#1eni CAPITAL MARKETS UPDATE 14 MARCH 2024#2WELL POSITIONED TO EMBRACE THE TRANSITION POLICIES INCREASINGLY ALIGNED WITH OUR STRATEGIC APPROACH GROWING GAS COMPONENT IN PRODUCTION AND CUTTING SCOPE 1&2 EMISSIONS MATERIAL, HIGH GROWTH RENEWABLES BUSINESS WITH CONFIRMED VALUE NEW TRANSITION LINKED PLATFORMS - BIO-REFINING, CCS, BIO-CHEMISTRY. TECHNOLOGY DRIVEN FUTURE OPTIONS 2 5855 GENERATE HIGHLY COMPETITIVE GROWTH AND RETURNS BY DELIVERING AFFORDABLE, SECURE AND SUSTAINABLE ENERGY SUPPLY TO OUR CUSTOMERS TRANSITIONAL FUELS FACILITATING THE ENERGY TRANSITION AND ENSURING ENERGY SECURITY TRIPLING RENEWABLE ENERGY BY 2030 ACCELERATING LOW AND ZERO CARBON TECHNOLOGIES#3OUR VALUE CHAIN OF THE FUTURE CREATING A TRANSITION-ORIENTED PORTFOLIO THAT OFFERS GROWTH AND RETURNS Growing commercialising gas portfolio UPSTREAM GGP Increasing gas production High quality barrels towards net zero Increasing margin capture PLENITUDE Growing renewables capacity, retail customers & public European EV network Integration along the power value chain ENILIVE Growing biorefining capacity and SAF optionality Integrating agri-feedstock CCUS Growing position with a distinctive model Leveraging technical and commercial skills and know-how BIOCHEMISTRY Growing new platform and participation In high-end markets Integration of chemistry, environment & agriculture M Novamont MEDIUM TERM ROACE 10-15% 111 ~10% 15+% ~10% 10-15%#4SATELLITE MODEL SOLVING CAPITAL NEEDS, ADDING VALUE PLENITUDE OPERATING AND FINANCIAL SYNERGIES 4 FOCUSSED MANAGEMENT GROUP SKILLS AND RESOURCES BIOCHEMISTRY ENILIVE VÅR ENERGI AZULE ENERGY UNLOCKING AND CONFIRMING VALUE ACCESSING ALIGNED CAPITAL FUNDING FURTHER GROWTH CCUS#5NATURAL RESOURCES#6NATURAL RESOURCES KEY POINTS 6 EXPLORATION LEADING VALUE IN THE SECTOR, NEAR-FIELD AND ILX STRATEGY FOCUSSED ON EFFICIENCY AND VALUE CREATION UPSTREAM EFFICIENT PORTFOLIO FOCUSSED ON TIME TO MARKET AND PHASED DEVELOPMENTS EXPANDING INTEGRATED GAS & LNG PORTFOLIO GGP DISTINCTIVE INTEGRATED CCS APPROACH GROWING A STRATEGIC BUSINESS FOR DECARBONISATION THROUGH FAST AND COMPETITIVE PROJECT DELIVERY CONTRIBUTING TO CARBON NEUTRALITY THROUGH INDUSTRIAL TRANSFORMATION DISTINCTIVE DUAL EXPLORATION MODEL AND FAST-TRACK DEVELOPMENTS M&A FOR RESOURCES VALORISATION AND PORTFOLIO BALANCING#7EXPLORATION THE ENGINE OF UPSTREAM COMPETITIVE ADVANTAGE NCS & NORTH SEA DISCOVERED RESOURCES I MBOE 820 900 700 750 400 2019 2020 2021 2022 2023 SIRTE BASIN BERKINE BASIN EAST MED NEW DISCOVERIES PRODUCTION FROM 2013-2022* IKBOED 500 TRANSFORM MARGIN GOM SURESTE BASIN ARABIC PLATFORM 400 KUTEI BASIN L. CONGO BASIN 300 200 100 OIL *Source: Wood Mackenzie. 7 0 -> GAS O&G 2013 2015 2017 2019 2021 2023 Eni Peers LEADING VALUE CREATION IN EXPLORATION >16 BBOE EQUITY RESOURCES DISCOVERED IN THE LAST 15 YEARS WITH 1.2 $/BOE UEC IN THE LAST 10 YEARS: 70% OF DISCOVERED RESOURCES IN PRODUCTION ~10 B€ FROM DUAL EXPLORATION MODEL TIME TO MARKET <4 YEARS FOR MAJOR DISCOVERIES TO PRODUCTION#8UPSTREAM DELIVERING GROWTH AND VALUE UPSTREAM OUTLOOK UPSTREAM PRODUCTION Mboed 1.69-1.71 1.66 NEW MAIN STARTUPS 3-4% UNDERLYING CAGR (2023-2027) 2% REPORTED* COUNTRY TYPE ANGOLA LIQUIDS AGOGO ANGOLA GAS NGC CONGO GAS/LIQUIDS CONGO LNG CÔTE D'IVOIRE LIQUIDS/GAS INDONESIA GAS ITALY GAS PROJECT BALEINE NORTH & SOUTH HUB CASSIOPEA ROBUST ARRAY OF ADVANTAGED OPPORTUNITIES DISCIPLINED AND SELECTIVE CAPEX BREAKEVEN $25/BBL NEW PROJECTS IRR >20% LOW CARBON AND EFFICIENT PLAYER >30 % 2027 vs 2023 LIBYA GAS STRUCTURE A&E - BOURI UPSTREAM NET GHG SCOPE 1+2 EMISSIONS vs PRODUCTION Indexed NORWAY LIQUIDS JOHAN C. BALDER X 100 >27 QATAR GAS NORTH FIELD EXPANS. UAE GAS DALMA GAS -65% 2023 2024 2027 CFFO PER BARREL $/boe ~20 2023 CFFO pre-working capital. *Net of portfolio. 2027 NEPTUNE ACQUISITION NET CARBON FOOTPRINT (scope 1+2) by 2025 (vs 2018) High-quality and low carbon portfolio with exceptional strategic and operational fit 2023 2024 Production 2025 2026 Net Emissions 2027#9GGP DELIVERING ON PORTFOLIO RELOAD ALGERIA CONGO 6 NORWAY NETHERLANDS ITALY LIBYA UK ANGOLA MOZAMBIQUE EGYPT GAS SOURCES LEVERAGING VALUE CHAIN INTEGRATION 2022 2023 2027 PIPE 85% 81% 70% LNG 15% 19% 30% LNG EVOLUTION CONTRACTED VOLUMES I MTPA BUILDING UP A DIVERSIFIED LNG PORTFOLIO CENTRED ON EQUITY DEVELOPMENTS ADDITIONAL PIPE EQUITY VOLUMES IN THE EU FROM THE ACQUISITION OF NEPTUNE 2024 4YP QATAR 2023 4YP >18 MTPA Actual NIGERIA 13.5 11.2 9.4 INDONESIA 2022 2023 2027 LNG FROM ENI EQUITY PROJECTS PIPELINES WITH EQUITY GAS 2024 GGP PRO-FORMA EBIT: BASE CASE € 0.8 BLN UPSIDE TO OVER € 1.0 BLN in the event of positive negotiation outcomes and uptick in market price/volatility READY TO CAPTURE MARKET VOLATILITY USING PORTFOLIO FLEXIBILITY AND ASSET-BACKED TRADING#10CCS EMERGING ENERGY TRANSITION LEVER TRUDVANG I VÅR ENERGI HYNET I ENI OPERATOR HARD TO ABATE UPSTREAM AUSTRALIA PROJECT HIGHLIGHT RAVENNA CCS - ITALY 2024 START UP VISIBLE PIPELINE Gross Storage Capacity | MTPA ~40 DISTINCTIVE AND INTEGRATED BUSINESS MODEL OPERATORSHIP IN COST COMPETITIVE ASSETS ~20% OF SOUTHERN & WESTERN EUROPEAN CCS CAPACITY¹ REGULATED BUSINESS RETURNS AND MERCHANT MARKET UPSIDE SATELLITE STRUCTURE OPPORTUNITY SNS AREA 1-5-7 I ENI OPERATOR L10 ENI OPERATOR >15 BACTON I ENI OPERATOR RAVENNA I ENI OPERATOR LIBYA EGYPT Pre 2030 Post 2030 GLOBAL CCS GROWTH FORECAST | MTPA² 1600 LIBYA BACTON HYNET RAVENNA 1200 800 400 Source: 1. Estimated 2030 market share based on Eni's gross annual capacity run-rate versus Wood mac Southern and Western CCS market size. Actual results may vary. 2. Wood Mackenzie Carbon Lens- February 2024. О 2023 2025 2028 2031+ 10#11m ENERGY EVOLUTION#12ENERGY EVOLUTION KEY POINTS 12 ENILIVE MULTI-ENERGY, MULTI-SERVICE STRATEGY GLOBAL LEADER IN BIOREFINING VERSALIS RESTRUCTURING AND TRANSFORMING NEW PLATFORMS FOR SPECIALISED PRODUCTS, BIOCHEMISTRY AND CIRCULARITY DEVELOPING NEW BUSINESSES FOR OUR SATELLITE MODEL PLENITUDE OUTSTANDING OPERATIONAL AND FINANCIAL GROWTH A PORTFOLIO OF BUSINESS SOLUTIONS ADDRESSING CUSTOMER NEEDS TO CUT EMISSIONS HIGHER GROWTH AND BETTER VALUATIONS#13ENILIVE: BIOREFINING GROWING A WORLD-CLASS BIOREFINING PLAYER EXPANDING CAPACITY Strengthening Europe Expanding Far East New developments in N. America UNIQUE ADVANTAGED FEEDSTOCK STRATEGY Secure agri-feedstock access Pre-treatment flexibility PRODUCT DIVERSIFICATION Accelerating SAF optionality OPTIMISED CAPEX & SCHEDULE FOR CAPACITY AND SAF OPTIONALITY GROWTH SAF OPTIONALITY 1.6 1.6 13 2023 BIO CAPACITY EVOLUTION | MTON/Y >1 Mton SAF >3 Up to 2 Mton SAF >5 Gela 2024 Venezia Livorno Other project Pengerang Daesan 2026 IIH '25 '26 under evaluation '26 126 Other projects 2030 AGRIFEEDSTOCK 700 KTON/Y BY 2027 SECURING >35% ITALIAN THROUGHPUTS SAF OPTIONALITY >1 MTON MOVED FORWARD TO 2026 (VS PREVIOUS 2030) DOUBLING BY 2030#14ENILIVE: MARKETING FROM SERVICE STATIONS TO MOBILITY PLATFORMS NETWORK EXPANSION & HIGH-GRADING PREMIUM NETWORK +300 owned stations in Italy & abroad in 4YP COMMERCIAL PARTNERSHIPS beyond EU to support biofuels offtake REBRANDING SERVICES TO PEOPLE & MOBILITY PEOPLE SERVICES: agreements with Amazon Lockers, Poste italiane and Telepass MOBILITY: car sharing, Eni-Parking; Eni-Wash 14 enj enilive enilive ALTERNATIVE ENERGY CARRIERS HYDROGENATED VEGETABLE OIL (HVO) 100% PURE in >1.000 stations in 2024 (nearly doubled vs 2023) CNG - LNG 185 sale points in 2027 EV CHARGING POINTS ~2.400 in 2027 INCREASED OFFER OF SERVICES IN ENILIVE STATIONS TO SATISFY EVOLVING CUSTOMER NEEDS DIGITAL CUSTOMER ENGAGEMENT VIA ENILIVE APP DIRECT FOOD OFFER NON-OIL EBIT ~ 40% OF TOTAL RETAIL BY 2027 ENICAFÈ 1.200 enhanced cafès by 2025 EMPORIUM ~200 additional shops in 4YP ALT RESTAURANT 100 locations in 4YP BRINGING BRAND CLOSER TO CUSTOMERS ALT STAZIONE GUSTO emporium eni eni#15ENILIVE: FINANCIALS ATTRACTIVE GROWTH WITH WELL-CONTROLLED COST PROFILE 15 STRONG EBITDA INCREASE IN THE 4YP PRO-FORMA EBITDA ADJ | BLN € ORGANIC CAPEX | BLN € ~1.0 CAGR ~20% 1.2 >1.6 0.5 35% 40% ΙΟ 65% 65% 27% 60% AVG 2024-27 2024 2025 2027 Biorefining ■Marketing AVG 24-27 MARKETING EBITDA PROVIDING STEADY CONTRIBUTION BIOREFINING EBITDA UNDERPINNED BY CAPACITY GROWTH & THROUGHPUT INCREASE CAPEX TO BENEFIT FROM RETROFITTING, ECONOMY OF SCALE AND MATURING TECHNOLOGY Biorefining ORGANICALLY SELF-FUNDING SELECTIVE M&A FITS WITHIN OVERALL GROWTH STRATEGY Stay-in-business ■Development ■Marketing AVERAGE ROACE (2024-27) 15+%#16VERSALIS 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 16 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#17PLENITUDE GROWTH ALONG THE PLAN 17 RENEWABLES RETAIL E-MOBILITY charge INTEGRATION TO HEDGE MARGINS AND CAPTURE OPPORTUNITIES >20GW PIPELINE TO FUEL ORGANIC & SELECTIVE GROWTH IN RENEWABLES >8 GW INSTALLED in 2027 (~3x vs 2023) 11.5 MLN CUSTOMERS in 2027 (+15% vs 2023) 40K PUBLIC CPS in 2027 (2x vs 2023) ENERGY SOLUTIONS & DISTRIBUTED GENERATION 20% OF AVG RETAIL EBITDA ORGANIC DEVELOPMENT 2 GW in construction GROWING IN POWER +2 MLN in the plan EBITDA POSITIVE from 2025 EV FAST NETWORK DC IN EUROPE: 7x IN THE PLAN#18PLENITUDE MATERIAL VALUE CREATION IN THE TRANSITION GLOBAL PRESENCE EMPLOYEES: >2.5k & COUNTRIES: >15 2024 OPERATING TARGET RENEWABLES 4 GW CAPACITY SOLAR & WIND RETAIL 10 MLN CUSTOMERS ENERGY & SOLUTIONS AVERAGE ROACE ~10% IN THE MEDIUM TERM PRO-FORMA EBITDA (€ BLN) 2.0 0.9 1.0 10 18 E-MOBILITY 24K PUBLIC CPS OWNED EV NETWORK EV > €10 BLN Market deal finalised 2023 2024 2027 E-MOBILITY RETAIL RENEWABLES#1919 FINANCIALS#20EARNINGS AND CASHFLOW DELIVERY GROWING RETURNS AND CASHFLOWS 20 EBIT PRO-FORMA ~€13 BLN IN 2024 2027 VS 2024: AROUND +25% ~€60 BLN OVER THE PLAN CFFO ADJUSTED PER SHARE FCF 2024-27 >13% CAGR 2024-2027 AT CONSTANT OIL PRICE 4.2 €/share 6.1 €/share 2024 2027 ■ Energy Evolution Natural Resources € 62 BLN +10$ BRENT/B UPSIDE € 27 BLN NET CAPEX CFFO USES € 35 BLN FCF OVER THE PLAN STRATEGIC FLEXIBILITY DELEVERAGING DISTRIBUTION Ebit and Net Profit are adjusted. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. All figures at plan scenario, except where noted. IMPROVING CAPITAL PRODUCTIVITY CFFO GROWTH DELIVERED FROM ALL SEGMENTS EMERGING HIGH QUALITY DIVERSIFICATION PLENITUDE AND ENILIVE WILL ACCOUNT FOR OVER 20% OF CFFO GROWTH OVER THE PLAN REDUCTION IN CORPORATE COSTS €1.8 BLN ALONG THE PLAN PERIOD NET CAPEX 45% OF CFFO#21CONSISTENT INVESTMENT DRIVES GROWTH CAPEX DISCIPLINE LEAVES ROOM FOR HIGH DIVESTMENT INCOME 2024-27 NET CAPEX € 27 BLN 37 35 GROSS CAPEX SCENARIO UPS PLENITUDE OTHERS & ENILIVE GROSS PORTFOLIO CAPEX SP 23-26 SP 24-27 21 27 NET CAPEX SP 2024-27 2024-27 CAPEX SPLITTING OTHER OIL 21% 10% 30% LOW AND ZERO CARBON GAS&LNG & NET ZERO FIELDS 39% OPTIMISING TO LOWER CAPEX BUDGET E&P OPTIMISES AROUND PROJECT QUALITY PARTIALLY OFFSET BY PLENITUDE GROWTH INVESTMENTS PORTFOLIO OPPORTUNITIES DUAL EXPLORATION MODEL RATIONALISING TAIL ALIGNED CAPITAL INTRODUCED INTO SATELLITES DECARBONISING NATURAL RESOURCES SHIFTING TO GAS PRODUCTION BUILDING CCS INVESTING IN ENERGY EVOLUTION TRANSITION GROWTH ENILIVE AND PLENITUDE VERSALIS TRANSFORMATION NET CAPEX >20% LOWER THAN PREVIOUS PLAN CAPEX FLEXIBILITY 50% CAPEX UNCOMMITTED AVG 2025-2027 SIGNIFICANT STEP UP IN PORTFOLIO CASH INCOME#22SHAREHOLDER DISTRIBUTION ENHANCED DISTRIBUTION RAISING SHARE OF CFFO DISTRIBUTED ~30-35% OF CFFO DISTRIBUTED VIA DIVIDENDS AND BUYBACK FROM 25-30% PREVIOUSLY CFFO BASED BUSINESS PERFORMANCE DRIVEN HIGH VISIBILITY RAISING DIVIDEND €1.00 DPS 2024: 6% INCREASE VS 2023, DISTRIBUTED QUARTERLY €1.1 BLN BUYBACK 2024: RISING CFFO OVER PLAN DRIVES BUYBACK RISING DIVIDEND SCOPE FOR INCREASES IN COMING YEARS AS BUSINESS GROWS AND SHARES REDUCE SHARING VALUE AND UPSIDE 9% YIELD¹ COMPETITIVE POLICY. 4 YEAR RETURN OF ~40% OF MARKET CAPITALISATION 60% OF CFFO UPSIDE TO BUYBACK FROM PREVIOUS 35% SHARING MORE UPSIDE RESILIENT CASH NEUTRALITY 22 1 Yield as of close of March 8th.#23STRONG CAPITAL STRUCTURE MAINTAINING INVESTMENT-GRADE RATED BALANCE SHEET HISTORICALLY LOW LEVERAGE LEVEL | % 40 35 30 25 20 15 10 23 5 15-25% RANGE ~4 P.P. MAINTAINING BALANCE SHEET STRENGTH AND FLEXIBILITY GOOD RETURNS ON LIQUIDITY LEADING TO A LOW COST OF DEBT EX-PLENITUDE LEVERAGE ~5 P.P. LOWER THAN REPORTED AT END 2027 2000-2005- 2010- 2015 2016 2017 2018 2019 2020 2021 2022 2004 2009 2014 2023 2024 2027 2024-2027 EX PLENITUDE'S DEBT STRONG INVESTMENT GRADE CAPITAL STRUCTURE AT YE 2023 75% 89% AVG FIXED INTEREST ON LT DEBT AVG LT DEBT ON TOTAL DEBT 2.5x TO FLOATING DEBT LIQUIDITY (€18 BLN) (€7 BLN) 0.8% AVG NET COST OF DEBT LT RATINGS S&P A- MOODY'S Baal FITCH A-#24FINANCIALS GROWING RETURNS AND CASHFLOWS 24 STRONG CASHFLOW GROWING CFFO BY >13% CAGR* FINANCIAL STRENGTH CAPITAL DISCIPLINE NET CAPEX >20% LOWER THAN PREVIOUS PLAN BALANCE SHEET A CONSERVATIVE CAPITAL STRUCTURE WITH ADVANTAGED COST OF CAPITAL DISTRIBUTION AROUND 30-35% OF CFFO COMPARED WITH THE PREVIOUS 25-30% 2024 DIVIDEND €1/SHARE +6% VS 2023 *2024-2027 CAGR, per share basis. FLEXIBILITY WITH DOWNSIDE PROTECTION ENABLING EXECUTION DELIVERING COMPETITIVE RETURNS TO OUR INVESTORS#25CONCLUDING REMARKS#26CONCLUDING REMARKS ADDRESSING THE TRILEMMA TRANSFORMING THE COMPANY EXCEPTIONAL DEPTH OF OPPORTUNITIES ALLOWS US TO ADVANCE VALUE THROUGH PORTFOLIO ACTIONS A DISTINCTIVE STRATEGY WITH FOCUSSED ORGANIC INVESTMENT AND LEADING CASHFLOW GROWTH NATURAL RESOURCES CAPTURING VALUE THROUGH LEADING EXPLORATION, FAST TRACK DEVELOPMENT, ACCELERATED VALORISATION AND GAS OPTIMISATION, WHILE CUTTING EMISSIONS ENERGY EVOLUTION DEVELOPING NEW TRANSITION ORIENTED BUSINESSES WITH ATTRACTIVE LONG-TERM GROWTH AND RETURN PROFILES ENHANCED DISTRIBUTION WHILE CONTINUING TO INVEST IN A BUSINESS THAT WILL BE BIGGER, MORE PROFITABLE AND MORE VALUABLE eni#27BACK UP#28GUIDANCE AND PLAN TARGETS 28 PRODUCTION GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PLENITUDE PRO-FORMA EBITDA GROUP PRO-FORMA EBIT GROUP CFFO NET CAPEX DIVIDEND BUYBACK 2024 GUIDANCE 1.69-1.71 MBOED € 0.8 BLN ~ € 1.0 BLN € 1.0 BLN € 13 BLN ~ € 13.5 BLN € 7.0-8.0 BLN ~ 2024-2027 PLAN 3-4% UNDERLYING 2% REPORTED ~ €0.8 BLN AVG > €1.6 BLN IN 2027 €2.0 BLN IN 2027 ~€60 BLN IN 4YP €62 BLN IN 4YP €27 BLN IN 4YP € 1.00/SHARE € 1.1 BLN EBITDA and EBIT are adjusted. Pro-forma includes Eni's share of equity-accounted entities. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. ~30-35% OF CFFO#29SCENARIO ASSUMPTIONS 4YP SCENARIO 2024 2025 2026 2027 Brent dated ($/bbl) 80 80 80 80 FX avg ($/€) 1.08 1.09 1.10 1.12 Ural MED c.i.f. - Med Dated Strip ($/bbl) -10 -10 -9 -8 Std. Eni Refining Margin ($/bbl) 8.1 6.3 3.5 3.5 PSV (€/MWh) 30.7 36.0 38.0 36.3 NBP ($/mmbtu) 9.2 11.0 12.1 11.7 SENSITIVITY 2024 Brent (1$/bbl) European Gas Spot Upstream (1 $/mmbtu) European Gas Spot Upstream (1 €/MWh) Std. Eni Refining Margin (1 $/bbl) Exchange rate $/€ (+0.05 $/€) Brent sensitivity applies to liquids and oil-linked gas. EBIT sensitivities don't include contribution from associates. Sensitivity is valid for limited price variation. EBIT adj (€ bln) Net adj (€ bln) CFFO before WC (€ bln) 0.17 0.12 0.13 0.18 0.13 0.13 0.06 0.04 0.04 0.12 0.08 0.12 -0.43 -0.26 -0.54 For energy use purposes PSV variation of 1$/MMBTU has an impact of -15 mln € on SERM calculation. 29#3030 SUMMARY OF MAIN BUSINESS TARGETS RETAIL 2024 2026 2027 2030 2035 2040 2050 CUSTOMER 10 BASE MLN POD a >11 >15 >20 INSTALLED RENEWABLES 4 >8 >15 >30 60 CAPACITY GW ab EV CHARGING POINTS ka 24 CAPACITY BIO REFINING MLN TON/Y NATURAL GAS OIL & GAS CCS 으으으으 a PRODUCTION % ON PORTFOLIO C TRANSPORT & STORAGE CAPACITY d (Mton CO2/y) Plenitude 100%. KPI used in Eni Sustainability-Linked Financing Framework. Since 2024 includes gas condensates. Gross capacity. >3 40 ~50 >5 >60 >90 ~160 >15 ~40 ~50 ~60 before 2030 after 2030#31SUMMARY OF MAIN DECARBONIZATION TARGETS GHG EMISSIONS NET ZERO CARBON FOOTPRINT SCOPE 1+2 VS 2018 a NET GHG LIFECYCLE EMISSIONS SCOPE 1+2+3 VS 2018 a NET CARBON INTENSITY SCOPE 1+2+3 VS 2018 a 2024 2025 2030 2035 2040 2050 UPS -50% UPS -65% UPS NET ZERO ENI NET ZERO -35% -55% -80% NET ZERO -15% -50% NET ZERO FLARING & METHANE UPSTREAM ROUTINE FLARING msM3bc UPSTREAM FUGITIVE METHANE EMISSIONS VS 2014 b UPSTREAM METHANE INTENSITY b I -80% reached @2019 well below 0.2% CARBON OFFSET CARBON OFFSET, INCLUDING NATURAL CLIMATE SOLUTIONS (Mton CO₂/y) 31 b KPI used in Eni Sustainability-Linked Financing Framework. Targets are net of Eni's equity stored CO2. Includes operated and joint operated assets. c) Subject to execution of projects in Libya. ~15 ~20 <25#32TRANSPARENCY LEADS TO TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT MOODY'S ESG SOLUTIONS 2023 WEAK MSCI ESG CCC 2023 SUSTAINALYTICS SEVERE ESG RISK RATING RISK 2023 ISS ESG 2021-23 CDP CLIMATE CHANGE D-/F 2023 CDP WATER D- D-/F 2023 CA100+ NZ BENCHMARK 2023 CARBON TRACKER Absolute Impact 25th 2023 32 32 LIMITED HIGH C B- 45 25 B- 33 B MEDIUM ADVANCED* ADVANCED AA AAA NEGLIGIBLE RISK A+ A A 45 metrics 1ST*** 1ST Eni O&G Average ** B- corresponds to Prime status - investment grade. Other industry leaders: Equinor, OMV, Repsol, Total Energies. Eni peers: Shell, Total Energies, BP, Equinor, Chevron, Exxon Mobil, OMV, Repsol. O&G average calculated as per last available data. *First in European oil & gas sector *** Eni peers: Repsol, Total Energies, BP, Shell, Equinor, Occidental, Suncor, Chevron, Conoco, Cenovus, EQT, Chesapeake, EOG, CNRL, Devon, Pioneer, SWN, Coterra, CNOOC, Petrobras, Exxon, PetroChina, Sinopec, Aramco as per Carbon Tracker Methodology.#33OUTLOOK TO 2030 A BIGGER, MORE RELEVANT AND SUSTAINABLE ENI UPSTREAM Production GGP CO2 CCS BIOENERGY RENEWABLES LNG Contracted Mboed MTPA CO2 Transport & Storage Biorefining Capacity Installed Capacity MTPA GW 1.9 Organic 1.8 Reported 1.66 14 >18 MTPA Gross capacity >15 ~40 1.65 >3 >5 2023 2027 2030 2023 2027 2030 Pre 2030 Post 2030 2023 2027 2030 33 3 >15 TARGETING HIGHEST CASHFLOW GROWTH AMONGST EU SECTOR FINANCIALS CFFO | €BLN 12.6 >8 SAF Optionality 2023 2027 2030 2023 >17 2027 2030 All figures at plan scenario, ex one-off.#34UPSTREAM KEY START-UPS IN THE PLAN COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)A ANGOLA Agogo West Hub Integrated N 18% Liquids 2022 2023 Early Prod 2026 (FPSO) 180 (100%) (Azule Energy) NGC Quiluma & Mabuqueiro N 19% Gas 2021 2026 100 (100%) CONGO Congo LNG Y 65% Gas/Liquids 2022 2023 Nearshore ph. 2025 Offshore ph. 120 (100%) 2026 EGYPT Melehia ph.2 ITALY 76% 85% Merakes East Southern Hub Y Gas 70% Maha INDONESIA 81% North Ganal Northern Hub - Geng Y Gas 2024 82% Ganal&Rapak Cassiopea Y 60% Baleine ph.2 CÔTE D'IVOIRE Baleine ph.3 Y 83% Y Liquids/Gas 2022 20 (100%, Oil&Gas) (Gas Plant) 2023 M.E. 2025 50 (100%) 2024 Maha 2027 240 (100%) Gas 2018 2024 30 (100%) Y 83% Liquids/Gas 2022 2024 40 (100%) Liquids/Gas 2024 2027 85 (100%) 2026 A&E Structure Y 50% Gas 2023 160 (100%) (Struct. A) LIBYA Bouri GUP Y 100% Gas 2023 2026 20 (100%) Balder X N 58% Liquids 2019 2024 ~70 (100%)b NORWAY (Vår Energi) Johan Castberg N 19% Liquids 2017 2024 ~190 (100%) QATAR North Field Expansion (NFE) N 3% Gas 2021d 2026 1350 (100%) UAE Dalma Gas N 10% Gas 2019 2025 60 (100%) 34 a Average yearly production in peak year/at plateau b Source: Vår Energi Q1 2022 results (total Balder field production) Source: IPO prospect Operatorship legend: Y (yes), N (no) dAcquisition on December 2022#35UPSTREAM PROJECTS OVERVIEW ITALY CASSIOPEA LIBYA A&E STRUCTURE BOURI GUP IVORY COAST BALEINE PH.2 BALEINE PH.3 KEY START-UPS IN THE PLAN FUTURE KEY START-UPS NIGERIA BONGA NORTH RESERVES OIL GAS O&G CONGO CONGO LNG CYPRUS BLOCK 6 NORWAY BALDER X JOHAN CASTBERG KAZAKHSTAN GAS STRATEGY EGYPT MELEHIA PH.2 NARGIS NOUR ANGOLA AGOGO WEST HUB NGC QUILUMA & MABUQUEIRO PAJ MOZAMBIQUE CORAL NORTH ROVUMA LNG QATAR NFE UAE DALMA GAS HAIL&GHASHA INDONESIA SOUTHERN HUB (MERAKES EAST, MAHA,, GENDALO GANDANG) NORTHERN HUB AUSTRALIA VERUS PETREL#3636 GAS/LNG GLOBAL BALANCE OUTLOOK YOY TRENDS 2024 VS 2023 BULLISH FACTORS SHORTER MARKET PRICE/VOLATILITY UP BEARISH FACTORS LONGER MARKET PRICE/VOLATILITY DOWN €/MWh 350 300 250 200 150 100 50 О Jan/21 Jan/22 Jan/23 Jan/24 Jan/25 Jan/26 ASIAN DEMAND RECOVERY: SLIGHTLY TIGHTENING THE GLOBAL LNG BALANCE LNG SUPPLY: FEW START-UPS AND RAMP-UPS AND POSSIBLE DELAYS/DISRUPTIONS EU DEMAND: SLIGHT INCREASE IN INDUSTRY AND BUILDINGS VS. 2023 LEVELS (MILD WEATHER) RUS/UKR FLOWS: TERMINATION OF TRANSIT AGREEMENT BY END 2024, INCREASE OF DEMAND FOR GAS/LNG STOCKS BUILD UP GEOPOLITICS EU STORAGE: VERY HIGH LEVELS @MAR24 (IN LINE WITH RECORD LEVELS OF MAR23) EU G2P DEMAND: DECREASING DUE TO STEADILY INCREASING RES VS. 2023 NORWEGIAN PRODUCTION: HIGHER DUE TO LOWER OUTAGES VS. PRODUCTION DISRUPTIONS IN SUMMER 2023 €/MWh 36 34 32 30 28 26 24 22 20 2/1 222 WE EXPECT 2024 TO BE A YEAR WITH REDUCED BUT STILL PERSISTENT VOLATILITY, WHERE THE MAGNITUDE OF UNCERTAINTIES WEIGHTS HEAVILY ON THE THINLY BALANCED MARKET % TTF spot TTF fwd dec22 TTF fwd Mar24 9/1 16/1 23/1 30/1 6/2 13/2 20/2 27/2 PSV spot (2024) 100 European storage % filling level 60 88820 O Range GY18-21 GY22 Apr May . լու .unc Aug Sep Avg GY18-21 GY23#37CCS RAPIDLY GROWING BUSINESS 37 GROSS STORAGE CAPACITY ~3.0 GIGATONS RAVENNA HYNET BACTON LIBYA 1 GT NEPTUNE UPSIDE: UK NETHERLANDS 0.5 GT MEDITERRANEAN SEA NORTH SEA ASIA PACIFIC 1.5 GT KEY PROJECTS PIPELINE Gross Storage Capacity ITALY - RAVENNA CCS 2024 START UP PRE 2030s POST 2030s 4 MTPA 16 MTPA UK-HYNET PRE 2030s POST 2030s 4.5 MTPA 10 MTPA UK-BACTON PRE 2030s 5 MTPA POST 2030s 10 MTPA ATTRACTIVE AND BROAD PORTFOLIO OF STRATEGIC T&S PROJECTS OPERATORSHIP COST EFFECTIVE AND ACCELERATED TIME TO MARKET INTEGRATED PROJECT MANAGEMENT ALONG VALUE CHAIN PRIVILEGED POSITION TO AGGREGATE VOLUMES SUPPORTS THIRD PARTY DECARBONIZATION LIBYA - A&E STRUCTURES PRE 2030s 3 MTPA#3838 38 BIOREFINING KEY PROJECTS COUNTRY PROJECT W.I. START UP CAPACITY STATUS ADDITIONAL NOTES Production capacity increase 2025 from 360 to 600 kton/y ITALY (VENICE) 100% 600 kton/y Firm Enhanced flexibility to allow other biomass processing (incl. low bio ILUC) Phl in 2023 Ph2 in 2026-27 Product mix enrichment to ITALY grow HVO diesel & biojet 100% 2024-2025 (GELA & VENICE) ~740 kton/y (Gela) 600 kton/y (Venice) Firm production ITALY Building 3 new plants for hydrogenated biofuel 100% 2026 500 Kton/y Firm (LIVORNO) production MALAYSIA (PENGERANG) New biorefinery under study (flexible configuration to max SAF & HVO prod.) FID by 2024, Under eval. completion 650 kton/y (gross) Under study by 2026 Biogenic feedstock pre-treatment unit, 500 kton/y ecofining TM plant and hydrogen plant Strategic location close to Singapore on major international aviation and shipping routes, with easy access to Asian market expected to grow (especially in SAF) SOUTH KOREA (DAESAN) New biorefinery under study (flexible configuration to max SAF & HVO prod.) FID by 2024, Under eval. completion 400 kton/y (gross) Under study by 2026 Synergies with the existing LG Chem industrial complex for bio- based polymers production#39PLENITUDE KEY PROJECTS B STORAGE SOLAR PV ONSHORE WIND OFFSHORE WIND WORKING COUNTRY PROJECT INTEREST EQUITY INSTALLED CAPACITY (MW) YEARLY TECHNOLOGY COMPLETION PRODUCTION (GWh) Caparacena, Guillena, -- SPAIN 100% 1.020 2024-2025 2.080 Villarino, La Flota & Renopool USA Brazoria 100% 263 2022 450 USA Guajillo 100% 200 B 2024 150 SPAIN FRANCE Orense Samoussy GREECE Toumba & Mandria ITALY ITALY KAZAKHSTAN UK 100% 100 100% 90 100% 160 2025 210 2022 90 2025 250 GreenIT (PV portfolio) 51% 80 2024-2025 140 Hergo Ren. (PV portfolio) 65% 140 2024-2025 140 Shaulder 100% 50 2023 90 Dogger Bank (A, B, C) 13% 470 2023-2026 2.200 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. 39#40PLENITUDE: RENEWABLES EBITDA (€ BLN) 4Y: >€2 BLN CAPEX (Є BLN) >0.2 0.2 >0.8 1.0 2023 2024 2027 2023 TECHNOLOGY MIX >8 GW @2027 * HIGH/ MEDIUM MATURITY PIPELINE 1.8 STRATEGIC DRIVERS GEOGRAPHICAL DIVERSIFICATION IN OECD COUNTRIES AVG 24-27 ORGANIC DEVELOPMENT & SELECTIVE GROWTH >20 GW (+50% YoY) IN CONSTRUCTION LOW MATURITY/ PROSPECTS Installed capacity figure is in Plenitude share. EBITDA is adjusted and both EBITDA and CAPEX include 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Prospects category includes offshore developments, for a total of 7 GW, already identified but not yet secured (COD expected after 2028 and ongoing M&A) 40 RETAIL AS ROUTE TO MARKET OPPORTUNITIES FROM FRONTIER TECHNOLOGY: WIND OFFSHORE & BATTERY STORAGE#41PLENITUDE: RETAIL EBITDA (€ BLN) 4Y: >€3 BLN 0.7 >0.7 0.3 >0.8 CAPEX (Є BLN) 0.25 STRATEGIC DRIVERS GROWING IN POWER 2023 2024 2027 2023 AVG 24-27 INCREASING RES INTEGRATION ENERGY MIX POWER +2 MLN 11.5 MLN @2027 vs 2023 GAS -0.6MLN vs 2023 EBITDA figure is adjusted. Solar distributed generation refers to plants under management 41 EBITDA FROM SOLUTIONS 20% avg on 23-27 EBITDA retail SOLAR DISTRIBUTED GENERATION 20k PLANTS @YE23 EQUAL TO 100 MW ENERGY SOLUTIONS & DISTRIBUTED GENERATION INTERNATIONAL GROWTH PLATFORM#42PLENITUDE: E-MOBILITY REVENUES (€ BLN) CAPEX (Є BLN) 0.3 0.03 4Y: >3 BLN 1.5 0.12 0.15 STRATEGIC DRIVERS 2023 AVG 24-27 2023 2024 2027 INSTALLED MIX PIPELINE (CPs) AC +6k 40k @2027 DC +14k REST OF EUROPE >50k vs 2023 vs 2023 → ITALY DC CPS CAPEX BREAKEVEN: 90 MINS/DAY FOR 3 YEARS Capex breakeven is subject to margins assumptions. Average DC Charging Point utilization rate is at nominal capacity. 42 ITALY: EXPANDING THE CAPILLARY NETWORK EU: FOCUS ON ULTRA FAST CPS SYNERGIES WITH RETAIL LEVERAGING ENILIVE STATIONS PARTNERSHIPS WITH GDOS AND CAR MAKERS