Eni — Investor Presentation 2024

Jul 26, 2024

1H 2024 RESULTS

1H 2024 | HIGHLIGHTS

CONTINUED STRATEGIC PROGRESS

FINANCIALS RESULTS

EBIT PRO FORMA €8.2 bln

of which: EBIT €6.2 bln

PROFIT FROM ASSOCIATES €0.8 bln

NET PROFIT

€3.1 bln

CFFO €7.8 bln

ORGANIC CAPEX

€4.1 bln

LEVERAGE

22%

NATURAL RESOURCES

EXPLORATION

Close to 1 bln boe of discovered resources Major Gas & NGL discovery in Côte d'Ivoire (Calao) Excellent well deliverability of Cronos in Cyprus Oil and associated gas discovery in Mexico

UPSTREAM

Production up 5% YoY Fully integrating Neptune's activities

PORTFOLIO Acquisition of Neptune completed

Minor Upstream assets sale in Congo completed

Announced UK business combination with Ithaca

NAOC sale approved by Nigerian Authorities

Binding agreement to sell upstream assets in Alaska

ENERGY EVOLUTION

ENILIVE

FID Italy's third bio-refinery in Livorno FID of bio-refineries in Malaysia and South Korea

PLENITUDE

Commenced construction on 330MW Renopool solar park in Spain – Plenitude's largest ever

PORTFOLIO

EIP-Plenitude investment completed for €0.6 bln

Exclusivity agreement signed with KKR for the potential sale of 20-25% in Enilive

2 EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. Leverage: before IFRS 16 lease liabilities.

ENI VALUE CHAIN

INTEGRATING COMPETITIVELY ADVANTAGED LEGACY AND TRANSITION BUSINESSES

¹ Share of Versalis sales

² All figures at plan scenario, ex one-off.

2Q 2024 | EARNINGS SUMMARY

ADVANCING VALUE ACROSS THE BUSINESS

Enilive

€ BLN

E&P

Capturing oil and gas price scenario across consolidated and satellite businesses. Strong production growth

GGP

Capturing value from supporting market dynamics

ENILIVE

Resilient result in a very weak bio market. Excellent operating performance

PLENITUDE

Resilient retail performance and progressing with renewables; continuous growth of capacity and EV chargers

DOWNSTREAM

Impacted by depressed SERM and higher turnarounds

VERSALIS

Persistent challenging scenario

OTHER ITEMS

Finance expense low even as net debt set to fall

Higher tax rate on upstream and corporate mix factors

EBIT, EBT and Net Profit are adjusted

1H 2024 | CASHFLOWS

FOR REINVESTMENT, DISTRIBUTION AND BALANCE SHEET STRENGTHENING

CASH FLOW RESULTS | € BLN

FOCUS: UPSTREAM

PROJECT EXECUTION, PORTFOLIO FOCUS, MARGIN CAPTURE

ADJ. EBIT PRO-FORMA | € BLN

E&P

• Growth production up +6% reflects ramp-ups, Neptune and excellent regularity
• Approaching 1 bln boe discovered resource in 1H24
• 2024 start-ups feature: Cassiopea, Baleine ph2, Balder X and Johan Castberg
• FIDs underway: Baleine ph3, Geng and Maha
• Congo, Nigeria, Alaska non-core divestments

GGP

• Normalizing results after one-time benefits in 2023
• Lower volumes reflecting maintenance and marketdriven optimizations
• EBIT reflects sustained prices in a supporting trading environment and negotiations outcome

GROWTH AND VALUE

3-4% underlying cagr in 4YP 30% improvement in CFFO/Boe

PORTFOLIO HIGH-GRADING Sale of non-core properties

Leading exploration the engine of competitive advantage

Focus on time to market and phased development optimizes capital

Satellites designed to optimize performance and secure more value

GGP

Expanding integrated gas and LNG portfolio capturing full value chain

Capturing market volatility using portfolio flexibility and asset backed trading

FOCUS: TRANSITION BUSINESSES

Outstanding operational and financial growth outlook in 4YP and through 2030+

CORE TO OUR INDUSTRIAL STRATEGY

Renewables and biofuels critical to decarbonization and transition with identifiable business models to generate earnings and value

KEY COMPETITIVE ADVANTAGES

Enilive: track-record and knowhow in construction and operations; technology; integration

Plenitude: customer base; risk management and know-how; integration

ADJ. EBITDA PRO FORMA | € BLN

Enilive Plenitude

ENILIVE GROWTH

• Growth bio 1H throughputs up +145% y-o-y
• 90% utilization rates YTD
• 1H24 EBITDA €450 mln highlights integrated business model
• Progressing key new projects towards 2H24 FID
• Proposed KKR investment highlights value creation

PLENITUDE

• Growth installed renewable capacity +24% y-o-y
• 1H24 EBITDA €609 mln ahead of annualized target
• On schedule for targeted 4GW by year-end with a current >2GW under construction
• Concluded EIP investment confirms value created

PORTFOLIO ACTIVITY AND LEVERAGE

ADVANCING AND REALISING VALUE, HIGH-GRADING PORTFOLIO

LEVERAGE 10% 15% 20% 25% 1H 2024 1H 2024 PROFORMA FY 2024 PROFORMA GUIDANCE RANGE ~75% €8 BLN TARGET 4YP

VISIBILITY BY YE '24 ON MAJORITY OF DIVESTMENTS GENERATING NET €8 BLN 4YP TARGET

PORTFOLIO ACTIVITY

Transition businesses accessing new pools of aligned capital and recognizing value created

Diluting high equity exploration discoveries and advancing value

High-grading Upstream and rationalizing balance sheet

LEVERAGE

Leverage fell 1.4PP in 2Q

Net portfolio cash out €0.9 bln in YTD – now set to reverse

2H expected to see leverage to <20% on identifiable transactions

Potential to show leverage proforma of deals not completed to ~15% by YE '24

SATELLITE MODEL

SOLVING CAPITAL NEEDS, ADDING VALUE, SHOWING VALUE

AZULE ENERGY

€3 bln cashed to date Target to grow to ~250 gross kboed by 2026

BIOCHEMISTRY

VÅR ENERGI

€3.9 bln cashed to date Share price appreciation (+27% since IPO) Target to increase to ~400 gross kboed by 2025

PLENITUDE

Equity investment completed (~8%) Target x2 EBITDA 2027 vs 2023

ITHACA

Creating leading UKCS player with operating & financial synergies with focussed management

ENILIVE & PLENITUDE

New investment with valuable partners at attractive multiples in pathway towards IPO

NEW CAPITAL

Funding further growth, management of balance sheet and freeing up cashflows for shareholder distribution

UPSTREAM

Gaining access to expanded capital base; combining benefits of focussed management with access to technical resources of a Major

VALUE CREATION

€11 bln satellite cash-in since their creation to end 2024 (€9 bln since 2022)

ENILIVE

CCUS

Equity investment announced for a share up to 25%* Target +60% EBITDA in the 4YP

* Following this transaction, in consideration of the interest received from other financial investors, Eni could evaluate an additional sale of up to 10%.

2024 GUIDANCE UPDATE

	APRIL 2024	JULY 2024
BRENT (\$/bbl) PSV (€/MWh) EXCHANGE RATE (€/\$)	86 33 1.075	86 32 1.075
PRODUCTION	1.69-1.71 Mboed	Towards the top end of guidance range
GGP PRO-FORMA EBIT	€0.8 bln	Capturing identified upside
ENILIVE PRO-FORMA EBITDA	~ €1.0 bln	Confirmed
PLENITUDE PRO-FORMA EBITDA	€1.0 bln	Confirmed
GROUP PRO-FORMA EBIT	>€14 bln	~€15 bln
GROUP CFFO	>€14 bln	Confirmed in mixed scenario context
NET CAPEX	€7.0-8.0 bln	Below €6 bln
DIVIDEND	€1.00/share	Confirmed
BUYBACK	€1.6 bln	Accelerated pace. Potential for up to €500 mln additional buyback to be evaluated in 3Q*

RAISED UPSTREAM

Better production outlook and raised GGP confirm good execution and focus on capturing gas margins

RESILIENT TRANSITION BUSINESSES

Reiteration of Transition EBITDA guidance reflects resilience in both Enilive and Plenitude business models in context of mixed market scenario

IMPROVED FINANCIAL OUTLOOK

Cashflow confirmed underpinning shareholder distributions and lower net capex signaling better than planned progress on divestment plan and debt reduction

EBITDA and EBIT are adjusted.

10

.

Pro-forma includes Eni's share of equity-accounted entities.

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

* In light of the lower expected debt driven by the disposal programme, in 3Q distribution could be raised to the 35% share of budgeted CFFO.

CONCLUDING REMARKS

Clear industrial strategy

targeting growth and competitive returns in evolving energy market

Distinctive approach

• Businesses with clear competitive advantages
• Balancing investment and distribution
• Supporting financial strategy

Delivering on promises

• Balancing investment and shareholder returns
• Delivering growth
• Capturing scenario
• Maturing new projects

Value for shareholders

11

Capturing portfolio value Lowering debt faster Accelerating raised buyback Potential to raise buyback

2Q 2024 vs 1Q 2024 EARNINGS

EBIT PRO FORMA | € BLN

SCENARIO 2Q realisations +5% q/q Liquids +4% Natural gas +3%

PERFORMANCE E&P volumes affected by seasonal effects and maintenance

GGP continues to successfully capture margin upside

Deteriorating product spreads impact conventional refining and biofuel margins

Resilient wholesale and trading activities in downstream

2Q 2024 vs 1Q 2024 EARNINGS

ADJUSTED PRE-TAX | € BLN

PERFORMANCE

Similar trends evident on a q/q basis when looked at via Ebit

Good contributions from associates businesses

2Q 2024 vs 2Q 2023 EARNINGS

ADJUSTED PRE-TAX | € BLN

15

PERFORMANCE Production growth, efficiency gains and better realizations in the Upstream

Resilience of the result in absence of the GGP one-offs

Doubled throughput in Enilive part offset margin deterioration

Higher retail commodity margins but lower volatility in Plenitude

CCS RAPIDLY GROWING BUSINESS

Start-up in Q3 24

Pre 2030 Post 2030

COMPETITIVE STRENGTHS

Attractive and broad portfolio of strategic T&S projects

Operatorship

Cost effective and accelerated time to market

Integrated project management along value chain

Privileged position to aggregate volumes

Supports third party decarbonization

ITHACA BUSINESS COMBINATION

SATELLITE MODEL STRATEGY CONTINUES TO UNFOLD

COMBINED METRICS
~50:50 GAS:OIL
WEIGHTING (1)
37
PRODUCING ASSETS

100-110 KBOEPD PRODUCTION (2)

658 MMBOE 2P + 2C (3)

NEXT EVENTS

AUGUST 2024 PUBLICATION OF PROSPECTUS

Q3/Q4 CLOSING OF COMBINATION

¹2023 pro-forma split.

17

²2024 pro forma production – 2024 production guidance from Ithaca Energy, NSAI Top-Up Report in relation to Eni Uk and ERCE CPR in respect of Neptune, each at 31 Dec 23.

³NSAI CPR in relation to Ithaca Energy, NSAI Top-Up Report in relation to Eni Uk and ERCE CPR in respect of Neptune, each at 31 Dec 23. * Operated assets.

ENI UK ASSETS
CYGNUS*
SEAGULL
J AREA
ITHACA ASSETS
CAMBO*	GREAT BRITANNIA AREA
TORNADO*	COOK*
ROSEBANK	ALBA*
SCHIEHALLION	MONARB
MARINER	ERSKINE*
CAPTAIN*	PIERCE
MARIGOLD	GREATER
FOTLA*	STELLA AREA*
ASSETS UNDER COMMON OWNERSHIP

ELGIN / FRANKLIN (EX. GLENELG)

JADE

DEVELOPING COMPELLING PROPOSITION

Dynamic UKCS growth player with credible platform for consolidation and international M&A

Diverse and high-value portfolio of scale

Combining the agility of an independent with the capabilities of a major

Replicating success of Eni's strategic satellite model

Supports attractive and sustainable shareholder returns

Increases financial strength

Strengthens operational capabilities and focus on emission reduction

Committed long-term shareholders with ambition to enhance liquidity

UPSTREAM KEY START-UPS IN THE PLAN

COUNTRY	PROJECT	OPERATOR	W.I.	PRODUCTS	FID	START-UP	PRODUCTION (KBOED)A
ANGOLA (Azule Energy)	Agogo West Hub Integrated	N	18%	Liquids	2022	2023 Early Prod 2026 (FPSO)	180 (100%)
	NGC Quiluma & Mabuqueiro	N	19%	Gas	2021	2026	100 (100%)
CONGO	Congo LNG	Y	65%	Gas/Liquids	2022	2023 Nearshore ph. 2025 Offshore ph.	120 (100%)
EGYPT	Melehia ph.2	Y	76%	Liquids/Gas	2022	2026 (Gas Plant)	20 (100%, Oil&Gas)
INDONESIA	Southern Hub	Y	85% Merakes East 70% Maha	Gas	2023 M.E. 2024 Maha	2025	50 (100%)
	Northern Hub - Geng	Y	83% North Ganal 82% Ganal&Rapak	Gas	2024	2027	240 (100%)
ITALY	Cassiopea	Y	60%	Gas	2018	2024	30 (100%)
CÔTE D'IVOIRE	Baleine ph.2	Y	77%	Liquids/Gas	2022	2024	45 (100%)
	Baleine ph.3	Y	77%	Liquids/Gas	2025	2028	110 (100%)
LIBYA	A&E Structure	Y	50%	Gas	2023	2027 (Struct. A)	160 (100%)
	Bouri GUP	Y	100%	Gas	2023	2026	20 (100%)
NORWAY (Vår Energi)	Balder X	N	58%	Liquids	2019	2024	~70 (100%)b
	Johan Castberg	N	19%	Liquids	2017	2024	~190 (100%)c
QATAR	North Field Expansion (NFE)	N	3%	Gas	2021d	2026	1350 (100%)
UAE	Dalma Gas	N	10%	Gas	2019	2025	60 (100%)

^aAverage yearly production in peak year/at plateau ^bSource: Vår Energi 1Q 2022 results (total Balder field production) 18 ^cSource: IPO prospect

^dAcquisition on December 2022

Operatorship legend: Y (yes), N (no)

EXPANDING BIOREFINING CAPACITY

NEAR-FUTURE DEVELOPMENT PROJECTS

PLENITUDE – KEY FINANCIALS

20 EBITDA includes 100% of consolidated and pro-quota of non-consolidated companies. Net Profit is adjusted.

PLENITUDE – KEY BUSINESS DETAILS

21 EBITDA includes 100% of consolidated and pro-quota of non-consolidated companies

PLENITUDE KEY PROJECTS

COUNTRY	PROJECT	WORKING INTEREST	EQUITY INSTALLED CAPACITY (MW)	TECHNOLOGY	COMPLETION	YEARLY PRODUCTION (GWH)
SPAIN	Caparacena, Guillena, Villarino, La Flota & Renopool, Entrenucleos	100%	1.220		2024-2026	2.480
USA	Guajillo	100%	200	B	2024	150
SPAIN	Orense	100%	100		2025	210
GREECE	Toumba & Mandria	100%	160		2025	250
ITALY	GreenIT (PV portfolio)	51%	110		2025	194
ITALY	Hergo Ren. (PV portfolio)	65%	83		2024-2025	145
KAZAKHSTAN	Progetto ibrido Mangystau	51%	65		2026	205
UK	Dogger Bank (A, B, C)	13%	470		2023-2026	2.200

Storage: BESS production refers to annual energy dispatched.

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..

2Q 2024 MARKET SCENARIO

BRENT| \$/bbl EXCHANGE RATE| €/\$

PSV| €/MWh STANDARD ENI REFINING MARGIN* | \$/bbl

*New indicator has been calculated based on a new methodology which considers a revised industrial set-up in connection with the planned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high-sulfur and low sulfur crudes.