Sensitivity factors

Sensitivity 2025	EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (+1 $/bbl)	0.19	0.28	0.14	0.14
European Gas Spot Upstream (+1 $/mmbtu)	0.11	0.26	0.11	0.10
European Gas Spot Upstream (+1 €/MWh)	0.03	0.08	0.03	0.03
Std. Eni Refining Margin (+1 $/bbl)	0.13	0.13	0.09	0.13
Exchange rate $/€ (+0,05 $/€)	-0.36	-0.55	-0.22	-0.53
Brent sensitivity applies to liquids and oil-linked gas. EBIT sensitivities don't include contribution from associates. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1$/MMBTU has an impact of -15 mln € on SERM calculation.

Sensitivity 2025

EBIT adj (€ bln)

EBIT adj pro-forma (€ bln)

Net adj (€ bln)

CFFO before WC (€ bln)

Brent (+1 $/bbl)

0.19

0.28

0.14

European Gas Spot Upstream (+1 $/mmbtu)

0.11

0.26

0.11

0.10

European Gas Spot Upstream (+1 €/MWh)

0.03

0.08

0.03

Std. Eni Refining Margin (+1 $/bbl)

0.13

0.09

0.13

Exchange rate $/€ (+0,05 $/€)

-0.36

-0.55

-0.22

-0.53

Brent sensitivity applies to liquids and oil-linked gas.
EBIT sensitivities don't include contribution from associates.
Sensitivity is valid for limited price variation.
For energy use purposes PSV variation of 1$/MMBTU has an impact of -15 mln € on SERM calculation.

Sensitivity 2025	EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (+1 $/bbl)	0.19	0.28	0.14	0.14
European Gas Spot Upstream (+1 $/mmbtu)	0.11	0.26	0.11	0.10
European Gas Spot Upstream (+1 €/MWh)	0.03	0.08	0.03	0.03
Std. Eni Refining Margin (+1 $/bbl)	0.13	0.13	0.09	0.13
Exchange rate $/€ (+0,05 $/€)	-0.36	-0.55	-0.22	-0.53
Brent sensitivity applies to liquids and oil-linked gas. EBIT sensitivities don't include contribution from associates. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1$/MMBTU has an impact of -15 mln € on SERM calculation.

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Sensitivity factors

Please find below the updated 2025 sensitivities

On the same topic