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.

• Launched a new strategic plan with record-high €16.5 billion investments, upgraded synergy targets, and an enlarged infrastructure footprint of nearly 660,000 km and 13 million customers.

• Delivered double-digit growth across all key financial and operational metrics, surpassing revised guidance.

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

• Significant investments in network expansion, digital upgrades, and sustainability initiatives.

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 after minorities reached €674.5 million, up 33.1% year-over-year.

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

• Net financial debt increased to €10,867.8 million, mainly due to acquisitions.

Outlook and guidance

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

• Expect to achieve 50% of €250 million synergy target by 2026, with 2026 as a peak year for synergies.

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

• Continued investment in smart technologies, automation, and AI for network management.

• Ongoing integration of 2i Rete Gas to optimize processes and cost structure.