Versalis reported a proforma adjusted loss of €178 million for the third quarter, compared with a loss of €188 million a year earlier and a loss of €65 million in the second quarter, according to Eni's October 23 results. For the first nine months of 2026 the adjusted loss was €401 million, improving from €615 million a year earlier.
Eni said margins weakened across the board because commodity prices did not recover feedstock and energy costs, citing European industry headwinds, sluggish economic activity and competition from players with advantaged cost structures. It described a resumption of structural weakness after a temporary second-quarter rebound linked to the Strait of Hormuz crisis.
Versalis chemical sales volumes in the third quarter were about 600,000 mt, essentially flat year on year, while the average plant utilization rate fell to 43% from 47% a year earlier and 57% in the second quarter.
Eni's sites transformation business managed restructuring, decommissioning and remediation at the Brindisi and Priolo hubs and posted a €77 million quarterly reported loss. Versalis shut its Brindisi polyethylene plant earlier this year, with nameplate capacity of 249,000 mt/year of linear low-density polyethylene and 279,000 mt/year of high-density polyethylene.
CFO Francesco Gattei said the restructured chemicals business continues to make progress after plant closures implemented in 2025 and remains on track for its 2028 breakeven target.
