Italgas in the spotlight following its entry into the Portuguese market. It will act as an industrial partner in the market

(Il Sole 24 Ore Radiocor) – After a strong start, the share price has weakened Italgas on the day of theannouncement of a binding agreement with Marubeni Corporation and Toho Gas for the acquisition of 100 per cent of Meet Europe Natural Gas, a company which holds 22.5 per cent of the share capital of Floene, the leading gas distribution operator in Portugal. The value of the transaction is approximately 120 million euros. The actual completion of the transaction is subject to the fulfilment of certain conditions, including obtaining the necessary authorisations from the relevant authorities.

Intermonte highlights that Floene is the leading gas distribution operator in Portugal, serving around 1.1 million active customers in the residential and industrial sectors via a network of approximately 14,000 km. Floene is 75 per cent owned by Allianz Capital Partners, which acquired a stake in the company in 2020 by purchasing the shareholding previously held by Galp for 368 million. In 2025, it recorded revenues of 156.3 million, an EBITDA of 105.6 million, a net profit of 16 million, debt of 613 million and capital expenditure of 45 million. According to brokers, ‘the deal enables Italgas to enter the Portuguese market with a modest financial investment, further strengthening its international presence following its entry into Greece’. In particular, the price of 120 million “implies an equity value of 530 million and an EV of 1.15 billion, equivalent to approximately 10.9 times 2025 EBITDA (compared with 10.5 times for Italgas)”. It should be noted that the Portuguese gas distribution sector is subject to regulation based on recognised revenues, with capital expenditure recognised in the RAB and efficiency targets for operating expenditure. This framework is in line with Italgas’s modus operandi: on more than one occasion, in fact, CEO Paolo Gallo had emphasised that any M&A outside Italy’s borders would take place in countries with a certain and “fair” regulatory framework, as had previously been done in Greece. Intermonte points out, in fact, that for 2026–27, ERSE, the independent regulatory authority for the energy sector in Portugal, “has set a regulatory rate of return of 5.74 per cent nominal pre-tax, subject to a possible adjustment of approximately 0.50 percentage points linked to demand variances”.

According to Banca Akros, based on the €120 million paid for a 22.5 per cent stake, ‘the transaction implies a total equity value of approximately €533 million and a 2025 EV/EBITDA multiple of approximately 10.9 times, calculated on the basis of net debt reported at the end of the financial year and before any further valuation adjustments’. Furthermore, for Floene’s gas distribution business, the estimated nominal rate of return for the Rab ‘is 5.74 per cent for 2026, compared with 5.67 per cent in 2025. The rate of return may be adjusted in line with the yield on 10-year Portuguese government bonds’. According to experts, ‘although the 22.5 per cent stake represents a minority investment, the acquisition would enable Italgas to assume the role of industrial partner. By combining Floene’s established local presence with its own expertise in network management, Italgas could contribute to the long-term development of the Portuguese operator”.