Annual cash flow per share increases by 14%, Eni Group spends 70% of its market value to reward shareholders

⑴ Italian energy giant ENI Group released its strategic plan on Thursday, setting a target for operating cash flow (CFFO) to reach 17 billion euros by 2030, corresponding to an annual compound growth rate of up to 14% per share. ⑵ The company expects the total free cash flow generated throughout the planning period to reach 70% of its current market value, demonstrating strong cash generation capability. ⑶ Based on robust cash flow expectations, ENI proposes to increase the 2026 dividend by 5% to 1.10 euros per share and simultaneously launch a 1.5 billion euro share buyback program, directly rewarding shareholders. ⑷ Calculated from the baseline level of approximately 11.5 billion euros in 2026 (based on a $70/barrel oil price assumption), ENI expects cumulative operating cash flow during the planning period to reach about 71 billion euros. ⑸ In terms of capital allocation, the company confirms the “EniLive” strategic goal of achieving 5 million tons of biofuel capacity by 2030. Meanwhile, capital expenditure in 2026 is expected to be 7 billion euros, a reduction of 18% compared to 2025, indicating strict control of spending to optimize cash flow. ⑹ ENI has also reserved additional space for shareholder returns: if performance or market conditions exceed expectations in the future, 60% of incremental cash flow will be used to further increase the scale of buybacks, highlighting its emphasis on shareholder returns.