Eni — Investor Presentation 2024

Oct 25, 2024

9M 2024 RESULTS

OCTOBER 25, 2024

Jangkrik FPU, Indonesia

9M 2024 | HIGHLIGHTS

STRENGTHENING THE IMPLEMENTATION OF OUR STRATEGY

FINANCIALS RESULTS

EBIT PRO FORMA

€11.6 bln

of which: EBIT €8.7 bln

PROFIT FROM ASSOCIATES €1.1 bln

NET PROFIT

€4.4 bln

CFFO €10.7 bln

ORGANIC CAPEX

€6.1 bln

LEVERAGE

22%

GLOBAL NATURAL RESOURCES

EXPLORATION

Over 1 bln boe of discovered resources Material resource upside identified in Indonesia Major discovery in Côte d'Ivoire (Calao) Excellent appraisal well deliverability in Cyprus Oil and associated gas discovery in Mexico

UPSTREAM & CCS

YTD production up 4% Y-o-Y Production startup at Argo Cassiopea Indonesia PoDs approved by authorities Baleine Ph2 and Johan Castberg on-track for 4Q start-ups Commencement of CO² injection in Ravenna CCS UK funding secured for Liverpool Bay CCS

PORTFOLIO

Acquisition of Neptune completed Completed UK business combination with Ithaca Sale of NAOC completed. Alaska sale expected by year-end

TRANSITION & TRANSFORMATION

PORTFOLIO

25% investment into Enilive from KKR agreed EIP investment in Plenitude completed for €0.6 bln

ENILIVE

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

PLENITUDE

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

VERSALIS

Confirming detailed plan for restructuring and transformation

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

3Q 2024 | EARNINGS SUMMARY

IMPROVING OUR UNDERLYING PERFORMANCE

E&P

Strong volumes and realizations partially offsetting the impact of the fall in oil prices

GGP

Favourable trading environment

ENILIVE

Resilient result impacted by deteriorated biofuel margins. Solid marketing performance

PLENITUDE

Ramp-up in renewable installed capacity and related production volumes

DOWNSTREAM

Weak SERM due to depressed products crack spreads

VERSALIS

Enduring slowdown in the macro environment

OTHER ITEMS

Stable contribution from JVs and associates

3

Enilive

9M 2024 | CASHFLOWS

HIGHLY CASH GENERATIVE

CASH FLOW RESULTS | € BLN

xxx CASH GENERATION Confirmed high level of cash conversion

Q3 impacted by lower dividends and higher cash tax

Working down WC build reported in Q1

CASH OUT

On track for lower than €9 bln (gross) capex 9M net capex €6.7 bln

Net portfolio still negative but building materially positive from Q2 throughout remainder of year

As of October 19th, ~ 63 mln shares repurchased in 2024 programme for cash outlay of ~€0.9 bln

Net debt falls in 2Q and 3Q

FOCUS: GLOBAL NATURAL RESOURCES

SUSTAINED GROWTH MOMENTUM

ADJ. EBIT PRO-FORMA | € BLN

E&P

• Growth YTD production up +4% reflects ramp-ups, Neptune net of sales and excellent regularity
• Capturing scenario with cost control affording resilience
• Exceeding 1 bln boe discovered resource in 9M 24
• Johan Castberg and Baleine Ph2 in Q4
• Development of next wave of projects to support growth proceeding well

GGP

• Y-o-Y improvements on normalized results
• LNG sales up +10% Y-o-Y
• Enhancing the marketing of our growing LNG portfolio also through strategic agreements

GROWTH AND VALUE

3-4% underlying production cagr and 30% improvement in CFFO/boe in 4YP

PORTFOLIO HIGH-GRADING

Completed combination with Ithaca to create a new UK satellite

Sale of non-core, tail properties

Accelerating cash inflows from Dual Exploration Model

GGP

Further natural gas and LNG optimizations leveraging improving scenario

FY guidance raised to ~ €1.1 bln

NEW BUSINESS STRUCTURE

Integration of Upstream Oil & Gas and Midstream, Power and Trading to capture margins across the value chain

FOCUS: TRANSITION BUSINESSES

MAXIMIZING THE VALUE OF OUR HIGH-RETURN TRANSITION BUSINESSES

ADJ. EBITDA PRO FORMA | € BLN

• Growth bio 9M throughputs up +58% Y-o-Y. Sales up +5% Y-o-Y
• 85% utilization rates YTD, lower volumes processed following planned maintenance shutdowns
• Progressing key new projects
• €2.9 Bln KKR investment confirmed

• Growth installed renewable capacity +24% Y-o-Y. EV charging points up +20% Y-o-Y
• On schedule for targeted 4GW by year-end with

• 2GW currently under construction

• Q1 '24 EIP investment

ENILIVE GROWTH AND VALUE

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

Customer base provides value and business model balance

Satellite transactions support growth and confirm value already created

NEW BUSINESS STRUCTURE

Develop and unlock the value of satellite companies in new businesses through the entry of new partners and future public listings

Accelerate the transformation of traditional refining into biorefining

Key drivers of decarbonization but in context of financially sustainable model

Enilive Plenitude

PORTFOLIO ACTIVITY AND LEVERAGE

ACCELERATING THE DELEVERAGING

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

LEVERAGE PORTFOLIO ACTIVITY 3Q saw limited impact of cash-in from disposals

Upstream high-grading continuing with margin and risk benefits

Advancing significant Dual Exploration transaction opportunities

Material value creation thorough our transition satellites

Portfolio activity faster and for more value than Plan. Upside to 2024-27

LEVERAGE Proforma leverage to ~15% by YE '24

SHAREHOLDER DISTRIBUTION

RAISING OUR SHARE BUYBACK

2024 DISTRIBUTION UPDATES I € BLN

GROWING DISTRIBUTION Disposal plan progressing ahead of our initial plan

Allocating cash flow to grow remuneration, sharing more upside

Lower balance sheet leverage

2024 dividend €1/share +6% vs 2023

38% distribution payout

Highly competitive attractive distribution at 11.5% yield

OUR BUSINESS OF TOMORROW

EBIT TRAJECTORY & MAIN IMPROVEMENT CONTRIBUTORS

GROWTH AND VALUE xxx EFFICIENCY AND CAPACITY REDUCTION ON TRADITIONAL CHEMISTRY

PORTFOLIO HIGH-GRADING xxx SHIFT TOWARDS VALUE ADDED PRODUCTS

xxx STRENGTHEN BIOCHEMICAL

xxx FOCUS ON CIRCULARITY OPPORTUNITIES

xxx ADDITIONAL UPSIDE

xxx

GGP

xxx Potential for strategic partnerships and satellites

ENILIVE THE PRECEDENT

SIGNIFICANT FINANCIAL UPSIDE

Worsened macro scenario Material performance improvement

2024 GUIDANCE UPDATE

E&P Strong operational performance delivery leading to the top end of guidance range

RAISED GGP

Confirming good execution and focus on capturing gas margins

CONFIRMING TRANSITION BUSINESSES

Plenitude likely >€1 bln, Enilive <€1bln

CAPEX DISCIPLINE Managing gross organic spend,

confirming net

SHAREHOLDER RETURNS

Upside to the 2024 buyback program, interim dividend confirmed

	JULY 2024	OCTOBER 2024
BRENT (\$/bbl)	86	83
PSV (€/MWh)	32	35
EXCHANGE RATE (€/\$)	1.075	1.085
PRODUCTION	Towards top end of 1.69-1.71 Mboed range	Expected at ~1.70 Mboed
GGP PRO-FORMA EBIT	~1 bln	Raised to ~ €1.1 bln
ENILIVE PRO-FORMA EBITDA	~€1.0 bln	Confirmed despite a lower market environment
PLENITUDE PRO-FORMA EBITDA	~€1.0 bln	Confirmed
GROUP PRO-FORMA EBIT	~€15 bln	€14 bln due to a weaker scenario. Underlying improvement of ~€0.4 bln
GROUP CFFO	>€14 bln	€13.5 bln due to a weaker scenario. Underlying improvement of ~€0.4 bln
NET CAPEX	<€6 bln	Confirmed on a pro-forma basis
DIVIDEND	€1.00/share	Confirmed
BUYBACK	€1.6 bln*	Raised to €2 bln

EBITDA and EBIT are adjusted.

11

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.

*Option to raise distribution to the 35% share of budgeted CFFO in 3Q.

CONCLUDING REMARKS

3Q 24 a good quarter amid volatility

• Resilient financials
• Significant strategic progress
• Added performance improvement focus

• Continued growth delivery
• Building blocks for future growth
• Another satellite proof point on value creation

Financial performance focus

• Addressing Versalis challenges
• Detailed plan of restructuring and transformation
• Pathway to profitability and FCF
• Corporate cost reduction

Historically strong position

• Balance sheet set to strengthen materially

12

• Announcing increase in share buyback

COMPANY BUSINESS STRUCTURE*

Develop and unlock the value of satellite companies in new businesses and traditional sectors

Further strengthening Eni's operating performance by improving the time-to-market and operating excellence also in new business initiatives linked to the energy transition

Completion of the integration of Upstream Oil & Gas and Midstream, Power and Trading to capture margins across the value chain

Accelerate the transformation of traditional refining into biorefining, chemistry into new specialized, circular and bio-based platforms, and environmental remediation business into new markets activities

Continued focus on efficiency, technological development and related skills

(Eni share 51%)

* Simplified company structure.

3Q 2024 vs 2Q 2024 EARNINGS

EBIT PRO FORMA | € BLN

3Q realisations -2% q/q Liquids -4% Natural gas +1%

PERFORMANCE E&P volumes affected by seasonal effects and maintenance

Deteriorating product spreads impact conventional refining and biofuel margins

Enilive Marketing positive results benefitted from higher performance of the Retail

3Q 2024 vs 2Q 2024 EARNINGS

ADJUSTED PRE-TAX | € BLN

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

Ebit

3Q 2024 vs 3Q 2023 EARNINGS

PERFORMANCE

ADJUSTED PRE-TAX | € BLN

*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.

3Q 2024 MARKET SCENARIO

BRENT| \$/bbl EXCHANGE RATE| €/\$

18

STANDARD ENI REFINING MARGIN* | \$/bbl