Eni S.p.a. · MIL:ENI
Eni — Investor Day (February 2025)
52 slides from Eni's investor day presentation, Feb 27, 2025
Slide 1: Capital Markets Update
CAPITAL MARKETS UPDATE 27 FEBRUARY 2025
Slide 2: Disclaimer
DISCLAIMER This document contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of
Slide 3: Our Value Proposition
GROWING RETURNS OUR VALUE PROPOSITION TECHNOLOGY AND INNOVATION GLOBAL NATURAL TRANSITION CORPORATE RESOURCES & TRANSFORMATION Efficiently growing higher value Increasing renewables capacity & Innovative financial model and low carbon barrels EV network leveraging integration to deliver value with c
Slide 4: Executing Our Strategy: 2024 Proof Points
2024 PROOF POINTS EXECUTING OUR STRATEGY GLOBAL NATURAL TRANSITION CORPORATE RESOURCES & TRANSFORMATION PLENITUDE 2024 RESULTS AHEAD UPSTREAM 4.1 GW renewables capacity €14.3 bln EBIT adj pro-forma 3% production growth >30% YoY €13.6 bln CFFO adj top end of guidance TRANSITION SATELLITES 1.2 bln boe
Slide 5: Global Natural Resources
GLOBAL NATURAL RESOURCES
Slide 6: 2024 Milestones
GLOBAL NATURAL RESOURCES 2024 MILESTONES EXPLORATION UPSTREAM GGP OIL TRADING CCS & POWER Industry-leader Highly distinctive Securing equity Distinctive model consistently lean fast track gas margin Margin capture leveraging technical unlocking new development model upside leveraging expertise, oper
Slide 7: Distinctive Capabilities & Outcomes
GLOBAL NATURAL RESOURCES DISTINCTIVE CAPABILITIES & OUTCOMES DISCOVERED RESOURCES | Cumulative Mboe 4.3 years Time-to-market 30% better than industry avg 2 PEOPLE & PROCESS >9 Bboe equity resources discovered 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 since 2014 at $1/boe UEC SELECTIVE INVEST
Slide 8: Eni-Petronas: A Major Gas Player in Far East
GLOBAL NATURAL RESOURCES ENI-PETRONAS: A MAJOR GAS PLAYER IN FAR EAST MoU for Joint Venture holding company INDONESIA-MALAYSIA BUSINESS COMBINATION ENI ASSETS ~500 kboed Self-funded company Combined medium term to boost gas development projects equity production and new exploration ~3 Bboe World-cla
Slide 9: Production and Cashflow Outlook
GLOBAL NATURAL RESOURCES PRODUCTION AND CASHFLOW OUTLOOK >3% CONGO INDONESIA CÔTE D’IVOIRE 2025 underlying CONGO LNG SOUTH HUB EXTENSION BALEINE PHASE 3 production growth PHASE 2 NORTH HUB <30 $/bbl MOZAMBIQUE LIBYA CYPRUS Portfolio cash breakeven 3 CORAL NORTH STRUCTURE A&E, BOURI CRONOS >20% a e e
Slide 10: GGP, Power & Global Trading: Capturing Margin
GLOBAL NATURAL RESOURCES GGP, POWER & GLOBAL TRADING: CAPTURING MARGIN BALANCED GROWTH CENTRED IN: LNG CONTRACTED VOLUMES | MTPA € 0.8 bln Growing equity volumes 2025 GGP pro-forma EBIT ~20 Competitive gas projects Upside to over € 1 b n in the event of 15 positive negotiation outcomes and Proximity
Slide 11: CCS: Key Catalyst for the Energy Transition
GLOBAL NATURAL RESOURCES CCS: KEY CATALYST FOR THE ENERGY TRANSITION TRUDVANG Norway Broad and high-impact strategic T&S IROKO project portfolio SNS AREA Norway AUSTRALIA PROJECT HIGHLIGHT UK RAVENNA CCS - ITALY Strong operatorship for efficient 2024 START UP project delivery HYNET NW L10 UK NETHERL
Slide 12: Transition Businesses
Em, TRANSITION BUSIN rah ea
Slide 13: 2024 Milestones
TRANSITION BUSINESSES 2024 MILESTONES PLENITUDE ENILIVE FINANCIAL MODEL Supplying decarbonized energy Leading global position €3.7 bln proceeds and services to our customers meeting transportation from 3rd parties demand in aligned capital >10 mln clients (>40% power) to support growth 1.5 mln clien
Slide 14: Global Sustainable Mobility
TRANSITION BUSINESSES: ENILIVE GLOBAL SUSTAINABLE MOBILITY >15% ROACE by 2030 with significant growth BIOREFINING DELIVERING CAPACITY AND SAF OPTIONALITY I MTPA >1 Mton TRIPLING CAPACITY >5 agri-feedstock availability Stronger global footprint by 2030 while accelerating on SAF optionality >3 ~1 MTPA
Slide 15: An Emerging Leader in the Energy Transition
TRANSITION BUSINESSES: PLENITUDE AN EMERGING LEADER IN THE ENERGY TRANSITION RENEWABLES GROWING RENEWABLES CAPACITY | GW ~10% SELECTIVE GROWTH 15 2030 ROACE IN DIFFERENT MARKETS 3-4x in 2030 vs 2024 Solar 10 STRONG PIPELINE OF 22 GW Onshore Wind 2.2x >5.5 NET DEBT/EBITDA at 2024 >6 GW under construc
Slide 16: Industrial Transformation
INDUSTRIAL TRANSFORMATION
Slide 17: Key Points
INDUSTRIAL TRANSFORMATION KEY POINTS TRADITIONAL REFINING VERSALIS Versalis Progressing on Transformation Refining conversion plan with plan launched Livorno biorefinery and in execution Venice realization confirmed aiming to recover profitability EU refineries resilient Crescentino to scenario & Te
Slide 18: Restructure, Transform to Sustainability
INDUSTRIAL TRANSFORMATION: VERSALIS RESTRUCTURE, TRANSFORM TO SUSTAINABILITY BREAK-EVEN: EBIT ADJ @2027 & FCF @2028 BASIC CHEMISTRY & VERSALIS EBIT ADJ TRAJECTORY -€350 mln POLYMERS RESTRUCTURING capex vs previous plan Rationalisation of cracking and polymers capacity €1 bln 2024 EBIT adj turnaround
Slide 19: Financials
FINANCIALS
Slide 20: Disciplined Growth Focussed Investment
CAPITAL ALLOCATION DISCIPLINED GROWTH FOCUSSED INVESTMENT €<9 bln 2025-28 GROSS & NET CAPEX | € bln 2025-28 GROSS CAPEX 2025 gross capex Resisting cost inflation and $ appreciation Sustain €6.5-7.0 bln 35 2025 net capex 33 €27 bln 2025-28 Net capex Target maintained despite material disposals in 202
Slide 21: Businesses Drive Efficient Financial Growth
GROWING CASH FLOWS AND RETURNS BUSINESSES DRIVE EFFICIENT FINANCIAL GROWTH Material ROACE improvement CFFO GROWTH | € bln FCF 2025-28 | € bln 2030 ROACE | % through 2030 20% 18 +10 $/bbl Eni Brent upside ROACE 14% 15% €60 bln 12-14% CAGR CFFO/share in 2025-28 13 10% New phase of development Net in t
Slide 22: Strengthened Capital Structure
BALANCE SHEET STRENGTHENED CAPITAL STRUCTURE RE-SETTING TO LOWER LEVERAGE 6 | % CASH-IN FROM SATELLITES 6 | € bln Leverage outlook lowest 40 €13 bln in company history expected cash-in 35 <2% 30 Cost of net debt Financial efficiency 25 20 Avg Plenitude 16% €25 bln 15 Enilive of liquidity 8 10 Financ
Slide 23: Growing Dividends & Generating Value
SHAREHOLDER DISTRIBUTIONS GROWING DIVIDENDS & GENERATING VALUE EHANCED SHAREHOLDER 2025 DIVIDEND INCREASE 11% DISTRIBUTION POLICY NEW BUYBACK PROGRAMME Attractive yield A total return of more than 45% Priority commitment funded €1.05/sh of market cap 9 from organic cashflow DPS for 2025 over 2025-28
Slide 24: Towards a New Combination of Sources
NEW MATERIAL OPPORTUNITIES TOWARDS A NEW COMBINATION OF SOURCES UPSTREAM GGP CCS BIOENERGY RENEWABLES ENERGY Production LNG CO2 Transport Biorefining Installed Total Mboed Contracted & Storage Capacity Capacity Production MTPA MTPA MTPA GW EJ 11 Oil & Gas production Underlying 2.1 becoming less net
Slide 25: Data Centers: Our Integrated Strategy
DATA CENTERS OUR INTEGRATED STRATEGY Up to 200 ha POWER BACK UP powered and POWERED AND REDUNDANCY connected land CONNECTED LAND Installed power capacity ensuring Industrial sites available, back up. Redundant connection to 5 GW ready to be built on to fast national grid for highest reliability Gas
Slide 26: Concluding Remarks
UIDIINIC MARKS CONG R *
Slide 27: Concluding Remarks
CONCLUDING REMARKS CLARITY FINANCIAL FRAMEWORK DELIVERING VALUE COMMITMENT OF STRATEGY FOR RESILIENCE & THROUGH EXISTING TO A PROGRESSIVE GROWTH AND NEW BUSINESSES DISTRIBUTION Selected activities Disciplined and flexible Financial performance, Distribute 35-40% CFFO, leveraging technology, investin
Slide 28: Backup
eni #& BACKUP
Slide 29: Creating Value in the Long Term
OUR SATELLITE MODEL CREATING VALUE IN THE LONG TERM LISTING VISIBILITY ON VALUE CREATION TSR | % ENI ASSET VALUE | € bln 120% 100% ~100 80% 100 60% 40% 20% 75 0% 2022 2023 2024 2025 -20% 50 Upstream GGP, Enilive Plenitude Refining Corporate Eni Var Energi since IPO CCUS & & Versalis & Other Power To
Slide 30: 2025 Guidance
BACKUP 2025 GUIDANCE 2025 GUIDANCE 2025-28 PLAN 3-4% underlying PRODUCTION 1.7 Mboed 2-3% reported GGP PRO-FORMA EBIT €0.8 bln ~ €0.8 bln avg ENILIVE PRO-FORMA EBITDA €1.0 bln €2.5 bln in 2028 PLENITUDE PRO-FORMA EBITDA >€1.1 bln €1.9 bln in 2028 GROUP CFFO € 13.0 bln ~€60 bln in 4YP NET CAPEX € 6.5
Slide 31: 2024 Outcomes vs CMU Guidance
BACKUP 2024 OUTCOMES vs CMU GUIDANCE €1.7bln and €1bln overperformance to plan scenario CMU 2024 OUTCOMES adjusted guidance for EBIT pro-forma BRENT ($/bbl) 80 81 and CFFO respectively Strong production growth PSV (€/MWh) 30.7 36 Consistent performance and growth of EXCHANGE RATE (€/$) 1.08 1.08 tra
Slide 32: Scenario Assumptions
BACKUP SCENARIO ASSUMPTIONS 4YP SCENARIO 2025 2026 2027 2028 Brent dated $/bbl 75 78 80 80 FX avg $/€ 1.05 1.05 1.05 1.05 Ural MED c.i.f. Med Dated Strip $/bbl -10 -10 -10 -9 Std. Eni Refining Margin $/bbl 4.7 4.2 3.7 3.5 PSV €/MWh 44.4 41.4 38.4 36.4 NBP $/mmbtu 13.1 12.2 11.3 10.7 EBIT adj EBIT ad
Slide 33: Summary of Main Business Targets
BACKUP SUMMARY OF MAIN BUSINESS TARGETS 2025 2028 2030 2035 2040 2050 RETAIL >10 >11 15 20 CUSTOMER BASE MLN POD a RENEWABLES >5.5 10 15 30 60 INSTALLED CAPACITY GW a b EV >24 33 40 ~160 CHARGING POINTS k a BIO REFINING 1.65 >3 >5 CAPACITY MLN TON/Y a GAS >60 >90 PRODUCTION % ON PORTFOLIO c CCS >15
Slide 34: Summary of Main Decarbonization Targets
BACKUP SUMMARY OF MAIN DECARBONIZATION TARGETS 2025 2026 2030 2035 2040 2050 UPS ENI NET CARBON FOOTPRINT UPS NET NET SCOPE 1+2 VS 2018 -65% ZERO ZERO GHG ENI NET GHG LIFECYCLE EMISS. EMISSIONS a -35% -55% -80% NET SCOPE 1+2+3 VS 2018 ZERO ENI NET CARBON INTENSITY -15% -50% NET SCOPE 1+2+3 VS 2018 Z
Slide 35: Industry Leading Explorer
GLOBAL NATURAL RESOURCES INDUSTRY LEADING EXPLORER KEY BASINS IN THE 4YP Large portfolio NCS & NORTHSEA of balanced near-field ILX OIL EAST MED and high impact wells GAS O&G Major discoveries in diverse geographies & plays Industry leading resource opportunity SIRTE BASIN Distinctive Dual Exploratio
Slide 36: Main Projects
UPSTREAM MAIN PROJECTS IN EXECUTION UNDER MATURATION ANGOLA ALGERIA Agogo Integrated WH Touat ph2 NGC ANGOLA CONGO PAJ LNG Ph2 Offshore AUSTRALIA EGYPT Petrel Melehia Ph2 Verus INDONESIA CYPRUS Merakes East Cronos Maha EGYPT KAZAKHSTAN Nargis KEP 1B KPO Zohr Plateau Extension LIBYA INDONESIA A,E Str
Slide 37: Main Projects in Execution
UPSTREAM MAIN PROJECTS IN EXECUTION ENI PRODUCTION COUNTRY PROJECT W.I. PRODUCTS START UP OPERATORSHIP (Kboed – 100%)a Agogo West Hub Integrated N* 18% Liquids 2025 180 ANGOLA (Azule Energy) NGC Quiluma & Mabuqueiro N* 19% Gas 2026 100 2023 Nearshore ph. CONGO Congo LNG Y 65% Gas/Liquids 2025 Offsho
Slide 38: Cyprus: Cronos Development
GLOBAL NATURAL RESOURCES CYPRUS: CRONOS DEVELOPMENT Agreement with Egypt and Cyprus for the development and export of Block 6 Unlocking gas in the East Med LNG export to European premium market Fast track & cost-efficient development leveraging existing infrastructures operated by Eni 2022 DISCOVERY
Slide 39: Côte d'Ivoire: Baleine and Calao
GLOBAL NATURAL RESOURCES CÔTE D’IVOIRE: BALEINE AND CALAO Baleine and Calao top exploration successes after 20 years Outstanding Baleine reservoir performance 2.5 Bbbl & 3.3 TCF BALEINE RESOURCES IN PLACE Net Zero (scope 1 & 2) approach 150 Kbopd & 200 Mscfd Fast track and phased BALEINE PH 1, 2 & 3
Slide 40: Indonesia: Kutei Basin
GLOBAL NATURAL RESOURCES INDONESIA: KUTEI BASIN Exploration at scale supports our dual exploration model and fast-track developments Leading a world-class gas province 650 Mscfd SOUTHERN HUB CURRENT GROSS PRODUCTION 14 TCF & 500 Mbbl OF DISCOVERED RESOURCES 30 TCF NORTHERN ADDITIONAL EXPLORATION POT
Slide 41: Coral North
GLOBAL NATURAL RESOURCES CORAL NORTH Coral North Project as enhanced carbon copy of Coral South Leveraging on lessons learned of 2+ years of excellent uninterrupted production (counting 100+ 4.7 TCF cargos so far) CORAL NORTH RESERVES Project designed to cost 3.6 MTPA as Coral South FLNG CAPACITY 40
Slide 42: Future Enilive and Plenitude Start-ups
TRANSITION BUSINESSES FUTURE ENILIVE AND PLENITUDE START-UPS ITALY USA Enilive Plenitude Livorno Guajillo BESS Sannazzaro Priolo KAZAKHSTAN Plenitude Plenitude Mangystau Basilicata 1 Tarsia SOUTH KOREA Assemini Enilive Borgia Daesan/Seosan Montalto di Castro MALAYSIA SPAIN Enilive Plenitude Pengeran
Slide 43: Robust 2030 Macro Scenario
ENILIVE ROBUST 2030 MACRO SCENARIO KEY REGULATORY UPDATES RED III Directive WORLD RENEWABLE DIESEL/SAF 2023-30 CAGR 2023-30 doubled 2030 target Supply Vs Demand (Mton) to 29% renewable fuels in transport, 60 >50% SAF ~15% RD transposed into national laws by 05/2025 Aviation Freight, marine, rail, he
Slide 44: Significant Growth in EBITDA Generation
ENILIVE DISTINCTIVE ELEMENTS DRIVING GROWTH 1st player among energy majors and 2nd in Europe FIRST MOVER INTO 1.65 Mton by biorefining capacity BIOREFINERY CONVERSION biorefining capacity in 2024 SIGNIFICANT GROWTH IN EBITDA GENERATION 10 years of successful biorefining operations & conversion track
Slide 45: A Broad Portfolio of Products and Services
ENILIVE A BROAD PORTFOLIO OF PRODUCTS AND SERVICES HIGH-VALUE ADDED INCREASED SERVICE OFFER PRODUCTS IN A FLEXIBLE TO SATISFY EVOLVING PRODUCTION SYSTEM CUSTOMER NEEDS SAF PEOPLE SERVICES CARBON REDUCTION Gela upgrade completed in 2024 Agreements with Amazon Lockers, CREDENTIALS Long-term collaborat
Slide 46: Near-Future Development Projects
ENILIVE NEAR-FUTURE DEVELOPMENT PROJECTS DYNAMIC EXPANSION Expanding Enilive global footprint LIVORNO PENGERANG DAESAN/ VENICE SANNAZZARO PRIOLO SEOSAN EXPANSION Far East strategical for developing long-term SAF market and FID taken FID taken FID taken FID expected FID expected FID expected feedstoc
Slide 47: 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, SPAIN 100% 1,020 2024-2025 2,100 La Flota & Renopool USA Guajillo 100% 200 B
Slide 48: Renewables
PLENITUDE RENEWABLES Focus on profitability: INSTALLED CAPACITY | GW EBITDA | € bln growth driven by organic pipeline and integration with retail 15 B >1 Geographical diversification in OECD countries 10 0.8 Strengthening technology mix: >5.5 offshore wind and BESS 4.1 0.3 0.2 JVs development accele
Slide 49: Retail
PLENITUDE RETAIL CUSTOMERS | mln EBITDA | € bln Focus on valuable customers vs volume 15 >1 1.0 >11 0.9 0.9 Lean and effective operations >10 >10 Different market positioning across countries: incumbent vs challenger, | power vs gas Dynamic commercial approach, 2024 2025 2028 2030 2024 2025 2028 203
Slide 50: E-Mobility
PLENITUDE E-MOBILITY Leading proprietary network in Europe 100% OWNED PUBLIC CPs | k ENERGY SOLD CSO | TWh locations with public access 40 33 2 ITALY expanding the capillary network >24 >21 EUROPE 1 focus on ultra fast CPs <0.1 >0.1 Synergies with Retail and Enilive stations 2024 2025 2028 2030 2024
Slide 51: Leading the Peer Group on Environment
TRANSPARENCY LEADS TO TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT MOODY’S ROBUST ADVANCED * ANALYTICS WEAK ADVANCED 2024 A AA MSCI ESG CCC AAA 2024 SUSTAINALYTICS HIGH MEDIUM SEVERE NEGLIGIBLE ESG RISK RATING RISK RISK 2024 C B- ** ISS ESG D- A+ 2021-24 CDP CLIMATE B- A- CHANGE D-/F
Slide 52: Footnotes
BACKUP FOOTNOTES Footnote # Slide # Description Net capex and leverage calculated on a pro-forma basis consider the incoming cash-ins of the KKR investment 1 4 in Enilive, the second tranche of EIP investment in Plenitude and other minor agreed transactions Data source: Wood Mackenzie November 2024