Eni: new 5 billion a year plan to 2030. Extraordinary coupon with Brent above $90 a barrel
Shareholder remuneration increased thanks to an upside linked to higher oil and gas prices and increased refining margins. Descalzi: 'Strategic cornerstone of the group remains consistency'
Key points
On the strength of the deconsolidation of Plenitude, which was announced on the eve of the event and further confirms the soundness of the group's company valorisation strategy, Eni is presenting a new strategic plan to 2030 with an annual investment of EUR 5 billion, which contains a strengthening of shareholder remuneration, supported by a new EUR 1.5 billion buyback and, above all, a further upside that translates into the expectation of an extraordinary coupon if oil exceeds USD 90 per barrel or if gas prices or refining margins exceed those forecast in Eni's budget by 50%.
The new plan illustrated by CEO Claudio Descalzi to the financial community rests on five strategic pillars that hold together, on the one hand, the consistency in the execution of the strategy and the solid portfolio of E&P (exploration and production) portfolio, the best in the company's history, and which focus, on the other hand, on investment in technology and human capital and the further development of business models linked to the transition - of which the deconsolidation of Plenitude is the latest act -, to which is closely linked the financial model desired by the ceo himself to extract value from satellite companies with the result of improving the group's cash generation.
Descalations: excellent performance in 2025
"Eni's strategic cornerstone remains consistency, which is crucial in an uncertain and volatile market environment," commented number one Descalzi. "Our exploration activity, world-class excellence, our great ability to execute projects, our cutting-edge technologies and a clear and defined financial strategy are the pillars that synergistically fuel our growth, guarantee resilience and a highly attractive remuneration policy for our shareholders. The execution of the strategy has enabled us to achieve outstanding performance in 2025, which is a concrete and important confirmation for the future."
Descalzi focuses, in particular, on the building blocks that will receive a significant boost from the plan, starting with significantly higher cash generation, driven both by growth in our core businesses, starting with E&P, as well as continued cost reductions and performance improvements in the other businesses. "By 2030 Eni will have significantly higher cash generation, driven by further growth in our core businesses, as well as continued cost reductions and performance improvements in the other businesses. We expect a cash flow from operations (Cffo) level at around EUR 17 billion in 2030, which corresponds to an average growth rate per share of 14% (Cagr). Through disciplined capital allocation, we expect to generate free cash flow over the plan period of about 70 % of our current market capitalisation and a low level of financial debt, with gearing in the range of 10-15 %, at historical lows.
The strengthening of the dividend policy
The main novelty of the plan is represented, as mentioned, by the strengthening of the shareholder remuneration strategy, which relies on three pieces: the first is the proposed dividend distribution which, for 2026, will be equal to EUR 1.10 per share (up by about 5%). Alongside this first piece is the new share buy-back plan for EUR 1.5 billion as part of the 2028 programme, which can be increased, on the basis of possible Cffo increases, up to a maximum of EUR 4 billion, as resolved today by the group's board of directors.
