Eni — Investor Presentation 2023

Feb 23, 2023

2023 CAPITAL MARKETS UPDATE & 2022 FULL YEAR RESULTS

FEBRUARY 2023

DISCLAIMER

This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain 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, Eni's actual results may differ materially and adversely from those expressed or implied in any forwardlooking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni'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:

• Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;
• Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
• 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;
• 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;
• Uncertainties in the estimates of natural gas reserves;
• The time and expense required to develop reserves;
• Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
• Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or-pay long-term gas supply contracts;
• Laws and regulations related to climate change;
• Risks related to legal proceedings and compliance with anti-corruption legislation;
• Risks arising from potential future acquisitions; and
• Exposure to exchange rate, interest rate and credit risks.

Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.

OUR APPROACH TO THE ENERGY TRILEMMA

Gas as a bridge energy source Geographical diversification Deployment of new technologies Fast time to market New business and financing model Energy mix diversification

THE SATELLITE MODEL

ENABLING INVESTMENTS IN OIL AND GAS AND NEW ENERGIES

STRIKING THE RIGHT BALANCE BETWEEN INVESTMENTS AND RETURNS

through:

ACCESS TO SPECIALIZED CAPITAL FINANCIAL STRUCTURE OPTIMIZATION

GOVERNANCE TAILORED TO ACCESS ENI'S TECHNOLOGIES, KNOW-HOW AND SERVICES

SUSTAINABLE MOBILITY

2022 A YEAR OF DELIVERY (1/2)

ACHIEVED MILESTONES

50% RUSSIAN GAS REPLACEMENT mainly North & West Africa

CȎTE D'IVOIRE Baleine FID

ALGERIA Berkine South start-up

LNG Mozambique Coral start-up Congo LNG FID

~750 MBOE discovered resources mainly in Cȏte d'Ivoire, Cyprus, UAE and Algeria

< 2 \$/BOE Unit Exploration Cost

Refining OPTIMIZATION & FLEXIBILITY

PALM OIL FREE

SAF PRODUCTION started

PORTO MARGHERA transformation

Increased share in NOVAMONT

FIRST BIO-FEEDSTOCK CARGOES FROM KENYA

AGRO-INDUSTRIAL PRESENCE

in Congo, Mozambique, Angola, Ivory Coast, Rwanda, Kazakhstan and Italy

NORWAY Var Energy IPO

ALGERIA Acquisition of bp assets

CONGO Tango FLNG acquisition

ANGOLA Azule operational

SPAC NEOA IPO

RENEWABLE 2x installed capacity

RETAIL Resilient in a challenging environment

E-MOBILITY Fast growing network, ongoing expansion in EU

SECOND CCS PROJECT IN UK to decarbonize the Bacton and Thames Estuary area

RAVENNA CCS PROJECT FID for PHASE 1 Eni and Snam JV formed

COMMITTED TO COP26'S GLOBAL METHANE PLEDGE targets to reduce methane emissions by 30% by 2030

Announced new intermediate targets of 35% by 2030 and 80% by 2040 in Eni Net Absolute GHG Emissions Scope 1+2+3

33% reduction in Upstream emissions Scope 1+2 2022 vs 2018 ⁵

2022 A YEAR OF DELIVERY (2/2)

REINFORCING FINANCIAL PERFORMANCE

NATURAL RESOURCES VALUE CREATION LEVERS

FOCUSED EXPLORATION ON ADVANTAGED RESOURCES AND AGILE DEVELOPMENT

INCREASE EQUITY GAS AND LNG LEVERAGING VALUE CHAIN INTEGRATION

DISCIPLINED AND SELECTIVE UPSTREAM CAPEX

PORTFOLIO VALUE CREATION

LOW CARBON AND EFFICIENCY

• ACCRETIVE PRODUCTION GROWTH
• INDUSTRY LEADING TIME TO MARKET

ENHANCED VALUE CREATION FROM INTEGRATION

GROWING NEW BUSINESSES TO SUSTAIN ENERGY TRANSITION

DELIVERING ON NET ZERO TARGETS

EXPLORATION EXPLORING FOR A PURPOSE AND VALUE

LEADING THE SECTOR IN VALUE CREATION

feeding the Upstream growth and value

~1.5 \$/boe AVG 2023-2026 UNIT EXPLORATION COST

~75% lower than industry in the last 10 years*

2023-2026: EXPECTED EQUITY RESOURCES 2.2 bln boe of which 60% gas

2023-2026: EXPLORATION CAPEX 2.1 € bln

SUPERIOR UPSTREAM PORTFOLIO

FEEDING OUR GROWTH

FOCUS ON EFFICIENCY & COMPETITIVENESS

ROLLING AVERAGES OF TECHNICAL COSTS (\$/BOE)*

~ 3.5 YEARS TIME-TO-MARKET from discovery to production (~2x faster than industry average)

UNEQUALLED PAST AND PRESENT QUALITY OF ASSETS

IMPAIRMENTS REPORTED IN 2017-2021 (B\$)

A RESILIENT PORTFOLIO regularly stress tested with

lowest carbon scenario

*Based on company disclosed data adjusted for consistent comparison basis.

Peers include Apache, BP, Chevron, ConocoPhillips, Equinor, ExxonMobil, Shell and TotalEnergies. Discounted Net Cash flow data are after tax amounts. Impairment data are net pre-tax amounts. Source: annual reports or quarterly result announcements (perimeters may differ from peer to peer). Peers for impairments and DCNF/boe include BP, Chevron, ConocoPhillips, Equinor, ExxonMobil, Shell and TotalEnergies.

ADDING HIGH VALUE RESERVES

8.2

8.9 DNCF/BOE OF PROVED RESERVES IN 2021 (\$/BOE)

Eni Sector

10

UPSTREAM OUTLOOK

VALUE CREATION: HIGH QUALITY BARRELS WITH LOW EMISSIONS

UPSTREAM PRODUCTION

ORGANIC FCF* PER BARREL (@ constant 2023 scenario) \$/boe

GLOBAL GAS & LNG PORTFOLIO

RESILIENT AND RE-SHAPED

CONTRIBUTING TO SECURITY OF SUPPLY WHILE STEPPING UP VALUE DELIVERY

*Source: Eni's elaboration on GIE (Gas Infrastructure Europe) map representing main infrastructures used by Eni. 12

A NEW SUPPLY PARADIGM SET UP TO EXTRACT VALUE FROM A SUSTAINED VOLATILE MARKET ENVIRONMENT

A GLOBAL PORTFOLIO OF SHORT, MEDIUM & LONG-TERM OPTIONS

GGP EBIT € 1.7 – 2.2 BLN @2023

SHARE OF FOB SUPPLY ~40% @2022 ~70% @2026

RISING TO THE TRANSITION CHALLENGE

ADDING VALUE TO CARBON NEUTRALITY

CUTTING SCOPE 1 & 2

TOWARDS NET ZERO

through flaring down, energy efficiency, renewable energy, CCS and high-quality Carbon Offsets

NET EMISSIONS REDUCTION OF OUR UPSTREAM PROJECTS

through the development of CCS projects and Carbon Offsets generated in Country

INTRODUCTION OF NEW LEVERS FOR CREDITS GENERATION

such as Clean Cooking, Agroforestry, Carbon Farming and Restoration of Ecosystems

-65% NET CARBON FOOTPRINT (scope 1+2) by

2025 (vs 2018)

CCS FLAGSHIP PROJECTS

ITALY Ravenna 50% WI

Start up 2025 Ph. 1 (storage injection: 4.5 MTPA) 2030 Ph. 2 (storage injection: 10 MTPA)

Total storage capacity 200 MT CO²

Start up

2024 Ph. 1 (storage injection: 25kton/y) End 2026 Ph. 2 (industrial scale storage injection: 4 MTPA)

Total storage capacity

500 MT CO²

LIBYA BES CO²

2027 storage injection 2.5 MTPA Total storage capacity 50 MT CO² Management 50% WI

Start up

30 MTPA CARBON GROSS VOLUME STORED @2030

OPERATIONAL IN NORWAY

OTHER INITIATIVES IN EGYPT, AUSTRALIA & UAE

FIRST CARGO FROM KENYA IN OCT 2022

AGRI HUBS

A NEW UPSTREAM

MOZAMBIQUE, CONGO & IVORY COAST FROM 2023

AGRI-FEEDSTOCK >700 kTON @2026

NATURAL RESOURCES KEY TARGETS

UPSTREAM INVESTMENT	RESILIENT GGP
EXPLORATION TARGETING 2.2 BLN BOE AT ~ \$1.5/BOE	>18 MTPA OF CONTRACTED LNG IN 2026
LEAN & MODULAR DEVELOPMENT FOR FAST TIME TO MARKET €6-6.5 BLN AVERAGE CAPEX 2023-26	2023 EBIT € 1.7 – 2.2 BLN RECONFIGURED GGP EBIT > € 4 BLN 2023-26
PRODUCTION GROWTH	-65% NET SCOPE 1+2 BY 2025 (vs 2018)
~ 3-4% CAGR OVER 2022-26 PLATEAU EXPECTED THROUGH 2030	30 MTPA CARBON GROSS VOLUME STORED @2030 THROUGH CCS
60% OF GAS IN THE PORTFOLIO BY 2030	AGRI-HUBS: NEW COUNTRIES FROM 2023

GROWING VOLUMES AND VALUE

REDUCING BREAKEVEN AND EMISSIONS

ENERGY EVOLUTION VALUE CREATION LEVERS

INCREASE OFFER OF GREEN, BIO AND BLUE PRODUCTS AND SOLUTIONS

INDUSTRIAL SET-UP CONVERSION AND PROMOTION OF CIRCULAR ECONOMY INITIATIVES

BOOSTING BIO-REFINING CAPACITY AND SERVICES TOWARDS A SUSTAINABLE MOBILITY

INCORPORATING LOW-CARBON BUSINESSES INTO AGILE VEHICLES FOR GROWTH AND VALORIZATION

A CUSTOMER-CENTRIC BUSINESS PLATFORM TO ACCELERATE END-USE DECARBONIZATION

INCREASING ENERGY SUPPLY PORTFOLIO DE-RISKING

FINANCIAL FLEXIBILITY TO ENHANCE COMPETITIVENESS

ACCELERATE TRANSITION TOWARDS A NET-ZERO COMPANY

SUSTAINABLE MOBILITY HIGH VALUE, CUSTOMER-CENTERED, ASSET LIGHT

A MULTI-SERVICE, MULTI-ENERGY COMPANY

A STRATEGIC LEVER TO TARGET SCOPE 3 EMISSIONS REDUCTION

REFINING AND MARKETING HIGHER QUALITY, DERISKED AND GROWING RESULTS

CAPEX | %

SUSTAINABLE MOBILITY REFINING AND MARKETING

ACCELERATING OUR TARGETS

~70% CAPEX FOR DEVELOPMENT IN SUSTAINABLE MOBILITY € 1.4 BLN @ 2026 MARKETING TRADITIONAL REFINING Stay in Business BIOREFINING & BIOMETHANE

(Sustainable Mobility and Traditional Refining)

SUSTAINABLE MOBILITY DRIVING GROWTH DERISKED TRADITIONAL BUSINESS CONTRIBUTING POSITIVELY

VERSALIS TRANSFORMATION LEADING SUSTAINABLE CHEMISTRY, DRIVING CHANGE, CREATING VALUE

PLENITUDE AN INTEGRATED BUSINESS MODEL

SIZEABLE AND WORLDWIDE PRESENCE WITH OPERATIONS IN 15 COUNTRIES AND 2,500 EMPLOYEES

EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Installed capacity figure is in Plenitude share.

STRONG GROWTH: 2026 EBITDA 3x vs 2022

Operational KPIs as of 31st December 2022. 21

PLENITUDE A JOURNEY OF GROWTH

~6

Low maturity

Operational KPIs as of 31st December 2022. Installed capacity figure is in Plenitude share. 22

INSTALLED AND PROJECTS PIPELINE >13 GW (+30% YoY)

~3

(GW)

Installed & under construction

Pipeline does not include offshore wind projects with completion expected after 2026

~4

High visibility & medium maturity

ENERGY EVOLUTION

KEY TARGETS

PLENITUDE AT 2026

7 GW RES CAPACITY >11 M CUSTOMERS >30K CHARGING POINTS € 1.8 BLN EBITDA

SUSTAINABLE MOBILITY

3 MTPA CAPACITY @2025 +300 SERVICE STATIONS IN THE 4YP

GREEN VALUE CHAIN*

€ 6.5 BLN CAPEX IN 4YP € 3.3 BLN ADJ. EBITDA BY 2026

*Plenitude + Sustainable Mobility, EBITDA is proforma.

ENERGY EVOLUTION

EBIT 2X OVER THE 4YP >20% OF GROUP CFFO @2026 GROWING PROFITABLE NEW ENERGY BUSINESSES

TECHNOLOGY A COMPLETE LANDSCAPE AND INTEGRATED APPROACH TO INNOVATION

TODAY CAPITAL, INNOVATION & ENGINEERING SKILLS supporting CFS as strategic shareholder & Board member

2025 SPARC PILOT PLANT generating net energy from fusion

Early 2030s ARC REALIZATION the first industrial fusion power plant

AN INTEGRATED APPROACH TO DEVELOP HIGH-POTENTIAL TECHNOLOGIES, ACCELERATE INNOVATION AND TIME TO MARKET

~€ 9 bln value creation of R&D proprietary technologies*

EARNINGS AND CASHFLOW DELIVERY

GROWING RETURNS AND CASHFLOWS

€13 BLN IN 2023

€47 BLN OVER THE PLAN

EBIT CFFO

>€17 BLN IN 2023

>€69 BLN OVER THE PLAN

ROACE

~13% PLAN AVERAGE

SECOND HIGHEST IN 10+ YEARS CONFIRMING EARNINGS QUALITY

SIGNIFICANT ADDITIONAL CONTRIBUTION FROM ASSOCIATES 12% PER SHARE CAGR 2023-2026 AT CONSTANT OIL PRICE

+7 P.P. ABOVE AVERAGE ROACE 2010-2019

IMPROVING CAPITAL PRODUCTIVITY

27

DISCIPLINED INVESTMENT

NEW OPPORTUNITIES BALANCED WITH CONTINUED DISCIPLINE

2023-26 CAPEX € 37 BLN – MEASURED AND DISCIPLINED

2022-25 FX INFLATION COTE D'IVOIRE INCREMENTAL GAS CAPEX * OTHER E&P (NET) EE & OTHERS GROWTH 2023-26 NATURAL RESOURCES PLENITUDE & POWER GTR&M VERSALIS OTHERS 28 € BLN 37 EFFECTIVE FACED

25% INVESTMENT IN LOW CARBON BUSINESSES OVER 4YP

* Incremental gas capex include gas and LNG projects in Algeria, Congo, Qatar, Libya, Mozambique, Egypt, Indonesia and Italy

CAPEX PLAN

• ~ € 9.5 BLN IN 2023
• US\$ CAPEX +15% VS PREVIOUS 4YP
• E&P INVESTING FOR ENHANCED VALUE AND SECURING SUPPLY
• SATELLITES ACCESSING ADDITIONAL CAPITAL
• FUNDING RENEWABLES AND DOWNSTREAM TRANSFORMATION
• PORTFOLIO ACTIVITY POSITIVE CASH CONTRIBUTOR

SHAREHOLDER DISTRIBUTION

SIMPLIFIED AND ENHANCED

PAYOUT BASED DISTRIBUTION

~25-30% OF CFFO THROUGH A COMBINATION OF DIVIDENDS AND BUYBACK

RISING DIVIDEND

SCOPE FOR INCREASES IN COMING YEARS AS BUSINESS GROWS AND SHARES REDUCE

SIMPLIFIED POLICY ENHANCED DISTRIBUTION SHARING VALUE

€0.94 2023 DPS 7% INCREASE VS 2022 DISTRIBUTED QUARTERLY

€2.2 BLN 2023 BUYBACK 2X VS 2022 POLICY

AT \$85/BBL SCENARIO

TO COMMENCE IN MAY SUBJECT TO AGM

~11% YIELD COMPETITIVE POLICY 4 YEAR RETURN OF ~40% OF MARKET CAPITALISATION

RESILIENT AT BOTTOM OF THE CYCLE

FLEXIBLY DESIGNED 35% OF UPSIDE TO BUYBACK

FINANCIAL STRENGTHS

All figures at plan scenario. Leverage is before IFRS 16.

A STRONGER, MORE SUSTAINABLE-LINKED BALANCE SHEET

FINANCIALS KEY TARGETS

STRONG CASHFLOW

GROWING CFFO BY 12% CAGR*

CONTRIBUTIONS ACROSS ALL BUSINESSES

CAPITAL DISCIPLINE

RAISED CAPEX TO CAPTURE ADDITIONAL VALUE

FUNDING MEDIUM TERM E&P GROWTH AND LONG –TERM LOW/ZERO CARBON TRANSFORMATION

* 2023-2026 CAGR, PER SHARE BASIS

BALANCE SHEET

2023–2026 LEVERAGE 10-20%

RESILIENCE AND FLEXIBILITY

DISTRIBUTIONS

ENHANCED AND SIMPLIFIED 25-30% OF CFFO TO DIVIDEND AND BUYBACK

2023 DIVIDEND €0.94/SHARE +7% 2023 BUYBACK €2.2 BLN 2X

FINANCIAL STRENGTH ENABLING EXECUTION, FLEXIBILITY AND DELIVERING RETURNS TO OUR INVESTORS

CONCLUSIONS

OUTLOOK TO 2030

CONTINUING TO GROW

2022

2030

CONCLUDING REMARKS

''L'ENERGIA DI SEMPRE E L'ENERGIA NUOVA'' TACKLING THE TRILEMMA

VALUE TO US MEANS ECONOMIC RETURNS AND REDUCED EMISSIONS SIMPLIFYING AND ENHANCING

INTEGRATION, DIVERSIFICATION, FLEXIBILITY, TECHNOLOGY ARE CORE

THE SATELLITE MODEL

DIFFERENTIATES US

OUR DISTRIBUTION POLICY

2023 GUIDANCE

GUIDANCE

PRODUCTION	1.63-1.67 MBOED
DISCOVERED RESOURCES	700 MBOE
GGP EBIT	€ 1.7 – 2.2 BLN
PLENITUDE EBITDA	> € 0.7 BLN
DOWNSTREAM EBIT	€ 1.2 BLN
SUST. MOBILITY EBITDA	€ 0.9 BLN
EBIT	€ 13 BLN
CFFO	> € 17 BLN
CAPEX	~ € 9.5 BLN
DIVIDEND	€ 0.94/SHARE
BUYBACK	€ 2.2 BLN

Plenitude: EBITDA is pro-forma; Downstream: EBIT is pro-forma.

Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives.

2022 RESULTS vs GUIDANCE

	RESULTS	GUIDANCE
PRODUCTION	1.61 MBOED	1.63 MBOED	Adj. for FM effects, unplanned events in Kashagan and lower contribution from Norway
DISCOVERED RESOURCES	750 MBOE	750 MBOE
GGP EBIT	€ 2.1 BLN	> € 1.8 BLN
PLENITUDE EBITDA	> € 0.6 BLN	> € 0.6 BLN
DOWNSTREAM EBIT	€ 2.4 BLN at 13.6 \$/bbl Q4 SERM	€ 2.5 BLN at 15 \$/bbl Q4 SERM
CFFO	€ 20.4 BLN at \$101 BRENT	€ 20 BLN at \$100 BRENT
CAPEX	€ 8.2 BLN	€ 8.3 BLN
LEVERAGE	0.13	0.15
BUYBACK	€ 2.4 BLN	€ 2.4 BLN

Plenitude: EBITDA is pro-forma; Downstream: EBIT is pro-forma.

Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. Leverage: before IFRS 16 lease liabilities.

Downstream EBIT guidance recalculated at actual SERM ~ € 2.3 BLN. Guidances as of 3Q 2022.

37

SUMMARY TARGETS: 2023 vs 2022 CMD

	2023-2026 New plan	2022-2025 Previous plan
PRODUCTION CAGR	3-4%	3%
EXPLORATION DISCOVERIES	2.2 BLN BOE	2.2 BLN BOE
LNG CONTRACTED VOLUMES @ PLAN END	> 18 MTPA	> 15 MTPA
CUMULATIVE 4YP GGP EBIT	> € 4 BLN	€ 2.7 BLN
PLENITUDE EBITDA @ PLAN END	€ 1.8 BLN	€ 1.4 BLN
BIOREFINERY CAPACITY @ PLAN END	>3 MTPA	~2 MTPA
CAPEX 4YP	~ € 37 BLN	~ € 28 BLN
GREEN VALUE CHAIN CAPEX*	~20%	~20%
CUMULATIVE 4YP CFFO @ENI SCENARIO	> € 69 BLN	€ 55 BLN
LEVERAGE 4YP	10-20%	AVG ~ 10%

SCENARIO ASSUMPTIONS

4YP SCENARIO	2023	2024	2025	2026
Brent dated (\$/bbl)	85	85	80	80
FX avg (\$/€)	1.03	1.05	1.10	1.14
Ural MED c.i.f. - Med Dated Strip (\$/bbl)	-20	-10	-5	-4
Std. Eni Refining Margin (\$/bbl)	7.0	4.0	3.5	3.5
NBP (\$/mmbtu)	25.7	25.6	17.2	12.5
PSV (€/kcm)	970	907	572	402
SENSITIVITY 2023	EBIT ADJ (€ bln)		Net adj (€ bln)	CFFO before WC (€ bln)
Brent (1 \$/bbl)	0.18		0.13	0.13
European Gas Spot Upstream (1 \$/mmbtu)	0.15		0.12	0.13
Std. Eni Refining Margin (1 \$/bbl)	0.14		0.10	0.14
Exchange rate \$/€ (+0.05 \$/€)	-0.59		-0.36	-0.72

Brent sensitivity applies to liquids and oil-linked gas.

Sensitivity is valid for limited price variation.

For energy use purposes PSV variation of 1\$/MMBTU has an impact of -15 mln € on SERM calculation.

SUMMARY OF MAIN BUSINESS TARGETS

a) Plenitude 100%

b) KPI used in Eni Sustainability-Linked Financing Framework

SUMMARY OF MAIN DECARBONIZATION TARGETS

• a) KPI used in Eni Sustainability-Linked Financing Framework
• b) 100% according to operatorship
• c) Equity Eni, including CCUS services for third parties

UPSTREAM KEY PROJECTS START-UPS 2023-26 [1/2]

Country	Project	W.I.	Products	Start up	a Production (kboed)
ANGOLA	Agogo West Hub Integrated	18%	L	2026 (FPSO)	175 (100%) @2027
	NGC Quiluma & Mabuqueiro	19%	G	2026	100 (100%) @2027
CONGO	Congo LNG	65%	G	2023	123 (100%) @2027
EGYPT	Melehia ph.2	76%	L G	2024 (Gas)	37 (100%) @2024 (Oil&Gas)
INDONESIA	Merakes East	65%	G	2025	15 (100%) @2026
	Maha	40%	G	2025	26 (100%) @2026
ITALY	Cassiopea	60%	G	2024	27 (100%) @2025

UPSTREAM KEY PROJECTS START-UPS 2023-26 [2/2]

Country	Project	W.I.	Products	Start up	a Production (kboed)
	Baleine ph.1	83%	L G	2023	18 (100%) @2025
IVORY COAST	Baleine ph.2	83%	L G	2024	38 (100%) @2025
LIBYA	A&E Structure	50%	G	2026 (Struct. A)	160 (100%) @2032
	Balder X	58%	L	Q3 2024	>70 (100%)b
NORWAY	Breidablikk	27%	L	2024	~62 (100%)c
	Johan Castberg	19%	L	2024	~190 (100%)c
UAE	Dalma Gas	25%	G	2025	56 (100%) @2026

43 ^aAverage yearly production in peak year/at plateau ^bSource: Var Energi Q1 2022 results (total Balder field production) c Source: IPO prospect

BIOREFINING KEY PROJECTS 2023-26

Country	Project	W.I.	Start up	Capacity	Status	Additional notes
ITALY	Production capacity increase from 360 to 560 kt/y	100%	2024	560 kton/y	Firm
(VENICE)	Enhanced flexibility to allow other biomass processing (incl. low bio ILUC)		Ph1 in 2023 Ph2 in 2027			-
ITALY (VENICE & GELA)	Product mix enrichment to grow HVO diesel & biojet production	100%	2024-2025	~740 kton/y (Gela)	Firm	-
ITALY (LIVORNO)	Building 3 new plants for hydrogenated biofuel production	100%	2025	500 Kton/y	Firm	Biogenic feedstock pre-treatment unit, 500 kton/y ecofining™ plant and hydrogen plant
MALAYSIA (PENGERANG)	New biorefinery under study (flexible configuration to max SAF & HVO prod.)	Under eval.	FID by 2023, completion by 2025	650 kton/y (gross)	Under study	Strategic location (easy access to growing Asian markets)
USA CHALMETTE	New biorefinery conversion (expanding presence in North America)	50%	Operational in H1 2023	550 kton/y (equity)	Firm	Access to premium HVO and SAF market and ample bio-feedstock availability

PLENITUDE KEY PROJECTS

Storage: BESS production refers to annual energy dispatched.

45 Completion represents the final construction stage excluding the grid connection, meaning that all principal components have been installed. Pre-commissioning activities fall within the construction phase.

RENEWABLES

RENEWABLE PROJECTS' AVG UNLEVERED IRR: 6-8%

Installed capacity figure is in Plenitude share.

EBITDA figure is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. CAPEX include pro-rata contribution from unconsolidated companies and M&A is included in 2022 figure. IRR is subject to scenario assumptions. 46

ENHANCING RESILIENCE, LEVERAGING ON PROVED TRACK RECORD

E-MOBILITY

DC CPs: CAPEX BREAKEVEN WHEN USED 90 MINs/DAY FOR 3 YEARS

PLENITUDE

ECONOMICS AND FINANCIAL DATA

0.5

EBITDA, CAPEX, CFFO include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. EBITDA figure is adjusted. CFFO and FCF figures are before working capital. 49

2022 AVG 23-26

1

TOWARDS A NET ZERO ENERGY BUSINESS

MULTIPLE BUSINESS LEVERS TO REACH TARGETS

UPSTREAM MIDSTREAM DOWNSTREAM CCUS OFFSET 2030 MtCO2eq 2050 NET ZERO 2018 MtCO2eq 2026 2030 2040 Green NET ABSOLUTE GHG EMISSIONS (SCOPE 1+2+3) 328 0 505 Traditional 30% 70% 85%

CAPITAL ALLOCATION

50

TOP RANKED ESG RATINGS

LEADING THE PEER GROUP ON ENVIRONMENT

MOODY'S ESG SOLUTIONS	MSCI ESG	SUSTAINALYTICS ESG RISK RATING	ISS ESG	CDP CLIMATE CHANGE	CDP WATER	CA100+ NZ BENCHMARK	CARBON TRACKER Absolute Impact 2022
ADVANCED	AAA	NEGLIGIBLE RISK	A+	A	A	#alignedmetrics
ADVANCED*						29	1° ***
				A
					B
						21
	A A	MEDIUM
			B- **
ROBUST			C+
				C
		HIGH
					D
WEAK	CCC	SEVERE RISK	D-	D-/F	D-/F	0	0

Eni peers: Shell, TotalEnergies, BP, Equinor, Chevron, ExxonMobil, Conoco Philips, Marathon Oil, Occidental, APA Corporation. Average calculated as per last available data. * First out of 30 companies in the European oil & gas sector.

** B- corresponds to Prime status – investment grade. Last review in 2021

*** Eni peers: Repsol, TotalEnergies, BP, Shell, Equinor, Occidental, Chevron, ConocoPhillips, EQT, EOG Resources, Devon, Pioneer, Suncor, Exxon Mobil as per Carbon Tracker Methodology