Slide 1: H1 2021 Results
H1 2021 Results July 30, 2021 GE Renewable Energy’s Haliade-X (as shown in the picture) is the most powerful offshore wind turbine in operation today and will be installed on the first two phases of Dogger Bank Wind Farm in the North Sea, which are a joint venture between Eni, Equinor and SSE Renewa
Slide 2: Eni | A Valuable Investment Case
ENI | A VALUABLE INVESTMENT CASE 2021 REMUNERATION RENEWABLES & RETAIL PERFORMANCE DIVIDEND & BUYBACK ACCELERATING GROWTH 1H RESULTS & YEARLY GUIDANCE 2
Slide 3: 2021 Remuneration | Sharing Value With Our Shareholders
2021 REMUNERATION | SHARING VALUE WITH OUR SHAREHOLDERS 2021 BRENT REFERENCE: 65 $/BBL 2021 DIVIDEND 2021 BUYBACK 86 400 € cents /share € MLN EQUALLY SPLIT STARTING IN 3Q21 BETWEEN 3Q21 AND 2Q22 WITHIN 6 MONTHS 3
Slide 4: Retail + Renewables (R+R) | A Unique Proposition
RETAIL + RENEWABLES (R+R) | A UNIQUE PROPOSITION INTEGRATION SYNERGIES combining generation and supply of green energy SIZE AND DIVERSIFICATION Customers Global presence GROWTH Strong renewables pipeline & growing customer base LOW RISK Cash flow visibility & integrated natural hedge Green Digitaliz
Slide 5: Renewables Growth | Fast Tracking Our Growth
RENEWABLES GROWTH | FAST TRACKING OUR GROWTH INSTALLED CAPACITY | GW PIPELINE | GW >15 >4 New Original >6 5 5 >3 4 4 3 >2 >1 0.7 INSTALLED + SECURED ACREAGE 2021 2023 2024 2025 2030 IN CONSTRUCTION EXPANDING AND DE-RISKING OUR PIPELINE 5
Slide 6: Retail + Renewables | Enhanced EBITDA Growth
RETAIL + RENEWABLES | ENHANCED EBITDA GROWTH EBITDA | € BLN Retail >1 Renewables 1 Original > 0.6 2021 - 2024 EBITDA GROWTH DRIVEN BY RENEWABLE 2021 2024 6 EBITDA pro-forma adjusted
Slide 7: H1 2021 Highlights
H1 2021 HIGHLIGHTS FINANCIALS ✓ RESULTS: EBIT € 3.4 BLN; NET INCOME € 1.2 BLN; CFFO € 4.8 BLN ✓ ORGANIC FCF: € 1.9 BLN ✓ LEVERAGE: 0.25 OIL, GAS, LNG, CCS/CCUS AND FORESTRY NATURAL RESOURCES ✓ PRODUCTION: 1.65 MBOED ✓ DISCOVERED RESOURCES: >300 MBOE IN NORWAY, ANGOLA, INDONESIA AND GHANA ✓ ANGOLA BU
Slide 8: H1 Upstream | Strong EBIT and CFFO Results
H1 UPSTREAM | STRONG EBIT AND CFFO RESULTS UPSTREAM | EBIT € BLN UPSTREAM | CFFO € BLN 3.2 4.6 +80% x16 2.6 0.2 1H 2020 1H 2021 1H 2020 1H 2021 Prod(Mboed) 1.76 1.65 Prod(Mboed) 1.76 1.65 Brent ($/bbl) 40 65 Brent ($/bbl) 40 65 FX 1.10 1.21 FX 1.10 1.21 2021 PRODUCTION CONFIRMED @ 1.7 MBOED 8 Cash F
Slide 9: H1 Energy Evolution | Delivering While Transforming
H1 ENERGY EVOLUTION | DELIVERING WHILE TRANSFORMING RETAIL & RENEWABLES | EBITDA € BLN R&M AND CHEMICALS 1H 2020 1H 2021 +40% 0.35 0.25 MARKETING | TRANSFORMING ENI STATIONS VERSALIS | CAPTURING POSITIVE TREND 1H 2020 1H 2021 2021 EBITDA 2021 EBIT RETAIL & RENEWABLES: > € 0.6 BLN DOWNSTREAM: € 0.4 B
Slide 10: Cash Results | Continuing Robust Generation
CASH RESULTS | CONTINUING ROBUST GENERATION 1H CASHFLOW| € BLN 2021 CFFO | € BLN >11 >10 4.8 CAPEX: € 6 BLN 2.9 1.9 CFFO CAPEX FCF 65 $/bbl 70 $/bbl SERM refining margin slightly negative 2021 LEVERAGE <0.3 Cash Flows are adjusted pre working capital at replacement cost 10 Leverage: before IFRS 16 a
Slide 11: Eni | A Valuable Investment Case
ENI | A VALUABLE INVESTMENT CASE 2021 REMUNERATION RENEWABLES & RETAIL PERFORMANCE DIVIDEND & BUYBACK ACCELERATING GROWTH 1H RESULTS & YEARLY GUIDANCE STRONG INCREASED MAXIMIZING VALUE BALANCE SHEET DISTRIBUTION IN THE TRANSITION & CASH FLOW 11
Slide 12: Annex
ANNEX July 30, 2021
Slide 13: 2021 Guidance
2021 GUIDANCE PRODUCTION 1.7 MBOED EXPLORATION DISCOVERIES 500 MLN BOE EBIT BREAKEVEN GGP FCF € 0.2 BLN RETAIL + RENEWABLES EBIT € 0.35 BLN R&M + VERSALIS EBIT € 0.4 BLN CAPEX € 6 BLN LEVERAGE <0.3 R&M: SERM refining margin slightly negative; EBIT Proforma adjusted; Leverage before IFRS 16 Leverage:
Slide 14: H1 Market Scenario
H1 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 64.9 1.205 39.7 1.102 1H 2020 1H 2021 1H 2020 1H 2021 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl SPREAD PSV-TTF 17 2 231 2.9 97 -0.5 1H 2020 1H 2021 14 1H 2020 1H 2021
Slide 15: Update on Eni Retail and Renewables
Update on Eni Retail and Renewables July 30, 2021
Slide 16: Eni Retail and Renewables Fits Into a Long-Term Commitment by Eni
ENI RETAIL AND RENEWABLES FITS INTO A LONG-TERM COMMITMENT BY ENI February-20 June-20 December-20 February-21 April-21 June-21 July 2021 • Eni announces • Creation of Energy • Eni signs agreements • Announcement of the • Announcement of • Eni launches the first • Merger of Eni long-term strategic Ev
Slide 17: Update on Retail | Stable and Growing Cash Flow Generating Business
UPDATE ON RETAIL | STABLE AND GROWING CASH FLOW GENERATING BUSINESS 2017 2018 2020 2021 • Creation of Eni Gas e Luce • Eni Gas e Luce develops a • Acquisition of 70% of Evolvere, leader in the • Expansion into the Iberian portfolio offering of innovative market of distributed generation in Italy wit
Slide 18: Update on Renewables | High Growth Business
UPDATE ON RENEWABLES | HIGH GROWTH BUSINESS 2015 – 2018 2019 2020 2021 • Set up of renewables Business • Creation of US renewables JV with • Acquisition of 20% stake • Acquisition of 140MW of PV • GreenIT setup unit and organic growth Falck Renewables in Doggerbank projects in Spain from X-Elio with
Slide 19: Retail + Renewables (R+R) | A Unique Proposition
RETAIL + RENEWABLES (R+R) | A UNIQUE PROPOSITION INTEGRATION SYNERGIES combining generation and supply of green energy SIZE AND DIVERSIFICATION Customers Global presence GROWTH Strong renewables pipeline & growing customer base LOW RISK Cash flow visibility & integrated natural hedge Green Digitaliz
Slide 20: Retail + Renewables | A Unique Proposition (Cont'd)
RETAIL + RENEWABLES | A UNIQUE PROPOSITION (CONT’D) RETAIL RENEWABLES Retail Clients (mln) 15 Installed Capacity >15 11.5 (GW)1 10 CAGR CAGR CAGR CAGR 2021-2025: 2025-2030: 2021-2025: >6 2025-2030: 3.5% 5.5% >50% 25% 1.2 2021E 2025E 2030E 2021E 2025E 2030E BY TECHNOLOGY BY COMMODITY Gas Power Photov
Slide 21: Retail + Renewables | Enhanced Growth
RETAIL + RENEWABLES | ENHANCED GROWTH EBITDA 1 | € BLN CFFO | € BLN 1.2 1.0 0.4 0.3 >0.6 0.4 0.8 0.7 2021 2025 2021 2025 Retail Renewables CAPEX 2022 – 2025 @ 1.5 ÷ 1.8 B€ / YEAR ENI R&R WILL BE FINANCIALLY INDEPENDENT WITH AN INVESTMENT GRADE PROFILE 21 1 Includes 100% of the consolidated companies