Eni

Investor Presentation • Feb 27, 2025

This document contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets and the progress and timing of projects.

By their nature, forward‐looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease, the timing of bringing new fields on stream; management's ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply, demand and pricing; operational issues; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document.

Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni's operations, such as prices and margins of hydrocarbons and refined products, Eni's results from operations and changes in net borrowings for the quarter of the year cannot be extrapolated on an annual basis.

GLOBAL NATURAL RESOURCES

Efficiently growing higher value and low carbon barrels

Growing gas portfolio & increasing gas margin capture

Advancing CCS position with distinctive model

Integrating Trading and Power

TECHNOLOGY AND INNOVATION

TRANSITION CORPORATE & TRANSFORMATION

Increasing renewables capacity & EV network leveraging integration with customers

Expanding biorefining capacity fully integrated from agri-feedstock up to final demand

Transforming chemicals business to a sustainable footing

2030 ROACE GNR >15% >15% Enilive; ~10% Plenitude 12-14% Eni Group

Innovative financial model to deliver value

Growing operating cashflows & focus on capital discipline

Low balance sheet leverage

Growing shareholders' distribution in line with progression of our strategy

GLOBAL NATURAL RESOURCES

UPSTREAM 3% production growth top end of guidance

1.2 bln boe new resources discovered

Baleine ph2 and Cassiopea start-up Value creation through M&A

GGP €1.1 bln EBIT pro-forma 40% above original base case guidance

CCS/AGRI Ravenna CCS Phase 1 Start up 3x agri-feedstock production vs 2023

TRANSITION & TRANSFORMATION

PLENITUDE 4.1 GW renewables capacity >30% YoY

ENILIVE 3 new FIDs (Malaysia, S. Korea & Italy) Completion of SAF unit in Gela

VERSALIS Transformation plan launched

CORPORATE

2024 RESULTS AHEAD €14.3 bln EBIT adj pro-forma €13.6 bln CFFO adj

TRANSITION SATELLITES VALORIZATION Plenitude €0.8 bln from EIP Enilive €2.9 bln from KKR

NET CAPEX WELL BELOW GUIDANCE €5.3 bln¹

ENHANCED BUYBACK & DIVIDEND €5.1 bln (38% payout)

REDUCED PRO-FORMA LEVERAGE AT HISTORICAL MINIMUM 15%¹

DIGITAL AND AI HPC6 milestone

GLOBAL NATURAL RESOURCES

EXPLORATION

Industry-leader consistently unlocking new resources and value

1.2 bln boe

new equity resources

Discoveries in Mexico, Cote d'Ivoire and Cyprus

1.0 \$/boe UEC

DUAL EXPLORATION MODEL SUPPORTS GROWTH AND VALUE

_________________

UPSTREAM

Highly distinctive lean fast track development model

1.71 Mboed

+3% growth leveraging high quality assets & portfolio optimization

\$1.7 bln in divestments

Portfolio high-grading with disposals in Nigeria, Alaska & Congo

Exceeded -50% target Scope 1+2 net emissions reduction vs 2018

FOCUS ON BARREL VALUE GROWTH

_________________

GGP

Securing equity gas margin

Leveraging asset and contractual optionality

€1.1 bln EBIT

pro-forma 40% above original guidance

_________________

LEADING EUROPEAN MIDSTREAM AND GLOBAL LNG PLAYER

OIL TRADING & POWER CCS

Margin capture upside leveraging own assets and commercial position

_________________

INTEGRATED INTO GNR TO ENHANCE SYNERGIES AND CAPTURE MARGIN

________________

quality assets

start up

GENERATE VALUE CREATING A NEW TRANSITION LINKED BUSINESS

Distinctive model leveraging technical expertise, operational capabilities and high

Ravenna Phase 1

6

GLOBAL NATURAL RESOURCES DISTINCTIVE CAPABILITIES & OUTCOMES

DISCOVERED RESOURCES | Cumulative Mboe

SELECTIVE INVESTMENT

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Headline	ZOHR				AGOGO		BALEINE	CRONOS	GENG N.	CALAO
discoveries	NOOROS				NDUNGU

KEY STRATEGIC DRIVERS

Organic growth

7

High equity share and operatorship

Time to market and return on capital

Reducing carbon footprint

TOP TIER FOR VALUE CREATION AND EMISSION INTENSITY REDUCTION THROUGH EXPLORATION²

4.3 years Time-to-market 30% better than industry avg ²

>9 Bboe

equity resources discovered since 2014 at \$1/boe UEC

~€6 bln from dual exploration model since 2014

60%

Discovered resources into production or sale since 2014

>600 PetaFlops

HPC6 supercomputer #5 ranked in the world

INDONESIA-MALAYSIA BUSINESS COMBINATION

ENI ASSETS

~500 kboed Combined medium term equity production

~3 Bboe Combined reserves (> 15 TCF)

~10 Bboe Combined upside exploration resources (>50 TCF)

MoU for Joint Venture holding company

Self-funded company to boost gas development projects and new exploration

World-class assets in Indonesia & Malaysia for a long production plateau

Additional significant gas production

for growing local market and LNG export in premium markets

ENI MILESTONES

8

GLOBAL NATURAL RESOURCES PRODUCTION AND CASHFLOW OUTLOOK

>3% 2025 underlying production growth

<30 \$/bbl Portfolio cash breakeven³

>20% IRR on new projects

15% 2030 Upstream ROACE

BALANCED GROWTH CENTRED IN:

Growing equity volumes

Competitive gas projects

Proximity to strategic markets

AFRICA Congo &

EAST MED & M.E. Qatar & Cyprus Mozambique

APAC Indonesia

LNG CONTRACTED VOLUMES | MTPA

2022 2024 2025 2030

€ 0.8 bln 2025 GGP pro-forma EBIT

Upside to over € 1 b n in the event of positive negotiation outcomes and uptick in market price/volatility

~€ 0.8 bln avg 2025-28 GGP pro-forma EBIT

GGP strongly accretive to ROACE targets

Further upside potential from integrating and enhancing oil and power trading

________________

GLOBAL ASSET OPTIMIZATION AND TRADING UPSIDE Expanding asset portfolio

Enhancing integration of trading and optimization activities along commodities' value chain

Increasing trading intensity leveraging assets flexibilities

>15% 2030 ROACE for combined Global Natural Resources

GLOBAL NATURAL RESOURCES CCS: KEY CATALYST FOR THE ENERGY TRANSITION

Broad and high-impact strategic T&S project portfolio

Strong operatorship for efficient project delivery

Reliable and steady returns in regulated sectors with potential in the merchant market

Satellite structure investment opportunity

Integrated project management along value chain supports third party decarbonization

________________

~3 GTons Gross Storage Capacity

STORAGE SITES UNDER DEVELOPMENT

POTENTIAL FUTURE STORAGE SITES

TRANSITION BUSINESSES

PLENITUDE

Supplying decarbonized energy and services to our customers

>10 mln clients (>40% power)

4.1 GW

Solar and wind Installed renewable capacity

INTEGRATED, HIGH GROWTH, PROFITABLE AND TRANSITION

€1.1 bln EBITDA _________________

ORIENTED

ENILIVE

Leading global position meeting transportation demand

1.5 mln clients per day

1.65 MTPA Bio-refining capacity

SAF optionality in Gela

Agri-business in 9 countries

€0.9 bln EBITDA

_________________ EARLY MOVER, INTEGRATED, HIGH GROWTH, EXCELLENT

RISK ADJUSTED RETURNS

IMPLIES EQUITY VALUE OF €20 bln, ~45% OF ENI ⁴

Recognizes growth and resiliency of integrated

FINANCIAL MODEL

€3.7 bln proceeds from 3rd parties in aligned capital to support growth

Evaluation at 10-12x EBITDA

value chain

_________________

13

BIOREFINING

TRIPLING CAPACITY Stronger global footprint while accelerating on SAF optionality

MARKETING

ENHANCING NETWORK AND INCREASED OFFER of services and goods

EBIT NON -OIL ~50% of total Retail by 2030

DELIVERING CAPACITY AND SAF OPTIONALITY I MTPA

PRO -FORMA EBITDA I € bln

INTEGRATION

Growing integration with agri -hubs

>15% ROACE by 2030 with significant growth

>1 Mton agri -feedstock availability by 2030

~1 MTPA capacity under construction (net Enilive)

Scale -up of global capacity, advanced treatment and premium products to seize growing demand and higher margins

€12 bln EV Unlocked value confirmed by additional 5% sale to KKR

€0.5 bln Annual organic Capex 2025 -28

RENEWABLES

SELECTIVE GROWTH IN DIFFERENT MARKETS 3-4x in 2030 vs 2024

STRONG PIPELINE OF 22 GW

6 GW under construction & in advanced stage

16 GW of medium/low maturity & prospects

RETAIL

EXPANDING CUSTOMER BASE +50% in 2030 vs 2024

GROWING IN POWER CUSTOMERS >2x by 2030 vs 2024

E-MOBILITY

40k PUBLIC CPs in 2030 (2x vs 2024)

2024 2025 2028 2030 >5.5 4.1 10

GROWING RENEWABLES CAPACITY | GW

Retail

Renewables

E-mobility

~10% 2030 ROACE

2.2x NET DEBT/EBITDA at 2024

>€10 bln EV

Unlocked value through third-party investment

Additional valorisation process ongoing

INDUSTRIAL TRANSFORMATION

TRADITIONAL REFINING

Progressing on conversion plan with Livorno biorefinery realization confirmed

EU refineries resilient to scenario & efficiency-oriented

_____________________

CONVERTING TRADITIONAL REFINERIES WHILE RETAINING STRATEGIC OPTIONALITY AROUND REMAINING CAPACITY

Transformation plan launched and in execution aiming to recover profitability

VERSALIS

Tecnofilm acquisition to expand in the compounding sector

Strengthening biochemical presence through new platforms

TRANSFORMING TO SUSTAINABILITY

_____________________

Building on successful conversion of Venice and Gela

POLYMERS RESTRUCTURING

Rationalisation of cracking and polymers capacity

NEW PLATFORMS GROWTH

Biochemistry

Compounding

Circularity

BASIC CHEMISTRY & VERSALIS EBIT ADJ TRAJECTORY

SHIFT TOWARDS VALUE ADDED PRODUCTS

BREAK-EVEN: EBIT ADJ @2027 & FCF @2028

-€350 mln capex vs previous plan

€1 bln EBIT adj turnaround 2030 vs 2024 (~€900 mln 2028 vs 2024)

~€2 bln investments over next 5 years for restructuring plan & new initiatives

~10% avg ROACE all new platforms

_________________

NEW INITIATIVES Bio-refinery in Priolo & Industrial Plant for energy storage in Brindisi

2025-28 GROSS & NET CAPEX | € bln

Resisting cost inflation and \$ appreciation

2025-28 GROSS CAPEX

€<9 bln 2025 gross capex

€6.5-7.0 bln 2025 net capex

€27 bln 2025-28 Net capex Target maintained despite material disposals in 2024

>40% Uncommitted capex avg over the Plan (~15% in 2025)

~30% Plan Capex for Low & Zero Carbon ⁵

CFFO GROWTH | € bln FCF 2025-28 | € bln 2030 ROACE | %

destined to strategic flexibility, deleveraging & distribution

EXCESS CASH

+10 \$/bbl Brent upside CFFO USES Net Capex €27 bln €60 bln

12-14%

Eni ROACE

GNR Biochem

CCS

Enilive

Plenitude

Material ROACE improvement through 2030

14% CAGR CFFO/share in 2025-28

New phase of development in transition businesses

Continued disciplined investment & portfolio high-grading

Improved margin capture

€1.8 BLN

2024-27 target confirmed corporate simplification and cost management

RE-SETTING TO LOWER LEVERAGE ⁶ | %

CASH-IN FROM SATELLITES ⁶ | € bln

15% YE 2024 PRO-FORMA LEVERAGE with capital discipline & portfolio actions

10-20% LEVERAGE OUTLOOK

lowering range over 2025-28 plan with an expected average of 16%

~€4 bln AGREED INVESTOR FUNDING for Transition Satellites

€12 bln Free cash since 2019 and additional ~€13 bln in the 4YP

>€30 bln OF EXTERNAL MARKS ⁷ corresponding to more than 70% of Eni market cap

Leverage outlook lowest in company history

<2% Cost of net debt Financial efficiency

€25 bln of liquidity ⁸ Financial flexibility

70% Low fixed rate debt Financial resilience

~30%

of Net Debt attributable to Plenitude at end of Plan

10-12x EBITDA Avg Satellite funding multiple

SHAREHOLDER DISTRIBUTIONS GROWING DIVIDENDS & GENERATING VALUE

EHANCED SHAREHOLDER DISTRIBUTION POLICY

Priority commitment funded from organic cashflow

35-40% of CFFO

Raised payout via dividends & buyback reflects enhanced financial strength

60% of CFFO Upside to buyback

2025 DIVIDEND INCREASE NEW BUYBACK PROGRAMME

€1.05/sh DPS for 2025 +5% versus 2024 Highest DPS for over a decade

€1.5 bln Buyback

2025 distribution 36% of CFFO Identifying balance between reinvestment and return

11% Attractive yield

A total return of more than 45% of market cap ⁹ over 2025-28 plan

<\$40/BBL 2025-28 avg cash neutrality ¹⁰

Dividend per share growth by increasing returns & reducing share count

NEW MATERIAL OPPORTUNITIES

TOWARDS A NEW COMBINATION OF SOURCES

Oil & Gas production becoming less net emissionintensive

Total

EJ ¹¹

~4

Conversion to bio of traditional refining activities

Building new low-carbon energy vectors, renewables, power with CCS and Nuclear Fusion

POWERED CONNECTED LAND

Industrial sites available, ready to be built on to fast time to market

HPC6

Developing new data centers leveraging on our experience on last generation of super computers

POWER BACK UP AND REDUNDANCY

Installed power capacity ensuring back up. Redundant connection to national grid for highest reliability

BLUE POWER

Gas to power capacity ready to be decarbonized, cost efficient solutions for energy intensive consumptions

Up to 200 ha powered and connected land

5 GW Gas Fired Plants

Up to 6TWh 24/7 Blue Power for each new Plant

>600 PetaFlops Peak with HPC6

9.3 MW IT HPC6 maximum power consumption

Up to 1 GW IT capacity of data center construction in partnership with UAE First project at Ferrera Erbognone

CONCLUDING REMARKS

CONCLUDING REMARKS

CLARITY OF STRATEGY

Selected activities leveraging technology, innovation and know-how built on legacy strengths

Investing for growth and attractive risk adjusted returns, while being flexible and innovative across activities and financial framework

FINANCIAL FRAMEWORK FOR RESILIENCE & GROWTH

Disciplined and flexible investing on deep and diversified opportunity set

Growing CFFO and FCF, improving ROACE and lowering Net Debt

DELIVERING VALUE THROUGH EXISTING AND NEW BUSINESSES

Financial performance, growth, value realisation

Enhanced shareholder returns and sustaining longterm value

Unlock value of new businesses through sale of minorities

COMMITMENT TO A PROGRESSIVE DISTRIBUTION

Distribute 35-40% CFFO, equivalent to more than 45% of current market cap over 4 Year Plan

Resilient & rising dividend with buybacks delivering upside exposure

BACKUP

-20% 0% 20% 40% 60% 80% 100% 120% 2022 2023 2024 2025 LISTING VISIBILITY ON VALUE CREATION TSR | %

Var Energi since IPO Total shareholder return: +82% Share price gain: +21%

Ithaca since completion of the combination

Total shareholder return: +33% Share price gain: +22%

ENI ASSET VALUE | € bln

Eni asset value ~€100 bln

Based on external marks and valuations

30

	2025 GUIDANCE	2025-28 PLAN
PRODUCTION	1.7 Mboed	3-4% underlying 2-3% reported
GGP PRO-FORMA EBIT	€0.8 bln	~ €0.8 bln avg
ENILIVE PRO-FORMA EBITDA	€1.0 bln	€2.5 bln in 2028
PLENITUDE PRO-FORMA EBITDA	>€1.1 bln	€1.9 bln in 2028
GROUP CFFO	€ 13.0 bln	~€60 bln in 4YP
NET CAPEX	€ 6.5-7.0 bln	€27 bln in 4YP
DIVIDEND	€ 1.05/share	35-40%
BUYBACK	€ 1.5 bln	of CFFO

	CMU 2024	OUTCOMES
BRENT (\$/bbl)	80	81
PSV (€/MWh)	30.7	36
EXCHANGE RATE (€/\$)	1.08	1.08
PRODUCTION	1.69-1.71 Mboed	1.71 Mboed	↑
GGP PRO-FORMA EBIT	€0.8 bln	€1.1 bln	↑
ENILIVE PRO-FORMA EBITDA	~€1.0 bln	€0.9 bln	✓
PLENITUDE PRO-FORMA EBITDA	€1.0 bln	€1.1 bln	↑
GROUP PRO-FORMA EBIT	~ €13 bln	€14.3 bln	↑
GROUP CFFO	~ €13.5 bln	€13.6 bln	↑
NET CAPEX	€7.0-8.0 bln	€5.3 on a pro-forma basis	↑
DIVIDEND	€1.00/share	Confirmed	✓
BUYBACK	€1.1 bln	€2.0 bln completed	↑

€1.7bln and €1bln overperformance to plan scenario adjusted guidance for EBIT pro-forma and CFFO respectively

Strong production growth

Consistent performance and growth of transition businesses

Remarkable results despite the mixed market environment

Disciplined investments and strong balance sheet

Shareholder distributions increased by over 80% compared to March 2024 announcement

31 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.

4YP SCENARIO		2025	2026	2027	2028
Brent dated	\$/bbl	75	78	80	80
FX avg	\$/€	1.05	1.05	1.05	1.05
Ural MED c.i.f. Med Dated Strip	\$/bbl	-10	-10	-10	-9
Std. Eni Refining Margin	\$/bbl	4.7	4.2	3.7	3.5
PSV	€/MWh	44.4	41.4	38.4	36.4
NBP	\$/mmbtu	13.1	12.2	11.3	10.7

SENSITIVITY 2025		EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent	+1 \$/bbl	0.19	0.28	0.14	0.14
European Gas Spot	+1 \$/mmbtu	0.11	0.26	0.11	0.10
Upstream	+1 €/MWh	0.03	0.08	0.03	0.03
Std. Eni Refining Margin	+1 \$/bbl	0.13	0.13	0.09	0.13
Exchange rate \$/€	+0.05 \$/€	-0.36	-0.55	-0.22	-0.53

Brent sensitivity applies to liquids and oil-linked gas.

Sensitivity is valid for limited price variation. ³² For energy use purposes PSV variation of 1\$/MMBTU has an impact of -15 mln € on SERM calculation.

	2025	2028	2030	2035	2040	2050
RETAIL CUSTOMER BASE MLN POD a	>10	>11	15			20
RENEWABLES INSTALLED CAPACITY GW a b	>5.5	10	15	30		60
EV CHARGING POINTS k a	>24	33	40			~160
BIO REFINING CAPACITY MLN TON/Y a	1.65	>3	>5
GAS PRODUCTION % ON PORTFOLIO c			>60			>90
CCS TRANSPORT & STORAGE CAPACITY d (Mton CO /y) 2			>15 before 2030	>40 after 2030	~50	~60

a) Plenitude and Enilive 100%.

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

c) Since 2024 includes gas condensates.

d) Gross capacity.

33

		2025	2026	2030	2035	2040	2050
GHG EMISSIONS a	NET CARBON FOOTPRINT SCOPE 1+2 VS 2018	UPS -65%		UPS NET ZERO	ENI NET ZERO
	NET GHG LIFECYCLE EMISS. SCOPE 1+2+3 VS 2018			-35%	-55%	-80%	ENI NET ZERO
	NET CARBON INTENSITY SCOPE 1+2+3 VS 2018			-15%		-50%	ENI NET ZERO
	ROUTINE FLARING c		0
UPSTREAM FLARING & METHANE EMISSIONS b	FUGITIVE METHANE VS 2014	-80% reached @2019
	KEEPING METHANE INTENSITY	well below 0.2%
CARBON OFFSET	CARBON OFFSET, INCL. NATURAL CLIMATE SOLUTIONS (Mton CO /y) 2			~15		~20	<25

a) KPIs used in Eni Sustainability-Linked Financing Framework. Targets include only Eni's equity stored CO²

b) KPIs Include both operated and joint operated assets.

34 c) Advancing towards our target for operated assets by 2025; progress for joint operated assets subject to execution of projects in Libya, currently expected to be completed within 2026.

.

KEY BASINS IN THE 4YP

Large portfolio of balanced near-field ILX and high impact wells

Major discoveries in diverse geographies & plays

Industry leading resource opportunity

Distinctive Dual Exploration Model to accelerate resources valorization

Leading value with fast commercialization

Advantaged barrels to support growth in the medium term

35

IN EXECUTION

ANGOLA

Agogo Integrated WH NGC

CONGO LNG Ph2 Offshore

EGYPT Melehia Ph2

INDONESIA Merakes East

Maha

KAZAKHSTAN KEP 1B KPO

LIBYA

A,E Structure Bouri GUP

MOZAMBIQUE

Coral North

NIGERIA

Bonga North

NORWAY

Balder X Halten East Joahn Castberg

QATAR

NFE

UAE

Dalma Hub Umn Shaif LTDP 1.0 Umn Shaif LTDP 2.0 Hail & Gasha

UNDER MATURATION

ALGERIA

Touat ph2

ANGOLA

PAJ

AUSTRALIA

Petrel Verus

CYPRUS Cronos

EGYPT Nargis Zohr Plateau Extension

INDONESIA Gendalo & Gandang

Kutei Northern Hub

IVORY COAST Baleine ph3

KAZKHSTAN KPO Gas Project

LIBYA BESS 2

MOZAMBIQUE Rovuma LNG ph1

COUNTRY	PROJECT	ENI OPERATORSHIP	W.I.	PRODUCTS	START UP	PRODUCTION 100%)a (Kboed –
ANGOLA	Agogo West Hub Integrated	N*	18%	Liquids	2025	180
(Azule Energy)	NGC Quiluma & Mabuqueiro	N*	19%	Gas	2026	100
CONGO	Congo LNG	Y	65%	Gas/Liquids	2023 Nearshore ph. 2025 Offshore ph.	120
EGYPT	Melehia ph.2	Y	76%	Liquids/Gas	2027 (Gas Plant)	20 (Oil&Gas)
INDONESIA	Southern Hub	Y	85% Merakes East 70% Maha	Gas	2025 2026	50
KAZAKHSTAN	KEP 1B KPO	Y	29%	Liquids	2026	15
LIBYA	A&E Structure	Y	50%	Gas	2027 (Struct. A)	160
	Bouri GUP	Y	100%	Gas	2026	20
NORWAY (Vår Energi)	Balder X	N*	58%	Liquids	2025	70
	Johan Castberg	N*	19%	Liquids	2025	200
	Halten East	N	16%	Gas	2025	60
NIGERIA	Bonga North	N	13%	Liquids	2028	110
QATAR	North Field Expansion (NFE)	N	3%	Gas	2026	1350
UAE	Dalma Gas	N	10%	Gas	2025	60
	Umm Shaif LTDP 1.0	N	10%	Liquids	2025	60
	Umm Shaif LTDP 2.0	N	10%	Liquids	2027	70
	Hail & Gasha	N	10%	Gas	2028	310

Agreement with Egypt and Cyprus for the development and export of Block 6

Unlocking gas in the East Med LNG export to European premium market

Fast track & cost-efficient development leveraging existing infrastructures operated by Eni

2022 DISCOVERY DATE

3 TCF

DISCOVERED RESOURCES >2 TCF ADDITIONAL UPSIDE

500 Mscfd GROSS PRODUCTION AT PLATEAU

2.5 Bbbl & 3.3 TCF BALEINE RESOURCES IN PLACE

150 Kbopd & 200 Mscfd BALEINE PH 1, 2 & 3 TOTAL PRODUCTION CAPACITY

UNDER DEFINITION CALAO APPRAISAL PLAN

1.0-1.5 Bboe CALAO POTENTIAL RESOURCES

Baleine and Calao top exploration successes after 20 years

Outstanding Baleine reservoir performance

Net Zero (scope 1 & 2) approach

Fast track and phased development

650 Mscfd SOUTHERN HUB CURRENT GROSS PRODUCTION

14 TCF & 500 Mbbl OF DISCOVERED RESOURCES

30 TCF ADDITIONAL EXPLORATION POTENTIAL

2 Bscfd & 90 Kbopd MEDIUM TERM PRODUCTION FROM NORTHERN AND SOUTHERN HUBS

Exploration at scale supports our dual exploration model and fast-track developments

Leading a world-class gas province

4.7 TCF CORAL NORTH RESERVES

3.6 MTPA FLNG CAPACITY

40% REDUCTION IN TIME TO MARKET PROJECT DEVELOPMENT VS CORAL SOUTH

Coral North Project as enhanced carbon copy of Coral South

Leveraging on lessons learned of 2+ years of excellent uninterrupted production (counting 100+ cargos so far)

Project designed to cost as Coral South

KEY REGULATORY UPDATES

RED III Directive doubled 2030 target to 29% renewable fuels in transport, transposed into national laws by 05/2025

ReFuelEU Aviation 2% SAF in 2025 6% SAF in 2030

FuelEU Maritime -2% GHG intensity in 2025 -6% GHG intensity in 2030

US

CARB strengthening LCFS targets in 2025-30 and extending it to 2045

ASIA

SAF targets at 2030 in 9 countries

VOLUNTARY DEMAND

10% SAF target by 2030 from leading international airlines and 30% from cargo companies

1

FIRST MOVER INTO BIOREFINERY CONVERSION

st player among energy majors and 2nd in Europe by biorefining capacity

10 years of successful biorefining operations & conversion track record

STRONG TECHNOLOGY INNOVATION CAPABILITIES

Co-developer for innovative Ecofining process Continous improvement through ongoing joint collaboration with UOP. SAF production boost. Supply flexibility (pretreatment enhancements)

GLOBAL FOOTPRINT ON BIOFUEL MARKET

Global presence with distinctive supply, extensive trading and commercial capabilities as opposite to a more localised traditional R&M business

AGRI-HUBS VERTICAL INTEGRATION

WITH DOWNSTREAM

Upstream vertical integration with equity feedstock through Agri-hubs providing higher control vs market through direct access to derisked, traceable feedstock

VERTICAL INTEGRATION Downstream vertical integration leveraging on:

wholesale/retail and chemicals as captive outlets for bioproducts, stabilizing margins, globalisation of the bioproducts market

1.65 Mton biorefining capacity in 2024

~30% Ecofining mkt share in HEFA Global capacity

Capacity pipeline to expand further in NA, Europe and Asia-Pacific. Supply & trading team across four continents

Leading position

in non-food crops, with degraded land feedstock potential and first-mover in agricultural residues

>5000

station network with increasing offering of mobility solutions

HIGH-VALUE ADDED PRODUCTS IN A FLEXIBLE PRODUCTION SYSTEM

SAF

Gela upgrade completed in 2024

Long-term collaborations with EasyJet, Ryanair, Volotea and Poste Italiane

Strategic agreements with ADR (Airports of Rome), SEA (Airports of Milan) and Leonardo

HVO DIESEL

Pure HVO (HVOlution) already available in >1.200 retail stations

Arctic diesel designed for Northern Europe markets

Partnerships to target new or niche markets (e.g. ships, rail, diesel power generations, data centers)

INCREASED SERVICE OFFER TO SATISFY EVOLVING CUSTOMER NEEDS

PEOPLE SERVICES Agreements with Amazon Lockers, Poste Italiane and Telepass

MOBILITY SERVICES

Car sharing, Eni-Parking and Eni-Wash

DIRECT FOOD OFFER

• ENICAFÈ ~ +300 enhanced cafés by 2028 (>1500 at the end of 4YP)
• ALT RESTAURANTS ~ +90 locations by 2028 (100 at the end of 4YP)

CARBON REDUCTION CREDENTIALS

Emissivity of 100% HVO powered ICE vehicles in line with BEV/FCEV engines

Agri-feedstock targeting -100% carbon intensity reduction (carbon negative with biochair)

LIVORNO

FID taken in Jan 2024

Start-up in 2026

~500 kton total capacity

100% Enilive

PENGERANG FID taken

in July 2024 & EPC awarded

Start-up in 2028

650 kton total capacity

JV with Petronas & Euglena

DAESAN/SEOSAN

FID taken in July 2024

Start-up in 2027

400 kton total capacity

& EPC awarded EXPANSION FID expected in 2025

Start-up in 2027

VENICE

up to 600 kton total capacity

100% Enilive

ECOFINING TECHNOLOGY & ADVANCED PRETREATMENT

JV with LG Chem

PRIOLO

FID expected in 2025

Start-up in December 2028

500 kton total capacity

DYNAMIC EXPANSION

Expanding Enilive global footprint

Far East strategical for developing long-term SAF market and feedstock availability

Partnering with leading local players

Synergies with existing facilities, cost optimisation opportunities

Enhancing product mix in Gela and Venice

WIND

OFFSHORE WIND ONSHORE STORAGE

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	2,100
USA	Guajillo	100%	200	B	2024	150
GREECE	Toumba	100%	80		2025	130
ITALY	Borgia, Montalto di Castro	100%/65%	60		2024	130
ITALY	Basilicata 1, Tarsia, Assemini	100%	50		2025	90
KAZAKHSTAN	Mangystau	51%	65		2025-2027	200
UK	Dogger Bank	13%	470		2023-2027	2,250

47 Note: for Storage BESS, the yearly production refers to the 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.

INSTALLED CAPACITY | GW EBITDA | € bln

PIPELINE BREAKDOWN CAPEX | € bln

48 Installed capacity and pipeline figures are in Plenitude share.

EBITDA is adjusted and both EBITDA & CAPEX include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. CAPEX include M&A.

Focus on profitability: growth driven by organic pipeline and integration with retail

Geographical diversification in OECD countries

Strengthening technology mix: offshore wind and BESS

JVs development acceleration

CUSTOMERS | mln

EBITDA | € bln

ENERGY MIX EBITDA FROM SOLUTIONS

20%

avg on 25-28 EBITDA retail

20k PLANTS @YE2024 IN DISTRIBUTED GENERATION, EQUIVALENT TO 150 MW

Focus on valuable customers vs volume

Lean and effective operations

Different market positioning across countries: incumbent vs challenger, | power vs gas

Dynamic commercial approach, adapting to the changing environment

INSTALLED MIX

CAPEX | € bln

UTILIZATION RATE FOR DC CAPEX BREAKEVEN: 1.5h FOR 3 YEARS

Leading proprietary network in Europe

100% locations with public access

ITALY expanding the capillary network

EUROPE focus on ultra fast CPs

Synergies with Retail and Enilive stations

Partnerships with GDOs, car makers, corporations and fleets

TRANSPARENCY LEADS TO TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT

Eni O&G Average Eni peers: Shell, TotalEnergies, BP, Equinor, Chevron, ExxonMobil, OMV, Repsol. O&G average calculated as per last available data. *First in European oil & gas sector

** B- corresponds to Prime status – investment grade. Other industry leaders: Galp, OMV, Repsol, TotalEnergies.

*** Eni peers: TotalEnergies, Repsol, BP, Shell, Equinor, Occidental, Suncor, Chevron, Cenovus, Conoco, Harbour, Expand, EOG, Petrobras, Petronas, CNRL, Devon, Pemex, ADNOC, ExxonMobil, Ovintiv, PetroChina, QatarEnergy, Coterra, CNOOC, EQT, SaudiAramco, KPC, Sonatrach.

Footnote #	Slide #	Description
1	4	Net capex and leverage calculated on a pro-forma basis consider the incoming cash-ins of the KKR investment in Enilive, the second tranche of EIP investment in Plenitude and other minor agreed transactions
2	7	Data source: Wood Mackenzie November 2024 report. Peers considered in the value creation and emissions chart are: bp, Chevron, Equinor, Exxon, Shell, TotalEnergies
3	9	Portfolio cash breakeven considers consolidated projects
4	13	as per closing February 21st Market capitalisation
5	20	Excluding investments in Upstream gas and CCGT
-	21	Net Profit for ROACE calculations is adjusted. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. All figures at plan scenario, except where noted
6	22	Leverage and cash-ins calculated on a pro-forma basis consider the incoming cash-ins of the KKR investment in Enilive, the second tranche of EIP investment in Plenitude and other minor agreed transactions
7	22	Includes Var Energi, Ithaca, Plenitude, Enilive and other entities where we have third-parties indication of value
8	22	Financial assets and committed credit lines across 4 Year Plan
9	23	as per closing February 21st Market capitalisation
10	23	Cash neutrality refers to coverage of net capex and dividend by cash flow from operations before changes in working capital
11	24	Excludes energy transformed and power generation