The Eni investment case

Our 2024-2027 Strategic Plan addresses the challenges and opportunities of the energy market, aiming at different objectives of security, affordability and decarbonisation, and developing levers and business models tailored to the differing countries and industries, while being economically sustainable.
 

The energy scenario is facing an irreversible transition, marked by a complexity that raises many questions about the future mix of technologies, the role of geopolitics in the pace of change, how and when it will be executed in different geographies, and, most importantly, how all of this can be economically sustainable. There will not be a single answer, valid for all, to manage the energy trilemma. Therefore, Eni recognizes that an adaptive strategy is needed to achieve the different objectives of security, affordability, and decarbonization.

We are strongly committed to play a key role in sustainability and over the last years we have built a business model which organically integrates its environmental and social principles. We believe that the development and use of sustainability-linked instruments can help promoting the energy transition process towards a low-carbon future.
 

This section highlights Eni's value proposition.

_{*Share price closing as of 30 June 2024, calculated on announced dividend of 1.00 €/share and share buyback of €1.6 bln assuming a reference Brent price of 86 $/bbl.}
 

We are seizing industrial potential provided by the Energy Transition with a distinctive organisational and financial model, which reduces the capital absorption by new businesses preserving the free cash flow from traditional assets for the benefit of shareholder distribution.

We can develop emerging activities autonomously, usually with third-party funding, accessing new pools of aligned capital and thereby highlighting value creation.

At the same time a satellite structure can also be applied in some upstream geographies, to access operational and financial synergies, maximise growth potential, and, of course, free up more capital for the rest of the portfolio.

1. Natural Resources: capturing value through leading exploration, fast track development, accelerated valorisation and gas optimisation, while cutting emissions
 

• BEST-IN-CLASS EXPLORATION: leading the sector in value creation, feeding Upstream growth & value and focusing on efficiency with a ~4 years Time-to-market
• SUPERIOR UPSTREAM PORTFOLIO: a high-quality and resilient portfolio, with lowest technical costs and impairments reported in the sector in the last years
• A RESILIENT AND RESHAPED GGP: a more diversified and flexible portfolio, with a larger equity component
• AN EMERGING TRANSITION LEVER WITH CCS: adding value to carbon neutrality
• A NEW UPSTREAM WITH AGRI-HUBS: global presence with diversified portfolio to support Enilive vertical integration

2. Energy evolution: developing new transition-oriented businesses with attractive long-term growth and return profiles
 

• PLENITUDE, A JOURNEY OF GROWTH: growing pipeline, financially strong, resilient & diversified
• ENILIVE, A WINNING MULTIENERGY & MULTISERVICE HUB: attractive growth and well-controlled cost profile
• TRADITIONAL & BIO REFINING SYSTEM FOOTPRINT: strategic presence with respect to end markets and supplies
• VERSALIS: leading sustainable chemistry & creating value

3. Technology: a portfolio of technologies to meet decarbonized energy needs
 

• MAGNETIC FUSION: a turning point in the energy sector

4. Financials: a strong balance sheet and flexibility
 

• COMPELLING FINANCIAL STRATEGY: Growing returns with earnings & cashflow delivery
• GROWING RETURNS AND CASHFLOWS: earnings & cashflow delivery in a stronger balance sheet
• SHAREHOLDER DISTRIBUTION: a priority commitment funded from organic cashflow
• CAPITAL ALLOCATION: discipline driving growth with consistent investment

_{Remuneration data exclude disposal plans; Share prices closing as of 30 June 2024.
Eni yield calculated on announced dividend and share buyback.}

We aim at establishing and implementing the most rigorous standards and best practices to achieve the highest ratings’ results in the industry.

Eni’s ratings place or confirm the company in a leading position both in the main ESG ratings and specialised indices.