Strategic Plan

Strategic Update 2024-2027

We continue committing to industry, employment, and technology to achieve our business goals.

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Our strategy

Our strategic update 2024-2027 explores a profitable energy transition, which prioritizes investments in the current integrated portfolio of quality assets and low-carbon initiatives, attractive shareholder remuneration, and the maintenance of financial strength.

We focus on four main lines of work:

Upstream

We remain focused on continuous value creation and cash generation.

Industrial

We strengthen the competitiveness of current assets and create low-carbon platforms.

Customer

We maintain our leadership as a multi-energy company, consolidating our position as a sole supplier.

Low-carbon generation

We develop the project portfolio in Spain, the US, Chile, and Italy.

Over the next four years, we will keep the same strategy as in our previous plan to face the energy transition and we will opt for all energies that meet our customers' needs. We are convinced that this approximation, in which decarbonization is an attractive opportunity to create value, to grow, and be profitable, is the most suitable for us.

Josu Jon Imaz - CEO

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Our plan

We increase the cash dividend for shareholders by allocating up to 10 billion euros to remunerate shareholders over the next four years. The increase in remuneration is supported by strong operating cash flow generation.

This strategic update sets an investment of between 16 and 19 billion euros net in four years, allocating more than 35% to low-carbon initiatives.

We consolidate ourselves as a multi-energy company, leader on the Iberian Peninsula with more than 24 million customers, offering a global energy solution.

€10B

Amount allocated to remunerating shareholders

>€16B

Net investments over the Strategic Update horizon

>35%

Planned investments for low-carbon initiatives

€29B

Operating cash flow in the period 2024-2027