February 27, 2026 15:21

In the fourth quarter of 2025, Versalis, Eni’s chemicals arm, reported an adjusted operating loss of €204 million, compared with €231 million in the same period of 2024. The improvement reflects the initial impact of the restructuring plan, partly offset by adverse market conditions. Eni expects the positive effects of the plan to become more evident in the coming quarters.

For the full year, the adjusted operating loss totalled €819 million, broadly in line with 2024 (€814 million), against the backdrop of a highly challenging environment for Europe’s chemical industry.

Sales volumes fell to 2.72 million tonnes from 3.17 million tonnes in 2024, a decline of 14%. Average plant utilisation edged down from 50% to 49%.

Margins remained weak across all segments, with prices still insufficient to offset energy and feedstock costs “due to the difficult European environment, weak economic activity and competitive pressure from players with more advantageous cost structures”, particularly US and Asian producers, amid a global oversupply scenario.

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