Eni — Investor Presentation 2026

Mar 19, 2026

eni

INFO

CAPITAL MARKETS UPDATE

19 March 2026

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DISCLAIMER

CAPITAL MARKETS UPDATE 2026

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.

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3

A CLEAR STRATEGY

DRIVING GROWTH AND RESILIENCE THROUGH THE CYCLE

CONSISTENT STRATEGY AND EXECUTION

E&P: A DISTINCTIVE GROWTH ENGINE

Outstanding exploration-led portfolio supporting a deep, diversified development pipeline with industry-leading time to market

TRANSITION: CREATING DIVERSIFIED VALUE

Scaling transition platforms delivering material growth and diversification through distinctive, self-funding business models

TECHNOLOGY: ENABLING DIFFERENTIATION & NEW OPPORTUNITIES

Technology leadership strengthening E&P competitiveness while enabling new opportunities in CCS, batteries and lower-carbon energy

FINANCIAL MODEL: SATELLITES AND FINANCIAL STRENGTH

Satellite model unlocking value and attracting strategic partners, supported by strong financial discipline and a robust balance sheet

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STRATEGY EXECUTION & KEY MILESTONES

2025: DELIVERING ON OUR STRATEGY

GLOBAL NATURAL RESOURCES

UPSTREAM

4% underlying production growth (6 main startups) top end of guidance (with 4 major FIDs)

900 Mboe new resources discovered

1.0 BBIs proved reserves additions, RRR 167% organic top performer vs peers

Agreements with YPF and XRG on Argentina LNG and Indonesia-Malaysia business combination with PETRONAS

GGP

> €1.0 bln EBIT pro-forma adj

New LNG LT agreements with Venture Global, Gulf & Botas, and positive contracts renegotiation

CCS

Closing of the transaction with GIP for the investment in Eni CCUS Holding

TRANSITION & TRANSFORMATION

PLENTUDE

Rising renewables generation integrated with clients, 5.8 GW (+41% YoY)

ENILIVE

Biorefineries construction begun in Livorno, South Korea and Malaysia

Sannazzaro project approved, Q8 partnership for construction of Priolo biorefinery

VERSALIS

Transformation plan in execution, with closure of Brindisi and Priolo ahead of plan

ENI INDUSTRIAL EVOLUTION

Launched new company for transformation

CORPORATE

RESULTS AHEAD

Stronger than expected cash generation €12.5 bln CFFO adj

NET CAPEX WELL BELOW GUIDANCE

€4.4 bln pro-forma

ENHANCED BUYBACK & DIVIDEND

€4.9 bln total distribution (~40% payout)

Unique among peers in raising buyback

REDUCED GEARING

15% from 18% YE 2024, 14% pro-forma

Cash Flows are adjusted before changes in working capital at replacement cost and exclude effects of derivatives.

Non-GAAP financial measures disclosed throughout the presentation include proforma EBIT, proforma EBITDA, adjusted operating and net profit, CFFO before changes in working capital at replacement cost and gearing. For further information, see the annex slide "Non-GAAP measures".

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STRATEGY OVERVIEW

OUR VALUE PROPOSITION

GLOBAL NATURAL RESOURCES

• Optimizing growth and value
• Broad diversification across geographies, technologies, products and business
• Distinctive dual exploration model and fast track development
• Efficient and resilient portfolio

2030 ROACE
GNR >15%

TRANSITION & TRANSFORMATION

• Sustaining, self-funding business models
• Increasing renewables capacity & EV network leveraging integration with customers
• Expanding biorefining capacity, integrated from agri-feedstock up to final demand
• Reconfiguring industrial footprint through base chemicals restructuring and new technology platforms

2030 ROACE
>15% Enlive; ~10% Plenitude

CORPORATE

• Historically strong balance sheet position
• Innovative financial model to deliver value
• Increasing operating cashflows & lowering gearing, with focus on capital discipline
• Growing shareholders' distribution in line with progression of our strategy

2030 ROACE
~13% Eni Group

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GLOBAL NATURAL RESOURCES

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7

EXPLORATION

DISTINCTIVE CAPABILITIES & RESERVE REPLACEMENT

DISCOVERED RESOURCES | CUMULATIVE MBOE

2025 ORGANIC RESERVE REPLACEMENT RATIO | %

RRR ORGANIC TREND

DUAL EXPLORATION MODEL AT WORK

-11 Bboe
equity resources discovered since 2014 at $1/boe UEC in multiple geographies and plays

>$13 bln
from dual exploration model since 2013

STRONG RESOURCES CONVERSION

60% discovered resources into production or sale since 2014

167% RRR
in 2025 for proven reserves

-11 years
proven reserves life index

>20 years
reserves and resources life index

Reserve Replacement Ratio as per latest company disclosures and refers to organic where information is available.

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ILX: Infrastructure Led Exploration.

11

EXPLORATION
RESOURCES & PROJECTS

KEY BASINS | IN THE 5YP

SIRTE BASIN
BERKINE BASIN
TRANSFORM MARGIN
SOUTH ATLANTIC MARGIN

NCS & NORTH SEA
EAST MED
KUTEI BASIN

BALANCED MIX OF ILX /
NEAR-FIELD AND
HIGH-IMPACT
OPPORTUNITIES

Industry leading resource opportunity

Distinctive Dual
Exploration Model
to accelerate resources
valorization

Advantaged barrels
to support growth in the
medium term

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E&P
GROWTH, DIVERSIFICATION AND VALUE

UPSTREAM PRODUCTION | Mboed

GEOGRAPHICAL MIX | P1 reserves (Bboe)

ORGANIC FCF PER BARREL | $/boe

PRODUCTION MIX | Mboed

LEADING PRODUCTION GROWTH
3-4% 2026 growth underlying
DIVERSIFICATION IN HIGH POTENTIAL/VALUE MARKETS
+25 pp PI reserves @2030 from new world-scale hubs in the Far East and the Americas
LNG expansion +11 pp @2030
LNG available 2x @2030
STRONG VALUE GROWTH IN RESILIENT PORTFOLIO
FCF/boe >50% @2030
Resilient portfolio
<30 $/bbl cash breakeven
~15% 2030 E&P ROACE

Organic FCF per barrel is before changes in working capital.
*Constant @70 $/bbl.

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10

E&P

2026-30 PROJECTS

2026 START UP & RAMP UP

☑ START-UP ACHIEVED

ANGOLA
☑ AGOGO IWH
☑ NGC

CONGO
☑ LNG PHASE 2

EGYPT
MELEIHA PH. 2

INDONESIA
MAHA

LIBYA
BESS COMPRESSION
BOURI GUP

QATAR
NFE

UAE
DALMA
UMM SHAIF LTDP-1

UK
ROSEBANK Ph 1*

2027-2030 START UP

☑ FID ACHIEVED

ALGERIA
TOUAT PH. 2

ANGOLA
GREATER PAJ

ARGENTINA
ARGENTINA LNG

AUSTRALIA
PETREL

CÔTE D'IVOIRE
BALEINE PH. 3

CYPRUS
CRONOS

INDONESIA
☑ GENDALO & GANDANG
☑ KUTEI NORTH HUB

ITALY
GEMINI, PANDA

LIBYA
☑ STRUCTURE A&E

MOZAMBIQUE
☑ CORAL NORTH FLNG

NIGERIA
☑ BONGA NORTH
ZABAZABA ETAN

NORWAY
☑ BALDER PH. VI
☑ JOHAN C. FURTHER PH.
GOLIAT FURTHER PH.
GJØA

UAE
☑ HAIL & GHASHA
☑ UMM SHAIF GAS & LTDPs
☑ LOWER ZAKUM LTDPs
☑ SARB
WASET
NASR

UK
CAMBO

BEYOND 2030

ANGOLA
ALGAITA

AUSTRALIA
VERUS

CÔTE D'IVOIRE
CALAO

INDONESIA
KUTEI FURTHER PH.

LIBYA
BESS
BOURI PH.2

KAZAKHSTAN
KASHAGAN FURTHER PH.
KARACHAGANAK GAS

MOZAMBIQUE
FURTHER DEV.

NAMIBIA
CAPRICORNUS
VOLANS

NORWAY
BALDER FURTHER PH.
VIDSYN

VENEZUELA
PERLA FURTHER PH.
JUNIN 5

SUPER PIPELINE OF PROJECTS

850 kboed new production
at 2030

>8 Bboe in production
beyond 2030

ACCRETIVE & RESILIENT

~20% IRR

35 $/bbl BEP

<20 $/boe Opex + Capex

UNCHALLENGED FAST TRACK MODEL

4.4 years Time-to-market,
>1.5 years faster than industry avg

PROJECT EXECUTION LEADER
Better schedule & cost control
than industry avg

post-FID Schedule Slippage
5%, vs 15% industry

post-FID cost growth 1%
vs 14% industry

Industry Average Time-to-Market, post-FID cost growth and post-FID schedule slippage source: Wood Mackenzie Majors Benchmarking report (Oct 2025).

*Start up expected between late 2026 and early 2027 as per Ithaca disclosure.

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E&P
ENI-PETRONAS BUSINESS COMBINATION - SEARAH AT A GLANCE

SEARAH TO LEAD SOUTH-EAST ASIA GAS & LNG MARKET

19 ASSETS

14 blocks in Indonesia & 5 in Malaysia

PRODUCTION >300 KBOED FROM DAY 1

>500 kboed by 2029 (mostly operated)

>3 BLN BOE RESERVES

JUN/JUL 2023	OCT 2023	AUG 2024	JUN 2025	NOV 2025	Q2 2026
Eni acquisition of Neptune & Chevron's IDD assets	Eni's Geng North 1 giant gas discovery	PoD approval for North Hub and Gendalo-Gandang (IDD) projects	JV framework agreement with PETRONAS for a business combination	Investment agreement with PETRONAS to combine Indonesia and Malaysia blocks	Expected closing

LEADING A WORLD-CLASS GAS BASIN

Optimally positioned to supply key LNG markets

Investment grade and self-financing

Strong footprint in different prolific basins across Malaysia and Indonesia

Significant exploration potential

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E&P

ARGENTINA LNG PROJECT

POSITIONED AS GLOBAL LEADING LNG PROJECT

25 TCF
Project resources base

2X6 MTPA
FLNG capacity through 2 floating units

+500 KBOED
LNG and liquid production

2 FLNG
VACA MUERTA

APRIL 2025	JUNE 2025	OCTOBER 2025	FEBRUARY 2026	2H 2026
☐ MOU
Eni-YPF	☐ Head of Agreement
Eni-YPF	☐ Final technical Project description
Eni-YPF	☐ Joint development Agreement
Eni-XRG-YPF	☐ Expected FID

VACA MUERTA ONSHORE SHALE GAS RESOURCES DEVELOPMENT

World-class gas project including production, treatment, transportation and liquefaction

Eni’s distinctive know-how on major projects management and leadership in FLNG technology

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TRANSITION BUSINESSES

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TRANSITION BUSINESSES

STRATEGY SUMMARY

ENILIVE

Leading global position meeting transportation demand

€11.75 bln Equity Value, unlocked value confirmed by 30% sale to KKR

EARLY MOVER, INTEGRATED, HIGH GROWTH, EXCELLENT RISK ADJUSTED RETURNS

PLENITUDE

Supplying decarbonized energy and services to our customers

€12 bln Enterprise Value, unlocked value confirmed by 20% sale to Ares and 10% to EIP

Proposed deconsolidation and capital increase promote efficient growth

INTEGRATED, HIGH GROWTH, PROFITABLE AND TRANSITION ORIENTED

FINANCIAL MODEL

€6.4 BLN proceeds from 3rd parties in aligned capital to support Transition Satellites growth

Recognizes growth and resiliency of integrated value chain

IMPLIED ENTERPRISE VALUE
>€23 BLN

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ENILIVE

A GLOBAL PLAYER IN SUSTAINABLE MOBILITY

BIOREFINING

Tripling capacity
Stronger global footprint in Europe, North America & Asia, while accelerating on SAF optionality

3 projects in execution in Italy to leverage industrial assets

RETAIL

Broadening network
~5,300 service stations, of which >1,700 distributing HVO in 2026

AGRI-HUBS

Growing integration
with ~1 Mton agri-feedstock availability by 2030

PRO-FORMA EBITDA | € bln

Biorefining
Marketing

DELIVERING CAPACITY AND SAF OPTIONALITY | MTPA

SAF optionality

Shareholders

Eni 70%
KKR 30%

>15%
ROACE by 2030
with significant growth

~2 MTPA
capacity under construction (net Enilive)

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

€0.5 bln
Annual organic Capex 2026-30

All financial and operating data, including targets, refer to Enilive 100%.

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16

PLENITUDE

A GROWING PLAYER IN THE ENERGY TRANSITION

RENEWABLES

Capacity growth to 2030

2.5x in 2030 vs 2025

Focus in EU and US

7 GW under construction

& in advanced stage

RETAIL

Growing in power customers

to >60% by 2030 vs 2025

3x growth outside Italy

in the plan

Expanding customer base

+50% in 2030 vs 2025

E-MOBILITY

Network expansion

in Europe

+30% in 2030

to 30K CPs, focus on DC

PRO-FORMA EBITDA € BLN

Retail

Renewables

E-mobility

GROWING RENEWABLES CAPACITY | GW

Solar

Onshore Wind

Offshore Wind

Storage

RETAIL CUSTOMERS #MLN

GLOBAL

A mature international organization with operations in >15 countries

GROWING

Steady performance backed by a resilient financial structure

INTEGRATED

Multi-asset ecosystem with synergies and natural hedging

-10% 2030 ROACE

€12 BLN EV at YE 2025

Unlocked value through third-party investments with Ares and EIP

-€2 bln

NET DEBT at YE 2025

€1.4 bln

Annual organic Capex 2026-30

-€1.5 bln non-proportional capital increase to be subscribed by shareholders

All financial and operating data, including targets, refer to Plenitude 100%.

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TECHNOLOGY

DRIVING BUSINESS GROWTH AND CREATING VALUE

LONG TERM OPPORTUNITY | TECHNOLOGY DRIVEN

UPSTREAM | Production (Mboed)

GGP | LNG Contracted (MTPA)

CCS | CO₂ Storage (MTPA, Gross capacity)
Before After 2030s 2030 2030

BIOENERGY | Biorefining Capacity (MTPA)*

RENEWABLES | Installed Capacity (GW, Plenitude 100%)
Global Wind&Solar installed capacity CAGR 11-12%

ELECTRICITY | Power generation (TWh)
Global electricity demand CAGR ~3%

TECHNOLOGY | ENABLING GROWTH

• HPC and quantum computing
• Artificial intelligence
• Advanced geosciences & reservoir management
• Ecofining™
• Stationary batteries & critical minerals
• Magnetic confinement fusion
• Carbon management & blue energy

Technology a key driver for origination, growth and value
Strengthened R&D and partnerships since 2014; integral to both upstream and transition businesses; positioned for growth opportunities

Enabling upstream optionality

Advanced computing, proprietary algorithms and exploration expertise support long-term oil and gas opportunities, with global leadership in FLNG

Powering the energy transition

Renewables, batteries and critical minerals, biofuels and CCS support progressively lower emissions intensity

Positioned for future technologies

Strategic investment in fusion through Commonwealth Fusion Systems

CAGR 2024-2035 based on IEA World Energy Outlook 2025 Current Policies Scenario (CPS) and Stated Policies Scenario (STEPS).

Upstream production CAGR refers to 2026-30 on a reported basis.

Power generation is Plenitude and Eni Power 100%.

*SAF optionality in green.

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FINANCIALS

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CAPITAL INVESTMENT
DISCIPLINED GROWTH FOCUSED INVESTMENT

2026-30 ANNUALIZED GROSS & NET CAPEX | € bln

Reduction driven by perimeter effect and efficiency

2026-30 GROSS CAPEX

• GNR
• Enilive
• Plenitude
• Versalis
• Other

€7 bln
2026 gross capex

~€5 bln
2026 net capex

~€29 bln
gross capex in 5YP (~€25 bln net)

>30%
Uncommitted capex avg over the Plan (~10% in 2026)

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21

CASH FLOW & RETURNS

BUSINESSES DRIVE EFFICIENT FINANCIAL GROWTH

CFFO GROWTH | € bln

EXCESS CASH
destined to strategic flexibility, deleveraging & distribution

FCF 2026-30 | € bln

FCF in 2026-30
>€45 bln

~13% ENI GROUP 2030 ROACE with material improvement along the plan

2026 SCENARIO

• $70/bbl Brent
• €36/MWh TTF
• $6/bbl SERM
• €/$ 1.15 Exchange rate

14% CAGR CFFO/share 2026-30

High-quality upstream portfolio

New phase of development in transition businesses

Continued disciplined investment & portfolio high-grading

Improved margin capture

PERFORMANCE IMPROVEMENT

Versalis reaching EBIT breakeven during 2028

€2.3 bln corporate simplification & cost management target raised

Net Capex calculated on a pro-forma basis. Free Cash Flow considered is organic and before changes in working capital.

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BALANCE SHEET

STRENGTHENED CAPITAL STRUCTURE

RE-SETTING TO LOWER GEARING¹ | %

14% YE 2025 PRO-FORMA GEARING
with capital discipline & portfolio actions
10-15% AVERAGE 2026-30 GEARING

CASH-IN FROM SATELLITES | € bln

€6.4 bln ALIGNED INVESTOR FUNDING ACHIEVED
for Transition Satellites
€16 bln Free cash since 2019 and additional ~€16 bln in the 5YP

GEARING OUTLOOK LOWEST IN COMPANY HISTORY

<2%
Net Cost of debt
Financial efficiency

~€27 bln
of liquidity²
Financial flexibility

>70%
Long-term debt
Financial resilience

UPSTREAM LISTED SATELLITES

Vår Energi and Ithaca Energy
at all-time high market
capitalization, with Eni's stake
worths over €8 bln

1 Gearing ante lease liability.

2 Financial assets and committed credit lines across 5 Year Plan.

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23

SHAREHOLDER DISTRIBUTIONS

GROWING DIVIDENDS & GENERATING VALUE

ENHANCED DISTRIBUTION POLICY

• Ordinary dividend our first priority
• Normal payout enhanced
• Upside to shareholders enhanced

35-45% of Plan CFFO funds ordinary dividend and buyback

• Raised payout range to fund dividends & buyback
• Reflects improved financial strength and satellite cashflows effects

CFFO UPSIDE

Up to $90/bbl – 60% of upside to buyback

• Continued commitment to share upside CFFO with significant leverage to buyback

Above $90/bbl – 100% of upside paid as extraordinary dividend

• 100% of CFFO paid as extraordinary dividend for average oil price over $90/bbl and other variances – where gas prices and refining margins exceed scenario assumptions by more than 50%

2026 DIVIDEND AND BUYBACK

€1.10/sh DPS

• +5% versus 2025
• Maintaining growth trend

€1.5 bln Buyback

• 40% of CFFO to distribution

Buyback and then extraordinary dividend upside

HISTORICAL DISTRIBUTION | € bln

Attractive yield

• of more than 40% market cap¹ over 2026-30 Plan

<$35/BBL

• 2026-30 average cash neutrality for the ordinary dividend
• Dividend per share growth by increasing returns & reducing share count

Extraordinary Upside

• Assessment of the expected annual scenario and any extraordinary dividend will be made in Q3, with a single payment scheduled for 4Q

¹ Market capitalisation as per closing March 17th.

² Cash neutrality refers to coverage of net capex and dividend by cash flow from operations before changes in working capital.

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CONCLUDING REMARKS

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25

CONCLUDING REMARKS

CONSISTENT STRATEGY IN A VOLATILE ENERGY LANDSCAPE

Clear strategic direction and consistent execution across cycles

Strong financial discipline and a resilient balance sheet supporting long-term value creation

DUAL GROWTH ENGINE: E&P AND TRANSITION

High-quality upstream portfolio providing visible production and cash flow growth

Rapidly scaling transition businesses adding diversification and new sources of value

TECHNOLOGY & CAPABILITIES ENABLING LONG-TERM OPPORTUNITIES

Strong technical expertise and innovation supporting the delivery of complex projects

Technology leadership enabling emerging opportunities such as CCS and fusion

VISIBLE GROWTH & ATTRACTIVE SHAREHOLDER RETURNS

Deep pipeline of high-quality projects underpinning sustainable cash flow growth

Secure and growing dividend combined with disciplined share buybacks, with material upside participation

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BACK UP

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27

BACKUP

2026 GUIDANCE

	2026 GUIDANCE	2026-30 PLAN
PRODUCTION	3-4% underlying	3-4% reported
GGP PRO-FORMA EBIT	~€1.0 bln	~€1.0 bln (2027-30 avg)
ENILIVE PRO-FORMA EBITDA	€1.1 bln	€3.0 bln in 2030
PLENITUDE PRO-FORMA EBITDA	€1.3 bln	>€2.5 bln in 2030
GROUP CFFO	€11.5 bln	~€71 bln in 5YP
GROSS CAPEX	€7.0 bln	~€29 bln in 5YP
NET CAPEX	~€5.0 bln	~€25 bln in 5YP
DIVIDEND	€1.10/share	35-45%
of CFFO
BUYBACK	€1.5 bln

EBITDA and EBIT are adjusted.

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

Cash Flows are adjusted before changes in working capital at replacement cost and exclude effects of derivatives.

Targets refer to Plenitude and Enilive 100%.

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BACKUP
SCENARIO ASSUMPTIONS

5YP SCENARIO		2026	2027	2028	2029	2030
Brent dated	$/bbl	70	70	80	82	84
Exchange rate avg	$/€	1.15	1.14	1.07	1.07	1.09
Std. Eni Refining Margin	$/bbl	6.0	4.0	3.5	3.4	3.4
TTF	€/MWh	36	29	28	28	27
NBP	$/mmbtu	11.8	9.5	8.6	8.8	8.6
SENSITIVITY 2026		EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
---	---	---	---	---	---
Brent	+1 $/bbl	0.16	0.26	0.13	0.11
Exchange rate $/€	+0.05 $/€	-0.24	-0.44	-0.16	-0.39
Std. Eni Refining Margin	+1 $/bbl	0.12	0.12	0.09	0.09
European Gas Spot Upstream	+1 $/mmbtu	0.09	0.24	0.10	0.08
	+1 €/MWh	0.03	0.08	0.03	0.03

Brent sensitivity applies to liquids and oil-linked gas.

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29

2026 SENSITIVITY TO COMMODITY PRICES

IMPLICATIONS FOR CASH FLOW AND DISTRIBUTIONS

		0.9		1.6		1.1	UPSIDE ↑
Dividend (€/sh)	1.5	1.5		1.5		1.5
Buyback (€bln)
Extra Dividend (€bln)	1.10 €/sh	1.10 €/sh		1.10 €/sh		1.10 €/sh
Extra Buyback (€ bln)
Brent	$/bbl	70	80		90		100
TTF	€/MWh	36	40		40		40
SERM	$/bbl	6	10		10		10

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30

BACKUP

2025 OUTCOMES vs CMU 2025 GUIDANCE

	CMU 2025	OUTCOMES 2025
BRENT ($/bbl)	75	69.1
PSV (€/MWh)	44.4	38.5
EXCHANGE RATE (€/$)	1.05	1.13
PRODUCTION	1.7 Mboed	1.73 Mboed ↑
GGP PRO-FORMA EBIT	€0.8 bln	€1.0 bln ↑
ENILIVE PRO-FORMA EBITDA	€1.0 bln	€1.0 bln
Underlying improvement ~€0.2 bln ↓
PLENITUDE PRO-FORMA EBITDA	>€1.1 bln	€1.1 bln
Underlying improvement ~€0.1 bln ↓
GROUP CFFO	€13.0 bln	€12.5 bln
Underlying improvement ~€1.5 bln ↑
CASH INITIATIVES	€2* bln	€4 bln ↑
NET CAPEX	€6.5-7.0 bln	€4.4 bln ↑
DIVIDEND	€1.05/share	Confirmed ↓
BUYBACK	€1.5 bln	€1.8 bln completed ↑

*Announced in April 2025

EBITDA and EBIT are adjusted.

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

Cash Flows are adjusted before changes in working capital at replacement cost and exclude effects of derivatives. Net Capex are pro-forma.

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31

BACKUP

SUMMARY OF MAIN DECARBONIZATION TARGETS

	2026	2030	2035	2040	2050
GHG EMISSIONS^{a}	NET SCOPE 1+2
VS 2018	UPS
NET
ZERO	ENI
NET
ZERO
	NET INTENSITY SCOPE 1+2+3
VS 2018	-15%		-50%	ENI
NET
ZERO
UPSTREAM
FLARING
& METHANE
EMISSIONS^{b}	ROUTINE FLARING^{c}	Zero Routine Flaring,
maintained through 2030
	METHANE INTENSITY	below 0.2%,
maintained through 2030

a) GHG Emissions Targets have been recalibrated to align with financial boundary, as per the European CSRD regulatory framework.

b) KPIs referring to operated upstream assets.

c) Target achieved for operated assets in 2025. For joint-operated assets, achievement is expected in 2026, subject to the execution of projects in Libya, currently expected to be completed within 2026.

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

Eni peers: Shell, TotalEnergies, BP, Equinor, Repsol, Chevron, ExxonMobil, Occidental, ConocoPhillips, APA (CA100+ does not include APA).
O&G average calculated as per last available data.
ISS ESG: B- corresponds to Prime status – investment grade. Other industry leaders: OMV, Repsol, TotalEnergies. Galp downgraded to C+.
Notes: Moody's discontinued its ESG rating services. FTSEMIB ESG index criteria now exclude O&G. Eni discontinued CDP following CSRD application..

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GLOBAL NATURAL RESOURCES

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E&P
ENI UNCHALLENGED LEADERSHIP ON FLNG OPERATORSHIP

PROVEN FLNG OPERATORSHIP

6 FLNG in operation @2030

Delivering on time and on budget in multiple geographies

Congo LNG setting a record with Nguya delivered in 33 months from execution start to sail away

A DECADE OF FLOATERS (FLNG, FPSO, FPU) DELIVERED INTO PRODUCTION

11 FPSO/FPU delivered in the last decade – Nr. 2 operator in the industry

3 FLNG UNITS deployed – Nr. 1 operator in the industry

+10 additional deployments in the coming years

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E&P
LIBYA

UNLOCKING GAS FOR GROWTH AND A LOWER-CARBON FUTURE.

STRUCTURES A&E

2 offshore gas fields in Bahr Essalam to Mellitah plant

160 kboed production 100%

~2 MtCO₂e/yr emission reduction

BOURI GAS UTILIZATION

Zero Routine Flaring and gas valorization

20 kboed production 100%

~1.5 MtCO₂e/yr emission reduction

SABRATHA COMPRESSION

Extend gas production from Bahr Essalam

OCT 2024	OCT 2025	JAN 2026	Q2 2026	Q4 2026	2028
Start of Exploration in Ghadames Basin (onshore)	Start of Exploration in Sabratha Area (offshore)	Start of Exploration in Sirte Basin (offshore)	Start-Up Sabratha Compression	Start-Up Bouri Gas Utilization Project
Zero Routine Flaring	Start-Up Structure A&E

STEADY OPERATIONS AND CONTINUITY OF DEVELOPMENT PROJECTS

Libya's main gas producer

Progress in development projects to boost gas production

Significant reduction of carbon footprint of operated assets

162 kboed

2025 Eni production in Libya

RESUME EXPLORATION

Onshore, Offshore

BESS exploration success unlocks commercial gas volumes, enabling a new tieback to Bahr Essalam field

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E&P
CÔTE D'IVOIRE: BALEINE PHASE 3

2.5 Bbbl & 3.3 TCF
Baleine resources in place

150 kbopd & 200 Mscfd
Total Baleine Ph 1, 2 & 3 production capacity

90 kbopd
Baleine Ph 3 FPSO

Baleine top exploration success after 20 years in Cote d'Ivoire
Outstanding Baleine reservoir performance
Net Zero (scope 1 & 2) approach
Fast track and phased development for appraisal while developing

SEPTEMBER 2021
AUGUST 2023
DECEMBER 2024
1H 2026

• Baleine discovery
• Baleine Ph 1 start-up
• Baleine Ph 2 start-up
• Baleine Ph 3 Expected FID

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E&P
NIGERIA

ZABAZABA & ETAN

+500 MBBL
Reserves

150 KBOPD
FPSO Capacity

200 MSCFD
Gas at peak exported through Nigeria LNG

BONGA NORTH - Tie-back to Bonga FPSO

-300 MBOE
Reserves

110 Kbopd
Peak Production

Unlocking Nigeria's deepwater resources development
Deployment leveraging Eni's distinctive expertise in fast-track development
Significant potential in the adjacent exploration licenses PPL 2011 and PPL 2012

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E&P
CYPRUS: CRONOS
38

FAST TRACK DEVELOPMENT LEVERAGING ON EXISTING FACILITIES

3 TCF
Discovered resources

500 MSCFD
Production at plateau

~250 MBOE
Reserves

>2 TCF
ILX upside

2022
2024
FEBRUARY 2025
OCTOBER 2025
H1 2026

Cross-border development
between Egypt and Cyprus
for the export
of Block 6 resources

Fast track development
leveraging synergies with
existing Zohr infrastructures

Unlocking LNG East Med Hub
~ 3 MTPA of LNG to Market

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E&P
VENEZUELA

PERLA

580 Mscfd production

Unlocking Perla Field Value

Gas export Project - 3.5 MTPA FLNG

Total Recoverable Resources 2.5 Bboe

JUNIN 5

12 kbopd production

To develop Junin-5 field up to ~180 kbopd plateau production

Total Recoverable Resources ~2 Bbbl

COROCORO

10 kbopd production

Increasing production up to 30 kbopd

Total Recoverable Resources 100 Mbbl

ENI MAINTAINS MAIN GAS PRODUCER POSITION

Cardon IV consistently providing gas for the national electricity demand (over 90% of the demand of the Western regions) and satisfies industrial demand.

OIL OPPORTUNITY - JUNIN 5

New Hydrocarbon Law enables sustainable development of our oil assets, particularly Giant field of Junin V.

---

E&P

MAIN PROJECTS IN EXECUTION

COUNTRY	PROJECT	ENI OPERATORSHIP	W.I.	PRODUCTS	START UP	PRODUCTION (Kboed - 100%) (a)
ANGOLA
(Azule Energy)	Agogo West Hub Integrated	N*	18%	Liquids	Jul 2025	180
	NGC Quiluma & Mabuqueiro	N*	19%	Gas	Gas Treatment Plant Nov 2025;
Full Field Mar 2026	100
	Greater PAJ	N*	Blk 31/21: 13%; Blk 31: 25%	Liquids	2029	85
CONGO	Congo LNG	Y	65%	Gas/Liquids	Dec 2023 Nearshore phase
Dec. 2025 Offshore phase	120
EGYPT	Melehia ph.2	Y	76%	Liquids/Gas	3Q 2026
(Gas Plant)	25 (Oil&Gas)
INDONESIA	Southern Hub	Y	85% Merakes East; 70% Maha
82% Gendalo & Gandang	Gas	May 2025; 4Q 2026
2028	115
	Northern Hub	Y	100% North Ganal; 82% Ganal &
Rapak	Gas/Liquids	2028	280
KAZAKHSTAN	KEP 1B KPO	Y	29%	Liquids	Mar 2026	15
LIBYA	A&E Structure	Y	50%	Gas	2028 (Struct. A)	160
	Bouri GUP	Y	100%	Gas	4Q 2026	20
MOZAMBIQUE	Coral North	Y	50%	Gas	2028	110
NORWAY
(Vár Energi)	Balder X	N*	58%	Liquids	Jun 2025	70
	Johan Castberg	N*	19%	Liquids	Mar 2025	200
	Halten East	N*	16%	Gas	Mar 2025	60
NIGERIA	Bonga North	N	15%	Liquids	2027	130
QATAR	North Field Expansion (NFE)	N	3%	Gas	4Q 2026	1350
UAE	Dalma Gas	N	10%	Gas	2Q 2026	60
	Umm Shaif LTDP 1.0	N	10%	Liquids	2Q 2026	60
	Umm Shaif LTDP 2.0	N	10%	Liquids	2027	120
	Hail & Gasha	N	10%	Gas	2028	340
	Lower Zakum LTDP-1 FF	N	5%	Liquids	2028	45

(a) Average yearly production in peak year/at plateau

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

*Operated by a Eni's satellite

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GLOBAL GAS & LNG PORTFOLIO

ADDITIONAL VALUE DRIVERS

SUPPLY DIVERSIFICATION

LNG vs Gas: >40% of LNG share @2030 vs ~15% in 2022

EUROPE
Norway
UK
Italy

NORTH AFRICA
Algeria
Libya
Egypt/Cyprus

ATLANTIC
US
West Africa
Argentina

EAST OF SUEZ/PACIFIC
Qatar
Indonesia
Mozambique

LNG CONTRACTED VOLUMES | MTPA
Growth based on equity volumes

BALANCED COMMERCIAL STRATEGY

• Supply Indexation: predominant share anchored to gas and LNG market indexes, well-balanced Brent-linked quota and minor exposure to HH
• Europe as anchor market: captive and legacy sales portfolio
• Long term sales to "broader Asia" to partially hedge Brent and HH exposure
• Maintain optionality to capture short/mid term opportunities in a volatile market
• Residual price risk managed through price revisions and financial hedging

RESILIENT RESULTS WITH UPSIDES

~€1.0 bln
2026 GGP pro-forma EBIT

~€1.0 bln avg
2027-30 GGP pro-forma EBIT

Upside linked to market scenario and positive negotiation outcomes

GGP strongly accretive to ROACE targets

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42

CCS

DEVELOPING DECARBONIZATION AT SCALE

$\sim 3$ Gtons | Total Storage Capacity*

Storage sites under development

STORAGE CAPACITY PER YEAR | MTPA

Strategic partnership with BlackRock's infrastructure fund GIP in Eni CCUS Holding adding further initiative to our satellite model

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

Distinctive operational model leveraging asset reuse to deliver projects at lower costs and accelerated time to market than industry benchmarks

Pace for growth mainly determined by regulatory environment

*Includes upside from Mediterranean, North Sea & Asia Pacific.

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43

DATA CENTERS

OUR INTEGRATED STRATEGY

POWERED CONNECTED LAND

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

HPC

Developing new data centers leveraging 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

ENI-KHAZNA STRATEGIC PARTNERSHIP FOR DATA CENTERS

500 MW IT

in Ferrera Erbognone

PHASE 1

Silver DC | 80 MW IT

PHASE 2

Blue DC | up to 420 MW IT

PHASE 3

CARBON CAPTURE & STORAGE

CO₂

GAS POWER PLANT

Blue power

DATA CENTERS

IT services

IT CUSTOMERS

Up to 1 GW IT capacity of data center construction in Italy in partnership with UAE

First project at Ferrera Erbognone

Accelerated time to market

Max valorization Eni existing assets sites and power plants

Up to 200 ha available of suitable land

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TRANSITION BUSINESSES

---

Service station map as per January 2026.

ENILIVE

A GLOBAL PLAYER IN SUSTAINABLE MOBILITY

ENILIVE GLOBAL FOOTPRINT FROM BIOREFINERIES TO SERVICE STATIONS

BIOREFINERIES

• Operational
• In execution

RETAIL

• Country presence

Biorefining targets (MTPA)

• 2.1 @2026
• >3 @2028
• 5 @2030

~5,300
Total number of stations

>1,700
service stations distributing HVO in 2026

Shareholders

• Eni 70%
• KKR 30%

VISIBLE PIPELINE OF ACTIVITIES UNDERPINNING TANGIBLE GROWTH

• Global biorefining production in Europe, N. America and Asia
• 3 projects in execution in Italy to leverage industrial assets
• Venice enhancement to increase capacity and SAF optionality
• EBIT non-oil ~50% of total Retail by 2030
• Enhancing network and increased offer of services and goods (through ALT restaurants)

45

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ENILIVE

ROBUST 2030 MACRO SCENARIO LED BY HEFA

WORLD RENEWABLE DIESEL/SAF 2025-30

Supply Vs Demand (Mton)

Supply: operational, under construction & main announced
- RD/SAF demand

WORLD RENEWABLE DIESEL/SAF DEMAND

2025-30 (Mton)

HEFA as leader tech in 2030 | % capacity operational, under construction and main announced initiatives

KEY REGULATORY UPDATE

RED III Directive

doubled 2030 target to 29% renewable fuels in transport

Removal of double counting in Germany

ReFuelEU Aviation

2% SAF from 2025
6% SAF in 2030

FuelEU Maritime

• 2% GHG intensity in 2025
• 6% GHG intensity in 2030

US

Robust new RVO proposal for 2026-2027

Increased CARB LCFS targets in 2025-30 and extended to 2045

ASIA

SAF targets at 2030 in
~10 countries

Singapore SAF mandate starting this year

VOLUNTARY DEMAND

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

Sources: Enilive elaboration on third parties data

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ENILIVE

DISTINCTIVE ELEMENTS DRIVING GROWTH

FIRST MOVER INTO BIOREFINERY CONVERSION

1st 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

Continuous improvement through ongoing joint collaboration with UOP.

SAF production boost. Supply flexibility (pre-treatment enhancements)

GLOBAL FOOTPRINT ON BIOFUEL MARKET

Global presence with distinctive supply, extensive trading and commercial capabilities

AGRI-HUBS VERTICAL INTEGRATION

Upstream vertical integration with equity feedstock through

Agri-hubs and W&R providing higher control vs market through direct access to derisked, traceable feedstock

VERTICAL INTEGRATION WITH DOWNSTREAM

Downstream vertical integration leveraging on: wholesale/retail as captive outlets for bioproducts, stabilizing margins

1.65 Mton

biorefining capacity in 2025

~30%

Ecofining mkt share

in HEFA Global capacity

Further biorefining capacity

expansion worldwide. Supply &

trading team across four continents

Leading position

in non-food crops, with degraded land

feedstock potential and

first-mover in agricultural residues

~5,300

station network with increasing

offering of mobility solutions

of which HVO100

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48

ENILIVE

BROAD PORTFOLIO OF PRODUCTS AND SERVICES

HIGH-VALUE ADDED PRODUCTS IN A FLEXIBLE PRODUCTION SYSTEM

SAF

Gela upgrade completed in 2024

Long-term collaborations with airlines

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

HVO DIESEL

Pure HVO (HVOlution) already available in >1,600 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

• ENILIVE CAFÉ
  >1500 enhanced cafés by 2030 (~ +300 vs 2025)
• ALT RESTAURANTS
  100 locations by 2028 (~ +80 vs 2025)
• CONVENIENCE/EMPORIUM
  ~1600 locations by 2030 (~ +400 vs 2025)

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)

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ENILIVE

NEAR-FUTURE DEVELOPMENT PROJECTS

LIVORNO

FID taken in January 2024

Start-up in December 2026

-500 kton total capacity

100% Enlive

PENGERANG

FID taken in July 2024

Start-up in 2028

650 kton total capacity

JV with LG Chem

DAESAN/SEOSAN

FID taken in July 2024

Start-up in 2027

400 kton total capacity

JV with LG Chem

VENICE EXPANSION

FID taken in February 2026

Start-up in 2027

up to 600 kton total capacity

100% Enlive

PRIOLO

FID taken in January 2026

Start-up in 2028

500 kton total capacity

JV with QB Italia

SANNAZZARO

FID taken in January 2026

Start-up in 2028

550 kton total capacity

100% Enlive

DYNAMIC EXPANSION

Expanding Enlive 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 and capacity de-bottlenecking in Venice

ECOFINING TECHNOLOGY & ADVANCED PRETREATMENT

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50

PLENITUDE

A GROWING PLAYER IN THE ENERGY TRANSITION

GLOBAL PRESENCE WITH MATURE ORGANIZATION (>15 COUNTRIES)

Fully integrated across renewable generation, retail supply and green energy services

• Photovoltaic
• Onshore wind
• Offshore wind

USA

>1.7 GW

IBERIA

>1.5 GW

500k clients

UK

0.2 GW

KAZAKHSTAN

0.2 GW

GREECE

0.1 GW

>600k clients

ITALY

>1 GW

>9 mln clients

GERMANY

0.1 GW

FRANCE

0.9 GW

1 mln clients

AUSTRALIA

0.1 GW

GLOBAL

A mature international organization with operations in >15 countries

GROWING

Steady performance backed by a resilient financial structure

INTEGRATED

Multi-asset ecosystem with synergies and natural hedging

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51

PLENITUDE

RENEWABLES

INSTALLED CAPACITY | GW

EBITDA | € BLN

CAPEX | € BLN

PIPELINE BREAKDOWN

Accelerated capacity growth (2.5x to 2030)

Confirmed footprint: focus on Europe and US 100% solar, wind and BESS

Integration with Retail

Installed capacity and pipeline figures are 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. CAPEX include M&A.

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向西区

PLENITUDE

RENEWABLES KEY PROJECTS IN EXECUTION

海 SOLAR PV	什 ONSHORE WIND	世 OFFSHORE WIND	B STORAGE
PLENITUDE NET CAPACITY	PLENITUDE GROSS CAPACITY
---	---
COUNTRY	PROJECT	WORKING INTEREST	EQUITY INSTALLED CAPACITY (MW)
---	---	---	---
SPAIN	Entrenúcleos, Orense	100%	300
USA	Huisache PV, BESS	100%	276
GREECE	Mandria	100%	80
ITALY	BESS Gela/Assemini, Tarsia, Maschito, Scanderberg, and others	100%/65%/51%	162
KAZAKHSTAN	Mangystau	51%	65
UK	Dogger Bank	13%	470

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.

---

PLENITUDE

RETAIL

CUSTOMERS | MLN

ENERGY MIX

EBITDA | € BLN

VALUE-ADDED SERVICES

>€100 MLN

avg 26-30 EBITDA contribution

A COMPLETE SUITE FOR B2C & B2B

(PV, STORAGE, EV CHARGING, HVAC, FIBER & OTHERS)

+50% customers by 2030

Focus on valuable customers

>60% power customers in 2030

Lean and effective operations

EBITDA figure is adjusted.

---

PLENITUDE

E-MOBILITY

OWNED PUBLIC CPs | k

SHARE OF CPs IN OPERATION | %

INSTALLED MIX

CAPEX | € BLN

+30% network growth by 2030

Focus on DC 100% public access

Synergies with retail and Enilive stations

Partnerships with CDOs and carmakers

54

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INDUSTRIAL TRANSFORMATION

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56

INDUSTRIAL TRANSFORMATION

ENABLING THE ENERGY TRANSITION

LEGACY INDUSTRIAL BASE

Converting traditional refineries & petrochemicals plants while retaining strategic optionality around remaining capacity

Focusing on asset integrity & operational efficiency by offering a wide set of industrial services

CONVERSION & REPURPOSING

Redirecting industrial capabilities toward higher-value, lower-carbon configurations

Progressing on conversion plan of both Traditional Refining and Base Chemicals

NEW PLATFORMS GROWTH

Establishing competitive biochemistry and circular platforms as structural drivers of future profitability

NEW INITIATIVES

Bio-refinery in Priolo & industrial plant for energy storage production in Brindisi (not in Versalis EBIT trajectory)

VERSALIS BREAK-EVEN | EBIT ADJ @2028 & FCF @2029

~10% AVG ROACE | Versalis new platforms

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57

VERSALIS

STRATEGIC INITIATIVES FOR FULL POTENTIAL

AMBITION TARGET	Chemical player leading in sustainability through restructuring base chemicals, growth and development new platforms
BUSINESS UNITS	RESTRUCTURING			GROWTH & DEVELOPMENT
STRATEGIC INITIATIVES	BASE CHEMICAL & POLYMERS
• Basic Chemical Restructuring and Pivot of Polymer Portfolio to Higher Margin Products
• Sourcing post-cracking and Mitigation of supply chain risks
• Operations Excellence in industrial/logistics sites	BIOCHEMISTRY
• Integrating synergies of Biochem platform
• Raw materials differentiation
• Agri-feedstock supply chain development
• Go-to-market bioplastics and bioproducts by specialization products and markets
• Internationalization of production and access to new geographies	CIRCULARITY
• Scale-up chemical recycling Hoop® and advanced mechanical recycling
• Supply chain agreements for feedstocks and commercial outlets
• Licensing and technology alliances
• Internationalization of production and access to new geographical areas	MOLDING & COMPOUNDING
• Expansion in premium market and OEM (ex., compound advanced for wire & cable, EV..)
• Growth opportunities in APAC through India's scale-up
• Internationalization of production and access to new geographical areas (USA)	OIL FIELD
• Enhancement of skills
• Strengthened presence and Global growth
• Partnerships
ENABLER	• Operational & Commercial Excellence
• People, competences and change management
• Development new initiatives Eni in sites under renovation		• Technological Innovation new platforms
• Partnerships and supply chain alliances for technology scale-up and access to markets
• Decarbonisation and energy efficiency
TARGET	FIXED COSTS
- 330M€/a in 2028 vs. 2025	CAPEX
-160M€ in 26-28 vs PS 25-28	EBIT
Breakeven in 2H 2028	FCF
Breakeven in 2029

Restructuring of basic chemistry for lack of competitiveness | Development on new platforms: bioeconomy, circular products and special chemistry
RECALIBRATED TARGETS, REFLECTING SCENARIO DETERIORATION

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---

59

TECHNOLOGY

PUSH BOUNDARIES TO FUEL COMPETITIVENESS AND GENERATE VALUE

Magnetic confinement Fusion

THE MOST TRANSFORMATIVE CUTTING-EDGE TECHNOLOGIES

SPARC | Progress more than 70%. Ready for start up in 2027.

ARC | Power delivery to grid (early 2030s).

H3AT | Construction ongoing. Ready for start up in 2028.

Eni Quantum computer | Building in progress. Prototype ready in 2027.

HPC | Upgrade to reach one ExaFLOP in 2026

AN ALLY TO IMPROVE EFFICIENCY AND COMPETITIVENESS

Digital plant | Production enhancement (2-3%) and emissions reduction (2-3%)

Drilling automation | 35% drilling time reduction, robust and safe operations.

ENI AI | use cases: around 300 (+ 40% vs 2024); growing number of AI Agents (~"20")

TECHNOLOGICAL INNOVATION AS A LEVER OF VALUE

4 technology ventures created by 2025

More than doubled the equity value of the ventures

23 startups in Eni Next portfolio since 2018

Multiple ~3x capital invested

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60

OPEN INNOVATION

ENI NEXT PORTFOLIO: CREATING VALUE

ENABLING SOLUTIONS & SMART CITIES

• Critical elements, advanced materials
• Digital & automation

RENEWABLES, MOBILITY & LOW CARBON PRODUCTS

• Sustainable mobility
• Renewables, energy storage

NEW ENERGY & DECARBONIZED SOLUTIONS

• Fusion
• Decarbonization

THICZEN

• Gas sweetening
• Gas
• Quantum computing with neutral atoms
• Mass
• Wasted methane into low carbon fuels
• form
• Iron-air, long duration energy storage
• Fusion via magnetic confinement

EN3RGYX

• Lithium extraction from brines
• BEDIMENSIONAL
• Wet jet exfoliation technique for 2D materials production
• Cool Planet
• Membrane CO₂ capture
• Electric
• Zinc-air, long duration energy storage

Synhelion

• Solar thermochemical fuel production
• WATER
• All-optimized design of experiment
• Swift Solar
• Advanced Solar
• capture
• Direct CO₂ capture from seawater through reverse osmosis
• OXCCU
• Catalyst for direct CO₂ conversion to hydrocarbon
• ENERGYSTONE
• Mechanical, long duration energy storage

ADVANCED & SALABLE CHITOSAN PRODUCTION

• Aether Fuels
• Novel process and catalyst for SAF production
• Mantel
• Point source CO₂ capture (molten salts)
• Dronus
• Autonomous drones for asset monitoring

EXE

• Landfield gas development and optimization
• GBiONics
• Humanoid robots for industrial applications
• Radical AI
• AI + autonomous lab for rapid material discovery and testing
• Rore Earth refining

ENI Next Portfolio KPIs

• 23 Start-up in portfolio
• 4 Unicorns
• 650 M$ Invested
• 3x Investment multiple

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61

BACK-UP

NON-GAAP MEASURES (ALTERNATIVE PERFORMANCE INDICATORS)

Management evaluates underlying business performance on the basis of Non-GAAP financial measures, which are not provided by IFRS ("Alternative performance measures"), such as adjusted operating profit, adjusted net profit, which are arrived at by excluding from reported results certain gains and losses, defined special items, which include, among others, asset impairments, including impairments of deferred tax assets, gains on disposals, risk provisions, restructuring charges, the accounting effect of fair-valued derivatives used to hedge exposure to the commodity, exchange rate and interest rate risks, which lack the formal criteria to be accounted as hedges, and analogously evaluation effects of assets and liabilities utilized in a relation of natural hedge of the above mentioned market risks. Furthermore, in determining the business segments' adjusted results, finance charges on finance debt and interest income are excluded (see below). In determining adjusted results, inventory holding gains or losses are excluded from base business performance, which is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS, except in those business segments where inventories are utilized as a lever to optimize margins. Finally, the same special charges/gains are excluded from the Eni's share of results at 3Vs and other equity accounted entities, including any profit/loss on inventory holding.

Management is disclosing Non-GAAP measures of performance to facilitate a comparison of base business performance across periods, and to allow financial analysts to evaluate Eni's trading performance on the basis of their forecasting models. Non-GAAP financial measures should be read together with information determined by applying IFRS and do not stand in for them. Other companies may adopt different methodologies to determine Non-GAAP measures. Follows the description of the main alternative performance measures adopted by Eni. The measures reported below refer to the performance of the reporting periods disclosed in this presentation:

Adjusted operating and net profit: Adjusted operating profit and adjusted net profit are determined by excluding inventory holding gains or losses, special items and, in determining the business segments' adjusted results, finance charges on finance debt and interest income. The adjusted operating profit of each business segment reports gains and losses on derivative financial instruments entered into to manage exposure to movements in foreign currency exchange rates, which impact industrial margins and translation of commercial payables and receivables. Accordingly, also currency translation effects recorded through profit and loss are reported within business segments' adjusted operating profit. The taxation effect of the items excluded from adjusted operating or net profit is determined based on the specific rate of taxes applicable to each of them.

Finance charges or income related to net borrowings excluded from the adjusted net profit of business segments are comprised of interest charges on finance debt and interest income earned on cash and cash equivalents not related to operations. Therefore, the adjusted net profit of business segments includes finance charges or income deriving from certain segment operated assets, i.e., interest income on certain receivable financing and securities related to operations and finance charge pertaining to the accretion of certain provisions recorded on a discounted basis (as in the case of the asset retirement obligations in the Exploration & Production segment).

Gearing: Gearing is calculated as the ratio between net borrowings and capital employed net and measures how much of capital employed net is financed recurring to third-party funding. Gearing ex-IFRS 16 is calculated by excluding lease liabilities from both numerator and denominator.

Cash flow from operations before changes in working capital at replacement cost (Adjusted net cash before changes in working capital at replacement cost): This is defined as net cash provided from operating activities before changes in working capital at replacement cost. It also excludes certain non-recurring charges such as extraordinary credit allowances and, considering the high market volatility, changes in the fair value of commodity derivatives lacking the formal criteria to be designed as hedges, including derivatives which were not eligible for the own use exemption, the ineffective portion of cash flow hedges, as well as the effects of certain settled commodity derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.

Free cash flow: Free cash flow represents the link existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net borrowings (deriving from the summarized cash flow statement) that occurred from the beginning of the period to the end of period. Free cash flow is the cash in excess of capital expenditure needs. Starting from free cash flow it is possible to determine either: (i) changes in cash and cash equivalents for the period by adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt and receivables related to financing activities), shareholders' equity (dividends paid, net repurchase of own shares, capital issuance) and the effect of changes in consolidation and of exchange rate differences; (ii) changes in net borrowings for the period by adding/deducting cash flows relating to shareholders' equity and the effect of changes in consolidation and of exchange rate differences.

Proforma adjusted EBIT: Is the measure adding the operating margin of the equity accounted entities to the adjusted EBIT, introduced by the management to reflect the increasing contribution from the 3V/associates also in connection with the Eni satellite model.