v3.26.1
Guarantees, commitments and risks (Tables)
 12 Months Ended
Dec. 31, 2025
Guarantees, commitments and risks  
Schedule of guarantees

(€ million)

December 31,  2025

December 31,  2024

Associates

6,694

9,063

Joint ventures

1,473

165

Others

634

424

 

8,801

9,652
Schedule of commitments and risks

(€ million)

December 31,  2025

December 31,  2024

Commitments

77,006

84,129

Risks

856

1,046

 

77,862

85,175
Schedule of expected payments for finance debts and lease liabilities

 

Maturity year

(€ million)

2026

2027

2028

2029

2030

2031 and thereafter

Total

December 31, 2025

 

 

 

 

 

 

 

Financial liabilities

7,982

2,793

5,492

1,944

2,139

7,908

28,258

Lease liabilities

1,250

751

581

478

434

2,241

5,735

Fair value of derivative instruments

827

41

23

14

12

56

973

 

10,059

3,585

6,096

2,436

2,585

10,205

34,966

Interest on finance debt

811

699

595

418

360

2,529

5,412

Interest on lease liabilities

302

244

206

176

150

553

1,631

 

1,113

943

801

594

510

3,082

7,043

Financial guarantees

4

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

Maturity year

(€ million)

2025

2026

2027

2028

2029

2030 and thereafter

Total

December 31, 2024

 

 

 

 

 

 

 

Financial liabilities

8,370

2,410

2,815

5,568

2,018

8,916

30,097

Lease liabilities

1,261

781

663

572

468

2,688

6,433

Fair value of derivative instruments

1,921

31

6

48

4

64

2,074

 

11,552

3,222

3,484

6,188

2,490

11,668

38,604

Interest on finance debt

880

705

661

552

369

2,786

5,953

Interest on lease liabilities

336

284

248

212

184

708

1,972

 

1,216

989

909

764

553

3,494

7,925

Financial guarantees

1,106

 

 

 

 

 

1,106
Schedule of trade and other payables by maturity

 

Maturity year

(€ million)

2026

2027 - 2030

2031 and thereafter

Total

December 31, 2025

 

 

 

 

Trade payables

13,901

 

 

13,901

Other payables and advances

6,360

74

111

6,545

 

20,261

74

111

20,446

 

 

 

 

 

 

Maturity year

(€ million)

2025

2026 - 2029

2030 and thereafter

Total

December 31, 2024

 

 

 

 

Trade payables

15,170

 

 

15,170

Other payables and advances

6,922

59

121

7,102

 

22,092

59

121

22,272
Schedule of principal contractual obligations

 

Maturity year

(€ million)

2026

2027

2028

2029

2030

2031 and thereafter

Total

Decommissioning liabilities (a)

911

748

581

539

565

10,362

13,706

Environmental liabilities

812

563

438

341

319

1,099

3,572

Purchase obligations (b)

16,750

13,397

12,393

11,372

9,068

62,467

125,447

- Gas

 

 

 

 

 

 

 

. take-or-pay contracts

14,757

12,643

11,756

11,138

8,901

62,230

121,425

. ship-or-pay contracts

632

271

254

225

159

211

1,752

- Other purchase obligations

1,361

483

383

9

8

26

2,270

Other obligations

6

15

 

 

 

 

21

- Memorandum of intent - Val d’Agri

6

15

 

 

 

 

21

Total (c)

18,479

14,723

13,412

12,252

9,952

73,928

142,746

 

(a) Represents the estimated future costs for the decommissioning of oil and natural gas production facilities at the end of production life of fields, well-plugging, removal of the structures and site restoration.

(b) Represents any agreement to purchase goods or services that is enforceable and legally binding. For take-or-pay contracts with Gazprom, please refer to the section "Other commitments and risks".

(c) Expected payments under contractual obligations comprise obligations for site abandonment and restoration costs directly associated with assets held for sale for €404 million.
Schedule of committed projects

 

Maturity year

(€ million)

2026

2027

2028

2029

2030

2031 and thereafter

 Total

Committed projects

6,250

4,847

3,932

2,871

1,984

304

20,188
Schedule of carrying amount of financial instruments and relevant economic and equity effect

 

 

2025

 

2024

 

Carrying amount

Income (expense) recognized in

 

Carrying amount

Income (expense) recognized in

(€ million)

Profit and loss account

OCI

 

Profit and loss account

OCI

Financial instruments at fair value with effects recognized in profit and loss account

 

 

 

 

 

 

 

Financial assets at fair value through profit or loss (a)

6,991

235

 

 

6,797

388

 

Non-hedging and trading derivatives (b)

(18)

559

 

 

(1,119)

(73)

 

Other investments valued at fair value (c)

1,329

242

(30)

 

1,395

227

62

Receivables and payables and other assets/liabilities valued at amortized cost

 

 

 

 

 

 

 

Trade receivables and other (d)

13,216

(18)

 

 

17,753

(106)

 

Financing receivables (e)

4,756

(49)

 

 

4,238

233

 

Securities (a)

63

1

 

 

62

1

 

Trade payables and other (a)

20,446

 

 

 

22,273

(153)

 

Financing payables (f)

28,502

(296)

 

 

30,390

(1,176)

 

Net assets (liabilities) for hedging derivatives (g)

(83)

(262)

865

 

7

(95)

(912)

 

 

(a) Income or expense were recognized in the profit and loss account within "Finance income (expense)".

(b) In the profit and loss account, economic effects were recognized as income within "Other operating income (loss)" for €641 million (loss for €352 million in 2024) and in the "Finance income (expense)".

(c) Income or expense were recognized in the profit and loss account within "Income (expense) from investments - Dividends".

(d) Income or expense were recognized in the profit and loss account as net impairments within "Net (impairments) reversals of trade and other receivables" for €11 million (net impairments for €168 million in 2024) and as expense within "Finance income (expense)" for €7 million (income for €62 million in 2024), including interest income calculated on the basis of the effective interest rate of €26 million (interest income for €27 million in 2024).

(e) In the profit and loss account, income or expense were recognized as income within "Finance income (expense)", including interest income calculated on the basis of the effective interest rate of €222 million (interest income for €175 million in 2024) and net reversals for €1 million (net impairments for €22 million in 2024).

(f) In the profit and loss account, income or expense were recognized as expense within "Finance income (expense)", including interest expense calculated on the basis of the effective interest rate of €861 million (interest expense for €897 million in 2024).

(g) In the profit and loss account, income or expense were recognized within "Sales from operations", "Purchase, services and other" and “Finance income (expense)".
Schedule of disclosures about offsetting of financial instruments

(€ million)

Gross amount of financial assets and liabilities

Gross amount of financial assets and liabilities subject to offsetting

Net amount of financial assets and liabilities

December 31, 2025

 

 

 

Financial assets

 

 

 

Trade and other receivables

17,017

4,581

12,436

Other current assets

5,076

1,133

3,943

Other non-current assets

2,852

13

2,839

Financial liabilities

 

 

 

Trade and other liabilities

24,842

4,581

20,261

Other current liabilities

5,172

1,133

4,039

Other non-current liabilities

3,403

13

3,390

December 31, 2024

 

 

 

Financial assets

 

 

 

Trade and other receivables

21,330

4,429

16,901

Other current assets

5,182

1,520

3,662

Other non-current assets

4,012

1

4,011

Financial liabilities

 

 

 

Trade and other liabilities

26,521

4,429

22,092

Other current liabilities

6,569

1,520

5,049

Other non-current liabilities

4,450

1

4,449
Interest rate risk and currency risk  
Guarantees, commitments and risks  
Schedule of market risk

(Value at risk - parametric method variance/covariance; holding period: 1 day; confidence level: 99%)

 

 

2025

 

2024

(€ million)

High

Low

Average

At year end

 

High

Low

Average

At year end

Interest rate (a)

10.29

4.45

7.48

4.45

 

13.03

3.92

5.95

7.50

Exchange rate (a)

7.99

0.07

2.07

0.43

 

5.47

0.07

1.65

0.69

 

(a) Value at Risk deriving from interest and exchange rates exposures includes the following finance departments: Eni Corporate Finance Department and Banque Eni SA.
Commodity price risk  
Guarantees, commitments and risks  
Schedule of market risk

(Value at risk - Historic simulation method; holding period: 1 day; confidence level: 95%)

 

 

2025

 

2024

(€ million)

High

Low

Average

At year end

 

High

Low

Average

At year end

Commercial exposures - Management Portfolio (a)

34.93

2.79

16.37

2.79

 

69.66

6.20

24.10

6.32

Trading (b)

1.34

0.30

0.63

0.37

 

1.74

0.21

0.53

0.31

 

(a) Refers to Global Gas & LNG Portfolio business area, Power Generation & Marketing, REVT, Plenitude, Eni Trading & Biofuels, Eni Global Energy Markets (commercial portfolio). VaR is calculated on the so-called Statutory view, with a time horizon that coincides with the Balance Sheet year, including all the volumes delivered in the year and the relevant financial hedging derivatives. Consequently, during the year the VaR pertaining to GGP, Power G&M, REVT and Plenitude during the year presents a decreasing trend following the progressive reaching of the maturity of the positions within the annual horizon.

(b) Cross-commodity proprietary trading, through financial instruments, refers to Eni Trading & Biofuels SpA and Eni Global Energy Markets SpA and Eni Trading & Shipping Inc.
Strategic liquidity risk  
Guarantees, commitments and risks  
Schedule of market risk

 

 

2025

 

2024

(€ million)

High

Low

Average

At year end

 

High

Low

Average

At year end

Strategic liquidity - € Portfolio

0.64

0.53

0.58

0.54

 

0.60

0.20

0.40

0.60

 

(Sensitivity - Dollar value of 1 basis point - DVBP)

 

 

2025

 

2024

($ million)

High

Low

Average

At year end

 

High

Low

Average

At year end

Strategic liquidity - US dollar Portfolio

0.18

0.12

0.15

0.16

 

0.20

0.10

0.10

0.10