Claudio Descalzi, Chief Executive Officer of Eni, has presented to the financial community the company’s Strategic Plan for 2021-2024.

Eni's CEO, commented:
“Eni is strongly committed to continue to play a key role in sustainability and innovation, supporting social and economic development in all our activities.

Today we are taking another step forward in boosting our transformation. We commit to the full decarbonization of all our products and processes by 2050. Our plan is concrete, detailed, economically sustainable and technologically proven.

Today we are also announcing the merge of our renewable and retail businesses. With this new entity, our large customer base will continue to grow in synergy with our renewable business.

Additionally, the combination of our bio-refining and marketing businesses will play an important role in delivering sustainable mobility. These initiatives will greatly contribute to the decarbonization of our products, impacting positively on our customers.

Finally, thanks to a strong financial discipline and a resilient cash generation, we can upgrade our distribution policy reflecting the strategic progress of our plan.”

Strategy highlights

• Leading Energy Transition. Decarbonization of operations and products to deliver a mix of entirely decarbonized products.
   - Net Zero emissions at 2050, introducing new target for absolute emissions of -25% at 2030 vs 2018 and -65% at 2040;
   - Net Zero Carbon Intensity by 2050: introducing new intermediate targets of -15% at 2030 instead of 2035. Reduction will reach -40% in 2040.

• Leveraging Integration. Diversification and expansion of retail and renewables businesses, bio-products and circular economy.
• Merge of retail and renewable businesses:
  - accelerated growth of customer base to 15 million customers;
  - growth of renewable installed capacity to 15GW by 2030;
  - EBITDA will double in the plan to almost €1bln in 2024.
• Financial Robustness to absorb price volatility. Selective growth, increased efficiency and right-sizing to ensure value and high returns in all activities.
  - Reduction of group cash neutrality covering capex and dividend floor (0.36€/share) below $40/bbl over the four-year plan.
• Stakeholder Value Creation. Enhanced remuneration policy:
  - dividend floor set at €0.36 at $43/bbl vs the previous level of $45/bbl;
  - €300mln/year buyback to re-start at $56/bbl. Confirmed buyback at €400mln/year from $61/bbl and €800mln/year from $66/bbl.

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KeyFacts Energy: Eni Italy country profile