October 24, 2025 14:55
The third quarter of 2025 did not reverse the trajectory of Versalis, the chemical business of the Eni group, which reported an adjusted pro forma operating loss of €188 million, slightly better than the €193 million loss in the same period of 2024.
The improvement reflected the initial benefits of the company’s restructuring plan for basic chemicals, though the business remained caught in a sluggish European cycle, weighed down by weak demand, high energy costs and mounting competition from outside the EU.
Over the first nine months of the year, total losses widened to €615 million, up from €583 million in 2024, due to what the company described as “exceptionally adverse market conditions.”
Sales volumes of chemical products fell sharply in the third quarter, down to 590,000 tonnes (a 28% year-on-year drop), with plant utilization rates at 47% as a result of falling demand and planned shutdowns. Between January and September, total sales amounted to 2.10 million tonnes, a 13% decrease compared with the same period last year.
Margins remained weak across all segments, as downstream prices failed to offset higher costs for feedstocks and energy. The European market context remained structurally challenged, exacerbated by competition from producers—particularly in Asia and North America—operating with significantly lower cost structures.
On the plastics front, Versalis reaffirmed its strategic focus on circularity. In Priolo, Sicily, the company initiated the permitting process for a chemical recycling plant based on Hoop technology, with a planned capacity of 40,000 tonnes per year, as well as for a new biorefinery with a capacity of 500,000 tonnes per year, both expected to be completed by the end of 2028.
In September, Versalis also signed an agreement with Italy’s multi-utility Veritas for a mechanical recycling initiative in Porto Marghera, Venice, aimed at processing EPS-based waste, including fish boxes and other packaging used in the seafood sector (read here).
© Polimerica - Reproduction prohibited, all rights reserved
