Slide 1: 2023 Capital Markets Update & 2022 Full Year Results
2023 CAPITAL MARKETS UPDATE & 2022 FULL YEAR RESULTS FEBRUARY 2023
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: Our Approach to the Energy Trilemma
OUR APPROACH TO THE ENERGY TRILEMMA Energy mix diversification Geographical diversification Deployment of new technologies Gas as a bridge energy source New business and financing model Fast time to market 3
Slide 4: The Satellite Model
THE SATELLITE MODEL ENABLING INVESTMENTS IN OIL AND GAS AND NEW ENERGIES PLENITUDE STRIKING THE RIGHT BALANCE BETWEEN INVESTMENTS AND RETURNS VAR ENERGI through: AZULE ENERGY ACCESS TO SPECIALIZED CAPITAL FINANCIAL STRUCTURE OPTIMIZATION GOVERNANCE TAILORED TO ACCESS ENI’S TECHNOLOGIES, KNOW-HOW AND
Slide 5: 2022 A Year of Delivery (1/2)
2022 A YEAR OF DELIVERY (1/2) ACHIEVED MILESTONES Refining OPTIMIZATION & FIRST BIO-FEEDSTOCK 50% RUSSIAN GAS REPLACEMENT ~750 MBOE discovered FLEXIBILITY CARGOES mainly North & West Africa resources mainly FROM KENYA in Cȏte d’Ivoire, Cyprus, CȎTE D’IVOIRE PALM OIL FREE UAE and Algeria Baleine FID
Slide 6: 2022 A Year of Delivery (2/2)
2022 A YEAR OF DELIVERY (2/2) REINFORCING FINANCIAL PERFORMANCE ROBUST CASH GENERATION STRENGHTENING BALANCE € 20.4 STRONG CONTRIBUTIONS SHEET AND FUNDING INVESTMENTS AND DISTRIBUTION EBIT BLN FROM EACH BUSINESS LINE CASHFLOW RESULTS | € BLN PROFIT FROM € 2.6 GROWING CONTRIBUTION 20.4 ASSOCIATES BLN
Slide 7: Natural Resources
Slide 8: Natural Resources: Value Creation Levers
NATURAL RESOURCES VALUE CREATION LEVERS FOCUSED EXPLORATION ON ADVANTAGED RESOURCES AND AGILE DEVELOPMENT ACCRETIVE PRODUCTION GROWTH INCREASE EQUITY GAS AND LNG LEVERAGING INDUSTRY LEADING VALUE CHAIN INTEGRATION TIME TO MARKET ENHANCED VALUE CREATION DISCIPLINED AND SELECTIVE FROM INTEGRATION UPST
Slide 9: Exploration
EXPLORATION EXPLORING FOR A PURPOSE AND VALUE LEADING THE SECTOR IN VALUE CREATION feeding the Upstream growth and value 25 VALUE CREATION IN 2012-2021 20 (@ BASE PRICE US$BN) 15 10 5 0 -5 -10 -15 Eni Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 TARGET AREA IN THE 4YP (per type) ~85% OF DISCOVERED RESO
Slide 10: Superior Upstream Portfolio
SUPERIOR UPSTREAM PORTFOLIO FEEDING OUR GROWTH ADDING HIGH VALUE FOCUS ON EFFICIENCY & UNEQUALLED PAST AND RESERVES COMPETITIVENESS PRESENT QUALITY OF ASSETS DNCF/BOE OF ROLLING AVERAGES OF TECHNICAL COSTS ($/BOE)* IMPAIRMENTS REPORTED PROVED RESERVES IN 2017-2021 (B$) IN 2021 ($/BOE) 8.9 40 30 8.2
Slide 11: Upstream Outlook
UPSTREAM OUTLOOK VALUE CREATION: HIGH QUALITY BARRELS WITH LOW EMISSIONS UPSTREAM PRODUCTION UPSTREAM NET GHG ORGANIC FCF* PER BARREL Mboed SCOPE 1+2 EMISSIONS Vs PRODUCTION (@ constant 2023 scenario) Indexed $/boe ~3-4% >14 CAGR (2022-2026) 100 12 1.63-1.67 ~800kboed 1.61 new production -65% NET CA
Slide 12: Global Gas & LNG Portfolio
GLOBAL GAS & LNG PORTFOLIO RESILIENT AND RE-SHAPED GAS SOURCES BY REGION & PIPE CONTRIBUTING TO SECURITY OF SUPPLY WHILE STEPPING UP VALUE DELIVERY 2026 Norway 10% UK 40% 25% Italy 2021 Algeria Cyprus 25% Libya Egypt United Arab Emirates Qatar Russia Nigeria Indonesia Africa Congo Europe Mozambique
Slide 13: GGP LNG Evolution
GGP LNG EVOLUTION (contracted volumes, MTPA) A NEW SUPPLY PARADIGM SET UP TO EXTRACT VALUE FROM A SUSTAINED VOLATILE MARKET ENVIRONMENT A GLOBAL PORTFOLIO OF SHORT, MEDIUM & LONG-TERM OPTIONS >18 ALGERIA LIBYA ITALY Transmed Greenstream Equity PIPE spare capacity spare capacity production developmen
Slide 14: Rising to the Transition Challenge
RISING TO THE TRANSITION CHALLENGE ADDING VALUE TO CARBON NEUTRALITY CUTTING SCOPE 1 & 2 CCS FLAGSHIP PROJECTS AGRI HUBS Start up A NEW UPSTREAM TOWARDS NET ZERO UK 2025 Ph. 1 (storage injection: 4.5 MTPA) through flaring down, energy efficiency, 2030 Ph. 2 (storage injection: 10 MTPA) Hynet renewab
Slide 15: Natural Resources: Key Targets
NATURAL RESOURCES KEY TARGETS UPSTREAM INVESTMENT RESILIENT GGP EXPLORATION TARGETING 2.2 BLN BOE GROWING AT ~ $1.5/BOE >18 MTPA OF CONTRACTED LNG IN 2026 VOLUMES LEAN & MODULAR DEVELOPMENT FOR 2023 EBIT € 1.7 – 2.2 BLN AND VALUE FAST TIME TO MARKET RECONFIGURED GGP EBIT > € 4 BLN 2023-26 €6-6.5 BLN
Slide 16: Energy Evolution
Slide 17: Energy Evolution: Value Creation Levers
ENERGY EVOLUTION VALUE CREATION LEVERS INCREASE OFFER OF GREEN, BIO AND BLUE PRODUCTS AND SOLUTIONS INDUSTRIAL SET-UP CONVERSION AND INCREASING ENERGY PROMOTION OF CIRCULAR ECONOMY SUPPLY PORTFOLIO INITIATIVES DE-RISKING BOOSTING BIO-REFINING CAPACITY AND FINANCIAL FLEXIBILITY SERVICES TOWARDS A SUS
Slide 18: Sustainable Mobility
SUSTAINABLE MOBILITY HIGH VALUE, CUSTOMER-CENTERED, ASSET LIGHT A MULTI-SERVICE, MULTI-ENERGY COMPANY BIOENERGY MARKETING CONVENIENCE BIOREFINING & BIOMETHANE FUEL NON-OIL SERVICES RETAIL 1.1 MTPA BIOREFINING CAPACITY FROM VENICE & GELA 5,000 STATIONS 1.5 MILLION SAF AND BIOMETHANE PRODUCTION STARTE
Slide 19: Refining and Marketing
REFINING AND MARKETING HIGHER QUALITY, DERISKED AND GROWING RESULTS SUSTAINABLE MOBILITY REFINING AND MARKETING (Sustainable Mobility and Traditional Refining) EBITDA ADJ | BLN € NEW EBIT ADJ PROFORMA | BLN € CAPEX | % 1.5 1.5 2022-25 PLAN GROWTH LEVERS TRADITIONAL 1.1 REFINING FEEDSTOCK Stay in Bus
Slide 20: Versalis Transformation
VERSALIS TRANSFORMATION LEADING SUSTAINABLE CHEMISTRY, DRIVING CHANGE, CREATING VALUE HIGH-SPECIALIZED PORTFOLIO EVOLUTION (REVENUES %) POLYMERS PORTFOLIO 40% 20% 35% 30% LEADERSHIP 2022 2026 IN BIO-BASED CHEMISTRY 40% 35% SPECIALIZED PRODUCTS STRONG OTHER POLYMERS PARTICIPATION IN END-USER INTERMED
Slide 21: Plenitude: An Integrated Business Model
PLENITUDE AN INTEGRATED BUSINESS MODEL RENEWABLES RETAIL E-MOBILITY EBITDA SUPPLY AND EV CHARGING (€ BLN) 100% SOLAR AND WIND ENERGY SOLUTIONS NETWORK 1.8 1.5 E-MOBILITY RETAIL >0.6 >0.7 2.2 GW 10 M 13 k RENEWABLES INSTALLED CUSTOMERS OWNED PUBLIC CAPACITY CHARGING POINTS 2022 2023 2025 2026 SIZEABL
Slide 22: Plenitude: A Journey of Growth
PLENITUDE A JOURNEY OF GROWTH INSTALLED AND RENEWABLES RETAIL E-MOBILITY PROJECTS PIPELINE Installed Capacity (GW) Customers (M) Owned CPs (k) >13 GW (+30% YoY) >11 >30 Pipeline does not include offshore wind >7 projects with completion expected after 2026 10 >10 ~20 >3 13 (GW) 2.2 ~6 2022 2023 2026
Slide 23: Energy Evolution: Key Targets
ENERGY EVOLUTION KEY TARGETS PLENITUDE AT 2026 SUSTAINABLE MOBILITY >7 GW RES CAPACITY >3 MTPA CAPACITY @2025 >11 M CUSTOMERS >30K CHARGING POINTS +300 SERVICE STATIONS IN THE 4YP € 1.8 BLN EBITDA GROWING PROFITABLE NEW ENERGY BUSINESSES GREEN VALUE CHAIN* ENERGY EVOLUTION € 6.5 BLN CAPEX IN 4YP EBI
Slide 24: Technology
Slide 25: Technology: Integrated Approach to Innovation
TECHNOLOGY A COMPLETE LANDSCAPE AND INTEGRATED APPROACH TO INNOVATION AN INTEGRATED APPROACH TO DEVELOP HIGH-POTENTIAL TECHNOLOGIES, ACCELERATE INNOVATION AND TIME TO MARKET MAGNETIC FUSION: SAFE, SUSTAINABLE & VIRTUALLY INEXHAUSTIBLE ENERGY eni next CORPORATE CORPORATE & INNOVATION TODAY VENTURE CA
Slide 26: Financials
Slide 27: Earnings and Cashflow Delivery
EARNINGS AND CASHFLOW DELIVERY GROWING RETURNS AND CASHFLOWS EBIT CFFO ROACE €13 BLN IN 2023 >€17 BLN IN 2023 ~13% PLAN AVERAGE €47 BLN >€69 BLN OVER THE PLAN OVER THE PLAN +7 P.P. ABOVE AVERAGE ROACE SECOND HIGHEST IN 10+ YEARS 2010-2019 CONFIRMING EARNINGS QUALITY 12% PER SHARE CAGR 2023-2026 AT C
Slide 28: Disciplined Investment
DISCIPLINED INVESTMENT NEW OPPORTUNITIES BALANCED WITH CONTINUED DISCIPLINE 2023-26 CAPEX € 37 BLN – MEASURED AND DISCIPLINED € BLN 37 CAPEX PLAN OTHERS FACED VERSALIS • ~ € 9.5 BLN IN 2023 GTR&M • US$ CAPEX +15% VS PREVIOUS 4YP 28 PLENITUDE EFFECTIVE & POWER • E&P INVESTING FOR ENHANCED VALUE AND S
Slide 29: Shareholder Distribution
SHAREHOLDER DISTRIBUTION SIMPLIFIED AND ENHANCED SIMPLIFIED POLICY ENHANCED DISTRIBUTION SHARING VALUE PAYOUT BASED €0.94 ~11% YIELD COMPETITIVE POLICY DISTRIBUTION 2023 DPS 4 YEAR RETURN OF ~40% 7% INCREASE VS 2022 OF MARKET CAPITALISATION DISTRIBUTED QUARTERLY ~25-30% OF CFFO THROUGH A COMBINATION
Slide 30: Financial Strengths
FINANCIAL STRENGTHS A STRONGER, MORE SUSTAINABLE-LINKED BALANCE SHEET FCF 23-26 | € BLN LEVERAGE | % CAPITAL STRUCTURE SCENARIO UPSIDE SUCCESSFUL IN PROGRESSIVE YE 2022 DELEVERAGING +10-20 $ Brent/b UPSIDE 0.31 DIVIDEND € <20 BLN € 69 BLN LONG-TERM DEBT BUYBACK (70% OF THE TOTAL) ORGANIC DELEVERAGIN
Slide 31: Financials: Key Targets
FINANCIALS KEY TARGETS STRONG CASHFLOW CAPITAL DISCIPLINE GROWING CFFO BY 12% CAGR* RAISED CAPEX TO CAPTURE ADDITIONAL VALUE CONTRIBUTIONS ACROSS ALL BUSINESSES FUNDING MEDIUM TERM E&P GROWTH FINANCIAL AND LONG –TERM LOW/ZERO CARBON STRENGTH ENABLING TRANSFORMATION * 2023-2026 CAGR, PER SHARE BASIS
Slide 32: Conclusions
CONCLUSIONS
Slide 33: Outlook to 2030
OUTLOOK TO 2030 CONTINUING TO GROW GHG ENERGY REDUCTION PRODUCED Production Capacity Capacity CO2 volumes SPARC Net Zero + 4-5 % CAGR plateauing to reach to reach stored to reach net energy 2022 Upstream (2022-2026) and gas share >5 MTPA >15 GW 30 MTPA pilot plant Scope 1+2 growing by 2030 by 2030 b
Slide 34: Concluding Remarks
CONCLUDING REMARKS THE SATELLITE MODEL DIFFERENTIATES US ‘’L’ENERGIA DI SEMPRE E L’ENERGIA NUOVA’’ OPERATIONAL AND FINANCIAL TACKLING THE TRILEMMA DELIVERY THE PLATFORM FOR POSITIVE OUTLOOK VALUE TO US MEANS ECONOMIC RETURNS AND REDUCED EMISSIONS SIMPLIFYING AND ENHANCING OUR DISTRIBUTION POLICY INT
Slide 35: Backup
BACKUP
Slide 36: 2023 Guidance
2023 GUIDANCE GUIDANCE PRODUCTION 1.63-1.67 MBOED DISCOVERED RESOURCES 700 MBOE GGP EBIT € 1.7 – 2.2 BLN PLENITUDE EBITDA > € 0.7 BLN DOWNSTREAM EBIT € 1.2 BLN SUST. MOBILITY EBITDA € 0.9 BLN EBIT € 13 BLN CFFO > € 17 BLN CAPEX ~ € 9.5 BLN DIVIDEND € 0.94/SHARE BUYBACK € 2.2 BLN Plenitude: EBITDA is
Slide 37: 2022 Results vs Guidance
2022 RESULTS vs GUIDANCE RESULTS GUIDANCE Adj. for FM effects, unplanned events PRODUCTION 1.61 MBOED 1.63 MBOED in Kashagan and lower contribution from Norway DISCOVERED RESOURCES 750 MBOE 750 MBOE GGP EBIT € 2.1 BLN > € 1.8 BLN PLENITUDE EBITDA > € 0.6 BLN > € 0.6 BLN € 2.4 BLN € 2.5 BLN DOWNSTREA
Slide 38: Summary Targets: 2023 vs 2022 CMD
SUMMARY TARGETS: 2023 vs 2022 CMD 2023-2026 2022-2025 New plan Previous plan PRODUCTION CAGR 3-4% 3% EXPLORATION DISCOVERIES 2.2 BLN BOE 2.2 BLN BOE LNG CONTRACTED VOLUMES @ PLAN END > 18 MTPA > 15 MTPA CUMULATIVE 4YP GGP EBIT > € 4 BLN € 2.7 BLN PLENITUDE EBITDA @ PLAN END € 1.8 BLN € 1.4 BLN BIORE
Slide 39: Scenario Assumptions
SCENARIO ASSUMPTIONS 4YP SCENARIO 2023 2024 2025 2026 Brent dated ($/bbl) 85 85 80 80 FX avg ($/€) 1.03 1.05 1.10 1.14 Ural MED c.i.f. - Med Dated Strip ($/bbl) -20 -10 -5 -4 Std. Eni Refining Margin ($/bbl) 7.0 4.0 3.5 3.5 NBP ($/mmbtu) 25.7 25.6 17.2 12.5 PSV (€/kcm) 970 907 572 402 EBIT ADJ Net a
Slide 40: Summary of Main Business Targets
SUMMARY OF MAIN BUSINESS TARGETS 2023 2025 2026 2030 2035 2040 2050 CUSTOMER RETAIL BASE MLN POD a >10 >11 >15 >20 RENEWABLES INSTALLED >3 >7 >15 >30 60 CAPACITY GW a b EV CHARGING POINTS k a ~20 >30 ~35 ~160 BIO BIO REFINING >3 >5 REFINING MLN TON/Y NATURAL GAS OIL & GAS PRODUCTION | 60 >90 % ON PO
Slide 41: Summary of Main Decarbonization Targets
SUMMARY OF MAIN DECARBONIZATION TARGETS 2024 2025 2030 2035 2040 2050 GHG EMISSIONS UPS -50% UPS NET ENI NET NET ZERO CARBON FOOTPRINT SCOPE 1+2 a UPS -65% ZERO ZERO NET NET GHG LIFECYCLE EMISSIONS SCOPE 1+2+3 VS 2018 a -35% -55% -80% ZERO NET CARBON INTENSITY SCOPE 1+2+3 VS 2018 a NET -15% -50% ZER
Slide 42: Upstream Key Projects Start-ups 2023-26 [1/2]
UPSTREAM KEY PROJECTS START-UPS 2023-26 [1/2] Country Project W.I. Products Start up Production (kboed)a Agogo West Hub Integrated 18% L 2026 (FPSO) 175 (100%) @2027 ANGOLA NGC Quiluma & Mabuqueiro 19% G 2026 100 (100%) @2027 CONGO Congo LNG 65% G 2023 123 (100%) @2027 EGYPT Melehia ph.2 76% L G 202
Slide 43: Upstream Key Projects Start-ups 2023-26 [2/2]
UPSTREAM KEY PROJECTS START-UPS 2023-26 [2/2] Country Project W.I. Products Start up Production (kboed)a 83% L G 2023 18 (100%) @2025 Baleine ph.1 IVORY COAST 83% L G 2024 38 (100%) @2025 Baleine ph.2 LIBYA A&E Structure 50% G 2026 (Struct. A) 160 (100%) @2032 Balder X 58% L Q3 2024 >70 (100%)b NORW
Slide 44: Biorefining Key Projects 2023-26
BIOREFINING KEY PROJECTS 2023-26 Country Project W.I. Start up Capacity Status Additional notes Production capacity increase 2024 from 360 to 560 kt/y ITALY 560 100% Firm - (VENICE) Enhanced flexibility to allow other kton/y Ph1 in 2023 biomass processing (incl. low bio Ph2 in 2027 ILUC) ~740 ITALY
Slide 45: Plenitude Key Projects
PLENITUDE KEY PROJECTS Solar PV Onshore Wind Offshore Wind B Storage Yearly Working Equity Installed Country Project Technology Completion Production Interest Capacity (MW) (GWh) Guillena & SPAIN 100% 380 2023-2024 800 Caparacena USA Brazoria 100% 263 2022 450 USA Guajillo 100% 200 B 2024 150 SPAIN
Slide 46: Renewables
RENEWABLES STRATEGIC LEVERS MAIN KPIs EBITDA (BLN€) CAPEX (BLN€) 0.7 0.8 >1.5 >1.5 >0.2 2022 2025 2026 2022 AVG 23-26 GEOGRAPHY @2026 TECHNOLOGY @2026 Others USA >7 >7 ▪ Supportive policy framework GW GW ▪ Integration with Retail provides optionalities & EUROPE opportunity to fully capture market’s
Slide 47: Retail
RETAIL STRATEGIC LEVERS MAIN KPIs EBITDA (BLN€) CAPEX (BLN€) 0.8 0.2 0.2 0.7 0.5 2022 2025 2026 2022 AVG 23-26 ENERGY CUSTOMER BASE @2026 ~20% EBITDA SOLUTIONS CONTRIBUTION AVG 22-26 POWER 50% >11 MLN GAS SOLAR >14k PLANTS @YE22 50% ▪ Increasing power market share DISTRIBUTED EQUAL TO >75 MW ▪ Growt
Slide 48: E-Mobility
E-MOBILITY STRATEGIC LEVERS MAIN KPIs EBITDA (BLN€) CAPEX (BLN€) >0.25 0.15 0.15 0.1 -0.02 2022 2025 2026 2022 AVG 23-26 PIPELINE >50k OWNED PUBLIC CPs @2026 (# CPs) DC 40% AVG 2022 >30k DC CP 2x vs 2021 AC ▪ Proprietary software platforms 60% UTILIZATION CAGR 40% IN 22-26 ▪ Integrated business mode
Slide 49: Plenitude: Economics and Financial Data
PLENITUDE ECONOMICS AND FINANCIAL DATA EBITDA (BLN€) CAPEX (BLN€) 1.8 1.5 2 2 >0.6 >0.7 2022 2023 2025 2026 2022 AVG 23-26 Including M&A CFFO (BLN€) FCF (BLN€) 1 positive 0.5 -1.3 2022 AVG 23-26 2022 2026 49 EBITDA, CAPEX, CFFO include 100% of the consolidated companies and the pro-quota of the non-
Slide 50: Towards a Net Zero Energy Business
TOWARDS A NET ZERO ENERGY BUSINESS MULTIPLE BUSINESS LEVERS TO REACH TARGETS NET ABSOLUTE GHG EMISSIONS (SCOPE 1+2+3) CAPITAL ALLOCATION 2018 505 MtCO 2 eq Traditional 85% 70% 2030 328 MtCO 2 eq 30% Green 0 2050 NET ZERO 2026 2030 2040 UPSTREAM MIDSTREAM DOWNSTREAM CCUS OFFSET 50
Slide 51: Top Ranked ESG Ratings
TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT MOODY’S ESG MSCI SUSTAINALYTICS ISS CDP CLIMATE CDP CA100+ NZ CARBON TRACKER SOLUTIONS ESG ESG RISK RATING ESG CHANGE WATER BENCHMARK Absolute Impact 2022 ADVANCED AAA NEGLIGIBLE RISK A+ A A #alignedmetrics ADVANCED* 29 1° *** A- B 21 A A