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Credit rating and debt

ENI Capital Markets Day

Rating

Solicited ratings, namely ratings requested by Eni, are provided below.

Credit rating

Long term Short term Outlook Outlook Date
Standard & Poor's A- A-2 Negative 04-Jun-2024
Moody's Baa1 P-2 Stable 22-Nov-2023
Fitch A- F1 Stable 16-Apr-2019

Rating

Rating Date Rating CreditWatch / Outlook CreditWatch / Outlook Date
Standard & Poor's        
Long-Term Rating 30-Aug-2018 A- Negative 04-Jun-2024
  30-Aug-2018 A- Stable 29-Oct-2021
  30-Aug-2018 A- Negative 25-Mar-2020
  30-Aug-2018 A- Stable 30-Aug-2018
  23-Mar-2016 BBB+ Positivo 21-Dic-2017
  23-Mar-2016 BBB+ Stable 23-Mar-2016
  22-Apr-2015 A- Watch Negative 1-Feb-2016
  22-Apr-2015 A- Negative 5-Oct-2015
  22-Apr-2015 A- Stable 22-Apr-2015
  17-Jan-2012 A Watch Negative 22-Dic-2014
  17-Jan-2012 A Negative 20-Dic-2013
  17-Jan-2012 A Watch Negative 16-Jul-2013
  17-Jan-2012 A Negative 17-Jan-2012
  19-May-2010 A+ Watch Negative 8-Dic-2011
  19-May-2010 A+ Stable 19-May-2010
  19-Jun-2008 AA- Negative 03-Sep-2009
  19-Jun-2008 AA- Stable 19-Jun-2008
  1-Apr-1998 AA Negative 04-Dic-2007
  1-Apr-1998 AA Stable 07-May-1998
  1-Apr-1998 AA Negative 1-Apr-1998
Short-Term Rating 22-Apr-2015 A-2    
  19-May-2010 A-1    
  1-Apr-1998 A-1+    
Moody's        
Long Term Rating 23-Oct-2018 Baa1 Stable 22-Nov-2023
  23-Oct-2018 Baa1 Negative 09-Aug-2022
  23-Oct-2018 Baa1 Stable 23-Oct-2018
  09-Mar-2018 A3 Rating sOcto revisione 30-May-2018
  09-Mar-2018 A3 Negative 9-Mar-2018
  24-Mar-2016 Baa1 Stable 24-Mar-2016
  16-Jul-2012 A3 Rating sOcto revisione 22-Jan-2016
  16-Jul-2012 A3 Stable 22-Jul-2014
  16-Jul-2012 A3 Negative 5-Oct-2011
  16-Feb-2012 A2 Negative 5-Oct-2011
  5-Oct-2011 A1 Negative 5-Oct-2011
  13-Sep-2010 Aa3 Rating sOcto revisione 20-Jun-2011
  13-Sep-2010 Aa3 Stable 13-Sep-2010
  23-Jun-2005 Aa2 Negative 29-May-2009
  23-Jun-2005 Aa2 Stable 23-Jun-2005
  25-Aug-1999 Aa3   25-Aug-1999
Short-Term Rating 16-Jul-2012 P-2    
  26-Nov-1999 P-1    
Fitch        
Long-Term Rating 16-Apr-2019 A- Stable 16-Apr-2019
Short-Term Rating 16-May-2019 F1    

Warning to visitors to the site:

Ratings do not constitute a recommendation to buy, sell or hold any financial instruments issued by companies of the Eni group. As aforementioned ratings may be subject to amendment, action, suspension or withdrawal, website users are required to verify current long-term and short-term rating and current outlook.

Net Debt

Leverage and net borrowings

(€ million) December 31, 2023 December 31, 2022 Change
Total finance debt 28,729 26,917 1,812
- Short-term debt 7,013 7,543 (530)
- Long-term debt 21,716 19,374 2,342
Cash and cash equivalents (10,193) (10,155) (38)
Financial assets measured at fair value through profit or loss (6,782) (8,251) 1,469
Financing receivables held for non-operating purposes (855) (1,485) 630
Net borrowings before lease liabilities ex IFRS 16 10,899 7,026 3,873
Lease Liabilities  5,336 4,951 385
- of which Eni working interest 4,856 4,457 399
- of which Joint operators' working interest 480 494 (14)
Net borrowings post lease liabilities ex IFRS 16 16,235 11,977 4,258
Shareholders' equity including non-controlling interest 53,644 55,230 (1,586)
Leverage before lease liability ex IFRS 16 0.2 0.13 0.07
Leverage after lease liability ex IFRS 16 0.3 0.22 0.08

Warning to visitors to the site:

All of the information and figures on this page are correct to December 31, 2023, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.

Long-term debt

Long-term financial liabilities at December 31, 2023, including current portions thereof, are indicated below with their relative maturities.

(€ million) Short-term debt Current portion of long-term debt Long-term debt Total
Banks 2,810  600  1,116  4,526 
Ordinary bonds 1,956  19,535  21,491 
Sustainability-linked convertible bonds   917  926 
Other financial institutions 1,282  356  148  1,786 
4,092  2,921  21,716  28,729 


Maturity year


(€ million) 2024 2025 2026 2027 2028 2029 and thereafter Total
December 31, 2023
Non-current financial liabilities (including the current portion) 3,340  2,689  3,219  2,611  5,520  7,780  25,159 
Lease liabilities 4,092  4,092 
Passività per beni in leasing 1,120  691  476  399  364  2,270  5,320 
Fair value of derivative instruments 2,414  21  40  37  50  2,567 
10,966  3,401  3,735  3,015  5,921  10,100  37,138 
Interest on finance debt 738  676  572  496  389  804  3,675 
Interest on lease liabilities 269  221  188  167  148  668  1,661 
1,007  897  760  663  537  1,472  5,336 
Financial guarantees 1,114 1,114

Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. At December 31, 2023, debts subjected to restrictive covenants amounted to €732 million (€862 million at December 31, 2022). Eni was in compliance with those covenants.

Warning to visitors to the site:

All of the information and figures on this page are correct to December 31, 2023, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.

Debt programmes

Euro Medium Term Notes Programme:

Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €16.8 billion were drawn as of December 31, 2023.

Commercial Paper Programmes:

Eni has in place a Commercial Paper Programme for a maximum total amount of €4 billion.

Notice for users:

All the information and data contained in these pages refer to the situation as at December 31, 2023, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Bonds

The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2023

Ordinary bonds by issuer and currency

(€ million) Amount Discount on bond issue and accrued expense Total Currency Maturity Rate %
Issuing entity
Euro Medium-Term Notes  
Eni SpA 1,250  22  1,272  EUR 2033 4.250
Eni SpA 1,200  14  1,214  EUR 2025 3.750
Eni SpA 1,000  31  1,031  EUR 2029 3.625
Eni SpA 1,000  12  1,012  EUR 2026 1.500
Eni SpA 1,000  1,004  EUR 2030 0.625
Eni SpA 1,000  1,004  EUR 2026 1.250
Eni SpA 1,000  10  1,010  EUR 2031 2.000
Eni SpA 900  901  EUR 2024 0.625
Eni SpA 800  803  EUR 2028 1.625
Eni SpA 750  13  763  EUR 2024 1.750
Eni SpA 750  758  EUR 2027 1.500
Eni SpA 750  (3) 747  EUR 2034 1.000
Eni SpA 679  10  689  USD 2027 variable
Eni SpA 650  655  EUR 2025 1.000
Eni SpA 600  (2) 598  EUR 2028 1.125
Eni SpA 500  503  EUR 2025 1.275
Eni SpA 452  452  USD 2026 variable
Eni SpA 452  (1) 451  USD 2026 variable
Eni SpA 100  104  EUR 2028 5.441
Eni SpA 75  77  EUR 2043 3.875
Eni SpA 70  71  EUR 2032 4.000
Eni SpA 50  (1) 49  EUR 2031 4.800
Eni SpA - Sustainability-linked 1,000  (1) 999  EUR 2028 0.375
Eni SpA - Sustainability-linked 750 14 764  EUR 2027 3.625
16,778  153  16,931 
Other bonds  
Eni SpA 905  912  USD 2028 4.750
Eni SpA 905  906  USD 2029 4.250
Eni USA Inc 362  363  USD 2027 7.300
Eni SpA 317  318  USD 2040 5.700
Eni Plenitude Wind 2022 SpA 17  17  EUR 2031 variable
Eni SpA - Sustainability-linked - Retail 2,000  44  2,044  EUR 2028 4.300
4,506  54  4,560 
21,284  207  21,491 

During 2023, a total of €4,000 million of ordinary bond were issued. The new issues concerned, in particular, a bond of €1,250 million within the Euro Medium Term Notes program and two sustainability-linked bond, the first intended for a retail public of €2,000 million and the second as part of the Euro Medium Term Notes program of €750 million. The sustainability parameters are: (i) Net Carbon Footprint upstream (GHG emission Scope 1 and 2) equal to or less than 5.2 million tons of CO2 equivalent by December 31, 2025; (ii) renewable energy installed capacity of at least or more than 5 GW December 31, 2025. In case the Company misses those targets, a step-up mechanism will be applied, increasing the interest cost.

In addition, within the Euro Medium Term Notes program, a sustainability-linked bond was outstanding for a total nominal amount of €1,000 million which was indexed to achievement of the

following sustainability targets: (i) Net Carbon Footprint upstream (GHG emission Scope 1 and 2) equal to or less than 7.4 million tons of CO2 equivalent by 2024; (ii) renewable energy installed capacity of at least or more than 5 GW by 2025. In case the Company misses those targets, a step-up mechanism will be applied, increasing the interest cost.

Convertible bonds 

During 2023, Eni SpA issued a sustainability-linked senior unsecured convertible bond with an aggregate nominal amount of €1,000 million.  The bonds will be convertible into Eni existing ordinary shares bought under the share buy-back programme approved by the Shareholders’ Meeting held on 10 May 2023. The bonds will have a maturity of 7 years, will be issued at 100% of par and will pay an annual coupon of 2.95%. The conversion price will be €17.5513, representing a premium of 20% above the reference price of €14.6261, which has been determined as the volume weighted average price of Eni ordinary shares on the regulated market of Borsa Italiana on September 7, 2023, between the opening of trading and the pricing of the offering. The bonds will

be linked to the achievement of sustainability targets related to Net Carbon Footprint Upstream (Scope 1 and 2) and renewable energy installed capacity, as detailed in the relevant terms and conditions.

(€ million) Amount Discount on bond issue and accrued expense Total Currency Maturity Rate %
Issuing entity            
Eni SpA - Convertible senior unsecured sustainability-linked bonds 1,000 5 1,005 EUR 2030 2.950
of which financial liabilities 920 6 926      
of which equity 80 (1) 79      

Notice for users:

All the information and data contained in these pages refer to the situation as at December 31, 2022, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Debt Key Ratios

2023
Net Debt (€ mln) 10,899
Lease liabilities (€ mln) 5,336
Equity (€ mln) 53,644
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16 0.20
Net Debt / Equity (Leverage) post lease liability ex IFRS 16 0.30
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16 0.23


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