Slide 1: 2024 Results
2024 RESULTS FEBRUARY 27, 2024 FPSO Petrojarl Kong, Baleine Project
Slide 2: FY 2024 Highlights
FY 2024 | HIGHLIGHTS DELIVERED ON OUR STRATEGY OF GROWTH AND VALUE FINANCIALS GLOBAL TRANSITION & RESULTS NATURAL RESOURCES TRANSFORMATION EBIT PRO FORMA EXPLORATION €14.3 bln 1.2 bln boe of discovered resources ENILIVE Material resource upside identified in Indonesia FID of Italy's third bio-refine
Slide 3: 4Q 2024 Earnings Summary
4Q 2024 | EARNINGS SUMMARY PROVED RESILIENCY OF ENI’S BUSINESS MODEL E&P Resilient results despite the € BLN weaker oil price and normal Q4 non-cash effects 0.1 GGP 3.1 -0.3 Guidance achieved, highlighting GGP 0.3 & strong underlying performance -0.2 POWER ENILIVE Results remained resilient, 1.0 und
Slide 4: FY 2024 Earnings Summary
FY 2024 | EARNINGS SUMMARY EXCEEDING OUR GUIDANCE ON STEADY STRATEGY EXECUTION €1.7bln € BLN overperformance to plan scenario adjusted guidance 1.1 14.3 -0.7 -0.4 E&P GGP 1.3 & Resilient, cost-disciplined delivery POWER 4.0 GGP Excellent margin capture 1.5 throughout the year, €0.3 Bln -0.8 above CM
Slide 5: Q4 2024 Cashflows
Q4 2024 | CASHFLOWS CONTINUED TREND OF STRONG CASH CONVERSION CASH FLOW RESULTS | € BLN CASH GENERATION Proven strong cash conversion efficiency Release of WC from seasonal inventory dynamics and falling liquid prices CASH OUT Includes proceeds from sales in 4Q start-ups bringing higher Alaska capit
Slide 6: FY 2024 Cashflows
FY 2024 | CASHFLOWS STRONG CASH GENERATION FUNDED GROWTH AND COMPETITIVE RETURNS CASH FLOW RESULTS | € BLN €1 bln overperformance to plan scenario adjusted guidance -4% y/y Proven strong cash conversion Negligible WC movement over the year Disciplined capex with organic Includes Neptune acquisition
Slide 7: FY 2024 Net Debt
FY 2024 | NET DEBT STRENGTHENED BY CAPITAL DISCIPLINE AND PORTFOLIO ACTIVITIES NET DEBT | € BLN Clear evidence of value creation from satellite model and portfolio high-grading 2.6 -3.3 Retained key flexibility in balance sheet Pending divestments includes €2.9 bln for KKR investment into 12.2 Enili
Slide 8: Focus: Global Natural Resources
FOCUS: GLOBAL NATURAL RESOURCES EFFECTIVE PROJECT EXECUTION, STRATEGIC PORTFOLIO FOCUS SCENARIO Realisations -1% Liquids -2% ADJ. EBIT PRO-FORMA | € BLN E&P Natural gas -1% • +3% growth in production reflecting ramp-ups, Neptune net of sales and excellent regularity PORTFOLIO HIGH-GRADING Powering c
Slide 9: Focus: Transition Businesses
FOCUS: TRANSITION BUSINESSES WELL-POSITIONED AND RESILIENT BUSINESSES GENERATING GROWTH ADJ. EBITDA PRO FORMA | € BLN SCENARIO ENILIVE Weak biofuels margins during the 1.94 1.91 year. Resilient marketing earnings • Bio throughputs up +29% -15% PUN (-16% TTF) • 74% utilization rates • €2.9 Bln KKR in
Slide 10: 2024 Results vs Key Guidance Items
2024 RESULTS vs KEY GUIDANCE ITEMS CMU 2024 RESULTS BRENT ($/bbl) 80 81 €1.7bln and €1bln PSV (€/MWh) 30.7 36 overperformance to plan EXCHANGE RATE (€/$) 1.08 1.082 scenario adjusted guidance for EBIT and CFFO respectively PRODUCTION 1.69-1.71 Mboed 1.71 Mboed 2024 an excellent financial and operati
Slide 11: 2024 Results Appendix
2024 RESULTS Appendix FEBRUARY 27, 2024 Dogger Bank Wind Farm, UK
Slide 12: 4Q 2024 vs 3Q 2024 Earnings
4Q 2024 vs 3Q 2024 EARNINGS EBIT PRO FORMA | € BLN GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE SCENARIO Realisations -3% q/q Lower liquids prices and stable gas prices -0.5 PERFORMANCE Upstream affected by year-end exploration write-offs -0.0 -0.0 -0.0 -0.1 Downstream lower on -0.1 unfavor
Slide 13: 4Q 2024 vs 3Q 2024 Earnings
4Q 2024 vs 3Q 2024 EARNINGS ADJUSTED PRE-TAX | € BLN PERFORMANCE NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Lower hydrocarbon realization ($54.46/boe vs $55.95/boe) driven by lower crude (-7% y/y) 4Q E&P impacted by higher year- end exploration write-offs -0.4 GGP conditions consistent across qu
Slide 14: 4Q 2024 vs 4Q 2023 Earnings
4Q 2024 vs 4Q 2023 EARNINGS ADJUSTED PRE-TAX | € BLN PERFORMANCE NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE Lower hydrocarbon realization ($54.46/boe vs $57.48/boe) driven by lower crude (-11% y/y) 2023 GGP result benefitted from -0.6 positive contract settlements and re-negotiation effects Down
Slide 15: 4Q 2024 Market Scenario
4Q 2024 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 84.0 1.098 80.2 1.075 74.7 1.067 4Q 2023 3Q 2024 4Q 2024 4Q 2023 3Q 2024 4Q 2024 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 45 3.7 4.3 41 1.7 38 4Q 2023 3Q 2024 4Q 2024 4Q 2023 3Q 2024 4Q 2024 15 *New indicator has been calculated based on