#1eni BREAKOUT SESSIONS Upstream, Plenitude, Enilive, Versalis Capital Markets Update 14 MARCH 2024#2eni Natural Resources presentation From Exploration to Production March 14th 2024#3eni From Exploration... Consistent and unmatched exploration approach#4A CONSTANT FOCUS ON EXPLORATION 15 CONSECUTIVE YEARS OF GIANT AND HIGH IMPACT DISCOVERIES IN DIVERSIFIED GEOGRAPHIES AND GEOLOGIES, ALWAYS AS OPERATOR Gas Liquids 80888 ...and the long run continues... Ghana Sankofa Mozambique Mamba Congo Marine XII Egypt Nooros Angola Agogo Ivory Coast Baleine Indonesia Geng North 6 8 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4 Venezuela Perla Mozambique Coral Egypt Zohr Angola Cyprus Ivory Coast Ndungu Cronos Calao#5LO 5 FASTEST VALUE CREATION HIGHEST PRODUCTION, VALUE AND RETURN GENERATED FROM EXPLORATION 500 400 300 200 100 PRODUCTION FROM NEW FIELD DISCOVERIES IN 2013-2022 | Kboed 20,000 10,000 -10,000 2013 2015 2017 2019 2021 2023 Eni Peer 1 Peer 2- -Peer 3 Peer 4 VALUE CREATION FROM EXPLORATION IN 2013-2022 | US$M 25% 20% 15% IRR FROM EXPLORATION IN 2013-2022* 10% ...... 5% Eni Peer 1 Peer 2 Deepwater Peer 3 Peer 4 Onshore Peer 5 Shelf Peer 6 0% Eni Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 *At Wood Mackenzie base price Source: Wood Mackenzie 10-2023#6KEY FACTORS FOR THE EXPLORATION SUCCESS AN INTEGRATED AND SUCCESSFUL OPERATING MODEL 6 SOLID & SIMPLE STRATEGY High equity shares, simple JVs, operatorship CENTRALISED PROCESSES Presidium of basins knowledge rigorous project ranking pervasive exploration culture COMPUTATIONAL CAPABILITY Proprietary algorithms master in seismic imaging collaborative & parallel workflows סור ו0ו 10101 10 B€ in last 10 years through DUAL EXPLORATION MODEL INTEGRATED operating model INSOURCING of key phases 70 MILLION BILLION math operations per second largest HPC* system in Industry Upgrade to 600 MILLION BILLION within the year * High Performance Computing#7EXTRAORDINARY EVOLUTION OF SUPER-COMPUTING UNDISPUTED LEADERSHIP IN COMPUTATIONAL POWER IN THE INDUSTRY PetaFlops Peak 600 eni H550 5 500 50 55 100 75 25 ENI HPC EVOLUTION >600 1 PetaFlop = 1015 operations second Peer 1 Peer 2 22 HPC1 2013 HPC2 2014 HPC3 2017 HPC4 2018 HPC5 2020 HPC5+ 2022 HPC6 Q4 2024 eni HPC-5 7 HPC 6 CURRENTLY TO BE AMONG THE TOP 5 WORLDWIDE SUPERCOMPUTERS#8eni ... To Production Development Model based on Low Carbon Fast Track & CAPEX Efficiency#9LOW CARBON FAST TRACK FROM DISCOVERY TO PRODUCTION FROM TRADITIONAL ... CAPEX PRODUCTION MORE ROBUST ECONOMICS Phased and fast developments improve Rate of Returns with reduced industrial risks DISCOVERY 6 HIGHLY RESILIENT VS SCENARIO Shorter investment cycles allow to reduce medium-long term price scenarios uncertainties LOWER FINANCIAL EXPOSURE Revenues from early phase production to finance other phases & energy transition initiatives ... TO FAST TRACK Anticipated Start Up DISCOVERY FREE CASH FLOW Start Up HIGH FINANCIAL EXPOSURE LOW FINANCIAL EXPOSURE FREE CASH FLOW TIME TO MARKET FROM DISCOVERY TO PRODUCTION YRS. Industry* 3.5 3.1 6.6 Eni 2.2 2.2 4.4 | From discovery to FID From FID to Start-Up *Wood Mackenzie 2023#10LOW CARBON FAST TRACK - Key Enablers 10 LOW CARBON DEVELOPMENT Application of Best Available Technologies IN-HOUSE COMPETENCIES Parallelization of activities reservoir, engineering and procurement "DEVELOPING WHILE APPRAISING" Phased development approach to de-risk the full field exploitation CO₂ 8 Discovery FID Exploration Reservoir studies Engineering Start-Up Procurement & execution TIME TO MARKET (TTM) Ph.3 Ph.1 Ph.2 Concept design to minimize emissions Carbon offset for residual emissions Leveraging on a tailored organizational model and company know-how Computational Power, Proprietary Tools, EniProgetti, Laboratories Subsurface de-risking saving on appraisal activities while gathering data during first production phase Modular development design in the early phase, keeping flexibility and optionality#1111 BALEINE - Phased development approach «DEVELOPING WHILE APPRAISING>> Ph.1 -3250 -3000 3.000 3000 Elevation depth [m] -3000 -3200 -3400 F-3600 Ph.2 S/U Ph.1 S/U Ph.2 S/U Ph.3 N Ph.3 Oil Rate Years Phase 1 Phase 2 Phase 3#12GHG EMISSIONS REDUCTION BALEINE CASE STUDY DESIGN TO MINIMIZE EMISSIONS New Design approach allowing 40% GHG emission reduction Full electric and Best Available Technologies application Zero flaring % GHG REDUCTION -5% -15% -10% -5% -5% Energy Power Power metering & generation recovery Flaring and Electrical venting distribution monitoring 12 RESIDUAL EMISSIONS COMPENSATED WITH CARBON OFFSET Baleine - Ivory Coast Combined Cycle Gas Turbine Sea Water Turbines Energy Recovery#13BALEINE, Côte D'Ivoire First net zero green field development in Africa (Scope 1&2) Baleine Gas supplied to Domestic Market >70% of country Gas Production before Baleine* Fast track: Time To Market 1.9 years 5 months from discovery to FID * Gas export at full development#1414 CAPEX EFFICIENCY THROUGH KEY STRATEGIC PILLARS... MARINE XII - CONGO LNG CROSS-FUNCTIONAL AGILE APPROACH Systemic use during Projects Front End Loading, with CAPEX reduction in the order of 10% Leaner upstream platforms, with power generation from central hub Optimization of number of wells e trajectories LEVERAGE DIGITALIZATION & BIG DATA Extensive Drilling Rig Automation to increase Efficiency MAXIMIZE RE-USE/CIRCULARITY Re-use/re-purpose existing facilities Drilling duration | DAYS en AVG 40 DAYS DRILLING RIG AUTOMATION -40% 47 51 AVG 25 DAYS 41 36 40 42 35 28 25 19 WELL NN-201 NN-202 NN-203 NN-204 NN-102 NN-205 NN-206 NN-501 CANGO FL NN-502 NN-503 MONROVIA 2022-2023 2024 Tango FLNG and Excalibur refurbishment in record time - T Scarabeo-5 conversion from Drilling Rig to Control floater to production platform#15CAPEX EFFICIENCY ...AND ACROSS THE ENTIRE SUPPLY CHAIN 15 FLEXIBLE CONTRACTING IN TIGHT MARKET ENVIRONMENT From Traditional «EPC Lump Sum»> formula to risk sharing models and collaborative approach DYNAMIC VENDOR LISTS Continuous Market Scouting to increase Competition STRATEGIC PARTNERSHIP WITH KEY SUPPLIERS Frame Agreements with Long Lead Item manufacturers, to secure capacity at pre-agreed price scheme MARINE XII - CONGO LNG FROM TRADITIONAL ... LUMP SUM COST-PLUS/TARGET COST 3rd party service 60% Contractor services + Risk&Profit Total scarabeo 5 TO RISK SHARING MODEL 3rd party service Contractor services + Risk&Profit 60% Total 80% 100% 20% 40% PRICE REDUCTION -20%#16CONGO LNG - fast & efficient... Gas resources produced for country needs MARK Excess gas for LNG export Zero routine flaring Associated gas valorization g Fast track: From FID to production in less than 1 year First LNG Cargo completed in March#17BREAKOUT SESSIONS: PLENITUDE CAPITAL MARKETS UPDATE 14 MARCH 2024#18CONSISTENT GROWTH GUIDANCE AND TRACK RECORD EBITDA | € BLN 2 1 0.9 0.6 0.7 0.5 0.4 0.3 2018 2019 2020 2021 2022 2023 2024 2027 2030 INST. CAPACITY GW CUSTOMERS MLN CPs k EBITDA € BLN GUIDANCE 2023 (March 2023) 3√ 10✓ 20✓ >0.7✓ GUIDANCE 2022 (March 2022) 2✓ 10✓ 12✓ >0.6✓ 18 EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. MAN#19BUSINESS FOCUS 19 RENEWABLES RETAIL E-MOBILITY 2027 EBITDA: >€0.8 BLN (3x vs 2024) >20 GW pipeline Retail as route to market 2027 EBITDA: >€0.8 BLN (+15% vs 2024) Growing in power Focus on Energy solutions 2027 SALES: €1.5 BLN (6x vs 2024) Integrated model: CSO+CPO+MSP Capillarity in Italy, DC focus in EU 4Y PLAN KEY FIGURES Capex: >€7 BLN Additions: >5 GW Wind: 2x IRR: 6-8% 4Y PLAN KEY FIGURES Capex: €1 BLN Power: +2 MLN customers Solutions: 20% of EBITDA EBITDA: €75/customer plenitude becharge 4Y PLAN KEY FIGURES Capex: >€0.5 BLN Network: +20k CPS Fast CPs: 7x DC IRR: >10% EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. CAPEX figures include 100% of the consolidated companies and the pro-quota of the non-consolidated companies.#20KEY DATA 20 CFFO ante WC (€ BLN) CAPEX (Є BLN) >0.6 1.0 1.2 NET DEBT/ EBITDA 1.6 2.5x 2023 AVG 24-27 2023 AVG 24-27 2023 <3x AVG 24-27 NET DEBT YE23: €2.4 BLN#21BREAKOUT SESSIONS: ENILIVE CAPITAL MARKETS UPDATE 14 MARCH 2024#22MACRO: VIEW OF THE RD/SAF MARKET ROBUST LONG-TERM PERSPECTIVES DRIVEN BY MOUNTING REGULATORY SUPPORT WORLD RENEWABLE DIESEL/SAF DEMAND | Mton/y KEY RECENT REGULATORY UPDATE N. AMERICA RD SAF 35 20 15 5 EUROPE 46 RD SAF 16 7 4 40 30 2022 2025 2030 2040 2050 2022 2025 2030 2040 2050 ASIA PACIFIC RD SAF WORLD 35 RD SAF 83 15 6 1 2022 2025 2030 2040 2050 Source: Eni elaborations on data from third parties 22 45 22 130 2022 2025 2030 2040 2050 IN PLACE EU NEW MEXICO RED3 ('Nov 23) 29% renewable fuels in transport 2030 LCFS ('Mar 24) -20% Fuel Carbon intensity 2030 -30% 2040 SINGAPORE PROPOSED SAF mandate ('Feb 24) SAF 1% 2026, 3-5% 2030 MALAYSIA SAF mandante ('Sep 23) SAF 1% 2026, 47% 2050#23FEEDSTOCK: VERTICAL INTEGRATION STRATEGY ADVANTAGE DEEP DIVE ON UNIQUE AGRI-FEEDSTOCK MODEL 23 SECURITY OF SUPPLY COMPETITIVE COST LOW CARBON FOOPRINT QUALITY ORGANIZATION HQ & GEOGRAPHIES GEOGRAPHICAL DIVERSIFICATION FEEDSTOCK DIVERSIFICATION OBJECTIVES Strong growth from 40kt in 2024 to 700kt+ in 2027 20-30% saving vs market benchmark cost of feedstock in 2027 Feedstock with low GHG profile, with target of carbon neutral / carbon negative bioproducts Advanced feedstock for SAF production, with target >85% on total BUSINESS MODEL Dedicated model, strengthened by internal & external levers Strengthened presence in Africa and expansion in Asia, America and Italy Cultivated crops and residues from agro- industry and forestry AGRI-FEEDSTOCK PRODUCTION Production for agri-feedstock supply chains > 1mmt 700kt FIRST CARGO FROM KENYA OCT 2022 2022 2023 2024 2025 2026 2027 2030 CASTOR COTTON CROTON > 10 FEEDSTOCK 30% ADVANCED >>> ANNEX IX REVISION UPSIDE NEW NEW BIOMASS % OF AGRI-FEEDSTOCK ELIGIBLE FOR EU SAF PRODUCTION IN 2027 NON FOOD CROPS ON SEVERLY DEGRADED LANDS INTERMEDIATE CROPS 25% (for Aviation use) (for Aviation use) >85%#24SAF OPTIONALITY: ACCELERATED TARGET FOCUS ON HIGH-VALUE ADDED PRODUCTS OPTIONALITY IN A FLEXIBLE PRODUCTION SYSTEM HVOlution Arctic diesel from 2024 HVO DIESEL Pure HVO already available in 640+ retail stations Invested to improve cold properties to target other markets (e.g. Northern Europe) Partnerships to target new or niche markets (e.g. ships, rail, diesel power gens, data centers) TRENITALIA GRUPPO FERROVIE DELLO STATO ITALIANE ADR FERCAM Logistics & Transport SAF 24 arriva acompany AZIMUT BENETTI GROUP HVO NAPHTHA GHG Integration with Versalis crackers and JV with international chemical partners Gasoline blending optionality Auto consumption optionality to improve product GHG saving SAF co-processing 0.5% UCO in Taranto (2021) SAF industrial integration bionaphtha fractioned in Livorno (2022) SAF direct production Gela/Venice from 2024-25 SAF direct production planned boost GHG HVO-LPG Gasoline blending optionality Auto consumption optionality to improve product GHG saving New ongoing development 2026 SAF optionality 1.0mmt/y 2030 SAF optionality Up to 2mmt/y#25MARKETING & TRADING DOWNSTREAM INTEGRATION AND TRADING TO SUPPORT BIOFUELS GLOBAL FOOTPRINT IN FEEDSTOCK SOURCING 25 25 Venice Livorno Chalmette Gela Biorefineries (existing) Biorefineries (planned) Feedstock flows Product flows Storage capacity Agri-hubs SIGNIFICANT AGRI-HUBS "BULKING UP" FEEDSTOCK SOURCING Trading offices EQUITY FEEDSTOCK CAPACITY BLENDING FEEDSTOCKS Pengerang Daesan LOGISTIC FLEXIBILITY of 0.7mmt/y+ by 2026 and 1mmt/y+ by 2030 250+ suppliers with a total capacity beyond 7.0mmt/y+ of different qualities in tanks to optimize flows achieved through tanks of different sizes and types ENILIVE STATION AS A GROWING HVO OUTLET QUALITY MONITORING CHECKS 5,267 Total number of stations 17 527 157 325 265 3,976 # of stations 54 stations in brand licensing 15 stations in Egypt 15 stations 24 stations in Cyprus in Corsica PRODUCT # OF STATIONS 2023 # OF STATIONS 2024 on feedstocks to support blending opportunities HVO 641 >1.000 GEOGRAPHICAL PRESENCE#26BREAKOUT SESSIONS: VERSALIS CAPITAL MARKETS UPDATE 14 MARCH 2024#27GLOBAL CHEMICAL INDUSTRY GROWTH WITH DIFFERENT GEOGRAPHIC DYNAMICS 27 USA Low cost raw materials and energy EUROPE Sustainability and specialization 606 3025 CAGR +6% 5430 € € 2012 2022 TURNOVER (B€) 760 135 2390 EUROPE IS FOCUSING ON SPECIALIZATION & SUSTAINABILITY CHINA High capacity growth HIGH ENERGY COSTS MIDDLE EAST High integrated petrochemical complexes CHEMISTRY IS KEY ENABLER FOR STRATEGIC SUSTAINABLE MARKETS ENERGY TRANSITION 忠 MOBILITY AGRICULTURE FOOD PACKAGING CONSUMER GOODS CO2 EMISSIONS COSTS HIGHLY REGULATED SYSTEM LEADERSHIP IN INNOVATION SUSTAINABILITY DRIVERS#28STRATEGIC SUSTAINABLE MARKETS CHEMICALS AS KEY ENABLER Evolution of sustainable chem market for priority applications | ~B€ 2022- 150 2030F 28 Trad. chem (135) Sust. chem (bio / circular) (15) 9 high potential applications (only selected geo) 15% CAGR 40 40 India (sub-set) 40 Agri plastics Footwear poly. W&C insulation EBITDA % 25 20 20 Agri crop 30 EU Cars polymers 15 Fibers for 15 apparel Elastomers for 10 tires NA Food packaging 15 Sustainable chem addressable mkt (only bio/circular) By geo (selected) By application Profitability OUTSIDE-IN VIEW ON SUSTAINABLE CHEM MARKET: ~40 B€ BY '30 COMPETITIVE LANDSCAPE DUAL APPROACH TOWARDS SUSTAINABLE CHEM: SPECIALIZATION VS. "NEW CORE" INCREASE FOCUS ON SPECIALIZATION REINFORCE/TRANSFORM CORE BUSINESS M&A AND PARTNERSHIPS >100 DEALS, GROWING PARTNERSHIPS ACQUIRE NEW KEY CAPABILITIES SECURE FEEDSTOCK & OFF-TAKE GROWING INNOVATION >2B€ RAISED BY START-UPS ACCELERATE ON TECH INNOVATION CAPITALIZE ON EMERGING SEGMENTS#29REGULATORY APPROACH BY GEOGRAPHY DIFFERENTIATED NEED FOR INNOVATION & SPECIALIZATION TO SUSTAINABILITY REQUIREMENTS USA More subsidies than mandates Push on reshoring of production European Union Front-runner on targets Relying on standards setting, but enforcement not always set (state fragmentation) India China Limited and targeted initiatives around plastic waste recycling Limited effort on disclosure / corporate accountability Policy drives rapid development of selected strategic tech (e.g., RES) Legend: Carbon pricing/taxes Subsidies & Funding Standards setting Disclosure 29#30VERSALIS LONG TERM VALUE THROUGH RESTRUCTURING & NEW PLATFORMS HIGH CAPITAL INTENSITY HIGH SCALE HIGH MARGIN VOLATILITY RESTRUCTURING BASE CHEMICALS PERIMETER REDUCTION & EBITDA BREAKEVEN IN 2025 SITE RECONFIGURATION CIRCULARITY INVESTMENTS THROUGH COMPLEMENTARY SOLUTIONS EBIT POSITIVE IN 2026 30 versalis LOW CAPITAL INTENSITY LOW SCALE LOW MARGIN VOLATILITY FCF BREAKEVEN IN 2027 STRONG SPECIALISATION & PARTICIPATION IN HIGH-END MARKETS LEADERSHIP IN BIOCHEMISTRY REDUCED CAPEX <300 € MLN/Y AVG 2024-2027 STRONG EFFICIENCY AND COST REDUCTION TRANSFORMING - NEW PLATFORMS GROWTH BIOCHEMICALS & ADVANCED MATERIALS RESTRUCTURING TARGET OVER THE PLAN OF € 150-300 MLN /Y BASED ON SCENARIO NEW PLATFORMS SIZE MORE THAN DOUBLE IN 2027 VS 2023#31CAPITAL SPENDING ALLOCATION BOOST TRANSFORMATION Enabling integrity & safety ~30% of total capex target 31 HSE & ASSET INTEGRITY TOTAL CAPITAL SPENDING TARGET ~1 B€ (24-27) New platforms development ~ 40% of total capex target LOWER CAPITAL INTENSITY IN NEW PLATFORMS SPECIALIZATION ** CIRCULARITY BIOCHEM Improve asset footprint ~30% of total capex target RESTRUCTURING & EFFICIENCY OPPORTUNITIES FROM SATELLITE MODEL#32VERSALIS DECARBONIZATION PLAN DECARBONIZATION LEVERS 32 CHEMISTRY FROM RENEWABLE RAW MATERIALS versalis SCOPE 3 2018 BASELINE 2025 -15% SCOPE 1+2 2035 -30% SCOPE 1+2 2050 CARBON NEUTRALITY SCOPE 1+2+3 CIRCULAR ECONOMY SCOPE 3 LOW EMISSIONS TECHNOLOGIES AND RENEWABLE ENERGY SCOPE 1 AND 2