Eni’s chemical business reported a slightly reduced pro-forma adjusted loss of €188 million in the third quarter of 2025, mainly attributed to the company’s restructuring program, although the chemical sector remains weak, the Italy-headquartered producer said on Friday.

This compares with a loss of €193 million during the same period last year, marking a 3% improvement year on year.

Chemicals

During the first nine months of 2025, the chemical business’ proforma adjusted loss was at €615 million compared to €583 million in the same period last year, reflecting “exceptionally adverse market conditions”.

Eni’s chemicals business is managed by Versalis.

Sales of chemical products decreased 28% in the third quarter year on year compared with the same period last year on lower demand and plant shutdown, while for the first nine months of 2025, chemical product sales decreased 13% year on year.

Plant utilization rates averaged 47% in the third quarter, down 10 percentage points from the same period last year.

Margins remained weak across the board as commodity prices were unable to offset feedstock and energy input expenses amid “European headwinds, sluggish economic activity and competitive pressures from players with better cost structures”, the company said.

“The overall picture of the chemical sector remains depressed, driven by macro headwinds impacting commodity demands, and comparatively higher production costs in Europe versus other geographies, which reduced the competitiveness of Versalis products with respect to US and Asian players in an oversupplied market.”

Source: ICIS