Milan, 30 October 2025 - Italgas’ Board of Directors, chaired by Paolo Ciocca, met yesterday and approved the consolidated results of the first nine months and third quarter of 2025 (unaudited). 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.
Highlights1
- Total revenues and other income: 1,854.9 million euros (+42.8%)
- Total revenues and other income adjusted: 1,800.5 million euros (+37.5%)
- EBITDA: 1,405.5 million euros (+40.6%)
- Adjusted EBITDA: 1,368.9 million euros (+35.6%)
- EBIT: 916.2 million euro (+53.8%)
- Adjusted EBIT: 879.6 million euros (+45.2%)
- Net profit attributable to the Group: 514.9 million euros (+45.2%)
- Adjusted net profit attributable to the Group: 494.9 million euros (+36.8%)
- Technical investments: 773.3 million euros
- Cash flow from operating activities: 1,006.9 million euros
- Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 10,992.9 million euros
- Net financial debt: 11,108.2 million euros
The economic, financial and operational indicators for the first nine months of 2025 grew at double-digit rates. The acquisition of 2i Rete Gas made Italgas the leading European operator in gas distribution and transformed the face of a historically static sector.
The merger by incorporation of 2i Rete Gas into Italgas Reti, effective from 1 July 2025 and completed in just 90 days, enabled the integration of processes, the alignment of IT systems and the territorial reorganisation, generating the first synergies and efficiency gains from integration.
In the first nine months of 2025, the Italgas Group recorded total revenues and other income adjusted of 1,800.5 million euros, up 37.5%, and adjusted EBITDA increased by 35.6% compared to the same period of the previous year, reaching 1,368.9 million euros. The Adjusted EBIT, amounting to 879.6 million euros, increased by 45.2% compared to the same period of 2024.
Cash flow from operating activities amounted to 1,006.9 million euros, an increase of 294.0 million euros compared with the corresponding period of 2024, allowing the investments made during the period and part of the dividends paid to be fully covered. The evolution of debt over the period mainly reflects the amount paid for the acquisition of 2i Rete Gas, net of the proceeds from the rights issue, and the consolidation of the related net financial debt.
In the first nine months of 2025, technical investments totalled 773.3 million euros, enabling the construction of approximately 634 kilometres of gas distribution networks. Investments have been launched for the digital transformation of the 2i Rete Gas networks, with the goal of aligning them with the Group’s standards.
In the water sector, activity focused on the development of digital technologies to increase operational efficiency and reduce network losses. Of particular importance was the work carried out by Siciliacque to address the region’s significant water shortage. The company carried out a number of renovation works on the transport network and built three new desalination plants to increase the availability of drinking water in Sicily, two of which are already in operation and the third will become operational in the coming weeks.
In the energy efficiency sector, activities continued to offer products and services based on technological innovation, targeting industrial customers, large residential complexes and public administration bodies. The growing results of the first 9 months of 2025 reflect this new business model.
Paolo Gallo, CEO of Italgas, commented:
The first nine months of 2025 also closed with very positive results. All the main economic and financial indicators show double-digit growth, driven by the consolidation of 2i Rete Gas, the reduction in costs and the initial efficiencies generated by the merger process.
Compared with the same period of the previous year, adjusted EBITDA increased by over 35%, adjusted EBIT by 45%, and Group Adjusted Net Profit by 37%.
The performance achieved in the first nine months of the year confirms the effectiveness of the strategic actions implemented and the soundness of the business model, capable of generating value continuously and sustainably over time.
A model whose true driving force lies in the competence, determination and energy of the men and women of Italgas, who are capable of turning vision into results, as demonstrated by the completion of the integration in record time. It is thanks to them that we look to the future with confidence, aware that together we can continue building a story of success and lasting progress.
1 The consolidated economic and financial and operational highlights reflect the effects of the consolidation of the 2i Rete Gas Group on 1 April 2025.
