Good afternoon, ladies and gentlemen, and welcome to Eni 2026 Capital Market Update, hosted by Mr. Claudio Descalzi, Chief Executive Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star and one on your telephone. I am now handing you over to your host to begin today's conference. Thank you. Good afternoon, and welcome to Eni's 2026 Capital Markets Update. Today's presentation of the 2026-2030 plan follows an exceptional year of delivery for Eni. In previous event, we have highlighted the consistency of our strategy, our execution at pace, and our capital discipline that drove the outcome. Today's update will again be anchored on these themes, making us confident in the progress and delivery over the new five-year strategic window. As you will be familiar, four connected and synergistic pillars underpin our strategy. The first pillar is E&P, where we have an outstanding portfolio of assets, largely originated from our exploration activity in a combination of infrastructure-led, near-field, and high-impact opportunities. This feeds a growing business with an outstanding time-to-market track record, and it yields a deep geographically and geologically diversified portfolio. The second pillar is the creation of material diversified transition businesses, high growth integrated with customers and self-funding. The third pillar is technology, which helps to make our E&P so distinctive and is the core driver of our transition business. Technology will also open new opportunities in areas such as CCS, stationary batteries, and low carbon power. The fourth pillar is our corporate structure and financial strategy. The satellite model continues to unlock value, align capital, opening a large set of optionality and supporting growth. We continue to secure strong partnership with important investment firms and national champions. We fund our growth and deliver competitive free cash flow and highly attractive returns to shareholders while maintaining the lowest sustained leverage in our company history. We increase the value of our participation in listed companies through dividend and share appreciation. To deliver these objectives successfully through the cycle requires a consistency of purpose and strategy. At the same time, amid rapid change and volatility, it is also essential that we are agile and innovative and afraid in challenging mainstream models and all conventions. I want to emphasize ours is a full industrial strategy. We own resources, assets, and projects that visibly underpin our growth objectives. We will deliver the secure, affordable, and progressively low-carbon energy our customers demand. Importantly, we have the skills, the know-how, the technology, and the people to deliver those projects. The credibility of our outlook is enhanced by our track record. Last year, I promised that the momentum we have built through 2024 would be carried in 2025. As shown by our results reported last month, we delivered on that promise and more, providing important proof points for us. First, growth in each of our businesses. In the upstream, with a particular focus on LNG, in biorefinery, and renewables. This growth has been a defining feature of 2024, 2025, and is distinctive to Eni. The outlook for continued growth was underlined by our sector-leading reserves replacement ratio. The rising renewables generation integrated with clients and biorefining capacity supported by our Agri feedstock. Second, enhanced financials. We delivered stronger-than-expected cash generation. We optimized cost and working capital. We also strengthened our balance sheet with lower gearing, now down to 14% from 18%. Third, enhanced distributions. Eni was unique among its peer group in raising its buyback during 2025, confirming our commitment to share upside with our investors. Fourth, Eni shares delivered as a sector-leading shareholder return, 50% through 2025 in U.S. dollar terms. Our 2026-2030 plan envisages, in summary, E&P growth of 3%-4% CAGR, powered by the deepest and most diverse project portfolio in our history. Along with continued exploration success, this will support growth and provide optionality in 2030s. The new barrels will be highly accretive to free cash flow. Margins on equity production will be fully captured along the value chain, and we expect to see material ROACE improvement. In our transition businesses, Enilive is now executing on a significant portion of projects to triple bio-refining capacity by 2030. Similarly, Plenitude is on track for a near tripling of renewable capacity, increasing its customer base by 50% by the end of the decade. While our plan to deconsolidate the company will provide it with significant scope to invest and grow efficiently. Leveraging integration with clients, both businesses will materially grow earnings and provide valuable balance to Eni's result. Our financial outlook sees disciplined growth-focused investment. CFFO is expected to grow by around 50% to EUR 17 billion by 2030, and combined with the disciplined CapEx yields free cash flow over the next five years, equivalent to around 70% of our current market capitalization. With sustained historically low gearing, this leaves room for us to enhance our distribution policy, targeting to allocate 35%-45% of CFFO to distribution through a combination of dividends and buybacks with scenario and performance upside. Our E&P business is outstanding in integrating gas, trading, and power activity. We aim to capture the maximum margin from our equity production. Exploration is a distinctive feature for our E&P and is Eni's main value generator, as we showed in the past in terms of high success rate, low cost per barrel, and dual exploration valorization. Since 2014, we have averaged resource addition of 900 million barrels a year or 140% of our annual production at $1 per barrel, totaling around 11 billion barrels. These additions have come from multiple geographies, more than 20 countries and different plays, emphasizing the strength of our exploration process. Value is realized by accelerating discovered resources into P1 reserves, as shown by our sector-leading 167% reserve replacement ratio in 2025. Our expectation is to average over 140% reserve replacement ratio over 2026-2030 as we sanction new projects. We also retain and use the option to go for early valorization of a portion of our discoveries, de-risking economic returns. In this respect, we have realized more than $13 billion since 2013 through dual exploration. 2025 was another good year for exploration with important discoveries made in Namibia, Indonesia, Angola, and Norway. We added 900 million barrels in line with our annual average track record. In 2026, we will be active in West and North Africa, in Norway, and Southeast Asia. We will continue to add new opportunities as, for instance, we recently did in Uruguay in partnership with YPF. In fact, 2026 has got off to an excellent start with discoveries announced on Block 15/06 offshore Angola, Calao South offshore Côte d'Ivoire, and Libya with more than 400 million barrels discovered so far. Our E&P business will deliver high competitive operational and financial performance over the plan. Our production growth is accelerating. Volume growth since 2022 has been sector-leading and will be even higher through the plan. We will deliver reported production CAGR of 3%-4% to 2030, leaving room for continued discipline and value-enhancing dual exploration valorization and high grading actions. Just as importantly, we are transforming our portfolio as we grow it. Indeed, thanks to an average internal rate of return of around 20% for new projects and an overall portfolio breakeven of less than $30 per barrel, by 2030, we expect to raise ROACE to around 15% and reach a free cash flow per barrel 50% higher than 2025. Our portfolio is also improving in terms of geographical diversification and production mix. We are adding greater exposure to Southeast Asia and the Americas that will make up more than 30% of our P1 reserves base in 2030. Over the same time, LNG shares of production will increase by 11 percentage points. Finally, alongside our operational and financial performance, we will continue to reduce our emissions. We have cut our scope one and two upstream net emission by 68% since 2018, and we expect to achieve zero routine flaring this year. Turning more detail to our EMP portfolio, our opportunity set is the best in the company's history. Thanks to the depth and breadth of our portfolio, spanning geographies and technologies, we have 850,000 barrels per day of new production at 2030 from projects under development, of which around 90% operated by Eni or one of our satellites. Now I want to shed more light on two of our major projects, starting with our JV with Petronas. Just over a year ago, we announced the transformational partnership with Petronas in Indonesia and Malaysia, countries optimally positioned to supply key Asian markets. The agreement was finalized in November and is expected to complete at mid-year. As previously disclosed, the JV, to be named Serra, will, on completion, have a production of more than 300,000 barrels per day, rising to over 500,000 barrels per day of production by 2029. It combines our Kutei Basin asset, less a 10% stake to be valorized to a third party in 2026. With a portfolio of Petronas production, development, and exploration assets in Indonesia and Malaysia, located offshore Sarawak and Peninsula. Combined, this portfolio includes more than 3 billion barrels of discovered reserves and 10 billion barrels of unrisked exploration potential. Serra will act as a holding company for three operating companies. For the Eni legacy activities, the Petronas Indonesia and Petronas Malaysia activities. By virtue of its strong organic cash flow, it is expected Serra will be investment-grade and self-funding in addition to paying dividends to its shareholders, similar to our other EMP satellites. Focusing down on the asset in the Kutei Basin, in the south is our Jangkrik FPU, which will reach a plateau of over 700 million scf per day that will be maintained into the 2030s by virtue of additional tie-ins such as Maha and Gendalo and Gandang. The northern hub will initially see the development of Geng and Gehem, where we have just taken FID. Based around a new built FPSO with 1 billion scf per day gas and 90,000 barrels per day liquids capacity due on stream by end 2028. Northern hub gas will be supplied to the Bontang plant and engineering studies are now underway to reactivate a fourth train. Turning to the Petronas asset, these include around 20,000-30,000 barrels per day of mainly oil production offshore Peninsula asset and offshore Sarawak. The Petronas asset initially contributes around 230,000 barrels per day of production, split 90% gas and 10% oil. Looking farther ahead, there is also considerable upside from the exploration potential in both portfolios. We recently made the Konta discovery close to Geng North, and we have other exciting prospects to be drilled this year. In its initial form, Serra is already a material player in Southeast Asia. Our entry into Argentina as a partner of YPF originates also from our track record in project delivery and cost-efficient floating LNG. We are the largest players in floating LNG worldwide, with three plants already in operation in Mozambique and Congo and a fourth under construction for the development of Coral North. Our Argentina LNG project will produce around 1.8% Bcf of gas, exporting 12 million tons per year from two floating LNGs. In addition, the acreage will produce around 200,000 barrels per day of liquid shale resources. Our position will be integrated right along the value chain. With our partners, YPF and XRG, we are targeting FID later this year with first production in 2030, contributing to growing visibility of our production beyond 2030. Based on the Vaca Muerta resources and our technology, we expect to be able to deliver LNG at highly competitive cost of supply. Our upstream is a distinctive feature of Eni. Another differentiating factor versus our peers, and something that is changing the profile of Eni itself, has been how we have seized the emerging opportunities of the transition. A particular feature of our transition satellite is a combination of growth component, renewables, and biofuels with a value one represented by our customers. We have created high growth, self-funding companies that, as proved by recent transactions, bringing in aligned funding capital, have an aggregate enterprise value of over EUR 23 billion. Together, these two companies will generate an EBITDA of around EUR 5.5 billion by 2030. The recovery in European bio margins since the second half of 2025 has demonstrated the value of Enilive, with the combination of this biorefining and retail marketing. We remain very positive for the prospects of biofuel as the only realistic solution to cut emissions from hard to abate transportation sectors. A notable feature of the Enilive plan is the construction of new capacity now underway. We are currently the largest developer of new capacity worldwide. The conversion of the Livorno refinery was joined by the construction now underway of both Pengarang in Malaysia and Daesan in South Korea. Earlier this year, we confirmed the FID of a biorefining line at our Sannazzaro conventional refinery, and we announced the partnership with Kuwait to develop a new biorefinery in Priolo. Net to Enilive, this is 1.8 million tons of new capacity expansion underway, more than doubling capacity and over 50% of the amount required to meet our 2030 target of 5 million tons. We also confirmed that within the total, we will have more than 2 million tons of SAF optionality. Of course, the uniqueness of Enilive lies in its integration. In 2025, we expanded our Agri-Hub activities, supplying around 200,000 tons of feedstock to our refineries, around 10x of the 2024 volumes. Over time, we will reach around 35% of our domestic need in this way. Our retail business will continue to play a crucial role in terms of both physical integration and cash flow. We still expect Enilive to roughly triple EBITDA from EUR 1.1 billion in 2026 to EUR 3 billion by 2030, with ROACE to exceed 15%. This rate of growth and financial performance emphasizes and underscores the recent post-money valuation of EUR 11.75 billion that we recorded in our deal with KKR for a 30% stake. Uniquely among our peers, we have built a standalone, sustainable business model for our renewable activities. In less than five years, we have reached 5.8 GW of installed renewable capacity, balanced with 10 million customers. All of this has been achieved with a net cash benefit to Eni, thanks to sales proceeds of around EUR 3 billion and the cash generation associated with our customer base. For 2026, we expect an EBITDA of EUR 1.3 billion, a 20% growth versus last year, with 6.5 GW installed renewables capacity and 11.5 million clients following the acquisition of Acea customers' portfolio. We have now entered a new phase in which Plenitude growth plan will continue, and we want to ensure that there is no conflict with other investment opportunities in Eni. As we reach this ready material position and now look to build out the Plenitude model towards 15 GW and 15 million clients in 2030, we are focused on the most efficient capital structure for the company. In this context, we present the plan for the deconsolidation of Plenitude, involving a EUR 1.5 billion non-proportional capital increase to be subscribed by the shareholders. We intend to work toward the governance structure that empowers Plenitude to reach its own growth target, optimizing its leverage. The deconsolidation applied by Q2 has a positive effect on net gearing of 4 percentage points, while reducing in 2026 our CFO by EUR 400 million. Alongside exploration, technology represent a key value generator for Eni. Since 2014, we have been strengthening our R&D with seven research centers covering all businesses, as well as our partnership with universities, research institutes, and startups. Through technology, we have created material value both in E&P and in transition businesses. Our technology and know-how underpin our five-year plan and position us for the longer term in key activities. Looking ahead into the 2030s, our E&P resources, coupled with our high performance computers and proprietary algorithms, including AI, provide us with the optionality to respond in the right way to oil and gas demand. This is especially true for gas, where through our proven know-how and skills, we are also the global leaders in floating LNG. At the same time, technology is at the core of our transition activities. Our renewables, paired with stationary batteries, will continue to grow significantly to satisfy our customers' demand. Biofuels and CCS will keep supporting the decarbonization of hard to abate sectors while preserving existing infrastructure and jobs. Alongside these already available technologies, in the future, fusion will play a key role in the energy sector. We are already positioned to capture this upside since we are a strategic partner and the main investor of CFS, the world leading private fusion company. Now I leave the floor to Francesco for the financials. Thank you, Claudio. Our objective is to optimize a balance of growth and attractive returns on investment that maximizes value for investors. The growth in our plan accounts for around 60% of total gross CapEx, with the satellites key enabling that investment. Our gross CapEx plan calls for an investment of EUR 7 billion in 2026, 18% below 2025 levels. Over the plan period to 2030, we plan to invest around EUR 29 billion in gross CapEx at an average of just under EUR 6 billion per year. This compares with more than EUR 8 billion per year in the 2025/2028 plan. When compared with last year, around 70% of the change is accounted for by foreign exchange. Around 50% is perimeter, and the remainder is efficiency spend, split evenly between a fast-growing upstream and other businesses. M&A actions and high grading of our portfolio receive significant attention from us. We expect to generate valorization and divestment receipts right across the plan, and net CapEx will average around EUR 5 billion per year. As we proved last year, this is a risked amount, and we should expect an upside to our base case in terms of valorization action. Material free cash flow enhancement and per share growth are a distinctive quality of Eni. We expect to generate over EUR 70 billion in CFFO over the four-year plan, with annual CFFO growing to EUR 17 billion by 2030, 36% higher than 2025. This equates to a 14% CAGR on a per share basis. For 2026, at our reference scenario, Brent at $70/barrel, we expect to make around EUR 11.5 billion of CFFO. This reflects the reperimeter effects associated with the deconsolidation of Plenitude, a more normalized cash tax rate, and lower runoff contribution, mainly in GGP and Power. As a result of our advantage project, CapEx discipline, and contribution from satellites, we expect to convert our cash flow from operation into free cash flow of more than EUR 45 billion in the period. This is equivalent to around 70% of our current market capitalization or over half of our entire enterprise value. It is a remarkable dual outcome also alongside the larger and more valuable Eni in 2030 that we have described. We expect to efficiently grow our upstream, capturing increased margin from a progressively high-graded portfolio. Our transition businesses will expand, adding significant scale and profitability. In addition, we are taking continuing action on cost management and simplification and of course, performance improvement in our transformation activities. We have raised our cost reduction target for 2024-2027 to EUR 2.3 billion from the original EUR 1.8 billion. I have also said that our objective is to deliver growth, but also higher returns on capital. We can reaffirm we expect to generate around 13% ROACE by 2030, a strong outcome for a business with option to continue to grow in a highly competitive fashion. Our scenario for 2026 is set out in slide 28 and uses $70 Brent and EUR 36/MWh for TTF. At the end of 2025, pro forma gearing, including announced but not yet closed transaction, was 14%. We expect gearing to remain around this level between 10%-15% over the course of the plan. This equates to a net debt on EBITDA in the range of 0.5%-0.85%. Since 2018, we have cashed in EUR 15 billion from our satellites, and we expect a further EUR 16 billion over the plan. Our two listed EMP stakes are worth now over EUR 8 billion and our two main transition satellites mark-to-market at over EUR 23 billion, emphasizing the considerable underlying asset value that underpins our company. I want to reaffirm that the dividend is our first priority within the capital framework. The board will propose a 2026 dividend of EUR 1.10 per share, a 5% increase on 2025, and consistent with our track record of dividend growth. I also confirm that as we develop new material sources of cash flow and as we reduce shares in issue, the cash break-even of our dividend will reduce. Our average break-even over 2026-2028 is under $50 per barrel and under $35 per barrel over the whole plan. This means that the quality as well as the quantity of the dividend rises, meaning it gets materially more valuable in the hands of our investors. The second component of our shareholder distribution is the share buyback. Our shares in issue have reduced by 17% since 2021 as we ensure flexibility in our capital framework, share performance, and scenario upside. In our new plan, we will now look to distribute a higher figure of between 35% and 45% of our cash flow from operations to reflect the higher weight of our satellite entities up from the previous 35%-40% range. The increase in the payout that we are announcing today acknowledges the changing structure of our cash flow from operations, which is made up of both consolidated cash flow and satellites-derived free cash flow. As a result, the 2026 dividend is complemented by a EUR 1.5 billion buyback, bringing the overall payout to 40% of CFFO. Thirdly, we also confirm that we will share cash flow from operations upside with shareholders, as we have done previously. In the case of higher than planned CFFO, up to $90 Brent, we will continue to distribute 60% of incremental cash flow as an extra buyback, as we have done before. In addition, we are now introducing that in the case of scenarios where the average Brent price for the year exceed $90 barrel, the full incremental cash flow above this level will be distributed as an extraordinary dividend. A similar mechanism will apply to gas price and refining margins when they exceed the plan assumption by more than 50%. The assessment of the expected annual scenario and any extraordinary dividend will be made in the third quarter with a single payment scheduled for the final quarter of the year. For example, assuming $90 Brent and EUR 45 MW hour TTF will generate a cash flow from operations over EUR 14 billion, and as a consequence, would more than double our buyback. Over 2023 and 2025, our distributions were equivalent to a total shareholder yield of 11% on the average share price. We distributed around EUR 15 billion or more than 30% of the average market capitalization. Our market capitalization has also risen 70% from January 1st, 2023, equating to an annualized total shareholder return of 26%, the leader among our peers. Competitive returns to shareholders and capital appreciation are precisely the combination we aim to deliver again over this updated plan. Now I will return the floor back to Claudio for his final remarks. Thank you, Francesco. In conclusion, energy markets are changing, and they continue to be volatile and unpredictable. Our strategy, however, is consistent. What is clear to us is that there are real opportunities to grow and deliver value. Our strategy and our new plan to 2030 show how Eni will achieve this. Our track record provide assurance that we will. We will grow our E&P business from what is now an outstanding portfolio of projects and resources in terms of both depth and quality. Alongside, we are building new real business in the transition, providing the low carbon energy our customers demand. These businesses are already very material in value and add to the balance and diversification of Eni. Crucially, we have developed the people and the technologies to deliver on these opportunities in both business areas. Nor are we neglecting the longer term, with our core activities very well placed for the 2030s and beyond, and emerging opportunities such as CCS and fusion, led by our technological strength being developed. All of this is secured by a high, robust financial position, the strongest in our history, designed to fund our projects with a focused capital budget, managing the cycle and the volatility. For our investors, we offer highly visible growth, generating capital appreciation alongside a very attractive distribution. The growth and diversification of our company's cash flow, plus our balance sheet strength, underpin the secure and growing dividend that is our first priority. It is combined with a share buyback and now an extraordinary dividend commitment that confirms our disciplined management of capital with the promise confirmed by our previous action to share the cash flow upside. Now, after a brief video, I'm ready to take your question with the rest of Eni's top management. This is the conference operator. Please press star and one for questions and star two to remove yourself from the question queue. I now leave the floor to Mr. Jon Rigby for the Q&A session. Thank you. Hello, everybody, and welcome to the Q&A session of this year's Capital Markets Update. I'm here in Rome with Claudio and Francesco and the rest of Eni's top team. We're gonna move into the Q&A, so normal rules apply. If you can keep the questions to two as a courtesy to everybody, that would be very much appreciated, and we'll try to get round to everybody. You should have time to do that. So with that introduction, let's get to it. I think the first question in the queue is from Biraj at Royal Bank of Canada. So Biraj, if you'd like to kick us off. Thanks. Hi there. Now, thank you for doing this presentation with everything going on. Appreciate it. First of all, just on the production guidance, before you previously used to guide on a sort of reported basis and then the underlying basis, and there was an assumption for farm downs and portfolio changes. Now you're giving the 3%-4%. So can you just help me if something changed in your thinking of how you're gonna manage the portfolio and whether that was a fair comparison? Secondly, just on the exploration front, this is clearly your main competitive edge in the upstream, and you've done extremely well over many years and very consistently. Just wondering if you could give us some context on your plans over the next couple of years and whether you're looking to increase the risk profile of the exploration campaign sort of towards, you know, more greenfield away from brownfield, or are there any changes there? Thank you. Thank you, Biraj. On production, indeed, we are guiding a 3%-4% reported to 2030, which is better than what we guided last year, which was 3%-4% underlying and 2%-3% reported. There is an upgrade on the guidance. While as far as the exploration risk, we are almost maintaining the same balance between the high impact and ILX near field lower risk prospects. What we are doing is to continue to focus on the core areas like North Africa, East Med, West Africa, Southeast Asia, but we are adding some new basins like the South Atlantic margin in South America and the transform margin in West Africa. To go back to the production question and you ask what is changed with respect to last year. As you saw, we made different discoveries. We made discoveries in Indonesia, and we sanctioned projects that enter in the full year plan. There is a different kind of dynamics of 2026 because we have also Indonesia and the business combination, and we have new projects. The exploration discoveries and the business combination are the two different points that change with respect to last year forecast. Okay. Okay. Thank you. Thanks, Biraj. We're gonna now move to Joshua Stone at UBS. Josh. Thanks, Ai, and good afternoon, everyone. First question on coming back to the growth profile, because clearly Eni's long resources, and that's now a very significant advantage in this new cycle. You know, the rate of growth is ultimately a choice of spending. Maybe just talk about the factors that led you to decide this 140% average reserve replacement rate and why that's the right number. Also, what actually drove the increase of the growth rates up to the 3%-4%. What's driving that. Then second topic, I mean, just current events and Hormuz. I presume you may have some exposure just through either chartered vessels or otherwise. I was wondering if you might be able to share your view on how likely you think the Strait of Hormuz can be reopened in the coming weeks, if that's something you have any views on, and also just how you're managing that situation as a result. Thanks. Sorry, Josh, you came through a little bit muffled, so I'm gonna try and interpret the questions for you for the panel. I think the first one. Yes, sir. This is for Guido, and it's about reserve replacement and production growth. The second was about the Strait of Hormuz. Yeah, just building on what Claudio said earlier, we had a significant amount of discoveries and this will turn into reserves over the plan while we are FID projects. The main country for growth, of course, will be Southeast Asia with Indonesia, which is remarkable, but also we'll have Argentina, we'll have Côte d'Ivoire, Nigeria, and we'll have Mozambique also. Basically, this 140% of reserve replacement is mainly driven by our organic growth, which is driven by the exploration discoveries. For the second question about the Strait and the Gulf and the cargos, I can talk about our position over there. We have, I can say, marginal position from a production point of view. We account for between 2%-3% of our production. We can say maybe less in terms of cash flow and the EBIT in our scenario. We have more development projects than production. At the moment, the situation you know very well from our point of view that we can say that impact is not so big. I don't know if you can still hear me, if this line is any better. On the first question, just asking where the increase of the growth rate is coming from, so the extra 1%. I don't know if you can answer that. On the second, if you have any view, actually, if you have any vessels stranded or any chartered vessels. If you have any view on how likely the straits can be reopened. Apologies if you can't still hear me. Okay. On the end of. I mean, the growth at the end of the plan is essentially Argentina, while this year, as Claudio pointed out, is essentially the growth coming from the startup ramp-up made in the last year, which are the project in Norway, the ramp-up in Congo and Ivory Coast, and the business combination in Indonesia, clearly. Perhaps, Josh, I'll come back to you on the logistics question on shipping, et cetera, if that's okay. What we'd like to do now is move to Michele Della Vigna at Goldman Sachs. Michele, are you on the line? The first one on the GGP target for this year. I was wondering if perhaps you're not being a little bit too conservative given all of the volatility that we're seeing at the moment, and it feels like your portfolio is ideally positioned to capture it. Secondly, on the growth target, very impressive, top of the group. I was wondering if you could split it between oil and gas. Thank you. We'll start with Christian. Yeah. On the target, I think the guidance that we have set is consistent with the Eni scenario which sets TTF at around 36 EUR per megawatt hour and takes into consideration, let's say, the situation in the Gulf as we speak on our supply. Clearly, I mean, as let's say, the time goes by and prices and volatility might let's say result in a different scenario, this will actually allow us to take much more opportunities from the market, and so to allow to manage better our assets and to get more value out of our asset base. Oh, as far as concerns the production growth, if we take a helicopter view over the plan, we will be almost flat on the liquids, flat on the pipeline gas, and all the growth you may have spotted in one of the slides that we will increase 11% our LNG production. That's in a very nutshell the where the growth lies. Very clear. Thank you. Thanks, Michele. We're gonna now move to Alastair Syme at Citigroup. Al. Thanks, Jon. I've had a couple of questions on slide 21 on the cash flow growth, sort of the EUR 17 billion in 2030. I wonder. I think, Francesco, you made some comment about the cash tax rate. Maybe you could just tell us, you know, sort of what rate we should assume in 2030 versus where it was in 2026. And then secondly, you know, you on the next slide 22, you've given all the cash in from the satellites over the period. But maybe just talk a little bit about how that shapes. Is it more of that, you know, should we just divide that number by four or is it a bit more of it coming in the back end of the profile? Thank you. Yes. About the cash tax rate, first of all, I would like to mention the tax rate first. That is the one that you have seen last year was in the range of 45%. You could expect this keeping a similar range in the coming two years, three years, then dropping because contribution from a business combination clearly help to reduce the tax rate. In term of cash tax rate, the weight of the tax rate in this case is in the range of 23%. Again, we will have similar trend, so relatively steady level and then dropping on towards below the 20% versus the end of the plan. About the second question, I missed a bit the concept. Yeah. I was asking about the profile of the cash. It was really about the cash in from the satellites. You talked about. Okay. EUR 16 billion expected cash in. Yeah. Yeah. The cash from the satellites, you know that we were accumulating cash last year in the range of EUR 2 billion, above EUR 2 billion, and through the dividend. Clearly, by expanding the magnitude and the number of satellites, this will grow progressively. What we expect in the coming years is substantially to double that amount, that contribution along the four-year plan. Assume roughly EUR 4 billion in 2030. Yeah. That would be fair. That is a good proxy, yes. Perfect. Clearly in our scenario. Sure. Great. Thank you. Thanks, Al. Jon. Mm. No, just for the question that you made before on the cargos in the straits. Eni doesn't have any cargo now. Okay. Hopefully, Josh, that answered your question. We're gonna move now to Alessandro Pozzi at Mediobanca. Alessandro? Yep. Good afternoon, and thank you for taking the question, sir. I have one on chemicals. I was wondering if you can give us perhaps new guidance on the breakeven for the division. The second question on cash flow guidance for 2026. If you can take us through the main moving parts for the 2026 guidance versus 2025. Thank you. Alessandro, Adriano Alfani speaking. I mean, concerning the chemical scenario compared to the previous one, we have seen some deterioration in particular for some stagnation in different market, and also some lack of rebound in demand in addition to a higher cost of feedstock for the chemical industry. This will have corresponded to two years of delay in our breakeven or EBIT, but we are putting in place additional actions in order to mitigate the one year at this moment, and we expect the breakeven delayed by one year on EBIT side. About the comparison between the two years, 2025 and 2026 cash flow from operations, we have to keep in mind that last year we benefited from a few material one-off factors, mainly in the powers, in GGP, and also in EMP. This year, actually, we are also having the impact from the second half of the year of the EUR 400 million of cash flow from operations that will be the net effect of moving Plenitude as a dividend contributor instead of cash flow from operations. For this reason, for example, we have raised the range in terms of distribution up to 45%. Overall, this year is actually an improvement like for like, removing all this one-off factor by around EUR 700 million versus last year. Okay. Thank you. Thanks, Alessandro. We're now gonna move to Paul Redman at BNP. Paul, if you're online. Hi, guys. Thank you very much for your time. Yeah, two questions. First one just on Enilive. So you've included a scenario assumption for refining margins, which essentially fall and then plateau from 2028. Can you give me an update on your view on renewable fuel margins out to 2030, and whether that's different to what you're highlighting in your refining margin scenario? Then secondly, on divestments. So you're guiding to growth CapEx to 2029, net CapEx to EUR 25 billion. That's $4 billion of divestments is how I read it, and you've got about $2 billion of those coming in 2026. So I think if I think about the remaining four years, you're not guiding to much in terms of divestment. How do I read that in how you're thinking about your portfolio? Does that just mean you're comfortable with where the portfolio stands, your equity positions in assets, your current equity position in satellites? So yeah, are you happy with your current portfolio, and we shouldn't see opportunity for divestment over the next four years? Yes. Thanks for the question. On biorefinery margin, we see increasing margin along the five years business plan, and this is gonna be driven by strong fundamentals. Demand, first of all, is expected to grow significantly above 20 million 2026, above 40 million 2030, and this again driven by policy defined and under deployment. I won't touch each single policy, but just to mention the RED III from 14%- 29% already in place. In U.S., a target that's to be approved soon in terms of increased renewable volume obligation is expected, let's say, in weeks, and it's gonna increase by around 40% demand. We are already seeing expectation, market move upon expectation. RIN is already $1.5 per RIN, so pretty much a dollar above the level we reached in previous year, and margin are already significantly increasing. I have to say that on the business plan, it's not just a matter of scenario, but actually we are pulling all value creation levers in order to maximize results. It's capacity a driver, but actually it's also product optionality like SAF. It's feedstock flexibilization. We are focusing a lot on maximizing the kind of feedstock we can process to maximize value. There's gonna be a strong contribution from the agri production that give us the unique competitive advantage of being fully integrated along the value chain. Yes. About the portfolio, first of all, it is important to mention that here, this year we described a set of operations that are covering EUR 2 billion as an extra benefit, but actually it does include the benefit of the deconsolidation of Plenitude. That is not a typical M&A but has a similar effect in terms of deleveraging. If you add to that in terms of net effect for the year is more than doubling the amount of 2026. Similarly, the amount over the plan will be almost double if you take into account of that. You have also to consider, as we mentioned last year, that we present every year a plan that has a degree of visibility that is progressively improved year after year as a risk component because we don't want to overpromise, and instead we prefer to overdeliver. You have to take into account that through exploration and through portfolio optimization, we continue to generate optionality inside the portfolio. We are happy with our portfolio, but we are happy also the optionality that is embedded in that portfolio. Thanks, Francesco. Thanks, Paul. We're now gonna move to Matt Lofting at J.P. Morgan. Matt? Thanks everybody for taking the questions. Congrats on the update. I think it's very reflective of the strength of strategic execution that Eni has delivered over the last few years. I wanted to just ask you the 440% reserve replacement metric within the upgraded growth stands out. What are the sort of key project FIDs or sanctions over the next few years that are required to deliver on that ratio? And whether there's any sort of particular projects that sort of stand out disproportionately from that perspective? And then secondly, it struck me that it was an important point on distributions that you made on the rising quality of the dividend as the cash break-evens fall. How are you thinking around the value proposition of the buybacks as the shares continue to rerate, and to what extent is the move to 100% extra dividends over $90 reflective of that balance in terms of value of buyback versus dividend back to shareholders? Thanks. Yeah. As we have highlighted today, we have the strongest, the largest, deepest, most diverse pipeline of project in our history. Of course, this outstanding replacement ratio is driven by some super major projects like Argentina LNG, Indonesia, where we have just taken two very important FID, Côte d'Ivoire, Mozambique, Nigeria, Angola, and of course, Congo. Just to give you some data point, our proven reserve life index is about 11 years. If we include probable and reserves associated to the project under maturation, which we have seen in one of our slide, this reserve life far exceed 20 years. It comes from, as said before, exploration, but also our ability to deliver cost competitive project. It's not enough just to discover it, but you have to then turn the resources into reserves. We have turned more than 60% of our resources into reserves in the past year, with an outstanding time to market and also an outstanding delivery on cost. Just recently, Wood Mackenzie has issued a report where we are among the top leader. The top in the exploration, but the top also in the development of those resources. If I can add something about the capability to put in production new projects. It's true, we have been very fast, so we increased the IRR, but also that comes from our exploration strategy. Because our exploration strategy is really to focus our exploration, reducing the risk where we have facility installations. That clearly reduced the cost, but also the possibility to go through the replacement of reserves very quickly. Everything start from the strategy that we applied in exploration in the last more than 10 years. That is another reason of low cost and the rapidity through which we can get this life index and replacement ratio. About the buyback versus the dividend or the scope for the buyback, clearly, we, I think that is almost a few years where we proved that, we are keen or able to share any upside with our investors during the year. We set at the beginning of the year a conservative approach towards distribution, but this is a floor that is promises that we recognize immediately. During the year, we execute our plan, we improve, we do better, for example, in production, in disposal, in execution. On the other side, there is sometimes improvement of the scenario. Actually, in the last two years, it didn't happen. Actually, the scenario dropped during the year. In any case, we're able to distribute more and more through an increased share that we dedicated to the buyback with a target of a 60% increase or the increase of distribution percentage. This year, we thought that due to the exceptional condition we are facing in the market, we will be probably in a situation where there is a continuous potential improvement in terms of the magnitude of the buyback. The possibility to execute a buyback is becoming less and less effective as soon as you are proceeding and becoming bigger the amount of cash flow that you have to use. Because clearly from that point of view, there is a limitation in terms of trading per day or share that you could buy. For this reason, we thought that in a scenario that is above the $90, we will be able to distribute more. In this case, we thought that a one-off payment that will occur in the fourth quarter, decided in the third quarter, will be a way to execute even that amount of additional distribution. Taking into account a gearing and the overall strength of the company in terms of investment opportunity, we thought that the one-off dividend, the special dividend, would be the more appropriate solution for sharing that upside. Thank you, Francesco. Thank you, Matt. We're gonna move to Lydia Rainforth at Barclays. Lydia, if you'd like to ask your question. Thanks, Jon, and two questions, please. Just coming back to obviously what is an impressive upstream portfolio. You've talked in the slides of the FID schedule slippage being 5% versus the industry average of 15%, the FID cost growth lower as well. Just as you're doing more and more projects, how do you make sure you can keep that discipline? Then the second one is probably more for Francesco Gattei and just to help me with my math. Obviously, we're talking about returning 100% of additional cash to shareholders in the form of extraordinary dividends above $90. And I think you talked about that being a EUR 40 billion CFFO. But obviously we do have higher natural gas prices as well at the moment, higher refining margins. Are we thinking that it's basically 100% of any additional cash flow over that EUR 40 billion level that gets returned? Even if the oil price is a bit lower, but gas is a bit higher, that's how it should work? Thanks. On how we keep track of the track record and discipline, I like this word discipline on the delivery. Of course, we are building on our track record. We have the skills, we have the competencies. We've said several times that we never laid off people. We always took in-house the core competencies, G&G, engineering, production guys. So we've maintained these competencies. We have an edge on technology. We have an edge on the supercomputer. We have an edge also on the geographical diversification, and also the diversification of the production mix, this recent edge on technology, of course. It is a consistent track record. In the last 10 years, we've been the second largest in terms of FPSO built. We're just the second to Petrobras. If we compare with our peers, we are by far the largest in terms of FPSO and floating LNG. We are training our organization. We've trained our organization to build this, the skids, all along the year. What is in front of us is exactly the same. We have to continue to build FPSOs, floating LNG, and do the same. No, I think that I really share what Guido said. When you talk about training` your company, Eni grew organically. We grew through our industrial action, our projects. In the last 15 years, we did it really differently because we insource competencies, we increase technology, we invest in R&D and we invest in our capability to grow organically. Clearly, we have exploration, but we have also the development. That is why in the last, I think 10 years from a time to market point of view and the number of project, we are the first in the industry also considering that maybe others grow in one country. We are growing in at least six different countries. We have exploration and big success in exploration in at least 6- 7 countries. That is, I think that in Eni, we made clear choices some time ago, at least 15 years ago. Now we are consistent. We don't change. That is one of the reason why we are sure that we can keep going with this kind of trend and the positive results. About the buyback or versus the extra dividend in term of scenario, we not limited, as we said also during the presentation, the $90 is a trigger for the extra dividend, but potentially you could have a scenario where the average is 88, but on the other side you have a gas price or a refining margin that is much higher. Even in that case, we'll distribute that excess cash flow 100% as a extra dividend. Just to give you a ratio, it's substantially 50% above the current scenario of the current assumption in gas. In the SERM, it means nine dollar as a refining margin and around EUR 54 for megawatt hour for gas. These are the two equivalent number for the $90 Brent. Thanks, Lydia. Just, actually, just to add to what Claudio and Guido said, there is a nice stat in the slide pack that we got out of them that 90% of all the future production under development is either operated by Eni or one of Eni's affiliates. The control over the pace of growth is very much in our own hands, I think it's fair to say. Thank you, Lydia, for that. We're gonna move to Mark Wilson at Jefferies. Mark All right. Thank you very much. On the growth to 2030 in the plan, the increased growth, LNG-led, could I ask firstly, is or are both Argentina FLNG vessels included in that target? I also note there has been talk in various publications of a third Mozambique FLNG vessel. I'm just wondering if that is a potential, maybe not for 2030, but very close to it. That'd be my first question. Then if I'm allowed a second one, it would be about the Seria business combination. I thought you said in the presentation this included all of Petronas production in Malaysia. I'm just checking if that is the case. Also, if you could speak to just, I think, how would. How unprecedented it is for such a satellite set up with an experienced NOC like Petronas, if you could comment on that, and how the management of that business will be set up. Thank you. On the growth, mainly LNG-driven, I'll give you just a view on the upstream component, and then I'll leave to Christian to elaborate a bit more on the commercial and the midstream part. You rightly spotted is Argentina will play a role in the plan, but most of the Argentina growth and ramp up will be beyond the plan. We have other project. We have Mozambique, we still have the ramp up in Congo, and few more other projects that will drive this growth up to 2030. Of course, the Indonesian one clearly, but the Argentina contribution will be largely beyond the 2030. Yeah. On the LNG portfolio, the one that we are going to bring to market, as you can imagine, the big share of the growth is underpinned by our upstream projects. I mean, notably Argentina, Cyprus, Mozambique, Indonesia as well. We have an approach which is mostly like equity lifting production. Depends on the country, but I mean, our share of production and then being taken in our portfolio to be then further marketed. We plan to have a 70% ratio in terms of equity LNG production into our overall contracted portfolio, which we expect to exceed 20 million tons by 2030. Just remind me, Mark, the question on Sierra. Yes. I just wanted to get a comment on just how precedented or unprecedented it would be for an experienced NOC like Petronas to set up a satellite itself, like this with Eni. Just how much of that Malaysian production that Petronas runs is going into it. Thank you. Why Petronas so experienced, so good join Eni? That is the question. I think because they consider that we are good, and they consider that in Indonesia we discover a huge amount of resources. As you know, Eni's strategy is based on two important element and component. One is cash flow, and then growth, so the future. That was the reason. I think that is a good marriage because they have the cash flow now, we have the cash flow as well in Indonesia, but we have the growth component. That is the reason. Then we are good partners, and we consider Petronas one of the best company. So that create, in the last one half year a good combination. We discuss, we analyze, we operate our asset, they operate their asset, we are together, we consolidate, and we have a really strong future in front of us. On numbers, I'll shed a bit more light on the. Of course, we will include in the business combination all our Eni assets in Indonesia in production and assets and blocks in exploration. Barring the 10% mentioned by Francesco that will be monetized and 10% of our production assets in Indonesia. In Malaysia, we have five assets, two of which in Sarawak, which accounts for almost 75% of the total production, which will be contributed by Petronas, which is 230,000 barrel per day, while the remaining 25% comes from three asset in the peninsula. I think we can probably help you with some modeling offline as well, if you want to contact the team. Thank you, Mark. We're gonna move now to Massimo Bonisoli at Equita. Massimo, are you on? Thank you, Jon, and good afternoon. I have two questions. One on the CapEx budget over the planned period. Gross CapEx is guided at EUR 5.8 billion average per year, so more than EUR 2 billion lower than the previous plan, driven by FX, changing perimeter and efficiencies, if I got it correctly. Can you detail the key drivers of the structural efficiency measures in CapEx? The second question is on Venezuela. What is the realistic pathway on monetizing gas resources there, like Perla? And can you provide more detail on the timing and magnitude of potential cash recovery from Venezuela? Thank you. Okay. Just a few words about what you said about efficiency. As I said before, this kind of efficiency comes from our strategy and our model, as I said before. We are organic, we discover, and then we are at the end of the day, less CapEx. Why? Because we are using existing CapEx. When we talk about, okay, Indonesia is a case, but also Congo is another case. In Indonesia, we have just to develop the upstream because the LNG, Bontang is there. For Congo, I think we can consider the development, then we have all the facilities close. We are in mature areas. I think that is true also in Algeria or Egypt. The capability to reduce CapEx is because of the strategy that we define at the very top. At the upstream, that is exploration, with a very strategic view. We reduce not just risk, but we reduce also CapEx if we are so lucky to discover some reserves. That is the main reason. Now we are entering, because that is something that we discover in the last 10 years, we are entering the development of all these resources. Now we can see a very strong efficiency in all our CapEx profile. Venezuela. On Venezuela, I mean, you mentioned gas opportunity. Of course, recently, we have signed an agreement to continue production of gas in a sustainable manner in the country, which includes also opportunity to export some of this gas or a consistent part of this gas. We shall always remember that Perla is a giant reservoir, and we are just producing a little portion of it. There's a big room to improve. Equally on the oil component, both the last General License 50 and the new hydrocarbon law provides for opportunity and room to increase also the oil activity in Venezuela. We have a positive view of the country. Mood has changed, and more will come, for sure. Thank you, Massimo. We're gonna move now to Christopher Kuplent at Bank of America. Chris. Yeah. Thank you very much for taking my questions. One more follow-up, if I may, on Searah. What's still pending from here to closing in terms of equity participation? I assume that that's been dealt with. Are you still potentially including a cash component before closing? Interested to hear what we're still waiting for. A more generic question, looking at your commodity price deck underlying your 2030 outlook, $85 Brent, $9 European gas prices, what do you think will prove to be most bearish? Anyone who would like to take that, happy to have a conversation, please. Thank you. I will take the easy part of the question, which is on CERA. What is missing? First of all, no money transaction here. What is outstanding? We've just obtained the antitrust clearance, and we are awaiting the customary approvals, which essentially are the approvals of the two governments of Malaysia and Indonesia. While we are progressing the financing, the financing plan to self-fund the joint venture, which we expect because of the resource base, because of the strength of the two shareholders and the quality of the asset to be investment grade. I think he's gonna try the macro. No, yeah. I think that it's very difficult because you don't know what's going on and how long it will last. Every day we wake up and there is a news that is deepening the complexity and the long-term effect of the crisis. Clearly, looking at what was discussed today or presented today, on the gas, sure, we are expecting much tighter condition than it was supposed. We had the reference by the Qatari about the potential, let's say, a stop for a few years of certain trains in of LNG. On the products, you know that there is a relevant tightness, and on products there is more difficulties to have massive stocks. To protect from the fluctuation of the prices. While on oil, yes, oil is impacted but for a while there could be some buffer through the strategic stock. If we have what we like to rank between these three gas products and the oil as a potential list. This is changing every day, so take these words as they are just for this second. Thank you very much, Francesco. I appreciate the answer, and I'll call you up separately to hear what price forecasts you might give us in certain scenarios. Thank you. Thanks, Chris. I think just methodologically I'll speak for us all here is clearly we are in a very volatile environment. I think the message we wanted to get across was the strategic direction of travel is unchanged. The downside is protected by a resilient financial framework, and I think as Francesco has talked about, the upside is captured and then delivered back to our shareholders. I think that would be the way we would think about it. If I can add something, Jon. If we look at our asset, we said during the presentation Eni never been so strong. Never been so strong in terms of asset, the right asset in the right country and all the different diversification that we have, technology diversification, geography and the new transition company. It's unchanged. We are growing everywhere. Clearly, AMP is driving this growth, but we never been so strong and we are to consider that after 2030 we have a really strong growth based on the asset and project that we are, for which we are taking the FID and we are developing already in pre-FID. It's really robust, mature, and is in our hands for, as you said, for the 90% in terms of operating asset. I think that is a very strong point. Clearly, the remuneration are the absolutely strong point. I think that we are so strong that we decide for the price of $90 to deliver dividend 100% of what we take above $90. It's the first time, but it's a clear signal of our consistency for our dividend policy and remuneration. I think that is a very strong point that I like to highlight this point, because we've never been so strong. Great. Appreciate that. Thanks, Chris. Supplemented your question there. We're gonna move on to the last two questions. The second to last question is Alessandro Vigil at Santander. Alex, if you're there, if you could ask the question. Yes. Thank you very much for taking my questions and congratulations for the targets. The first question will be about the Enilive 2026 target of EUR 1.1 billion EBITDA. Looks like a conservative number, no? Looking at the strength we are seeing in renewable products margins in this beginning of the year. The second question will be about the Plenitude and the 15 GWs capacity target by 2030. What kind of returns and competitive environment are you finding these days in this market? Just to see the value creation potential of this CapEx. Thank you. Yes. On biofuel, that's the target, considering current scenario on the budget. Clearly current situation is providing extra room to overtake it, given that even the current situation is supportive for biofuel scenario as well. Even let's say the relative price towards the high fossil prices is supportive in that direction. This is a point. Second point, we are in this month actually in a turnaround phase on Venice biorefinery, where we are upgrading current settings. Nowadays results are driven by the, let's say, Gela biorefinery and the U.S. one. Among the three key pillar, one, it's gonna be partially under transformation in order to bring extra performance after the end of this transformation. These are the two underlying reasons. Thank you, Alessandro, for your question. First of all, Plenitude model, you know, is integrating renewables with the retail activity, and 70% of our project lies in country in which we can exploit this model. Like Spain, Italy, France, and Greece, for instance. The remaining 30% is in country which we can deploy technical advantage, acknowledgement and, of course, market advantages. If you look at the project, we foresee in the long run, in the medium, long term, an internal rate of return between 7%-8% on the project itself that can be uplifted by the integration model with the retail activity, and also now applying the leverage model. Levered return increase of another 1.2%. Thank you. Thanks, Stefano. We're gonna go to our final question now, which is, Bertrand Hodee at Kepler Cheuvreux. Bertrand, please. Yes. Good afternoon. Thank you for taking my question. I was looking at your new sensitivities disclosed for 2026, both for oil and gas. Maybe you can explain why, because you're still growing, that both sensitivities are going down, both for oil and for gas. For a $10 move in oil price, sensitivity goes down from $1.4 billion to $1.1 billion this year. In gas, it's the same order of magnitude. Sensitivity goes down for a $10 per BTU move from EUR 1 billion euro cash flow impact to EUR 0.8 billion. It's a bit technical, but can you give us a clue because it is a satellite model and a dividend frame or other portfolio mix that gives this outcome? I will have a second question on Mozambique. Yes. First of all, on this question that is technical but is quite effective, we design a sensitivity on a broader range of variation in prices. It is a reported $1, but it's not $1. It's $1 calculated assuming $10-$20 range. You have to consider that sensitivity generally, and we mention every time, works for a limited variation in prices. Because in the contract mechanism, particularly PSA, there are natural regressive effects if the prices spike because cost recovery is absorbed fast, and therefore there is less contribution. This is the first element. The second element, once you read this, you have to consider this assuming more than $10 or up to $20 range. Otherwise, I will give you a $1 reference, and you multiply it for $20, you say, "Wow, you are losing the cash flow." No, because the cash flow never exist in reality at $20. The second element, as you correctly spot, is the fact that if you have a satellite, satellites protect you with their balance sheet in terms of through their distribution policy. But on the other side, they decide their distribution policy on the basis of their own boards and decisions. Therefore, there is some kind of inertia in evolution. It's not a direct impact of prices towards dividend automatically as it could be in a normal free cash flow element. For this reason, there is a third element that is a partial difference in terms of foreign exchange that is impacting comparison versus last year. For these two main reasons, you don't see exactly the same number. Sensitivity will change every year by definition. In this case, we would like to give you the most appropriate factor to calculate what will be the effect of a scenario that has a larger volatility factor is embedded. Guido, Mozambique. Okay. Yeah. Next question. Just a remark. The footnote on slide 28 is pointing that the variation is based on $10 and changed from $25. Maybe it's just a small remark. On Mozambique, on Rovuma LNG, ExxonMobil said it was, you know, targeting an FID this year. There's been some change in stakeholders on Coral with Coral Norte with Eni owning now 50% and ExxonMobil not participating. Should we still assume that on Rovuma LNG, if it is a FID, you will have a 25% stake? Of course, we are. We have a stake in all the asset. We made an arrangement which we disclosed in the last years, where we find a pragmatic way to move projects ahead. You have spotted that on Coral Norte, we took a stake of 50% while ExxonMobil is not present. This is just the pragmatism to move project forward. We were very convinced, as we proved that floating LNG is a technology that can deliver both operational and financial results. ExxonMobil is continuing to progress, of course, the engineering activity to make an FID on Rovuma. What I want to clarify is that Mozambique has vast resources, and so there are opportunities for both the projects. The two projects are not in competition. The floating LNG, which is mainly focused on the non-straddling resources, and the onshore project, which is focused on the straddling resources, trying to also make optimization with the Area One project. I think at that point. Thank you. Thanks, Bertrand. I think at that point we are going to close the Q&A session. To thank everybody for their attention and for their interesting questions. I think the team will look forward to seeing many of you in person over the coming weeks and discuss the strategy in more detail. Any questions or follow-ups, please don't hesitate to call me or any one of the team, and we'd be delighted to try and help you out in any way we can. With that, thank you very much and good afternoon. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.