Slide 1: The New Eni: Creating Value Through the Energy Transition
THE NEW ENI CREATING VALUE THROUGH THE ENERGY TRANSITION
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In add
Slide 3: Shaping Our Future: Eni's Journey to 2050
SHAPING OUR FUTURE ENI’S JOURNEY TO 2050
Slide 4: Eni's evolution
's evolution» GOOHS2 AN EFFICIENT, INTEGRATED, FASTER AND MORE RESILIENT ENERGY COMPANY To.. MAXIMIZE OPPORTUNITIES = | REDUCE THE IN A CHANGING ENERGY MARKET | sw CARBON FOOTPRINT 2050 ~~ =) = 2014 —2019=2020
Slide 5: Strong integrated positioning, capital discipline, progressive remuneration
17 SUSTAINABLE DEVELOPMENT GOALS STRONG INTEGRATED POSITIONING ALONG THE ENERGY VALUE CHAIN CAPITAL DISCIPLINE AND STRONG FINANCIAL STRUCTURE PROGRESSIVE SHAREHOLDER REMUNERATION POLICY 5
Slide 6: Eni's Framework
ENI’S FRAMEWORK FIRM PRINCIPLES \} ro STRATEGIES TARGETS FLEXIBLE DEPLOYMENT LEVERAGING ENI’S ASSETS ——— | TO RESPOND TO MARKET AND TECHNOLOGICAL EVOLUTION
Slide 7: Exploration & Production: Flexible & Resilient
EXPLORATION & PRODUCTION: FLEXIBLE & RESILIENT RESILIENCE FLEXIBILITY CONVENTIONAL ASSETS LOW BREAKEVEN PRODUCTION CAGR 2019 - 2025 3.5% RAPID TIME TO MARKET CONFIRMED FLEXIBLE PRODUCTION PROFILE FROM 2025 PRODUCTION PLATEAU @ 2025 SHARE OF GAS 60% ~85% @2030 @2050 NET ZERO UPSTREAM SCOPE 1 & 2 @203
Slide 8: Exploration & Production: Resilience
EXPLORATION & PRODUCTION: RESILIENCE EXISTING 3P RESERVES BREAKEVEN $/BOE 35 30 25 AVG BREAKEVEN 20 15 10 ~$ 20 / BOE 5 0 0% 25% 50% 75% 100% CUMULATIVE PRODUCTION 8
Slide 9: Exploration & Production: Flexibility - No Stranded Assets
EXPLORATION & PRODUCTION: FLEXIBILITY - NO STRANDED ASSETS EXISTING 3P RESERVES NPV REALISED RESERVES BY 2035 94% PRODUCED BY 2035 85% NPV > BOOK VALUE @ FLAT BRENT $50/bl & PSV $5/MMBTU 9
Slide 10: Renewables: A Global Integrated Operator in the Green Power Value Chain
RENEWABLES: A GLOBAL INTEGRATED OPERATOR IN THE GREEN POWER VALUE CHAIN INSTALLED CAPACITY | GW DESTINATION MARKETS >55 70% Retail & industrial customers OECD COUNTRIES >25 PPA contracts ~15 30% 3 NON-OECD COUNTRIES State companies 2023 2030 2035 2050 DEPLOYING DIVERSIFIED TECHNOLOGIES 10 Solar Wind
Slide 11: Eni Gas e Luce: Growing in Retail to Capture Market Value
ENI GAS E LUCE: GROWING IN RETAIL TO CAPTURE MARKET VALUE CUSTOMER BASE | mln SERVICES CONTRIBUTION | % EXPECTED EBITDA >20 100% Centinaia ~11 50% 2023 2035 2050 0% 2023 2035 2050 Conventional Renewables & POWER Services Distributed Solar PV Home services power blue energy EV charging stations
Slide 12: Gas & LNG Marketing and Power: Focus on Equity Flows
GAS & LNG MARKETING AND POWER: FOCUS ON EQUITY FLOWS INTEGRATION MARKET ENERGY PLAYER FOR EQUITY GAS, POWER AND ZERO CARBON ENERGY MARKET MAXIMIZING VALUE FROM EQUITY FLOWS MIDSTREAM BIO-CH4 H2 G&P PROGRESSIVELY REDUCING NON EQUITY GAS VOLUMES TECHNOLOGY DEPLOYMENT TOWARD SMALLER, FASTER AND CLEANER
Slide 13: Carbon Capture and Storage – Leveraging Unique Opportunities
CARBON CAPTURE AND STORAGE – LEVERAGING UNIQUE OPPORTUNITIES ITALIAN HUB INTERNATIONAL DEPLOYMENTS BLUE HYDROGEN EQUITY GAS STEAM REFORMING NATURAL GAS CO2 CO2 CAPTURE LOW CARBON POWER GENERATION POWER PLANT BLUE HYDROGEN CO2 NEW WELLS FOR COMPRESSION CO2 INJECTION BLUE ENERGY LNG DECARBONISATION RA
Slide 14: Forestry
FORESTRY MTON CO2/Y ABSORBED >30 ~20 ~10 2025 2030 2050 SOCIAL AND LOCAL CONSERVATION OF FORESTS CONSERVATION INCLUSIVENESS BIODIVERSITY DEVELOPING PROJECTS ACCORDING TO REDD+ PROGRAMME 14
Slide 15: Refining: A Progressive Conversion to Bio-Products
REFINING: A PROGRESSIVE CONVERSION TO BIO-PRODUCTS RUWAIS BIO-REFINERIES ENHANCING FEEDSTOCK FLEXIBILITY MAXIMISING EFFICIENCY 5 Mton/y THROUGH TECHNOLOGY @2050 DEPLOYMENT WORLDWIDE ECOFINING TECHNOLOGY DEPLOYMENT PROGRESSIVE CONVERSION OF ITALIAN SITES WASTE TO PRODUCTS CIRCULAR HYDROGEN ECONOMY BI
Slide 16: Marketing: Sustainable Fuels and Services
MARKETING: SUSTAINABLE FUELS AND SERVICES SHARE OF SUSTAINABLE FUELS SERVICES | % EBIT 100% >40% ~30% >20% 25% ~5% 2025 2035 2050 2025 2035 2050 SMART MOBILITY BIO-CNG HYDROGEN BIOFUELS LOGISTICS HUB BIO-LNG POWER ENHANCED FOOD OFFER MULTISERVICES 100% SUSTAINABLE WIDESPREAD OFFER
Slide 17: Versalis: Increasing Efficiency Toward Bio and Recycled Products
VERSALIS: INCREASING EFFICIENCY TOWARD BIO AND RECYCLED PRODUCTS EFFICIENCY HIGH QUALITY - HIGH PERFORMANCE POLYMERS FROM UPGRADED PROCESSES DEVELOPMENT OF CHEMICALS FROM RENEWABLES INTEGRATED PLATFORM FOR PLASTIC WASTE RECYCLING INTERMEDIATES AND POLYMERS SALES VOLUMES | Mton BIO AND RECYCLED PRODU
Slide 18: Eni Lifecycle Emissions: A Fully Comprehensive Model
ENI LIFECYCLE EMISSIONS: A FULLY COMPREHENSIVE MODEL SETTING A UNIQUE METHODOLOGY* TO ACCOUNT SCOPE 1+2+3 EMISSIONS (EQUITY) FULLY COMPREHENSIVE OF ALL ENERGY PRODUCTS IN ENI VALUE CHAIN SCOPE 1+2 THIRD PARTIES SCOPE 1+2 UPSTREAM MID-DOWNSTREAM END-USE SCOPE 3 THIRD PARTIES GHG EMISSION AC
Slide 19: Targets on Net Lifecycle Emissions
TARGETS ON NET LIFECYCLE EMISSIONS ABSOLUTE NET GHG LIFECYCLE EMISSIONS NET CARBON INTENSITY SCOPE 1+2+3 SCOPE 1+2+3 -30% -15% -80% -55% vs. -70% IEA SDS 2018 2035 2050 2018 2035 2050 ALL BUSINESSES NET ZERO SCOPE 1+2 CARBON FOOTPRINT BY 2040 19
Slide 20: The New Eni Towards 2050
THE NEW ENI TOWARDS 2050 UPSTREAM GAS & LNG MARKETING AND POWER GAS SHARE: ~85% AN INTEGRATED MARKET ENERGY PLAYER REFINING 5 MTPA BIOFUELS MARKETING CHEMICALS FLEXIBLE, RESILIENT 100% SUSTAINABLE FUELS SPECIALTIES, & BIO & RECYCLED PRODUCTS REMUNERATIVE RENEWABLES RETAIL GAS & POWER INSTALLED CAPAC
Slide 21: 2020-2023 Action Plan
— en i" OTP RO STOP HNN, ii idl — ’ oe ~~ 2020-2023 ACTION PLAN =< ¥ m j =i : : , - =
Slide 22: 2020-2023 Key Targets
2020 - 2023 KEY TARGETS KEY TARGETS UPSTREAM MID-DOWNSTREAM GREEN INVESTMENTS 2019-23 PRODUCTION 2023 ADJ. EBIT 2020-23 ~ 3.5 % ~€ 2 bln ~€ 4 bln CAGR 3X VS 2019 +30% vs PREVIOUS 4YP ORGANIC VALUE CREATION CASH NEUTRALITY IN 2023 $ 45 /bbl FCF GENERATION 2020-2023 € 23 bln 22 Mid-downstream includes
Slide 23: Upstream Targets
UPSTREAM TARGETS 4YP FCF € 25 Bln 4YP CAPEX € 24 Bln 50% uncommitted in 2022/2023 2023 UPSTREAM GHG INTENSITY -38% vs 2014 A DISTINCTIVE INTEGRATED MODEL 23
Slide 24: Diversified Range of Exploration Opportunities
DIVERSIFIED RANGE OF EXPLORATION OPPORTUNITIES MAIN BASINS 2020-2023 WELLS Capex by well type 20% 40% 40% NEAR FIELD PROVEN BASINS FRONTIER 2020-2023 TARGET 2.5 bln boe LOW RISK AND HIGH POTENTIAL UEC ~ $ 1.5 / boe 24
Slide 25: Development and Operations Distinctive Factors
DEVELOPMENT AND OPERATIONS DISTINCTIVE FACTORS TIME TO MARKET FINDING & DEVELOPMENT | $/boe PRODUCTION COST | $/boe FROM DISCOVERY TO PRODUCTION 60 12 50 Peers 10 Peers Industry* 3.6 3.2 6.8 40 8 Eni 30 6 Eni 1.6 2.0 3.6 20 Eni 4 From discovery to FID From FID to Start-Up 10 2 0 0 2013-2015 2016-201
Slide 26: Main Fields Driving Growth
MAIN FIELDS DRIVING GROWTH GROWTH PROFILE | MBOED 4YP START UPS Indonesia - Merakes Congo - Nené ph.2B 2020 ~2.3 Algeria – Berkine Gas ~2.2 UAE - Sharjah 1.87 ~ 1.9 new Angola - Cabaça North 2021 production Norway - Fenja Mexico - Area1 FF Mozambique - Coral FLNG Norway - Johan Castberg 2022 Norway
Slide 27: The Rise of Upstream Free Cash Flow
THE RISE OF UPSTREAM FREE CASH FLOW UPSTREAM FREE CASH FLOW| € bln AVERAGE CAPEX Figures at constant scenario Brent $60/bl, PSV €150/kcm & €/$ 1.115 € 6 BLN 6.3 PER YEAR 3.5 UPSTREAM CAPEX 3.0 NEUTRALITY $ 34 /bbl 2019 2020 2023 2019 excludes second extraordinary Var Energi dividend 27 UPSTREAM FCF
Slide 28: Mid-Downstream Key Targets
MID-DOWNSTREAM KEY TARGETS 2023 ~€ 2 Bln ADJ. EBIT 4YP CAPEX € 5 Bln STRONGER AND 4YP CFFO € 9 Bln GREENER Driven by Retail Gas and R&M MORE THAN TRIPLING EBIT & FCF (2019 vs 2023) Mid-downstream includes G&P, R&M and Chemicals 28
Slide 29: Gas & Power – An Integrated and Optimized Model
GAS & POWER – AN INTEGRATED AND OPTIMIZED MODEL Adj EBIT | € bln FREE CASH FLOW | € bln Gas & LNG Marketing and Power Retail – Eni gas e luce 0.8 0.6 0.3 0.5 0.3 0.5 € 2.1 bln 0.3 0.3 2020-2023 0.2 2019 2020 2023 2019 EBIT excludes oil trading results 29
Slide 30: Retail Growing Customers and Services
RETAIL GROWING CUSTOMERS AND SERVICES CUSTOMER BASE | Mln EBITDA PER CUSTOMER | € power gas ~65 ~11 9.4 >50 44 2019 2020 2023 2019 2020 2023 ~15% growth in Additional Services customer base ~20% of EBITDA in 2023 30
Slide 31: R&M – More Sustainable and Diversified
R&M – MORE SUSTAINABLE AND DIVERSIFIED Adj. EBIT| € bln CRUDE FLEXIBILITY ADNOC Full Potential CAPACITY >1.1 MB/D BY 2023 Marketing Figures at 2020 scenario TRADING START BY END 2020 Oil Refining EU ADNOC Refining&Trading* 1.4 Bio Refining *Pro-forma 0.9 0.6 MARKETING: ALTERNATIVE FUELS AND SE
Slide 32: Bio Refineries
BIO REFINERIES BIO REFINERIES CAPACITY | Mton ECONOMICS 1200 oil Palm >80% 90% % 1000 feedstock 1 1 80% 70% 800 <50% 60% 50% 600 0.4 40% 400 30% 20% 200 0% 10% 0 0% 2019 2021 2023 IRR: ~15% • FEEDSTOCK PALM OIL FREE IN 2023 DIVERSIFICATION • MARKET • PRODUCT 32
Slide 33: Renewables Growth
RENEWABLES GROWTH CAPACITY | GW OUR BUSINESS MODEL 80% 5 20% 3 1.7 1.0 0.4 Countries with ongoing Countries of projects/operation interest 2020 2021 2022 2023 2025 Mainly organic growth CAPEX 2020-23| € bln € 2.6 bln Enhancing integration with retail clients 33
Slide 34: Financial Plan 2020-2023
2020-2023 FIN ANCIAL PLAN
Slide 35: Our Capex Plan
OUR CAPEX PLAN AVERAGE CAPEX: LESS THAN € 8 BLN PER YEAR 2020 BREAKDOWN 2023 BREAKDOWN AVG 2022-2023 ~60% ~80% UNCOMMITTED ~ <70% 70% ~40% COMMITTED ~15% ~5% ~10% ~20% E&P Decarbonization, Circular & Renewables Others MAINTAINING CAPITAL DISCIPLINE & FLEXIBILITY 35
Slide 36: Upstream: Focus on Projects Under Development
UPSTREAM: FOCUS ON PROJECTS UNDER DEVELOPMENT IRR – O&G PRICES SENSITIVITY IRR – CO2 COST SENSITIVITY 26% IEA SDS Scenario 27% 24% 25% - 0.7 pp Non-deductible / non-recoverable 23% 22% -20% Eni Scenario +20% BREAKEVEN ~ $23 / bbl 36
Slide 37: Group Cash Flow and Capex
GROUP CASH FLOW AND CAPEX GROUP CFFO AND CAPEX Figures at 2020 scenario 15 € Bln Brent $60/bbl, PSV €150/kcm & €/$ 1.115 >20% CAGR 10 Free Cash Flow CAPEX CAPEX CAPEX CFFO CFFO 5 Before working before working ca capital CFFO 0 before working ca 2019 2020 2023 37
Slide 38: 2019 Highlights & 2020 Remuneration
2019 HIGHLIGHT S & 2020 REMUNERATION
Slide 39: 2019: Main Results
2019: MAIN RESULTS RECORD PRODUCTION 1,871 KBOE/D DISCOVERED RESOURCES: 820 MBOE UPSTREAM RESERVE REPLACEMENT RATIO: 117% CREATED 2ND LARGEST PLAYER IN NORWAY BEST RESULT SINCE 2010 GAS & POWER RETAIL EBIT + 38% ADNOC REFINING DEAL DOWNSTREAM STRONG MARKETING RESULT RENEWABLES & 200 MW RENEWABLES IN
Slide 40: 2019 Organic Cash Balance
ORGANIC CASH BALANCE 2019 ORGANIC CASH BALANCE | € bln Brent: $ 64.3 /bbl EXCESS 12 FREE CASH FLOW 10 € 1 bln 2019 DIVIDEND DIVIDEND & BUYBACK + BUYBACK 8 6 4 CFFO CAPEX + 16 % 2 VS 2018 0 Sources Uses 40 Figures shown post IFRS 16
Slide 41: Remuneration Policy: Progressive Distribution to Shareholders
REMUNERATION POLICY PROGRESSIVE DISTRIBUTION TO SHAREHOLDERS DIVIDEND: progressive with underlying earnings and FCF BUYBACK: € 400 mln/year @ Brent $60 - 65/bbl Leverage steadily € 800 mln/year @ Brent >65/bbl below 20%* 2020 DIVIDEND: € 0.89 per share BUYBACK: € 400 mln 41 * Pre IFRS 16
Slide 42: Back-up
BACK-UP
Slide 43: Assumptions and Sensitivity
ASSUMPTIONS AND SENSITIVITY 4YP Scenario 2020 2021 2022 2023 Brent dated ($/bbl) 60 68 70 71.4 FX avg ($/€) 1.115 1.16 1.2 1.21 Ural MED c.i.f. - Med Dated Strip ($/bbl) -1.6 -1.5 -1.5 -1.5 Std. Eni Refining Margin ($/bbl) 5.5 5.1 4.7 4.7 NBP ($/mmbtu) 4.1 6.8 6.9 7.4 PSV (€/kcm) 150 221 221 232 Sen
Slide 44: Eni Lifecycle Emissions: Indicators
ENI LIFECYCLE EMISSIONS: INDICATORS SCOPE 1+2 CARBON NET CARBON FOOTPRINT EMISSIONS SINKS Eni’s operations SCOPE 3 ABSOLUTE NET GHG NET CARBON FOOTPRINT EMISSIONS LIFECYCLE EMISSIONS Suppliers and customers value chains ABSOLUTE NET GHG ENERGY PRODUCTS NET CARBON INTENSITY LIFECYCLE EMISSIONS SOLD 4
Slide 45: Exploration Distinctive Factors
EXPLORATION DISTINCTIVE FACTORS STRATEGY COMPETENCES & PROCESSES TECHNOLOGY CONVENTIONAL PROPRIETARY IMAGING ALGORITHMS FASTEST DESIGN TO COST SUPERCOMPUTER SHORT CYCLES CENTRALISED AND INTEGRATED PROCESS IN INDUSTRY NEAR FIELD STATE OF THE ART HIGH EQUITY STAKE DEEP KNOWLEDGE OF BASIN
Slide 46: Competitive Pipeline of Conventional Projects
COMPETITIVE PIPELINE OF CONVENTIONAL PROJECTS ONSHORE B B Karachaganak Karachaganak Exp 1A Exp 1B G (Kazakhstan) (Kazakhstan) Sharjah (UAE) B B Umm Shaif gas ph.2 Bouri GUP (UAE) B (Libya) B Lower Zakum LTDP1 Umm Shaif LTDP 1 LIQUIDS (UAE) (UAE) B Lower Zakum LTDP-2 # MAIN FIDs SHALLOW G G WD<400m G
Slide 47: Key Projects Starting Up in 4YP 2020-23 [1/2]
KEY PROJECTS STARTING UP IN 4YP 2020-23 [1/2] ALGERIA Berkine North & BRN Pipeline 49% WI ANGOLA Nené ph. 2B 65% WI GAS LIQ LIQ Start up: 1H 2020 Gas Start up: Feb 2020 LIBYA Production (kboed): Progress: 24% 70 (100%) – 34 (equity )@2021 Production (kboed): CONGO LIBYA 15 (100%) – 10 (equity) @ 202
Slide 48: Key Projects Starting Up in 4YP 2020-23 [2/2]
KEY PROJECTS STARTING UP IN 4YP 2020-23 [2/2] MOZAMBIQUE GAS Coral FLNG 25% WI ABU DHABI GAS Dalma Gas 25% WI Start up: 2022 LIQ Start up: 2022 Progress: 66% Progress: 10% Production (kboed): Production (kboed): 98 (100%) – 26 (equity) @2023 53 (100%) – 13 (equity) @2023 NORWAY Johan Castberg 21% WI
Slide 49: Magnetic Fusion – A Breakthrough Technology for Clean and Reliable Energy
MAGNETIC FUSION – A BREAKTHROUGH TECHNOLOGY FOR CLEAN AND RELIABLE ENERGY COLLABORATIONS ON A GLOBAL SCALE COMMONWEALTH FUSION SYSTEM & MIT FOR THE DEVELOPMENT OF THE FIRST COMMERCIAL PLANT ITALIAN NATIONAL RESEARCH COUNCIL (CNR) FOR STUDIES ON PLASMA, SUPERCONDUCTORS & MATERIALS ITALIAN NATIONAL AG
Slide 50: Integrated Platform for Plastic Waste Recycling
INTEGRATED PLATFORM FOR PLASTIC WASTE RECYCLING Sorted plastics MECHANICAL RECYCLING Residue of Plasmix selection Primary Steam Cracker (PLASMIX) Fraction CHEMICAL RECYCLING R-Oil + VIA PYROLYSIS Virgin polymers PLASTIC WASTE production Plasmix ITEMS PRODUCTION SORTING Secondary Fraction H2 bio-naph