Italgas posts rise in Q1 core profit after merger with 2i Rete Gas (updated)
07/05/2025 08:15
Adds guidance for 2025, details on 2i Rete Gas from paragraph 3 By Francesca Landini MILAN, May 7 (Reuters) - Europe's biggest gas distributor Italgas IG.MI said on Wednesday that its adjusted core profit rose 6% year-on-year in the first quarter, as it begins integrating recently-acquired 2i Rete Gas. Italgas' adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 345 million euros ($392 million), driven by growth in its regulated activities. In a separate statement the group, which last month completed the 5.3-billion-euro acquisition of smaller rival 2i Rete Gas, said it expected that a positive impact from the transaction would emerge as soon as this year. Italgas said it expected total revenue of 2.45 billion euros for the full year, as a result of consolidating 2i Rete Gas for nine months. That would be up from 1.8 billion euros in 2024. Adjusted EBITDA is expected to reach 1.80-1.85 billion euros this year from 1.35 billion euros. Net debt will jump to 10.8 billion euros at the end of this year as a consequence of the acquisition, up from 6.8 billion euros at the end of December 2024. The sale of some distribution assets, required by authorities to clear the merger, will have positive effects starting from next year, Italgas said. ($1 = 0.8800 euros) (Reporting by Francesca Landini, editing by Gavin Jones) ((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))