Investor Presentaiton
Financial outlook
2024 to benefit from portfolio resilience and operating momentum
c.€3.1bn
c. €2.0 bn
Ebitda
OCF
Group Ebitda evolution 2023 vs. 2024
(€ bn)
3.6
Upstream
Ebitda c.€2.1 bn supported by robust production levels
Industrial & Midstream
Ebitda >€700 m, with normalised refining operations and
supportive macro, whilst considering c.€300 m from Midstream
Commercial
Ebitda stable contribution at c.€300 m whilst benefiting from
increasing convenience & low carbon
Renewables & New Businesses
Ebitda c.€60 m reflecting the capacity build-up and lower
merchant prices assumed
3.1
דו
2023
Масго
effects
Operational
improvements
2024
Brent $80/bbl | Ref. margin $8/boe | PVB €30/MWh | Iberian solar price €50/MWh | EUR:USD 1.10
7 Investor Presentation
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