Eni S p A : for 2023 - Executive Summary

2023 EXECUTIVE SUMMARY

Why read Eni for 2023?

Eni for 2023 describes Eni's path to a Just Transition that guarantees access to Just Transition, the just energy transition, with the 2050 target for carbon neutrality, to mitigate costs and share social and economic benefits with workers, suppliers, communities and customers inclusively and transparently. The storytelling is structured according to the three levers of the integrated business model - Carbon neutrality by 2050, Operational excellence and Alliances for development - which define Eni's scope of action to create long-term value for all stakeholders. In contrast to the Consolidated Disclosure of Non-Financial Information, Eni for delves into stories, concrete cases and testimonies to ensure access to efficient and sustainable energy.

MANDATORY REPORTING

VOLUNTARY REPORTING

The 2023 Consolidated Disclosure of Non-Financial Information (NFI), prepared in accordance with the requirements of Legislative Decree 254/2016 (incorporating Eu- ropean Directive 95/2014) and published in the 2023 Annual Report, provides a concise and integrated disclosure of the management model, the policies imple- mented, the principal risks and results related to the various sustainability topics.

Eni for 2023 - A Just Transition, describes Eni's long-term value creation through the three levers of the integrated business model.

Eni for 2023 - Sustainability performance provides an overview of key sustainability performance indicators over 5 years.

The key contents are available in the Executive Summary in summary form.

REPORTING PRINCIPLES AND CRITERIA

Eni for 2023 is prepared per the "Sustainability Reporting Standards" of the Global Reporting Initiative, in accordance with the GRI Universal (2021) and Sector Standard Oil & Gas (2021) and in line with the 10 principles of the Global Compact.

EXTERNAL ASSURANCE

In line with previous editions, Eni for 2023 also underwent a limited assurance audit by the independent auditors (PwC), who audited also the Annual Report, which includes the Non-Financial Statement. Scope 1 and Scope 2 Operated (no equity) GHG emissions are subject to reasonable assurance and this report is included in Eni for - Performance.

Disclaimer

Eni for 2023 is a document published on a yearly basis that contains certain forward-looking statements related to the different topics covered therein. Forward-looking statements are founded on Eni management's reasonable assumptions and beliefs given the information available to them at the time the statements are made. Nevertheless, by their nature, forward‐looking statements involve an element of uncertainty as they relate to events and depend on circumstances that may or may not occur in the future and which are, in whole or in part, beyond Eni's control and reasonable prediction. Actual results may differ from those expressed in such statements, depending on a variety of factors, including, without limitation: the impact of the Covid-19 pandemic, the fluctuation of the demand, the offer and pricing of oil and natural gas and other petroleum products, the actual operating performances, the general macroeconomic conditions, geopolitical factors and changes in the economic and regulatory framework in many of the Countries in which Eni operates, the achievements reached in the development and use of new technologies, development of scientific research, changes in the stakeholders' expectations and other changes to business conditions. The readers of the document are therefore invited to take into account a possible discrepancy between the forward-looking statements included and the results that may be achieved as a consequence of the events or factors indicated above. Eni for 2023 also contains terms such as, for instance, "partnership" or "public/private partnership" used for convenience only, without a technical-legal implication. "Eni" means the parent company Eni SpA and its consolidated subsidiaries. The reporting of GHG Scope 3 emissions and the related targets is not to be understood as the assumption of any legal responsibility in relation to the actual and/or potential impacts of said GHG emissions.

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2023 EXECUTIVE SUMMARY

Message to our stakeholders

For Eni, Just Transition translates into a commitment to managing the social impact of transformation, maximising the opportunities for conversion of existing activities and development of new supply chains that consider the Countries' specificities. (...) Eni has made decarbonization an integral part of its business strategy to achieve carbon neutrality by 2050, with clear intermediate targets.

Claudio Descalzi

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2023 EXECUTIVE SUMMARY

Business model

The business model is aimed at creating long-term value for all stakeholders through a consolidated presence along the entire energy value chain. The Company's mission integrates the Sustainable Development Goals (SDGs) by the United Nations 2030 Agenda and our distinctive approach permeates all our activities. Eni continues its commitment to energy security, continuing to ensure value creation while advancing its transition strategy with a technologically neutral and pragmatic approach aimed at maintaining the competitiveness of the production system and social sustainability.

Essential to the achievement of these objectives are partnerships and alliances with stakeholders. The model combines the use of proprietary technology with the development of an innovative satellite model. This involves the creation of dedicated companies capable of independently accessing the capital market to finance their growth while bringing out the real value of each business. The operation of the business model is focused on the best possible use of all the resources (inputs) available to the organisation and on their transformation into outcomes, through the implementation of its strategy. Eni also organically integrates its business plan with the principles of environmental and social sustainability, deploying its actions along three levers: Carbon neutrality by 2050, Operational excellence and Alliances for development.

(*) At December 31, 2023 and/or in 2023, unless stated otherwise.

1. People involved in local projects could have benefitted from more than one initiative in different areas of opportunity. (***) This figure differs from the one published in the Consolidated Disclosure of Non-Financial Information (NFI) in Eni for, as it does not include only the fully consolidated.

INPUT(*)

516.2 mln total GJ

energy consumption

33,142

employees(***)

over

300,000 km2

oil & gas exploration/ development licences

Agri-feedstock from 7 Countries

10.1 mln

customers

€70 bln

capital employed

~9,900

patents

Strategic acquisitions

€95 mln

investments for local development

€9.2 bln

capex

VALUE CREATION FOR STAKEHOLDERS

Through an integrated presence all along the energy value chain

CARBON	OPERATIONAL	ALLIANCES
NEUTRALITY	EXCELLENCE	FOR
BY 2050		DEVELOPMENT
Products and	Approach to lead	Value creation shared
processes	the transformation	with host countries
decarbonization

STRATEGY E TARGET

D

V

A

E

L

T

U

E

A

C

R

H

E

G

E

A

T

N

C

N

N

A

I

R

N

I

S

R

K

E

M

V

NATURAL

ENERGY

A

RESOURCES

EVOLUTION

O

MISSION

N

G

PROPRIETARY

ENERGY SOURCES

A

E

G

TECHNOLOGIES AND

DIVERSIFICATION

BREAKTHROUGH

E

T

M

A

E

R

SATELLITE

DEEP PORTFOLIO

N

O

MODEL

OF OPPORTUNITIES

T

P

R

O

F

E

C

I

I

N

A

L

I

N

P

C

CIAL DIS

OUTPUT(*)

-10%

Net Carbon footprint upstream (Scope 1+2)

0.40 TRIR

(recordable

injuries/hours

worked)

~900 mln boe

new resources

3.1 GW

Eni Group renewable capacity

1.65 mln ton/y

biorefinery capacity

€4.8 bln

shareholders remuneration

€16.5 bln

adjusted cash flow

€17.8 bln

proforma adj. EBIT

1.66 mln boe/d

hydrocarbon production

~450 thousand

people involved in local development projects(**)

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Context: progress and challenges of the transition

Today around 80% of the world's population is concentrated in emerging Countries where per capita energy consumption is well below that of developed Countries. The real challenge for the energy transition is to ensure universal access to energy while reducing carbon emissions.

THE EVOLUTION OF GLOBAL ENERGY DEMAND

76,000

2023 EXECUTIVE SUMMARY

The Eni framework for the Just Transition

Eni shares its transition path with its stakeholders, including its workers and their representatives, companies operating in the value chain, business partners, communities and consumers in particular.

"PEOPLE-CENTRED" TRANSITION

Final energy consumption per capita (GJ)

200

Key economic and energy indicators in 2022 highlight different starting points, among the regionally selected Countries, the United States has both the highest per capita income and the highest energy demand, while Africa has the lowest

100

Population (millions of people)

GDP per capita (USD 2022, PPC)

1,424

5,800

336

50,400

177

WORKERS

Involvement of workers by anticipating changes.

Ensure a workplace environment where diversity, personal and cultural opinions are considered sources of mutual enrichment.

Transition-In: provide access to decent jobs in decarbonized activities, attract the best talent, and offer equal opportunities to everyone.

SUPPLIERS

Build an ecosystem of companies (current and future suppliers) engaged in a fair and sustainable energy transition.

Guide and support suppliers, especially SMEs, in a path of growth and development through concrete tools and solutions.

Increase companies' and their employees' awareness of energy transition and sustaina-

COMMUNITIES

Promote Local Development projects with a long-term perspective to improve the living standards of host communities, including vulnerable groups.

Contribute to developing adequate economic and social opportunities for all.

Promote access to energy, economic diversification, job opportunities, education and professional training,

CONSUMERS

Support customers by offering innovative energy solutions to help them play a leading role in the energy transition.

Contribute to creating and spreading a culture of sustainable energy use by enhancing the use of renewable energy sources and educating to energy consumption conscious and efficient.

Managing rising energy prices,

Africa	India	Southeast	Latin	China	European	Middle	Japan	Eurasia	United
		Asia	America		Union	East	and		States
			and Caribbean				South Korea

Source: International Energy Agency, "World Energy Outlook 2023".

~760 mln

people have no access to electricity

Transition-Out: priority to up-skill and re-skill programmes; support the reallocation of workers into new or transformed activities.

Support the social protection of workers.

Each of us

Occupational and process safety

People's health Human Rights

bility issues.

Human Rights

Customers and

suppliers

community health, water access, land protection and improved social protection systems.

Occupational and process safety

People's health Human Rights Alliances for development

prioritising vulnerable consumers, removing barriers preventing consumer support transition, also through financial services.

Innovation, Digitalisation and Cyber Security

Customers and suppliers

Over 2 billion

people use biomass for cooking

Human Rights

Carbon neutrality by 2050

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2023  EXECUTIVE SUMMARY

Carbon neutrality by 2050

WHY IS IT IMPORTANT TO ENI?

We are convinced that the energy transition can only be successful if it generates the basis for new and profitable forms of business, and this is precisely what we are doing through our technological expertise and the integration of traditional and transition-related businesses.

2023 PERFORMANCE AND MAIN DECARBONIZATION TARGETS

		RESULTS			TARGETS
GHG EMISSIONS	2023	delta vs.	2024	2025	2030	2035	2040	2050
baseline year

a	(MtCO2eq.)						-30%
Net carbon footprint Eni (Scope 1+2)	26.1			(vs. 2018)
a					-40%
Net carbon footprint upstream (Scope 1+2)	(MtCO2eq.)		8.9			(vs. 2018)

UPS -50%	UPS -65%	UPS NET	ENI NET
ZERO	ZERO

a	(MtCO2eq.)		-21%				NET
Net GHG lifecycle emissions (Scope 1+2+3)	398	(vs. 2018)	-35%	-55%	-80%	ZERO

Net carbon intensity (Scope 1+2+3)a	(gCO2eq./MJ)	65.6	-4%	-15%	-50%	NET
(vs. 2018)	ZERO
FLARING & METHANE
Upstream routine flaringbc	Mld sM3	1.0	-41%	0
		(vs. 2014)
Upstream fugitive methane emissions	k t CH4
6		raggiunto
b			-95%	-80%
			(vs. 2014)	2019
Upstream methane intensityb	%	0.06	-86%	0,2%
(vs. 2014)	ben al di
				sotto
CARBON OFFSET
Carbon offset	(MtCO2eq./y)	5.9d		~15	~20	<25
(including Natural Climate Solutions)

1. KPI used in Eni Sustainability-Linked Financing Framework. Targets are net of Eni's equity stored CO2.
2. Includes operated and joint operated assets.
3. Subject to execution of projects in Libya.
4. From this, 2.4 million tons of CO2eq. were offset for Plenitude customers, using carbon credits, mainly obtained from Natural Climate Solutions (Eni for 2023 - Sustainability Performance).

Some stories of Eni for 2023

• Carbon Offset Initiatives
• 10 Years of Oil and Gas Climate Initiative (OGCI)
• The value of collaboration for new low and zero carbon energy sources
• Eni's commitment to reducing methane emissions and routine flaring
• Capacity growth from renewable sources

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2023  EXECUTIVE SUMMARY

Operational excellence

WHY IS IT IMPORTANT TO ENI?

Our people play a fundamental role in the profound energy transformation underway; they are the essential component of our corporate culture and represent a key lever for value creation.

Eni's commitments

PEOPLE:

• +4 p.p. vs. 2020 of the female population by 2030

RESPECT FOR THE ENVIRONMENT:

• Development of new technologies for waste recovery and implementation on an industrial scale

HEALTH:

• ~€279 mln for Health activities 2024-2027

SAFETY:

• Extension of the Smart Safety initiative to 60 contractors

HUMAN RIGHTS:

• 100% of new projects with Human Rights risk assessed with specific analysis

SUPPLIERS:

• Keep 100% of new suppliers assessed according to

social criteria

TRANSPARENCY, ANTI-CORRUPTION AND TAX STRATEGY:

• Delivery of the Anti-Corruption Compliance Programme course to the entire medium-high risk population

For more information on Eni's commitments

Some stories of Eni for 2023

Partnering with IRENA in skills development for transition

Cooperation with the International Labour Organisation (ILO) on occupational health and safety

Activities under Circular Decommissioning

Oil spill management in Nigeria

The new "Respect for Human Rights at Eni" policy

EITI initiative for the responsible use of resources and to prevent corrupt phenomena ESG supervision in the procurement process

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2023  EXECUTIVE SUMMARY

Alliances for development

WHY IS IT IMPORTANT TO ENI?

Investing in local communities is a direct demonstration that our energy transition path involves the territories. Access to energy, sustainable local development, respect for human rights and environmental protection are the foundations for a just and fair transition.

2030 beneficiaries by sector

103,000	15.9 M	86,000	21,000
access to	access to	access to	economic
education	clean cooking	electricity	development

590,000	1 M	85,000
access to drinking	access to health	environmental and biodiversity
water	services	protection activities

Some stories of Eni for 2023

• Congo - Centrale Éléctrique du Congo (CEC)
• Ghana - Integrated offshore Cape Three Points project
• Egypt - Access to water
• Indonesia - Quality improvement for the environment
• Eni and Luiss University launch the first International Network on African Energy Transition
• Application of the ELCE model to traditional and new businesses

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2023 EXECUTIVE SUMMARY

Eni for - Sustainability report

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