Eni has transferred all of its refineries and depots in Europe and the Middle East to a newly created subsidiary, Eni Industrial Evolution, effective January 1, 2026. The move was announced on January 5, 2026 and will consolidate the company’s downstream operations under a dedicated unit that will manage the Sannazzaro de’ Burgondi, Taranto, Milazzo joint‑venture, Livorno, Robassomero, and the Research Center South in San Filippo del Mela, along with associated depots, pipelines and shareholdings in Ecofuel S.p.A. and Costiero Gas Livorno S.p.A.
The restructuring is part of Eni’s broader “satellite” strategy, which seeks to create separate entities for distinct business areas to attract capital and streamline governance. By focusing on higher‑margin assets, the company aims to improve operational efficiency, unlock shareholder value, and accelerate its decarbonization agenda, which targets net‑zero emissions by 2050. The new unit will also support the development of circular‑economy initiatives and renewable‑energy projects that complement the traditional refining portfolio.
Eni’s recent financial performance underscores the strategic rationale for the spin‑off. In the third quarter of 2025, the group reported a net income of €803 million and diluted earnings per share of €0.24, a beat that reflected disciplined cost management amid a 4 % decline in revenue. For the full year 2024, Eni posted a pro‑forma adjusted EBIT of €14.3 billion and an adjusted operating cash flow of €13.6 billion, demonstrating the financial strength that will support the transition of downstream assets into a standalone entity.
The spin‑off is expected to provide greater flexibility for capital allocation, allowing Eni Industrial Evolution to pursue targeted investments in high‑margin refining and renewable projects without diluting the core upstream and midstream businesses. Management has indicated that the move will enable clearer governance, faster decision‑making, and a sharper focus on operational excellence, positioning the company to better navigate the evolving energy transition landscape.
The creation of Eni Industrial Evolution signals a decisive step toward a more focused, value‑creating structure that aligns with the company’s long‑term sustainability goals while preserving the operational integrity of its downstream assets.
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