#1INVESTOR PRESENTATION eni October 2023#2. • • DISCLAIMER This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni's Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to: Fluctuations in the prices of crude oil, natural gas, oil products and chemicals; Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets; Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions; Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects; • Uncertainties in the estimates of natural gas reserves; . The time and expense required to develop reserves; . • • Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates; Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or- pay long-term gas supply contracts; Laws and regulations related to climate change; Risks related to legal proceedings and compliance with anti-corruption legislation; • Risks arising from potential future acquisitions; and · Exposure to exchange rate, interest rate and credit risks. • 2 Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.#3ENI'S ULTIMATE GOAL OUR TRIPLE MANDATE: SUSTAINABILITY, ENERGY SECURITY & VALUE CREATION 3 66 To provide effective answers to the energy trilemma and contribute to providing abundant, affordable and environmentally sustainable energy, Eni has developed an innovative business and financial model that allows us to solve the problem of capital allocation, striking the right balance between investments and returns. Claudio Descalzi, CEO Eni 99#4TABLE OF CONTENT 4 INTRO • • • NATURAL RESOURCES ENERGY EVOLUTION Enilive: a winning multi- energy hub Traditional & bio refining system footprint • Versalis transformation Plenitude, a TECHNOLOGY New energy solutions: a portfolio of technologies to meet decarbonized energy needs Magnetic fusion, a star in a bottle FINANCIALS Growing returns: earnings & cashflow delivery in a stronger balance sheet 質 Distribution: a financial strategy committed to shareholders Eni at a glance Our approach to the energy trilemma Our transition Towards a Net Zero energy business A winning value proposition • Best in class • exploration . Superior upstream portfolio • E&P outlook GGP: resilient & reshaped CCS: adding value to carbon neutrality Agri hubs: a new Upstream journey of growth#5FINANCIALS TECHNOLOGY ST 5 ENERGY EVOLUTION NATURAL RESOURCES ENI AT A GLANCE NATURAL RESOURCES Decarbonizing and value enhancing our upstream portfolio EXPLORATION 750 MBOED discovered in 2022 >700 MBOED targeted in 2023 O&G PRODUCTION 1.6 MBOED in 2022 1.64-1.66 MBOED in 2023 STRONG FINANCIALS E&P portfolio breakeven at ~$20/BBL GGP 2023 EBIT €2.7-3.0 bln Data refer to 2022 if not specified. *Including ADNOC 20% share ENERGY EVOLUTION Growing profitably while transforming PLENITUDE >3 GW RES CAPACITY by end 2023 >7 GW by end 2026 10 MLN CUSTOMERS 13,000 CHARGING POINTS BIO REFINING CAPACITY 1.1 MTPA growing to >3 MTPA by 2025 and >5 MTPA by 2030 TRADITIONAL REFINING CAPACITY 0.7 MBOE/D* FINANCIALS Aligning industrial and financial strategy $ CAPITAL DISCIPLINE ~€9 BLN in 2023 P CASH FLOW FROM OPERATIONS €16.5 BLN 2023 at $84/bbl STRONG BALANCE SHEET 15% leverage (10-20% target range) 70 32K YEARS OF INNOVATION HISTORY FOUNDED IN 1953 NUMBERS OF STAFF AT THE END OF 2021 COUNTRIES WE WORK IN 62 1995 ENIMI LISTED SINCE 1995 NYSE#6FINANCIALS TECHNOLOGY ENERGY EVOLUTION CO NATURAL RESOURCES OUR APPROACH TO THE ENERGY TRILEMMA ENVIRONMENTAL SUSTAINABILITY Themes Energy mix and geographical diversification Deployment of new technologies Focus on gas as a bridge energy source New business and financing models Time-to-market AFFORDABILITY ENERGY SECURITY#7NATURAL RESOURCES INTRO FINANCIALS TECHNOLOGY ENERGY EVOLUTION OUR TRANSITION OUR LEGACY OUR PRESENT E&P UPSTREAM G&P GGP plenitude PLENITUDE MEDIUM TERM GROWTH WITH SHIFT TO GAS ORGANIC, DUAL EXPLORATION MODEL PHASED DEVELOPMENT WITH FOCUS ON TIME TO MARKET DE-RISKED PORTFOLIO RESHAPE EQUITY BASE MODEL INFRASTRUCTURE BASED GROW LNG BUILD RENEWABLES LEVERAGE CUSTOMERS ADRESS CUSTOMER EMISSIONS OUR FUTURE IMPROVED RISK-RETURN PROFILE 60% GAS WEIGHTED PORTFOLIO AT 2030 CCS AT SCALE TO TACKLE UNABATED EMISSIONS A GLOBAL LEADER IN RELIABLE AND SECURE GAS AND LNG SUPPLY ACCELERATING FURTHER GROWTH AND CRYSTALLIZING VALUE THROUGH MARKET VALORIZATION FIRST MOVER IN THE EMERGING BIOREFINING BUSINESS IN 2014 SUSTAINABLE MOBILITY COMBINING BIO WITH ADVANTAGED SUSTAINABLE MOBILITY RETAIL NETWORK MULTIPLE PLATFORMS HIGH GROWTH SAF+HVO UNIQUE INTEGRATION ON FEEDSTOCKS R&M AND CHEMICALS VERSALIS TECHNOLOGY OPEN INNOVATION. RESHAPING BUSINESS THROUGH DEVELPOMENT OF INNOVATIVE PROCESSES AND TECHNOLOGIES HIGH PERFORMANCE COMPUTIONG CAPABILITIES ENI-NEXT TECH LED BUSINESS GROWTH FULLY SUSTAINABLE & DIFFERENTIATED FOCUS ON CIRCULARITY & BIOCHEMICALS, WITH STRONG PARTICIPATION IN END-USER MARKETS PERFORMANCE IMPROVEMENT IN EXISTING BUSINESS BREAKTHROUGH TECHNOLOGIES E.G. FUSION#8FINANCIALS TECHNOLOGY 8 ENERGY EVOLUTION NATURAL RESOURCES INTRO TOWARDS A NET ZERO ENERGY BUSINESS MULTIPLE BUSINESS LEVERS TO REACH TARGETS NET ABSOLUTE GHG EMISSIONS (SCOPE 1+2+3) 2018 505 MtCO2eq 2030 MtCO2eq 0 328 2050 NET ZERO UPSTREAM MIDSTREAM DOWNSTREAM CCUS OFFSET UPSTREAM Production plateauing and gas share growing to 60% by 2030 BIOENERGY Capacity to reach >5 MTPA by 2030 (>20% CAGR 2022-2030) RENEWABLES Capacity to reach >15 GW by 2030 (~30% CAGR 2022-2030) CCS CO2 volumes stored to reach 30 MTPA by 2030 FUSION SPARC net energy pilot plant in 2025 ARC first industrial fusion power plant by early 30s#9NATURAL RESOURCES FINANCIALS TECHNOLOGY ENERGY EVOLUTION 6 A WINNING VALUE PROPOSITION TO ADDRESS THE CHALLENGES OF THE CURRENT ENERGY MARKET COMPETITIVE ADVANTAGES A valuable and diversified energy company Exploration Track record Integrated Green value chain A DISTINCTIVE APPROACH Unlocking value through dedicated satellite companies PLENITUDE SHAREHOLDER DISTRIBUTION AMONG HIGHEST IN THE SECTOR Sharing the upside with our shareholders 时 Low breakeven World's Upstream, TTM track record first Biorefinery conversion VÅR ENERGI AZULE ENERGY SUSTAINABLE MOBILITY Striking right balance between investments & returns through access to specialized capital & financial structure optimization *Share price closing as of 30 October 2023, calculated on announced dividend of 0.94 €/share and share buyback of €2.2 bln. TOTAL SHAREHOLDER YIELD ~10.5%*#10INTRO ENERGY EVOLUTION NATURAL RESOURCES BEST IN CLASS EXPLORATION EXPLORING FOR A PURPOSE AND VALUE UK & Norway N.Sea, NCS, Barents Egypt-Libya-Italy Cyprus-Lebanon South & East Med Kazakhstan Caspian basin FINANCIALS TECHNOLOGY Algeria Berkine basin Mexico Sureste basin TARGET AREA IN THE 4YP (per type) Oil Gas Cote d'Ivoire Transform margin Congo-Angola Lower Congo basin UAE-Oman Arabic Gulf & other basins Mozambique Angoche basin 10 O&G Vietnam Eastern basins LEADING THE SECTOR IN VALUE CREATION Feeding upstream growth & value 15 10 225250524 -5 -10 -15 Eni Value creation in 2012-2021 (@base price $bn) Peer 1 Peer 2 Peer 6 Peer 5 Peer 4 Peer 3 FOCUS ON EFFICIENCY WITH ~3.5 YEARS TIME-TO-MARKET 2x faster than industry avg Time-to-market (years) Indones Kutel basin 7.0 6.0 MAIN DISCOVERIES IN 2022 (Mboe Equity) < 100 100-150 > 150 5.0 4.0 SOLID & SIMPLE STRATEGY High equity shares Simple JVs operatorship CENTRALISED PROCESSES Presidium of basins knowledge Rigorous project ranking Pervasive exploration culture COMPUTATIONAL CAPABILITY Proprietary algorithms Master in seismic imaging Collaborative & parallel workflows 3.0 2.0 ON WA UO2 0.0 Industry Eni Congo LNG Baleine Ph. 1 ...up to 2022 new projects...#11ENERGY EVOLUTION NATURAL RESOURCES INTRO SUPERIOR UPSTREAM PORTFOLIO FEEDING OUR GROWTH FOCUS ON EFFICIENCY & COMPETITIVENESS Rolling averages of technical costs ($/BOE)* 40 2018-20 2019-21 2020-22 UNEQUALLED PAST AND PRESENT QUALITY OF ASSETS Impairments reported in 2017-2022 (B$) 30 50 ADDING HIGH VALUE RESERVES DNCF/BOE OF PROVED RESERVES, AVG 2018-22 ($/BOE) 8.8 FINANCIALS TECHNOLOGY 11 <24 HIGH-QUALITY OF PORTFOLIO with lowest technical costs in the sector with a flat trend Peer 7 4.5 Peer 6 Peer 5 Peer 4 Peer 3 Peer 2 Peer 1 Peer 7 A RESILIENT PORTFOLIO regularly stress tested with lowest carbon scenario *Based on company disclosed data adjusted for consistent comparison basis. Peers include BP, Chevron, ConocoPhillips, Equinor, Exxon Mobil, Shell and Total Energies. Discounted Net Cash flow data are after tax amounts. Impairment data are net pre-tax amounts. Source: annual reports or quarterly result announcements (perimeters may differ from peer to peer). Peers for impairments and DCNF/boe include BP, Chevron, ConocoPhillips, Equinor, ExxonMobil, Shell and TotalEnergies. 7.6 Eni Peers FAST, COMPETITIVE AND SUSTAINABLE#12FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO E&P OUTLOOK VALUE CREATION: HIGH QUALITY BARRELS WITH LOW EMISSIONS UPSTREAM PRODUCTION ~3-4% CAGR (2022-2026) Mboed ~3-4% UPSTREAM NET GHG SCOPE 1+2 EMISSIONS vs PRODUCTION indexed ~800kboed 1.64-1.66 1.61 new production 100 -65% NET CARBON FOOTPRINT (scope 1+2) by 2025 (vs 2018) ORGANIC FCF* PER BARREL (@constant 2023 scenario) $/boe 12 +20% 2022 2023 2023 2026 2022 2023 Production 2024 2025 Net Emissions 2026 FCF pre working capital AVG 2023-2026: ~1.5 $/boe UNIT EXPLORATION COST ~75% lower than industry in the last 10 years* 2023-2026: 2.2 bln boe EXPECTED EQUITY RESOURCES of which 60% gas 12 *Including viable and sold resources. Data refer to 2012-2021 performances. Source: Wood Mackenzie 2023-2026: 2.1 € bln EXPLORATION CAPEX >14#13ENERGY EVOLUTION NATURAL RESOURCES INTRO FINANCIALS TECHNOLOGY GLOBAL GAS & LNG PORTFOLIO RESILIENT AND RE-SHAPED Barcelona Sagunto Cartagena Huelva Fox Cavacu Paniga Pombine Nigeria Congo Angola TMPC GreenStream TTPC LNG/RE-GASIFICATION PLANTS OELL LIQUEFACTION PLANT RE-GASIFICATION EXISTING PLANT NNN RE-GASIFICATION PLANNED PLANT STORAGE CAPACITY GGP EBIT € 2.7-3.0 BLN @2023 Strong outlook despite drop Damietta Quar Mocambique ITALY UK NORWAY CYPRUS ALGERIA LIBYA EGYPT NIGERIA CONGO ANGOLA UNITED ARAB EMIRATES QATAR MOZAMBIQUE AUSTRALIA ROUTES AND PIPELINES LNG FROM ENI EQUITY PROJECTS GAS/LNG EQUITY PROJECTS PIPELINES WITH EQUITY GAS CONTRIBUTING TO SECURITY OF SUPPLY While stepping up value delivery LNG EVOLUTION (contracted volumes, MTPA) 11 9 >18 INDONESIA 2022 2023 2026 GAS SOURCES by region & type 2026 10% Russia Africa 25% 2021 40% Europe Asia 25% LEVERAGING FLEXIBILITY & INCREASING EQUITY With a global portfolio of Gas & LNG projects 15% 2021 Pipe LNG 85% in European hub prices 13 *Source: Eni's elaboration on GIE (Gas Infrastructure Europe) map representing main infrastructures used by Eni. 2026#14FINANCIALS TECHNOLOGY ENERGY EVOLUTION 14 NATURAL RESOURCES INTRO RISING TO THE TRANSITION CHALLENGE ADDING VALUE TO CARBON NEUTRALITY CUTTING SCOPE 1 & 2 CCS AN EMERGING OPPORTUNITY TOWARDS NET ZERO through flaring down, energy efficiency, renewable energy, CCS and high-quality Carbon Offsets NET EMISSIONS REDUCTION OF OUR UPSTREAM PROJECTS through the development of CCS projects and Carbon Offsets generated in Country INTRODUCTION OF NEW LEVERS FOR CREDITS GENERATION such as Clean Cooking, Agroforestry, Carbon Farming and Restoration of Ecosystems UK Hynet 100% WI ITALY Ravenna 50% WI START UP Sleipner Mid 2020s Ph. 1 (storage injection: 4.5 MTPA) After 2030 Ph. 2 (storage injection: 10 MTPA) TOTAL STORAGE CAPACITY 200 MT CO₂ START UP 2024 Ph. 1 (storage injection: 25kton/y) HyNet Bacton End 2026 Ph. 2 (industrial scale storage inj: 4 MTPA) TOTAL STORAGE CAPACITY > 500 MT CO₂ START UP LIBYA 2027 storage injection 2.5 MTPA BES CO₂ 50% WI TOTAL STORAGE CAPACITY 50 MT CO2 www. Ravenna CCS Eni's Storage sites -65% NET CARBON FOOTPRINT (scope 1+2) by 2025 (vs 2018) 30 MTPA CARBON GROSS VOLUME STORED @2030 OPERATIONAL IN NORWAY OTHER INITIATIVES IN EGYPT, AUSTRALIA & UAE COMPETITIVE PORTFOLIO CLOSE TO INDUSTRIAL EMITTERS IN UK AND ITALY NEPTUNE TRANSACTION WOULD ADD FURTHER PROSPECTS#15FINANCIALS 15 TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES UNITED STATES ENI BIOREFINERIES AGRI HUBS INTRO AGRI HUBS: A NEW UPSTREAM GLOBAL PRESENCE WITH DIVERSIFIED PORTFOLIO ITALY KAZAKHSTAN AGRI-FEEDSTOCK FIRST OIL: 2022: Kenya 2023: Congo, Italy, Ivory Coast, Mozambique ALGERIA GUINEA BISSAU IVORY COAST m m CONGO ANGOLA RWANDA KENYA MOZAMBIQUE EVALUATION/SCOUTING ONGOING INITIATIVES 8 countries >15 countries TARGETING AGRI-FEEDSTOCK >700 KTON @2026 & >>1 MTPA @2030 VIETNAM INDONESIA KEY SELECTION CRITERIA: COUNTRY OF PRESENCE (LEGACY) Upstream presence and know how LAND AVAILABILITY Degraded land, monocultures AGRICULTURAL VOCATION Agribusiness, small farmers RESIDUES AVAILABILITY Food industries, plantations BUSINESS ENVIRONMENT Industrial and regulatory#16FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO ENILIVE A WINNING MULTIENERGY, MULTISERVICE HUB BIOENERGY 2nd in HVO production in Europe & 3rd largest operator globally for bio capacity 22 biogases plants Total Eni capacity (MTPA) Venice, IT 0.36 MTPA Gela, IT 0.74 MTPA Chalmette, US 0.55 MTPA MARKETING & SALES Global presence: 150+ • EU: 5.300 stations, of which ~200 methane • Other: Egypt, China and Ecuador ~22% market share in Italy 1.5 mln touchpoints per day 9 5.4 Mt 2022 sales in Italy A winning proposition backed by technological competitive edge Drawing on strengths to enhance performance Growth opportunity and attractive returns 2.1 Mt 2022 sales in EU Eni Agri-hubs provides biofeedstock integration Eni Trade & Biofuels for biofeedstock & product trading TARGETING SCOPE 3 EMISSIONS REDUCTION LOWEST CARBON FOOTPRINT FEEDSTOCK future options to unlock & crystallize further value 16 enilive ~500 320+ 4000+ eni Eni live stations Renewed mobility products and services New offerings beyond mobility#17FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO TRADITIONAL & BIO REFINING SYSTEM FOOTPRINT STRATEGIC PRESENCE WITH RESPECT TO END MARKETS AND SUPPLIES CHALMETTE SCHWEDT BAYERNOIL SANNAZZARO VENICE LIVORNO TARANTO MILAZZO GELA PENGERANG under study DAESAN under study TRADITIONAL OWNERSHIP % CAPACITY K-BBL/D ITALY SANNAZZARO 100 180 TARANTO 100 104 LIVORNO 100 84 WHOLLY-OWNED 368 ITALY MILAZZO 50 200 GERMANY VOHBURG/NEUSTADT 20 205 (BAYERNOIL) SCHWEDT 8.33 228 ABU DHABI ADNOC REFINERY PARTIALLY-OWNED TOTAL 20 20 815 (ENI SHARE) 323 (ENI SHARE) 691 OWNERSHIP % CAPACITY KTPA BIO ITALY VENICE 100 360 GELA 100 736 LIVORNO (UNDER STUDY) 100 500 WHOLLY-OWNED 1600 REFINERIES UNITED ARAB EMIRATES ADNOC REFINING ✓ BIO (EXISTING) BIO (PLANNED) TRADITIONAL USA CHALMETTE PARTIALLY-OWNED MALAYSIA PENGERANG 50 550 550 17 Data on capacity relate to Eni's share of balanced capacity in 2022. UNDER EVAL. 650 (GROSS) SOUTH KOREA DAESAN UNDER EVAL. 400 (GROSS)#18FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO VERSALIS TRANSFORMATION LEADING SUSTAINABLE CHEMISTRY, DRIVING CHANGE, CREATING VALUE VERSALIS PORTFOLIO EVOLUTION (REVENUES %) 2026 18 NOVAMONT ACQUIRED TO BUILD A LEADING BIOPLASTIC POSITION Pioneer in circular bioeconomy sector Leader in development & production of biodegradable and compostable bioplastics & biochemicals Widespread partnerships and collaboration network Strong supply chain in Italy and Europe with concrete opportunities for further development Timing of closing subject to approval by competent authorities 40% 2022 30% 20% 40% SPECIALIZED PRODUCTS OTHER POLYMERS INTERMEDIATES 35% 35% HIGH-SPECIALIZED POLYMERS PORTFOLIO LEADERSHIP IN BIO-BASED CHEMISTRY STRONG PARTICIPATION IN END-USER MARKETS DECARBONIZATION EFFICIENCY & INTEGRATION CIRCULARITY#19FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES 19 INTRO PLENITUDE A JOURNEY OF GROWTH RENEWABLES 100% solar and wind 2.2 >3 RETAIL E-MOBILITY Supply and energy solutions EV charging network >7 >11 10 >10 2022 2023 2026 Installed Capacity (GW) 2022 2023 Customers (M) >30 STRONG GROWTH: 2026 EBITDA 3x vs 2022 EBITDA (€ BLN) 1.8 E-MOBILITY 1.5 ~20 13 RETAIL ~0.9 >0.6 2026 2022 2023 2026 RENEWABLES Owned CPs (k) COMMITMENT TO UNLOCK VALUE growth underpinned by operational outlook Operational KPIs as of 31st December 2022. >13 GW INSTALLED & PROJECTS PIPELINE excluding offshore wind projects completion expected after 2026 SIZEABLE & WORLDWIDE PRESENCE with operations in 15 countries and 2,500 employees EBITDA is adjusted and includes 100% of the consolidated companies and the pro-quota of the non-consolidated companies. Installed capacity figure is in Plenitude share. 2022 2023 2025 2026#20FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO 20 20 NEW ENERGY SOLUTIONS A PORTFOLIO OF TECHNOLOGIES TO MEET DECARBONIZED ENERGY NEEDS OUR PATH TOWARDS DECARBONIZED ENERGY SOLUTIONS 2023 SHORT TERM 2023-26 SOLAR & WIND ENERGY 2026 BIOFUELS MEDIUM TERM 2026-30 BIO & GREEN CHEMICALS BLUE H2 BLUE HYDROGEN 2030 MAGNETIC FUSION LONG TERM POST 2030 GREEN H2 CAPITAL ALLOCATION GREEN HYDROGEN 30% 70% 85% 2026 2030 2040 Traditional Green#21FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO SAFE, SUSTAINABLE, INEXHAUSTIBLE CLEAN ENERGY SOURCE A TURNING POINT IN THE ENERGY SECTOR THROUGH MAGNETIC FUSION BUSINESS TARGET Breakthrough technology for clean energy BENEFITS Carbon free No polluting sub products Highest energy density known source Integrated in existing grid infrastructure ROLE OF ENI Largest shareholder in CFS*, Sits on the BoD, with active role in R&D Strong contribution in technology, supply chain & project management with Eni's people "A STAR IN A BOTTLE" THE NEW YORKER 美圖 MILESTONES AND TIMELINE 2018 Eni invest 50 M$ in CFS becoming its main shareholder SEPTEMBER 2021 Successful test towards achieving magnetic confinement 21 *Commonwealth Fusion Systems (CFS), an MIT spin-out DECEMBER 2021 2025 CFS new funding round exceptional response from the market (>1.8 B$) SPARC pilot plant generating net energy from fusion EARLY 2030S ARC realization the first industrial fusion power plant#22FINANCIALS TECHNOLOGY 22 22 ENERGY EVOLUTION NATURAL RESOURCES INTRO GROWING RETURNS EARNINGS & CASHFLOW DELIVERY IN A STRONGER BALANCE SHEET FCF 23-26 | € BLN Scenario upside +10-20 $ Brent/b UPSIDE CFFO €69 BLN ORGANIC FCF CAPEX USES DIVIDEND BUYBACK DELEVERAGING STRATEGIC FLEXIBILITY € 37 BLN CAPEX ~€9.0 BLN IN 2023 E&P investing for enhanced value & securing supply Satellites accessing additional capital Funding renewables & downstream transformation Portfolio activity positive cash contributor LEVERAGE | % Successful in progressive deleveraging 0.31 0.2 0.13 0.1-0.2 RANGE I….. 2020 2021 2022 2023-2026 CAPITAL STRUCTURE YE 2022 € <20 BLN LONG-TERM DEBT (70% OF THE TOTAL) 86% FIXED INTEREST ON LT DEBT 2.2% AVERAGE COST OF DEBT 100% LT DEBT SUSTAINABLE-LINKED SINCE 2021 EBIT €14 BLN In 2023 1 CFFO €16.5 BLN 1 In 2023 >€69 BLN 2 ROACE ~13% 3 Plan average €47 BLN 2 Over the plan 1 Based on 3Q scenario assumptions. 2 Based on CMD scenario assumptions. 3 Based on CMD constant scenario. Over the plan Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. 2023 Capex updated as per 2Q disclosure. All figures at plan scenario. Leverage is before IFRS 16.#23FINANCIALS TECHNOLOGY ENERGY EVOLUTION NATURAL RESOURCES INTRO SHAREHOLDER DISTRIBUTION A priority commitment funded from organic cashflow A SIMPLIFIED POLICY Target ~25-30% OF CFFO Via a combination of dividends and buyback First priority for CFFO. Balances distribution with reinvestment Share CFFO upside 35% and use flexibility on downside RISING DIVIDEND Scope to raise dividend as underlying business grows & share count reduces ENHANCED DISTRIBUTION €0.94 2023 DPS 7% increase vs 2022; distributed quarterly €2.2 BLN 2023 BUYBACK Commenced in May; completion by April 2024; scope to accelerate and expand if CFFO outlook improves SHARING VALUE ~10.5% YIELD Competitive policy 4 year return ~40% of market capitalisation RESILIENT At bottom of the cycle FLEXIBLE BY DESIGN 35% of upside to buyback ONE OF THE HIGHEST REMUNERATION YIELD IN THE SECTOR (remuneration yields 2023, estimated - %) 14.0% 12.5% 10.7% 10.4% 10.2% 9.8% 9.6% IIII □ Dividend ■Buyback 8.8% 7.5% 23 Remuneration data exclude disposal plans; Share prices closing as of 30 October 2023. Eni yield calculated on announced dividend and share buyback. 1 Payout based on Feb-23 planning scenario. Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8#24CONCLUDING REMARKS 24 "L'energia di sempre e l'energia nuova": tackling the trilemma Simplifying and enhancing our distribution policy Operational and financial delivery: platform for positive outlook The satellite model that differentiates us Integration, diversification, flexibility and technology are core Value to us means economic returns & reduced emissions#25APPENDIX enik#269M 2023 | GROUP RESULTS CONTINUING MOMENTUM THROUGH 2023 EBIT € 11.0 BLN CONFIRMING ONE OF ENI'S STRONGEST PERFORMANCES PROFIT FROM ASSOCIATES € 1.3 BLN CAPTURING HIGHER EARNINGS VIA SATELLITES NET PROFIT € 6.7 BLN CFFO € 12.9 BLN HIGHLIGHTS DIVERSITY OF CONTRIBUTION FROM BUSINESSES STRONG CASH CONVERSION FUNDS DISTRIBUTIONS AND INVESTMENT CAPEX € 6.7 BLN TRAJECTORY TOWARDS LOWERED ~€9BLN GUIDANCE LEVERAGE 15% MAINTAINED AT HISTORICALLY LOW LEVELS KEY QUARTER ACHIEVEMENTS Geng north-1 discovery largest in industry in 2023 Baleine startup < 2 years from discovery Portfolio high-grading Major new LNG supply agreements Significant steps forward for CCS Reached first power deliveries in Dogger Bank New biorefinery under-study in South Korea Novamont acquisition closed 26 Ebit and Net Profit are adjusted. Cash Flows are adjusted pre working capital at replacement cost. Leverage is before IFRS 16 lease liabilities.#27TOP RANKED ESG RATINGS LEADING THE PEER GROUP ON ENVIRONMENT MOODY'S ESG MSCI SOLUTIONS ESG SUSTAINALYTICS ESG RISK RATING ISS ESG CDP CLIMATE CHANGE CDP WATER CA100+ NZ CARBON TRACKER BENCHMARK Absolute Impact 2022 ADVANCED AAA NEGLIGIBLE RISK A+ A A #aligned metrics ADVANCED* 29 1° *** ROBUST WEAK ENI 27 O&G AVERAGE AA MEDIUM B- ** CCC HIGH SEVERE RISK A- D-/F B 21 D- D-/F Eni peers: Shell, Total Energies, BP, Equinor, Chevron, Exxon Mobil, Conoco Philips, Marathon Oil, Occidental, APA Corporation. Average calculated as per last available data. * First out of 30 companies in the European oil & gas sector. ** B- corresponds to Prime status - investment grade. Last review in 2021 *** Eni peers: Repsol, TotalEnergies, BP, Shell, Equinor, Occidental, Chevron, ConocoPhillips, EQT, EOG Resources, Devon, Pioneer, Suncor, Exxon Mobil as per Carbon Tracker Methodology#2828 FOCUS ON INDONESIA A NEW PRODUCTION HUB IN THE KUTEI BASIN Bangka Bontang Indonesia LNG Bontang NORTHERN AREA West Seno Santan PERI MAHAKAM Samarinda GMB SANGA-SANGA ORF Handil MUARA BAKAU Ranggas Gehem- NORTH GANAL Geng North' Gula NORTH GANAL NORTH GANAL Jangkrik NE ARABARAU Gendalo Jangkrik Maha ANAL Gandang Balikpapan PERI MAHAKAM Jangkrik FPU PERI MAHAKAM Merakes E EAST SAN Merakes EAST SEPINGGAN WEST GANAL EAST SEPINGGAN EAST GANAL FROM SIZEABLE PLAYS... We have been in the country since 2001 Equity production is around 80 kboed Discovered resources Northern area 10 Tcf* Southern area 3.5 Tcf* GENG ALIGNS TO OUR DISTINCTIVE STRATEGY FOCUSING ON GAS Exploration upside multi Tcf REINFORCING EQUITY POSITION ALONG LNG VALUE CHAIN IN A KEY MARKET a few Tcf OPTIMISING NEARBY INFRASTRUCTURE AVAILABILITY *gas initially in place EXPLORATION AT SCALE SUPPORTS OUR DUAL ...TOWARDS GROWING A WORLDCLASS GAS HUB X MODEL & FAST-TRACK DEVELOPMENTS June 2023 Acquisition of Neptune Energy EAST GANAL July 2023 Purchase of Chevron's assets SOUTHERN AREA 0 12.5 25 50 I km October 2023 Geng north giant Gas discovery Strengthening Southern area hub Fast tracking a new Northern area hub Further exploration upside potential In both areas LEADING VALUE IN EXPLORATION Share of reserves & economically viable* 80% 60% 40% 20% 0% lulu Eni N M + 5 ७ (1) @ a a a *cumulative 2013-2022 Source: Wood Mackenzie (July 23)#29NEPTUNE ACQUISITION STRATEGICALLY ALIGNED, VALUE ENHANCING 29 EXCEPTIONAL COMPETITIVE ASSETS low risk fit and high-quality FURTHER ENHANCING GGP EQUITY SUPPLY & MATERIALITY with ~4 bcm/y gas into Europe REINFORCING VÅR ENERGI as a leading E&P player in Norway A COMPELLING TRANSACTION EFFECTIVE DATE 1 JANUARY 2023, ANNOUNCEMENT 23 JUNE 2023, CLOSING EXPECTED IN 1Q241 100% CASH TRANSACTION $2.6 BLN INVESTMENT BY ENI GAS WEIGHTED 2P RESERVES >100 KBOED PRODUCTION NET TO ENI Neptune country presence ACCRETIVE OPERATION to earnings, cash flow & decarbonization targets CONSISTENT & ALIGNED to 4YP guidance and targets 1 Closing of the Eni transaction is subject to a number of customary closing conditions, including (i) the carve out of Neptune's operations in Germany, (ii) completion of the Vår transaction (which will occur immediately prior to closing of the Eni transaction; and (iii) the receipt of other customary governmental and contractual consents, FDI and anti-trust clearances. 2 Based on 1Q-2023, net to Eni portfolio inclusive Eni share in Vår Energi. PREDOMINANTLY OECD PORTFOLIO VIA PIPELINE AND LNG ADDS ~50% OPERATED PRODUCTION 2 >$0.9 BLN ACCRETIVE TO CFFO IN 2024 >$0.5 BLN SYNERGIES ADDITIONAL VALUE UPSIDE LOW SCOPE 1+2 OPERATED CARBON INTENSITY WITH 5.9 kgCO2eq/BOE IN 20223 3 Includes Norway 100%#3030 30 CARBON OFFSET REDD+ PROJECTS & OTHER OFFSET LEVERS MEXICO SENEGAL IVORY COAST BENIN KENYA GHANA CONGO ANGOLA RUANDA MOZAMBIQUE NAMIBIA ZAMBIA, MALAWI, TANZANIA OFFSETTING RESIDUAL EMISSIONS WITH HIGH QUALITY CARBON CREDITS DISTRIBUTION OF HIGH EFFICIENCY COOKSTOVES REDUCING THE AMOUNT OF NON-RENEWABLE BIOMASS REQUIRED FOR COOKING VIETNAM, INDONESIA, MALAYSIA DECREASING ASSOCIATED GHG EMISSIONS IN AFRICAN COUNTRIES CARBON OFFSET ~15 MTON CO₂/Y IN 2030#31UPSTREAM 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 31 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 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)#32UPSTREAM KEY START-UPS IN THE PLAN [2/2] COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)A 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 UAE Dalma Gas 32 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%)#33BIOREFINING 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) Enhanced flexibility to 100% 560 kton/y Firm 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. 650 kton/y completion (gross) Under study by 2025 SOUTH KOREA New biorefinery under study (flexible FID by 2024, Under (DAESAN) 33 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