Italgas (IG) Q2 2026 earnings summary

Executive summary

• Adjusted total revenues and other income reached €1,324.2 million, up 17.5% year-over-year, driven by the consolidation of 2i Rete Gas and investment growth.

• Adjusted EBITDA rose 25.0% to €1,072.3 million, and adjusted EBIT increased 26.6% to €702.7 million compared to the first half of 2025.

• Adjusted net profit attributable to the Group was €398.6 million, up 27.3% year-over-year.

• Technical investments surged 54.6% to €765.2 million, focusing on network development, digital transformation, and real estate.

• Operational synergies and efficiencies achieved reached €117.2 million, 41.8% of the 2032 target.

Financial highlights

• Cash flow from operating activities was €929.5 million, up €190.5 million year-over-year.

• Net financial debt (excluding IFRS 16 and IFRIC 12) decreased by €21.3 million to €10,712.5 million from year-end 2025.

• Adjusted operating costs fell by €17.3 million to €251.9 million, reflecting efficiency gains despite the expanded scope.

• Adjusted net financial expense increased by €25.5 million to €127.4 million, mainly due to the consolidation of 2i Rete Gas debt and new bond issues.

• Adjusted income taxes rose by €38.3 million to €166.6 million, impacted by a 2% IRAP increase and higher pre-tax profit.

Outlook and guidance

• Plans to invest €13 billion from 2026–2032, focusing on digital innovation, AI integration, and sustainability.

• Operational efficiencies targeted at €280 million by 2032, with AI-driven process optimisation.

• Commitment to climate neutrality (Net Zero) by 2050, integrating ESG principles into strategy.

• Net debt/RAB ratio expected to decline in the medium term; average cost of debt forecast to exceed 3% by 2032.

• No significant operational or investment disruptions identified from current geopolitical or macroeconomic risks.