Eni’s value proposition and strengths

Our 2023-2026 Strategic Plan is addressing the challenges of the current energy market to deliver secure and sustainable energy to customers, while accelerating the path to net-zero. This section highlights Eni's value proposition.

^{*Share price closing as of 30 June 2023, calculated on announced dividend of 0.94 €/share and share buyback of €2.2 bln assuming a reference Brent price of 85 $/bbl.}

Technology, and specifically, proprietary technology, is at the foundation of our strategy. This has been the case in the past, for our traditional businesses, and even more now to face the complexity of the energy transition.

Technology underpins the development of new businesses and allows us to be at the forefront of market change, so we can bring to scale and provide new solutions to customers more quickly, generating stronger returns. In line with this approach, we have decided to merge into a dedicated entity our biorefining business with the marketing of low carbon products and services for sustainable mobility, a winning customer-centric proposition along our downstream value chain.

In this context, a stakeholder alliance is a necessary condition to effectively deploy the new models and the new technologies, removing barriers to change and involving everyone in the transformation of the energy system.

The new and innovative business structures that target challenges and opportunities of energy markets, have the following purposes:

• Accelerating growth & decarbonization
• Deeper operational focus
• Access to diversified capital markets
• Tailored capital allocation
• Strategic and financial flexibility

• In addition to our 2022 dividend of 88c/share we repurchased 5.5% of shares in issuance for an average price of €12.3. This implies a total payout of 27% of our adjusted CFFO, entirely organically funded.
• Our excellent financial and strategic progress provides scope to enhance and simplify our remuneration policy. Going forward we intend to distribute between 25%-30% of annual CFFO by way of a combination of dividend and share buyback.  Expected underlying performance improvement and the buyback provides scope for the dividend to continue to rise in the coming years.
• For 2023 the dividend expected to be paid is €0.94/share, a 7% increase on 2022. With our expectation for the scenario and the performance of the business we started our 2023 share repurchase program of €2.2bn from May. Against our previous policy this represents a doubling of the buyback at the same scenario. In conditions that exceed our scenario we expect to apply 35% of incremental cashflow to additional buybacks.

^{Remuneration data exclude disposal plans; Share prices closing as of 30 June 2023. 
Eni yield calculated on announced dividend and share buyback with a Brent 85 $/bbl scenario}