- Plan invests <€6bn/yr on average (net ~€5bn/yr), 2026 capex €7bn (~€5bn incl. portfolio), CFFO ~€17bn by 2030 (14% CAGR), cumulative CFFO ~€71bn, FCF >€40bn (>€45bn incl. portfolio) 2026–30; gearing 10–15%, payout 35–45% of CFFO, 2026 dividend €1.10 and €1.5bn buyback, 60% of incremental cash up to $90/bbl to buybacks and 100% above $90/bbl or +50% gas/refining margins as extraordinary dividend.
- E&P: 900 Mboe discovered in 2025 (11 Bboe since 2014), reported production growth 3–4%/yr to 2030 with ~850 kboed expected in 2030, reserve replacement >140% and material FLNG exposure; 2026 sanctions include North Kutei JV with Petronas (Searah) and planned Argentina LNG with YPF and XRG.
- Plenitude: deconsolidation with a €1.5bn non‑proportional capital increase, 5.8 GW renewables end‑2025 scaling to 15 GW by 2030, >11 million customers post‑Acea Energia, and EBITDA targets of €1.3bn in 2026 and >€2.5bn by 2030.
- Enilive: biofuel capacity target 5 Mt by 2030 with SAF optionality >2 Mt, ~1.65 Mt operating end‑2025 plus ~2 Mt under construction, and EBITDA targets €1.1bn in 2026 and €3bn by 2030 with potential ROACE >15%.
Strategy and structure
Eni’s 2026–30 plan emphasizes a consistent strategy with a satellite model of stand‑alone, self‑funding businesses and a deconsolidation plan for Plenitude to support capital efficiency and growth funding.
Exploration & Production
Since 2014 Eni has discovered ~11 Bboe (900 Mboe in 2025); reported production is expected to grow 3–4%/yr to 2030 with ~850 kboed from the current project portfolio, reserve replacement >140%, notable FLNG exposure, and 2026 sanctions including the North Kutei JV with Petronas (Searah) and a planned Argentina LNG project with YPF and XRG.
Energy Transition businesses
Plenitude will undergo deconsolidation with a €1.5bn non‑proportional capital increase, targeting 5.8 GW renewables end‑2025 to 15 GW by 2030 and >11M customers post‑Acea integration, with EBITDA projected at €1.3bn in 2026 and >€2.5bn by 2030; Enilive targets 5 Mt biofuel capacity by 2030 (SAF optionality >2 Mt), had ~1.65 Mt operating end‑2025 plus ~2 Mt under construction, and expects EBITDA of €1.1bn in 2026 and €3bn by 2030 with ROACE potential >15%.
Financial outlook
Average investments under the Plan are <€6bn/yr (net ~€5bn/yr), 2026 capex ~€7bn (~€5bn incl. portfolio); CFFO per share growth at 14% CAGR to ~€17bn by 2030, cumulative CFFO ~€71bn, FCF >€40bn (>€45bn incl. portfolio), pro forma gearing ~14% at end‑2025 and guided 10–15% through the Plan, payout raised to 35–45% of CFFO with 2026 dividend €1.10 and €1.5bn buyback plus mechanisms to allocate incremental cash to buybacks or extraordinary dividends above specified price thresholds.
