Credit rating and debt

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

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.

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.

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.

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

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

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.

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