Athens, 27 July 2026 - The Board of Directors of Italgas, which met today under the chairmanship of Paolo Ciocca, approved the consolidated results as at 30 June 2026. The figures below take into account the significant change in scope resulting from the consolidation of 2i Rete Gas as of 1 April 2025.
- Adjusted total revenues and other income : 1,324.2 million euro (+17.5%)
- Adjusted EBITDA: 1,072.3 million euro (+25.0%)
- Adjusted EBIT: 702.7 million euro (+26.6%)
- Adjusted net profit attributable to the Group: 398.6 million euro (+27.3%)
- Technical investments: 765.2 million euro (+54.6%)
- Cash flow from operating activities: 929.5 million euro
- Net financial debt (excluding the effects of IFRS 16 and IFRIC 12): 10,712.5 million euro
- Net financial debt: 10,835.9 million euro
- Scope 1 and 2 market-based emissions: 71.2 103 tCO2eq, -6.6% – Gas distribution business, “like for like”1
- Energy consumption: 206.3 TJ, -14.4% – Gas distribution business, “like for like”2
"The first half of 2026 builds on the momentum of an already outstanding 2025, confirming the soundness of the strategic choices made over the years, which continue to generate value over time thanks to a solid development vision – explained
the Chairman of Italgas, Paolo Ciocca –
This growth confirms Italgas' ability to navigate a period of great geopolitical instability, transforming the Group's industrial capacity into a factor of security, stability and competitiveness for the countries in which we operate."
“The results for the first half of 2026 confirm the acceleration that our Group has brought to the development of strategic activities in support of energy security of Italy and Greece – explained
Italgas CEO Paolo Gallo –
Adjusted EBITDA increased by 25% to 1,072.3 million euro, and the Group's adjusted net profit was close to 400 million euro, an increase of 27.3% compared to the first half of last year, thanks to the contribution of the new industrial scope "2i Rete Gas" and the progressive achievement of operational synergies, which at the end of June had already reached 41.8% of the target set for 2032. The significant growth in investments – exceeding 760 million euro – dedicated to creating the energy system of the future represents a new milestone in the history of the Italgas Group.”
As at 30 June 2026, the Group recorded total adjusted revenues of 1,324.2 million euro, up 17.5% compared to the first half of 2025, an adjusted EBITDA of 1,072.3 million euro, up 25.0%, and an adjusted EBIT of 702.7 million euro, up 26.6%. Adjusted net profit attributable to the Group stood at 398.6 million euro, an increase of 27.3% compared to the corresponding period of the previous year. The cumulative amount of synergies and operational efficiencies achieved compared to the 2023 baseline stands at 117.2 million euro, equal to 41.8% of the overall target of 280 million euro by 2032
3, including both what was achieved as at 31 December 2025 and in the first half of 2026.
The technical investments made in the first half of 2026 – up 54.6% compared to the corresponding period in 2025 – amounted to 765.2 million euro. These resources were mainly allocated to the development and maintenance of the gas network in Italy and Greece, to the continuation of the digital transformation and technological upgrade of the network acquired through 2i Rete Gas, as well as to other types of initiatives, such as in Real Estate, whose activities have been recently transferred into the newly established company Italgas Properties. The new company aims to enhance and manage the Group's real estate assets in accordance with principles of efficiency, compliance, safety and sustainability. This integrated and unified management approach enables a more timely planning of investments in individual buildings, from maintenance to renovations. To date, the company manages 160 active sites throughout the Country, with a total area of approximately 540,000 square metres and an asset value of more than €300 million.
Investments also include the continuation of activities to strengthen operational efficiency and service quality in the water sector.
In the half-year, cash flow from operating activities amounted to 929.5 million euro, an increase of 190.5 million euro compared to the first half of 2025. This cash generation, together with the proceeds from the divestments required by the Antitrust, more than financed the net investments and the payment of dividends. Net financial debt, excluding the effects of IFRS 16 and IFRIC 12, therefore stood at 10,712.5 million euro, down by 21.3 million euro compared to 31 December 2025.
1 Like-for-like 2025. Taking into account also the contributions of the water service business (21.6 10
3 tCO2eq) and the former 2i Rete Gas perimeter (53.9 10
3 tCO2eq), the Group's total emissions are 146.7 10
3 tCO2eq.
2 Like-for-like 2025. Taking into account also the contributions of the water service business (184.2 TJ) and the former 2i Rete Gas perimeter (146.5 TJ), the Group's total consumption is 537.0 TJ.
3 Synergies, efficiencies and Artificial Intelligence, compared to the aggregate cost base of the two Groups as at 31 December 2023. Cumulative amount.
