Eni

The role of the administrative, management and supervisory bodies

BOARD OF DIRECTORS

The Board of Directors and the Chairman of the Board of Directors are appointed by the Shareholders' Meeting. In order to allow the presence of Directors designated by minority shareholders, the appointment of Directors takes place through the slate voting system. The current Board of Directors, appointed in May 2023 until the Shareholders' Meeting called to approve the 2025 financial statement, is composed of 9 members. Three Directors were appointed by shareholders other than the controlling one, thus guaranteeing minorities a higher number of representatives than required by law.

ENI'S GOVERNANCE MODEL

Eni's Corporate Governance is based on the traditional Italian model, which – without prejudice to the tasks of the Shareholders' Meeting – assigns responsibility for management to the Board of Directors, supervisory functions to the Board of Statutory Auditors (BoSA) and those of statutory audit to the Independent Auditors. The Board has entrusted the management of the Company to the Chief Executive Officer (CEO), who was last appointed on May 11, 2023, reserving the most significant strategic, operational and organisational responsibilities, in particular in the areas of governance, sustainability, internal control and risk management.

The Board of Directors has set up four internal committees, with preparatory, consultative and advisory functions: the Control and Risk Committee, the Remuneration Committee, the Nomination Committee and the Sustainability and Scenarios Committee, which report, through their respective Chairmen, at each meeting of the Board on the main issues examined.

The Board also confirmed the attribution to the Chairman of the Board of Directors of a significant role in internal controls, in particular with reference to the Internal Audit function, of which it proposes to the Board of Directors, in agreement with the CEO, appointment, dismissal, remuneration and resources, directly managing the relationship on behalf of the Board; the Chairman of the Board of Directors is also involved in the appointment processes of the other main Eni persons in charge of internal controls and risk management, such as the Officer in Charge of preparing the Company's financial reports, the members of the Supervisory Body, the Head of Integrated Risk Management and the Head of Integrated Compliance.

Composition and Diversity

The composition of the Board is also diversified in gender terms, in accordance with the provisions of applicable law and the By-laws, which were amended in February 2020 in view of the renewal of the corporate bodies. In particular, for 6 consecutive terms, the administrative and supervisory bodies must be composed of at least 2/5 of the less represented gender. The number of independent Directors present on the Board (7 out of the 9 Directors in office, of which 8 are non-executive and including the Chairman of the Board of Directors) is confirmed to be higher than the provisions of the By-laws and the Governance Code.

Information provided to and sustainability matters addressed by the Board

The Board of Directors has set up four internal committees, with preparatory, consultative and advisory functions: the Control and Risk Committee, the Remuneration Committee, the Nomination Committee and the Sustainability and Scenarios Committee, which report, through their respective Chairmen, at each meeting of the Board on the main issues examined.

Integrated Risk Management Process

The IRM function presents the relevant results to the CEO, to the Control and Risk Committee, as well as, where required, to the other control and supervisory bodies at least quarterly. The CEO submits the results of the analysis on Eni's main risks to the Board of Directors at least quarterly.

Governance attributes a central role to the Board of Directors (BoD) which defines, on the basis of the analyses proposed by the Chief Executive Officer (CEO) and with the support of the Control and Risk Committee (CCR), with reference to the four-year Strategic Plan, the nature and level of risk compatible with the company's strategic objectives, including in its assessments all the elements that may be relevant with a view to the sustainable success of the company.

Board Committees' Role

Control and Risk Committee: With reference to the composition of the Control and Risk Committee, Eni requires that at least two members shall have appropriate expertise and experience with accounting, financial or risk management issues, exceeding the Recommendation of the Governance Code which recommends only one such member. As of May 11, 2023, the Board of Directors assessed that 3 out of the 4 members of the Committee, including the Chairman, have the appropriate experience.

Sustainability and Scenarios Committee: The Board has established this committee to address sustainability matters and scenarios.

ESG and Sustainability Skills Development

The Directors' skills on ESG and sustainability, among others, have been further strengthened through a structured induction program launched at the beginning of the mandate and extensively developed in 2024.

Integration of sustainability-related performance in incentive schemes

Strategic Plan Integration

Integration of targets and sustainability projects (i.e. Community Investment) within the Strategic Plan and the management incentive program is part of Eni's treatment measures for managing relationships with local stakeholders.

Climate Strategy Incentives

Remuneration policy with short and medium terms incentive plans including targets related to the "climate strategy" in line with the strategic plan is implemented as part of Eni's climate change risk treatment measures.

Structured governance includes a key rule of the Board of Directors in managing the main issues related to the climate change, with specific committees supporting the Board, and the Strategic Plan foresees operational actions for each business to sustain the industrial transformation and to reach targets in the short, medium and long term.

Statement on due diligence

Human Rights Due Diligence

Eni guarantees respect for human rights in the context of its activities and promotes them with its partners and stakeholders, also pursuing operations based on the values of responsibility, integrity and transparency.

Respect and promotion of Human Rights through the implementation of the Human Rights Management Model, impact analysis and the integration of Human Rights perspective in the business processes is part of Eni's approach to managing relationships with local stakeholders.

Supply Chain Due Diligence

Eni promotes the sustainable development of its supply chain, recognizing its key role in the transformation path undertaken. Through a systemic and inclusive approach, Eni shares values, commitments and targets with its suppliers, supporting and involving them in the growth path.

ESG Assessments in Procurement

• Maintenance of ESG assessments in proceedings for more than 90% of the Italian procurement by 2025 compared to 2023
• Proceedings with ESG assessments for 90% of foreign procurement by 2026 vs. 2023
• 100% of strategic worldwide suppliers assessed on the path to sustainable development by 2025

Global Supply Chain Management

Eni's operations use a global supply chain for the procurement of capital goods, raw materials, works and services. The main assets procured were logistics support for the well area and ancillary services, offshore installations, engineering services for the oil and gas sector, professional services and well drilling services.

Stakeholder Engagement Due Diligence

Continuous dialogue with stakeholders to disclose the Eni's sustainable approach, also through social and local development projects and local content valorization, and collaboration agreements with national and international organizations towards Public Private Partnership (FAO, UNDP, UNESCO, UNIDO).

Risk management and internal controls over sustainability reporting

Integrated Risk Management Model

Eni has developed and adopted an Integrated Risk Management Model (IRM Model) supporting Eni's management awareness in taking risk-informed decisions through risk assessment and analysis with an integrated, comprehensive and prospective vision.

The IRM Model is based on a system of methodologies and skills that leverages on criteria ensuring consistency of the evaluations to improve the effectiveness of the analyses, adequacy of support for the main decision-making processes (definition of the Strategic Plan) and to guarantee the disclosure to the administration and control bodies.

Three-Level Control System

The IRM Model is characterized by a structured approach, based on international best practices and considering the guidelines of the Internal Control and Risk Management System, that is structured on three control levels:

Risk Assessment Process

The IRM process ensures the detection, consolidation and analysis of all Eni's risks and supports the BoD to verify the compatibility of the risk profile with the strategic targets, also in a medium/long-term approach.

In 2024, two assessment sessions were performed: the Annual Risk Assessment performed in the first half of the year and in the second half of the year the 4Y Plan Risk Assessment, to support the elaboration process of the 4Y Strategic Plan. The assessment involved all business lines in Italy and abroad (over 40 Countries). The two assessment results were submitted to Eni's management and control bodies in July 2024 and December 2024.

Three monitoring processes were performed on Eni's top risks. The monitoring of such risks and the relevant treatment plans allows to analyze the risks evolution and the progress in the implementation of specific treatment measures planned by management. The top risks monitoring results were submitted to the management and control bodies in March, July and October 2024.

Top Risks Portfolio

Eni's top risks portfolio consists of 20 risks classified in: (i) external risks, (ii) strategic risks and, finally, (iii) operational risks.

Governance Structure

Governance attributes a central role to the Board of Directors (BoD) which defines, on the basis of the analyses proposed by the Chief Executive Officer (CEO) and with the support of the Control and Risk Committee (CCR), with reference to the four-year Strategic Plan, the nature and level of risk compatible with the company's strategic objectives.

Eni's Chief Executive Officer (CEO) implements the BoD's guidelines; the analysis is based on the scope of the work and risks specific of each business area and processes aiming at defining an Integrated Risk Management policy. The CEO also ensures the evolution of the IRM process consistently with business dynamics and the regulatory environment.

Reporting Frequency

At least quarterly, the IRM function presents the relevant results to the CEO, to the Control and Risk Committee, as well as, where required, to the other control and supervisory bodies. The CEO submits the results of the analysis on Eni's main risks to the Board of Directors at least quarterly.

Strategy, business model and value chain

Business Description

Eni is an energy company, integrated along the entire value chain. It has a significant presence in the traditional activities of exploration and production of conventional oil and gas and in the marketing of gas/LNG through an extensive supply portfolio.

In the downstream oil/petrochemicals industry, a major process of transformation and reconversion is underway. Eni is engaged through innovative business models in the development of new energies and decarbonisation services: renewables from solar/wind, biofuels, biochemistry, CO2 capture/sequestration and research lines on new energy paradigms (magnetic fusion, chemical recycling of plastics).

Global Presence

Eni operates in 64 Countries worldwide with ~32,500 employees across:

EUROPE: Albania, Austria, Belgium, Cyprus, Czech Republic, Estonia, France, Germany, Greece, Hungary, Italy, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, The Netherlands, The United Kingdom, Turkey

AFRICA: Algeria, Angola, Congo, Côte d'Ivoire, Egypt, Ghana, Kenya, Libya, Mozambique, Namibia, Nigeria, Rwanda, Tunisia

ASIA AND OCEANIA: Australia, Bahrain, China, Hong Kong, India, Indonesia, Iraq, Kazakhstan, Lebanon, Malaysia, Oman, Pakistan, Qatar, Russia, Saudi Arabia, Singapore, South Korea, Timor Leste, Turkmenistan, United Arab Emirates, Vietnam

AMERICA: Argentina, Brazil, Canada, Colombia, Mexico, The United States, Venezuela

Strategic Approach

The Group's distinctive strategy is founded on competitive advantages, in-house expertise and proprietary technologies as reference points with the aim to grow, create value and transform the Company.

In traditional activities, growth and returns leverage on successful exploration, with an option for early monetisation of discoveries, efficient resource development and the establishment of independent entities in synergy with qualified partners, in focused geographic areas, to pursue development opportunities and profitability.

In activities related to the energy transition, Eni's satellite model involves the establishment of entities engaged in the development of products and solutions with reduced carbon footprint, capable, thanks to the entry of dedicated capital, of growing autonomously and financially independently, releasing value for the parent company, as evidenced by the successes of Enilive and Plenitude.

Business Model Framework

Eni's business model supports the company's commitment to a socially fair energy transition and is aimed at achieving solid financial returns and creating long-term value for the stakeholders through a strong presence along the energy value chain. The company's mission integrates the Sustainable Development Goals (SDGs) of the 2030 Agenda of the United Nations.

The business model combines the use of technologies, largely proprietary, enhancing the value of internal skills and a strategic network of collaborations, with the development of an innovative model which provides for the creation of dedicated companies capable of autonomously finance their growth and, at the same time, to bring out the real value of each business.

Value Chain Overview

Eni is present along the entire value chain – from exploration, development and extraction of resources to the marketing of energy, products and services to end customers – developing robust models of integrated business that enhance their industrial assets and customer base.

Upstream Activities: Oil and gas production, exploration and development, purchase of gas from third parties

Midstream Activities: Trading & shipping, transmission network

Downstream Activities: Traditional and biorefining and petrochemicals, electricity generation, purchase of bio and renewable raw materials, waste and residues, development of agri-feedstock

Customer-Facing Activities: Retail markets, business markets, sustainable mobility, e-mobility, services, food, energy efficiency, photovoltaic, network services, CCUS

Support Activities: Remediation, water and waste into development

Satellite Model

The satellite model is Eni's distinctive approach to creating value:

• Vår Energi (Upstream satellite)
• Azule Energy (Upstream satellite)
• Ithaca (UK Upstream satellite)
• Plenitude (Renewable energy and retail)
• Enilive (Sustainable mobility and biorefining)
• CCUS (Carbon capture utilization and storage)

Strategic Direction

Eni's industrial Plan aims to accelerate value growth and Group diversification, maximizing the benefits of the satellite model, maintaining a robust capital structure and a distribution policy at the top of the industry.

The main elements of the Strategic Plan include:

• Implementation of distinctive and consistent strategy addressing energy market transformation opportunities
• Focussed portfolio of established, new and emerging businesses with robust and integrated business models
• Strengthened financial framework enabling long term sustainable value creation
• Attractive investment proposition with enhanced shareholder distributions

Interests and views of stakeholders

Stakeholder Engagement Approach

Eni implements a transition strategy based on a technologically neutral and pragmatic approach, aimed at maintaining the competitiveness of the production system and social sustainability. Essential to achieve these objectives, the partnerships and alliances with stakeholders are used to ensure an active involvement in the definition of Eni's activities and in the transformation of the energetic system.

Local Communities and Development

According to the so-called "Dual Flag" approach, Eni's action is based on a deep respect for the individual, on knowledge of local instances and on the willingness to engage alongside countries to promote the sustainable development, also through partnerships with nationally and internationally recognized actors.

Eni aims to contribute to the reduction of energy poverty in the countries in which it operates, integrating the development of industrial projects and initiatives aimed at host communities, transferring know-how and skills to local partners.

Partnerships and Collaborations

Eni promotes initiatives to support local communities to promote, in addition to the access to energy, economic diversification, training, community health, access to water and sanitation and land protection, in collaboration with international actors and in line with National Development Plans and the 2030 Agenda.

Collaboration agreements with national and international organizations towards Public Private Partnership (FAO, UNDP, UNESCO, UNIDO) are part of Eni's approach to stakeholder relationships.

Customer Engagement

Eni supports its customers by offering cutting-edge energy solutions to help them play a leading role in the energy transition and communicates with them in an honest and transparent way, providing quality products and services in line with their needs.

Supply Chain Stakeholders

Eni promotes the sustainable development of its supply chain, recognizing its key role in the transformation path undertaken. Through a systemic and inclusive approach, Eni shares values, commitments and targets with its suppliers, supporting and involving them in the growth path.

Institutional Engagement

Institutional activities with relevant national and international counterparties are conducted to overcome crisis situations and manage geopolitical risks. This includes:

• Continuous environmental monitoring focused on critical political/institutional developments
• Regulatory issues monitoring which can potentially affect the businesses
• Monitoring and enhancement of Eni's presence and economic promotion initiatives in countries of interest

Community Investment and Local Development

Integration of targets and sustainability projects (i.e. Community Investment) within the Strategic Plan ensures stakeholder interests are embedded in business strategy.

Over 20 million people are targeted to be reached by 2030 through initiatives to support local communities in the energy access sectors (including clean cooking initiatives), education, water access, economic diversification, health and protection of the territory.

Dialogue and Transparency

Continuous dialogue with stakeholders to disclose the Eni's sustainable approach, also through social and local development projects and local content valorization, ensures ongoing engagement and transparency in communications.

Gas and Power Customer Base

Eni serves 101 million gas & power customers globally, demonstrating the scale of its retail stakeholder engagement.

Investments for local development totaled €88.8 million in 2024, showing concrete commitment to community stakeholders.

Material impacts, risks and opportunities and their interaction with strategy and business model

Strategic Risk Integration

The IRM process ensures the detection, consolidation and analysis of all Eni's risks and supports the BoD to verify the compatibility of the risk profile with the strategic targets, also in a medium/long-term approach. The IRM supports management in the decision-making process by strengthening awareness of the risk profile and the associated mitigations.

Top Risk Categories

Eni's top risks portfolio consists of 20 risks classified in: (i) external risks, (ii) strategic risks and, finally, (iii) operational risks.

Key Strategic Risks and Business Model Impacts

Climate Change Risk

Climate change refers to the possibility of changes in the scenario/weather conditions determining risks related to the energy transition (legislative, market, technological and reputational risks) and physical risk for Eni business in the short, medium and long term.

Treatment measures include:

• Strategic Plan foreseeing operational actions for each business to sustain the industrial transformation and to reach targets in the short, medium and long term
• Resilience through the flexibility of the Strategy, portfolio diversification by developing lower carbon businesses and products
• Assessment of the portfolio resilience through stress test based on low carbon scenarios

Commodity Price Scenario Risk

Commodity Price Scenario involves risks deriving from unfavourable commodities price fluctuation (Brent, natural gas and other commodities) compared to planning assumptions.

Strategic responses include:

• Focus on portfolio resilience and flexibility by monitoring traditional businesses cash generation, new businesses growth, portfolio and capital budgeting optimization
• Diversification of gas/LNG supply portfolio leveraging upstream and GGP integrated initiatives
• Development of biorefining capacity through conversion of traditional refining and selective partnerships

Fall in Demand/Competitive Environment

Risks relating to market demand and supply imbalance or increased competitiveness leading to sale volumes reduction, customer base difficulties, and adverse price trends.

Mitigation strategies:

• Growth in sustainable mobility business and selective development of service stations network
• Restructuring plan for basic chemicals and development of new platforms (specialized polymers, biochemicals, recycling)
• Growth in customer portfolio mainly abroad and increase in power customers share
• Maximization of integration synergies with production from renewable sources and with e-mobility

Material Opportunities and Strategic Alignment

Energy Transition Opportunities

The business model is designed to capture energy transition opportunities through:

Satellite Model: Creation of dedicated companies (Plenitude, Enilive, CCUS satellites) capable of autonomous financing their growth while unlocking value for the parent company

Technology Integration: Use of technologies, largely proprietary, enhancing internal skills and strategic collaborations

Portfolio Diversification: Development of renewables, biofuels, biochemistry, CO2 capture/sequestration and research on new energy paradigms

Operational Excellence Opportunities

Exploration Success: Eni is the leading international explorer with 1.2 Bboe of new resources discovered in 2024, creating future development opportunities and options for early monetization

Integrated Value Chains: Robust business models that enhance industrial assets and customer base across the entire energy value chain

Financial Framework Alignment

Strengthened financial framework to support business resilience and innovation while enabling long-term sustainable value creation, with:

• Leverage in the range of 10-20%
• Cumulative investments of €27 billion by 2028 (net of portfolio transactions)
• CFFO/share growing at 14% CAGR to 2028

Sustainability Integration

The operation of the business model ensures informed and strategic decisions through:

• Materiality analysis that explores the most significant impacts generated by Eni on the economy, environment and people, including those on human rights
• Integrated Risk Management process functional to assess risks and opportunities of the reference context
• Integration of business plan with principles of environmental and social sustainability

Description of the processes to identify and assess material impacts, risks and opportunities

Integrated Risk Management Process

Eni has developed and adopted an Integrated Risk Management Model (IRM Model) supporting Eni's management awareness in taking risk-informed decisions through risk assessment and analysis with an integrated, comprehensive and prospective vision.

The IRM Model is based on a system of methodologies and skills that leverages on criteria ensuring consistency of the evaluations to improve the effectiveness of the analyses, adequacy of support for the main decision-making processes (definition of the Strategic Plan) and to guarantee the disclosure to the administration and control bodies.

IRM Sub-processes

The process, regulated by the Global Procedure "Integrated Risk Management" is continuous, dynamic and includes the following sub-processes:

i) Risk strategy; ii) Integrated Risk Assessment; iii) Integrated Country Risk; iv) Integrated Project & M&A Risk Management.

Assessment Methodology

The risks are assessed with quantitative and qualitative tools considering both the likelihood of occurrence and the impacts that may results from the occurrence of the risk in a defined time horizon.

The assessment usually is expressed as both an inherent and a residual level (taking into account the effectiveness of the mitigation actions) and allows to measure the impact with respect to the achievement of the objectives of the Strategic Plan and for the whole life as regards the business.

The risks are represented on the basis of the likelihood of occurrence and the impact on matrices that allow their comparison and classification by relevance. Risks with economic/financial impact can be also analyzed in an integrated perspective on the basis of quantitative models that allow to define on a statistical basis the distribution of cash flows at risk or to simulate the aggregate impact of risks in the face of hypothetical future scenarios (what if analysis or stress test).

2024 Assessment Activities

In 2024, two assessment sessions were performed:

1. Annual Risk Assessment performed in the first half of the year
2. 4Y Plan Risk Assessment in the second half of the year, to support the elaboration process of the 4Y Strategic Plan

The assessment involved all business lines in Italy and abroad (over 40 Countries). The two assessment results were submitted to Eni's management and control bodies in July 2024 and December 2024.

Monitoring Process

Three monitoring processes were performed on Eni's top risks. The monitoring of such risks and the relevant treatment plans allows to analyze the risks evolution (through the update of appropriate indicators) and the progress in the implementation of specific treatment measures planned by management. The top risks monitoring results were submitted to the management and control bodies in March, July and October 2024.

Materiality Analysis Integration

The operation of the business model is based on the best possible use of all resources available to the organization through the implementation of the strategy. This includes:

• Materiality analysis that explores the most significant impacts generated by Eni on the economy, environment and people, including those on human rights
• Integrated Risk Management process, which is functional to ensure, through the assessment and analysis of the risks and opportunities of the reference context, informed and strategic decisions

Country and Project Risk Assessment

Integrated Country Risk (ICR): Activities regarding the integrated analysis of existing risks in the main Countries of presence or potential interest

Integrated Project & M&A Risk Management: Activities to support the decision-making process for the authorization of investment projects and main transactions

Governance Integration

Governance attributes a central role to the Board of Directors (BoD) which defines, on the basis of the analyses proposed by the Chief Executive Officer (CEO) and with the support of the Control and Risk Committee (CCR), with reference to the four-year Strategic Plan, the nature and level of risk compatible with the company's strategic objectives, including in its assessments all the elements that may be relevant with a view to the sustainable success of the company.

Risk Knowledge Management

Risk Knowledge, training and risk communication activities are carried out, aimed at increasing the dissemination of the risk culture, identifying, developing and strengthening the resources operating in the risk management field across Eni's various businesses and developing the risk knowledge management system.

Transition plan for climate change mitigation

Net Zero Commitment

Eni has embarked on a path that will lead to the decarbonization of processes and products by 2050, considering the emissions generated along the entire life cycle of energy products. This path, achieved through existing and evolving technologies, will allow Eni to break down its carbon footprint, both in terms of net emissions and net carbon intensity.

Target Pathway

Confirmed the Group pathway towards Net Zero by 2050, targeting:

• Net Zero Carbon Footprint upstream by 2030
• Net Zero Carbon Footprint Eni by 2035
• Net Zero GHG Lifecycle Emissions and Net Zero Carbon Intensity by 2050

Transition Technologies

The achievement of the Net Zero goal by 2050 involves the use of available technologies capable of immediately contributing to the reduction of emissions, such as:

Gas as Bridge Energy

Gas component as a bridge energy source in the transition, flanked by investments to reduce CO2 and methane emissions. Eni believes that natural gas has a role as a bridge energy source in the transition, following its accessibility, reliability, versatility and reduced carbon content compared to other fossil fuels.

Biofuels from Organic Sources

Traditional refining technologies applied in the production of biofuels, using raw materials of organic origin, not competing with the food chain in the context of the development of agri-business to contribute to the decarbonisation of transport without sudden changes to existing infrastructures.

Renewable Energy Integration

Renewables through increased installed capacity and integration with the retail business, leveraging a large customer base. Growth of PLENITUDE's installed renewable energy capacity to 15 GW by 2030, enabling it to almost double proforma EBITDA by 2028, to €1.9 billion and grow further to over €2.5 billion by 2030.

Carbon Capture and Storage

Carbon Capture Utilization and/or Storage (CCUS), able to provide a concrete contribution to the reduction of emissions, in particular in hard-to-abate sectors, thanks to the development of hubs for the storage of CO2. Launch in 2025 of the new satellite company related to the CCUS business consolidating the projects in a single entity and leveraging its technical and financial expertise.

Circular Economy Solutions

Technologies for the production of bioplastics and mechanical recycling of used plastics. Versalis transformation includes development of new business platforms such as compounding and specialized polymers, biochemistry and circularity through chemical and mechanical recycling.

Breakthrough Technologies

The scale use of these solutions together with research and development of breakthrough technologies, such as magnetic confinement fusion, can contribute to change the energy paradigm in the long term. Eni is progressing technologies that promise to become breakthrough, namely the magnetic confinement fusion for generating zero-emission electricity, with the goal of starting commercial production at the beginning of the next decade.

Investment Plan

For the next four years, Eni has launched a €33 billion investment plan, equal to €27 billion when considering the contribution of net proceeds from the portfolio program, which will be self-financed through operating cash flows.

Planned expenditures will target:

• Development of upstream projects, mainly gas ones
• Exploration for reserves' replacement
• Build-up of renewable capacity
• Expansion of biorefineries
• Versalis' transformation
• Traditional refinery reconversion

Near-Term Emissions Reduction

Our most recent upstream projects, Baleine in Côte d'Ivoire and Argo/Cassiopea in Italy, are designed to achieve net zero emissions (Scope 1 and 2) from the start-up phase; thanks to these and other efficiency initiatives, net Upstream emissions, in equity share, decreased by 55% in 2024 (vs. 2018 baseline), in line with the Net Zero Upstream goal by 2030.

Methane Emissions Target

In 2024, we published the first Methane Report, reaffirming our goal of reaching near-zero methane emissions by 2030.

Portfolio Transformation

Enilive's target of more than 5 million tonnes of biofuel production capacity by 2030 along with the optionality of SAF to account for more than 2 million tonnes.

Confirmed ENILIVE's target with the capability to generate over 15% of ROACE and probable external investments up to participating interest of about 30%.

Targets related to climate change mitigation and adaptation

Net Zero Targets Timeline

Confirmed the Group pathway towards Net Zero by 2050, targeting:

• Net Zero Carbon Footprint upstream by 2030
• Net Zero Carbon Footprint Eni by 2035
• Net Zero GHG Lifecycle Emissions and Net Zero Carbon Intensity by 2050

Methane Emissions Target

Reaching near-zero methane emissions by 2030 - reaffirmed through the publication of the first Methane Report in 2024.

Upstream Emissions Reduction Target

Net Zero Carbon Footprint upstream by 2030, with significant progress already achieved - net Upstream emissions, in equity share, decreased by 55% in 2024 (vs. 2018 baseline), in line with the Net Zero Upstream goal by 2030.

Business-Specific Targets

Renewable Energy Capacity

Growth of PLENITUDE's installed renewable energy capacity to 15 GW by 2030, enabling it to almost double proforma EBITDA by 2028, to €1.9 billion and grow further to over €2.5 billion by 2030.

Plenitude's renewable capacity is expected to reach 10 GW in 2028, more than double the current level of 4.1 GW.

Biofuel Production

Confirmed ENILIVE's target of more than 5 million tonnes of biofuel production capacity by 2030 along with the optionality of SAF to account for more than 2 million tonnes.

Biofuel production capacity will increase to over 3 million tons/year by 2028, with an important flexibility lever given by SAF optionality.

Chemical Business Transformation

Versalis EBIT break-even by 2027 through transformation plan including setting up of new industrial initiatives consistent with Eni's strategy across biorefining, energy storage initiatives, and development of new business platform of around 10% ROACE by 2030.

Project-Level Targets

Our most recent upstream projects, Baleine in Côte d'Ivoire and Argo/Cassiopea in Italy, are designed to achieve net zero emissions (Scope 1 and 2) from the start-up phase.

CCUS Development Target

Launch in 2025 of the new satellite company related to the CCUS business consolidating the projects in a single entity and leveraging its technical and financial expertise.

Carbon Intensity Reduction

Eni will break down its carbon footprint, both in terms of net emissions and net carbon intensity, achieved through existing and evolving technologies by 2050.

Energy consumption and mix

Renewable Energy Production

Energy production from renewable sources: 4.71 TWh in 2024, compared to 4.0 TWh in 2023 and 2.6 TWh in 2022.

Installed Renewable Capacity

Installed capacity from renewables at period end: 4.1 GW in 2024, compared to 3.0 GW in 2023 and 2.2 GW in 2022.

Power Generation Activities

Thermoelectric production: 20.16 TWh in 2024, compared to 20.66 TWh in 2023 and 21.37 TWh in 2022.

Power sales in the open market: 26.55 TWh in 2024, compared to 27.30 TWh in 2023 and 30.86 TWh in 2022.

Energy Mix Evolution

The business model supports the commitment to a socially fair energy transition through:

• Gas component as a bridge energy source in the transition, flanked by investments to reduce CO2 and methane emissions
• Renewables through increased installed capacity and integration with the retail business
• Development of technologies for bioplastics and mechanical recycling of used plastics
• Carbon Capture Utilization and/or Storage (CCUS) technologies

Future Energy Capacity Targets

Growth of PLENITUDE's installed renewable energy capacity to 15 GW by 2030, with intermediate target of 10 GW in 2028, more than double the current level.

Technology Integration

Eni's technological progresses and the development of new energy solutions will exploit the vast computational capacity of the new HPC6 supercomputer, which represents an essential lever in all business phases and for achieving the Net Zero goal by 2050. This asset complemented by existing space at industrial sites and electricity supplied by gas-fired power plants decarbonized thanks to CCS.

Gross Scopes 1, 2, 3 and Total GHG emissions

Scope 1 GHG Emissions

Direct GHG emissions (Scope 1): 21.2 mmtonnes CO2eq. in 2024, compared to 22.7 mmtonnes CO2eq. in 2023 and 25.0 mmtonnes CO2eq. in 2022.

Scope 2 GHG Emissions

Indirect GHG emissions (Scope 2): 0.6 mmtonnes CO2eq. in 2024, compared to 0.6 mmtonnes CO2eq. in 2023 and 0.6 mmtonnes CO2eq. in 2022.

Scope 3 GHG Emissions

Indirect GHG emissions (Scope 3) - use of sold products: 181.0 mmtonnes CO2eq. in 2024, compared to 173.7 mmtonnes CO2eq. in 2023 and 164.3 mmtonnes CO2eq. in 2022.

Total Lifecycle Emissions

Net GHG Lifecycle Emissions (Scope 1+2+3): 395 mmtonnes CO2eq. in 2024, compared to 398 mmtonnes CO2eq. in 2023 and 419 mmtonnes CO2eq. in 2022.

Net Carbon Footprint

Net Carbon Footprint Eni (Scope 1+2): 23.6 mmtonnes CO2eq. in 2024, compared to 26.2 mmtonnes CO2eq. in 2023 and 30.0 mmtonnes CO2eq. in 2022.

Net Carbon Footprint upstream (Scope 1+2): 6.8 mmtonnes CO2eq. in 2024, compared to 9.0 mmtonnes CO2eq. in 2023 and 10.0 mmtonnes CO2eq. in 2022.

Carbon Intensity

Net Carbon Intensity (Scope 1+2+3): 65.2 gCO2 eq./MJ in 2024, compared to 65.6 gCO2 eq./MJ in 2023 and 66.3 gCO2 eq./MJ in 2022.

Methane Emissions

Direct methane emissions (Scope 1): 16.0 ktonnes CH4 in 2024, compared to 16.6 ktonnes CH4 in 2023 and 26.4 ktonnes CH4 in 2022.

Emissions Performance

Significant progress in emissions reduction:

• Net Upstream emissions, in equity share, decreased by 55% in 2024 (vs. 2018 baseline), in line with the Net Zero Upstream goal by 2030
• Most recent upstream projects, Baleine in Côte d'Ivoire and Argo/Cassiopea in Italy, are designed to achieve net zero emissions (Scope 1 and 2) from the start-up phase

Reporting Methodology Notes

• KPIs are calculated on an equity bases for Net Carbon Footprint metrics
• Considering the update of the Global Warming Potential coefficients by the IPCC in 2024, the 2023 and 2022 data are reported accordingly
• GHG Protocol Category 11- Corporate Value Chain (Scope 3) Standard - Estimated on the basis of the upstream production (Eni's share) in line with IPIECA methodologies for Scope 3 emissions
• KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria for direct emissions reporting

Pollution of air, water and soil

Oil Spills

Total volume of oil spills (> 1 barrel): 2,815 barrels in 2024, compared to 12,719 barrels in 2023 and 5,628 barrels in 2022.

Breakdown by cause:

• Due to sabotage: 2,140 barrels in 2024, compared to 5,094 barrels in 2023 and 5,253 barrels in 2022
• Operational: 675 barrels in 2024, compared to 7,625 barrels in 2023 and 375 barrels in 2022

Air Emissions Data

Direct GHG emissions (Scope 1): 21.2 mmtonnes CO2eq. in 2024, representing direct air pollution from operations.

Direct methane emissions (Scope 1): 16.0 ktonnes CH4 in 2024, compared to 16.6 ktonnes CH4 in 2023 and 26.4 ktonnes CH4 in 2022.

Water Management

Freshwater withdrawals: 127 mmcm in 2024, compared to 109 mmcm in 2023 and 101 mmcm in 2022.

Re-injected production water: 51% in 2024, compared to 42% in 2023 and 43% in 2022.

Reuse of fresh water: 90% in 2024.

Pollution Prevention Measures

Eni is committed to protect the environment through the search for innovative solutions aimed at reducing the impact of its operations, ensuring efficient use of natural resources, the protection of biodiversity and water resources, and the promotion of development models based on regenerative principles of the circular economy.

Reporting Scope

KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards of the Sustainability Statement. The 2023 and 2022 data are reported accordingly.

Water consumption

Water Withdrawals

Fresh water withdrawals: 127 mm³ in 2024, compared to 109 mm³ in 2023 and 101 mm³ in 2022.

Water Reuse and Efficiency

Reuse of fresh water: 90% in 2024, demonstrating strong water efficiency practices.

Re-injected production water: 51% in 2024, compared to 42% in 2023 and 43% in 2022, showing improved water management and reinjection practices.

Water Positivity Target

Declared the ambition to achieve water positivity by 2050 in its operated sites, through an approach that also takes into account actions at the river basin level, inspired by the principles of the Net Positive Water Impact proposed by the CEO Water Mandate.

As part of the CEO Water Mandate initiative, Eni is engaged in achieving water positivity by 2035 in at least 30% of our operated sites, with withdrawals greater than 0.5 Mm³/year of fresh water in water-stressed areas.

Water Resource Protection

Eni is committed to protect the environment through the search for innovative solutions aimed at reducing the impact of its operations, ensuring efficient use of natural resources, the protection of biodiversity and water resources, and the promotion of development models based on regenerative principles of the circular economy.

Reporting Methodology

KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards of the Sustainability Statement. The 2023 and 2022 data are reported accordingly.

Impact metrics related to biodiversity and ecosystems change

Forest Protection Initiatives

Launched Great Limpopo project in Mozambique to protect forests and counteract deforestation causes in line with the UN REDD+ protocol.

Land Protection Commitment

Eni promotes initiatives to support local communities to promote, in addition to the access to energy, economic diversification, training, community health, access to water and sanitation and land protection, in collaboration with international actors and in line with National Development Plans and the 2030 Agenda.

Environmental Protection Approach

Eni is committed to protect the environment through the search for innovative solutions aimed at reducing the impact of its operations, ensuring efficient use of natural resources, the protection of biodiversity and water resources, and the promotion of development models based on regenerative principles of the circular economy, with the aim of maximizing the recovery and valorization of waste and scraps.

Regenerative Development Model

Promotion of development models based on regenerative principles of the circular economy, demonstrating commitment to ecosystem restoration and biodiversity enhancement rather than just impact mitigation.

Resource inflows

Hydrocarbon Resource Development

Net proved reserves of hydrocarbons: 6,497 mmboe in 2024, compared to 6,614 mmboe in 2023 and 6,628 mmboe in 2022.

Organic reserve replacement ratio: 124% in 2024, compared to 69% in 2023 and 47% in 2022, demonstrating successful reserve replacement.

Exploration Success

1.2 Bboe of new resources discovered in 2024, mainly in Indonesia, Côte d'Ivoire, Cyprus and Mexico, creating future development opportunities and options for early monetization of discoveries, consistent with Eni's dual exploration model.

Raw Material Procurement

Purchase of bio and renewable raw materials, waste and residues as part of the value chain for biorefining operations.

Development of agri-feedstock through dedicated initiatives, including agreements such as the one with International Finance Corporation (IFC) for a total financing of $210 million for agri-feedstock development in Kenya.

Supply Chain Resource Inflows

Eni's operations use a global supply chain for the procurement of capital goods, raw materials, works and services. The main assets procured were:

• Logistics support for the well area and ancillary services
• Offshore installations
• Engineering services for the oil and gas sector
• Professional services
• Well drilling services

Water Resources

Fresh water withdrawals: 127 mm³ in 2024, compared to 109 mm³ in 2023 and 101 mm³ in 2022.

Energy Resource Inputs

Oil & gas exp/development licenses: 211 thousand km²

Circular Economy Resource Flows

Promotion of development models based on regenerative principles of the circular economy, with the aim of maximizing the recovery and valorization of waste and scraps.

Development of technologies for the production of bioplastics and mechanical recycling of used plastics as part of resource circularity initiatives.

Resource outflows

Hydrocarbon Production

Hydrocarbon production: 1,707 kboe/d in 2024, compared to 1,655 kboe/d in 2023 and 1,610 kboe/d in 2022.

Energy Products Output

Natural gas sales: 50.88 bcm in 2024, compared to 50.51 bcm in 2023 and 60.52 bcm in 2022.

• Italy: 24.40 bcm in 2024
• Outside Italy: 26.48 bcm in 2024

LNG sales: 9.8 bcm in 2024, compared to 9.6 bcm in 2023 and 9.4 bcm in 2022.

Power Generation Output

Thermoelectric production: 20.16 TWh in 2024, compared to 20.66 TWh in 2023 and 21.37 TWh in 2022.

Power sales in the open market: 26.55 TWh in 2024, compared to 27.30 TWh in 2023 and 30.86 TWh in 2022.

Energy production from renewable sources: 4.71 TWh in 2024, compared to 4.0 TWh in 2023 and 2.6 TWh in 2022.

Refined Products

Refinery throughputs on own account: 24.21 mmtonnes in 2024, compared to 27.39 mmtonnes in 2023 and 27.12 mmtonnes in 2022.

Retail sales of petroleum products in Europe: 7.70 mmtonnes in 2024, compared to 7.52 mmtonnes in 2023 and 7.50 mmtonnes in 2022.

Biofuel Production

Sold production of biofuels: 982 ktonnes in 2024, compared to 635 ktonnes in 2023 and 428 ktonnes in 2022.

Capacity of biorefineries: 1.65 mmtonnes/year in 2024, compared to 1.65 mmtonnes/year in 2023 and 1.10 mmtonnes/year in 2022.

Chemical Products

Production of chemical products: 5,685 ktonnes in 2024, compared to 5,663 ktonnes in 2023 and 6,856 ktonnes in 2022.

Waste and By-products

Total volume of oil spills (> 1 barrel): 2,815 barrels in 2024, compared to 12,719 barrels in 2023 and 5,628 barrels in 2022.

Re-injected production water: 51% in 2024, compared to 42% in 2023 and 43% in 2022.

Circular Economy Outputs

Development models based on regenerative principles of the circular economy, with the aim of maximizing the recovery and valorization of waste and scraps.

Technologies for the production of bioplastics and mechanical recycling of used plastics represent circular economy resource outputs.

Customer-Facing Products and Services

Service stations in Europe at year end: 5,254 in 2024, compared to 5,267 in 2023 and 5,243 in 2022.

EV charging points: 21.3 thousand in 2024, compared to 19.0 thousand in 2023 and 13.1 thousand in 2022.

Retail and business gas sales to end customers: 5.51 bcm in 2024, compared to 6.06 bcm in 2023 and 6.84 bcm in 2022.

Retail and business power sales to end customers: 18.28 TWh in 2024, compared to 17.98 TWh in 2023 and 18.77 TWh in 2022.

Waste

Waste Management Overview

Eni Rewind manages waste treatment for the purpose of remediation activities at Eni sites and owned by Eni Rewind. The company managed a total of about 1.9 million tons of waste in 2024, an increase compared to 2023, sending it for recovery or disposal at external plants. This increase is due to the increase in liquid waste, managed for disposal at external plants, produced in the Refining Evolution and Transformation (REVT) area for the emergency safety measures (MISE) activities of the Sannazzaro site and the land produced in the REVT area in Livorno, for the preparatory activities for the construction of the Biorefinery.

Waste Recovery Performance

The recovery index (ratio of recovered/recoverable waste) was 76.3%, up from 2023 (75%), due to the analytical and granulometric characteristics found in the waste managed during characterization, which made it possible to maximize the start of waste recovery.

Hazardous waste amounts to 27% of the total.

Compared to the total volumes managed by Eni Rewind in 2024, the part relating to Eni customers currently makes up about 80% of the total.

Corporate Level Performance

Total waste managed: ~1.9 million tons

Recovery vs. total recoverable waste: ~77%

Policies related to own workforce

People Value Recognition

Eni recognizes the value of its people as a fundamental element for the success of the company and for this reason guarantees a working environment free from any form of discrimination that favors the full development of everyone's potential, promoting the development of a culture based on dissemination of knowledge.

Health and Safety Standards

Eni also complies with the highest international standards in terms of health and safety and adopts appropriate measures aimed at protecting people and assets.

The achievement of the Net Zero goal by 2050 involves operational excellence, asset integrity and HSE culture of protecting the safety of people in the workplace, communities, the environment, and property from the intrinsic risk associated with the complexity, reach and scale of activities.

Safety Commitment and Culture

The tragic event occurred at the Calenzano storage hub, with its tragic toll of human lives, is absolutely in contrast with our corporate culture and values that prioritize the safety of people and the integrity of our assets. The organization maintains and strengthens its commitment to operational safety and the pursuit of the goal of zero accidents in the workplace, which we continue to support with significant professional and economic resources.

Diversity and Inclusion

Eni guarantees a working environment free from any form of discrimination that favors the full development of everyone's potential.

Knowledge and Skills Development

Eni promotes the development of a culture based on dissemination of knowledge, recognizing the importance of continuous learning and development for workforce success.

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Health and Safety Targets

Confirmed of the TRIR ≤0.40 over the 2025-2028 four-year period

Training and Development Targets

+15% hours of training by 2028 compared to 2024

Gender Diversity Targets

+4 percentage points of female population by 2030 compared to 2020

+3.8 percentage points of female staff in positions of responsibility (Managers and Executives) by 2030 compared to 2020

Zero Accidents Goal

The organization maintains and strengthens its commitment to operational safety and the pursuit of the goal of zero accidents in the workplace, which we continue to support with significant professional and economic resources.

Characteristics of the undertaking's employees

Total Workforce

Total Group employees: 32,492 in 2024, compared to 33,142 in 2023 and 32,188 in 2022.

Business Segment Distribution

Gender Composition

Women in the Labour force: 28.3% in 2024.

Diversity metrics

Gender Diversity

Women in the Labour force: 28.3% in 2024.

Women in managerial positions: +3.4% vs. 2020.

Gender Diversity Targets

+4 percentage points of female population by 2030 compared to 2020

+3.8 percentage points of female staff in positions of responsibility (Managers and Executives) by 2030 compared to 2020

Board Diversity

Female Directors: 4 out of 9 (44%) on the Board of Directors

Male Directors: 5 out of 9 (56%) on the Board of Directors

The composition of the Board is diversified in gender terms, in accordance with the provisions of applicable law and the By-laws, which were amended in February 2020. For 6 consecutive terms, the administrative and supervisory bodies must be composed of at least 2/5 of the less represented gender.

Inclusion Policy

Eni guarantees a working environment free from any form of discrimination that favors the full development of everyone's potential, promoting the development of a culture based on dissemination of knowledge.

Training and skills development metrics

Training Hours

Training hours: 1,027 thousand in 2024.

Training Growth Target

+15% hours of training by 2028 compared to 2024

Knowledge Development Culture

Eni promotes the development of a culture based on dissemination of knowledge, recognizing the importance of continuous learning and development.

Eni recognizes the value of its people as a fundamental element for the success of the company and guarantees a working environment that favors the full development of everyone's potential.

Skills Enhancement

The Directors' skills on ESG and sustainability have been further strengthened through a structured induction program launched at the beginning of the mandate and extensively developed in 2024.

Technology and Innovation Skills

Eni's technological progresses and the development of new energy solutions will exploit advanced capabilities, representing an essential lever in achieving business objectives and the Net Zero goal by 2050.