Novamont 2025 Financial Results
According to Eni’s 2025 Annual Report, Novamont recorded a net loss of approximately €70 million in 2025. The loss is reported as part of Eni’s consolidated subsidiaries after the acquisition of the remaining shares in Novamont.
Novamont remained loss-making two years after Eni acquired full ownership (October 2023).
The loss comes despite Novamont being presented as one of Eni/Versalis’ flagship investments in renewable chemistry.
It follows a difficult period for the company, including the €32 million abuse of dominance fine imposed by the Italian Competition Authority in 2025 (later upheld by the administrative court).
A €70 million annual loss is significant. It raises questions about:
- whether the renewable chemicals business is approaching profitability,
- the carrying value of Novamont on Eni’s balance sheet,
- and whether Eni may eventually need to recognize further impairments if the business does not improve.
Why?
Eni does not explicitly explain the €70 million net loss at Novamont, the Annual Report provides several clues.
The main reasons appear to be:
- Lower sales volumes and revenues at Novamont
- Novamont’s sales volumes fell by 7.4% compared with 2024.
- Revenues also declined year-on-year.
- Weak market conditions for chemicals in Europe
Eni says the chemicals business suffered from:- weak demand,
- lower product margins,
- global overcapacity,
- strong competition from US and Asian producers.
- High European production costs
Eni specifically points to:- high natural gas and energy costs,
- higher operating expenses,
- environmental compliance costs,
which make European production less competitive than production in the US and Asia.
- The wider Versalis chemicals business remained deeply loss-making
Versalis reported a non-GAAP operating loss of €819 million in 2025. Eni describes this as the result of deteriorating margins, weak demand and structural problems in the European chemicals industry.
What’s interesting
What Eni doesn’t say is almost as interesting as what it does say.
The report does not attribute Novamont’s losses to:
- the €32 million AGCM competition fine,
- legal disputes,
- problems with compostable plastics,
- or specific operational issues within Novamont.
Instead, it presents the losses as part of a broader crisis affecting the European chemicals sector.
Novamont generated only €271 million of revenue in 2025. If the net loss was around €70 million, that implies a net loss margin of roughly 26%—meaning the company lost about €1 for every €4 of sales. That’s a substantial loss for a business Eni is positioning as a key part of its transition strategy.
Novamont 2024 Results
According to Eni’s 2024 Annual Report, Novamont recorded a net loss of approximately €40 million in 2024. In the 2025 Annual Report, that loss increased to approximately €70 million.
Personal Remarks
Here are possible scenarios: I think ENI will try to sell Novamont or Novamont may go bankrupt