Italgas (IG) Q4 2025 earnings summary

Executive summary

• Achieved European leadership in gas distribution following the acquisition and rapid integration of 2i Rete Gas, supported by a €1.02 billion capital increase and swift merger execution.

• Surpassed revised guidance with double-digit growth across all key financial and operational metrics in 2025.

• Launched a new strategic plan with record-high €16.5 billion investments, upgraded synergy targets, and a focus on digital upgrades and sustainability.

• Managed nearly 660,000 km of gas network, serving 13 million gas customers and 6.3 million water customers.

• Distributed a dividend of €0.432 per share, up 13.3% year-over-year.

Financial highlights

• Adjusted total revenues rose 39.7% year-over-year to €2,484.2 million, driven by organic growth and M&A.

• Adjusted EBITDA increased 39.4% to €1,883.4 million, with a 75.8% margin; adjusted EBIT up 46.9% to €1,205.9 million.

• Adjusted net profit attributable to the Group was €674.5 million, up 33.1% year-over-year.

• Technical investments reached €1,203.6 million, up 35.7% from 2024.

• Net financial debt rose to €10,867.8 million, mainly due to the 2i Rete Gas acquisition.

Outlook and guidance

• New strategic plan targets €16.5 billion investments through 2031, with enhanced synergies and efficiencies.

• Expect to achieve over 50% of targeted €250 million synergies by 2026, with 2026 as the peak year for synergy realization.

• Focus on further digital innovation, sustainability, and operational efficiency, with continued investment in smart technologies and AI.

• Regulatory changes (TOTEX/ROSS) expected from 2028, with consultation documents anticipated in the second half of 2026.

• Regulatory updates provide increased visibility for 2026–2027, with stable WACC and opex parameters.