Italgas approves results as at 30 september 2026: investments +42%, ebitda and net profit growing at double-digit rates

 

• Adjusted total revenues and other income: 1,981.7 million euro (+10.1%)
• Adjusted EBITDA: 1,601.4 million euro (+17.0%)
• Adjusted EBIT: 1,045.7 million euro (+18.3%)
• Adjusted net profit attributable to the Group: 585.5 million euro (+18.3%)
• Technical investments: 1,102.1 million euro (+42.5%)
• Cash flow from operating activities: 1,174.9 million euro
• Net financial debt (excluding the effects of IFRS 16 and IFRIC 12): 10,907.8 million euro
• Net financial debt: 11,026.3 million euro
• Scope 1 and 2 market-based emissions: 91.2 10³ tCO₂eq, -5.3% – Gas distribution business, “like-for-like” ¹
• Energy consumption: 271.2 TJ, -8.0% – Gas distribution business, “like-for-like” ²

 

Milan, 29 October 2026 – The Italgas Board of Directors, which met today under the chairmanship of Paolo Ciocca, approved the consolidated results as at 30 September 2026. The figures below take into account the significant change in the scope of consolidation with the inclusion of 2i Rete Gas from 1 April 2025.

“The results for the first nine months of 2026 confirm the soundness of the strategic choices made in recent years and the Group’s ability to translate them into growth explained Italgas Chairman Paolo Ciocca –. In an international context characterised by significant geopolitical complexity, Italgas continues to contribute to energy security and to the competitiveness of local communities, leveraging resilient infrastructure, technological innovation and industrial strength.”  

“With over 1.1 billion euro in investments, the highest figure ever achieved by the Group in the first nine months of 2026, we are continuing to develop increasingly flexible networks capable of accommodating growing shares of renewable gases: to date – explained Italgas CEO Paolo Gallo –. All the key economic indicators confirmed double-digit growth. Adjusted EBITDA grew by 17%, exceeding 1.6 billion euro, and adjusted net profit attributable to the Group reached 585 million euro, an increase of 18.3% compared to the first nine months of last year, thanks to the contribution of the new ‘2i Rete Gas’ business scope and the rapid achievement of operational synergies, which now stand at 48.5% of the target set for 2032. ”

As at 30 September 2026, the Group recorded adjusted total revenue of 1,981.7 million euro, up 10.1% compared to the same period in 2025, adjusted EBITDA of 1,601.4 million euro, up 17.0%, and adjusted EBIT of 1,045.7 million euro, up 18.3%. Adjusted net profit attributable to the Group amounted to 585.5 million euro, an increase of 18.3% compared to the same period of the previous year.

The cumulative synergies and operational efficiencies achieved compared to the 2023 baseline reached 136 million euro, representing 48.5% of the overall target of 280 million euro by 2032 ³, including what was achieved both at 31 December 2025 and in the first nine months of 2026. As of September 30, the target of approximately 130 million euro, set for 2026 in the 2026–2032 Strategic Plan, had been exceeded. This was supported by the completion of key initiatives within the integration plan, such as the rationalization of the application landscape and IT contracts, and the optimization of the territorial model for emergency response availability. These efforts were complemented by the steady progress of the plan to improve the energy efficiency of the facilities. The development and adoption of agentic-AI solutions to support the business also continues.

Technical investments made up to 30 September 2026 totalled 1,102.1 million euro, up 42.5% compared to the same period in 2025. Investments during the period were mainly allocated to the development and maintenance of gas networks in Italy and Greece, the continuation of the digital transformation and technological upgrade of the network acquired with 2i Rete Gas, and other strategic initiatives. Investments in the water sector also continue, aimed at strengthening operational efficiency, improving service quality and supporting the modernisation of infrastructure.

In the nine months, cash flow from operating activities amounted to 1,174.9 million euro, up by 168 million euro compared to the same period in 2025. This cash generation, together with the proceeds from the divestments required by the Antitrust Authority, enabled the full financing of net investments and part of the dividend payments.

Net financial debt, excluding the effects of IFRS 16 and IFRIC 12, therefore stood at 10,907.8 million euro, up by 174.0 million euro compared to 31 December 2025.

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¹ Consolidated gas companies as at 31 December 2025 (Italgas, Bludigit, Geoside, Italgas Reti, Toscana Energia, Medea, Enaon, Enaon EDA), therefore excluding assets from the former 2i Rete Gas perimeter. Taking into account also the contributions of the water service business (35.9 10³ tCO2eq) and the former 2i Rete Gas perimeter (83.7 10³ tCO2eq), the Group’s total emissions amount to 210.8 10³ tCO2eq.

²Consolidated gas companies as at 31 December 2025 (Italgas, Bludigit, Geoside, Italgas Reti, Toscana Energia, Medea, Enaon, Enaon EDA), therefore excluding assets from the former 2i Rete Gas perimeter. Taking into account also the contributions of the water service business (305.5 TJ) and the former 2i Rete Gas perimeter (186.2 TJ), the Group’s total consumption amounts to 762.9 TJ.

³ Synergies, efficiencies and Artificial Intelligence, compared to the aggregate cost base of the two Groups at 31 December 2023. Cumulative amount.