THE BOARD OF DIRECTORS HAS CONVENED THE SHAREHOLDERS’ MEETING FOR 21 APRIL 2026
Milan, 4 March 2026 – Italgas’ Board of Directors, chaired by Paolo Ciocca, met on 3 March and approved the consolidated results as at 31 December 2025 and resolved to propose to the Shareholders’ Meeting, called to meet on 21 April 2026, the distribution of a dividend of 0.432 euro per share (+13.3% compared to 20241). The data below and their comparison with 2024 take into account the significant change in scope compared to the same period in 2024, with the consolidation of 2i Rete Gas starting from 1 April 2025.
Highlights2
- Total revenues and other income: 2,535.4 million euros (+45.7%)
- Total revenues and other income adjusted: 2,484.2 million euro (+39.7%)
- Adjusted EBITDA: 1,883.4 million euro (+39.4%)
- Synergies and efficiency gains for 35 million euro3, 14% of the 2031 target
- Adjusted EBIT: 1,205.9 million euro (+46.9%)
- Adjusted net profit attributable to the Group: 674.5 million euro (+33.1%)
- Technical investments: 1,203.6 million euro
- RAB: 15.7 billion euro
- Cash flow from operating activities: 1,625.1 million euro
- Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 10,733.8 million euro
- Net financial debt: 10,867.8 million euros
- Market-based Scope 1 and 2 emissions: 114.7 103 tCO2eq, -3.8% – Gas distribution, “like-for-like”4;
- Net energy consumption: 355.0 TJ, -6.0% – Gas distribution, “like for like”5;
- Gas Leakage Rate6: 0.051%, compared to 0.069% – gas distribution, like-for-like, Italy.
2025 will be remembered as a milestone year in the 100-year history of Italgas, which, thanks to the acquisition of 2i Rete Gas, has become the leading gas distribution operator in Europe. During the year, Italgas launched and successfully completed a 1.02 billion euro capital increase in support of the acquisition transaction, through the issuance of 202,938,478 new shares, and completed the merger of 2i Rete Gas into Italgas Reti, in just 90 days from the closing of the acquisition.
Italgas’ financial and operational indicators recorded double-digit growth – with increases of more than 30-40% – also made possible by the constant focus on operational efficiency.
In 2025, the Group recorded adjusted EBITDA of 1,883.4 million euros, a 39.4% increase on 2024, and adjusted EBIT of 1,205.9 million euros, a 46.9% increase on 2024. These results exceeded the guidance announced – and already revised upward – last October. Despite the dilutive effect of the capital increase, this growth was reflected in a DPS that grew by 13.3% (compared to 20247) and is above the floor.
The cash flow from operating activities of 1,625.1 million euro, an increase of 526.4 million euro compared with the corresponding period of 2024, has made it possible to entirely finance net investment requirements and fully cover all dividends paid. The evolution of debt over the period mainly reflects the financial outlay for the acquisition of 2i Rete Gas, net of the contribution from the rights issue, and the consolidation of the related net financial debt.
In 2025, technical investments totalled 1,203.6 million euros, enabling the construction of approximately 960 kilometres of new gas distribution networks in Italy and Greece, and the launch of the digital upgrade of the networks acquired through the 2i Rete Gas operation, to bring them in line with the Group’s standards.
In the water sector, activity focused on the development of digital technologies, adapting them from the gas sector, with the objective of increasing operational efficiency and reducing network losses. Of particular importance was the activity carried out by Siciliacque, which implemented major rehabilitation works on the transport network and built three new desalination plants in Gela, Porto Empedocle and Trapani to address the Sicilian region’s significant water shortage and to increase the availability of drinking water.
In the energy efficiency sector, the 2025 results are up thanks to an increasingly more advanced business model designed to offer innovative products and services to industrial customers, large residential complexes and public administration.
Paolo Gallo, CEO of Italgas, commented:
“The 2025 results portray a year that marks a historic step forward for the Italgas Group. The uninterrupted growth since its return to the stock exchange in 2016 has accelerated further, thanks to the integration of 2i Rete Gas and the initial synergies already created thanks to the ongoing attention to operational efficiency.
The economic and financial indicators show double-digit growth: adjusted EBITDA increased by 39.4%, rising to 1,883.4 million euros, and Group adjusted net profit totalled 674.5 million euros, up 33.1% compared to 2024.
With 1.2 billion euros invested, Italgas has created a strong drive for development and upgrades to the network serving approximately 13 million customers. We built about 1,000 kilometres of new pipelines and started the digital upgrade of the networks and plants acquired with 2i Rete Gas to bring the technology levels up to Group standards.
Innovation and digital technologies continue to represent the main drivers that are turning our vision of the energy of the future into reality. An evolved model of smart grids equipped with AI-based solutions that will improve service quality and efficiency while reducing operating costs and enhancing the resilience, security and competitiveness of the national energy system”.
Paolo Ciocca, Chairperson of Italgas, commented:
2025 was an extraordinary year for Italgas. The Group has established itself as the European champion of gas distribution in support of climate targets and has consolidated its role as an international technological benchmark. This evolution was clearly reflected in the economic and financial performance, the achievement of sustainability targets and the focus on value creation for stakeholders.
The solid results will allow us to propose to the Shareholders’ Meeting the distribution of a dividend of 0.432 per share, up 13.3% compared to the previous year. An important signal for the satisfaction of our shareholders and investors”.
12024 dividend was adjusted to take into account the bonus element of the right issue, applying the K coefficient announced by Borsa Italiana on 30 May 2025. The percentage change between the dividend 2025 and the dividend 2024 (0.406 euro per share), excluding the adjustment, is equal to 6.4%.
2The economic and consolidated financial highlight and the operating highlight reflect the consolidation 2i Rete Gas Group from 1st April 2025.
3Synergies and efficiency gains are calculated by taking into account the 2023 baseline and on a like-for-like basis, thus including the 2i Rete Gas Group for 12 months.
4Same scope as 2024. Also considering the contributions of the water service business and the former scope of 2i Rete Gas (151.1 103 tCO2eq), total Group emissions in 2025 were 265.8 103 tCO2eq.
5This refers to total energy consumption, from which any self-produced and self-consumed electricity consumption is subtracted. Same scope as 2024. Also considering the contributions of the water service business and the former scope of 2i Rete Gas and the consumption of self-generated renewable energy for the rest of the Group (669.8 TJ), total Group consumption in 2025 was 1024.8 TJ.
6Calculated as the ratio between fugitive emissions of natural gas and volumes of gas distributed.
72024 dividend was adjusted to take into account the bonus element of the right issue, applying the K coefficient announced by Borsa Italiana on 30 May 2025. The percentage change between the dividend 2025 and the dividend 2024 (0.406 euro per share), excluding the adjustment, is equal to 6.4%.
