Energy

Italgas, investments at 16.5 billion in the strategic plan

Guidance for 2025 raised. Nine months revenue and profit run with the consolidation of 2i Rete Gas

by Finance Review

30 October 2025

Personale Italgas al lavoro sulla rete di distribuzione gas

2' min read

Translated by AI

Versione italiana

Key points

Shareholder Remuneration
Numbers
Gallo: "Strategy confirmed"

2' min read

Translated by AI

Versione italiana

Energia, Italgas inaugura primo impianto a idrogeno verde ‘Hyround’

The Italgas Board of Directors gave the go-ahead for the 2025-31 Plan, which envisages €16.5 billion (including the amount for the acquisition of 2i Rete Gas) in investments, an increase of €900 million (+5.7%) compared to the previous plan. If the acquisition of 2i Rete Gas, related disposals and tenders are not taken into account, the increase is 10.2%. The group also revised upwards its 2025 guidance.

"The results achieved in the first nine months of the year," Italgas emphasises, "allow us to improve on the guidance approved last 7 May: adjusted revenues of around EUR 2.5 billion, adjusted Ebitda of around EUR 1.87 billion and adjusted Ebit of around EUR 1.19 billion. Excluding the impacts of Ifrs 16 and taking into account expected technical investments of around EUR 1.2 billion, net debt at the end of 2025 is confirmed to be expected at around EUR 10.8 billion.

Shareholder Remuneration

Italgas emphasises that in light of the expected results, the dividend policy is extended until 2028 by improving the reference base for the guaranteed annual growth of 5%, now set at Dps 2024. The new policy provides for "the distribution of a dividend equal to the greater of the amount resulting from the Dps 2024 of EUR 0.406 increased by 5% per annum, without taking into account the impact of IAS33 or from the Dps equal to 65% of adjusted net income per share". The new floor implies "an implicit growth of the dividend per share from 2025 earnings of at least 11.7% compared to the 2024 dividend adjusted for the application of IAS33".

The Nine Months Numbers

Meanwhile, the group released figures for the first nine months of 2025, which closed with a net profit of €514.9m (+45.2%) and adjusted net profit of €494.9m (+36.8%). As a press release states, 'the figures take into account the important change in the scope of consolidation compared to the same period of 2024, with the consolidation of 2i Rete Gas from 1 April 2025'.

Total revenue was EUR 1,854.9 million (+42.8%), adjusted to EUR 1,800.5 million (+37.5%). Ebitda was EUR 1,405.5 million (+40.6%), adjusted to EUR 1,368.9 million (+35.6%). Ebit was EUR 916.2 million (+53.8%), adjusted to EUR 879.6 million (+45.2%).

Gallo: 'Strategy confirmed'

"The first nine months of 2025 also closed with very positive results. All the main economic and financial indicators recorded double-digit progress, thanks to the consolidation of 2i Rete Gas, cost reductions and the first efficiencies generated by the merger process," emphasised Italgas CEO Paolo Gallo, commenting on the results of the first nine months. "Compared to the corresponding period of the previous year, adjusted Ebitda grew by more than 35%, adjusted Ebit by 45%, while adjusted group net profit increased by 37%. The performance achieved in the first nine months of the year confirms the effectiveness of the strategic actions implemented and the solidity of the business model, capable of generating value in a continuous and sustainable manner over time," added Gallo.