Eni S.p.a. · MIL:ENI
Eni — Versalis — Investor Presentation (March 2025)
10 slides from Eni's investor presentation, March 2025
Slide 1: Capital Market Update - Versalis
Capital Market Update Versalis
Slide 2: Key Messages
KEY MESSAGES EUROPEAN BA SE CHEMICAL I NDUSTRY I S GRAPPLING WI T H SIGNIFICANT LACK OF COMPETITIVENESS BASE CHEMICAL S CRISIS VERSALIS PORTFOLIO I S HISTORICALLY AND STRONGLY EXPOSED TO BA SE CHEMICALS CASH LOSS DEMAND OUTLOOK & UNCOMPETITIVE COST IN BASE CHEMICALS DRIVE A SIGNIFICANT CHANGE TRANSF
Slide 3: Global Chemical Industry
GLOBAL CHEMICAL INDUSTRY WORLD CHEMICAL SALES ( 2023, € 5.195 b€) WITH DIFFERENT GEOGRAPHIC DYNAMICS EUROPE MARKET EUROPE ▪ Structurally disadvantaged on commodities and energy cost EVOLUTION ▪ Strong specialty and innovation capability ▪ Leading in development of sustainable chemicals WEAK DEMAND O
Slide 4: Chemical Industry Scenario and Versalis Results
CHEMICAL INDUSTRY SCENARIO AND VERSALIS RESULTS PORTFOLIO UNBALANCED M€ TOWARDS BASIC CHEMISTRY CUMULATIVE CASH LOSS OF ALMOST 3 Bln € OVER THE LAST 5 YEARS (*) 2021 TEMPORARY REBOUND DUE TO EU CHEMICAL INDUSTRY IS CONTINUOSLY LOOSING MARKET SHARE LOCKDOWN COVID EFFECT ON PACKAGING (PLASTICS) MARKET
Slide 5: Cracking Crisis in Europe – Ethylene Costs Non Competitive
CRACKING CRISIS IN EUROPE – ETHYLENE COSTS NON COMPETITIVE ETHYLENE CAPACITY ETHYLENE PRODUCTION COSTS VERSALIS’ ETHYLENE GAS QUOTATIONS - TREND BY REGION ($/t) BY REGION - 2023 PRODUCTION COSTS (€/t) – 2023 ▪ Average variable cost Versalis: 860 €/t 300 280 800 ▪ Average variable cost EU: 670 €/t €/
Slide 6: Transformation Strategy: Our Value Proposition
TRASFORMATION STRATEGY: OUR VALUE PROPOSITION BASIC CHEMISTRY NEW PLATFORM GROWTH & POLYMERS RESTRUCTURING CLOSURE OF VERSALIS ITALIAN CRACKING BIOCHEMISTRY : FEEDSTOCK DIFFERENTIATION AND EXISTING PLANTS PLATFORM VALORIZATION RESIZING OF POLYMERS POSITIONING CIRCULARITY: DEVELOPMENT OF NEW RECYCLIN
Slide 7: Main Rationalization & Revamping Actions
MAIN R A T I O N A L I Z A T I O N & R E V A M P I N G A C T I O N S RECYCLED POLYMERS STRATEGIC PILLARS MAIN ACTIONS RATIONALIZATION REVAMPING RECYCLING TECHNOLOGY Plastic recycling PORTO MARGHERA Mechanical Recycling Efficiency CRESCENTINO • Efficiency B R I NDI SI • Biochemistry • Cracking Closur
Slide 8: Executing Our Strategy
EXECUTING OUR STRATEGY SHORT-MEDIUM-TERM ACTION PLAN RATIONALIZATION REVAMPING 2024 Dec RAGUSA: Polyethylene Closure 2025 Q1 P. MARGHERA: Mechanical Recycle phase 1 Start-up BRINDISI: Cracking Closure Q2 MANTOVA: DEMO Hoop® Start-up Q3 PRIOLO: Cracking Closure Q4 PRIOLO: Biorefinery FID BRINDISI: Ba
Slide 9: Long Term Value through Restructuring & New Platforms
LONG TERM VALUE THROUGH RESTRUCTURING & N E W PLATFORMS BIOCHEMICALS CIRCULARITY SPECIALIZATION INNOVATION P R O D U C T & HIGH-USER CHEMICAL RECYCLING DEMO MARKETS SPECIALIZATION FEEDSTOCK HIGH-VALUE AND INDUSTRIAL PLANT DIFFERENTIATION PRODUCT DEVELOPMENT S T A R T - U P 1ST M E C H A N I C A L MA
Slide 10: 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 capex vs previous plan RESTRUCTURING Rationalisation of cracking ~€900 mln and polymers capacity 2024 EBIT ADJ turnar