Sensitivity factors

Sensitivity 2025	EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (+1 $/bbl)	0.18	0.27	0.15	0.12
European Gas Spot Upstream (+1 $/mmbtu)	0.09	0.23	0.10	0.09
European Gas Spot Upstream (+1 €/MWh)	0.03	0.07	0.03	0.03
Std. Eni Refining Margin (+1 $/bbl)	0.12	0.12	0.08	0.12
Exchange rate $/€ (+0,05 $/€)	-0.30	-0.47	-0.19	-0.46
Brent sensitivity applies to liquids and oil-linked gas. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1$/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)

0.18

0.27

0.15

0.12

European Gas Spot Upstream (+1 $/mmbtu)

0.09

0.23

0.10

0.09

European Gas Spot Upstream (+1 €/MWh)

0.03

0.07

0.03

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

0.12

0.08

0.12

Exchange rate $/€ (+0,05 $/€)

-0.30

-0.47

-0.19

-0.46

Brent sensitivity applies to liquids and oil-linked gas.
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 2025	EBIT adj (€ bln)	EBIT adj pro-forma (€ bln)	Net adj (€ bln)	CFFO before WC (€ bln)
Brent (+1 $/bbl)	0.18	0.27	0.15	0.12
European Gas Spot Upstream (+1 $/mmbtu)	0.09	0.23	0.10	0.09
European Gas Spot Upstream (+1 €/MWh)	0.03	0.07	0.03	0.03
Std. Eni Refining Margin (+1 $/bbl)	0.12	0.12	0.08	0.12
Exchange rate $/€ (+0,05 $/€)	-0.30	-0.47	-0.19	-0.46
Brent sensitivity applies to liquids and oil-linked gas. Sensitivity is valid for limited price variation. For energy use purposes PSV variation of 1$/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