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Eni’s transformation since 2014

Enabling Investments in Oil&Gas and New Energies.

Claudio Descalzi CEO during capital markets

Our approach to the energy trilemma

We recognise the need to be agile and flexible in responding to a scenario characterised by high volatility and uncertainty, keeping a sharp focus on our strategy to be effective both on near-term targets and on pursuing our long-term transformation and decarbonization. The last 12 months demonstrate how we successfully face these challenges, striking the right balance between short and long-term priorities.

While the urgency of achieving environmental sustainability and changing the energy mix remains a priority on our path to Net Zero in 2050, it is now even clearer that it has to be pursued side-by-side with energy security and affordability, the other essential pillars of the energy system trilemma. This means building a geographical and technological diversification of energy sources, creating in the medium to long term a different energy mix and deploying breakthrough technologies.

The necessity to work for energy security and for environmental sustainability implies greater demand on capital and resources. In order to address this cash allocation issue to strike the right balance between investments and returns, we have developed dedicated entities that are capable of independently accessing capital markets to fund their growth and to reveal the real value of each business.

The following infographic summarizes the main business and financial KPIs.

Eni’s business and financial KPI trends from 2014 to 2024 . The infographic shows three of Eni’s key business and financial performance indicators (KPIs), comparing 2014 data with 2024 data.  Business KPIs  The first graph shows production in millions of barrels of oil equivalent per day (Mboe/d). In 2014, production was 1.58 Mboe/d, while in 2024 it rose to 1.71 Mboe/d, an 8% increase.  The second graph describes installed renewable capacity in gigawatts (GW), defined as a "New business segment". In 2014, capacity was 0 GW, while in 2024 it reached 4.1 GW thanks to exponential growth.  The third graph illustrates biorefining capacity in million tonnes per annum (MTPA), indicated as an area of "Strong growth". In 2014, capacity was 0.40 MTPA and significantly increased to 1.65 MTPA in 2024.  Financial KPIs  The infographic shows three of Eni’s key financial performance indicators (KPIs), comparing 2014 data with 2024 data.  The first graph  shows capital expenditure (Capex) in billions of euros. In 2014, the value was 12.2 billion euros, falling to 8.8 billion in 2024, a 28% reduction.  The second graph  describes adjusted net profit (Net Profit adj) in billions of euros. The value went from 3.7 billion euros in 2014 to 5.3 billion in 2024, an increase of more than 1.4 times.  The third graph  illustrates net debt in billions of euros. In 2014, it was 13.7 billion euros, while in 2024 it decreased to 12.2 billion, an 11% drop.