埃尼石油 (E) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Eni's 2025 third-quarter results conference call hosted by Mr. Francesco Gattei, Chief Transition and Official Officer. (Operator Instructions)

女士們、先生們，下午好，歡迎參加由埃尼集團首席過渡官兼首席執行官弗朗切斯科·加泰先生主持的埃尼集團2025年第三季度業績電話會議。（操作說明）

I'm now handing you over to your host to begin today's conference. Thank you.

現在我將把發言權交給主持人，開始今天的會議。謝謝。

Thank you, and good afternoon. Welcome to our Q3 2025 results call. Our results are a further confirmation of the successful execution of our distinctive and consistent strategy and innovative business model. We continue to generate growth and value, both from our traditional energy activity, such as E&P and also from emerging opportunities in the evolving energy market.

謝謝，下午好。歡迎參加我們2025年第三季業績電話會議。我們的業績進一步證實了我們獨特而一致的策略和創新商業模式的成功實施。我們不斷創造成長和價值，這既得益於我們傳統的能源活動（如勘探與生產），也得益於不斷發展的能源市場中的新興機會。

In particular, the 8.5% year-on-year growth in production results directly from our consistent long-term focus and investment in E&P. We are delivering material progress against ambitious strategic objectives and Q3 was a further proof of tangible momentum in this respect. I will comment on our financial results in a little more detail shortly.

具體而言，產量年增 8.5% 直接源自於我們對勘探與生產的持續長期關注和投資。我們在實現雄心勃勃的戰略目標方面取得了實質進展，第三季進一步證明了我們在這方面取得了切實的進展。稍後我將更詳細地談談我們的財務表現。

However, it is very pleasing we have positive news to report from each of our main operating segments. Combining the excellent financial and operating performances and the ongoing progress in valorizing our businesses, we're also able to announce a further improvement of our balance sheet and a higher share buyback.

然而，令人非常欣慰的是，我們各個主要營運部門都傳來了一些正面的消息。結合我們出色的財務和營運績效以及在提升業務價值方面取得的持續進展，我們還可以宣布進一步改善資產負債表並提高股票回購額。

Focusing on a few of the strategic highlights, I would especially pick out. At the beginning of August, Azule Energy, our business combination with BP in Angola and Namibia, began production from its operated Agogo West Hub development with the FPSO coming on stream only 29 months after FID, almost a year ahead of our plan. Indeed, this quarter was notable for the contribution from our upstream satellite start-ups with VÃ¥r reaching 400,000 barrel per day production with significant incremental production from the operated Balder X development that started up at the end of Q2 and Johan Castberg ramp-up, driving 45% year-over-year production growth.

著重介紹幾個戰略亮點，我特別要指出以下幾點。8 月初，我們與 BP 在安哥拉和納米比亞合併的業務 Azule Energy 開始從其運營的 Agogo West Hub 開發項目中投產，FPSO 在最終投資決定 (FID) 後僅 29 個月就投入運營，比我們的計劃提前了近一年。事實上，本季上游衛星油田的投產做出了顯著貢獻，Vår 油田日產量達到 40 萬桶，這得益於營運的 Balder X 油田在第二季末投產以及 Johan Castberg 油田的增產，推動了同比增長 45%。

In October, we announced a joint venture FID on our Coral North floating LNG offshore Mozambique, with startup expect in 2028. This leverages our successful Coral South development in production since 2022 with a remarkable 99.4% availability. And together with the two vessel in Congo, it will reinforce our leadership in this technology.

10 月，我們宣布了在莫三比克近海的 Coral North 浮式液化天然氣項目的合資最終投資決定，預計將於 2028 年投產。這得歸功於我們自 2022 年以來成功開發的 Coral South 項目，該項目的出貨率高達 99.4%。加上在剛果的兩艘船，這將鞏固我們在該技術領域的領先地位。

I would also flag the progress we are making with YPF towards FID on Argentina LNG, employing the exact competencies I discussed in terms of floating LNG in Mozambique and Congo to access a material new integrated resource opportunity.

我還要指出，我們與 YPF 在阿根廷液化天然氣項目的最終投資決策方面取得了進展，運用了我之前在莫三比克和剛果的浮式液化天然氣項目中討論過的相應能力，獲得了一項重要的全新綜合資源機遇。

A further successful example of Eni skills and strategy is in Ivory Coast, where in September, we completed the sale of a 30% stake of our operated Baleine field to Vitol, in line with our dual exploration approach. The world-class Baleine field was only discovered in 2021, but has already reached over 70,000 barrels per day from the first two phases with a planned Phase 3 to take gross production to over 200,000 barrels per day. Coral North, Argentina LNG and Baleine Phase 3 form just a part of a deep hopper of high-quality project in our development and pre-FID portfolio.

埃尼的技能和策略在科特迪瓦的另一個成功例子是，今年 9 月，我們按照雙管齊下的勘探策略，完成了將我們營運的 Baleine 油田 30% 的股份出售給 Vitol 的交易。世界級的巴萊恩油田在 2021 年才被發現，但前兩個階段的日產量已超過 7 萬桶，計劃中的第三階段將使總產量達到每天 20 萬桶以上。Coral North、阿根廷液化天然氣項目和 Baleine Phase 3 只是我們開發和最終投資決定前投資組合中眾多高品質項目的一部分。

In the quarter, we signed an agreement with GIP, a strategic partner in relation to a 49.99% stake in any CCUS holding, our consolidated global CCUS operation, confirming the significant growth and value creation potential in this transition business, unlocked by a further example of a version of our satellite model.

本季度，我們與戰略合作夥伴 GIP 簽署了一項協議，GIP 將持有我們全球 CCUS 業務合併後的任何 CCUS 控股公司 49.99% 的股份，這證實了該轉型業務的巨大增長和價值創造潛力，而我們衛星模式的又一個實例則釋放了這種潛力。

Finally, in September, Eni received approval for its application to convert part of our Sannazzaro refinery into a biorefinery. It will add along with three sites in operation, three under construction and further identified opportunities, including our Priolo chemical sites to the targeted tripling of biofuel production capacity to 2030. This emphasized the meaningful growth in diversified income streams our transition segment is delivering.

最終，在 9 月份，埃尼公司獲得了批准，將其位於桑納扎羅的部分煉油廠改建為生物煉油廠。加上三個正在運作的工廠、三個在建工廠以及其他已確定的機會（包括我們的普里奧洛化學工廠），這將使生物燃料產能到 2030 年實現三倍成長的目標。這凸顯了我們轉型部門在多元化收入來源方面取得的顯著成長。

Turning now to our results. Q3 reflects remarkable progress in our key businesses and another excellent financial outcome. Pro forma adjusted EBIT of EUR3 billion was 12% higher than Q2 and just minus 6% down year on year in US dollar terms despite the 14% fall in crude oil prices. In the Upstream, production was 1.76 million barrels per day, up 6% year-on-year on a reported basis and 8.5% on an underlying supported by a new start-up and ramp-ups, good regularity and production optimization in the base.

現在來看我們的結果。第三季業績反映出我們核心業務的顯著進展和另一個優異的財務結果。調整後的備考息稅前利潤為 30 億歐元，比第二季度增長 12%，儘管原油價格下跌了 14%，但以美元計價同比僅下降 6%。上游方面，日產量為 176 萬桶，按報告數據計算同比增長 6%，按實際產量計算同比增長 8.5%，這得益於新項目的啟動和產能提升、良好的規律性以及基礎生產優化。

Pro forma EBIT of EUR2.6 billion was consistent with the prevailing scenario with EBIT associated split reflecting the rise in production I highlighted at the VÃ¥r and Azule. In exploration, we have already added over 800 million barrels of new resource year-to-date.

26 億歐元的準備 EBIT 與當前情況一致，EBIT 相關拆分反映了我在 Vår 和 Azule 強調的產量成長。今年迄今為止，我們在勘探方面已經新增了超過 8 億桶的新資源量。

GGP reported another good quarter at EUR279 million in pro forma EBIT in a quarter that is usually quieter, remaining focused on maximizing value and optimizing the gas and LNG portfolio. Our significantly reconstructed midstream business has become a highly consistent deliverer of financial performance.

GGP 報告稱，在通常較為平靜的季度中，其備考 EBIT 為 2.79 億歐元，又是一個表現良好的季度，公司仍然專注於最大化價值和優化天然氣和液化天然氣組合。我們經過大幅重組的中游業務已成為業績持續穩定的業務部門。

In our transition activities, Enilive reported EUR233 million of pro forma EBIT, corresponding to EUR317 million of EBITDA, around 23% up year on year in a quarter that is typically our best one for marketing, but also where we saw a recovery in bio-margin to pre-2024 levels. Plenitude pro forma EBIT of EUR98 million was softer year-on-year, reflecting the effect of some of the retail incentives coming off, but partially offset by strong growth in renewable capacity. In transformation, refining returned to profit, helped by better industry margin and improved utilization, while chemicals, despite the continuing weak scenario, began to show some benefit from the restructuring now underway, albeit it is very early days.

在我們的轉型活動中，Enilive 報告稱，其準備 EBIT 為 2.33 億歐元，相當於 3.17 億歐元 EBITDA，較去年同期成長約 23%。該季度通常是我們行銷最好的季度，但我們也看到生物利潤率恢復到 2024 年之前的水平。Plenitude 的備考息稅前利潤為 9,800 萬歐元，年比有所下降，反映出部分零售激勵措施的取消，但再生能源產能的強勁成長部分抵消了這一影響。在轉型過程中，煉油業在行業利潤率提高和利用率提升的幫助下恢復了盈利，而化工行業儘管形勢依然疲軟，但已開始從目前正在進行的重組中受益，儘管現在還處於非常早期的階段。

Adjusted net income of EUR1.25 billion, effectively in line year on year, came despite the $10 barrel fall in crude price and weaker US dollar. That is a testimony to the growth and performance improvement in the business and a more efficient tax rate at 42% that reflects the impact of high-grading upstream production mix, the transition towards a more sustainable diversified overall income mix, and the benefit of our restructuring and performance improvement initiatives.

儘管原油價格下跌 10 美元/桶，美元走軟，但調整後的淨收入仍達到 12.5 億歐元，與去年基本持平。這證明了公司業務的成長和業績提升，以及 42% 的更高效的稅率，反映了優質上游生產組合的影響、向更可持續的多元化整體收入組合的過渡，以及我們重組和業績提升舉措帶來的益處。

Cash flow from operations once again reflects efficient conversion of our earnings into cash, and we saw a Q3 working capital draw, reflecting our focus on efficient use of the balance sheet. Indeed, we have already realized a EUR2.1 billion benefit to the balance sheet through prompt cash initiative in response to the weaker scenario. Gross CapEx in the quarter was EUR2 billion, taking us to EUR5.9 billion year to date. Net CapEx has totaled less than EUR1 billion year to date.

經營活動產生的現金流量再次反映了我們獲利轉化為現金的有效情況，第三季營運資金減少，這反映了我們對有效利用資產負債表的重視。事實上，為了應對疲軟的市場環境，我們已經透過及時的現金流舉措，為資產負債表帶來了 21 億歐元的收益。本季總資本支出為 20 億歐元，使今年迄今的總資本支出達到 59 億歐元。今年迄今為止，淨資本支出總額不到10億歐元。

Outstanding agreed valorization yet to close primarily related to the agreed Ares investment into Plenitude, for which we have completed all the condition precedent and with closing expected in early November, the sell-down in Congo and the GIP stake in CCUS, this totals almost EUR3.4 billion. After EUR560 million in share buyback and paying the quarter three dividend, net debt was EUR9.9 billion, down again quarter-on-quarter and leverage stood at 19%. Taking into account the still outstanding announced portfolio action, pro forma leverage was 12%, equivalent to 11% gearing, a level at the minimum of the industry range.

尚未完成的已達成協議的增值交易主要與 Ares 對 Plenitude 的投資有關，我們已經完成了所有先決條件，預計將於 11 月初完成；此外還有在剛果的資產出售以及 GIP 在 CCUS 中的股份，總計近 34 億歐元。在回購股票 5.6 億歐元並支付第三季股利後，淨債務為 99 億歐元，較上季再次下降，槓桿率為 19%。考慮到尚未公佈的投資組合行動，預計槓桿率為 12%，相當於 11% 的資產負債率，處於行業最低水平。

Looking ahead towards the full year, we are able to further improve some of our targets. We now expect full-year production to be between 1.71 million, 1.72 million barrels per day, up from 1.7 million barrels per day, a 3% underlying increase versus 2024. We expect GGP pro forma EBIT for the full year to be over EUR1 billion. We expect cash initiative and self-help and mitigating the impact of weaker scenario to deliver around EUR4 billion benefit, up from EUR3 billion previously.

展望全年，我們可望進一步提升部分目標。我們現在預計全年日產量將在 171 萬至 172 萬桶之間，高於 2024 年的 170 萬桶，基本成長 3%。我們預計 GGP 全年備考 EBIT 將超過 10 億歐元。我們預計現金援助計劃、自助措施以及減輕疲軟情景的影響將帶來約 40 億歐元的收益，高於先前的 30 億歐元。

We confirm gross CapEx below EUR8.5 billion, but we expect net CapEx on a pro forma basis to be less than EUR5 billion, down from the EUR6.5 billion, EUR7 billion that we previously guided to. And we are raising expected cash flow from operation pre-working capital to EUR12 billion from EUR11.5 billion previously, representing an underlying EUR1.3 billion improvement versus our initial guidance for the year, while we are narrowing our expectation of year-end pro forma leverage to 15%, 18%.

我們確認總資本支出低於 85 億歐元，但我們預計以備考基準計算的淨資本支出將低於 50 億歐元，低於我們先前預期的 65 億歐元或 70 億歐元。我們將營運現金流（扣除營運資本前）的預期從先前的 115 億歐元上調至 120 億歐元，較我們年初的預期提高了 13 億歐元；同時，我們將年底備考槓桿率的預期範圍縮小至 15% 至 18%。

Reflecting the strong underlying business performance, the balance sheet metrics, and the proven capability of the company to execute its strategy in a very accretive way, we are raising the 2025 share buyback to EUR1.8 billion from EUR1.5 billion, of which EUR840 million has been completed as end of September and around EUR1 billion to date. This, as we have already done since 2022, effectively share the upside in financial performance we have generated in the year, preserve a conservative position in response to the uncertainty ahead and ensure our ability to invest consistently over the cycle for growth and shareholder value.

鑑於公司強勁的基本業務表現、資產負債表指標以及公司以極具增值的方式執行其策略的成熟能力，我們將 2025 年的股票回購計劃從 15 億歐元提高到 18 億歐元，其中截至 9 月底已完成 8.4 億歐元，迄今已完成約 10 億歐元。這樣做，正如我們自 2022 年以來所做的那樣，有效地分享了我們在這一年中取得的財務業績增長，保持了應對未來不確定性的保守立場，並確保我們能夠在周期內持續投資以實現增長和股東價值。

In fact, Q3 represents all the major elements of our distinctive strategy in action in one place. We are competitively growing our key businesses. We are launching new projects while also securing further opportunity through our industry-leading exploration and technological know-how in the upstream and opening up new opportunity in the transition. Meanwhile, we are managing risk reward, realizing value through our dual exploration satellite strategy, allowing us to bring in down debt and share upside with shareholders.

事實上，Q3 將我們獨特策略的所有主要要素集中體現在一個地方。我們正以極具競爭力的速度發展核心業務。我們正在啟動新項目，同時憑藉我們在上游行業領先的勘探和技術訣竅，確保獲得更多機會，並在轉型期開闢新機會。同時，我們正在管理風險回報，透過我們的雙勘探衛星策略實現價值，從而降低債務並與股東分享收益。

And with that, I am ready along with Eni top management here on the call to reply to your questions.

那麼，我和埃尼集團的高階主管已經準備好透過電話回答各位的問題了。

(Event Instructions) Biraj, RBC.

（活動說明）Biraj，RBC。

I have two, please. The first one is in the Upstream. One of the surprises today was the really strong production figure. And at least according to my model, that's the highest figure you reported since the pandemic. So could you just unpack the moving parts there quarter-on-quarter outside of the strong performance from VÃ¥r? And in particular, I believe there was a TSC adjustment this quarter. Wondering whether you could quantify that and tell us if there's any sort of follow-through into Q4 and '26?

我要兩份。第一個在上游。今天最令人驚訝的是產量數據非常強勁。至少根據我的模型來看，這是自疫情爆發以來你報告的最高數字。那麼，除了 Vår 的強勁表​​現之外，您能否逐季度分析其中的各個環節？尤其值得一提的是，我認為本季TSC（總銷售成本）有所調整。我想知道您能否對此進行量化，並告訴我們這種情況是否會延續到第四季和 2026 年？

And then the second question is on Chemicals. Just noted no improvement in the sort of underlying results despite the crackers being shut down. So what should we expect going forward? Should those losses start to reduce from Q4? Or are there sort of additional shutdown costs coming through?

第二個問題是關於化學物質的。儘管裂解裝置已經關閉，但基本面結果並未出現任何改善。那麼，未來我們該期待些什麼呢？這些損失是否會從第四季開始減少？或者說，是否還會產生其他停工成本？

Okay. I leave the answer about production and comparison versus previous quarter to Guido Brusco and clearly, the Versalis to Adriano Alfani.

好的。關於產量和與上一季的比較，我把答案留給 Guido Brusco，而 Versalis 的問題，顯然要交給 Adriano Alfani 來回答。

So the increase quarter to quarter, both sequential and year on year are due to, as you rightly pointed out to Norway, Johan Castberg and Balder X, but also the accelerated start-up in Angola with Agogo and better performance in the ramp-up of our project in Mexico, Ghana, Nigeria, and also overperformance in Ivory Coast. This, along with strong operational continuity in all geographies and an optimized major turnaround plan, particularly in North Africa. So the combination of all these three elements resulted into this remarkable performance.

因此，季度環比增長、環比增長和同比增長，正如您正確指出的那樣，歸功於挪威的 Johan Castberg 和 Balder X，也歸功於安哥拉 Agogo 的加速啟動，以及我們在墨西哥、加納、尼日利亞的項目啟動方面的更好表現，以及在科特迪瓦的超額業績。此外，公司在所有地區都保持了強大的營運連續性，並制定了優化的重大轉型計劃，尤其是在北非地區。因此，這三個因素的結合造就了這場精彩的演出。

Now Adriano.

現在是阿德里亞諾。

Yeah, Francesco. First, thanks for the question. About the shutdown of the chemical plant, as we previously said in different investor call, we always say that the benefits of the shutdown of the cracker start to be materialized 100% after more or less 9, 12 months that we shut down the crackers. So considering that we have stopped Brindisi at the end of Q1 and Priolo at the beginning of Q3, we expect to see some benefits starting from the second half of 2025 that is in the ballpark of EUR40 million, EUR50 million compared to the first half of 2025. But most of the improvement we will start to see from the significant improvement from the second half of 2026 that will be materialized in more than EUR200 million on a yearly basis.

是的，弗朗西斯科。首先，感謝你的提問。關於化工廠的關閉，正如我們之前在不同的投資者電話會議上所說，我們一直認為裂解裝置關閉帶來的好處會在裂解裝置關閉後大約 9 到 12 個月開始 100% 實現。考慮到我們在第一季末停止了布林迪西項目，在第三季初停止了普里奧洛項目，我們預計從 2025 年下半年開始將獲得一些收益，與 2025 年上半年相比，收益約為 4000 萬歐元至 5000 萬歐元。但大部分改善將從 2026 年下半年開始顯現，屆時每年將實現超過 2 億歐元的顯著成長。

That said, the scenario remained very weak, and this is also the reason why despite the improvement on our cost base due to the restructuring, we are not seeing a major improvement in our results quarter-on-quarter because what we are saving from restructuring is compensating the lower scenario.

儘管如此，情況仍然非常糟糕，這也是為什麼儘管重組改善了我們的成本基礎，但我們的業績並沒有出現季度環比的大幅改善，因為我們從重組中節省下來的資金抵消了較低的預期。

Alejandro Vigil, Santander.

桑坦德的亞歷杭德羅·維吉爾。

Congratulations for the strong results. The first question is about the outlook in terms of production for the coming quarters because we are seeing a very strong exit rate of about 1.8 million barrels per day. If this could be a good indication of the level for 2026 of volumes?

恭喜你們取得優異成績。第一個問題是關於未來幾季的生產前景，因為我們看到目前的產量非常強勁，約為每天 180 萬桶。這是否可以很好地預示2026年的交易量水準？

And the second question is about the LNG business. You are very active in new capacity in terms of LNG, the Argentina, Mozambique, the joint venture in Indonesia. Just if you can elaborate about your view about this potential risk of overcapacity and how you're managing your portfolio of contracts?

第二個問題是關於液化天然氣業務的。你們在液化天然氣（LNG）領域的新產能方面非常活躍，例如阿根廷、莫三比克以及在印尼的合資企業。您能否詳細說明您對產能過剩潛在風險的看法，以及您是如何管理您的合約組合的？

I will give it to Guido the answer.

我會把答案告訴圭多。

So yeah, clearly, our exit rate is strong. We are envisaging an exit rate in the quarter between 1.78 million and 1.80 million. We still have quite a strong and visible pipeline of high-quality projects. We still have 2 start-up coming by the end of the year. One is the Congo LNG and also we have a gas project in Angola operated by Azule.

所以，很明顯，我們的退出率很高。我們預計本季的退出率將在 178 萬至 180 萬之間。我們仍然擁有相當強大且前景可觀的高品質專案儲備。到年底我們還有兩家新創公司即將成立。一個是剛果液化天然氣項目，另一個是我們在安哥拉的一個天然氣項目，由 Azule 公司營運。

We also have project already in execution, as mentioned by Francesco, Coral North, and others in the UAE, Hail and Ghasha and some in North Africa, along with projects which are coming in Indonesia. But those are, of course, in the plan period and not in 2026.

正如 Francesco、Coral North 等人在阿聯酋、Hail 和 Ghasha 以及北非的一些地區所提到的，我們已經有一些計畫正在執行中，此外，我們在印尼也有一些計畫即將啟動。當然，這些都屬於計劃期內的項目，而不是 2026 年的項目。

As far as the LNG portfolio, we have a target of 20 million tonnes per annum. And this target, we want to combine also with a very diversified portfolio of opportunity. Currently, we have LNG assets in Indonesia. We will have soon in Mozambique with Coral North. We have in Congo, and we'll expand it in Nigeria, in Angola. And we are complementing this with portfolio with US.

就液化天然氣業務而言，我們的目標是每年2000萬噸。我們希望將這一目標與非常多元化的投資機會組合結合起來。目前，我們在印尼擁有液化天然氣資產。我們很快就會和Coral North一起在莫三比克開展業務。我們在剛果已經有了這樣的項目，我們將把它擴展到尼日利亞和安哥拉。我們正在透過與美國的投資組合來補充這一點。

Recently, you may recall, we've signed a 2 million tonnes per annum contract with Venture Global. And of course, last but not least, Argentina. Argentina is a 12 million tonnes per annum project in the second largest and world-class asset, which is Vaca Muerta. We are doing it with YPF, and we are targeting to have an FID sometime next year.

您可能還記得，我們​​最近與 Venture Global 簽訂了一份每年 200 萬噸的合約。當然，最後但同樣重要的是，還有阿根廷。阿根廷計畫是位於第二大世界級資產 Vaca Muerta 的年產量 1,200 萬噸計畫。我們正在與 YPF 合作，目標是在明年某個時候做出最終投資決定 (FID)。

Alessandro Pozzi, Mediobanca.

Alessandro Pozzi，Mediobanca。

I have two. If I can go back to the production. I'm aware the guidance for next year is provided with the full year results. But I was wondering, given the very strong exit rate, should we -- and also the additional start-ups you will have in 2026, should we assume a further increase from Q4 into 2026 before factoring in the new JV with Petronas? And while on the topic, can we maybe have an update on where we are in terms of negotiations with Petronas?

我有兩個。如果我能回到製作部門就好了。我知道明年的業績指引會在全年業績報告中公佈。但我一直在想，鑑於非常強勁的退出率，以及你們在 2026 年將新增的初創企業，我們是否應該假設從第四季度到 2026 年，退出率會進一步增長，而還沒有考慮到與 Petronas 的新合資企業？既然說到這個話題，能否請您介紹一下我們與馬來西亞國家石油公司（Petronas）的談判進度？

So you can imagine, there are a lot of moving parts, but we can confirm what we said at the last capital market update. We have an underlying of 3%, which, of course, we confirm over the plan. Sometimes, this is not a progressive growth because project comes over cycle and -- but we can confirm that growth.

所以你可以想像，這裡面有很多變數，但我們可以確認我們在上次資本市場更新中所說的內容。我們的基礎收益率為 3%，當然，我們會在計劃中確認這一點。有時，這並非持續成長，因為專案會經歷週期性變化，但我們可以確認這種成長。

As far as concerned, the Petronas deal, we are in very advanced negotiations, and we are planning quite soon to sign binding documents for the joint venture.

至於與馬來西亞國家石油公司（Petronas）的交易，我們正在進行非常深入的談判，並計劃很快簽署合資企業的約束性文件。

Can you confirm the contribution to the production for next year?

您能確認一下您對明年製作的貢獻嗎？

This is part of the underlying 3% growth year on year. As I said, there are many moving parts. There are new projects, new entry like the JV of -- with Petronas. There is also -- there are also some further M&A operations. There are also -- of course, there is also the decline of the field. So overall, we confirm the 3% underlying.

這是同比增長3%的基本增長的一部分。正如我所說，這其中涉及許多環節。有新的項目，有新的參與者，例如與馬來西亞國家石油公司（Petronas）的合資企業。此外，還有一些併購交易。當然，該領域也存在著衰退的現象。所以整體而言，我們確認了3%的潛在成長率。

Josh Stone, UBS.

瑞銀集團的喬許史東。

Two questions, please. Firstly, on the buyback. Can you just talk about the factors that went into your decision to lift it this quarter? Because clearly, your business has been performing better. But at least until recently, oil prices are on a declining trend. So was there any consideration made about maybe holding back some buyback for next year to conserve cash? And to what extent was that factored into your new buyback level of EUR1.8 billion?

請問兩個問題。首先，關於回購。您能否談談促使您決定在本季提高該指標的因素？很明顯，貴公司業績有提升。但至少直到最近，油價一直呈現下降趨勢。那麼，公司是否考慮將部分股票回購推遲到明年以節省現金？那麼，在你們新的18億歐元股票回購計畫中，這項因素在多大程度上被考慮在內呢？

And then the second question, Namibia. Just hoping to get some latest thoughts there after your recent well results at the Land finding gas condensate. And maybe if you could just share your latest learnings about the asset and what potential next steps could be in terms of appraisal and whether this could be a potential fast-track development in your view?

第二個問題，納米比亞。只是想了解您在蘭德發現天然氣凝析油井的最新勘探結果。或許您可以分享一下您對該資產的最新了解，以及在評估方面可能採取的下一步措施，並說明您認為這是否可以成為一個快速發展的途徑？

I will answer about the buyback and then give the floor to Guido for the Namibia questions. On buyback, you have seen that the policy that Eni has already, let's say, confirmed for a number of years is substantially to start with a buyback announcement during the Capital Market Day and then a policy of, let's say, driving or sharing the upside in different form. The upside is the upside related to scenario increasing the CFFO, but also upside related to the capability to perform the strategy faster to benefit of more valuable M&A and deleveraging.

我將回答有關回購的問題，然後把發言權交給 Guido，讓他回答有關納米比亞的問題。關於股票回購，您已經看到，埃尼集團多年來一直奉行的政策基本上是在資本市場日宣布回購計劃，然後以不同的形式推動或分享收益。有利因素包括情境增加 CFFO 帶來的有利因素，以及更快執行該策略以從更有價值的併購和去槓桿化中獲益的能力帶來的有利因素。

Actually, this has occurred 3 times in the last four years. And many of these cases was not related to the improvement of scenario that actually declined, but then the capability to do better in terms of execution. This year, we have already announced in July, if you remember, this potential improvement. It's, let's say, a quite unique position in the market. Nobody is able to raise its distribution in this time and then nobody is able to reduce debt during the same period, while executing a full effective strategy in terms of project and growth in different parts of the business.

事實上，過去四年裡這種情況已經發生過3次了。許多這樣的案例與實際情況的改善無關，反而導致情況惡化，而是與執行能力的提升有關。今年7月，我們已經宣布了這項潛在的改進措施，如果你還記得的話。可以說，這在市場上是一個相當獨特的地位。在這段時間內，沒有人能夠提高其分配額，也沒有人能夠在同一時期減少債務，同時還要在業務的不同領域執行全面的有效專案和成長策略。

So we are extremely, let's say, happy to share this opportunity and this value creation with our shareholders. And we think that the EUR300 million was a fair evaluation of the improvement. And clearly, this also proves that we are quite confident on the capability to manage any kind of downturn or soft price in the next year.

因此，我們非常高興能與股東分享這項機會和價值創造。我們認為 3 億歐元是對改進程度的合理評估。顯然，這也證明我們有相當大的信心來應對明年可能出現的任何經濟衰退或價格疲軟的情況。

And then I'll leave back to Guido.

然後我就回圭多那裡去了。

Yeah. On Namibia, as you know, we drilled three wells, very successful. The first one, Sagittarius discovered hydrocarbon with no observed water contact. The second Capricornus, we've tested and we were surface constrained with a flow rate of in excess of 10,000 barrels per day. And the third one, Volans showed a high condensate to gas ratio, and we found 26 meters of net pay of rich gas condensate.

是的。如您所知，我們在納米比亞鑽了三口井，非常成功。第一個火星探測器「射手座」發現了未觀察到與水接觸的碳氫化合物。我們已經測試了第二個摩羯座鑽井平台，由於地面限制，其日流量超過 10,000 桶。第三個油田 Volans 顯示出較高的凝析油與天然氣比，我們發現了 26 公尺的富含天然氣凝析油的淨厚度。

So three successful wells, which they've not only found significant hydrocarbon, but they are also located at a very short distance from each other, in conventional deepwater, less than 1,500 meters. So clearly, they offer an excellent prospect for future development.

因此，他們成功鑽探了三口井，不僅發現了大量的油氣，而且這三口井彼此之間的距離也很短，都在常規深水區，水深不到 1500 公尺。因此，它們顯然具有極佳的未來發展前景。

Al Syme, Citi.

Al Syme，花旗集團。

Argentina LNG Phase 3, one of the big changes in Argentina has been this incentive regime for large investments or RIGI. What do you think this legislation does to improve the profitability? And I guess, maybe put another way, would the project work without that legislation?

阿根廷液化天然氣第三階段，阿根廷的一大變化是針對大型投資的激勵機制（RIGI）。你認為這項立法對提高獲利能力有何作用？換句話說，如果沒有這項立法，這個計畫還能進行嗎？

And then secondly, I just wanted to ask, given you've done this big asset transaction, Baleine and Congo FLNG for, I think, $2.65 billion. I'm wondering what the invested capital is -- that you're essentially selling, sort of what multiple of invested capital have you been able to sell this asset at? Thank you.

其次，我想問一下，鑑於您已經完成了這筆巨大的資產交易，即巴萊恩和剛果FLNG，金額我認為是26.5億美元。我想知道投入的資本是多少——也就是你實際上出售的資產，你能夠以投入資本的多少倍的價格出售這項資產？謝謝。

On Argentina, I give the question to Guido, then I will answer.

關於阿根廷的問題，我先問圭多，然後再回答。

In Argentina, investment in shale are been made since more than 10 years. So in 2013, it started the investment cycle in Argentina, and this is far before the RIGI legislation. RIGI legislation, of course, is a big enabler, particularly for the export of the LNG. And so that's the legal framework, and we are confident with this legislation and with this framework to make an investment decision in the country.

在阿根廷，頁岩氣投資已經進行了十多年。因此，2013 年，阿根廷的投資週期開始了，這遠早於 RIGI 立法。當然，RIGI 立法是一項重要的推動因素，尤其對於液化天然氣的出口而言。所以這就是法律框架，我們對這項立法和這個框架充滿信心，相信能夠在這個國家做出投資決定。

About the Congo LNG, as you know from also the other transaction that we have already completed with Vitol. This is based on an effective date that is 1/1/2024. And therefore, there are investments in the meantime, but we do not provide this kind of level of details that will be clearly also part of the final settlement at the closing time.

關於剛果液化天然氣項目，正如您從我們之前與維多集團完成的另一筆交易中所了解的那樣。這是基於2024年1月1日生效的日期。因此，目前有一些投資，但我們不會提供這種程度的細節，這些細節顯然也會在交易完成時的最終結算中明確列出。

Irene Himona, Bernstein.

艾琳希莫娜，伯恩斯坦。

My first question is on Enilive, where clearly, you're seeing very strong biofuel margins, improvements in your throughput and utilization. Can you give us a sense of how those are evolving in Q4, please? And then perhaps if you can split the marketing versus biorefining contribution to EBIT in the quarter?

我的第一個問題是關於 Enilive 的，很明顯，你們的生物燃料利潤非常強勁，產量和利用率都有所提高。請問您能否簡單介紹一下這些項目在第四季的發展？那麼，或許可以把行銷和生物精煉對當季息稅前利潤的貢獻分開來看？

And then my second question, going back to tax, but not the P&L tax, more the cash paid tax, which fell almost halved sequentially. Is there any guidance at all on that? Is it -- are we likely to see a reduction in that cash tax rate aligned with the P&L reduction?

我的第二個問題，還是關於稅收，但不是損益表稅，而是現金支付稅，該稅項環比下降了近一半。這方面有任何指導嗎？我們是否有可能看到現金稅率隨著損益表的縮減而降低？

About the -- I will answer about the tax, and then I will give to Stefano Ballista for the Enilive. You've seen that in the last year or years, there is an improvement in the tax rate, both on the -- clearly the reported tax rate and the cash tax rate. This improvement is mainly related to a transformation of the company with the contribution of different geography in the upstream and therefore, the capability substantially to have more production and more results coming from lower tax regimes in this segment.

關於－我會回答有關稅收的問題，然後我會把 Enilive 的相關資訊交給 Stefano Ballista。你已經看到，在過去的一兩年裡，稅率有所改善，無論是申報稅率還是現金稅率。這項改進主要與公司的轉型有關，上游不同地域的貢獻使得公司能夠大幅提高產量，並因該領域較低的稅收制度而獲得更多收益。

Clearly, the contribution of the transition business, the possibility of the increase of return in Italy related to the fact that there is a transformation activity going on with the possibility to recover the deferred tax effects and also the contribution of satellites that are cash neutral from this point of view. So all this is a structural change that impacted both the nominal tax rate and the cash tax rate. So we have already said that we are expecting in terms of tax rate an improvement versus what we originally thought. So now we are moving in the range between 46% and 48%, while about the tax rate related to the cash tax rate, we are moving around the 28% to 29%.

顯然，轉型業務的貢獻，以及義大利收益增加的可能性，都與正在進行的轉型活動有關，有可能收回遞延稅款的影響，此外，從這個角度來看，衛星業務的貢獻是現金中立的。因此，所有這些都是結構性變化，對名義稅率和現金稅率都產生了影響。所以我們已經說過，我們預期稅率會比我們最初預想的有所改善。所以現在我們的稅率在 46% 到 48% 之間波動，而與現金稅率相關的稅率則在 28% 到 29% 之間波動。

And now, Stefano, please.

現在，請斯特凡諾上台。

Yeah, Irene, thanks for the question. Yeah, the strong result of Enilive in this quarter have been driven mainly by the significant improvement of the biofuel scenario, coupled with a very good asset performance capturing this increased value. In terms of value, we can think about the sort of 80-20 in terms of overall contribution. Deep diving on biorefinery and looking at the scenario. What's going on is a progressive rebalancing of the supply-demand dynamics. This is fully in line with the direction we expected.

是的，艾琳，謝謝你的提問。是的，Enilive本季強勁的業績主要得益於生物燃料情勢的顯著改善，以及資產的良好表現，從而實現了價值的成長。從價值角度來看，我們可以考慮整體貢獻率達到 80-20 的水準。深入研究生物煉製技術並分析其發展前景。目前正在發生的是供需動態的逐步再平衡。這完全符合我們預期的方向。

There are some key reasons, some structural key reason pretty much on demand. Demand is improving. On a yearly basis, in Europe, we see above 6 million tonnes on a yearly basis compared to the 4.5 million last year. And this improvement has been, let's say, concentrated in the second half of the year. The reason is related to sustainable aviation fuel. We mentioned in previous call, the need for getting logistics in place in order to deliver SAF to customers. This is exactly what's going on.

這其中有一些關鍵原因，一些結構性的關鍵原因，幾乎是按需提供的。需求正在改善。歐洲的年產量從去年的450萬噸增加到今年的600萬噸以上。而且，這種改善主要集中在下半年。原因與可持續航空燃料有關。我們在先前的電話會議中提到過，需要落實物流才能將SAF交付給客戶。事情的真相正是如此。

On top, actually, there is also a drive of extra demand coming from the expectation of the deployment in several countries of the Renewable Energy Directive number three. An example, a key example is Germany. It has to be approved, but the proposal is very relevant. The most relevant thing is the ban, the proposed ban of double counting by itself. This means above 1 million ton of extra demand on top of the number I said before for next year. So these are the two key structural reasons.

事實上，除此之外，還有來自多個國家對第三號再生能源指令實施的預期，這進一步推動了額外的需求。例如，德國就是一個典型的例子。這項提議需要獲得批准，但它非常重要。最相關的是禁令，即擬議的禁止重複計算的禁令本身。這意味著明年除了我之前提到的數量之外，還將額外增加100萬噸以上的需求。所以，以上就是兩個關鍵的結構性原因。

On the supply side, I want to mention another structural reason. It has been confirmed the duties for sustainable aviation fuel coming from US. There was a doubt in the first half of the year, this duty are there for HVO due to clear the tax credit that is in US. It has been confirmed it's going to be applied to SAF as well, and this is another reason strengthening the market.

從供給方面來說，我想提一下另一個結構性原因。已確認對來自美國的可持續航空燃料徵收關稅。今年上半年曾出現疑問，這項關稅是 HVO 為了清除美國稅收抵免而徵收的。已經確認該技術也將應用於SAF，這也是市場進一步增強的另一個原因。

Peter Low, Redburn.

彼得洛，雷德本。

Maybe the first, just on disposals. Can you just confirm the expected time line for the remaining ones, so kind of Congo to Vitol and then the Plenitude stake sale. But then beyond that, should we think of those as being the end of large disposals? Or are there other positions across the portfolio you're working to monetize?

或許首先，就處置而言。能否確認剩餘項目的預期時間表，例如從 Congo 到 Vitol，以及 Plenitude 的股權出售。但除此之外，我們是否該認為這些就是大規模處置的終結？或者，您是否正在努力將投資組合中的其他部位變現？

And then just on the net CapEx guidance, you've lowered it for the full year, but it looks like gross CapEx is broadly unchanged. Can you perhaps walk through the moving parts that have allowed you to lower that net CapEx guidance?

另外，關於淨資本支出指引，你們下調了全年指引，但看起來總資本支出基本上保持不變。能否詳細說明是什麼因素促使您降低了淨資本支出預期？

Yeah. About the portfolio, we can, as we have already mentioned, confirm that we are very close to cash in the EUR2 billion related to Ares acquisition of a 20% in Plenitude. All the condition precedents were completed. We do expect to have this contribution in a period of weeks. This will imply substantially a benefit on our leverage in the range of more than 4%.

是的。關於投資組合，正如我們已經提到的，我們可以確認，我們距離獲得與 Ares 收購 Plenitude 20% 股份相關的 20 億歐元現金非常接近。所有先決條件均已滿足。我們預計將在幾週內收到這筆款項。這將意味著我們的槓桿率將大幅提高 4% 以上。

On the other side, we are still clearly waiting all the natural process authorization for the other transaction, the one that is related to Congo that takes some more time. So this is still ongoing, but it is a process that is maturing progressively.

另一方面，我們顯然仍在等待另一筆交易的所有自然程序授權，這筆交易與剛果有關，需要更多時間。所以這項工作仍在進行中，但它是一個正在逐步成熟的過程。

And about the contribution for next year, clearly, this year was extremely, let's say, rich in terms of opportunity. We have benefit from disposal that we matured last year in terms of closing, and we completed for the cash in this year. And also, we were able to fast track some of our disposal within the year. This acceleration is also at the basis of the improvement in the net CapEx results. You're right that the gross CapEx are substantially in line with expectation. But clearly, they were revised down during the first quarter once we announced the first estimate for the cash initiative that includes also CapEx reduction.

至於明年的貢獻，很顯然，今年的機會非常豐富。我們從去年到期的資產處置中獲益，並在今年完成了現金交割。此外，我們也能夠在一年內加快一些廢棄物的處置速度。這種加速也是淨資本支出結果改善的基礎。您說得對，總資本支出基本上符合預期。但很顯然，在第一季度，當我們公佈了包括資本支出削減在內的現金計劃的第一個估算值後，這些數字就被下調了。

In terms of what are the future, the future is that the dual exploration model is a living model. So it's continued to generate opportunity. You know that we explore with high stake, and there is also some results already emerging in different geographies. You know also that in Indonesia, we have a 10% disposal on the assets that will not be included in the business combination. And clearly, we are also evaluating other opportunities that could come in terms of valorizing our portfolio and aligning capital. Another element that will be cashed in within the end of the year, I was forgetting is the contribution of the CCUS, so the deal with GIP.

至於未來是什麼，未來就是雙重探索模式將是一種鮮活的模式。因此，它持續創造著機會。您知道我們進行的是高風險的探索，在不同的地區也已經取得了一些成果。您也知道，在印度尼西亞，對於不包含在企業合併中的資產，我們有 10% 的處置權。顯然，我們也在評估其他可能出現的機遇，以提高我們投資組合的價值並調整資本配置。年底前還會兌現的另一項收益，我差點忘了，是 CCUS 的貢獻，也就是與 GIP 的交易。

Michele Della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

And again, congratulations on the very strong results. Two questions, if I may. First, I wanted to start with biofuels. Very clear comment on RD. I was just wondering on SAF, if the mandatory blending does not increase from 2% until 2030, don't you see the risk that with new capacity coming on stream that market could soften over the next couple of years?

再次恭喜你們取得了非常優異的成績。請問兩個問題。首先，我想從生質燃料開始。對RD的評論非常清晰。我只是想問一下關於可持續航空燃料（SAF）的問題，如果強制摻混比例在2030年之前沒有從2%提高，隨著新產能的投產，您不認為未來幾年市場可能會疲軟嗎？

And then I was wondering if you could give us perhaps a bit more visibility on what drives that EUR1 billion upgrade in the cash initiative. And in case the macro deteriorates in 2026, how much flexibility do you see on your CapEx budget? And where do you think you could potentially cut some of your net investments? Thank you.

然後，我想知道您能否更詳細地說明一下，是什麼推動了這項10億歐元的現金計畫升級。如果 2026 年宏觀經濟狀況惡化，您認為您的資本支出預算有多少彈性？那麼，你認為可以在哪些方面削減一些淨投資呢？謝謝。

Stefano for the biofuel.

Stefano負責生質燃料。

Yeah, Michele, thanks for the question. On SAF, for sure, is driven by the mandatory mandates, given the penalties -- underlying penalties. So this is, let me say, it's a given. On top of Europe, now at 2%, we got higher target like in UK already in place.

是的，米歇爾，謝謝你的提問。SAF 的運作肯定是由強制性規定驅動的，因為存在懲罰措施——根本性的懲罰措施。所以，我可以說，這是理所當然的。除了歐洲目前的2%的目標之外，我們還有像英國一樣更高的目標。

Clearly, an increase sort of step-up of the target along the timeline is going to help demand on SAF. This is something that could be addressed. On top, actually, there are demand like in Japan, this is a global market. In Japan, they approved the 10% in 2030. There are some discussion even in other country in order to get SAF mandatory at defined percentage given it's the only way to decarbonize the aviation sector.

顯然，逐步提高目標的進度將有助於滿足新加坡武裝部隊的需求。這是可以解決的問題。事實上，在日本等全球市場也有需求。日本批准了2030年實現10%的成長目標。甚至在其他國家也有一些討論，認為應該強制規定可持續航空燃料（SAF）的使用比例，因為這是航空業脫碳的唯一途徑。

On top, actually, there are some sign on voluntary demand. This is going to be driven also by, let me say, the supportive incentives that at specific level will be put in place. An example is the Heathrow Airport, where half of the gap between jet -- biojet and jet is supported with a limited amount clearly by the institution. This kind of approach is going to support demand.

事實上，頂部有一些自願需求的跡象。我想說，這也將受到特定層面上將要推出的支持性激勵措施的推動。例如希思羅機場，噴射機、生物噴射機和普通噴射機之間的一半差距顯然是由機構以有限的資金支持的。這種做法將有助於提振需求。

And then lastly, let me add, there is the CORSIA program. It's a program that has to be fulfilled by all the ICAO countries, all the countries that participate to the ICAO. Up to now, it's just voluntary. It's going to be mandatory from 2027, and this is going to drive demand above in countries that today doesn't have any obligation.

最後，我還要補充一點，還有 CORSIA 計畫。這是所有國際民航組織成員國，所有參與國際民航組織的國家都必須完成的計畫。到目前為止，這完全是自願的。從 2027 年起，這將強制執行，這將推動目前沒有任何義務的國家的需求上升。

In terms of overall demand supply, a biorefinery that can produce -- HVO can produce SAF. So there is flexibility is a core lever to address market evolution. We don't know exactly the growth, the demand of SAF, but there are clear mandates on overall HVO growth. And given current project in place and even current decision, let's say, of delay in terms of projects from other players on top of technical difficulties that other players are getting into in this new business and given current trajectory of overall biofuel, HVO and SAF, we see the market definitely a bit tight in the medium term.

就整體供需而言，能夠生產 HVO 的生物煉製廠可以生產 SAF。因此，保持靈活性是應對市場變化的核心槓桿。我們並不確切知道 SAF 的成長和需求，但對 HVO 的整體成長有明確的要求。鑑於目前已有的項目，以及目前其他參與者在項目方面做出的延遲決定，再加上其他參與者在這個新業務中遇到的技術困難，以及目前生物燃料、HVO 和 SAF 的整體發展軌跡，我們認為中期內市場肯定會比較緊張。

Contrary, for the -- sorry, for the difference related to the estimate on cash initiative 2025, the previous one that was EUR3 billion and now it's EUR4 billion is substantially a mix of different factors. One is that we derisked some of the actions that we risked in the first half. You have to consider that we have a way to optimize or evaluate substantially our storage activity on oil, some ETB, so our trading activity on trading of oil. We have some additional value coming from swap of bond from fixed to variable, et cetera, et cetera.

相反，對於——抱歉，對於與 2025 年現金計劃估算相關的差異，先前的估算為 30 億歐元，現在為 40 億歐元，這主要是多種不同因素共同作用的結果。一是我們降低了上半年一些冒險行動的風險。你必須考慮到我們有辦法大幅優化或評估我們對石油的儲存活動（一些ETB），以及我們對石油的交易活動。我們也可以透過債券從固定利率換成浮動利率等方式獲得一些額外的價值。

And the main contribution in this round in this last quarter is related to the additional initiative related to trading, another EUR100 million that is EUR300 million, another EUR100 million that is related to this swap -- liquidity swap on our cash strategic pool and this EUR400 million -- more than EUR400 million that is related to the derisking of the previous cash initiative. So almost EUR800 million are related to these three different items.

而本輪融資中，上一季的主要貢獻與交易相關的額外舉措有關，另有 1 億歐元（即 3 億歐元），另有 1 億歐元與現金戰略池的流動性互換有關，還有 4 億歐元（超過 4 億歐元）與先前現金舉措的去風險化有關。因此，與這三個不同的項目相關的金額接近 8 億歐元。

About next year, I can tell you that the flexibility, the plan is under -- still under preparation, early phase of preparation. But generally, we are working with -- in the first year of the plan in a 20%, 25% flexibility. So we are speaking on a gross CapEx, something in the range of EUR2 billion.

關於明年，我可以告訴你，計畫的靈活性還在製定中，目前處於早期階段。但總的來說，我們在計劃的第一年會給予 20% 到 25% 的彈性。所以我們說的是總資本支出，大約在 20 億歐元左右。

Henry Tarr, Berenberg.

亨利·塔，貝倫貝格。

I had one, really, which was around the GGP business and the sort of consistency of profits there. We've seem to have had much better profitability sort of through the summer and kind of consistent upgrades over the last couple of years. Is -- do you think this is a durable level of profit for this business? Or do you think it's related to -- so are there sort of structural changes post the change in your supply makeup that mean that this is a more durable supply or stream of profits?

我確實有一個想法，是關於 GGP 業務以及那裡的利潤穩定性。今年夏天我們的獲利能力似乎有了很大的提高，而且過去幾年也一直在穩步提升。你認為這樣的利潤水準對這家企業來說是可持續的嗎？或者你認為這與以下情況有關——也就是說，在你的供應結構發生變化之後，是否存在某種結構性變化，這意味著這是一個更持久的供應或利潤流？

Cristian Signoretto will answer.

克里斯蒂安·西格諾雷托將回答。

Well, yes, you're right. I mean, the third quarter has been a good quarter. And I would say, in this case, the major driver of the performance was what I would call the locational spreads. So in Europe, but also globally, we have taken advantage of premium market vis-a-vis the flexibility that we have in our assets in order to move the gas and LNG where the premium was actually higher. I think as we said, as Francesco said at the beginning, I mean, we have reengineered the business.

嗯，是的，你說得對。我的意思是，第三季表現不錯。而且我認為，在這種情況下，業績的主要驅動因素是我所說的地域差異。因此，在歐洲，乃至全球範圍內，我們都利用了溢價市場以及我們資產的彈性，將天然氣和液化天然氣輸送到溢價較高的地區。我認為正如我們所說，正如弗朗西斯科一開始所說，我們已經對業務進行了重新設計。

Clearly, the lack of the Russian gas and our development of our new gas projects and LNG projects upstream have really changed the shape of our portfolio. We tend to be much more attentive to make sure that we can create enough optionality and flexibility in our portfolio in order to make sure that the new volatility environment that we are facing, and I think we will be facing in the future will be structurally creating headroom and opportunities for us to tap on. So I'd say, I mean, this is a trend that we will see continuing in the future.

顯然，俄羅斯天然氣的短缺以及我們在上游開發新的天然氣項目和液化天然氣項目，確實改變了我們投資組合的格局。我們往往會更加重視確保我們的投資組合擁有足夠的選擇權和靈活性，以確保我們正在面臨的（我認為也是我們將來將面臨的）新的波動環境能夠從結構上為我們創造空間和機會。所以我覺得，這種趨勢在未來還會持續下去。

Martijn Rats, Morgan Stanley.

馬丁‧拉茨，摩根士丹利。

Yeah. A lot have been covered, but just two, if I may. So I noticed that Rosneft has a 30% stake in Zohr. And I was wondering if you could say a few words on how -- if that has any impact on you as the operator of the project. Maybe not, but I just wanted to kick that off.

是的。已經討論了很多內容，但如果可以的話，我只想提兩點。我注意到俄羅斯石油公司持有 Zohr 30% 的股份。我想請您談談，作為該專案的運營者，這是否會對您產生任何影響。也許不是，但我只是想拋磚引玉。

And then the other one I wanted to ask about your European gas sales volume. They were down sort of 15% this quarter year on year. European gas demand is not very strong, but it's not that weak either. Is that due to the portfolio changes that you just alluded to? Or is there another specific reason for that decline?

然後，我還想問問貴公司在歐洲的天然氣銷售量。本季年減了約15%。歐洲天然氣需求不算強勁，但不算疲軟。這是由於您剛才提到的投資組合調整造成的嗎？或者，這種下降還有其他具體原因嗎？

Cristian, if you would like to answer, and then I will go back to the sanctions.

克里斯蒂安，如果你願意回答的話，之後我再回到製裁問題上來。

Well, the drop in the European sales this year have fundamental reason is linked to the fact that we have terminated the contract with which we were selling gas to BOTAS in Turkey via the Blue Stream. This was linked to, let's say, the pipeline itself. So I mean, this is a business that we are trying to unwind also in terms of participation in the pipeline. So that is the biggest contributor to the sharp -- to the drop in the sales into Europe.

今年歐洲銷量下降的根本原因在於我們終止了透過藍溪管道向土耳其BOTAS公司出售天然氣的合約。這與管道本身有關。所以我的意思是，我們也在努力逐步取消這項業務，包括參與管道建設。所以，這是導致歐洲銷售量急劇下降的最大因素。

On the other hand, I mean, as I told you before, I mean, the demand in Europe is shrinking. We are adjusting our portfolio to the new reality. We are much more focused on creating more value from the single molecule than clearly getting more molecules into the market.

另一方面，我的意思是，正如我之前告訴你的，歐洲的需求正在萎縮。我們正在調整投資組合以適應新的情況。我們更專注於從單一分子中創造更多價值，而不是簡單地將更多分子推向市場。

And about the impact of the new sanction introduced by the US administration, it's still very early because clearly, there are details that have to be analyzed and clearly, the full impact to be completely assessed. What we can clearly say is that we will ensure full compliance with the sanction. But we have to also take into account that we have a very limited interaction with these two companies in of our assets. And generally, we are speaking about minority stakes and non-operated stakes.

至於美國政府新制裁的影響，現在下結論還為時過早，因為顯然還有一些細節需要分析，而且其全部影響也需要全面評估。我們可以明確表示的是，我們將確保全面遵守制裁措施。但我們也必須考慮到，我們與這兩家公司在我們的資產方面的互動非常有限。通常情況下，我們指的是少數股權和非經營股權。

So we believe at the end that there shouldn't be any material impact on ongoing operation due to this sanction activity.

因此，我們最終認為，此次製裁活動不會對正在進行的營運造成任何實質影響。

Mark Wilson, Jefferies.

馬克威爾遜，傑富瑞集團。

You speak to how this quarter is really seeing strategic initiatives coming through, certainly with the satellites in Norway and UK, and that's been a number of years in the making. So I'd like to ask about what appears to be clearly another strategic angle, and that's the use of floating LNG. I'd argue you appear to be the leader in that concept now with the second Coral vessel sanctioned, Congo [FMG] coming on stream, just 33 months in Argentina, initial development being two vessels of an even larger capacity.

您提到本季戰略舉措正在逐步落實，尤其是在挪威和英國的衛星計畫方面，而這已經醞釀多年了。所以我想問另一個顯而易見的策略角度，那就是浮式液化天然氣的使用。我認為你們現在似乎是這一概念的領導者，第二艘獲得批准的 Coral 船 Congo [FMG] 即將投入運營，該船在阿根廷僅用了 33 個月就投入使用，最初的開發計劃是建造兩艘容量更大的船隻。

We know there's certain security benefits and clearly, speed if Congo FLNG is anything to go by. But could you speak to the CapEx, OpEx, and emissions intensity benefits versus production of FLNG versus onshore? And any improvements expected between the two Coral vessels? And I did note in the previous answer, you spoke to getting more value out of a single gas molecule. So I think that relates to it. Thank you.

我們知道這樣做有一定的安全優勢，如果以剛果FLNG為例，速度顯然也很快。但是，您能否談談與陸上液化天然氣生產相比，浮式液化天然氣生產在資本支出、營運支出和排放強度方面的優勢？這兩艘珊瑚級潛艦之間預計會有哪些改進？而且我在先前的回答中也注意到，你談到如何從單一氣體分子中獲得更多價值。所以我認為這跟這件事有關。謝謝。

Yes, Guido can provide all the details.

是的，Guido可以提供所有細節。

Clearly, we have built a technological hedge on floating LNG. We are currently the largest operator of floating LNG and results, both in terms of delivery and performance are outstanding. Just to name a few of them. On Coral South, we delivered the project on time, on cost despite the COVID and the uptime of the floating LNG is just outstanding. I was mentioned by Francesco in his speech, 99%-plus.

顯然，我們已經在浮式液化天然氣領域建立了一套技術保障。我們目前是最大的浮式液化天然氣營運商，無論從交付量或性能來看，業績都非常出色。僅舉幾例。在珊瑚南項目上，儘管受到新冠疫情的影響，我們仍然按時按預算完成了項目，而且浮式液化天然氣的正常運行時間非常出色。弗朗西斯科在他的演講中提到了我，得票率超過 99%。

In Congo, we have two, one in operations and one coming, and we've just sanctioned Coral North recently with the start-up expected in 2028.

在剛果，我們有兩個項目，一個正在運營，一個即將運營；我們最近剛剛批准了 Coral North 項目，預計將於 2028 年啟動。

In terms of security, it's pointless to say that is safer and basically provides and disconnect completely from any turbulence from onshore, and we are seeing it how successful was the choice in Mozambique.

就安全性而言，說它更安全毫無意義，它基本上完全隔絕了來自陸地的任何動盪，而我們在莫三比克已經看到了這個選擇的成功。

In terms of cost, costs are -- I mean, we are in the deepest -- in the, I would say, steepest part of the learning curve. So if I compare cost from the first floating LNG and the cost of the project -- of the future project in Argentina and the current project in Coral North, the reduction is significant. The industry is making significant progress in driving down to the point that we are reaching level comparable, if not better, in some geographies of the onshore LNG plant on 1 million tonne per annum basis.

就成本而言，成本——我的意思是，我們正處於學習曲線最陡峭、最深的階段。因此，如果我將第一個浮式液化天然氣計畫的成本與阿根廷未來計畫和珊瑚北目前計畫的成本進行比較，就會發現成本降低幅度很大。該行業在降低成本方面取得了顯著進展，在某些地區，我們已經達到了與年產能 100 萬噸的陸上液化天然氣工廠相當甚至更好的水平。

In terms of, you said the emissions, of course, we are applying the best available technology. And in some cases, it's not the floating LNG, but I just want to mention one in Angola on the FPSO Agogo, we are basically -- we are actually capturing CO2 and reinjecting CO2 in the reservoir through the gas injection, which is used for gas recovery. So even on an emission basis, we are doing significant progress and driving down emissions on a unit production basis.

至於您提到的排放問題，我們當然正在應用目前最先進的技術。有些情況下，並非是浮式液化天然氣，但我只想提一下安哥拉的 FPSO Agogo 號，我們基本上是在捕獲二氧化碳，並透過氣體注入將二氧化碳重新註入儲層，用於天然氣回收。因此，即使從排放量來看，我們也取得了顯著進展，並在單位生產的基礎上降低了排放量。

I will also add that it is an opportunity to exploit associated gas reserves in certain, say, conditional fields where this gas potential will not be improved, cannot be recovered. And this potentially could become a cap on oil production. This is exactly the case of Congo. So it's not just a matter of cost, but it's a matter of value towards the opportunity and the optionality that this technology will add to your capability to exploit resources.

我還要補充一點，這也是開發某些特定油田（例如條件較差的油田）伴生氣儲量的機會，因為這些油田的天然氣潛力無法提高，也無法回收。這有可能成為石油產量的上限。剛果的情況正是如此。所以這不僅僅是成本問題，而是這項技術將為你開發資源的能力帶來的機會和選擇的價值問題。

Massimo Bonisoli, Equita.

Massimo Bonisoli，Equita。

Two questions left on Enilive. The first on new Sannazzaro biorefinery. Can you explain how the configuration feedstock and product profile differ from your existing biorefineries like Venezia or Livorno?

Enilive 還剩兩個問題。桑納扎羅新建生物煉油廠的首批產品。您能否解釋一下，該配置的原料和產品特性與您現有的生物煉製廠（如威尼斯或利沃諾）有何不同？

And the second one is on the antitrust fine on Italian biofuel distribution. If you could elaborate on any potential impact this ruling may have on the profitability and competitive positioning of your fuel distribution business following the fine. Thank you.

第二件事是關於義大利生物燃料分銷的反壟斷罰款。請您詳細說明一下，罰款後，這項裁決可能會對您的燃料分銷業務的盈利能力和競爭地位產生哪些潛在影響。謝謝。

I will ask Pino to answer to the first, and then I will answer to the second one.

我會先請皮諾回答第一個問題，然後再由我來回答第二個問題。

Thank you, Francesco. About Sannazzaro, Sannazzaro is a brownfield biorefinery because we will recover an existing hydrocracker unit very recently realized in Sannazzaro in 2010, very high pressure. And in this way, because of the high pressure and the good configuration, we will be able to maximize the flexibility to produce SAF. Production of SAF in Sannazzaro is an upside because there is the direct connection by pipe to the big Malpensa airport that is a big hub for the Central Europe.

謝謝你，弗朗西斯科。關於 Sannazzaro，Sannazzaro 是一個棕地生物煉製廠，因為我們將回收利用 2010 年在 Sannazzaro 建成的現有加氫裂解裝置，該裝置壓力非常高。這樣一來，由於高壓和良好的配置，我們將能夠最大限度地提高生產SAF的靈活性。在桑納扎羅生產SAF是一個優勢，因為可以透過管道直接連接到中歐重要的樞紐機場—馬爾彭薩機場。

And about the feedstock, the flexibility of feedstock will be the same of Livorno or the other refineries, a mix of western residue and vegetable oil coming from not in competition food areas, including our agri business. The logistics system will provide different channels of supply of feedstock and distribution of products in order to maintain the flexibility. The unit is expected to be completed by 2028 in order to be in production at the end of this year.

至於原料，原料的靈活性將與利沃諾或其他煉油廠相同，即來自非競爭性食品地區的西方殘渣和植物油的混合物，包括我們自己的農業企業。物流系統將提供不同的原料供應管道和產品分銷管道，以保持靈活性。該裝置預計將於 2028 年完工，以便在今年底投入生產。

About the fine that was proposed decided by the AGCM on biofuels. First of all, what we can say that clearly, we appeal against this decision that we judge as substantially incorrect. The biocomponent is aligned in terms of pricing because as you have already -- you know very well and from the fact that there is a very limited number of feedstock and a very, let's say, small market. This is substantially aligning the cost of this element to the different operators. So everything is happening in a very transparent way and the cost of obligation for all the players in the market are substantially similar.

關於 AGCM 針對生物燃料的罰款建議。首先，我們可以明確表示，我們對這項我們認為實質上錯誤的決定提出上訴。生物成分的價格是合理的，因為正如你已經知道的——你很清楚，原料數量非常有限，市場也很小。這樣就基本上統一了不同運營商的這一要素的成本。因此，一切都以非常透明的方式進行，市場上所有參與者的債務成本也基本相似。

Secondly, the change of information that was considered in breaching of the competitive rule was, in fact, a legitimate change between the party on fuel supply agreement that requires this quarterly communication.

其次，被認為違反競爭規則的資訊變更，實際上是燃料供應協議雙方之間關於季度溝通的合法變更。

In terms of competition, clearly, this is nothing to do with competition. As we said before, this is an element that is a key issues for the market, the growing market in terms of capacity is the capacity of the feedstock, the key element of risk. We are working on the capability to develop our own agri hub, and this component is a mechanism to derisk in terms of both quantity and value, the contribution of our own internal production. So we think this is something that we are trying to defend through building an integrated chain also on this side.

就競爭而言，顯然這與競爭無關。正如我們之前所說，這是市場面臨的關鍵問題，產能成長的市場就是原料的產能，而這正是風險的關鍵因素。我們正在努力發展我們自己的農業中心，而這一組成部分是一種降低我們自身內部生產貢獻在數量和價值方面風險的機制。所以我們認為，我們正在努力透過在這一方面也建立一體化的產業鏈來捍衛這一點。

Nash, Barclays.

納什，巴克萊銀行。

Two questions from me, if that's okay. The first one is around technology. I was very impressed at your Technology Day in Milan earlier this year. I just wonder if you can talk about your progress over there, your deployment of technology, AI and how does that add momentum for your operation and the financial performance into next year and beyond?

可以嗎？我有兩個問題。第一個是關於科技的。今年稍早在米蘭舉行的貴公司科技日活動給我留下了非常深刻的印象。我想請您談談貴方的進展，包括技術部署、人工智慧以及這些如何為貴方的營運和財務業績在明年及以後帶來動力？

Then my next question is on working capital movement. Given some of the volatilities we have seen, I wonder if you can give us a bit of color on working capital in Q4 and Q1, please? Thank you.

那麼我的下一個問題是關於營運資金流動的。鑑於我們看到的一些波動，請問您能否簡要介紹一下第四季和第一季的營運資金狀況？謝謝。

I leave to Lorenzo Fiorillo, Head of our R&D Technology Group business to answer about the artificial intelligence, and I will come back for the working capital.

關於人工智慧的問題，我請研發技術集團業務負責人 Lorenzo Fiorillo 回答，稍後我會回來詢問營運資金的問題。

Thank you, for the question. What I can say that we use AI since a while, it's not just in the last years. Internally, we are more than 200 use cases we are developing. We found a lot of advantages in using AI application within the company in optimization, find solution and helping us in creating better scenario.

謝謝你的提問。我可以肯定地說，我們使用人工智慧已經有一段時間了，並非只是最近幾年才開始使用。內部我們正在開發 200 多個用例。我們發現，在公司內部使用人工智慧應用程式進行最佳化、尋找解決方案以及幫助我們創造更好的局面方面，有很多優勢。

The use of a big number of data and important technology and technical expertise as well as digital competencies internally and with high-performance computing, for sure, is a fantastic habitat for us to develop this kind of tool, which is very helpful for us. The progress for us is to continue on agentic model for AI, and this is the way we are going to develop in the next years.

大量數據、重要技術和專業技術以及內部數位能力，再加上高效能運算，無疑為我們開發這種工具提供了絕佳的環境，這對我們來說非常有幫助。我們進展的關鍵在於持續推動人工智慧的智能體模型，這也是我們未來幾年的發展方向。

About the last quarter, the next quarter, we do expect substantially a very limited drawdown in terms of working capital. This quarter was substantially aligned and neutral. Overall, in the full year, we have a positive working capital in the range of EUR2 billion. On next year, clearly, we have to assess all the working capital activity based on the new plan that requires also a definition of the scenario first and clearly, all the activity that we are performing in the different businesses.

關於上個季度和下一個季度，我們預計營運資金的減少幅度將非常有限。本季基本持平或中性。整體而言，全年我們的營運資金為正值，約 20 億歐元。顯然，明年我們必須根據新計劃評估所有營運資金活動，這首先需要定義情景，並且明確我們在不同業務中開展的所有活動。

Bertrand Hodee

伯特蘭霍迪

Yes. I have two very short questions left. The first one is on Coral North. So you just took FID in September. But when looking at the annual report 2024, in fact, you already booked 329 million barrels of equivalent of proved reserve. Even if your share has risen from 25% to 50% in the project, as Exxon pulled out, looks to me that you've already booked the full reserve of Coral North in '24.

是的。我還有兩個非常簡短的問題。第一個在珊瑚北線。所以你九月剛考完FID。但查看 2024 年年度報告，實際上，你們已經確認了 3.29 億桶的探明儲量。即使你在該專案中的股份從 25% 增加到 50%，隨著埃克森美孚的撤資，在我看來，你已經預定了 2024 年 Coral North 的全部儲量。

And the second question is, so EUR1.8 billion of buyback for fiscal year '25, EUR0.8 billion been already bought back. And so there's EUR1 billion left. How should we split those EUR1 billion between the remainder of the year '25 and '26, please?

第二個問題是，2025 財年 18 億歐元的股票回購計畫中，已經回購了 8 億歐元。所以還剩下10億歐元。請問我們應該如何將這10億歐元分配到2025年剩餘時間和2026年？

I leave the answer to Coral North to Guido.

珊瑚北的問題就留給圭多來回答吧。

Yes, of course, yes, you are right. We booked last year. This year is the JV FID. We took the joint venture FID. And in terms of share, as you rightly pointed out, it is a bit disproportionate compared to our share of the project, which is 25% because we've reached a swap agreement with one of our partner between the onshore and the offshore molecules.

是的，當然，你說得對。我們去年就預訂了。今年是合資企業最終投資決定年。我們已做出合資企業的最終投資決定。至於份額方面，正如您所指出的，這與我們在該專案中的份額（25%）相比有點不成比例，因為我們已經與我們的合作夥伴之一就境內和境外分子達成了互換協議。

About the buyback, we generally do not provide guidance in terms of, let's say, weekly or next or planning plan of buying because clearly, this is a sensitive matter. Clearly, we publish every week what is the amount that we have bought, and you have seen, I would say, some steps or the pace of this buyback activity. As you correctly said, there is still EUR1 billion to be bought in front of us. We have three months of 2025 and then four months in 2026. I think that there are different combinations, but will not change too much.

關於回購，我們通常不會提供諸如每週或下次回購計畫之類的指導，因為很明顯，這是一個敏感問題。顯然，我們每週都會公佈我們的回購數量，我想你們也已經看到了回購活動的某些步驟或速度。正如您所說，我們面前還有10億歐元可以購買。我們有 2025 年的三個月，然後是 2026 年的四個月。我認為可以有不同的組合，但不會有太大變化。

Chris Kuplent, Bank of America.

克里斯‧庫普倫特，美國銀行。

I've got one question remaining, Francesco, and it's quite a high-level one. I remember you often arguing why go over and beyond on a CFFO payout promise when you have so many great opportunities to invest. And I just wanted to double check where you are on that theme, in particular, because if I add up the dividend, the new buyback, I end up in sort of plus 40% territory. Is that -- are you signaling something into the coming years that you are now more comfortable being in that 40% plus range than you were previously?

弗朗西斯科，我還有一個問題，而且這個問題比較高深。我記得你經常爭辯說，既然有這麼多很好的投資機會，為什麼還要在 CFFO 派息承諾上做文章呢？我只是想再次確認你對這個主題的看法，特別是，因為如果我把股息和新的股票回購加起來，最終收益率會達到 40% 左右。這是否意味著──你向未來幾年發出某種訊號，表示你現在比以前更能接受40%以上的成長率？

First of all, the percentage that you're referring to, the 41%, 40%, I think, is substantially the same number also because we have a quite positive expectation on the quarter that is coming. So I don't think this is an element of concern. On the other side, as you have seen, we are able to find solution opportunity or value inside the organization that you are able to raise on a quarterly basis. I refer in particular in this case as the cash initiative on the capability to execute the strategy on the production performance.

首先，你提到的百分比，41%、40%，我認為，這個數字基本上相同，因為我們對即將到來的季度抱持相當樂觀的預期。所以我認為這不是一個值得擔憂的問題。另一方面，正如您所看到的，我們能夠在組織內部找到解決方案機會或價值，而您可以按季度提出這些機會或價值。我在此特別指的是現金計畫對執行生產績效策略的能力的影響。

So I think that generally, I see more upside. And therefore, I confirm that we are moving within the 35%, 40% range. I confirm that we continue to be selective in opportunity. I confirm that we have still a long list of opportunity that allow us to be extremely capable to select with the best one for the right time. And so I think that we are able to tick all the different boxes to reach our goals and confirming also an attractive distribution plan for our shareholder without modifying our view on what is the right amount of distribution that we should provide in order to ensure growth and capability to defend our balance sheet.

所以總的來說，我認為上漲空間更大。因此，我確認我們正在向 35% 到 40% 的範圍內移動。我確認我們會繼續謹慎選擇機會。我確認我們仍然有很多機會，這使我們能夠在合適的時機選擇最合適的人選。因此，我認為我們能夠滿足所有不同的條件來實現我們的目標，同時也能為我們的股東確認一個有吸引力的分配計劃，而不會改變我們對應該提供多少適當分配的看法，以確保增長和捍衛我們資產負債表的能力。

Matt Lofting, JPMorgan.

馬特‧洛夫廷，摩根大通。

Apologies for being late joining. I wanted to just come back on the strength of the cash flow generation by the company this year. I think you sort of stated this morning that the underlying improvement or upgrade versus the original plan at the beginning of the year is sort of close to EUR1.5 billion. And it struck me that it was a higher proportion of the sort of the original plan start point. Could you sort of break down what some of the key wins have been from that perspective?

很抱歉我來晚了。我原本希望憑藉公司今年強勁的現金流表現重返市場。我認為你今天早上已經說過，與年初的原始計劃相比，根本性的改進或升級大約接近 15 億歐元。我突然意識到，這比原先計畫的起點高出許多比例。您能否從這個角度分析其中的一些關鍵勝利？

And perhaps then secondly, also, if we take a step back and put it in the context of four-year plan cash flow expectations, I'm interested in the extent to which you sort of see that underlying improvement is running ahead of your four-year plan baseline or whether it's a case of sitting within the four-year plan, but having accelerated the delivery of that cash? Thank you.

其次，如果我們退後一步，從四年計劃現金流預期的角度來看待這個問題，我感興趣的是，您是否認為潛在的改善在多大程度上超過了您的四年計劃基準，或者是否只是在四年計劃範圍內，但加快了現金流的交付？謝謝。

Sorry, but I should ask you to make the second question again because the line was extremely noisy. So if you can repeat the second question, please?

抱歉，請您再問第二個問題，因為線路噪音太大。所以，請您再說一次第二個問題好嗎？

Yes. So thanks, Francesco. I was just interested if you could share any thoughts on the extent to which that EUR1.3 billion underlying improvement represents an upside or an incremental delivery of cash flow compared to your four-year plan baseline or whether it's the case that you're delivering cash flow faster within that four-year plan? Thank you.

是的。謝謝你，弗朗西斯科。我想問的是，您能否分享一下，這 13 億歐元的潛在改善在多大程度上代表著現金流的增長，或者說是相對於您四年計劃基準而言的現金流增量，又或者說，您是否在四年計劃內更快地實現了現金流？謝謝。

Okay. Thank you. Now I can tell you sure that about the performance, the improvement of the underlying that clearly take into account of the scenario impact of this EUR1.3 billion, we have practically EUR500 million that are related to the Upstream. Clearly, upstream is a result of the improvement in terms of production that you are referring to, capability substantially to have a different mix that is generating more value.

好的。謝謝。現在我可以肯定地告訴你，關於業績，基礎的改善顯然考慮到了這 13 億歐元的情境影響，我們實際上有 5 億歐元與上游相關。顯然，上游的生產能力提升是您所說的改進的結果，它能夠大幅改變產品組合，從而創造更多價值。

And clearly, in this plan, there is also some benefit from the different tax regime in the different new production contribution that are coming up. There is GGP. GGP, we have revised the guidance during the year, and this clearly is transferring value from the EBIT also to the cash generation. We are here in the range of EUR300 million. On Enilive, there is again EUR300 million. This EUR300 million of Enilive is split between improvement in terms of marketing and from biofuel is related to the capability to have a good performance from our biorefineries.

顯然，該計劃也受益於不同的稅收制度，以及即將出現的不同新生產貢獻。有GGP。GGP，我們已在年內修訂了業績指引，這顯然將價值從息稅前利潤轉移到了現金流方面。我們目前的預算在3億歐元左右。Enilive 上又有 3 億歐元。Enilive 的這 3 億歐元投資將用於改善行銷和生質燃料生產，這與我們生物煉製廠的良好績效能力有關。

There is also a small improvement in terms of Versalis because clearly, unfortunately, on Versalis, we are seeing the negative side, but this is because it's a scenario that is classically hiding the contribution that Versalis is gaining from the shutdown and from the anticipated shutdown. So overall, these are the key elements that are showing improvement.

Versalis 方面也有小幅改善，因為很顯然，不幸的是，在 Versalis 上我們看到了負面影響，但這是因為這種情況通常會掩蓋 Versalis 從停工和預期停工中獲得的貢獻。總的來說，這些都是正在取得進展的關鍵要素。

Clearly, what we can say about next year is early to say. I would say that production enhancement upgrading of E&P is continuing. GGP performance is subject to the volatility, but also to the capability to have a larger optionality in the different contracts in the different assets. So this is another element that should help to capture upside also next year.

顯然，現在談論明年還為時過早。我認為勘探與生產部門的產能提升升級工作仍在持續。GGP 的表現受波動性影響，但也取決於在不同資產的不同合約中擁有更大選擇權的能力。所以，這是明年有助於實現上漲的另一個因素。

On Enilive, clearly, we are expecting to have a continuous improvement in particularly a better scenario that we would like also to capture through the budget. And we do expect clearly on Versalis a more visible evidence of the recovery that is related to the new configuration of assets. So I think these are the elements.

顯然，在 Enilive 方面，我們期望能夠持續改進，尤其是在我們希望透過預算來實現的更好情況。我們確實預期 Versalis 將會展現出與資產新配置相關的更明顯的復甦跡象。所以我認為這些就是構成要素。

Thanks very much. That's -- and thank you, Francesco. That's bringing to an end the conference call. I'm conscious we have run a bit late, but I wanted to include as many people as possible. Those people who weren't able to ask a question, please do get in contact with the team here, and we'll be delighted to help.

非常感謝。就這樣——謝謝你，弗朗西斯科。電話會議到此結束。我知道我們有點遲到了，但我希望盡可能多的人都能參與其中。如果您沒能提問，請隨時聯繫我們的團隊，我們非常樂意為您提供協助。

That's it. Have a great weekend, and thanks for joining us.

就是這樣。祝您週末愉快，感謝您的參與。

Thank you.

謝謝。