{
  "docId": "019dd923-5e88-73ef-bd5e-665a0e4af665",
  "docSlug": "67c6fd5ad05690e8",
  "documentTitle": "2026 Capital Markets Update",
  "authorId": "ENI",
  "authorName": "Eni",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 23,
  "pageCount": 61,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide outlines a clear capital allocation framework prioritizing ordinary dividends with specific triggers for buybacks and extraordinary dividends based on oil price thresholds.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_stacked",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5e-665a0e4af665/23",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5e-665a0e4af665",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5e-665a0e4af665.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5e-665a0e4af665#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.22,
        "x": 0.75,
        "y": 0.05
      },
      "kind": "callout",
      "text": "Attractive yield of more than 40% market cap over 2026-30 Plan. <$35/BBL 2026-30 average cash neutrality for the ordinary dividend.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0e4e414-3b78-4ca1-b5d0-091ad21a9b61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Attractive yield of more than 40% market cap over 2026-30 Plan.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-6679-74c5-a1cd-96db6a58e469",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.3,
        "x": 0.38,
        "y": 0.48
      },
      "kind": "chart",
      "text": "HISTORICAL DISTRIBUTION | € bln",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc66f360-4066-48c7-bb38-dca35646e1ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.3,
        "x": 0.03,
        "y": 0.19
      },
      "kind": "list",
      "text": "ENHANCED DISTRIBUTION POLICY: Ordinary dividend our first priority, Normal payout enhanced, Upside to shareholders enhanced. 35-45% of Plan CFFO funds ordinary dividend and buyback.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81a80d2d-89f7-4a3b-ab8d-b2099f4d3aad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.3,
        "x": 0.38,
        "y": 0.19
      },
      "kind": "list",
      "text": "2026 DIVIDEND AND BUYBACK: €1.10/sh DPS, +~5% versus 2025, €1.5 bln Buyback, 40% of CFFO to distribution.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85c7604b-3a3b-41ce-991f-68e1e3414514",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.3,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "list",
      "text": "CFFO UPSIDE: Up to $90/bbl – 60% of upside to buyback. Above $90/bbl – 100% of upside paid as extraordinary dividend.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e066eb0f-d8af-450f-8121-488845e30bbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "DPS CAGR: >5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-6679-74c5-a1cd-989d8b67a0a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.01,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1 Market capitalisation as per closing March 17th. 2 Cash neutrality refers to coverage of net capex and dividend by cash flow from operations before changes in working capital.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d02dcaa-ce9f-4c89-8d81-9bf5f1f0ebc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.11,
        "y": 0.11
      },
      "kind": "title",
      "text": "GROWING DIVIDENDS & GENERATING VALUE",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88828ca3-4283-491d-b443-a9813dafce27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.11,
        "y": 0.06
      },
      "kind": "title",
      "text": "SHAREHOLDER DISTRIBUTIONS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "569e5e38-93f4-40cb-9861-329666431836",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "375ce78c-1524-43a0-b24d-4fb32855e74b",
      "evidence": "The slide explicitly defines the hierarchy of cash distribution (dividend vs buyback) based on CFFO and oil price thresholds.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "02ab3f33-1de5-4879-a629-97942c5eea22",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides evidence and proof of Eni's performance and progress.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}