Good afternoon, and welcome to Eni Retail and Renewables Capital Market Day. I'm Martina Opizzi, Head of Investor Relations for Eni. Today's event is hosted by Claudio Descalzi, Eni's Chief Executive Officer, and Eni's Retail and Renewables Executive Management Team. Let me start by outlining what we will cover today. Claudio will set the scene and discuss R&R strategy fit with the broader decarbonization strategy of Eni. This will be followed by an overview of R&R's proposition and operating model by the company's executive team. We will then conclude with a Q&A session, where both Eni and Eni's R&R top management will answer your questions. Instruction will be given at that time. Overall, the event will last approximately two hours. With that, it's now my pleasure to leave the floor to Claudio. Thank you, Martina, and welcome to everybody. Good afternoon, and welcome to Eni Retail and Renewables Capital Markets Day. The IPO of R&R is a cornerstone of our decarbonization strategy and key to our ongoing transformation. It is the first step in creating an industrial and financial entity to fast-track the reduction of our Scope 3 emission, and it fit with our wider commitment to creating value through energy transition. Reaching net zero in the coming decade will be a significant challenge. It requires consumers, investors, policymakers, and the industrial sectors to address a list of complexities, including to convert production and consumption models, to develop and apply a portfolio of new technologies, and deploy a huge amount of fund in a short timeframe, and to adapt their approach to different economic system around the world. For energy companies, this means a capital-intensive technology transition that requires increasingly diverse business models across technologies and geographies. Within this complex framework, all major energy company are under pressure to balance capital allocation between Free Cash Flow-accretive legacy assets and new energy projects with longer returns. Expectation of higher shareholder remuneration is further stretching this balance. At Eni, we have laid down our own strategic path to find an equilibrium within all these needs. Our strategy is designed around a distinctive financial approach, which enhances the option within our portfolio and highlight the full potential of our technologies. For decade, Eni's development and rapid deployment of proprietary technologies has differentiated the company and created competitive advantage. From the use of supercomputing in developing complex projects to our investment in biorefining, in circular economy, green chemicals, and magnetic fusion today. To capitalize our technologies, we are creating independent business vehicles inside our portfolio with capital structure optimized to their need. In addition to R&R, we have created new entities like Vår in Norway and Angola joint venture. These focused companies will attract new capital, unlock value, and accelerate growth. Eni will retain a majority stake and support the new vehicles with technologies, engineering, project management, governance, and strong HSE skills. The R&R listing is a major step in our strategy to provide clients with a green and low carbon energy for their needs at home, providing zero carbon electricity for domestic use and outdoors while recharging their electric vehicles. R&R is a unique proposition, combining highly synergistic businesses supported by significant industrial and commercial integration This entity will be capable to absorb the effect of volatility, to strengthen margins, and to create new opportunities for growth, accelerating the path to net zero. The setup of an agile vehicle with a focused mission, a dedicated leadership team and operating model offers an increased visibility and accountability to the market. We anticipate that the financial independence of this vehicle will optimize its access to funding. By retaining a majority stake, Eni will maintain its exposure to the upside in the growth of R&R businesses, while increasing financial and strategic flexibility. Finally, listing will help the assessment of the correct valuation of R&R, and we believe this will disclose material value for Eni. Now it's time to unveil the name of the new entity. I kindly ask Stefano Goberti, CEO of Eni R&R, to join me on the floor. Stefano spent over 30 years in Eni Group covering different strategic position in Italy and abroad. He was Chief Financial Officer of Saipem. He was Director of Budget and Control in Eni, Director of Finance and Assurance. In the last 11 months, he followed and led this project of IPO. In November 5, he has been appointed by Eni board as the new R&R CEO. Before leaving the floor to Stefano, it is our pleasure to unveil the new company identity. Thank you very much. Thank you, Claudio. Good afternoon. Good afternoon. We wait a few minutes. They finish distributing the booklets. Few seconds, minutes. Okay. Thank you, Claudio. It's a pleasure and a true honor for me to be here today. Before moving on to Plenitude, it's worth spending a few words on the supportive industry backdrop where our unique investment case operates. Global energy demand is increasing and will continue to grow in the long run, driven by the world population rising to almost 10 billion, 2/3 of whom will be living in cities. In this context, three main trends are reshaping the energy landscape: decarbonization, electrification, and efficiency. Power consumption is set to grow at around 2.5% per year to 2030, with the electricity share of final consumption expected to increase as well, mainly in buildings. Inside the power mix, a rising role is assumed by renewable sources, mainly solar and wind. Their capacity will grow by 3-5x over the next decade, meeting all electricity demand growth to 2030. Compare with an average of just under 10% today, the global share of renewables in power generation will expand to reach up to 40% by 2030, and this depending on scenario. Renewables penetration has been favored by the evolution of technology and by economies of scale over recent years, which makes renewable energy competitive with other energy sources. The average lifespan of renewable assets has increased by 50%, while the levelized cost of energy has significantly decreased by 85% for solar and 50% for wind, and this is in the last 10 years. Also the destination markets of their produced power is rapidly evolving and progressively moving away from an environment that is subsidized by feed-in tariffs or characterized by power purchase agreements to a pure merchant arena. In addition, customers are becoming increasingly more aware and active, requiring tailored solutions for an efficient and conscious energy consumption, ultimately becoming prosumers, producing power for self-consumption while selling excess production to the grid. Finally, zero emission vehicles are expected to grow exponentially under any scenario, making a clear trend towards electrification in the final consumption of energy. Let's now move to Plenitude's unique proposition. Plenitude integrates generation of renewables, energy solution for customers, and a widespread electric vehicle charging network. Our business model is designed to deliver value in an increasingly competitive market. The foundations of our investment case are the sizable and diversified global portfolio, both from a technological and geographical perspective. A solid growth profile supported by a reliable customer base and a strong pipeline of renewable projects. An integrated platform capable of extracting additional value. A resilient portfolio with a visible cash flow and energy management to capture market volatility. A solid balance sheet with independent access to financial markets and an established industrial footprint with a well-developed organization backed by a strong shareholder. Plenitude is targeting net zero Scope 1, 2, and 3 by 2040 while boosting stakeholder value. Let's now see in detail each distinctive component of our investment case. Plenitude portfolio is sizable and diversified. In the last 12 months, we have defined, expanded, and de-risked our pipeline of renewable projects, also thanks to acquisitions. In terms of geography, 70% of our renewable project pipeline overlaps with our retail presence, confirming our integrated value proposition. We are also growing our pipeline in other areas where we can generate compelling value, leveraging on our global presence and knowledge of local context, as for the case of Kazakhstan. Our technical and financial skills for offshore wind, as in Northern Europe, and our solid partnerships in specific geographies, such as the one we have with Falck Renewables in the U.S., one of the largest and most dynamic market for renewables. In the e-mobility business, completing our business proposition right along the value chain, we are the second-largest operator in Italy, with around 6,500 charging points already installed and a fast growing plan in Europe. Our growth profile is strong. On renewable power generation, we target to reach more than 6 GW of installed capacity by 2025, improving the plan we presented in February with an accelerated step forward to reach more than 15 GW of equity capacity by 2030. Our retail activities, where we already have a strong track record of growth, are set to reach more than 15 million customers by 2030. Concurrently, in e-mobility, the growth levers will be the expansion of the network, reaching more than 31,000 charging points by 2030, with a much increased utilization rate. Thanks to this plan, our EBITDA is expected to more than double to EUR 1.3 billion in 2025, while the cash flow from operations will reach around EUR 1 billion in the same time frame. Our growth is sustained by around EUR 1.8 billion CapEx per year in the period 2022-2025, mainly geared towards renewables, which account for more than 80%. We are along the full value chain from renewable power generation to end customers, offering enhanced energy solutions through an integrated platform. Integration brings tangible benefits to Plenitude. In renewables, we can leverage on preferred discretionary access to our customer franchise, allowing us the flexibility to enter power purchase agreements when better condition can be obtained. In retail, the growing customer awareness and consciousness towards the green offering represent an opportunity for a player like us. In the e-mobility business completes our offer and is going to give us additional sales potential. Finally, energy management will play a central role in capturing the value of all the opportunities embedded in our combined portfolio, made up of production, supply, and sales in Europe. Plenitude can be defined a synergic business with multiple growth opportunities. Plenitude has a resilient business model. The retail cash flow has proved to be a reliable source also during the last two years, which have been affected by high volatility. Hence, the retail cash flow represent a secure stream of funding to support the growth of our renewables. In the planned period, the accumulated cash flow from operations of the retail is expected to be more than EUR 2 billion. Moreover, energy management preserves cash flow and results from market downturn, and optimizes our margins through arbitrage between generation and customer portfolio. In periods of high volatility, an approach like this gives us the flexibility to leverage market opportunities. We plan to start our journey as a listed company with a sound financial position. Our net debt will be close to zero as of January 1, 2022, and we target the investment-grade rating by mid next year. As far as leverage is concerned, we will be able to reach up to EUR 4 billion by 2025, a level corresponding to 3-4 x our medium-term EBITDA generation. During our plan, visible cash flow generation and debt issuance will more than cover our projected CapEx needs. Cash allocation is aimed at considering shareholder distribution, while retaining the flexibility to accelerate investments in growth projects. Our journey started years ago. We entered renewable power generation in 2015, a business unit that has progressively expanded. During this period, we have replenished our pipeline of worldwide projects and established different joint ventures and strategic alliances. In the meantime, we have greatly expanded our retail offer. In 2017, the historical unit of gas and power dedicated to the final market was incorporated into Eni gas e luce, and we now count on a focused and dedicated management team to sell innovative energy services to final customers. Our electric vehicle charging position was recently strengthened with the Be Charge acquisition that has brought in assets and people. Today, Plenitude counts on 2,000 experienced people, recently enriched with skills and know-how acquired through various market deals. Eni's proprietary technologies, engineering, project management capability and skills will continue to serve the new vehicle. Therefore, this new operational structure will unlock synergies while continuing to draw from Eni's know-how and years of experience in developing complex projects globally and across the full spectrum of renewable, retail, and e-mobility. We are committed to reach net zero Scope 1, 2, and 3 by 2040. We aim to supply 100% of decarbonized energy to all our customers. In power, we target to fully decarbonize our B2C customers already by 2022, and by 2030, all of our power customers. In 2040, the renewable production will fully cover our customer demand. In gas, we will make supply contract with the Scope 3 emission zeroed through S-Offset available to our clients. We plan to introduce biomethane and hydrogen in our sourcing mix over the next decade, with the aim of providing 100% of decarbonized gas to our customers by 2040. Plenitude has a clear and compelling ESG proposition based on the United Nations Sustainable Development Goals that spans from community and charity supports. Business decisions. We embedded in the company bylaws our commitment to be accountable and transparent about the social and environmental impact of our activities, becoming a benefit company. Governance. The company has a sustainability officer, and ESG KPIs are included in the top management performance evaluation. People. We nurture diversity and inclusion across the organization, and we pledge to attract, upskills, and retain talents. Business sustainability. Operations and activities are conceived sustainable by design, from energy production to its responsible use. Digitalization is a great asset to increase efficiency in the company and with our customers. Now let me present you the team who will provide you with deeper insights into Plenitude. Alessandro Della Zoppa, Head of Renewables, will talk you through our strong renewable pipeline to fuel growth. Mauro Fanfoni, Head of International Markets and Business Development, will present you our leading retail business and its multiple growth levers, and our e-mobility strategy. Nicola Giorgi, Chief Financial Officer, will provide you with Plenitude's financial framework. Together on the stage with us, I'm pleased to introduce you to Giorgia Molajoni, Head of Sustainability, Identity, and Digitalization, and Pasquale Cuzzola, Head of Italian Retail Market. Later, we will all be available for the Q&A. Alessandro, it's over to you. Thank you, Stefano, and good afternoon. My name is Alessandro Della Zoppa. I've been working in Eni for the last 25 years in the gas and power division, and I was Head of Energy Solutions. The business unit we founded in 2015, when Eni decided to concentrate all our experiences and capabilities in the renewable sector. In 2021, we have integrated these experiences into Plenitude, which has really marked a strong acceleration in our growth. We revised upwards our own targets, and we now have 1.2 GW of installed capacity globally, which is 4x what we had at the end of 2020. Growth has been particularly strong in Italy, France, and Spain, which are the main retail markets, accounting for 60% of the overall capacity. In Renewables, as Stefano said, we have an ambitious target of growth, exceeding 6 GW of installed capacity by 2025 and 15 GW by 2030, through a credible partner projects that we are enlarging every day. Our growth will be diversified across all conventional renewable technologies, solar, onshore and offshore wind, with a close attention to new technologies such as floating offshore wind, storage, energy from waves, and so on. We also have a wide geographical footprint. However, our growth will follow well-defined strategic drivers. The first and most important is the integration with retail operations. 60% of our target installed capacity is today, and will remain, in countries where we sell electricity to our final clients, such as Italy, Spain, and France. In these countries, our renewable generation will reach 25% of the electricity sold to our retail customers in 2025. From my perspective, as a producer of green electricity, this 25% means having a substantial space left to sustain further integrated growth in these countries. Other drivers for growth include two important country-specific factors. First, in our countries, there is strong support by the government for the renewable industry. You see here the U.S., the U.K. for offshore wind, in addition to Italy, France and Spain. Second, these countries are attractive investment destinations. Thanks to mature electricity markets, an established history of renewable generation, well-developed grids, and a reliable supply chain. Furthermore, in order to deploy our competitive advantage, we select countries where Plenitude can build strong partnership that help us to accelerate our growth. In countries where Eni has already an established presence that can be leveraged to Plenitude's advantage, both in terms of institutional relationships and local competencies. This is important. Being part of Eni also defines our business model and core competencies. We are not a pure developer. We don't develop projects in order to sell them. We invest in projects with the idea to build and operate them for the long run, and sell their electricity generation, preferably to our own clients. To do this, our team can leverage Eni's traditional capabilities to our advantage, particularly in the project execution phase, the management of complex supply chains, the deployment of new technologies, and health and safety best practices and management systems. Today, we have a team of 200 experienced professionals, including the local team of developers that we have recently acquired through M&A, and who have developed projects for many years. Our goal is to increase this size up to 300 people by the end of 2025. Our entry in the offshore wind segment may offer a good example on how Eni's traditional capabilities come to fruition. Offshore wind is a segment that is expected to grow exponentially. You see here a projection by IRENA, but it's also a segment with strong barriers to entry, both technical and financial, which fit well with Eni's DNA. Eni has developed over time all the skills required to be a leading offshore wind player. Offshore operations, relationship with key suppliers that are often the same as in the oil and gas industry. Deployment of new technology, for example, the floating offshore wind technologies that will unlock new markets and new geographies. The ability to work in partnership with leading market players and of course, our financial strengths. With this in mind, we entered the Dogger Bank project in the U.K., which is the largest offshore wind project in the world, and we enter right at the beginning of construction in Phase A and B, and follow up very recently with Phase C, together with experienced partners like Equinor and SSE. Of course, we want to enlarge our footprint and build on the Dogger Bank experience, also entering new project from the very early stages. To this extent, in recent months, we have built new partnerships to participate in incoming lease tenders, for example, in Norway, in Scotland, the north of France, and other countries. If we look now to our pipeline of projects in further detail, we have more than 10 GW of identified projects under development, of which more than 5 GW are projects in operation, under construction, and at the mature stage of development. The pipeline is therefore six times bigger than our 2025 installed capacity target of 6 GW, allowing us to be very confident with our growth objectives. Our pipeline is currently diversified in terms of technologies and countries with higher exposure to solar project going forward, since the countries we are going to operate in are focused on the development of this technology. On the top of this pipeline, as I mentioned, we are also planning to participate together with partners in multiple tenders for offshore wind capacity, with the potential of more than 2 GW in our share, which are not included here and will be deployed in the second part of the decade. This pipeline will support our plan to add 1.5 GW per year to reach our 2025 target. Well-defined high visibility and medium maturity project will support growth in the shorter term, while we continue working on a significant number of already identified projects that are part of our pipeline, and will sustain our growth going forward. The growth of the industrial plan goes hand in hand with the growth of key financial metrics. Starting from a break-even this year, we target an EBITDA of EUR 0.4 billion in 2025, and the cash flow from operation of around EUR 0.3 billion, again in 2025. Our CapEx plan of EUR 5.9 billion in the 2022-2025 period is balanced and well diversified internationally and across technologies. For ease of reference, consider that this plan will raise our EBITDA to EUR 530 million in 2026, so the first year following the plan, resulting in an EBITDA CapEx ratio of 9%. Now, I leave the floor to Mauro. Thanks, Alessandro, and good afternoon. My name is Mauro Fanfoni. I've spent the last 15 years with Eni, the whole time in energy retail in Italy and other European countries. It is my pleasure today to present our retail and e-mobility businesses. Let's first take a look at the well-established retail business of Plenitude. We have run the retail business in a number of European markets for the last 15 years, and recently added Spain and Portugal through the acquisition of Aldro, which was completed in April 2021. We now operate in six countries under different brands, which we shall progressively rebrand to Plenitude. Our retail business will record 100 TWh of power and gas sales in 2021. We count today 10 million customers, 7.8 million in Italy, and the rest in international markets. The EBITDA of our retail business is expected to settle at EUR 0.6 billion in 2021. Along with the increase of the international footprint, our retail business has progressively enriched its product range to satisfy the evolving needs of our customers. In our effort to serve our customers' broader energy needs, we have partnered with a number of leading equipment and device manufacturers and have sealed key industry partnerships with insurance and telco players to build bundled propositions. We've also made selective acquisitions to incorporate critical know-how and jump-start in new markets, such as distributed generation and energy efficiency upgrades. A complete suite of products drives higher gross margin per customer and lower churn on energy supply, contributing to the growth of our retail business. Let's now turn to our retail growth targets and to the levers we are going to pull in order to achieve them. We are targeting 11.5 million customers by 2025 and more than 50 million customers by 2030. Our customer base will feature an increasing share of power customers, which are expected to represent nearly 2/3 of our customer base by 2030, consistently with the trend of electrification of consumption. We shall pull a number of growth levers. The first three are focused on growing our customer base and adding more power customers. The next three are linked to the growth of revenues from services. Let me comment in more detail each growth lever. Starting with international expansion, we target to grow our customer base in international markets by 60% by 2025. In order to do so, we shall leverage our Plenitude global brand and our distinctive positioning, an integrated energy player in renewables, retail, and e-mobility. We will also share key retail platform as well as the core capability we have successfully developed in our domestic market. With respect to power growth, we target to increase the number of power customer by 50% by 2025. Where we have a sizable gas customer base, namely Italy, France, and Greece, we are ready. Power sales growth will come by marketing our renewable generation to corporates through long-term power purchase agreements and to consumers by building a green premium proposition. Energy efficiency, distributed generation, and customer-side energy management services are expected to gain traction in the context of the energy transition. We target to grow our revenues from services by 30% by 2025, and to enable customer to access our full range of services in all the retail markets where we operate. Our wide range of energy efficiency solutions will still be core, as customers are willing to both reduce their commodity bill and their carbon footprint. In distributed generation, we will extend the full range of products for prosumer to all our markets and we promote energy communities. With an increasing need to involve the demand side to balance the power grid, our focus will be on managing customers' demand and on monetizing the flexibility embedded in their resources within demand response programs. Lastly, let's take a look at the key financial targets of our retail business. We target an EBITDA of EUR 0.8 billion and cash flow from operations of EUR 0.6 billion by 2025. Our growth will be sustained by a EUR 1 billion CapEx plan for the period 2022-2025. All in all, our retail business displays a growing cash flow generative profile. Let me now illustrate our integrated e-mobility strategy. Thanks to the recent acquisition of Be Power, we are now one of the fastest-growing and most integrated electric vehicle charging players in Europe. We currently have around 6,500 charging points installed in Italy, with premium locations in the largest city. In addition, we have secured locations for a further 6,500 charging points, which come into operation at a rate of 300 charging points per month. The average concession length of our locations is around 12 years. We are now building our international presence, leveraging the existing Eni station network through commercial partnerships with strategic players and by participating in large public and private tenders. Our focus internationally will be on building a network of fast and ultra-fast charging points. We are planning to take advantage of public policies, such as the funds provided by NextGenerationEU. This will allow us either to reduce the CapEx outlays to achieve our target number of charging points or to accelerate the deployment of our network. We are an integrated player of EV charging, able to capture margin across the value chain. We operate as charging station owner, charge point operator, and mobility service provider. As a charging station owner, we have land rights, own the charging station, source energy, and sell the recharge service. As a charge point operator, we operate our and third parties' charging points through a proprietary digital platform. As a mobility service provider, we provide all customer-facing services, such as charging station localization and customer payment handling through our app. Accordingly, we have the flexibility to run different business models. The full ownership and operatorship of public charging point is our preferred business model, which will attract most of our e-mobility CapEx and generate most margins. However, we can also target B2B customers and third-party charging networks by operating their charging points, thanks to our fully scalable digital platform. Our e-mobility business is synergic with retail and renewables. A capillary network of charging points will result in increased visibility of our brand, providing ample opportunities to grow our retail customer base. In addition, we will source power for electric vehicles recharge from our renewables, so to generate an additional route to market. On the other hand, we will be able to leverage the strong relationship with our 10 million retail customer to drive higher utilization rates of our EV charging network. We will do so by building bundle proposition and providing a seamless customer experience. Besides, our e-mobility business will benefit from a preferential access to our B2B customers, willing to install EV charging points at their premises. In conclusion, our e-mobility business is a high growth revenue stream. We target to roll out most of our EV charging network by 2025, topping 27,000 charging points in operation, recording in the same year sales of EUR 600 million and an EBITDA of around EUR 100 million. From 2026 onwards, the growth of our charging network is going to slow down, while we plan to take advantage of the increasing penetration of electric vehicles to boost the utilization rate of charging points. The higher utilization rate, which is a key driver of the business profitability, will produce positive free cash flow starting from 2026. Thanks for your attention. Now, I leave the floor to Nicola. Thanks, Mauro, and good afternoon. My name is Nicola Giorgi, and I've been working for Eni for around 20 years with different managerial experience in the field of finance. Let me first start with a few key highlights. Plenitude offers a solid financial framework. First, we have an ambitious but credible business plan that is driven by renewable growth targets and supported by positive cash flow from our strong retail customer base. Second, we have a robust investment approval process with strict return threshold and targets in all our businesses. Third, we will be an independent financial company with disciplined financial policies. We will be net debt close to zero as of January 1, 2022, and target an investment grade profile with leverage between 3x and 4x during the investment period. We plan to put dividend... A dividend policy in place that will allow the distribution of capital to investors while retaining flexibility to invest in growth projects, and we will be more specific about this in the future. Our aim is to offer investors an attractive total shareholder return through significant growth in earnings and the distribution of dividends, but always giving priority to growth commitments and an investment grade profile. Finally, a key pillar of our solid framework is the embedded hedging from the integration. Our energy management team is able to optimize the flows between our sources of production and our centers of consumption. The system is articulated and well suited to handling multiple asset classes, ranging from the more traditional such as centralized and distributed renewable generation and retail and business customers, to the emerging ones that Plenitude is already developing in Italy. I mean, utility and consumer scale storage and vehicle to grid, with plans to replicate them in the core retail geographies. The integration of all those asset classes into our energy management portfolio gives us the ability to identify and execute optimization activities and extract additional monetary value from the management of flexibilities and system option. We are a company that generates substantial EBITDA and cash flow from operations, thanks to retail business. In terms of key financial targets for the single businesses, we expect both EBITDA and cash flow from operation to more than double between 2021 and 2025. Yearly EBITDA growth to 2025 will be solid and continuous, with no significant front-loading or back-loading of the results. We envisage a significant CapEx plan of EUR 7.3 billion, with a yearly average of EUR 1.8 billion between 2022 and 2025, financed in part by the cash flow from retail activities and in part by debt. We have in place a strict return thresholds and targets. We want to outperform the WACC after tax of our new investment in renewables by a minimum of 200 basis points, by leveraging integration with retail business in terms of a route to market in the countries of co-presence. In addition, we can pursue opportunities arising from strategic partnership with operators who are leaders in the market, especially in the wind sector, offshore wind sector. In retail B2C, we target a 6% annual growth in gross margin between 2021 and 2025, driven both by higher customer base, more focus on power super users, and an increasing unitary margin to EUR 130 per customer by 2025. In e-mobility, we are targeting an 8%-13% utilization rate in the medium term versus the 6% required to have CapEx breakeven in a three year time frame. In other words, every charging station is repaid in three years if it runs for one and a half hours every day, and our target is to have them running for 2-3 hours daily. All in all, we will be able to offer investors attractive total shareholder return that are driven by the strong growth in value-added megawatts, the increasing value of our retail customer base, and e-mobility. All of this will result in attractive growth in EBITDA and earnings. Now I hand back to Stefano. Thank you, Nicola. To conclude, Plenitude is a sizable, growing clean energy platform that integrates generation of renewables, energy solution for customers, and a widespread electric vehicle charging network with a business model designed to deliver value. In our journey, we will support our clients to reduce their carbon footprint in a joint effort to decarbonize energy consumption. We believe Plenitude and its unique proposition responds effectively to the emerging trends of the energy market. Now let's watch together a short video summary before moving into the Q&A session. We will now start our Q&A session. I kindly ask you to raise your hand and announce your name and organization. Please keep your mask on while making your question, and sanitize your hands before taking the mic. Let's start. Please Good afternoon, and thank you for the presentation. My name is Massimo Bonisoli from Equita. I have two questions. One regarding retail. I see very interesting rate of growth by 2025 in major KPIs. Just to understand the evolution of the EBITDA in 2022 and 2023, given the evolution of gas prices just at the end of this year and the liberalization of the market. How do you see the retail EBITDA going into 2025? And the second question regarding the charging grid, in the sense that very appreciated the number of hours needed to be at breakeven and to reach your EBITDA goal. Just to understand how would be the EV penetration in Italy into 2025 to get that level of number of hours to get to the EUR 100 million EBITDA. Thank you, Massimo. Thank you. The first question regarding the EBITDA of your retail activity. We are shown on the screen that the number is growing. What we said is that the growth will be mostly regular, so no back-loaded or front-loaded. Such a progression that will go by year in a normal way. Okay? I will not anticipate any specific number for 2023 because it will be premature. Regarding the volatility of the scenario, as we said, we have a strong energy management activity and team in place that can not only absorb the negative effect of the volatility, but in periods of high volatility, capture the opportunity that this volatility can offer. The second question on the electric vehicle penetration. Of course, we have assumption in our plan, and we have elaborated assumption based on different scenario. We thought it was very important to give you an idea of what it is the breakeven, so the number of hour our single charging point need to run in order to get breakeven. As we said, we see that by 2025, we are running at the double or three times of that breakeven. But for the exact number of the assumption on the vehicle penetration, maybe I ask Mauro to give you some light. Mauro Fanfoni. The most relevant figure is EV penetration in 2030. As we explained, there will be a strong build up of the charging network up to 2025. This will anticipate, and this must be the case in order to have EV sales, you know, increasing. We assumed an average scenario in 2030, which is around the 6 million EV in circulation, which is an average. You know, you have, like, 3-9 as extreme scenarios. We took an average scenarios. That's the most important figure, not the 2025 one, because, you know, it's exponential. Thank you, Mauro. Next question. Thank you very much. Roberto Ranieri from Intesa Sanpaolo, and thank you for the presentation and for taking my question as well. I have a question on retail business as well. My first question is on the dual offer and the offer you are doing with to the clients. And you also talked about an electrification of consumption. My question is, if the electrification will be very heavy and very fast, do you have any additional options in terms of offer to the clients to balance any potential margin reduction? I'm wondering for instance, I'm thinking about value-added services or others. My second question is on renewables. Very high, the growth, the capacity growth up to 2025 and more than that up to 2030. The operators are suffering from some cost inflation and also the bottlenecking in the equipment supply. I'm wondering if your business plan is also including this context, or if you have any other potential countermeasures in order to speed up the investments and capacity development. Thank you very much. Take Roberto? Roberto. Thank you, Roberto, for your questions. On the retail, of course, as we said at the beginning of our presentation, we see a progressive electrification of the consumption, an increase in demand of electricity from the customers. In our plan assumption, we did not take into consideration the positive effect of the liberalization in the electricity market. The electrification and the liberalization of the power market is announced, and then maybe sometimes delayed. In order to give you a clear picture of the value of having a client in the power, but also in the gas, in the power and the extra services we can add to this client, I leave to Pasquale to give you some light. Thank you. In our four-year plan, we have incorporated a growing competition scenario. In line with the market trends, we progressively switch from regulated tariff to free market. The reason why we still grow in the next years is because we will be growing in value-added services. We have already reached 20% of our EBITDA with value-added services, and we believe that they will be more and more important in the next years. We are somehow replacing the reduction of the margins for the commodity with value-added services that we can provide to our customers. Okay. Thank you, Pasquale. Instead, on the second question, on the renewables and the trend for cost inflation or delay in the suppliers to provide components for the construction of the project, I'll give it to Alessandro to handle. Ciao. Yes. Thank you. In fact, the renewable sector has experienced a significant cost inflation starting from, I would say, the end of 2020. We don't expect this to last up to, you know, 2025 or 2030, so we don't expect this to really impact our mid to long-term objectives, even if we have included the cost inflation in our financial targets. In addition to this, what would be really very important is the reaction on the revenue side. Because you have seen a strong reaction in the spot prices of electricity, but what happens to the long-term price of PPA is less visible because it's a less liquid market. Still, it's important for renewable, and you may have a hint on this if you look at the last auction in Spain for wind and solar capacity, in October. Prices awarded to this auction for a 12-year contract going forward were 20%-30% higher in respect to the prices awarded just in January this year. 10 months ago, sorry. This means that revenues are also reacting to this. Okay? We expect that the two phenomenon should compensate one the other in the short term, while in the long term, we don't see this trend going forward. Yes, Alessandro, thank you. I think also here we can appreciate the benefit of the integration in our model. The possibility to wait to enter PPA today because we have a customer franchise, so an internal corporate PPA, if I can say in this way. We can take the final investment decision in the project. But we have already the client. We don't need to wait for a power purchase agreement to be signed and then to stack that to that price. This, to me, is a particularly important synergy benefit of the integration that a pure renewable cannot have. Alessandro Pozzi, Mediobanca. I have a few questions. The first one is on the geographical reach of Plenitude. Looks like you're shaping the business through three different business lines, and you go from U.S. to Australia and Europe with different business lines. I was wondering, in some countries, you're probably along generation, in others, you're along sales. How do you manage the imbalances in different regions? That's the first question. The second question is, if you look at your retail clients, I think you aiming to get to 15 million by 2030, which is a very I think ambitious plan from the 10 million of today. I was wondering, you take into account M&A, or just pure growth? The final question on the dividend, can we talk about dividend policy? Have you already set one? Thank you. Thank you. Okay, I forgot the first question in the meantime. It's geographical reach. Geographical reach. Okay. As you've seen, we want to combine the renewable with the retail presence, and this is in Europe mainly, so in Italy, France, in Spain. Then we see where else in Europe. Because the combination, of course, it is the extra added value we can have in this situation. We are short of renewable production, and we like to be short in renewable production because Alessandro explained before. We have the possibility to grow and have the internal customer franchise to leverage on. But also we go in other countries where we are poor in renewable, where we can deploy a competitive advantage. For instance, the knowledge of the local context, the possibility to leverage the presence, historical presence in that country, like for Kazakhstan, where, for instance, we have revenues in local currency, and we can hedge with our upstream presence there, for instance. Others can't do that because they are not in Kazakhstan or in other areas in which we can deploy the competitive advantage being part of a group such as Eni, because the technological requirement, the know-how, the skill, the project management capability are required, like offshore wind, for instance, in northern Europe. Or other countries in which we operate through mainly strategic alliances because we see great opportunity offered by the context, by the situation. I'm referring to the U.S., for instance. Okay? This is the first question. Yeah. No, the second question was on? That one. This one, okay. The dividend, I'll leave it to Nicola to reframe again what we said during the presentation. Okay, I'll say it myself. We said that we will be clear and more specific on the dividend policy at a later stage. Today, we can only anticipate that we are thinking of a capital allocation, a cash allocation that will provide for a dividend distribution. Our goal is to preserve the flexibility of the growth, and to maintain, of course, the investment grade profile of the company. On the point on M&A. Oh. You have a substantial cap to spend. Yes. Does t`hat include M&A, or how does M&A go with the equation? You meaning on the retail client growth, right? In the first five years, the four or five year of the plan, we don't see any specific target, and of course there will be some opportunity, occasion that we can win, can attack and grab. In the second part of the plan, the second five years of the plan, we have embedded some not significant M&A operation in order to reach the 50 million clients. That would be in Europe or also in other geographies? I would say for the time being, what we can imagine, because we're talking about after 2025, 5, it will be Europe mainly. Thank you. The ladies over there. Good afternoon. It's Antonella Bianchessi from Citi. Just a question on your strategy. Your proposition is pretty unique because you are long a customer, and this is pretty rare. Does this provide you with an advantage in the consolidation of the renewable industry? Because we have seen a lot of smaller player being taken over and so on. The fact that you have the customer, is this the strategy, is this the direction of travel of the company to consolidate in the renewable? The other question is on the return in the renewable space. I see EUR 400 million of EBITDA in 2025 after having invested EUR 6 billion. You know, the numbers look relatively small if we compare it to your target of WACC + 200 basis points. My last question is on the customer. You have EUR 115 per customer in terms of gross margins, which is actually pretty interesting and pretty attractive. Why you think you can sustain this level of profitability, which is pretty above average, I would say? Thanks a lot. Thank you. Okay. I just talk about the first question that is in general the strategy that became strategy also for Plenitude. Our strategy is to reach all our customers with decarbonized products. That is the first exercise, Plenitude. We have customers in retail, but we have customer also in mobility. To really be able to be efficient and talk about the Scope 3, you have to give and sell decarbonized products. We have green product in this case, then we are going to have biogas or hydrogen for Plenitude. Then we have biofuel for mobility and biojet fuel for aviation. That is the overall strategy. That is the first tool, the first company that we create to reach our customer and to be effective on the Scope 3. Clearly, we have a lot of customers, and we can do that. That is a big asset for us. Then we link to these customers the product that we produce directly, so we are across the value chain. That will be overall the strategy of Eni to be effective on the Scope 3. Clear. Thank you, Claudio. On the specific synergies, of course, we want to put together the renewables with the client. As I said, we like to be sort of renewables production, because first of all, as I said, we have the benefit of having an internal client customer franchise to which we can leverage on and take our final investment decision on the project without waiting to have secured the power purchase agreement or feed-in tariffs contracts so far. Also there are other clear, evident synergies on having the retail with the renewables. The second one, most evident, is the fact that our retail business is cash generative, so can fuel the growth of our renewables CapEx, because it can finance that growth. Third, the energy management. We put together different asset classes here, different flows from production, supply contract, consumer requirement, demand. We can optimize all these asset classes, all different levels in our portfolio in different geographies, from Italy to France and Spain. There are a number of synergies on which we have highlighted some during the presentation. On the return on renewable, we have stated which are our target for the new investment, so 200 basis points on top of our cost of capital, weighted average cost of capital. If we look at the EBITDA of 2026, EUR 530 million, I guess, more or less, no? Compared to the investment plan of the four-year plan, we are at 9% ratio between EBITDA and CapEx spend. When you look at the acquisition that we have done, of course, with the acquisition, the acquisition price, you pay the EBITDA for the life of the project. It is not fair to compare this cost with the EBITDA of that particular year, in my opinion. What we've done is, to me, very successful acquisition, because if you take the number of installed capacity that we have acquired with the recent acquisition, we're talking about 600 MW. The cost of those 600 MW was EUR 650 million. Alessandro, if you want to add any other KPI on this acquisition, maybe we can add. Yes, sorry. In relation to the recent acquisitions we have done this year in Southern Europe, so Italy, Spain and France, for example, take into consideration that the assets already in operation that we both reflected a value, a ratio between enterprise value and EBITDA of around nine. I would say 9-10x the EBITDA. I think we paid a fair price in respect to what we got in terms of acceleration. A second comment that I wanted to add to what Stefano just said is that our plan, you may see the detail in the presentation, also includes significant investment in offshore wind. You have to consider that offshore wind differently in respect to onshore, both solar and wind takes a little bit longer in order to generate returns because per-project construction takes longer. Normally it's not just that the following year you get the full EBITDA, you need to wait 2-3 years. In terms of the margins on the B2C client, we said EUR 115 gross margin today to increase up to EUR 130. This of course is linked to all the levers that Mauro have highlighted in our presentation. Maybe Mauro, just to make a short story. Your remark is correct. The number is pretty high, and the reason lies first of all in our balanced channel mix and the effectiveness of our commercial policies and the effective proposition in terms of product and customer service. On the other side, we said before, we have a fair share of margin coming from services. In that figure, you will have a component which is based on the services we can kind of upsell to our gas or power customers in order to have a, let me say, higher return on our investment on those customers. To the next question. Okay, Oswald, if you can wait. Then the next one is Oswald. Martino. Enrico Bartoli from Stifel. A couple of questions on my side. First of all, on the offshore wind, again, that is a major driver of your growth for the next years. I was wondering, first of all, you highlighted U.K. as a main market of expansion. I guess that U.S. is another driver, but if you can elaborate what markets you think are the most interesting. On the synergies that you think you can exploit with the current operation of Eni in terms of cost efficiency, CapEx efficiency, and then the benefits on returns. A second question is still on renewables. If I understand well, you are targeting mostly organic growth, but I was wondering if you have also M&A to continue to drive your growth in this business, and which markets you think that would be the most interesting by this point of view. Thank you. Okay, thank you. On the first question, offshore wind. Offshore wind is mainly northern Europe today because we have the presence in Dogger Bank. Of course, we are also looking at the other side of the North Sea in Norway, for instance. We are looking U.S. as well and also Italy. In terms of the synergy that we get from being part of the Eni group, it is the fact that the offshore wind projects look very similar to offshore upstream projects. You can bring in project management, engineering capability skills. Supply chain. Value chain. Of course, the value of the supply chain can. The supply chain can be, of course, more or less, we are dealing with the same kind of supplier on the offshore wind. Again, we work together with other operators, so we work in the joint ventures that are, again, another typical feature for the upstream operations. Overall putting this together, we think we have a competitive advantage to participate in the offshore wind, where instead we have also this kind of barrier for other operators to enter. Last but not least, the fact that you need the financial power to do this kind of investment. In terms of organic growth or M&A operation, we have done a number of M&A operation very recently, so we have enlarged, de-risked, and expanded our pipeline. I think we need now to concentrate on the development of that pipeline that we have just brought in. Of course, I cannot exclude that, again, under an opportunistic point of view, some M&A operation can happen. I would say preferably in those countries where we have the retail clients already available, so to boost our integrated model, retail and renewable. Next question for Lydia. The ladies. Thank you and good afternoon. It's Lydia Rainforth from Barclays. A couple of questions if I could. First, how do you see the relationship between Eni and Plenitude going forward? So if I think about the biomethane, the hydrogen side, how does that all get put together with Plenitude? Actually, another two questions if I could. The first one for Plenitude is around the bidding process on the renewable side, and the idea of What gives you the advantage in terms of the competitiveness for it, in terms of actually kind of being. There's obviously a lot of opportunities out there, but how do you make sure that you win that process? Then just to go back to the synergies side, obviously, the retail margins we are seeing going up, how much of that is the integration with the renewable side, and how much relates to the value as a service side? Hopefully that all makes sense. I answer the first then. In terms of synergies between Eni and Plenitude, and the relationship between Eni and Plenitude, very good relationships. Very good relations. We maintain a very high stake in the company. In the last seven, eight years, we invest a lot on technologies, a lot of different technologies, and a lot of these technologies will be very useful for new products. We heard during the presentation that we talk about biomethane, biogas, and that we are really engaged in that, and then also hydrogen. Any new technology also in terms of solar, for example. I think that this link is not just as a shareholder, but also as a mother company that can deliver new technology, support, and know-how for the future also because Plenitude is more focused on the business that they are developing clients and renewables. I think that these synergies can create a lot of opportunities as of now. It's not easy to quantify this kind of synergy, but you can imagine that is very important. Thank you, Claudio. In terms of synergies, of course, we can grab synergies from the integration of renewable, the retail, the EV mobility, creating this joint portfolio on top of which we attach the energy management. It is difficult to say exactly how much is from one or from the other side. What I can say is that if we look at our plan, what we have considered as the value in terms of EBITDA of those synergies all together, by 2025, we're talking about something in the region of EUR 100 million. In terms of bidding advantage for the offshore wind, I explained to you why we consider to have a preferential attitude compared to other competitor that do not have the backing of an oil and gas company, but also we have the financial capability. Alessandro, do we need to add more of what I said already? Did I forget anything? No, that's engineering. Energy and different company. I think that you gave the picture. Bidding processes we are participating, for example, in Scotland, and we will participate next year in Norway together with strong partnerships. What we bring into the partnership are the kind of competencies. Now, I make you an example. In Norway, we will participate in the area of Utsira Nord together with Equinor, the local We will participate into the area of Sørlige Nordsjø II, together with Green Investment Group of Macquarie, so a strong financial partner, and Agder Energi, which is a local utility, you know? We will bring our own competencies, as Stefano said. The idea is to have partnerships that are able to put together a very significant competitive advantage. The next question to Oswald. Sorry, thank you very much. Thank you for the presentation. Oswald Clint at AllianceBernstein. The first question, please. I'd just like to go back to the unique proposition, the retail side of this business and the expansion from 10 million up to 15 million by 2030. I really wanted you to go back and tell me a history story about your previous old management team who tried to expand in gas and power in Europe. This is way back, 2010, 2011, 2012. You had big ambitions. You tried to expand. I'm sure many of you were working on that, but it took time. It was probably more difficult. I just wanna know what lessons you learned from that retail gas power expansion strategy you had before that gives you confidence or has allowed you to, you know, just be more confident with this expansion strategy here, because it is quite unique. Secondly, you're also appealing to, obviously, ESG investors, and a big part of this, you've spoken about ESG KPIs for top management. Solar is a big part of this business. Solar has increasingly ESG questions around it, the supply chain, the recycling, so especially in potentially countries like Kazakhstan. Could you just explain what are your ESG KPIs for top management? How are you going to watch the supply chain and all of these issues which will arise in terms of a big, evolving, growing solar portfolio? Thank you. Thank you, Oswald. On the first question, I think that if we look what the company that was called Eni gas e luce up to few minutes ago have done in the very recent year is very impressive, especially on the growth on the foreign countries. If you look at France has doubled the number of client in the recent year. I think that here the real issue is to apply a winning setup that we have like the one we have in Italy, and export the winning experience we have done in Italy also to the foreign countries to the foreign markets like France and Spain. Second is the market trend that today is different. We have a number of incumbents in those countries that by definition they should release part of their customer base. And we think that we are best placed to capture a part of those clients, like we will do also in Italy when the number of the incumbent operators on the power will have to reduce from the actual 70% of client base in the retail business to a number that is more reasonable, I would say. Mauro, do you want to add anything on that? If I add something about the past, because we are talking about 2011, they were not born yet, so they are really young. I was already old. I think that something changed because we constitute the company in 2017, and we started growing. Also, during the COVID, we gained organically 400,000 new customer. I think that before the customer base and the responsibility on Eni gas e luce was spread in different sector of the company. That is powerful to create a single Scope. Before was part in gas and power, part in the CFO under the CFO. Without no very clear responsibility, just target, but then who is in charge? We create a company, and we grow up from 8.5 to now more than 10. We saw that organically in the last 4-5 years with the company. Everything change because we have a leadership team. They are accountable. For that reason, now we are also going to the IPO to give additional strength to this kind of model. It's not just in Eni gas e luce or Plenitude now, but also in business combination, like in Norway, as we said, I said, and in Angola and others. We have to give responsibility, focus, and then we can grow with a lot of synergy, as we said, with better results. I think, I believe that, you know, we have to grow in the next two years of 1.5 million. We have set 11.5 by 2023. 2025. 2023. Five. 2025, sorry. 25. I'm positive on the organic growth. Clearly, after that, if there is some opportunistic, but I think that this company with also this offer, when you sell a green product, especially now, you are able to attract many more customers. Now, you know, it's very sensitive issue, the emissions, and the Scope 3 becoming, you know, something that everybody knows. Nobody want to produce additional CO2. If you sell something that is green, you increase, you attract more customers. That is another lever that before we didn't have at all. I think that is a point that will reinforce the, you know, the proposal that Plenitude can make to the market. Thank you, Mauro. In terms of the KPI for management, we have the KPI set for the short-term objective and then the medium-term objective, three years' time. On the short-term objective, 25% of the top management objective are ESG, and there it depends on the line manager involved. But normally, you have HSE, you have CO2 reduction, you have megawatt of capacity, of renewable capacity installed, for instance. On the medium term, we have. Today, we have the one that we received from Eni when they were first given at the beginning of the year. Also in that case, we have medium-term objectives set, not the reaching of the CO2 emission reduction by 2021, but the three-year term. Again, we work on, as I said, HSE. I said, CO2 emission reduction, renewable capacity installation, and development of project for the circular economy, but this is Eni. In term of, this is Eni. It's already far. Yeah. It's already far. It's very dangerous, this guy. Already running away. Then, I have to control him. Yeah, yeah. Then the supply chain. In this case, I think we don't have to invent anything. We just simply have to apply our internal process of Eni, I mean. Just to make the confusion more clear. We are inheriting a number of capability, skills, process, procedure from our shareholder. I think being Eni, we very attentive. State-of-the-art process in terms of supply chain, we simply have to take it and bring it home. That's it. Please. Emanuele Oggioni at Kepler Cheuvreux. I have a few questions. The first one is about your outlook on power prices along the plan and the target of your basically your strategy on hedging policy, always on renewables, and the share of PPAs, so the strategy on the PPA, how much of the volume will be covered by PPAs. This is the first question. The second, always on renewable, is if you could sum up how much have you invested in the equity stakes in renewable projects so far in your history, basically. I know usually you didn't disclose the each projects, but to sum up, if you can sum up all the acquisitions so far in the projects and for equity stake of the projects. Acquisitions and the names. The third one is on renewables, on minorities, so it's related to this, the previous question. Could you quantify the minorities included or embedded in your EBITDA in 2025? The last one on retail, basically, could you explain, could you go in detail on the share of customers dual fuel plus also covered by value-added services? Thank you. Okay. Thank you. In terms of outlook of price of energy, I think in the annex, in the booklet we provide you have the detail for our price of the electricity, the power in 2023 and 2025. Am I correct? I ask my people. Yes. Okay. I think that there you have the full set of numbers and assumptions we are considering in terms of price of electricity, of power. In terms of hedging strategy in general on the portfolio, as I said, we leverage on the flexibility of our portfolio, but the first objective is to reduce the risk of the volatility. Okay? As I said, high volatility, we can grab opportunity when it fits, but when you normally operate on a campaign, retail campaign, normally you hedge the campaign, and you defend your margins. In terms of renewables instead and how much PPA we have in renewables, I need to leave it to Alessandro because yeah. Consider that if you look at our capacity today, so the 1.2 GW that I showed you in 2021, I would say very close to 100% is contracted, so under PPA and so on. Going forward, we think that this percentage will for sure decrease because we will remain more and more exposed to our own internal offtaker, so our retail market. This will very much depend on the market where we are. We think, looking at 2025, that a reasonable share could be like one-third in Italy, a little bit more in Spain, and certainly less of that in the U.S., where we don't have a retail business. We think in any case that this is not for us a target because as Stefano told you before, this is more a kind of optionality that we have embedded. We will exploit it depending also on the alternatives that will be available in 2025. Thank you, Alessandro. Is instead the percentage of dual fuel dual offer in our client base, Pasquale, you have the number? It should be 40% of our customer base. 40%? 40%. Dual. The last was, how much is the minority in the EBITDA at 2025? If I'm not wrong, we presented a pro forma here, so meaning the EBITDA of the financial statement, plus the pro rata our equity or the EBITDA of the company that do not consolidate. The company that consolidate has no minority, I think. It is 100% of our number. I don't know if I was clear. Investment, ask the investment. il prezzo. Actually, my question was on the share of minority, on the weight of minorities on 2025. As I said, EBITDA. Not 21. 2025. EBITDA has said. Okay. Apart from the share of the EBITDA that is linked to minorities, so not consolidated asset, that is there in the 800 for EUR 1.3 billion. In renewable is 800... PANTERA in renewable? Nicola? 0.4. 0.4. You have the minority there. The pro forma, how much it is? It's more or less 40% of the- 40% of the total. Okay. Okay, thank you. We have time for a couple of more question. One is for Romeo. Hello, good afternoon, and thanks for taking my question. My name is Giacomo Romeo from Jefferies. First question is on e-mobility. You provide a helpful guidance for expected utilization going forward. Can you just perhaps talk about what's your utilization right now? On the e-mobility growth target, my understanding is that at the moment you have a very limited number of fast and ultra-fast charge point. Can you provide give an idea of the breakdown of your fast and ultra-fast charge points in 2025 and 2030? Second question is on retail, and just you seem to be quite positive about the potential impacts from the market liberalization in Italy that is supposed to start in on the first of January in 2023. I can clearly understand why this is the case in terms of number of clients. Can you perhaps talk about where we expect the margin to move to? I understand that you think that additional services will more than offset any sort of margin compression. But perhaps talk about where the underlying margins could move to in a liberalized market. The Italian market is very fragmented, and I can certainly see the value opportunity from a player like Eni of consolidating some of the smaller player and bringing on board customer on your larger platform. Do you share this view of the Italian market going forward? That would be helpful. Thank you. Thank you. First on e-mobility, maybe Mauro, you can take this one. Okay, the first one was about our mix of AC versus DC charging points going forward. Well, and utilization. Regarding utilization, which was the first one, what I can tell you is that at the beginning of the year, we had a certain number of recharges in one month, and at the beginning of November, we recorded the same number of recharges in one day. This is really, you know, increasing very steadily and I'd say exponentially. As far as the mix of AC versus DC charging point is concerned, as of today, we are mainly deploying AC, because this is what the market demands. Okay? We have the full flexibility to upgrade the same locations with more AC stations, which means, you know, making them become a hub, or to stack more power, so to pass from AC to DC and then stack more power on DC to serve the growing needs and faster recharge. It's very difficult to say a target number of AC versus DC. It will depend a lot on how, for example, private recharge will develop. If we will have a lot of private recharge, then we will see a lot less of AC recharge over time, and we will focus more on DC because that's, you know, ultra-fast and fast recharge. You may expect more DC, you know, being deployed over time just to meet energy drivers demand. Thank you, Mauro. I leave the other question to Pasquale on the retail margins in Italy and the evolution of the market. Okay? Yes, of course. The complete liberalization of the Italian energy market will take place in 2023. In particular, for the power market, we follow two different steps. The first step started in 2021 and dedicated to the small and medium enterprise with higher than 10 employees with a turnover higher than EUR 2 million. A second step will start in 2023, and it will be dedicated to residential customer and the other part of the small and medium enterprise. In any case, at the moment, the ministerial decrees that should define the, let me say, necessary condition to assist this customer, this final customer, towards this transition, have not yet been approved. In our four-year plan, we see more opportunities than risks, and this is why, in the gas market, Plenitude is market leader, and we also 25% of market share. So low enough to avoid a substantial loss or transfer of customer base. In the power market, the incumbent players holds 70% of market share. So for these reasons, despite of legislative uncertainties, we believe that we reflect the growth in power market, considering that we will grow in this sector. It could be an upside, an opportunity of upside in our plan, because we have not included any impact from the liberalization. About value added services, as we told you before, the value added services have already reached 20% of our EBITDA, and we believe that they will be more and more important in the future. Just to give you a number, we believe that the revenues from energy efficiency, from distributed generation, from an active energy management, will increase over 30% in 2025. Okay. The last question. Thank you. Thank you. Thank you for taking the question. It's Alberto Gandolfi from Goldman Sachs. The first one on renewables and the last one on retail. Slide 24 is very interesting in terms of the development of capacity. I think in 2023, you're planning to add as much capacity as you have totally installed and combined in 2021 and 2022. It's a big step up. I was wondering, trying to gauge the execution risk, how much of these capacity additions in 2022, 2023 are already fully permitted? And have you already secured all the equipment on these and freight, or do you have any open position on that? The second question is that looking at the donut charts on your slides, it looks like most of your development in the future is skewed towards solar. I guess it makes a lot of sense if you are mostly planning to sell merchant to your retail customers because solar has the lowest LCOE. If you are planning to mostly sell electricity directly to retail, isn't 200 basis points spread over WACC too low? Because in your jurisdictions, you know, Italy, Spain, for instance, power prices in the next two years, I mean, forward curves EUR 120, EUR 70, EUR 60. With the levelized cost of electricity at EUR 30, your IRR over WACC in the shorter term should be two to three times that. I wouldn't think sustainable, but I think it should be way higher. If you can elaborate on that. The last question on retail is if you're targeting EUR 115, EUR 130 per customer margin, can you say how much is the customer acquisition cost in your plan? Should the payback period be one, two three years? What's a good number to have a sticky customer? Thank you. Thank you. Thank you for your question. On renewables and the solidity of the pipeline of the construction in 2022 and 2023, I leave it to Alessandro. Yes. So basically, you're right. Our pipeline going forward is skewed towards solar, irrespective of the fact that today you have seen our 1.2 GW is more or less split equally between wind and solar, 50/50. This is because the most mature part of our pipeline is solar, and this is again due to the fact that the countries in which we want to develop, so you mentioned Italy, Spain, France, and so on, are trying to develop more rapidly in solar rather than wind. We defined our pipeline in terms of a number of the criteria, the typical ones, so access to the land, feasibility, grid connection, permitting, et cetera, et cetera. You have seen in our slide a definition of high visibility and medium maturity projects. These are projects that stand in the upper part of our ranking. Typically, for example, they have land secured, feasibility confirmed, and they got grid access and permitting, or they are about to get these two things. Looking at our additions in 2022 and 2023, I would say that for 2022, almost 100% of our projects belong to this category, high visibility, medium maturity, as I've just defined them. For 2023, more than 80% of that belongs to this category. We are pretty confident on the feasibility, let me say, of our targets. In terms of rentability, yes, it's a balance, the 200 basis points in solar in these countries. We think that this is very much aligned with our peers, first. Second, it doesn't include. I remind you, it doesn't include the synergies from retail. We will push, let me say, in those countries in particular, but when we say we will get 200 over our WACC, this doesn't include the synergies that are obviously in our financial plan. In terms of customers and the cost to acquire a customer, I'm not quite sure I want to disclose this number because I consider it a little bit commercially sensitive. What I could say is that less than one year of gross margin. That's it. We can now move to the remote questions. Excuse me, this is the operator. The first question from the conference call is from Biraj Borkhataria with RBC. Please go ahead. Hi, thanks for taking my question. It's Biraj from RBC. Two questions. First one is for Claudio. I mean, if you list this business and sell 25%-30%, let's say, that's a substantial amount of cash net to Eni. Can you just talk about what you intend to do with the proceeds? And then the second question is for Stefano and team. When you're looking at, you know, renewable generation in that space, comparing presentations from a couple of years ago to today, it's very clear that returns expectations have been compressed. And, you know, a number of players are looking to do developments in various geographies. Could you talk about, you know, how you combat the pressures that puts on supply chains and development teams, and how you stop the cost from going up, et cetera? Thank you. That's all I got. Okay. No, the second part of the question came very badly, so I couldn't. It's on the cost of renewable Sorry, can you repeat the second part of the question because we didn't get it. Thank you. The second question was looking at renewable development, how do you combat the risk that as a number of companies look to develop these types of projects, you know, you obviously put pressure on supply chains and teams and inevitably things are disappointed. Thank you. The first question in terms of capital allocation, I think we remain strict to what we said also during our strategy. The first point is to improve our transitions. Improve all the technology investment to reach the target that we presented to our investors for 2030, 2040 and 2050. Clearly, another priority is our dividend policy, so our shareholder remunerations. The third priority is to maintain a strong balance sheet to fight the volatility and to be flexible in the different action we have to take, looking forward. Okay, thank you, Claudio. For the question on the cost of development and, Cost inflation the cost inflation linked to the project. I'll leave it to Alessandro to take it again. Yes, we have partly already answered to this, but just to give you a little bit more elements, looking at cost inflation in raw materials and so on. Basically, of course, this year our 1.2 GW has no more exposure on the cost inflation. Next year, we have contracted, I think 2/3 of the additions. We think that we are reasonably balanced towards this risk. Going forward, we will see. Our expectation is that, as I mentioned before, cost inflation is a temporary phenomenon that will be reabsorbed once the international supply chain will adapt to the post-COVID recovery. Thank you. Next one. The next question is from Mehdi Ennebati with Bank of America. Please go ahead. Hi, good afternoon all, and thanks for the presentation. Thanks for taking my question. Please, just would like some precisions here. Let me tell you what I have done. I did it very simplistically. I took the EBITDA from the retail business, and I divided it by the number of your customers, which is roughly 10 million today? I compared this figure with some of your peers in Italy? It seems that, let's say the EBITDA generated by customer as of today is lower than some of your peers. Which kind of reassures me on your guidance. If you go back to, let's say, kind of average level, you will be able to realize your guidance. My question is, why as of today, the profitability of that retail business is not as good? Just for me to try to understand how you will be able to improve it. Is it because you need to be kind of aggressive in order to attract new retail customers, meaning that you propose relatively cheap tariffs? Is it because you are currently distributing more natural gas, which has a lower margin than power, and then, you know, by selling much more power, you will then increase your margin. Maybe can you please explain me, or tell me very briefly, on those points that I just highlighted. The other question that I have is, I understand you don't want to provide, as of today, let's say, more clarification on your dividend policy, but do you intend to have for Plenitude a dividend yield, let's say in line with peers? Thank you. Okay. Thank you, Mehdi. In terms of the EBITDA per client as calculated, it's difficult to give you a complete answer, but I would say that there are main differences in the terms of the composition of the portfolio you are comparing with, because it depends on how much gas client and power client you consider in the two portfolio, how much of those gas or power client are regulated, under regulated tariff or are under the free market. Difficult to say to answer. We have a power client base that is completely liberalized. Instead on the gas sector, we still have some regulated clients. This is what I can say in a nutshell to answer your first question. On the second question, as we said, it's too early today to say to you that we will give you a certain yield or whatever. We still have to discuss internally about the dividend policy. We aim to have a dividend distribution, but of course, as I said, with the priority given to our flexibility to growth and to maintain our investment grade profile. Okay. Thank you very much. The next question is from Bertrand Hodée with Kepler Cheuvreux. Please go ahead. Hello. Thank you for taking my question. Three very quick questions. I appreciate that you committed to price and pay for the various acquisitions in the renewable space in 2021, Spain, Italy, and France. If I understood well, you paid something like EUR 650 million for above 600 MW of installed capacity. Can you confirm that first? Are all those deals having been closed or some have yet to be closed or cashed out before the end of 2021? The second very quick question is, can you confirm that the EUR 1.8 billion CapEx per year includes also some potential inorganic, not in the retail, but in the renewable space? The last one, very quick, again, how Plenitude will be consolidated into Eni's number? Will it be fully consolidated or equity accounted? Okay. Thank you, Bertrand. On the renewable, the ratio I mentioned, 600 MW for EUR 650 million for installed capacity linked to the recent acquisition is referring to more than one acquisition and is referring to Italy, France, and Spain. I do confirm capacity installed in Italy, France, and Spain we acquired. In terms of the second question, EUR 1.8 billion is the overall CapEx envelope. Yes, it include also potentially some opportunistic M&A operations. The third question on the consolidation should be for the CFO of Eni, that is. Okay. Yes. It will be, as you know, a minority sale, so it will be fully consolidated in Eni account. We will take all the benefit of this operation, this sale, and of the growth that will follow. There was, in my first part of the question, there was also, are all those deals in, you know, for EUR 650 million have been already closed yet? Payment. Sì. Yes, all closed. Okay. Thank you. The next question is from Jason Kenney with Santander. Please go ahead. Well, thanks for your time, and congratulations on the creation of Plenitude. Abundance, fullness, and completeness. It certainly sounds like it, and an exciting time, no doubt. I've got one question about the U.K. offshore wind position. It is a considerable commitment. It's about a third of your renewables CapEx over the planned period, but there's limited retail read across. I don't think it's an e-mobility value chain. Is it a position simply to benefit- to offset emissions for Eni's wider operations in the North Sea? Is it a position you're building for experience for other offshore wind regions? Is there a value chain in the future that you're looking to leverage from? 'Cause there isn't a power price in the back in the same way as you have for Italy, France, and Spain. So I'm not quite sure how to think about an EBITDA generation from offshore wind in the U.K. Thanks for your question, Jason. Yes, we said that we want to have an integrated framework bringing retail and renewables together, but not only. We want to grow also in the renewable space in those countries, on those activities where we can leverage a competitive advantage, such as in the offshore wind. We think we have the competitive advantage. That's why we want to be there. It's a technology that is not for all, so they need capability, financial strength, and so that's why we are there, and we are learning from the experience of the first project, Dogger Bank, together with Equinor and SSE, and we are developing further in other geographies as well. In terms of financial contribution, do you think it's gonna make money for you in the planned period, or is it a back-loaded- No. decade opportunity? Of course it is an offshore wind, but there will be money already from the starting of the operation, bearing in mind that we will get the dividend, and this project has a project financing attached. There will be the dividend for the first part, for the first period, taking into account that there is the project financing to be repaid, and then it will be free cash flow. Okay, thanks. Last one? The last question is from Henry Tarr. Please go ahead. Hi there. Thanks for taking my question. Just two brief ones. I think most of the questions have been asked. Firstly, have you said what you think your WACC is actually gonna be for the business? Secondly, on the EV charging points, I guess you said sort of 6% utilization to be breakeven on those. Is that pure utilization or does that include an element of retail and other services as well? Thank you. Okay. On the first one, we didn't say how much is our WACC on purpose, because we don't want to disclose it by single country. You can take similar information from peers, and we are not so far from them. The second EV charging breakeven is poor commercial margin. Nothing attached to it. Okay, great. Thanks. Okay. It's concluded. Thank you for joining us today, and we wish you a wonderful week.