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Italgas (IG) investor relations material
Italgas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
2i Rete Gas acquisition closed April 1, 2025, with full integration and merger by July, significantly expanding network and client base.
€1.02 billion capital increase completed in June 2025, fully subscribed and used to repay bridge financing.
All business segments contributed positively, with strong growth in Italian gas distribution and positive results from Greece, Water, and ESCO.
Regulatory period extended by two years to end-2027; antitrust-mandated asset disposal process ongoing, with binding offers due by early September and completion targeted for mid-November.
Credit ratings confirmed at BBB+ by S&P and Moody’s post-acquisition.
Financial highlights
Adjusted total revenues rose 29.2% year-over-year to €1,126.7 million, mainly due to 2i Rete Gas consolidation and RAB growth.
Adjusted EBITDA up 27.8% to €857.5 million, with all business segments contributing.
Adjusted EBIT rose 38.9% to €558.0 million in H1 2025.
Adjusted net profit attributable to the Group increased 31.1% to €316.6 million; tax rate 28%.
CapEx reached €495.1 million, up 40% year-over-year, focused on network upgrades, digitization, and water sector.
Outlook and guidance
FY 2025 guidance confirmed: adjusted revenues ~€2.45 billion, adjusted EBITDA €1.80–1.85 billion, adjusted EBIT €1.12–1.16 billion, technical investments ~€1.2 billion, net financial debt ~€10.8 billion.
Confident in reaching the high end of 2025 guidance due to accelerated integration and synergy realization.
EPS accretive deal in 2025; impacts from antitrust-mandated disposals expected in early 2026.
New strategic plan to be presented October 29, 2025.
Group aims to advance decarbonisation, renewable gas, and energy system resilience, supporting EU climate targets.
How will Italgas achieve Net Zero Carbon by 2050?
Detail the antitrust remedies for 2i Rete Gas.
Explain the increase in fugitive emissions.
Update on 2025 synergy guidance for 2i Rete Gas
Outlook for new Italian gas tender framework?
Expected completion date for asset disposal?
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Q3 202529 Oct, 2025
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Frequently asked questions
Italgas S.p.A. is a leading Italian company in the distribution of natural gas. It operates an extensive gas distribution network, serving residential, commercial, and industrial customers. The company is focused on the management, maintenance, and expansion of its infrastructure, ensuring the safe and efficient delivery of natural gas across its service areas. Italgas is also involved in digitalization and innovation projects aimed at enhancing the efficiency and sustainability of its gas distribution operations. Its services support the energy transition by promoting cleaner energy solutions. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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