Milan, 7 May 2025 - The Italgas’ Board of Directors, which met yesterday, chaired by Benedetta Navarra, has approved the consolidated results as at 31 March 2025.
Highlights1
- Total revenues and other income adjusted: 459.3 million euro (+6.5%)
- EBITDA: : 399.7 million euro (+22.7%)
- Adjusted EBITDA: 345.3 million euro (+6.0%)
- Adjusted EBIT: 225.4 million euro (+17.0%)
- Net profit attributable to the Group: 168.7 million euro (+43.5%)
- Adjusted net profit attributable to the Group: 132.6 million euro (+12.8%)
- Technical investments: 165.7 million euro
- Cash flow from operating activities: 412.1 million euro
- Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 6,466.8 million euro
- Net financial debt: 6,555.9 million euro
Italgas also begins the 2025 financial year with the growth that has distinguished the Group since its return to the Stock Exchange in November 2016, as confirmed by all economic indicators.
With the completion of the acquisition of 2i Rete Gas on 1 April, Italgas became the European leader in gas distribution, changing the face of a historically fragmented sector. Today, it represents a player capable of strengthening the country's energy security, accelerating the achievement of decarbonisation targets and continuing to create value for all stakeholders.
The integration process of 2i Rete Gas into the Italgas Group has begun, in line with the 2024-2030 Strategic Plan: the initial phase is focused on the corporate and information systems integration to quickly deliver the first synergies. At the same time, a digitisation programme of 2i Rete Gas network and plants is being launched, together with the implementation of artificial intelligence initiatives aimed at improving performance and service quality on a large scale.
In the first quarter of 2025, the Italgas Group reported total revenues and other income adjusted of 459.3 million euro, an increase of 6.5%, while adjusted EBITDA grew by 6.0% to 345.3 million euro, despite the significant reduction in WACC.
Cash flow from operating activities, equal to 412.1 million euro and increasing by 70.5 million euro compared to the corresponding period in 2024, more than ensured full coverage of investments and explained the reduction in net financial debt by more than 200 million euro in the quarter. Specifically, the technical investments in the first three months of 2025 reached 165.7 million euro, with the construction of approximately 140 km of gas distribution networks aimed at strengthening the service in the concession areas. Furthermore, the digital transformation activities continued, with the application of cutting-edge technologies capable of further evolving management towards increasingly advanced remote operation and automation of processes.
In the water sector, the activity focused on the integration of the Group's companies, with the aim of increasing operational efficiency, reducing network losses by means of the technological upgrade of the plants and improving the quality of service.
Finally, in the energy efficiency sector, the foundations were laid for a technologically advanced and tailor-made offer for the industrial sector, large condominiums and public administration, featuring solutions designed to guarantee efficiency and energy saving.
Paolo Gallo, CEO of Italgas, commented:
“Following an exceptional 2024, the new year has also begun with growth and resilience for our Group. A path that found completion during the quarter and resulted, with the closing of the 2i Rete Gas acquisition, in the emergence of the new leading gas distribution operator in Europe.
The financial and economic indicators showed further improvement, in many cases with double-digit growth. Among the key results, Adjusted EBITDA rose by 6%, reaching 345.3 million euro, while the Group's Adjusted Net Profit exceeded 130 million euro, marking a 12.8% increase compared to the first quarter of the previous year. More than 160 million euro have already been invested, providing further impetus to the development and digital transformation of networks and systems.
The challenge that awaits us in the coming months is to quickly seize all the opportunities arising from the acquisition of 2i Rete Gas, identify new ones and carry out the digital upgrade of the 72,000 kilometers of networks acquired with the aim of creating value for all our stakeholders, investors and communities served.”
1 The financial information as at 31 March 2025 does not include data from the 2i Rete Gas Group, as the acquisition was completed on 1 April 2025.
