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Jangkrik FPU, Kutei Basin, Indonesia H1 2025 RESULTS JULY 25, 2025
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2 Deploying innovative financial strategy to unlock value, growth, and strengthen the balance sheet Prioritizing shareholder returns with a growing dividend and an enhanced buyback Driving ~40% CFFO growth by 2030 and materially improving capital returns Reducing leverage towards historically low levels Low-carbon business growth leveraging strategic and competitive advantages Improving returns from mature businesses, converting to new growth platforms Building on proprietary technology, competencies, and existing market positions Positioning early in frontier sectors such as data centers and fusion energy 2030 ROACE GNR >15% >15% ENILIVE; ~10% PLENITUDE 12 - 14% ENI GROUP GROWING RETURNS OUR VALUE PROPOSITION – KEY FEATURES GLOBAL NATURAL RESOURCES CORPORATE TRANSITION & TRANSFORMATION Enabling efficient Upstream growth through exploration and portfolio quality Integrating equity gas production into the LNG chain. Leading FLNG player Enhancing margin capture via trading Advancing CCS with a distinctive model TECHNOLOGY AND INNOVATION
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3 H1 2025 | HIGHLIGHTS DELIVERING ON OUR COMMITMENTS EBIT PRO FORMA1 €6.4 bln of which: EBIT €4.5 bln INCOME FROM INVESTMENTS €0.6 bln NET PROFIT1 €2.5 bln CFFO1 €6.2 bln ORGANIC CAPEX €3.9 bln LEVERAGE2 19% (proforma 10%) EXPLORATION Namibia, Ivory Coast and Norway UPSTREAM, GGP & CCS Start-up of Johan Castberg, Balder X and Merakes East Agreement with YPF for Eni’s participation in the Argentina LNG project Signed US LNG supply contract with Venture Global Financial close for the Hynet Liverpool Bay CCS project First agri-hub in the Republic of the Congo PORTFOLIO Framework Agreement with Petronas for Indonesia-Malaysia business combination Valorization of West Africa assets agreed with Vitol Agreement with GIP for the sale of a co-control stake in Eni CCUS Holding ENILIVE Start-up of SAF production at Gela biorefinery Launch of new biorefinery project in Sannazzaro PLENITUDE Advanced PV plants in Spain with +290 MW under construction and +130 MW in operation Offer to acquire Acea Energia VERSALIS Closure of Brindisi cracker in March and Priolo in July ahead of plan. Start-up of recycled polymer production at Porto Marghera PORTFOLIO Completion of KKR 30% investment into Enilive Completion of EIP 10% investment into Plenitude Agreement with Ares for the sale of a 20% in Plenitude’s share capital 1EBIT and Net Profit are adjusted. Cash Flows are adjusted pre-working capital at replacement cost. 2Leverage: calculated as the ratio between net borrowings and shareholders’ equity, including non-controlling interest before IFRS 16 lease liabilities. FINANCIAL RESULTS GLOBAL NATURAL RESOURCES TRANSITION & TRANSFORMATION
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Q2 2025 | EARNINGS SUMMARY CREATING VALUE AMID CHALLENGES E&P Production in line with guidance with results reflecting price sensitivities GGP Normal lower seasonal trading performance with gains from a contract re-negotiation driving FY guidance upgrade ENILIVE Seasonal improvement driven by Marketing while biofuel market conditions in Europe begin to recover PLENITUDE Good retail performance and continued progress in renewable production growth REFINING Improved q-o-q on higher SERM and better utilization VERSALIS Early improvement signs but accelerating transformation expected in H2 OTHER ITEMS Tax rate 47% on favorable Upstream mix effects, EBIT mix and optimization 2.4 2.7 1.9 2.2 1.1 1.1 0.4 0.3 -0.2 -0.2 0.8 -1.1 GNR Transition Businesses t Other Ebit Proforma JV/Associates contribution Ebit Finance Expense Income from Investments Pre Tax Earnings Income taxes & NCI Net Profit € BLN EBIT, EBT and Net Profit are adjusted. 2.8 0.3 E&P GGP & POWER Plenitude Enilive4 Transformation
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3.4 2.0 >4 2.8 H1 25 CFFO Working Capital Organic Capex Portfolio Distribution Lease Repayment Other & FX H1 Net Debt Reduction Proforma Net disposals H1 2025 | CASHFLOW SUMMARY CONSISTENT CASH DELIVERY FROM EARNINGS CASH INFLOWS ALLOW FOR CONTINUED DELEVERAGING CFFO performance continues to validate the satellite model Working capital Q2 release offsetting seasonal Q1 build Capex down 5% y-o-y in line with <€8.5 bln FY and with no impact on project delivery Excellent progress in portfolio initiatives supports efficient capital deployment Distribution includes €0.3 bln from the new share buyback program launched in May, 1.5% of our equity repurchased in H1 >€6 bln net debt reduction on a pro-forma basis Quarter-end proforma leverage at 10%, gearing at 9% 5 CASH FLOW RESULTS | € BLN Incl. €3.6 bln for KKR investment into Enilive and €0.2 for EIP into Plenitude BUYBACK DIVIDEND CFFO is adjusted pre-working capital at replacement cost.. Gearing: calculated as the ratio between net borrowings and capital employed net. H1 WC release 6.2 Q2 Q1 Capex -5% y-o-y ‘25 BB ‘24 BB
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BUSINESS COMBINATION WITH PETRONAS DEVELOPING A KEY REGIONAL PLAYER 6 OPERATIONAL FEATURES 11 producing assets >300kboed of initial production, primarily gas >500kboed in 4-5 years FOCUS ON EXPLORATION UPSIDE 10 bln Boe of resources >10 high impact wells planned CASH OUT UPSIDE Cash compensation for exploration success Farm down of retained equity BUILDING A FINANCIALLY SELF-SUFFICIENT NEWCO High bankability to fund development Distribute dividends GOVERNANCE STRUCTURE 50:50 ownership Operational responsibility follows legacy ownership Significant and relatively low risk, near field exploration potential identified in the Kutei area Deep geological knowledge of the basins ENI ASSETS ~2 Bboe Discovered in last 15 years in Kutei Basin by Eni Integration with key assets and existing infrastructure enabling accelerated value creation Framework Agreement June 2025 Memorandum of Understanding February 2025 NEWCO MILESTONES Final Agreements 4Q 2025 (e)
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BUILDING MOMENTUM THROUGH ‘25 Upstream start-ups and ramp-ups 25% increase in Renewable capacity Advancing biorefinery pipeline with 4 projects Pushing ahead with Versalis transformation CONCLUDING REMARKS 7 CONTINUED PORTFOLIO FOCUS Progressing Indonesia- Malaysia combination Closing West Africa Upstream valorization and Ares investment into Plenitude CCUS Satellite with GIP MAINTAINED FINANCIAL STRENGTH Significant balance sheet strengthening through value- accretive transactions with clear strategic alignment Keeping the company 25YE proforma leverage in a 15%-20% range EFFICIENT CAPITAL MANAGEMENT FY gross capex < €8.5bln and net capex < €6 bln Buyback underway as part of our continued distribution commitment Confirming €1.05/share and €1.5 bln share buyback for 2025
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H1 2025 RESULTS JULY 25, 2025 Q&A Livorno Refinery, Italy
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2025 GUIDANCE UPDATE 9 GROUP CFFO GGP PRO-FORMA EBIT ENILIVE PRO-FORMA EBITDA PRODUCTION PLENITUDE PRO-FORMA EBITDA €11.0 bln €0.8 bln ~€1.0 bln €1.5 bln 1.7 Mboed €1.05/share >€1.1 bln Below €6 bln €11.5 bln ~€1 bln Confirmed Confirmed Confirmed Confirmed Confirmed Confirmed 65 41 3.5 1.10 BRENT ($/bbl) PSV (€/MWh) SERM ($/bbl) EXCHANGE RATE (€/$) 70 42 4.0 1.10 APRIL 2025 JULY 2025 NET CAPEX DIVIDEND BUYBACK E&P Robust operational delivery in line with full-year production guidance Q3 Production expected in the 1.70-1.72 Mboed range RAISED GGP, CFFO ANDCASH INITIATIVES GUIDANCE STRONG BALANCE SHEET Consistent delivery supporting high cash conversion 2025 leverage within 15-20% range on a proforma basis CAPEX DISCIPLINE Moving ahead with the investment plan optimization SHAREHOLDER RETURNS Confirm FY ’25 dividend to €1.05/share (+5% YoY) Launched the new share buyback program in May SCENARIO €2 bln €3 blnCASH INITIATIVES
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SENSITIVITY UPDATE 10 SENSITIVITY 2025 EBIT adj (€ bln) EBIT adj pro-forma (€ bln) Net adj (€ bln) CFFO before WC (€ bln) Brent +1 $/bbl 0.18 0.27 0.15 0.12 European Gas Spot Upstream +1 $/mmbtu 0.09 0.23 0.10 0.09 +1 €/MWh 0.03 0.07 0.03 0.03 Std. Eni Refining Margin +1 $/bbl 0.12 0.12 0.08 0.12 Exchange rate €/$ +0.05 €/$ -0.30 -0.47 -0.19 -0.46 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.
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1 2 OUR SATELLITE MODEL UNLOCKING THE FULL POTENTIAL 11 Accounting – H1 2025 Equity accounted EBIT (€ bln) n/a Pro-forma EBIT (€ bln) 1.70 Tax rate (%) 68% Net Income (€ bln) 0.47 Dividends (€ bln) 0.71 Minority Interests (€ bln) n/a -20% 20% 60% 100% 2022 2023 2024 2025 ITHACA Leading UKCS player VÅR ENERGI Leading independent player in Norway MALAYSIA/INDONESIA Proposed JV with Petronas PLENITUDE 10% EIP Equity investment Agreement with Ares for 20% stake sale ENILIVE 30% Equity investment completed with KKR CCUS Exclusivity agreement signed with GIP 1TSR since IPO: +93%; Share price gain: +23% 2TSR since completion of the combination: +68%; Share price gain: +44% Share prices as per closing July 18th 0 2 4 6 8 10 12 Eni EIP Ares KKR Multiples I EV/EBITDA Accounting – H1 2025 Fully consolidated EBIT (€ bln) 0.60 Pro-forma EBIT (€ bln) 0.58 Tax rate (%) 35% Net Income (€ bln) 0.35 Dividends (€ bln) n/a Minority Interests (€ bln) 0.05 UPSTREAM AZULE ENERGY 50-50 business combination with BP in Angola TRANSITION FOCUSED BUSINESSES Management focus on specific geographies and basins and new business models INTERNAL COMPLEMENTARITY Balancing cash generation and growth. Delivering operational and financial synergies NEW AND ALIGNED CAPITAL Solving for capital needs at appropriate cost MEASURABLE VALUE €12 bln Free Cash since 2019 and additional ~€13 bln in the 4YP Outstanding share returns on listed Upstream Significantly accretive valuations realized for Transition businesses
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PORTFOLIO ACTIVITY AND LEVERAGE OUR BALANCE SHEET STRENGTH 12 LEVERAGE | % PROFORMA* 4YP GUIDANCE RANGE *Considering the incoming cash-ins of the Vitol investment in the Upstream projects, the acquisition of a 20% stake in Plenitude by ARES, and other minor agreed transactions. 10% 9% 0 5 10 15 20 25 30 35 40 2000- 2004 2005- 2009 2010- 2014 2015- 2019 2020 2021 2022 2023 2024 H1 2025 DEBT REDUCTION Progressive debt reduction, >€6 bln on a pro-forma basis Execution exceeded internal and market expectations STRONG BALANCE SHEET Leverage reduction places company in a significantly stronger position than previous downturns Proforma leverage now at a historic low of 10%, 5pp lower versus Q4 24 FOREX translation effects on equity have had a 2PP impact on measured leverage Gearing • Reported 16% • Pro forma 9% Net debt/EBITDA • Reported 0.6x • Pro forma 0.3x End ‘08 - 38% End ‘14 - 22% End ‘19 - 24% 2% of which FX IMPACT vs 2024
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STRATEGIC CAPITAL STRENGTH PRESERVING INVESTMENT-GRADE FINANCIAL STANDARDS STRONG AND FLEXIBLE FINANCIAL POSITION OPTIMIZING LIQUIDITY FOR VALUE CREATION €28 bln of available liquidity ENABLING ACCESS TO LOW- COST CAPITAL Net cost of debt in 2025 estimated at below 1.5% MAINTAINED HIGH-QUALITY LT RATINGS • S&P A- (neg outlook) • Moody’s Baa1 (pos outlook) • Fitch A- (stable outlook) 13 -30% -10% 10% 30% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Eni Q4 2023 Q4 2024 Q1 2025 Q2 2025 Leverage: calculated as the ratio between net borrowings and shareholders’ equity, including non-controlling interest before IFRS 16 lease liabilities. 10% LEVERAGE | %
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FOCUS Global Natural Resources EXECUTING ON HIGH-RETURN PROJECTS 14 ADJ. EBIT PRO-FORMA | € BLN • Mature asset divestments completed in 2024 • West Africa valorizations agreed with Vitol • 1.3% production growth q-o-q confirms underlying trend • 1H start-ups – Merakes, Johan Castberg, Balder X • 2H start-ups – Agogo, NGC, Congo LNG Ph2 • Significant new access - Indonesia/Malaysia JV; Argentina LNG • ~600Mboe of discovered resources in 1H25 • LNG sales up +27% y-o-y • Raised FY pro-forma EBIT guidance to €1 Bln • 2M tonne/year supply contract for US LNG export signed with Venture Global E&P GGP 2.7 1.7 0.9 0.8 0.4 0.4 3.9 2.8 Q2 2024 Q2 2025 E&P E&P Associates GGP & Power SCENARIO Realisations -11% y-o-y - Liquids -19% - Natural gas -2% E&P results in-line with sensitivities Raised outlook for GGP HIGH-GRADING E&P PORTFOLIO Resilient financial performance Long-term visibility Continued exploration success Significant contribution from satellites GROWING GAS VALUE CHAIN Integrating our equity gas production into the LNG chain to maximise value • Thermoelectric production up 8% y-o-y POWER
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FOCUS TRANSITION BUSINESS UNLOCKING VALUE IN TRANSITION ASSETS SCENARIO Biofuels spreads showing signs of recovery in Europe Italian PUN Index GME +7% SATELLITE STRATEGY 30% investment by KKR into Enilive at implied ~12X EV/EBITDA Ares confirms attractiveness of growth/returns/risk profile 20% investment by Ares into Plenitude at implied ~11x EV/EBITDA Confirming proforma EBITDA guidance of the transition satellites 15 ADJ. EBITDA PRO-FORMA | € BLN • Capacity up +45% y-o-y (4.5 GW) • Energy production from renewables up 23% y-o-y • Growth in Renewables complemented by resilient retail results • Agreement with Ares for investment into 20% of Plenitude’s share capital ENILIVE • Reached ~1 MTPA capacity under construction • Product diversification and optimized slates mitigated a bottomed macro • Confirmed value of integration with resilient marketing and captive retail sales up y-o-y • KKR's stake in Enilive raised to 30% PLENITUDE 0.26 0.26 0.21 0.21 0.47 0.47 Q2 2024 Q2 2025 Plenitude Enilive
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3.7 2.7 Q1 25 EBIT PRO FORMA Scenario Upstream Volumes & Efficiency Performance GGP Scenario Performance Scenario & Performance Seasonality Other Q2 25 EBIT PRO FORMA Q2 2025 vs Q1 2025 EARNINGS 16 GLOBAL NATURAL RESOURCES DOWNSTREAM EBIT PRO FORMA | € BLN PLENITUDEENILIVE SCENARIO (Q/Q) Realisations -8% q-o-q - Liquids -10% - Natural gas -6% Italian PUN Index GME -26% q-o-q E&P Resilient performance despite a weaker scenario GGP Stabilizing results, with continued success in capturing margin upside ENILIVE Stronger on better marketing and bio optimizations PLENITUDE Ramp-up in renewable installed capacity, lower retail scenario DOWNSTREAM Refining almost at breakeven, Versalis restructuring program begins to yield some benefits
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2.7 2.2 Q1 25 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Performance GGP Scenario Performance Scenario & Performance Seasonality Scenario Associates Performance Associates Other Q2 25 Adjusted Pre-tax Q2 2025 vs Q1 2025 EARNINGS 17 GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDEENILIVE ADJUSTED PRE-TAX | € BLN SCENARIO (Q/Q) Realisations -8% q-o-q - Liquids -10% - Natural gas -6% Italian PUN Index GME -26% q-o-q Similar trends evident on a q/q basis when looked at via EBIT
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3.4 2.2 Q2 24 Adjusted Pre-tax Scenario Upstream Volumes & Efficiency Scenario & GGP one-off Performance GGP Scenario MTA & Performance Scenario & Performance Scenario & Performance Scenario Associates Performance Associates Other Q2 25 Adjusted Pre-tax Q2 2025 vs Q2 2024 EARNINGS 18 ADJUSTED PRE-TAX | € BLN GLOBAL NATURAL RESOURCES DOWNSTREAM PLENITUDEENILIVE SCENARIO Realisations -11% y-o-y - Liquids -19% - Natural gas -2% Italian PUN Index GME +7% E&P Strong underlying delivery despite a significantly weaker environment, with Brent down 20% GGP Stabilizing results TRANSITION BUSINESS Positive performance of marketing activities in Enilive Growth in Renewables complemented by resilient retail results in Plenitude DOWNSTREAM Refining close to breakeven, with early benefits emerging from Versalis restructuring
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a Average yearly production in peak year/at plateau Operatorship legend: Y (yes), N (no) UPSTREAM MAIN PROJECTS IN EXECUTION COUNTRY PROJECT ENI OPERATORSHIP W.I. PRODUCTS START UP PRODUCTION (Kboed – 100%)a ANGOLA (Azule Energy) Agogo West Hub Integrated N* 18% Liquids Q3 2025 180 NGC Quiluma & Mabuqueiro N* 19% Gas 2026 100 CONGO Congo LNG Y 65% Gas/Liquids Dec 2023 Nearshore ph. Q4 2025 Offshore ph. 120 EGYPT Melehia ph.2 Y 76% Liquids/Gas 2026 (Gas Plant) 25 (Oil&Gas) INDONESIA Southern Hub Y 85% Merakes East 70% Maha Gas May 2025 2026 50 KAZAKHSTAN KEP 1B KPO Y 29% Liquids 2026 15 LIBYA A&E Structure Y 50% Gas 2027 (Struct. A) 160 Bouri GUP Y 100% Gas 2026 20 NORWAY (Vår Energi) Balder X N* 58% Liquids Jun 2025 70 Johan Castberg N 19% Liquids Mar 2025 200 Halten East N 16% Gas Mar 2025 60 NIGERIA Bonga North N 13% Liquids 2028 110 QATAR North Field Expansion (NFE) N 3% Gas 2026 1350 UAE Dalma Gas N 10% Gas Q4 2025 60 Umm Shaif LTDP 1.0 N 10% Liquids Q4 2025 60 Umm Shaif LTDP 2.0 N 10% Liquids 2027 120 Hail & Gasha N 10% Gas 2028 340 19 *Operated by a Eni’s satellite
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20 PLENITUDE RENEWABLES KEY PROJECTS COUNTRY PROJECT WORKING INTEREST EQUITY INSTALLED CAPACITY (MW) TECHNOLOGY COMPLETION YEARLY PRODUCTION (GWh) SPAIN Caparacena, Guillena, Villarino, Renopool, Grijota, La Flota, Entrenúcleos, Orense 100% 1,430 2024-2028 2,950 USA Sandrini BESS 80% 45 2025 65 GREECE Toumba, Mandria 100% 160 2025-2026 250 ITALY Tarsia, Assemini aree interne, Ferrandina and others 100%/65%/51% 110 2025-2026 220 KAZAKHSTAN Mangystau 51% 65 2025-2027 200 UK Dogger Bank 13% 470 2023-2027 2,250 SOLAR PV OFFSHORE WIND B STORAGE ONSHORE WIND B In Spain, around 840 MW are already installed. In UK, around 110 MW of Dogger Bank are already installed. For Storage BESS, the yearly production refers to the 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. H1 2024 FY 2024 H1 2025 FY 2025 (e) PLENITUDE NET CAPACITY (GW) 3.1 4.1 4.5 >5.5 PLENITUDE GROSS CAPACITY (GW) 3.6 5.1 5.8 >7
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21 ENILIVE BIOREFINING PROJECTS COUNTRY PROJECT WORKING INTEREST TOTAL CAPACITY (kton) FID START UP ITALY Livorno 100% Enilive ~500 January 2024 2026 MALAYSIA Pengerang JV with Petronas & Euglena 650 July 2024 & EPC awarded 2028 SOUTH KOREA Daesan/Seosan JV with LG Chem 400 July 2024 & EPC awarded 2027 ITALY Sannazzaro 100% Enilive 550 2025 (expected) December 2027 ITALY Priolo 500 2025 (expected) December 2028
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Q2 2025 MARKET SCENARIO 22 6.4 3.8 4.8 2Q 2024 1Q 2025 2Q 2025 33 48 38 2Q 2024 1Q 2025 2Q 2025 1.077 1.052 1.134 2Q 2024 1Q 2025 2Q 2025 84.9 75.7 67.8 2Q 2024 1Q 2025 2Q 2025 BRENT| $/bbl EXCHANGE RATE| €/$ *New indicator has been calculated based on a new methodology which considers a revised industrial set-up in connection with the planned restructuring of the Livorno plant and implemented optimizations of utilities consumption, as well as current trends in crude supplies building in a slate of both high-sulfur and low sulfur crudes. PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl