Slide 1: Q1 2025 Results
Q1 2025 RESULTS APRIL 24, 2025 Baleine, Côte d'Ivoire
Slide 2: Executing Our Dynamic Strategic Priorities
Q1 2025 | HIGHLIGHTS EXECUTING OUR DYNAMIC STRATEGIC PRIORITIES FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION EBIT PRO FORMA1 UPSTREAM & CCS ENILIVE €3.7 bln Start-up of Johan Castberg Started SAF production at Gela biorefinery of which: EBIT Agreement for the exploitation o
Slide 3: Maintaining Positive Momentum
Q1 2025 | EARNINGS SUMMARY MAINTAINING POSITIVE MOMENTUM E&P Positive portfolio effects, gas realizations and cost control € BLN offset divestment volume 0.3 effects and lower oil prices 3.8 GGP -0.3 Normal seasonal strength 0.5 GGP -0.1 & POWER POWER 1.1 Contractual renegotiation 0.3 ENILIVE Solid
Slide 4: Resilient Cash Conversion Trend
Q1 2025 | CASHFLOWS RESILIENT CASH CONVERSION TREND NET CASH INFLOWS GUIDE MATERIAL DEBT REDUCTION CASH FLOW RESULTS | € BLN Efficient cash conversion confirming validity of satellite model Includes €3.0 bln for KKR investment into Enilive and €0.2 for EIP into Plenitude Seasonal build Q1 annualized
Slide 5: Portfolio Activity and Leverage: Our Balance Sheet Strength
PORTFOLIO ACTIVITY AND LEVERAGE OUR BALANCE SHEET STRENGTH DEBT REDUCTION Progressive debt reduction, LEVERAGE| % with strong Q1 25 outcome Execution exceeded internal 40 and market expectations End ‘08 - 38% End ‘14 - 22% End ‘19 - 24% 35 STRONG BALANCE SHEET 30 Leverage reduction puts company in a
Slide 6: Adapting to a Volatile Market
MARKET CHALLENGES AHEAD ADAPTING TO A VOLATILE MARKET LEVERAGING CAPEX FLEXIBILITY CASHFLOW MITIGATION € BLN € BLN TRACK-RECORD OF PORTFOLIO INITIATIVES Further supporting FCF generation ENHANCED FINANCIAL <9 RESILIENCE Additional portfolio, cash initiatives on WC and other <6 >2 cash & cost initiat
Slide 7: Concluding Remarks
CONCLUDING REMARKS STRATEGIC PROGRESS STRENGTHENED DISCIPLINED CAPITAL STRATEGIC ADAPTABILITY & VALUE CREATION FINANCIAL RESILIENCE ALLOCATION & RETURNS AND RESILIENCE Continued strong Balance sheet at historically Targeted actions to Managing short term and execution amidst global strong level; ens
Slide 8: Q&A
Q1 2025 RESULTS APRIL 24, 2025 Q&A
Slide 9: 2025 Guidance Update
E&P 2025 GUIDANCE UPDATE Strong operational performance confirming FY production guidance SCENARIO CMU 2025 UPDATE Q2 Production expected in the 1.67-1.69 Mboed range BRENT ($/bbl) 75 65 PSV (€/MWh) 44.4 41 CONFIRM GGP AND SERM ($/bbl) 4.7 3.5 TRANSITION EXCHANGE RATE (€/$) 1.05 1.10 BUSINESS GUIDAN
Slide 10: Sensitivity Update
SENSITIVITY UPDATE EBIT adj EBIT adj Net adj CFFO before SENSITIVITY 2025 (€ bln) pro-forma (€ bln) WC (€ bln) (€ bln) Brent +1 $/bbl 0.18 0.28 0.14 0.14 +1 $/mmbtu 0.09 0.26 0.09 0.08 European Gas Spot 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 Excha
Slide 11: Q1 2025 vs Q4 2024 Earnings (EBIT Pro Forma)
Q1 2025 vs Q4 2024 EARNINGS SCENARIO (Q/Q) Realisations +1% EBIT PRO FORMA | € BLN Liquids +1% Natural Gas +3% GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE E&P Resilient performance despite a reduction in production. 0.2 Q4 affected by YE write-offs 0.0 0.2 GGP 0.1 -0.0 -0.0 Seasonally stro
Slide 12: Q1 2025 vs Q4 2024 Earnings (Adjusted Pre-Tax)
Q1 2025 vs Q4 2024 EARNINGS SCENARIO (Q/Q) Realisations +1% ADJUSTED PRE-TAX | € BLN Liquids +1% Natural Gas +3% GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Similar trends evident on a q/q basis when looked at via EBIT -0.0 0.3 0.1 -0.1 0.2 -0.0 0.1 -0.0 0.3 2.7 0.1 1.9 Q4 24 Scenario Volu
Slide 13: Q1 2025 vs Q1 2024 Earnings
Q1 2025 vs Q1 2024 EARNINGS SCENARIO Realisations +2% y/y ADJUSTED PRE-TAX | € BLN Liquids -6% Natural Gas +8% GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE E&P Resilient E&P performance despite a reduction in production -0.3 -0.0 0.0 Oil price decline offset by gas 0.1 realisations and cost
Slide 14: Market Scenario
Q1 2025 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 83.2 1.086 1.067 74.7 75.7 1.052 1Q 2024 4Q 2024 1Q 2025 1Q 2024 4Q 2024 1Q 2025 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 45 48 8.7 29 3.7 3.8 1Q 2024 4Q 2024 1Q 2025 1Q 2024 4Q 2024 1Q 2025 *New indicator has been calculated based on a