European giants from the energy, pharmaceutical, and commodities sectors have presented their financial reports for 2025. The Italian conglomerate Edison recorded a decline in profits despite rising revenues, while the pharmaceutical company Recordati celebrates double-digit growth thanks to innovations in rare disease treatments. Swiss-based Glencore returned to profitability after a difficult 2024, and pipe manufacturer Tenaris optimistically forecasts margin stabilization in the face of upcoming trade tariffs.

Revenue growth amid profit decline

The Edison conglomerate increased turnover to 17.7 billion euros thanks to higher gas and electricity sales, but net profit fell by 40% due to market conditions.

Recordati's record results

The Italian drug manufacturer increased revenues by 11.8%, achieving a net profit of 443.6 million euros thanks to biotechnological innovations.

Glencore's return to profitability

The Swiss commodities operator recorded a profit of $363 million, effectively recouping billion-dollar losses from the previous reporting period.

Tariff uncertainty at Tenaris

The steel pipe manufacturer forecasts stable margins but warns that prices for OCTG products will have to react to new tariff barriers.

The European capital market in mid-February 2026 was dominated by the publication of financial results from key players. The Italian energy conglomerate Edison closed the year 2025 with revenues of 17.74 billion euros, representing growth compared to 15.4 billion euros the previous year. Despite a 26.2% higher electricity sales volume, the company's net profit fell by almost 40%, reaching 240 million euros. This phenomenon is attributed to fewer portfolio optimization opportunities and regulatory uncertainty in Italy. Completely different sentiments prevail in the pharmaceutical sector. Recordati exceeded analysts' expectations, posting revenues of 2.62 billion euros, representing an increase of nearly 12%. The driving force was preparations used in rare disease medicine. The company's board recommended a dividend of $0.89 and announced further expansion through M&A operations. The stock price on the Milan stock exchange reacted with dynamic gains, reaching a level of 48.46 euros. The commodities and energy market, following the 2022 energy crisis, entered a phase of stabilization, but global players still grapple with high price volatility and new trade barriers, such as tariffs on steel products. Positive news also came from Switzerland. Glencore, a global commodities trading giant, recorded a profit of $363 million, an impressive result after a loss of $1.6 billion the year before. Meanwhile, Tenaris warns about the impact of new tariffs on drilling pipes, although it forecasts maintaining stable margins in the first quarter of 2026. Energy companies, including Edison, announce a focus on renewable energy sources, planning investments exceeding one billion euros annually by 2030. were the revenues of the Edison conglomerate in 2025 Edison (EUR): 240, Recordati (EUR): 443, Glencore (USD): 363, Tenaris (USD): 1973 Financial evolution of the Edison conglomerate: : → ; : → ; : → Liberal media emphasize the need for legal stabilization to attract funds and enable the green energy transformation of giants. | Conservative media focus on defending domestic industry against tariffs and on dividend payouts to shareholders.

Mentioned People

  • Nicola Monti — Chief Executive Officer (CEO) of Edison, responsible for the group's strategy until 2030.
  • Rob Koremans — Chief Executive Officer of Recordati, overseeing the company's expansion in the rare diseases area.