Eni — Investor Presentation 2022

Mar 18, 2022

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The Information contains forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. Such statements, that may include statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans' 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, the Company's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the Company's Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to: (i) fluctuations in the prices of crude oil, natural gas, oil products and chemicals; (ii) strong competition worldwide to supply energy to the industrial, commercial and residential energy markets; (iii) safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions; (iv) risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects; (v) uncertainties in the estimates of natural gas reserves; (vi) the time and expense required to develop reserves; (vii) material disruptions arising from political, social and economic instability, particularly in light of the areas in which the Company operates; (viii) risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under the Company take-or-pay long-term gas supply contracts; (ix) laws and regulations related to climate change; (x) risks related to legal proceedings and compliance with anti-corruption legislation; (xii) risks arising from potential future acquisitions; and (xiii) exposure to exchange rate, interest rate and credit risks.

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ENI DISTINCTIVE APPROACH

Delivering value through the transition

PROPRIETARY AND BREAKTHROUGH TECHNOLOGIES

LEADING EDGE COMPETITIVE BUILDING SCALE

NEW BUSINESS MODELS

matching business growth with dedicated leadership team and capital structure

LEANER & FIT GROWTH & VALUE-ORIENTED

STAKEHOLDER ALLIANCES

3

OUR PEOPLE CUSTOMERS INDUSTRIES CITIZENS

PROPRIETARY AND BREAKTHROUGH TECHNOLOGIES

A portfolio of technologies to meet decarbonized energy needs

RENEWABLES & NEW ENERGIES

MAGNETIC FUSION ENERGY STORAGE WAVE ENERGY

on the path to clean and reliable energy

DECARBONIZED SOLUTIONS

CARBON CAPTURE UTILIZATION & STORAGE

deploying safe, easy to apply and costeffective solutions for CO2 capture, utilization and storage

CIRCULAR & BIO PRODUCTS

ADVANCED BIOFUELS BIO-FEEDSTOCK HYDROGEN WASTE VALORIZATION

for a rapid transition to low-carbon mobility and circularity

NEW BUSINESS MODELS

Through dedicated satellite companies

AZULE ENERGY

SUSTAINABLE

MOBILITY

PLENITUDE

Accelerating growth and decarbonization

Deeper operational focus

Access to diversified capital markets

Tailored capital allocation

Strategic and financial flexibility

VÅR ENERGI

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STAKEHOLDER ALLIANCES

Leveraging a strong network of collaborations

Our People

30 thousand people fully engaged in the transition leveraging experience and skills

Industrial partners

Working with long term industrial partners to help create new low carbon ecosystems

Customers

10 million customer base supplied with green power and services

5 thousand service stations across Europe with ~1.5 million touchpoints per day

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Communities, Institutions & Citizens

advocating and contributing to a just energy transition

TOWARDS A NET ZERO ENERGY BUSINESS

Accelerating our GHG emission reduction targets

TOWARDS A NET ZERO ENERGY BUSINESS

Multiple business levers to reach targets

Net Absolute GHG Emissions (Scope 1+2+3)

NEW ENERGY SOLUTIONS

A growing and balanced new energies and services portfolio

DECARBONIZING AND ENHANCING OUR UPSTREAM PORTFOLIO

2022-2025 HIGHLIGHTS

REDUCING BREAKEVEN AND CARBON FOOTPRINT

DECARBONIZING UPSTREAM

Growing production while reducing carbon footprint

€ 29 Bln CUMULATIVE FCF 2022-25 € 4.5 BLN 2022-25 CAPEX AVERAGE PER YEAR -65 % NET CARBON FOOTPRINT (SCOPE 1+2) BY 2025 (vs 2018) KEY METRICS 2021 2022 2025 Baseline Start up Ramp Up 1.68 1.70 1.89 UPSTREAM PRODUCTION | Mboed CAGR ~3 % Brent (\$/bbl) 71 80 70

EXPLORATION Accelerating time to market through discovery of advantaged barrels

ENABLING A GROWING GAS PORTFOLIO

INTEGRATED NATURAL GAS A competitive portfolio to secure supply to key markets

GROWING OUR INTEGRATED GAS PORTFOLIO THROUGH FAST TRACK PROJECTS

14 FCF is post working capital and includes portfolio initiatives

ANGOLA BUSINESS COMBINATION Azule Energy: a bp-Eni Company

GETTING BIGGER AND STRONGER ENHANCING GROWTH AND EFFICIENCY

AZULE ENERGY >200 KBOED PRODUCTION 2 BLN BOE NET RESOURCES

NEW GAS CONSORTIUM

OPERATING ANGOLA'S FIRST NON-ASSOCIATED GAS PROJECT

DEVELOPMENT

CONTRIBUTING TO UNLOCK NEW GROWTH OPPORTUNITIES

INTEGRATED OPERATING MODEL:

DIVERSIFIED & SYNERGIC PORTFOLIO ~15% COST REDUCTION

GOVERNANCE: INDEPENDENT - 50/50 bp-ENI EQUITY EQUAL REPRESENTATION AT BOARD LEVEL

FINANCIAL BENEFITS: DEBT DECONSOLIDATION THIRD-PARTY INVESTMENT ACCESS

BOOSTING OUR INTEGRATED GAS PORTFOLIO

RELIABLE DIVIDEND STREAM

CCS Becoming a leader in carbon management

GROWING PROFITABLY WHILE TRANSFORMING

2022-2025 HIGHLIGHTS

GROWING PROFITABLE NEW ENERGY BUSINESSES

SUSTAINABLE MOBILITY A winning multienergy, multiservice hub

>5,000 ENI SERVICE STATIONS

SUSTAINABLE MOBILITY

A profitable customer-centric and integrated proposition

PLENITUDE Towards upcoming IPO

IPO RATIONALE

BUSINESS DIVISION TARGETS

TARGETING NET ZERO BY 2040 & BOOSTING STAKEHOLDER VALUE

EBITDA 2022 € > 0.6 BLN EBITDA 2025 € 1.4 BLN

Figures include pro-quota of non-consolidated companies *Charging points figure as of 31 January 2022

FINANCIALS

FINANCIALS Aligning industrial and financial strategy

OUR FINANCIAL PLAN

Balancing strict capital discipline and valuable growth

Green: Decarbonisation, Circular and Renewables

SELECTIVE FLEXIBILE HIGH VALUE

PORTFOLIO MANAGEMENT

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New business models and M&A to speed up transformation

NEW BUSINESS MODELS	PORTFOLIO HIGH-GRADING
BUSINESS COMBINATIONS SPIN OFF/IPO SPAC	RATIONALIZATION OF NON-CORE ASSETS SELECTIVE ACQUISITIONS OPTIMIZATION	€ 3 BLN NET CONTRIBUTION 2022-2025

SUSTAINABLE FINANCE

A structural core component in the execution of our plan

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CASH FLOW GROWTH A solid FCF generation

CFFO and FCF before working capital at replacement cost

DISTRIBUTION POLICY Sharing the upside with our shareholders

SHARING VALUE CREATION

2022 DISTRIBUTION	UPSIDE	RESILIENCE
€ 0.88 DIVIDEND PER SHARE € 1.1 BLN BUYBACK BRENT REFERENCE PRICE @ 80 \$/BBL	ADDITIONAL BUYBACK 30% OF INCREMENTAL FCF FOR BRENT ABOVE 90 \$/BBL (NEW PRICE ASSESSMENT IN JULY AND OCTOBER)	SIMPLIFIED, ENHANCED DPS SLIDING SCALE VS PREVIOUS POLICY

DIVIDEND PAID ON A QUARTERLY BASIS STARTING 3Q 2022

CONCLUSIONS

CONCLUSIONS

A DISTINCTIVE STRATEGY

Offering clean, affordable and secure energy

ACCELERATED NET

ZERO PATH

Bringing forward our intermediate GHG emission targets

ROBUST CASH GENERATION

Capital discipline and an innovative portfolio management

IMPROVED

SHAREHOLDER REMUNERATION

Enhancing our dividend and buyback program

BACK UP

SCENARIO ASSUMPTIONS

4YP SCENARIO	2022	2023	2024	2025
Brent dated (\$/bbl)	80	75	70	70
FX avg (\$/€)	1.15	1.18	1.21	1.24
Ural MED c.i.f. - Med Dated Strip (\$/bbl)	-1.5	-1.4	-1.5	-1.5
Std. Eni Refining Margin (\$/bbl)	-0.3	1.5	2.6	3.2
NBP (\$/mmbtu)	21.1	14.4	11.7	9.6
PSV (€/kcm)	688	452	363	293
SENSITIVITY 2022	EBIT ADJ (€ BLN)		Net adj (€ bln)	FCF (€ BLN)
Brent (+1 \$/bbl)	0.21		0.14	0.14
Std. Eni Refining Margin (+1 \$/bbl)	0.12		0.08	0.12
Exchange rate \$/€ (-0.05 \$/€)	0.59		0.37	0.46

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

DISTRIBUTION POLICY

UPSIDE BUYBACK FOR BRENT SCENARIO > \$90/BBL EQUIVALENT TO 30% OF INCREMENTAL FCF

MAIN DECARBONISATION TARGETS

a) 100% according to operatorship

b) Including CCUS services for third parties

MAIN BUSINESS TARGETS

KEY PROJECTS STARTING UP IN 2022-25 [1/2]

NOTE: Average yearly production in peak year/ at plateau

KEY PROJECTS STARTING UP IN 2022-25 [2/2]

Start up: 2024 (Struct. A) Production (kboed):

205 (100%) – 120 (equity) @2027

Cassiopea 60% WI

LIBYA

Merakes East/Maha 65%/40% WI Start up: 2024 Production (kboed): 32 (100%) – 13 (equity) @2025 GAS

LIQ

ITALIA

UAE

Breidablikk	22% WI
Start up: 2024	LIQ
Production (kboed):
57 (100%) – 13 (equity) @2026

27 (100%) – 16 (equity) @2025

Melehia ph.2 76% WI Start up: 2025 (Gas) 2022 Equity: 7 kboed (oil) Production (kboed): 50 (100%) – 27 (equity) @2025 [oil & gas] LIQ/GAS

Dalma Gas 25% WI

Start up: 2024 Progress: 23% Production (kboed):

GAS

GAS

Start up: 2025 Production (kboed): 56 (100%) – 14 (equity) @2025

NOTE: Average yearly production in peak year/ at plateau

PLENITUDE: RENEWABLES 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.

⁴Undisclosed M&A already risked.

5 Includes Australia and Kazakhstan.

⁶ Mainly offshore wind.

Note: installed capacity includes pro-quota of consolidated and non-consolidated capacity.