Italy · Delayed Price · Currency is EUR Italgas Earnings Call Transcripts
Fiscal Year 2026
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Nine-month revenue rose 10% and EBITDA 17%, with record €1.1bn investment and €1.175bn operating cash flow. Synergies exceeded the 2026 target, while management expects results near the upper end of guidance and awaits regulatory clarity.
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Double-digit growth in revenue, EBITDA, and net profit was achieved, driven by 2i Rete Gas integration and strong cost synergies. Record investments and cash flow supported a positive credit outlook, while regulatory and tender momentum remain favorable.
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Q1 2026 saw 44% revenue growth and a 53% rise in adjusted EBITDA, driven by 2i Rete Gas consolidation and rapid synergy capture. Net debt fell by over €500 million, and guidance for 2026 points to double-digit EBITDA growth, with strong CapEx and stable leverage.
Fiscal Year 2025
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Record revenue and profit growth driven by major acquisitions and integration synergies, with strong operational efficiency and a robust investment program. Regulatory clarity and government support for biomethane underpin positive outlook, while dividend rises 13.3%.
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The group unveiled a 2031 strategic plan with EUR 16.5 billion investment, targeting double-digit EBITDA and EPS growth, major digitization, and decarbonization initiatives. Integration of 2i Rete Gas drives synergies, while robust financials and an extended dividend policy support long-term value.
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Strong revenue and EBITDA growth driven by DuiRetegas integration, with robust cash flow and accelerated synergy realization. Regulatory extension and asset disposals are underway, with confidence in meeting high-end 2025 guidance.
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Q1 2025 saw strong growth in adjusted net income (+12%) and EBITDA (+6%), with robust cash flow reducing net debt by over €200 million. The 2i Rete Gas acquisition closed ahead of schedule, with integration and synergy realization progressing, and 2025 guidance confirmed including EPS accretion.
Fiscal Year 2024
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2024 saw record growth in adjusted EBITDA and net income, driven by gas distribution in Italy and Greece, and the consolidation of Acqua Campania. The group nearly doubled operating cash flow, increased dividends by 15%, and advanced the 2i Rete Gas acquisition, with closing expected before summer.
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EBITDA, EBIT, and net income grew double digits in the first nine months, driven by regulatory updates and strong gas distribution performance. CapEx was slightly lower, with guidance confirmed just below €900 million. Greece and water segments contributed positively, and energy efficiency is expected to improve in 2025.
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A major acquisition will create a European leader in gas distribution, driving sector consolidation, digitization, and value creation. Synergies and investments are set to boost EPS by up to 15% by 2029, with integration and capital measures on track for completion in 2025.
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Double-digit growth in adjusted EBITDA, EBIT, and net profit offset a 6.4% revenue decline, driven by strong gas distribution and cost control. Operating cash flow surged 66%, CapEx fell 11%, and 2024 guidance was confirmed.