Slide 1: 9M 2024 Results
9M 2024 RESULTS OCTOBER 25, 2024 Jangkrik FPU, Indonesia
Slide 2: 9M 2024 Highlights
9M 2024 | HIGHLIGHTS STRENGTHENING THE IMPLEMENTATION OF OUR STRATEGY FINANCIALS GLOBAL TRANSITION & RESULTS NATURAL RESOURCES TRANSFORMATION EBIT PRO FORMA EXPLORATION PORTFOLIO €11.6 bln Over 1 bln boe of discovered resources 25% investment into Enilive from KKR agreed Material resource upside ide
Slide 3: 3Q 2024 Earnings Summary
3Q 2024 | EARNINGS SUMMARY IMPROVING OUR UNDERLYING PERFORMANCE E&P Strong volumes and realizations € BLN partially offsetting the impact of 0.3 the fall in oil prices -0.1 3.5 GGP -0.2 Favourable trading environment 0.3 GGP ENILIVE 1.0 Resilient result impacted by deteriorated biofuel margins. 0.3
Slide 4: 9M 2024 Cashflows
9M 2024 | CASHFLOWS HIGHLY CASH GENERATIVE CASH FLOW RESULTS | € BLN CASH GENERATION Confirmed xxx high level of cash conversion -9% y/y Q3 impacted by lower dividends and higher cash tax Working down WC build reported in Q1 Includes Neptune acquisition and CASH OUT proceeds from sales in Nigeria, O
Slide 5: Focus: Global Natural Resources
FOCUS: GLOBAL NATURAL RESOURCES SUSTAINED GROWTH MOMENTUM GROWTH AND VALUE 3-4% underlying production cagr and 30% improvement in E&P CFFO/boe in 4YP ADJ. EBIT PRO-FORMA | € BLN • Growth – YTD production up +4% – reflects ramp-ups, Neptune net of sales and excellent regularity PORTFOLIO HIGH-GRADING
Slide 6: Focus: Transition Businesses
FOCUS: TRANSITION BUSINESSES MAXIMIZING THE VALUE OF OUR HIGH-RETURN TRANSITION BUSINESSES ADJ. EBITDA PRO FORMA | € BLN ENILIVE GROWTH AND VALUE Outstanding operational and • Growth - bio 9M throughputs up +58% Y-o-Y. Sales up financial growth outlook in 4YP +5% Y-o-Y and through 2030+ • 85% utiliz
Slide 7: Portfolio Activity and Leverage
PORTFOLIO ACTIVITY AND LEVERAGE ACCELERATING THE DELEVERAGING LEVERAGE PORTFOLIO ACTIVITY 3Q saw limited impact of cash-in from disposals 25% Upstream high-grading 4YP GUIDANCE RANGE continuing with margin and risk benefits Advancing significant Dual 20% Exploration transaction opportunities Materia
Slide 8: Shareholder Distribution
SHAREHOLDER DISTRIBUTION RAISING OUR SHARE BUYBACK 2024 DISTRIBUTION UPDATES I € BLN GROWING DISTRIBUTION Disposal plan progressing ahead of our initial plan Option to raise distribution to 35% share of budgeted CFFO +25% Allocating cash flow to grow +45% remuneration, sharing more upside 1.6 1.6 2.
Slide 9: Versalis
VERSALIS MAIN RATIONALISING AND REVAMPING ACTIONS RECYCLED POLYMERS STRATEGIC PILLARS MAIN ACTIONS DUNKERQUE RECYCLING TECHNOLOGY Cracking JV / sale RATIONALISING REVAMPING CRESCENTINO Mechanical & ▪ Efficiency PORTO MARGHERA Chemical recycling ▪ Biochemestry Mechanical Recycling BIOCHEMISTRY Effici
Slide 10: Versalis: Our Business of Tomorrow
VERSALIS OUR BUSINESS OF TOMORROW EBIT TRAJECTORY & MAIN IMPROVEMENT CONTRIBUTORS EFFICIENCY AND CAPACITY GROWTH AND VALUE REDUCTION ON TRADITIONAL xxx CHEMISTRY PORTFOLIO HIGH-GRADING SHIFT TOWARDS VALUE ADDED xxx PRODUCTS 2024 xxx MEDIUM STRENGTHEN BIOCHEMICAL xxx TERM BIOCHEMISTRY xxx FOCUS ON CI
Slide 11: 2024 Guidance Update
2024 GUIDANCE UPDATE JULY 2024 OCTOBER 2024 BRENT ($/bbl) 86 83 PSV (€/MWh) 32 35 E&P EXCHANGE RATE (€/$) 1.075 1.085 Strong operational performance delivery leading to the top end of Towards top end of guidance range PRODUCTION Expected at ~1.70 Mboed 1.69-1.71 Mboed range GGP PRO-FORMA EBIT ~1 bln
Slide 12: Concluding Remarks
CONCLUDING REMARKS 3Q 24 a good quarter amid volatility • Resilient financials • Significant strategic progress • Added performance improvement focus Significant strategic progress Financial performance focus • Continued growth • Addressing Versalis challenges delivery • Detailed plan of restructuri
Slide 13: Q&A
Q&A Ravenna CCS, Italy
Slide 14: Company Business Structure
COMPANY BUSINESS STRUCTURE* CHIEF EXECUTIVE OFFICER Develop and unlock the value of Claudio Descalzi satellite companies in new businesses and traditional sectors Further strengthening Eni’s operating performance by improving the time-to-market and operating excellence also in new business initiativ
Slide 15: 3Q 2024 vs 2Q 2024 Earnings: EBIT Pro Forma
3Q 2024 vs 2Q 2024 EARNINGS EBIT PRO FORMA | € BLN NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE SCENARIO 3Q realisations -2% q/q Liquids -4% Natural gas +1% PERFORMANCE -0.3 E&P volumes affected by seasonal effects and maintenance -0.1 -0.1 -0.0 Deteriorating product spreads -0.1 -0.0 0.1 0.0 impa
Slide 16: 3Q 2024 vs 2Q 2024 Earnings: Adjusted Pre-Tax
3Q 2024 vs 2Q 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 -0.2 -0.1 -0.1 -0.0 0.1 -0.0 -0.1 0.1 -0.0 -0.1 0.0 -0.2 3.4 2.7 2Q24 Scenario Volumes & Scenario & Performance Scenario MTA P
Slide 17: 3Q 2024 vs 3Q 2023 Earnings: Adjusted Pre-Tax
3Q 2024 vs 3Q 2023 EARNINGS ADJUSTED PRE-TAX | € BLN PERFORMANCE NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Lower realizations affected by a decrease in crude oil prices in USD Favorable trading environment for GGP Refining business negatively -0.3 affected by significantly weaker 0.0 0.1 margin
Slide 18: 3Q 2024 Market Scenario
3Q 2024 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 86.8 1.098 84.9 1.088 80.2 1.077 3Q 2023 2Q 2024 3Q 2024 3Q 2023 2Q 2024 3Q 2024 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 38 11.7 34 6.4 33 1.7 3Q 2023 2Q 2024 3Q 2024 3Q 2023 2Q 2024 3Q 2024 18 *New indicator has been calculated based o