Plenitude: A Journey of Growth
FINANCIALS
TECHNOLOGY
ENERGY EVOLUTION
NATURAL RESOURCES
INTRO
SHAREHOLDER DISTRIBUTION
A priority commitment funded from organic cashflow
A SIMPLIFIED POLICY
Target ~25-30% OF CFFO
Via a combination of
dividends and buyback
First priority for CFFO. Balances
distribution with reinvestment
Share CFFO upside 35% and use
flexibility on downside
RISING DIVIDEND
Scope to raise dividend
as underlying business grows
& share count reduces
ENHANCED DISTRIBUTION
€0.94
2023 DPS
7% increase vs 2022;
distributed quarterly
€2.2 BLN
2023 BUYBACK
Commenced in May;
completion by April 2024; scope
to accelerate and expand if
CFFO outlook improves
SHARING VALUE
~10.5% YIELD
Competitive policy
4 year return ~40%
of market capitalisation
RESILIENT
At bottom of the cycle
FLEXIBLE BY DESIGN
35% of upside to buyback
ONE OF THE HIGHEST
REMUNERATION YIELD IN THE SECTOR
(remuneration yields 2023, estimated - %)
14.0%
12.5%
10.7%
10.4% 10.2%
9.8% 9.6%
IIII
□ Dividend
■Buyback
8.8%
7.5%
23
Remuneration data exclude disposal plans; Share prices closing as of 30 October 2023.
Eni yield calculated on announced dividend and share buyback.
1 Payout based on Feb-23 planning scenario.
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