE TO FUEL THE GROWTH

A LEADING RETAIL BUSINESS WITH MULTIPLE GROWTH LEVERS

AN INTEGRATED E-MOBILITY STRATEGY

A SOLID FINANCIAL FRAMEWORK

ANNEX

ANNEX – RENEWABLES

RENEWABLES | COUNTRY SNAPSHOT - ITALY

Key statistics

RENEWABLES | COUNTRY SNAPSHOT - SPAIN

Key statistics

RENEWABLES | COUNTRY SNAPSHOT - FRANCE

Key statistics

RENEWABLES | COUNTRY SNAPSHOT - U.S.A.

Key statistics

¹Average price January-October 2021. ² Does not include REC and capacity payment.

ANNEX – RETAIL

RETAIL | KEY TARGETS BY SEGMENTS

EVOLVERE | VALUE DRIVEN POST ACQUISITION MANAGEMENT

DETAILED PROFILES OF LEADERSHIP TEAM OF PLENITUDE

Stefano Goberti CEO

• Stefano graduated in Economics and Banking from University of Siena
• He joined Eni in 1991
• Previous experiences:
• ̶ Eni Exploration & Production division (various roles in Finance and Control)
• ̶ Executive Vice President Planning & Control of Eni
• ̶ CFO of Saipem
• ̶ Head Finance and Insurances of Eni

Alessandro Della Zoppa Head of Renewables

• Alessandro graduated in Economics from University of Pisa
• He joined Eni in 1995
• Previous experiences:
• ̶ Eni Gas & Power division (various roles)
• ̶ CEO of Union Fenosa Gas (Spain)
• ̶ Lead negotiator for long-term gas supply contracts of Eni
• ̶ Head of Eni's LNG Business Unit
• ̶ BoD member of various Eni's international subsidiaries

Mauro Fanfoni Head of International Markets and Business Development

• Mauro graduated in Business Administration from Bocconi University and holds a Masters in Finance from London Business School
• He joined Eni in 2006
• Previous experiences:
• ̶ 9 years at McKinsey & Company
• ̶ Eni Retail Gas & Power (various roles)
• ̶ CEO of Eni Gas & Power France
• ̶ Head Strategy and Business Transformation of Eni gas e luce
• ̶ CEO of Evolvere post Eni acquisition

DETAILED PROFILES OF LEADERSHIP TEAM OF PLENITUDE

Nicola Giorgi CFO

• Nicola graduated in Business and Economics from LUISS University and holds a Master in General Management from Politecnico di Milano
• He joined Eni in 1998
• Previous experiences:
• CFO of Distrigaz SA (Belgian Eni subsidiary)
• Head Planning & Control of Eni Gas & Power
• Head Planning & Control of Eni Midstream
• Head of M&A and Asset Management Eni Midstream
• Head Planning & Control of Eni Retail market gas & power
• Head Planning, Accounting and Control of Eni Gas e Luce

Giorgia Molajoni Head of Sustainability, Identity and Digitalization

• Giorgia has graduated in Business Administration from University La Sapienza and holds an Executive Education from Harvard Business School
• She joined Eni in 2018
• Previous experiences:
• EMEA Customer care manager, Yahoo!
• EMEA group account director, Microsoft advertising
• Managing Director VML Geneva, WPP
• EMEA Digital Engagement Director, The Coca-Cola Company
• EMEA Digital Transformation Director, PepsiCo Europe
• Head of Sustainability, Identity and Digitalization of Eni Gas e Luce

Pasquale Cuzzola Head of Italian Retail Market

• Pasquale graduated in Electronic Engineering from Politecnico di Torino
• He joined Eni in 2010
• Previous experiences:
• Key Account Manager at Esso Italiana
• Vodafone (various roles in marketing/operations, including Head of CRM)
• Head Customer Care of Eni Gas & Power
• Head Customer Relations & Operations of Eni Gas e Luce
• Head Italian Retail Market of Eni Gas e Luce