Eni

Quarterly Report • Mar 18, 2021

2020 Consolidated Financial Statements and Draft Financial Statements of the Parent Company

Convening of the Annual Shareholders' Meeting

• Consolidated and separate financial statements

• Dividend proposal: €0.36 per share (of which €0.12 already paid in September 2020)

Rome, March 18, 2021 – Today, the Board of Directors, chaired by Lucia Calvosa, approved Eni's consolidated financial statements and the separate draft financial statements of the parent company for the year ending December 31, 2020. They confirm the 2020 preliminary adjusted results announced on February 19, 2021.

Consolidated net loss amounted to €8,635 million and net profit of the parent company amounted to €1,607 million. Reported net loss has been revised to €8,635 million (the preliminary net loss was €8,563 million) mainly to factor in the subsequent release of results of an equity accounted entity.

The Board of Directors intends to submit a proposal for the distribution of a cash dividend of €0.36 per share at the Annual Shareholders' Meeting. Included in this annual distribution is the €0.12 per share, which was paid as an interim dividend in September 2020. The balance of €0.241 per share will be payable on May 26, 2021 to shareholders of record at the close of business on May 25, 2021, with the ex-dividend date being May 24, 2021.

An Annual Report on Form 20-F will be filed with the U.S. SEC and Italian market authorities by the first ten days of April 2021. This report will be disseminated via the Company's headquarters, and on Eni's website (eni.com) and through other sources provided by the current regulation. Enclosed are the 2020 IFRS consolidated statements and those of the parent company Eni SpA.

The Board of Directors also approved the "Consolidated report on non-financial information" included in the management discussion of the 2020 Annual Report. This report, prepared in conformity with the Italian Legislative Decree N. 254/2016, discloses the group's activities, the performances achieved and the outcomes in environmental, reduction of carbon footprint, social, employees matters, respect for human rights, as well as anti-corruption and bribery matters.

The Board of Directors also convened the Annual Shareholders' Meeting on May 12, 2021. The meeting is set to approve the 2020 financial statements of the parent company and allocation of net profit, the payment of the 2021 interim dividend by the distribution of retained earnings, the integration of the Board of Statutory Auditors and the new buy-back programme.

¹ Dividends, depending on the receiver, are subject to a withholding tax on distribution or are partially cumulated to the receiver's taxable income.

Francesco Esposito, in his position as Eni's manager responsible for the preparation of the Company's financial reports, certifies pursuant to rule 154 bis paragraph 2 of Legislative Decree No. 58/1998, that data and information disclosed in this press release correspond to the Company's evidence and accounting books and records.

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Company Contacts Press Office: Tel. +39.0252031875 – +39.0659822030 Freephone for shareholders (from Italy): 800940924 Freephone for shareholders (from abroad): +80011223456 Switchboard: +39-0659821 ufficio.stampa@eni.com segreteriasocietaria.azionisti@eni.com investor.relations@eni.com Web site: www.eni.com

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Eni Società per Azioni Roma, Piazzale Enrico Mattei, 1 Share capital: €4,005,358,876 fully paid Tax identification number 00484960588 Tel.: +39 0659821 - Fax: +39 0659822141

This press release is also available on the Eni web site eni.com.

Attachment IFRS Consolidated Financial Statements

PROFIT AND LOSS ACCOUNT

	Full Year
(€ million)	2020	2019
Sales from operations	43,987	69,881
Other income and revenues	960	1,160
Total revenues	44,947	71,041
Purchases, services and other	(33,551)	(50,874)
Impairment reversals (impairment losses) of trade and other receivables, net	(226)	(432)
Payroll and related costs	(2,863)	(2,996)
Other operating (expense) income	(766)	287
Depreciation, Depletion and Amortization	(7,304)	(8,106)
Impairment reversals (impairment losses) of tangible, intangible and right of use assets, net	(3,183)	(2,188)
Write-off of tangible and intangible assets	(329)	(300)
OPERATING PROFIT (LOSS)	(3,275)	6,432
Finance income	3,531	3,087
Finance expense	(4,958)	(4,079)
Net finance income (expense) from financial assets held for trading	31	127
Derivative financial instruments	351	(14)
FINANCE INCOME (EXPENSE)	(1,045)	(879)
Share of profit (loss) of equity-accounted investments	(1,733)	(88)
Other gain (loss) from investments	75	281
INCOME (EXPENSE) FROM INVESTMENTS	(1,658)	193
PROFIT (LOSS) BEFORE INCOME TAXES	(5,978)	5,746
Income taxes	(2,650)	(5,591)
Net profit (loss)	(8,628)	155
attributable to:
- Eni's shareholders	(8,635)	148
- Non-controlling interest	7	7
Earnings per share (€ per share)
- basic	(2.42)	0.04
- diluted	(2.41)	0.04
Weighted average number of shares outstanding (million)
- basic	3,572.5	3,592.2
- diluted	3,579.0	3,594.5

BALANCE SHEET

(€ million)
	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Current assets
Cash and cash equivalents	9,413	5,994
Other financial activities held for trading	5,502	6,760
Other financial assets	254	384
Trade and other receivables	10,926	12,873
Inventories	3,893	4,734
Income tax assets	184	192
Other assets	2,686	3,972
	32,858	34,909
Non-current assets
Property, plant and equipment	53,943	62,192
Right of use assets	4,643	5,349
Intangible assets	2,936	3,059
Inventory - compulsory stock	995	1,371
Equity-accounted investments	6,749	9,035
Other investments	957	929
Other financial assets	1,008	1,174
Deferred tax assets	4,109	4,360
Income tax assets	153	173
Other assets	1,253	871
	76,746	88,513
Assets held for sale	44	18
TOTAL ASSETS	109,648	123,440
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt	2,882	2,452
Current portion of long-term debt	1,909	3,156
Current portion of long-term lease liabilities	849	889
Trade and other payables	12,936	15,545
Income taxes payable	243	456
Other liabilities	4,872	7,146
	23,691	29,644
Non-current liabilities
Long-term debt	21,895	18,910
Long-term lease liabilities	4,169	4,759
Provisions for contingencies	13,438	14,106
Provisions for employee benefits	1,201	1,136
Deferred tax liabilities	5,524	4,920
Income taxes payable	360	454
Other liabilities	1,877	1,611
	48,464	45,896
Liabilities directly associated with assets held for sale
TOTAL LIABILITIES	72,155	75,540
Share capital	4,005	4,005
Retained earnings	34,043	35,894
Cumulative currency translation differences	3,895	7,209
Other reserves and equity instruments	4,688	1,564
Treasury shares	(581)	(981)
Net profit (loss)	(8,635)	148
Total Eni shareholders' equity	37,415	47,839
Non-controlling interest	78	61
TOTAL SHAREHOLDERS' EQUITY	37,493	47,900
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	109,648	123,440

CASH FLOW STATEMENT

	Full Year
(€ million)	2020	2019
Net profit (loss)	(8,628)	155
Adjustments to reconcile net profit (loss) to net cash provided by operating activities: Depreciation, depletion and amortization	7,304	8,106
Impairment losses (impairment reversals) of tangible, intangible and right of use, net	3,183	2,188
Write-off of tangible and intangible assets	329	300
Share of (profit) loss of equity-accounted investments	1,733	88
Gains on disposal of assets, net	(9)	(170)
Dividend income	(150)	(247)
Interest income	(126)	(147)
Interest expense	877	1,027
Income taxes	2,650	5,591
Other changes	92	(179)
Cash flow from changes in working capital	(18)	366
- inventories	1,054	(200)
- trade receivables	1,316	1,023
- trade payables	(1,614)	(940)
- provisions for contingencies	(1,056)	272
- other assets and liabilities	282	211
Net change in the provisions for employee benefits		(23)
Dividends received	509	1,346
Interest received	53	88
Interest paid	(928)	(1,029)
Income taxes paid, net of tax receivables received	(2,049)	(5,068)
Net cash provided by operating activities	4,822	12,392
Cash flow from investing activities	(5,959)	(11,928)
- tangible assets	(4,407)	(8,049)
- prepaid right of use		(16)
- intangible assets	(237)	(311)
- consolidated subsidiaries and businesses net of cash and cash equivalent acquired	(109)	(5)
- investments	(283)	(3,003)
- securities and financing receivables held for operating purposes	(166)	(237)
- change in payables in relation to investing activities	(757)	(307)
Cash flow from disposals	216	794
- tangible assets	12	264
- intangible assets		17
- consolidated subsidiaries and businesses net of cash and cash equivalent disposed of		187
- tax on disposals		(3)
- investments	16	39
- securities and financing receivables held for operating purposes	136	195
- change in receivables in relation to disposals	52	95
Net change in receivables and securities not held for operating purposes	1,156	(279)
Net cash used in investing activities	(4,587)	(11,413)

(continued) CASH FLOW STATEMENT

	Full Year
(€ million)	2020	2019
Increase in long-term debt	5,278	1,811
Repayments of long-term debt	(3,100)	(3,512)
Repayment of lease liabilities	(869)	(877)
Increase (decrease) in short-term financial debt	937	161
Dividends paid to Eni's shareholders	(1,965)	(3,018)
Dividends paid to non-controlling interests	(3)	(4)
Reimbursement to non-controlling interest		(1)
Acquisition of additional interests in consolidated subsidiaries		(1)
Net purchase of treasury shares		(400)
Issue of perpetual subordinated bonds	2,975
Net cash used in financing activities	3,253	(5,841)
Effect of exchange rate changes on cash and cash equivalents and other changes	(69)	1
Net increase (decrease) in cash and cash equivalent	3,419	(4,861)
Cash and cash equivalents - beginning of the year	5,994	10,855
Cash and cash equivalents - end of the year	9,413	5,994

IFRS Financial Statements of the parent company

PROFIT AND LOSS ACCOUNT

	Full Year
(€ million)	2020	2019
Net sales from operations	18,017	28,496
Other income and revenues	405	430
Total revenues	18,422	28,926
Purchases, services and other	(18,397)	(27,535)
Impairment reversals (impairment losses) of trade and other receivables, net	(10)	(65)
Payroll and related costs	(1,238)	(1,185)
Other operating (expense) income	(176)	112
Depreciation, Depletion and Amortization	(1,013)	(1,137)
Impairment reversals (impairment losses) of tangible, intangible and right of use, net	(1,573)	(1,144)
Write-off of tangible and intangible assets		(2)
OPERATING PROFIT (LOSS)	(3,985)	(2,030)
Finance income	2,213	1,625
Finance expense	(2,749)	(2,016)
Net finance income (expense) from financial assets held for trading	26	117
Derivative financial instruments	211	(5)
FINANCE INCOME (EXPENSE)	(299)	(279)
INCOME (EXPENSE) FROM INVESTMENTS	6,519	5,677
PROFIT (LOSS) BEFORE INCOME TAXES	2,235	3,368
Income taxes	(628)	(390)
NET PROFIT (LOSS)	1,607	2,978

BALANCE SHEET

Dec. 31, 2020 Dec. 31, 2019 ASSETS Current assets Cash and cash equivalents 8,111 4,752 Other financial activities held for trading 5,020 6,230 Other financial assets 4,822 4,693 Trade and other receivables 3,756 4,981 Inventories 1,099 1,664 Tax assets 22 64 Other assets 1,322 1,532 24,152 23,916 Non-current assets Property, plant and equipment 6,569 7,483 Right of use 1,888 2,027 Intangible assets 101 158 Inventory - compulsory stock 994 1,413 Investments 46,855 42,535 Other financial assets 4,355 4,169 Deferred tax assets 113 993 Tax assets 78 79 Other assets 909 522 61,862 59,379 Assets held for sale 2 2 TOTAL ASSETS 86,016 83,297 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term debt 3,929 4,622 Current portion of long-term debt 1,848 3,081 Current portion of long-term lease liabilities 423 337 Trade and other payables 4,153 5,545 Income taxes payable 4 3 Other liabilities 2,615 3,065 12,972 16,653 Non-current liabilities Long-term debt 20,066 17,240 Long-term lease liabilities 2,157 2,320 Provisions for contingencies 4,890 4,309 Provisions for employee benefits 376 376 Income taxes payable 9 15 Other liabilities 839 748 28,337 25,008 TOTAL LIABILITIES 41,309 41,661 Share capital 4,005 4,005 Legal reserve 959 959 Other reserves and equity instruments 39,146 36,217 Treasury shares (581) (981) Interim dividend (429) (1,542) Net profit (loss) 1,607 2,978 TOTAL SHAREHOLDERS' EQUITY 44,707 41,636 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 86,016 83,297	(€ million)

CASH FLOW STATEMENT

2020 2019 (€ million) Net profit (loss) 1,607 2,978 Adjustments to reconcile net profit (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 1,013 1,137 Impairment losses (impairment reversals) of tangible, intangible and right of use, net 1,573 1,144 Write-off of tangible and intangible assets 2 Share of (profit) loss of investments 2,395 947 Gains on disposal of assets, net (7) (5) Dividend income (8,914) (6,623) Interest income (204) (222) Interest expense 550 611 Income taxes 628 390 Other changes 3 Cash flow from changes in working capital 1,185 (131) - inventories 966 (553) - trade receivables 1,033 500 - trade payables (1,236) (246) - provisions for contingencies 113 267 - other assets and liabilities 309 (99) Net change in the provisions for employee benefits 5 (8) Dividends received 8,853 6,623 Interest received 210 212 Interest paid (533) (588) Income taxes paid, net of tax receivables received 62 (2) Net cash provided by operating activities 8,426 6,465 Cash flow from investing activities (8,045) (5,575) - tangible assets (791) (1,109) - intangible assets (21) (27) - investments (6,752) (1,962) - financing receivables held for operating purposes (404) (2,477) - change in payables in relation to investing activities (77) Cash flow from disposals 208 892 - tangible assets 9 8 - investments 2 521 - financing receivables held for operating purposes 193 343 - change in receivables in relation to disposals 4 20 Net change in receivables and securities not held for operating purposes 778 (2,202) Net cash used in investing activities (7,059) (6,885)	Full Year

(continued) CASH FLOW STATEMENT

	Full Year
(€ million)	2020	2019
Increase (Reypaments) in long-term debt	2,020	(958)
Repayment of lease liabilities	(337)	(293)
Increase (decrease) in short-term financial debt	(699)	187
Dividends paid	(1,965)	(3,018)
Net purchase of treasury shares		(400)
Issue of perpetual subordinated bonds	2,975
Net cash used in financing activities	1,994	(4,482)
Effect of exchange rate changes on cash and cash equivalents and other changes	(2)
Net increase (decrease) in cash and cash equivalent	3,359	(4,902)
Cash and cash equivalents - beginning of the year	4,752	9,654
Cash and cash equivalents - end of the year	8,111	4,752