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Short-, medium- and long-term trends 
are re-shaping our key business drivers.

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Short-term uncertainties require 
a company to be as flexible as possible.

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Rules for investing are simple and clear:

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first of all, we’ll deploy capital 
where returns are visible,

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regulatory frameworks remunerative,

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macroeconomics 
and political environments stable.

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In light of this strategic change,

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now the lion’s share of 
the accumulated capex will be invested in Europe,

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accounting for approximately 
75% of the total investment.

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Efficiency will total €1.2 bn,

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and we will build over 
a reduction of approximately 15%

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of the addressable cost baseline of 2022.

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We target to achieve Net Zero by 2040,

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when 100% of our power generation 
will come from renewables,

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and the push towards electrification will allow us

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to exit the gas retail business.

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Regulated businesses will 
be at the core of our strategy,

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as we see the need to improve quality

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and resiliency, and to accommodate 
for hosting capacity.

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Renewable investments 
will be cherry-picked,

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diversifying technologies and countries,

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analyzing returns and risks,

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and concentrating capital where 
the first are maximized while the latter minimized.

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Investments will be allocated efficiently,

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with our integrated model 
to enhance results and speed up delivery.

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The guiding star of our strategic 
actions will be financial equilibrium.

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The next three years will see 
the Group generating cash,

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as net investment and dividends 
will be covered by funds from operations.

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