Italgas posts rising quarterly profit; EMTN program increased to EUR7 billion

(Alliance News) - Italgas Spa announced on Tuesday that it closed the first quarter of 2026 with an adjusted net profit attributable to the group of EUR189.4 million, up 43% from EUR132.6 million in the same period of 2025.

Reported net profit stood at EUR178.9 million, an increase of 6.0% compared to EUR168.7 million.

Total adjusted revenues rose to EUR661.7 million, up 44% from EUR459.3 million in the first quarter of 2025, primarily supported by the expansion of the scope of consolidation following the integration of 2i Rete Gas and growth in the RAB.

Adjusted Ebitda reached EUR526.8 million, up 53% from EUR345.3 million, while adjusted Ebit came in at EUR340.7 million, up 51% from EUR225.4 million.

Net financial debt amounted to EUR10.35 billion, an improvement from EUR10.87 billion at the end of 2025, driven by operating cash flow generation and proceeds from disposals.

During the period, technical investments totaled EUR342.8 million, a 107% increase from EUR165.7 million, while cash flow from operating activities rose to EUR643.0 million from EUR412.1 million.

Guidance for 2026 forecasts adjusted Ebitda between EUR2.10 billion and EUR2.15 billion, adjusted Ebit between EUR1.34 billion and EUR1.37 billion, and adjusted net profit between EUR740 million and EUR760 million, with technical investments expected at around EUR1.5 billion and net financial debt of approximately EUR10.8 billion.

Furthermore, the company announced that the board of directors has approved the renewal of the Euro Medium Term Notes program, increasing the maximum nominal amount from EUR5 billion to EUR7 billion.

Outstanding bond issues under the program currently amount to EUR750 million.

The board also authorized the issuance, within one year, of one or more new bonds to be placed exclusively with institutional investors, with the possibility of listing on regulated markets.

Italgas shares were up 1.6% at EUR10.23 per share.

By Antonio Di Giorgio, Alliance News reporter

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