Slide 1: 1H 2024 Results
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Slide 2: 1H 2024 Highlights
1H 2024 | HIGHLIGHTS CONTINUED STRATEGIC PROGRESS FINANCIALS NATURAL ENERGY RESULTS RESOURCES EVOLUTION EBIT PRO FORMA EXPLORATION ENILIVE €8.2 bln Close to 1 bln boe of discovered resources FID Italy's third bio-refinery in Livorno Major Gas & NGL discovery in Côte d'Ivoire (Calao) FID of bio-refin
Slide 3: Eni Value Chain
ENI VALUE CHAIN INTEGRATING COMPETITIVELY ADVANTAGED LEGACY AND TRANSITION BUSINESSES UPSTREAM GGP PLENITUDE ENILIVE CCUS BIOCHEMISTRY FINANCIALS Exploration Integrated Renewables Biorefining Leading position Grow new Distinctive driven growth portfolio to growth growth platforms Cashflow growth In
Slide 4: 2Q 2024 Earnings Summary
2Q 2024 | EARNINGS SUMMARY ADVANCING VALUE ACROSS THE BUSINESS E&P Capturing oil and gas price scenario across consolidated and satellite businesses. Strong € BLN production growth GGP 0.3 -0.1 0.1 Capturing value from supporting 3.9 market dynamics 0.3 GGP 0.9 ENILIVE Resilient result in a very wea
Slide 5: 1H 2024 Cashflows
1H 2024 | CASHFLOWS FOR REINVESTMENT, DISTRIBUTION AND BALANCE SHEET STRENGTHENING CASH FLOW RESULTS | € BLN CASH xxx GENERATION 1H Working Continued high level of conversion Capital build into CFFO -14% y/y 2Q Working Capital release offsets ~half of 1Q build effect Includes Neptune CFFO covers 1.3
Slide 6: Focus: Upstream
FOCUS: UPSTREAM PROJECT EXECUTION, PORTFOLIO FOCUS, MARGIN CAPTURE GROWTH AND VALUE 3-4% underlying cagr in 4YP E&P 30% improvement in CFFO/Boe ADJ. EBIT PRO-FORMA | € BLN • Growth – production up +6% - reflects ramp-ups, Neptune and excellent regularity PORTFOLIO HIGH-GRADING 3.9 3.9 Sale of non-co
Slide 7: Focus: Transition Businesses
FOCUS: TRANSITION BUSINESSES ADVANTAGED, RESILIENT BUSINESSES DELIVERING GROWTH ADJ. EBITDA PRO FORMA | € BLN ENILIVE GROWTH • Growth - bio 1H throughputs up +145% y-o-y Outstanding operational and financial growth outlook in 4YP • 90% utilization rates YTD and through 2030+ • 1H24 EBITDA €450 mln h
Slide 8: Portfolio Activity and Leverage
PORTFOLIO ACTIVITY AND LEVERAGE ADVANCING AND REALISING VALUE, HIGH-GRADING PORTFOLIO PORTFOLIO ACTIVITY Transition businesses accessing LEVERAGE new pools of aligned capital and recognizing value created 25% Diluting high equity exploration discoveries and advancing value GUIDANCE RANGE High-gradin
Slide 9: Satellite Model
SATELLITE MODEL SOLVING CAPITAL NEEDS, ADDING VALUE, SHOWING VALUE VÅR ENERGI €3.9 bln cashed to date ENILIVE & PLENITUDE AZULE ENERGY Share price appreciation (+27% since IPO) New investment with valuable €3 bln cashed to date Target to increase to ~400 gross kboed by 2025 partners at attractive mu
Slide 10: 2024 Guidance Update
2024 GUIDANCE UPDATE APRIL 2024 JULY 2024 BRENT ($/bbl) 86 86 RAISED UPSTREAM PSV (€/MWh) 33 32 Better production outlook and EXCHANGE RATE (€/$) 1.075 1.075 raised GGP confirm good execution and focus on capturing gas margins PRODUCTION 1.69-1.71 Mboed Towards the top end of guidance range GGP PRO-
Slide 11: Concluding Remarks
CONCLUDING REMARKS Clear industrial strategy targeting growth and competitive returns in evolving energy market Distinctive approach Delivering on promises • Businesses with clear • Balancing investment and shareholder competitive advantages returns • Balancing investment • Delivering growth and dis
Slide 12: Q&A
Q&A Borgia wind farm in Calabria, Italy
Slide 13: 2Q 2024 vs 1Q 2024 Earnings (EBIT Pro Forma)
2Q 2024 vs 1Q 2024 EARNINGS EBIT PRO FORMA | € BLN SCENARIO 2Q realisations +5% q/q NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Liquids +4% Natural gas +3% 0.0 0.0 -0.2 PERFORMANCE 0.2 0.1 E&P volumes affected by seasonal -0.1 effects and maintenance -0.1 0.1 GGP continues to successfully capture
Slide 14: 2Q 2024 vs 1Q 2024 Earnings (Adjusted Pre-tax)
2Q 2024 vs 1Q 2024 EARNINGS ADJUSTED PRE-TAX | € BLN PERFORMANCE NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Similar trends evident on a q/q basis when looked at via Ebit 0.1 Good contributions -0.2 0.1 0.1 from associates businesses -0.1 0.1 -0.1 -0.1 0.1 0.2 -0.0 3.4 3.1 1Q24 Scenario Volumes &
Slide 15: 2Q 2024 vs 2Q 2023 Earnings
2Q 2024 vs 2Q 2023 EARNINGS ADJUSTED PRE-TAX | € BLN PERFORMANCE NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Production growth, efficiency gains and better realizations in the Upstream 0.3 -0.8 Resilience of the result in absence 0.3 of the GGP one-offs 0.0 Doubled throughput in Enilive -0.1 0.0
Slide 16: CCS
CCS RAPIDLY GROWING BUSINESS OUR INITIATIVES GROSS STORAGE CAPACITY ~3.0 GIGATONS COMPETITIVE STRENGTHS Mediterranean Sea Attractive and broad portfolio of strategic T&S projects North Sea Neptune upside Asia Pacific Operatorship Ravenna • UK 1.5 GT Hynet • Netherlands Cost effective and accelerated
Slide 17: Ithaca Business Combination
ITHACA BUSINESS COMBINATION DEVELOPING COMPELLING PROPOSITION SATELLITE MODEL STRATEGY CONTINUES TO UNFOLD Dynamic UKCS growth player with credible platform for consolidation and international M&A COMBINED METRICS ENI UK ASSETS CYGNUS* Diverse and high-value portfolio of ~50:50 GAS:OIL SEAGULL scale
Slide 18: Upstream Key Start-ups in the Plan
UPSTREAM KEY START-UPS IN THE PLAN PRODUCTION COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START-UP (KBOED)A ANGOLA 2023 Early Prod Agogo West Hub Integrated N 18% Liquids 2022 180 (100%) 2026 (FPSO) (Azule Energy) NGC Quiluma & Mabuqueiro N 19% Gas 2021 2026 100 (100%) 2023 Nearshore ph. CONGO Congo
Slide 19: Expanding Biorefining Capacity
EXPANDING BIOREFINING CAPACITY NEAR-FUTURE DEVELOPMENT PROJECTS LIVORNO PENGERANG DAESAN VENICE EXPANSION DYNAMIC EXPANSION Expanding Enilive global footprint Far East strategical for developing long-term SAF market and feedstock availability FID FID FID FID taken in Jan 2024 taken in July 2024 take
Slide 20: Plenitude – Key Financials
PLENITUDE – KEY FINANCIALS EBITDA | €BLN NET PROFIT | €BLN NET DEBT | €BLN E-MOBILITY RETAIL RENEWABLES 0.61 0.20 1.9 +30% +70% 0.47 0.12 1H23 1H24 1H23 1H24 June 30, 2024 FY24 GUIDANCE: FY24e: YE24e ND/EBITDA: €1 BLN > €0.25 BLN < 3x 20 EBITDA includes 100% of consolidated and pro-quota of non-cons
Slide 21: Plenitude – Key Business Details
PLENITUDE – KEY BUSINESS DETAILS RENEWABLES RETAIL E-MOBILITY EBITDA | €BLN EBITDA | €BLN 0.8 k CPs INSTALLED 0.2 >22 20.4 +44% 16.6 0.53 0.11 0.09 0.37 1H23 1H24 FY24 1H23 1H24 FY24 1H23 1H24 FY24 GW INSTALLED 2.5 3.1 4.0 TWh MLN % CPs PRODUCTION 2.0 2.3 >5 CUSTOMERS 10 10 10 IN OPERATION 60% ~70%
Slide 22: Plenitude Key Projects
PLENITUDE KEY PROJECTS SOLAR ONSHORE OFFSHORE B STORAGE PV WIND WIND WORKING EQUITY INSTALLED YEARLY COUNTRY PROJECT TECHNOLOGY COMPLETION INTEREST CAPACITY (MW) PRODUCTION (GWH) Caparacena, Guillena, SPAIN Villarino, La Flota & Renopool, 100% 1.220 2024-2026 2.480 Entrenucleos USA Guajillo 100% 200
Slide 23: 2Q 2024 Market Scenario
2Q 2024 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 84.9 1.089 83.2 1.086 78.4 1.077 2Q 2023 1Q 2024 2Q 2024 2Q 2023 1Q 2024 2Q 2024 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 37 33 8.7 29 5.5 6.4 2Q 2023 1Q 2024 2Q 2024 2Q 2023 1Q 2024 2Q 2024 23 *New indicator has been calculated based on