Italgas (IG) Q2 2025 earnings summary

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.