Eni — Investor Presentation 2021

Oct 29, 2021

9M 2021 | HIGHLIGHTS

ENERGY EVOLUTION

TRADITIONAL TO BIO, BLUE, GREEN PRODUCTS

• ✓ RETAIL + RENEWABLES: IPO PROCESS STARTED
• ✓ REFINING & MARKETING: RECOVERING FROM WEAK SCENARIO, REACHING BREAKEVEN YTD
• ✓ VERSALIS: STRONG RESULTS WHILE ENHANCING SPECIALTIES, CIRCULAR AND BIO PORTFOLIO

FINANCIALS

• ✓ RESULTS: EBIT € 5.9 BLN; NET € 2.6 BLN; CFFO € 8.1 BLN
• ✓ BUYBACK: € 0.2 BLN AT END OF OCTOBER OUT OF € 0.4 BLN
• ✓ LEVERAGE: 0.28

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

R+R IPO STARTED | UNIQUE PROPOSITION TO ACHIEVE RETAIL SCOPE 3 ZEROING

STRATEGIC TARGETS

R+R CAPITAL MARKET DAY ON NOVEMBER 22nd

2021 capacity includes 'under construction'

BUSINESS COMBINATION| CAPTURING UPSTREAM POTENTIAL

ANGOLA: FORMING A TOP-RANK PLAYER

>200 KBOED PRODUCTION 1 BLN BOE RESERVES

GETTING BIGGER SYNERGIES AND OPTIONALITY

FINANCIALLY DECONSOLIDATED WITH DIRECT ACCESS TO MARKET

PROVIDING DIVIDEND STREAM TO PARENT COMPANIES

CREATING SELF-FINANCING DEDICATED ENTITIES

NATURAL RESOURCES

GGP | REVISING GUIDANCE UPWARDS

GAS & LNG PORTOFOLIO OPTIMIZATION |

CAPTURING FAVORABLE MARKET CONDITIONS

LONG-TERM CONTRACTS NEGOTIATIONS |

ALIGNMENT WITH CURRENT AND FUTURE MARKET

2021 PRODUCTION CONFIRMED @ 1.7 MBOED

2021 GGP EBIT € > 0.5 BLN FCF € > 0.3 BLN

5

ENERGY EVOLUTION

RETAIL & RENEWABLES | EBITDA € BLN DOWNSTREAM – LOW CARBON INITIATIVES

SAF: LAUNCHED PRODUCTION FINPROJECT: 100% OWNED

ENJOY: EXPANDING NETWORK ECOPLASTIC: TECH ACCESSED

2021 EBIT DOWNSTREAM: € 0.2 BLN

AGRO-BIO FEEDSTOCK| PARTNERING WITH AFRICAN COUNTRIES

VERTICAL INTEGRATION ON BIO FEEDSTOCK VALORIZATION OF AGRICULTURAL WASTE (LOW ILUC) TO BE USED IN BIO-REFINING

SUPPORT TO SOCIAL-ECONOMICAL DEVELOPMENT

PROMOTING CIRCULAR ECONOMY, INVOLVING LOCAL COMMUNITIES

WORLDWIDE ENI AGRO BIO FEEDSTOCK @ 2030: > 0.8 MTPA

CASH RESULTS | CONTINUING ROBUST GENERATION

2021 LEVERAGE ~ 0.28

Cash Flows are adjusted pre working capital at replacement cost. Leverage: before IFRS 16 @ 70 \$/bbl and SERM refining margin slightly negative

2021 ON TRACK ON ENI LONG-TERM PATH

DECARBONIZATION

SUSTAINABLE LINKED BOND CCS HYNET PROJECT INCENTIVE MAGNETIC FUSION BREAKTHROUGH R+R IPO PROCESS

CAPITAL DISCIPLINE

INCREASED REMUNERATION UPS CAPEX COVERAGE < 35 \$/BBL GROUP CAPEX AT € 6 BLN FREE CASH FLOW AT € 6-7 BLN

VALUE CREATION

ANGOLA BUSINESS COMBINATION VAR ENERGI OWNERSHIP REVIEW

achieved on target

9M MARKET SCENARIO

EXPLORATION | CÔTE D'IVOIRE CONFIRMING CONSISTENT TRACK-RECORD

BALEINE PROSPECT IN OFFSHORE BLOCK CI-101

ACCOMPLISHED A SIZEABLE DISCOVERY | OVER 2 BLN BOE IN PLACE PRELIMINARY ESTIMATES NET-ZERO* FAST-TRACK | DEVELOPMENT PLAN UNDER STUDY CONTRIBUTING TO COUNTRY ENERGY NEED | GAS TO BE SOLD TO THE DOMESTIC MARKET CONFIRMING DUAL EXPLORATION MODEL STRATEGY | ENI OPERATOR, 90% WI

*Scope 1 & 2 emissions

ENI YTD >600 MBOE DISCOVERED RESOURCES YEARLY TARGET RAISED TO ~700 MBOE

2021 GUIDANCE

PRODUCTION	1.7 MBOED
EXPLORATION DISCOVERIES	700 MLN BOE
GGP	EBIT € > 0.5 BLN FCF € > 0.3 BLN
RETAIL + RENEWABLES EBIT	€ 0.35 BLN
€ 0.2 BLN R&M + VERSALIS EBIT
CAPEX	€ 6 BLN
LEVERAGE	~ 0.28

R&M: SERM refining margin slightly negative; EBIT Proforma adjusted; Leverage before IFRS 16 Leverage: before IFRS 16 at Brent 70\$/bbl and SERM refining margin slightly negative

SENSITIVITIES 2021	EBIT adj (€ bln)	NET adj (€ bln)	FCF (€ bln)
Brent (+1 \$/bbl)	0.21	0.14	0.15
SERM (Std. Eni Refining Margin) (+1 \$/bbl)	0.12	0.08	0.12
Exchange rate \$/€ (-0.05 \$/€)	0.18	0.08	0.14

Brent sensitivity assumes oil and gas changes are directional and proportional. Sensitivity is valid for limited price variation.