Slide 1: H1 2025 Results
H1 2025 RESULTS JULY 25, 2025 Jangkrik FPU, Kutei Basin, Indonesia
Slide 2: Our Value Proposition – Key Features
GROWING RETURNS OUR VALUE PROPOSITION – KEY FEATURES TECHNOLOGY AND INNOVATION GLOBAL NATURAL TRANSITION CORPORATE RESOURCES & TRANSFORMATION Enabling efficient Upstream growth Low-carbon business growth leveraging Deploying innovative financial strategy to through exploration and portfolio quality
Slide 3: Delivering on Our Commitments
H1 2025 | HIGHLIGHTS DELIVERING ON OUR COMMITMENTS FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION EBIT PRO FORMA1 EXPLORATION ENILIVE €6.4 bln Namibia, Ivory Coast and Norway Start-up of SAF production at Gela biorefinery of which: EBIT UPSTREAM, GGP & CCS Launch of new biore
Slide 4: Creating Value Amid Challenges
E&P Q2 2025 | EARNINGS SUMMARY Production in line with CREATING VALUE AMID CHALLENGES guidance with results reflecting price sensitivities GGP € BLN Normal lower seasonal trading performance with gains from a contract re-negotiation driving 0.3 FY guidance upgrade 2.8 -0.2 ENILIVE -0.2 Seasonal impr
Slide 5: Consistent Cash Delivery from Earnings
H1 2025 | CASHFLOW SUMMARY CONSISTENT CASH DELIVERY FROM EARNINGS CASH INFLOWS ALLOW FOR CONTINUED DELEVERAGING CASH FLOW RESULTS | € BLN CFFO performance continues H1 WC release Capex -5% y-o-y Incl. €3.6 bln for KKR investment into to validate the satellite model Enilive and €0.2 for EIP into Plen
Slide 6: Developing a Key Regional Player
BUSINESS COMBINATION WITH PETRONAS OPERATIONAL FEATURES DEVELOPING A KEY REGIONAL PLAYER 11 producing assets >300kboed of initial production, ENI ASSETS primarily gas ~2 Bboe >500kboed in 4-5 years Discovered in last 15 years in Kutei Basin by Eni FOCUS ON EXPLORATION UPSIDE 10 bln Boe of resources
Slide 7: Concluding Remarks
CONCLUDING REMARKS CONTINUED PORTFOLIO BUILDING MOMENTUM MAINTAINED FINANCIAL EFFICIENT CAPITAL FOCUS THROUGH ‘25 STRENGTH MANAGEMENT Progressing Indonesia- Upstream start-ups and Significant balance sheet FY gross capex < €8.5bln and Malaysia combination ramp-ups strengthening through value- net ca
Slide 8: H1 2025 Results Q&A
H1 2025 RESULTS JULY 25, 2025 Q&A Livorno Refinery, Italy
Slide 9: 2025 Guidance Update
2025 GUIDANCE UPDATE E&P Robust operational delivery in line with full-year production SCENARIO APRIL 2025 JULY 2025 guidance BRENT ($/bbl) 65 70 Q3 Production expected in the PSV (€/MWh) 41 42 1.70-1.72 Mboed range SERM ($/bbl) 3.5 4.0 EXCHANGE RATE (€/$) 1.10 1.10 RAISED GGP, CFFO ANDCASH INITIATI
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 0.27 0.15 0.12 +1 $/mmbtu 0.09 0.23 0.10 0.09 European Gas Spot Upstream +1 €/MWh 0.03 0.07 0.03 0.03 Std. Eni Refining Margin +1 $/bbl 0.12 0.12 0.08 0.12 Excha
Slide 11: Our Satellite Model
OUR SATELLITE MODEL UNLOCKING THE FULL POTENTIAL FOCUSED BUSINESSES UPSTREAM TRANSITION Management focus on specific ENILIVE geographies and basins and 30% Equity investment new business models MALAYSIA/INDONESIA completed with KKR VÅR ENERGI Proposed JV with Petronas Leading independent CCUS player
Slide 12: Our Balance Sheet Strength
PORTFOLIO ACTIVITY AND LEVERAGE OUR BALANCE SHEET STRENGTH DEBT REDUCTION Progressive debt reduction, >€6 LEVERAGE | % bln on a pro-forma basis 40 Execution exceeded internal End ‘08 - 38% End ‘14 - 22% End ‘19 - 24% and market expectations 35 30 STRONG BALANCE SHEET Leverage reduction places 25 com
Slide 13: Preserving Investment-Grade Financial Standards
STRATEGIC CAPITAL STRENGTH PRESERVING INVESTMENT-GRADE FINANCIAL STANDARDS STRONG AND FLEXIBLE LEVERAGE | % FINANCIAL POSITION 30% OPTIMIZING LIQUIDITY FOR VALUE CREATION €28 bln of available liquidity ENABLING ACCESS TO LOW- 10% COST CAPITAL Net cost of debt in 2025 10% estimated at below 1.5% MAIN
Slide 14: Executing on High-Return Projects
FOCUS Global Natural Resources EXECUTING ON HIGH-RETURN PROJECTS SCENARIO Realisations -11% y-o-y E&P - Liquids -19% - Natural gas -2% ADJ. EBIT PRO-FORMA | € BLN • Mature asset divestments completed in 2024 E&P results in-line with • West Africa valorizations agreed with Vitol sensitivities 3.9 • 1
Slide 15: Unlocking Value in Transition Assets
FOCUS TRANSITION BUSINESS UNLOCKING VALUE IN TRANSITION ASSETS ADJ. EBITDA PRO-FORMA | € BLN SCENARIO Biofuels spreads showing signs ENILIVE of recovery in Europe • Reached ~1 MTPA capacity under construction Italian PUN Index GME +7% 0.47 • Product diversification and optimized slates 0.47 mitigate
Slide 16: Q2 2025 vs Q1 2025 Earnings
Q2 2025 vs Q1 2025 EARNINGS SCENARIO (Q/Q) Realisations -8% q-o-q - Liquids -10% EBIT PRO FORMA | € BLN - Natural gas -6% Italian PUN Index GME -26% q-o-q GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE E&P Resilient performance despite a weaker scenario GGP Stabilizing results, with continued
Slide 17: Q2 2025 vs Q1 2025 Earnings
Q2 2025 vs Q1 2025 EARNINGS SCENARIO (Q/Q) Realisations -8% q-o-q ADJUSTED PRE-TAX | € BLN - Liquids -10% - Natural gas -6% GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE Italian PUN Index GME -26% q-o-q Similar trends evident on a q/q basis when looked at via EBIT 2.7 2.2 Q1 25 Scenario Volu
Slide 18: Q2 2025 vs Q2 2024 Earnings
Q2 2025 vs Q2 2024 EARNINGS SCENARIO Realisations -11% y-o-y ADJUSTED PRE-TAX | € BLN - Liquids -19% - Natural gas -2% GLOBAL NATURAL RESOURCES DOWNSTREAM ENILIVE PLENITUDE Italian PUN Index GME +7% E&P Strong underlying delivery despite a significantly weaker environment, with Brent down 20% GGP St
Slide 19: Main Projects in Execution
UPSTREAM MAIN PROJECTS IN EXECUTION ENI PRODUCTION COUNTRY PROJECT W.I. PRODUCTS START UP OPERATORSHIP (Kboed – 100%)a ANGOLA Agogo West Hub Integrated N* 18% Liquids Q3 2025 180 (Azule Energy) NGC Quiluma & Mabuqueiro N* 19% Gas 2026 100 Dec 2023 Nearshore ph. CONGO Congo LNG Y 65% Gas/Liquids 120
Slide 20: Renewables Key Projects
PLENITUDE B RENEWABLES KEY PROJECTS SOLAR ONSHORE OFFSHORE STORAGE PV WIND WIND WORKING EQUITY INSTALLED YEARLY COUNTRY PROJECT TECHNOLOGY COMPLETION INTEREST CAPACITY (MW) PRODUCTION (GWh) Caparacena, Guillena, Villarino, Renopool, SPAIN 100% 1,430 2024-2028 2,950 Grijota, La Flota, Entrenúcleos, O
Slide 21: Biorefining Projects
ENILIVE BIOREFINING PROJECTS WORKING TOTAL COUNTRY PROJECT FID START UP INTEREST CAPACITY (kton) ITALY Livorno 100% Enilive ~500 January 2024 2026 MALAYSIA Pengerang JV with Petronas & Euglena 650 July 2024 & EPC awarded 2028 SOUTH KOREA Daesan/Seosan JV with LG Chem 400 July 2024 & EPC awarded 2027
Slide 22: Q2 2025 Market Scenario
Q2 2025 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 84.9 75.7 1.134 67.8 1.077 1.052 2Q 2024 1Q 2025 2Q 2025 2Q 2024 1Q 2025 2Q 2025 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 48 6.4 4.8 33 3.8 38 2Q 2024 1Q 2025 2Q 2025 2Q 2024 1Q 2025 2Q 2025 *New indicator has been calculated based on a