H1 2021 Results July 30, 2021

GE Renewable Energy's Haliade-X (as shown in the picture) is the most powerful offshore wind turbine in operation today and will be installed on the first two phases of Dogger Bank Wind Farm in the North Sea, which are a joint venture between Eni, Equinor and SSE Renewables.

2021 REMUNERATION DIVIDEND & BUYBACK

RENEWABLES & RETAIL ACCELERATING GROWTH

PERFORMANCE 1H RESULTS & YEARLY GUIDANCE

2021 REMUNERATION | SHARING VALUE WITH OUR SHAREHOLDERS

RETAIL + RENEWABLES (R+R) | A UNIQUE PROPOSITION

INTEGRATION SYNERGIES

combining generation and supply of green energy

SIZE AND DIVERSIFICATION

Global presence

GROWTH

Strong renewables pipeline & growing customer base

LOW RISK

Cash flow visibility & integrated natural hedge

FINANCIAL STABILITY

Financially independent with investment grade

MAXIMIZING VALUE & REDUCING SCOPE 3

RENEWABLES GROWTH | FAST TRACKING OUR GROWTH

EXPANDING AND DE-RISKING OUR PIPELINE

RETAIL + RENEWABLES | ENHANCED EBITDA GROWTH

2021 - 2024 EBITDA GROWTH DRIVEN BY RENEWABLE

EBITDA pro-forma adjusted

H1 2021 HIGHLIGHTS

FINANCIALS

✓ RESULTS: EBIT € 3.4 BLN; NET INCOME € 1.2 BLN; CFFO € 4.8 BLN
✓ ORGANIC FCF: € 1.9 BLN
✓ LEVERAGE: 0.25

NATURAL RESOURCES

OIL, GAS, LNG, CCS/CCUS AND FORESTRY

✓ PRODUCTION: 1.65 MBOED
✓ DISCOVERED RESOURCES: >300 MBOE IN NORWAY, ANGOLA, INDONESIA AND GHANA
✓ ANGOLA BUSINESS COMBINATION: PROGRESSING WITH BP ON THE NEW ENTITY'S STRATEGIC PLAN

ENERGY EVOLUTION

TRADITIONAL TO BIO, BLUE, GREEN PRODUCTS

✓ RETAIL + RENEWABLES: GROWING CUSTOMER BASE; STRONG RENEWABLE EXPANSION
✓ MARKETING: RESILIENT RESULTS DRIVEN BY DEMAND RECOVERY
✓ VERSALIS: DELIVERING OUTSTANDING RESULTS

H1 UPSTREAM | STRONG EBIT AND CFFO RESULTS

2021 PRODUCTION CONFIRMED @ 1.7 MBOED

Cash Flows are adjusted pre working capital at replacement cost; EBIT is adjusted

H1 ENERGY EVOLUTION | DELIVERING WHILE TRANSFORMING

CASH RESULTS | CONTINUING ROBUST GENERATION

2021 LEVERAGE <0.3

Cash Flows are adjusted pre working capital at replacement cost Leverage: before IFRS 16 at Brent 65\$/bbl and SERM refining margin slightly negative

2021 GUIDANCE

PRODUCTION	1.7 MBOED
EXPLORATION DISCOVERIES	500 MLN BOE
GGP	EBIT BREAKEVEN FCF € 0.2 BLN
RETAIL + RENEWABLES EBIT	€ 0.35 BLN
R&M + VERSALIS EBIT	€ 0.4 BLN
CAPEX	€ 6 BLN
LEVERAGE	<0.3

R&M: SERM refining margin slightly negative; EBIT Proforma adjusted; Leverage before IFRS 16 Leverage: before IFRS 16 at Brent 65\$/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)	0.16	0.11	0.16
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.

H1 MARKET SCENARIO

ENI RETAIL AND RENEWABLES FITS INTO A LONG-TERM COMMITMENT BY ENI

AMONGST THE FIRST OIL AND GAS MAJORS TO SET CARBON REDUCTION TARGETS

FIRST OIL AND GAS MAJOR TO ISSUE A SUSTAINABILITY-LINKED BOND

UPDATE ON RETAIL | STABLE AND GROWING CASH FLOW GENERATING BUSINESS

KEY HIGHLIGHTS

CLIENT CENTRIC BUSINESS

INTERNATIONALLY RECOGNISED BRAND

VALUE ADDED SERVICES

STABLE AND GROWING CASH FLOWS

NO LEVERAGE: NET DEBT OF (€20M)(1)

¹ As of 31 December 2020.

UPDATE ON RENEWABLES | HIGH GROWTH BUSINESS

Acquisition of 315MW of onshore wind capacity in Italy from Glenmont ¹

2	JV with Red Rock Power to pursue renewable
	opportunities in Scotland

Acquisition of 1.2 GW (230 MW in operation or construction) of onshore wind and solar farms in Spain from Azora Capital

Acquisition of Dhamma Energy Group: up to 3.0 GW (120 MW in operation or construction) of solar plants in Spain and France

RECENT M&A ACTIVITY RENEWABLES CAPACITY TARGETS OF ENI R&R INCREASED AGAIN