#1WEST CAPELLE North Ganal PSC, Indonesia eni Eni 9M 2023 Results OCTOBER 27, 2023#22 STRATEGIC & OPERATIONAL PROGRESS ADVANCING OUR STRATEGY ON A CONSISTENT PATH KEY QUARTER ACHIEVEMENTS ENERGY EVOLUTION NATURAL RESOURCES UPSTREAM CCUS GGP PRODUCTION GROWTH SECURITY OF SUPPLY DUAL EXP. MODEL AND FOCUS ON VALUE FOCUS ON TIME- TO-MARKET AND PHASED DEV. SHIFT TO GAS & GEOGRAPHICAL DIVERSIFICATION EQUITY DRIVEN GLOBAL GAS AND LNG MODEL SCALING UP CCUS TO TACKLE UNABATED EMISSIONS NET ZERO UPSTREAM SCOPE 1+2 BY 2030 GENG NORTH-1 DISCOVERY LARGEST IN INDUSTRY IN 2023 BALEINE STARTUP < 2 YEARS FROM DISCOVERY PORTFOLIO HIGHGRADING MAJOR NEW LNG SUPPLY AGREEMENTS PLENITUDE CUSTOMER - ORIENTED ENILIVE CHEMICALS REFINING BUSINESS MODELS ADDRESSING SCOPE 3 EMISSIONS CRYSTALLISING VALUE VIA MARKET VALORISATION GROWING RES CAPACITY AND EV CHARGING ROLLOUT DEVELOPING AN ADVANTAGED BIOFUELS BUSINESS EVOLVING RETAIL STATIONS INTO MOBILITY HUBS GROWTH OF CIRCULAR AND BIO- BASED CHEMICALS BRINGING INNOVATION IN TRADITIONAL PROCESSES SELECTIVE M&A NEW TECHNOLOGIES SIGNIFICANT STEPS FORWARD FOR CCS REACHED FIRST POWER DELIVERIES IN DOGGER BANK NEW BIOREFINERY UNDER- STUDY IN SOUTH KOREA NOVAMONT ACQUISITION CLOSED#39M 2023 | GROUP RESULTS CONTINUING MOMENTUM THROUGH 2023 3 EBIT € 11.0 BLN CONFIRMING ONE OF ENI'S STRONGEST PERFORMANCES 12 PROFIT FROM € 1.3 BLN ASSOCIATES CAPTURING HIGHER EARNINGS VIA SATELLITES 10 NET PROFIT € 6.7 BLN HIGHLIGHTS DIVERSITY OF CONTRIBUTION FROM BUSINESSES 8 CASH FLOW RESULTS | € BLN LOWER FACTORING, OTHER SHORT TERMS DIFFERENCES AND SEASONAL WORKING CAPITAL CFFO € 12.9 BLN STRONG CASH CONVERSION FUNDS DISTRIBUTIONS AND INVESTMENT 12.9 6 CAPEX € 6.7 BLN TRAJECTORY TOWARDS LOWERED ~€9BLN GUIDANCE 4 2 LEVERAGE 15% MAINTAINED AT HISTORICALLY LOW LEVELS -2 WEIGHTED TO TH INCLUDES ACQUISITION OF 50% ST. BERNARD BIOREFINERY AND BP ACTIVITIES IN ALGERIA BUYBACK DIVIDEND INCLUDES ITALIAN WFT 9M NET DEBT PAYMENT CHANGE 9M CFFO WORKING CAPITAL ORGANIC CAPEX NET PORTFOLIO DISTRIBUTION OTHERS -1.7 EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. Leverage: before IFRS 16 lease liabilities.#4NATURAL RESOURCES DELIVERING VALUE FROM OUR ASSETS ADJ. EARNINGS PRE-TAX | € BLN 5.8 5.6 5.3 0.9 1.1 4.4 3.5 1.4 3.4 2.9 1.1 5.4 4.7 4.7 3.5 54 3.1 2.8 2.3 1Q 2022 2Q 2022 3Q 2022 ■ E&P 4Q 2022 ■GGP 1Q 2023 2Q 2023 3Q 2023 SCENARIO DOWN Y/Y, STABLE Q/Q REALISATIONS: −17% Y/Y; +7% Q/Q BRENT: -14% Y/Y, +11% Q/Q PSV: -83% Y/Y, -9% Q/Q E&P PRODUCTION GROWTH +1% Q/Q, +4% Y/Y IN LINE WITH FY GUIDANCE EBIT RESILIENT IN A LOWER SCENARIO INCLUDING JV/ASSOCIATES EBIT PRO-FORMA ADJ € 3.4 BLN PRODUCTION 1.64 MBOED IN 3Q +4% YOY GROWTH KAZAKHSTAN, INDONESIA PLUS ALGERIA HIGHER ACTIVITIES, MOZAMBIQUE RAMP-UP AND CÔTE D'IVOIRE START-UP HIGHGRADING UPSTREAM PRODUCTION PORTFOLIO OPTIMIZING AND ALIGNING CONTINUED ASSET OPTIMIZATIONS OF THE GAS ASSET PORTFOLIO GGP SECURED OPPORTUNITIES DESPITE TIGHTER SPREADS AND SOME MAINTENANCE IN INFRASTRUCTURE 4 GGP ADDED 6.5 BCM/Y (AT PLATEAU) OF CONTRACTED LNG VOLUMES FOR CONGO, INDONESIA, QATAR 9M EBIT +29% YOY 2023 GGP EBIT GUIDANCE CONFIRMED AT € 2.7-3.0 BLN#5FOCUS ON INDONESIA A NEW PRODUCTION HUB IN THE KUTEI BASIN Bangka Bontang Indonesia LNG Bontang NORTHERN AREA West Seno Santan resources PERI MAHAKAM NORTHERN AREA 10 Tcf* Ranggas Gehem- SOUTHERN AREA 3.5 Tcf * a few Tcf "gas initially in place NORTH GANAL Samarinda Geng North' ...TOWARDS GROWING A WORLDCLASS GAS HUB FROM SIZEABLE PLAYS... WE HAVE BEEN IN THE COUNTRY SINCE 2001 EQUITY PRODUCTION IS AROUND 80 KBOED Discovered Exploration Upside multi Tcf GENG ALIGNS TO OUR DISTINCTIVE STRATEGY FOCUSING ON GAS REINFORCING EQUITY POSITION ALONG LNG VALUE CHAIN IN A KEY MARKET OPTIMISING NEARBY INFRASTRUCTURE AVAILABILITY EXPLORATION AT SCALE SUPPORTS OUR DUAL EXPLORATION MODEL AND FAST- TRACK DEVELOPMENTS Gula www GMB SANGA-SANGA GANAL MUARA BAKAU JUNE 2023 NORTH GANAL ACQUISITION OF NEPTUNE ENERGY LEADING VALUE IN EXPLORATION ORF Handil Balikpapan PERI MAHAKAM Gandang NORTH GANAL Jangkrik NE MARA BARAU Gendalo Jangkrik Maha Jangkrik FPU EAST GANAL JULY 2023 EAST GANAL PERI MAHAKAM Merakes E EAST SE SAN Merakes EAST SEPINGGAN WEST CANAL EAST SEPINGGAN SOUTHERN AREA 0 12.5 25 50 I km PURCHASE OF CHEVRON'S ASSETS OCTOBER 2023 GENG NORTHI GIANT GAS DISCOVERY STRENGTHENING SOUTHERN AREA HUB FAST TRACKING A NEW NORTHERN AREA HUB FURTHER EXPLORATION UPSIDE POTENTIAL IN BOTH AREAS Share of reserves & economically viable* 80% 60% 40% 20% 0% 90 M + 5 60 Eni D *cumulative 2013-2022 LO 5 Source: Wood Mackenzie (July 23)#6ENERGY EVOLUTION: DOWNSTREAM FULLY CAPTURING SCENARIO; GROWING BIO enilive versalis ADJ. EBIT PRO FORMA | € BLN 1.3 0.1 0.7 0.5 0.6 0.9 0.5 0.3 0.4 0.5 0.2 0.3 0.0 0.3 0.2 0.3 0.1 0.1 0.2 -0.1 -0.1 -0.1 -0.2 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ■ Enilive ■Refining Chemicals ENILIVE 9M EBITDA €0.82 BLN BIO-REFINING CAPACITY 1.65 MTPA TRADITIONAL REFINING OPTIMIZED PERFORMANCE IN A STRENGTHENED SCENARIO TRADITIONAL REFINING IMPROVING VS Q2 DUE TO HIGHER SERM AND UTILISATION ADNOC REFINING CONTRIBUTION REMAINS STRONG ENILIVE RESILIENT MARKETING BETTER PLANT PERFORMANCE LAUNCHED NEW MARKETING BRAND 'ENILIVE' CHEMICAL WEAK SCENARIO, HIGH ENERGY COSTS AND INTENSE COMPETITION#7ENERGY EVOLUTION: PLENITUDE DELIVERING GROWTH AND VALUE EBITDA | € BLN ca +150% YoY 0.28 0.04 0.11 0.25 0.07 0.04 -0.01 3Q 2022 -0.01 3Q 2023 ■RET RES E-MOB KEY HIGHLIGHTS DOGGER BANK REACHED FIRST POWER DELIVERIES, THE LARGEST OFFSHORE WIND FARM UNDER CONSTRUCTION WORLDWIDE SHAULDER REACHED THE START UP OF THE FIRST PLENITUDE'S PV PLANT IN KAZAKHSTAN (50 MW) GREENIT REACHED DEAL TO DEVELOP FOUR NEW PV PROJECTS IN ITALY OPERATING DATA 2.5 GW INSTALLED CAPACITY >10 M CUSTOMERS 18 K OWNED PUBLIC CPS INCREASED GUIDANCE: 2 2023 EBITDA ~ €0.9 BLN (>2x vs 2019) A DISTINCTIVE PROPOSITION plenitude • INTEGRATED PLATFORM SYNERGIES ALONG THE GREEN POWER VALUE CHAIN RETAIL AS ROUTE TO MARKET ESTABLISHED AND CREDIBLE • WORLDWIDE OPERATIONS IN 15 COUNTRIES EXECUTION TRACK RECORD STRONG GROWTH • • ALREADY MATERIAL CFFO FROM RES AND RETAIL 2026 EBITDA >2X VS 2023 TARGETING >7GW BY 2026#82023 GUIDANCE PRODUCTION DISCOVERED RESOURCES GGP EBIT PLENITUDE EBITDA¹ DOWNSTREAM EBIT¹ ENILIVE EBITDA¹ EBIT CFFO² DIVIDEND BUYBACK CAPEX LEVERAGE 1.64-1.66 MBOED > 700 MBOE ↑ target will be exceeded EXCELLENT CASH CONVERSION € 2.7-3.0 BLN ~ € 0.9 BLN ↑ SHARE BUYBACK ACCELERATED DURING QUARTER ~ € 1 BLN ↑ ~ € 1 BLN ↑ ~ € 14 BLN € 2.6 bln outperformance SECOND INTERIM QUARTER 2023 DIVIDEND TO BE PAID IN NOVEMBER ~ € 16.5 BLN t € 0.94/SHARE € 2.2 BLN accelerating pace in '23 BALANCE SHEET REMAINS SOLID WITH LEVERAGE UNCHANGED AT 15% ~ € 9.0 BLN below original guidance 10%-20% confirming robust FCF 1 Plenitude and Enilive: EBITDA is pro-forma; Downstream: EBIT is pro-forma. 2 Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. Updated 2023 Scenario is: Brent 84 $/bbl (from 80 $/bbl); SERM 10.4 $/bbl (from 8 $/bbl); PSV 474 €/kmc (from 484 €/kmc); average EUR/USD exchange rate of 1.08 (unchanged) 8#9CONCLUDING REMARKS eni 2023 The energy of today & the energy of tomorrow, for 70 years. CALENDAR UPDATE: 4Q RESULTS FEB 16TH 2024 CMD MAR 14TH 2024 FIRENZE FPSO Baleine, Côte d'Ivoire DELIVERING STRONG OPERATING AND FINANCIAL RESULTS TRACK-RECORD OF BUSINESS OUTPERFORMANCE MAINTAINING RESILIENT FINANCIAL POSITION IN VOLATILE TIMES REWARDING SHAREHOLDERS ALONGSIDE INVESTING FOR GROWTH#10ANNEX 10#113Q 2023 RESULTS SUMMARY PRE-TAX TO CASH FLOW AND NET DEBT € BLN 3.27 Pre Tax Earnings 11 44% TAX RATE 31% CASH TAX RATE 1.82 NORMALISED RUN RATE CAPEX VS 2Q TAX RATE IN LINE WITH HISTORIC TRENDS STRONG CASH CONVERSION WORKING CAPITAL UNDER CONTROL BUYBACK IN QUARTER BUYBACK 3.37 € 0.61 BLN DIVIDEND CAPEX TRENDING DOWN IN 2H 3Q Net Debt Change Tax Net Adj. DD&A Other adjustments CFFO Working Capital Organic Capex Net Portfolio Distribution Others -0.46 FULL QUARTER OF BUYBACK#123Q 2023 EARNINGS SUMMARY EBIT TO PRE-TAX RECONCILIATION 12 -0.01 0.11 2.62 E&P 0.60 0.22 -0.2 -0.33 0.09 3.27 0.10 0.11 3.01 -0.12 0.09 CCS GGP GTR&M Versalis Plenitude & Corporate & Power Others Ebit Net Fin Expense Vår Energi Azule Adnoc Other associates Pre Tax Earnings E&P CAPTURES SCENARIO AND REFLECTS PRODUCTION GROWTH ONGOING CCS INVESTMENTS GGP FOLLOWS SEASONAL ACTIVITIES HIGHER PLANT AVAILABILITY IN DOWNSTREAM ALLOWED MARGIN CAPTURE VERSALIS FACING REDUCED DEMAND RESILIENT RETAIL AND RES CAPACITY RAMP-UP IN PLENITUDE UNUSUALLY HIGH UPIS CONTINUE IMPORTANT CONTRIBUTION FROM ASSOCIATES#133Q 2023 vs 2Q 2023 EARNINGS 13 € BLN 3.7 2Q23 Adjusted Pre-tax NATURAL RESOURCES 0.2 -1.0 0.4 LIMITED BENEFIT FROM RENEGOTIATIONS AND CONTRACTUAL SETTLEMENTS DOWNSTREAM PLENITUDE POWER 0.2 0.1 AZULE RELATIVE UNDERLIFT 10 0.1 -0.1 -0.3 3.3 Scenario Volumes & Efficiency GGP Scenario Other Scenario & Performance Associates Other 3Q23 Adjusted Pre-tax BUSINESS PERFORMANCE AND MACRO LARGELY OFFSET ABSENCE OF VERY STRONG 2Q PERFORMANCE IN GGP PERFORMANCE IMPROVEMENT CONTRIBUTES €0.6BLN TO EBIT VS MID-YEAR RESULTS AT THE TOP OF OUR HISTORICAL QUARTERLY PERFORMANCES#143Q 2023 vs 3Q 2022 EARNINGS € BLN 6.2 -1.7 NATURAL RESOURCES DOWNSTREAM PLENITUDE POWER 3Q22 Adjusted Pre-tax 14 -0.3 0.3 -0.8 -0.2 -0.2 -0.1 0.1 -0.0 0.1 -0.3 0.2 3.3 Scenario Angola decons. Corridor E&P GGP decons. Performance Performance Scenario Turnaround Performance Scenario Performance Associates Others & Growth 3Q23 Adjusted Pre-tax NORMALISATION FROM EXCEPTIONAL SCENARIO AND SATELLITE DECONSOLIDATION DRIVES LOWER EBIT UPSTREAM RESULTS AIDED BY CONTINUING COST OPTIMISATION AND 4% PRODUCTION GROWTH RESILIENT ENILIVE AND REFINING RESULT 80% INCREASE IN BIO THROUGHPUTS 51% INCREASE IN RENEWABLE ENERGY PRODUCTION#153Q MARKET SCENARIO BRENT❘ $/bbl 113.8 101.4 100.9 88.7 86.8 81.3 78.4 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 PSV €/kcm 2,082 1,043 1,032 1,009 606 395 358 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 15 1.122 1.065 EXCHANGE RATE] €/$ 1.021 1.089 1.088 1.073 1.007 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 STANDARD ENI REFINING MARGIN $/bbl 0.9 17.2 4.1 13.6 11.2 6.6 14.7 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023#16UPSTREAM KEY START-UPS IN THE PLAN [1/2] COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)A Agogo West Hub Integrated J 18% Liquids 2022 2026 (FPSO) 175 (100%) ANGOLA (Azule Energy) NGC Quiluma & Mabuqueiro J 19% Gas 2021 2026 100 (100%) CONGO Congo LNG Y 65% Gas 2022 2023 123 (100%) EGYPT Melehia ph.2 Y 76% Liquids/Gas 2022 2024 (Gas Plant) 37 (100%, Oil&Gas) Merakes East Y 65% Gas 2023 2025 15 (100%) INDONESIA Maha 16 40% Gas 2024 2026 34 (100%) ITALY Cassiopea Y 60% Gas 2018 2024 27 (100%) a Average yearly production in peak year/at plateau Operatorship legend: Y (yes), N (no), J (joint)#17UPSTREAM KEY START-UPS IN THE PLAN [2/2] COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)^ Baleine ph.1 83% Liquids/Gas 2022 2023 18 (100%) IVORY COAST Baleine ph.2 83% Liquids/Gas 2022 2024 38 (100%) LIBYA A&E Structure 50% Gas 2023 2026 (Struct. A) 160 (100%) Balder X N 58% Liquids 2019 2024 >70 (100%) b NORWAY Breidablikk N 22% Liquids 2020 2023 ~58 (100%) (Vår Energi) Johan Castberg N 19% Liquids 2017 2024 ~190 (100%)d 17 UAE Dalma Gas a Average yearly production in peak year/at plateau b Source: Vår Energi Q1 2022 results (total Balder field production) Source: Vår Energi Q3 2023 results d Source: IPO prospect Operatorship legend: Y (yes), N (no), J (joint) N 25% Gas 2019 2025 56 (100%)#18BIOREFINING KEY PROJECTS 2023-26 COUNTRY PROJECT Production capacity increase W.I. START UP 2024 CAPACITY STATUS ADDITIONAL NOTES from 360 to 560 kt/y ITALY (VENICE) 560 Enhanced flexibility to 100% Firm kton/y allow other biomass processing (incl. low bio Phl in 2023 Ph2 in 2027 ILUC) Product mix enrichment ITALY to grow HVO diesel & biojet 100% 2024-2025 (VENICE & GELA) ~740 kton/y (Gela) Firm production Building 3 new plants for ITALY hydrogenated biofuel 100% 2025 (LIVORNO) 500 Kton/y production New biorefinery USA (CHALMETTE) conversion (expanding 50% IH 2023 550 kton/y (equity) Onstream presence in North America) MALAYSIA (PENGERANG) Biogenic feedstock pre- treatment unit, 500 kton/y Firm ecofining TM plant and hydrogen plant New biorefinery under FID by 2023, study (flexible configuration to max SAF & HVO prod.) Under eval. completion by 2025 650 kton/y (gross) Under study SOUTH KOREA New biorefinery under study (flexible FID by 2024, Under (DAESAN) 18 configuration to max SAF & HVO prod.) completion eval. 400 kton/y (gross) Under study by 2026 Access to premium HVO market and ample bio- feedstock availability Strategic location close to Singapore on major international aviation and shipping routes, with easy access to Asian market expected to grow (especially in SAF) Synergies with the existing LG Chem industrial complex for bio-based polymers production#19PLENITUDE KEY PROJECTS 19 COUNTRY SPAIN 11 Solar PV Onshore Wind Offshore Wind EQUITY WORKING PROJECT INSTALLED TECHNOLOGY INTEREST CAPACITY (MW) Guillena & Caparacena 100% 380 100% 263 USA Brazoria USA Guajillo SPAIN FRANCE GREECE ITALY KAZAKHSTAN ITALY UK Orense Samoussy COMPLETION B Storage YEARLY PRODUCTION (GWH) 2024 800 2022 450 100% 200 B 2024 150 100% 100 100% 90 2024 210 2022 90 Toumba 100% 80 2025 130 Borgia, Corleone 100% 65 2023-2024 100 & Salandra Shaulder 100% 50 2023 90 Montalto & 60% 65 2024-2025 110 Castelvetrano Dogger Bank (A, B, C) 13% 470 11 2023-2026 2.100 Storage: BESS production refers to annual energy dispatched. Completion represents the final construction stage excluding the grid connection, meaning that all principal components have been installed. Pre-commissioning activities fall within the construction phase.#20SENSITIVITY 2023 EBIT ADJ Net adj CFFO before WC SENSITIVITY 2023 (€ bln) (€ bln) (€ bln) Brent (1$/bbl) 0.18 0.13 0.13 European Gas Spot Upstream (1 $/mmbtu) 0.15 0.12 0.13 Std. Eni Refining Margin (1 $/bbl) 0.14 0.10 0.14 Exchange rate $/€ (+0.05 $/€) -0.53 -0.30 -0.62 20 Brent sensitivity applies to liquids and oil-linked gas. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1$/MMBTU has an impact of -15 mln € on SERM calculation.