Italgas (IG) Q3 2026 earnings summary

Executive summary

• Adjusted 9M revenue rose 10.1% to €1,981.7m, EBITDA 17.0% to €1,601.4m and net profit 18.3% to €585.5m, supported by 2i Rete Gas consolidation, distribution growth and synergies.

• Technical investments reached €1,102.1m, up 42.5%; operating cash flow was €1,174.9m.

• Synergies and efficiencies reached €135.7m, ~48.5% of the 2032 target; 20 biomethane plants were connected by October.

Financial highlights

• Adjusted EBIT was €1,045.7m, up 18.3%; reported EBITDA was €1,573.9m, up 12.0%, and reported profit attributable to the Group was €565.1m, up 9.7%.

• Adjusted operating costs declined €51.3m; like-for-like costs fell €100.7m, or 19.3%.

• Operating cash flow of €1,174.9m covered €1,049.3m of net investments and part of dividend payments.

Outlook and guidance

• Management expected full-year results near the upper end of guidance; net debt guidance remained €10.8bn excluding IFRS 16 and IFRIC 12, with much of the nine-month increase expected to unwind in Q4.

• The 2026–2032 investment programme totals €13bn; synergies and efficiencies target €280m by 2032, versus approximately €130m for 2026.

• 2026 Italian gas demand was expected to be stable or slightly higher than 2025; medium-term priorities include reducing net debt/RAB while preserving financial flexibility.

• 22 ATEM tenders were in the pipeline, with bids expected on 18 during the remainder of 2026 and 2027.