Eni

Investor Presentation • Mar 14, 2024

WELL POSITIONED TO EMBRACE THE TRANSITION

POLICIES INCREASINGLY ALIGNED WITH OUR STRATEGIC APPROACH

GROWING GAS COMPONENT IN PRODUCTION AND CUTTING SCOPE 1&2 EMISSIONS

MATERIAL, HIGH GROWTH RENEWABLES BUSINESS WITH CONFIRMED VALUE

NEW TRANSITION LINKED PLATFORMS – BIO-REFINING, CCS, BIO-CHEMISTRY. TECHNOLOGY DRIVEN FUTURE OPTIONS

TRANSITIONAL FUELS FACILITATING THE ENERGY TRANSITION AND ENSURING ENERGY SECURITY

TRIPLING RENEWABLE ENERGY BY 2030

ACCELERATING LOW AND ZERO CARBON TECHNOLOGIES

GENERATE HIGHLY COMPETITIVE GROWTH AND RETURNS BY DELIVERING AFFORDABLE, SECURE AND SUSTAINABLE ENERGY SUPPLY TO OUR CUSTOMERS

OUR VALUE CHAIN OF THE FUTURE

CREATING A TRANSITION-ORIENTED PORTFOLIO THAT OFFERS GROWTH AND RETURNS

SATELLITE MODEL

NATURAL RESOURCES

NATURAL RESOURCES

KEY POINTS

EXPLORATION

LEADING VALUE IN THE SECTOR, NEAR-FIELD AND ILX STRATEGY

UPSTREAM

EFFICIENT PORTFOLIO FOCUSSED ON TIME TO MARKET AND PHASED DEVELOPMENTS

GGP

EXPANDING INTEGRATED GAS & LNG PORTFOLIO

CCS

GROWING A STRATEGIC BUSINESS FOR DECARBONISATION THROUGH FAST AND COMPETITIVE PROJECT DELIVERY

DISTINCTIVE DUAL EXPLORATION MODEL AND FAST-TRACK DEVELOPMENTS

M&A FOR RESOURCES VALORISATION AND PORTFOLIO BALANCING

DISTINCTIVE INTEGRATED APPROACH

FOCUSSED ON

CREATION

EFFICIENCY AND VALUE

CONTRIBUTING TO CARBON NEUTRALITY THROUGH INDUSTRIAL TRANSFORMATION

EXPLORATION

THE ENGINE OF UPSTREAM COMPETITIVE ADVANTAGE

DISCOVERED RESOURCES I MBOE

TO PRODUCTION OIL PRODUCTION FROM NEW DISCOVERIES 2013-2022* I KBOED 0 100 200 300 400 500 2013 2015 2017 2019 2021 2023 Eni Peers

LEADING VALUE CREATION IN EXPLORATION

>16 BBOE EQUITY RESOURCES DISCOVERED IN THE LAST 15 YEARS WITH 1.2 \$/BOE UEC

IN THE LAST 10 YEARS:

70% OF DISCOVERED RESOURCES IN PRODUCTION

~10 B€ FROM DUAL EXPLORATION MODEL

TIME TO MARKET <4 YEARS FOR MAJOR DISCOVERIES

UPSTREAM

DELIVERING GROWTH AND VALUE

NEW MAIN STARTUPS

COUNTRY	TYPE	PROJECT
ANGOLA	LIQUIDS	AGOGO
ANGOLA	GAS	NGC
CONGO	GAS/LIQUIDS	CONGO LNG
CÔTE D'IVOIRE	LIQUIDS/GAS	BALEINE
INDONESIA	GAS	NORTH & SOUTH HUB
ITALY	GAS	CASSIOPEA
LIBYA	GAS	STRUCTURE A&E - BOURI
NORWAY	LIQUIDS	JOHAN C. – BALDER X
QATAR	GAS	NORTH FIELD EXPANS.
UAE	GAS	DALMA GAS

NEPTUNE ACQUISITION

High-quality and low carbon portfolio with exceptional strategic and operational fit

ROBUST ARRAY OF ADVANTAGED OPPORTUNITIES DISCIPLINED AND SELECTIVE CAPEX BREAKEVEN \$25/BBL NEW PROJECTS IRR >20% LOW CARBON AND EFFICIENT PLAYER

UPSTREAM NET GHG SCOPE 1+2 EMISSIONS vs PRODUCTION Indexed

2023 2024 2025 2026 2027 Production Net Emissions

CFFO pre-working capital.

8

GGP DELIVERING ON PORTFOLIO RELOAD

GAS SOURCES

	2022	2023	2027
PIPE	85%	81%	70%
LNG	15%	19%	30%

LNG EVOLUTION

CONTRACTED VOLUMES I MTPA

2024 GGP PRO-FORMA EBIT: BASE CASE € 0.8 BLN UPSIDE TO OVER € 1.0 BLN

in the event of positive negotiation outcomes and uptick in market price/volatility

LEVERAGING VALUE CHAIN INTEGRATION

BUILDING UP A DIVERSIFIED LNG PORTFOLIO CENTRED ON EQUITY DEVELOPMENTS

ADDITIONAL PIPE EQUITY VOLUMES IN THE EU FROM THE ACQUISITION OF NEPTUNE

READY TO CAPTURE MARKET VOLATILITY USING PORTFOLIO FLEXIBILITY AND ASSET-BACKED TRADING

CCS EMERGING ENERGY TRANSITION LEVER

Source:

10

1. Estimated 2030 market share based on Eni's gross annual capacity run-rate versus Woodmac Southern and Western CCS market size. Actual results may vary. 2. Wood Mackenzie Carbon Lens – February 2024.

PROJECT HIGHLIGHT RAVENNA CCS - ITALY 2024 START UP

VISIBLE PIPELINE

Gross Storage Capacity | MTPA

DISTINCTIVE AND INTEGRATED BUSINESS MODEL

OPERATORSHIP IN COST COMPETITIVE ASSETS

~20% OF SOUTHERN & WESTERN EUROPEAN CCS CAPACITY¹

REGULATED BUSINESS RETURNS AND MERCHANT MARKET UPSIDE

SATELLITE STRUCTURE OPPORTUNITY

EVOLUTION

11

A PORTFOLIO OF BUSINESS SOLUTIONS ADDRESSING CUSTOMER NEEDS TO CUT EMISSIONS

DEVELOPING NEW BUSINESSES FOR OUR SATELLITE MODEL

BETTER VALUATIONS

ENERGY EVOLUTION

KEY POINTS

ENILIVE

MULTI-ENERGY, MULTI-SERVICE STRATEGY GLOBAL LEADER IN BIOREFINING

VERSALIS

RESTRUCTURING AND TRANSFORMING NEW PLATFORMS FOR SPECIALISED PRODUCTS, BIOCHEMISTRY AND CIRCULARITY

PLENITUDE

OUTSTANDING OPERATIONAL AND FINANCIAL GROWTH HIGHER GROWTH AND

ENILIVE: BIOREFINING

EXPANDING CAPACITY

GROWING A WORLD-CLASS BIOREFINING PLAYER

OPTIMISED CAPEX & SCHEDULE FOR CAPACITY AND SAF OPTIONALITY GROWTH

AGRIFEEDSTOCK

700 KTON/Y BY 2027 SECURING >35% ITALIAN THROUGHPUTS

SAF OPTIONALITY

1 MTON MOVED FORWARD TO 2026 (VS PREVIOUS 2030)

DOUBLING BY 2030

UNIQUE ADVANTAGED FEEDSTOCK STRATEGY

PRODUCT DIVERSIFICATION

ENILIVE: MARKETING

FROM SERVICE STATIONS TO MOBILITY PLATFORMS

NETWORK EXPANSION & HIGH-GRADING

PREMIUM NETWORK +300 owned stations in Italy & abroad in 4YP

COMMERCIAL PARTNERSHIPS beyond EU to support biofuels offtake

REBRANDING

SERVICES TO PEOPLE & MOBILITY

PEOPLE SERVICES: agreements with Amazon Lockers, Poste italiane and Telepass

MOBILITY: car sharing, Eni-Parking; Eni-Wash

HYDROGENATED VEGETABLE OIL (HVO) 100% PURE in >1.000 stations in 2024

(nearly doubled vs 2023) CNG – LNG 185 sale points in 2027

EV CHARGING POINTS ~2.400 in 2027

INCREASED OFFER OF SERVICES IN ENILIVE STATIONS TO SATISFY EVOLVING CUSTOMER NEEDS

DIGITAL CUSTOMER ENGAGEMENT VIA ENILIVE APP

NON-OIL EBIT ~ 40% OF TOTAL RETAIL BY 2027

BRINGING BRAND CLOSER TO CUSTOMERS

DIRECT FOOD OFFER

ENICAFÈ 1.200 enhanced cafès by 2025 EMPORIUM ~200 additional shops in 4YP ALT RESTAURANT 100 locations in 4YP

ENILIVE: FINANCIALS

ATTRACTIVE GROWTH WITH WELL-CONTROLLED COST PROFILE

STRONG EBITDA INCREASE IN THE 4YP

AVERAGE ROACE (2024-27) 15+%

MARKETING EBITDA PROVIDING STEADY CONTRIBUTION

BIOREFINING EBITDA UNDERPINNED BY CAPACITY GROWTH & THROUGHPUT INCREASE

CAPEX TO BENEFIT FROM RETROFITTING, ECONOMY OF SCALE AND MATURING TECHNOLOGY

ORGANICALLY SELF-FUNDING SELECTIVE M&A FITS WITHIN OVERALL GROWTH STRATEGY

LONG TERM VALUE THROUGH RESTRUCTURING & NEW PLATFORMS

RESTRUCTURING TARGET OVER THE PLAN OF € 150-300 MLN /Y BASED ON SCENARIO NEW PLATFORMS SIZE MORE THAN DOUBLE IN 2027 VS 2023

16

GROWTH ALONG THE PLAN

RENEWABLES RETAIL E-MOBILITY

11.5 MLN CUSTOMERS in 2027 (+15% vs 2023)

ORGANIC DEVELOPMENT 2 GW in construction

>8 GW INSTALLED in 2027 (~3x vs 2023)

GROWING IN POWER +2 MLN in the plan

40K PUBLIC CPs in 2027 (2x vs 2023)

EBITDA POSITIVE from 2025

INTEGRATION TO HEDGE MARGINS AND CAPTURE OPPORTUNITIES

>20GW PIPELINE TO FUEL ORGANIC & SELECTIVE GROWTH IN RENEWABLES

ENERGY SOLUTIONS & DISTRIBUTED GENERATION 20% OF AVG RETAIL EBITDA

EV FAST NETWORK DC IN EUROPE: 7x IN THE PLAN

PLENITUDE

MATERIAL VALUE CREATION IN THE TRANSITION

AVERAGE ROACE ~10% IN THE MEDIUM TERM

FINANCIALS

EARNINGS AND CASHFLOW DELIVERY

~€13 BLN IN 2024 2027 VS 2024: AROUND +25% ~€60 BLN OVER THE PLAN

GROWING RETURNS AND CASHFLOWS

EBIT PRO-FORMA

IMPROVING CAPITAL PRODUCTIVITY

CFFO GROWTH DELIVERED FROM ALL SEGMENTS

EMERGING HIGH QUALITY DIVERSIFICATION PLENITUDE AND ENILIVE WILL ACCOUNT FOR OVER 20% OF CFFO GROWTH OVER THE PLAN

REDUCTION IN CORPORATE COSTS €1.8 BLN ALONG THE PLAN PERIOD

NET CAPEX 45% OF CFFO

20

CONSISTENT INVESTMENT DRIVES GROWTH

CAPEX DISCIPLINE LEAVES ROOM FOR HIGH DIVESTMENT INCOME

2024-27 NET CAPEX € 27 BLN

OPTIMISING TO LOWER CAPEX BUDGET

E&P OPTIMISES AROUND PROJECT QUALITY PARTIALLY OFFSET BY PLENITUDE GROWTH INVESTMENTS

PORTFOLIO OPPORTUNITIES

DUAL EXPLORATION MODEL RATIONALISING TAIL ALIGNED CAPITAL INTRODUCED INTO SATELLITES

DECARBONISING NATURAL RESOURCES

SHIFTING TO GAS PRODUCTION BUILDING CCS

INVESTING IN ENERGY EVOLUTION TRANSITION GROWTH ENILIVE AND PLENITUDE VERSALIS TRANSFORMATION

NET CAPEX >20% LOWER THAN PREVIOUS PLAN

CAPEX FLEXIBILITY 50% CAPEX UNCOMMITTED AVG 2025-2027

SIGNIFICANT STEP UP IN PORTFOLIO CASH INCOME

SHAREHOLDER DISTRIBUTION

ENHANCED DISTRIBUTION

RAISING SHARE OF CFFO DISTRIBUTED

~30-35% OF CFFO DISTRIBUTED VIA DIVIDENDS AND BUYBACK FROM 25-30% PREVIOUSLY

RAISING DIVIDEND

€1.00 DPS 2024: 6% INCREASE VS 2023, DISTRIBUTED QUARTERLY €1.1 BLN BUYBACK 2024: RISING CFFO OVER PLAN DRIVES BUYBACK

SHARING VALUE AND UPSIDE

9% YIELD¹ COMPETITIVE POLICY. 4 YEAR RETURN OF ~40% OF MARKET CAPITALISATION 60% OF CFFO UPSIDE TO BUYBACK FROM PREVIOUS 35%

CFFO BASED BUSINESS PERFORMANCE DRIVEN HIGH VISIBILITY

RISING DIVIDEND

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

SHARING MORE UPSIDE RESILIENT CASH NEUTRALITY

STRONG CAPITAL STRUCTURE

HISTORICALLY LOW LEVERAGE LEVEL | %

MAINTAINING INVESTMENT-GRADE RATED BALANCE SHEET

MAINTAINING BALANCE SHEET STRENGTH AND FLEXIBILITY

GOOD RETURNS ON LIQUIDITY LEADING TO A LOW COST OF DEBT

EX-PLENITUDE LEVERAGE ~5 P.P. LOWER THAN REPORTED AT END 2027

STRONG INVESTMENT GRADE LT RATINGS S&P A-MOODY'S Baa1

CAPITAL STRUCTURE AT YE 2023

AVG FIXED INTEREST ON LT DEBT

89% FITCH A-2.5x LIQUIDITY (€18 BLN) TO FLOATING DEBT (€7 BLN)

0.8% AVG NET COST OF DEBT

ENABLING EXECUTION

DELIVERING COMPETITIVE RETURNS TO OUR INVESTORS

FLEXIBILITY WITH DOWNSIDE PROTECTION

FINANCIAL STRENGTH

FINANCIALS

GROWING RETURNS AND CASHFLOWS

STRONG CASHFLOW

GROWING CFFO BY >13% CAGR*

CAPITAL DISCIPLINE NET CAPEX >20% LOWER THAN PREVIOUS PLAN

BALANCE SHEET

A CONSERVATIVE CAPITAL STRUCTURE WITH ADVANTAGED COST OF CAPITAL

DISTRIBUTION

AROUND 30-35% OF CFFO COMPARED WITH THE PREVIOUS 25-30%

2024 DIVIDEND €1/SHARE +6% VS 2023

*2024-2027 CAGR, per share basis.

• Natural Resources activities to remain core to Eni's strategy • Expanding value chains in gas, LNG, Trading and CCS while growing production over the 4YP • Active portfolio management to derisk investments and increase return on capital, underpinned by CONCLUDING REMARKS

Natural Resources - Overview

• Increase return on capital employed by high-grading of operation

25

Key Points:

depth of opportunity

WILL BE BIGGER, MORE PROFITABLE AND MORE VALUABLE

26

GUIDANCE AND PLAN TARGETS

	2024 GUIDANCE	2024-2027 PLAN
PRODUCTION	1.69-1.71 MBOED	3-4% UNDERLYING 2% REPORTED
GGP PRO-FORMA EBIT	€ 0.8 BLN	~ €0.8 BLN AVG
ENILIVE PRO-FORMA EBITDA	~ € 1.0 BLN	> €1.6 BLN IN 2027
PLENITUDE PRO-FORMA EBITDA	€ 1.0 BLN	€2.0 BLN IN 2027
GROUP PRO-FORMA EBIT	~ € 13 BLN	~€60 BLN IN 4YP
GROUP CFFO	~ € 13.5 BLN	€62 BLN IN 4YP
NET CAPEX	€ 7.0-8.0 BLN	€27 BLN IN 4YP
DIVIDEND	€ 1.00/SHARE	~30-35%
BUYBACK	€ 1.1 BLN	OF CFFO

EBITDA and EBIT are adjusted. 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.

SCENARIO ASSUMPTIONS

4YP SCENARIO	2024	2025	2026	2027
Brent dated (\$/bbl)	80	80	80	80
FX avg (\$/€)	1.08	1.09	1.10	1.12
Ural MED c.i.f. - Med Dated Strip (\$/bbl)	-10	-10	-9	-8
Std. Eni Refining Margin (\$/bbl)	8.1	6.3	3.5	3.5
PSV (€/MWh)	30.7	36.0	38.0	36.3
NBP (\$/mmbtu)	9.2	11.0	12.1	11.7

SENSITIVITY 2024	EBIT adj (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (1 \$/bbl)	0.17	0.12	0.13
European Gas Spot Upstream (1 \$/mmbtu)	0.18	0.13	0.13
European Gas Spot Upstream (1 €/MWh)	0.06	0.04	0.04
Std. Eni Refining Margin (1 \$/bbl)	0.12	0.08	0.12
Exchange rate \$/€ (+0.05 \$/€)	-0.43	-0.26	-0.54

Brent sensitivity applies to liquids and oil-linked gas.

EBIT sensitivities don't include contribution from associates.

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

		2024	2026	2027	2030	2035	2040	2050
RETAIL	CUSTOMER BASE MLN POD a	10		>11	>15			>20
RENEWABLES	INSTALLED CAPACITY GW a b	4		>8	>15	>30		60
EV	CHARGING POINTS k a	24		40	~50			~160
BIO REFINING	CAPACITY MLN TON/Y		>3		>5
OIL & GAS	NATURAL GAS PRODUCTION % ON PORTFOLIO c				>60		>90
CCS	TRANSPORT & STORAGE CAPACITY d (Mton CO /y) 2			before	>15 2030	~40 after 2030	~50	~60

a) Plenitude 100%.

b) KPI used in Eni Sustainability-Linked Financing Framework.

c) Since 2024 includes gas condensates.

30 d) Gross capacity.

SUMMARY OF MAIN DECARBONIZATION TARGETS

GHG EMISSIONS

NET ZERO CARBON FOOTPRINT SCOPE 1+2 VS 2018 ^a NET GHG LIFECYCLE EMISSIONS SCOPE 1+2+3 VS 2018 ^a NET CARBON INTENSITY SCOPE 1+2+3 VS 2018 ^a

FLARING & METHANE

UPSTREAM ROUTINE FLARING msM3 b c

UPSTREAM FUGITIVE METHANE EMISSIONS VS 2014 ^b

UPSTREAM METHANE INTENSITY ^b

CARBON OFFSET

CARBON OFFSET, INCLUDING NATURAL CLIMATE SOLUTIONS (Mton CO² /y)

2024	2025	2030	2035	2040	2050
UPS -50%	UPS -65%	UPS NET ZERO	ENI NET ZERO
		-35%	-55%	-80%	NET ZERO
		-15%		-50%	NET ZERO
	0
	-80% reached @2019
	well below 0.2%
		~15		~20	<25

a) KPI used in Eni Sustainability-Linked Financing Framework. Targets are net of Eni's equity stored CO2.

b) Includes operated and joint operated assets.

c) Subject to execution of projects in Libya.

TRANSPARENCY LEADS TO TOP RANKED ESG RATINGS

LEADING THE PEER GROUP ON ENVIRONMENT

** B- corresponds to Prime status – investment grade. Other industry leaders: Equinor, OMV, Repsol, TotalEnergies. *** Eni peers: Repsol, TotalEnergies, BP, Shell, Equinor, Occidental, Suncor, Chevron, Conoco, Cenovus, EQT, Chesapeake, EOG, CNRL, Devon, Pioneer, SWN,

Coterra, CNOOC, Petrobras, Exxon, PetroChina, Sinopec, Aramco as per Carbon Tracker Methodology.

O&G Average

OUTLOOK TO 2030

A BIGGER, MORE RELEVANT AND SUSTAINABLE ENI

TARGETING HIGHEST CASHFLOW GROWTH AMONGST EU SECTOR

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)
	Southern Hub	Y	85% Merakes East 70% Maha	Gas	2023 M.E. 2024 Maha	2025	50 (100%)
INDONESIA	Northern Hub - Geng	Y	81% 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	83%	Liquids/Gas	2022	2024	40 (100%)
	Baleine ph.3	Y	83%	Liquids/Gas	2024	2027	85 (100%)
LIBYA	A&E Structure	Y	50%	Gas	2023	2026 (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 Q1 2022 results (total Balder field production) 34 ^cSource: IPO prospect

^dAcquisition on December 2022

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

GAS/LNG GLOBAL BALANCE OUTLOOK

YOY TRENDS 2024 VS 2023

BULLISH FACTORS SHORTER MARKET PRICE/VOLATILITY UP

LNG SUPPLY: FEW START-UPS AND RAMP-UPS AND POSSIBLE DELAYS/DISRUPTIONS

EU DEMAND: SLIGHT INCREASE IN INDUSTRY AND BUILDINGS VS. 2023 LEVELS (MILD WEATHER)

RUS/UKR FLOWS: TERMINATION OF TRANSIT AGREEMENT BY END 2024, INCREASE OF DEMAND FOR GAS/LNG STOCKS BUILD UP

GEOPOLITICS

BEARISH FACTORS LONGER MARKET PRICE/VOLATILITY DOWN

EU STORAGE: VERY HIGH LEVELS @MAR24 (IN LINE WITH RECORD LEVELS OF MAR23)

EU G2P DEMAND: DECREASING DUE TO STEADILY INCREASING RES VS. 2023

NORWEGIAN PRODUCTION: HIGHER DUE TO LOWER OUTAGES VS. PRODUCTION DISRUPTIONS IN SUMMER 2023

WE EXPECT 2024 TO BE A YEAR WITH REDUCED BUT STILL PERSISTENT VOLATILITY, WHERE THE MAGNITUDE OF UNCERTAINTIES WEIGHTS HEAVILY ON THE THINLY BALANCED MARKET

CCS RAPIDLY GROWING BUSINESS

Gross Storage Capacity

ITALY – RAVENNA CCS

2024 START UP
PRE 2030s	4 MTPA
POST 2030s	16 MTPA

UK - HYNET

PRE 2030s	4.5 MTPA
POST 2030s	10 MTPA

UK – BACTON

PRE 2030s	5 MTPA
POST 2030s	10 MTPA

LIBYA – A&E STRUCTURES

PRE 2030s 3 MTPA

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

BIOREFINING KEY PROJECTS

COUNTRY	PROJECT	W.I.	START UP	CAPACITY	STATUS	ADDITIONAL NOTES
ITALY (VENICE)	Production capacity increase from 360 to 600 kton/y		2025	600 kton/y	Firm
	Enhanced flexibility to allow other biomass processing (incl. low bio ILUC)	100%	Ph1 in 2023 Ph2 in 2026-27			-
ITALY (GELA & VENICE)	Product mix enrichment to grow HVO diesel & biojet production	100%	2024-2025	~740 kton/y (Gela) 600 kton/y (Venice)	Firm	-
ITALY (LIVORNO)	Building 3 new plants for hydrogenated biofuel production	100%	2026	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 2024, completion by 2026	650 kton/y (gross)	Under study	Strategic location close to Singapore on major international aviation and shipping routes, with easy access to Asian market expected to grow (especially in SAF)
SOUTH KOREA (DAESAN)	New biorefinery under study (flexible configuration to max SAF & HVO prod.)	Under eval.	FID by 2024, completion by 2026	400 kton/y (gross)	Under study	Synergies with the existing LG Chem industrial complex for bio based polymers production

PLENITUDE KEY PROJECTS

B

COUNTRY	PROJECT	WORKING INTEREST	EQUITY INSTALLED CAPACITY (MW)	TECHNOLOGY	COMPLETION	YEARLY PRODUCTION (GWh)
SPAIN	Caparacena, Guillena, Villarino, La Flota & Renopool	100%	1.020		2024-2025	2.080
USA	Brazoria	100%	263		2022	450
USA	Guajillo	100%	200	B	2024	150
SPAIN	Orense	100%	100		2025	210
FRANCE	Samoussy	100%	90		2022	90
GREECE	Toumba & Mandria	100%	160		2025	250
ITALY	GreenIT (PV portfolio)	51%	80		2024-2025	140
ITALY	Hergo Ren. (PV portfolio)	65%	140		2024-2025	140
KAZAKHSTAN	Shaulder	100%	50		2023	90
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.

PLENITUDE: RENEWABLES

TECHNOLOGY MIX PIPELINE

Installed capacity figure is in Plenitude share.

EBITDA is adjusted and both EBITDA and CAPEX include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Prospects category includes offshore developments, for a total of 7 GW, already identified but not yet secured (COD expected after 2028 and ongoing M&A)

STRATEGIC DRIVERS

GEOGRAPHICAL DIVERSIFICATION IN OECD COUNTRIES

ORGANIC DEVELOPMENT & SELECTIVE GROWTH

RETAIL AS ROUTE TO MARKET

OPPORTUNITIES FROM FRONTIER TECHNOLOGY: WIND OFFSHORE & BATTERY STORAGE

PLENITUDE: RETAIL

0.3 0.25 2023 AVG 24-27

ENERGY MIX EBITDA FROM SOLUTIONS

20%

avg on 23-27 EBITDA retail

SOLAR DISTRIBUTED GENERATION 20k PLANTS @YE23 EQUAL TO 100 MW

EBITDA figure is adjusted. Solar distributed generation refers to plants under management

STRATEGIC DRIVERS GROWING IN POWER INCREASING RES INTEGRATION ENERGY SOLUTIONS & DISTRIBUTED GENERATION INTERNATIONAL GROWTH PLATFORM

PLENITUDE: E-MOBILITY

0.15

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

Capex breakeven is subject to margins assumptions. Average DC Charging Point utilization rate is at nominal capacity.

STRATEGIC DRIVERS

ITALY: EXPANDING THE CAPILLARY NETWORK

EU: FOCUS ON ULTRA FAST CPS SYNERGIES WITH RETAIL LEVERAGING ENILIVE STATIONS PARTNERSHIPS WITH GDOS AND CAR MAKERS