Italgas sets out 2031 investment plan as it integrates 2i Rete Gas (updated)
30/10/2025 08:48
Raises 2025 guidance
Sees 250 million euros in efficiencies by 2031
Digitisation of 2i Rete Gas to boost revenue
Adds detail on revised synergies from acquisition in paragraphs 2-4, new guidance for 2025 in paragraph 6
By Francesca Landini
MILAN, Oct 30 (Reuters) - Italgas IG.MI said on Thursday it would invest 16.5 billion euros ($19 billion) by 2031 as Europe's largest gas distributor integrates recently acquired rival 2i Rete Gas and modernises its network.
The group, which announced a 5.3 billion euro merger with 2i Rete Gas a year ago, said it expected that deal to deliver efficiencies of 250 million euros by that time, up from a previous estimate of 200 million.
It said a digitisation program for 2i Rete Gas assets is expected to generate more than 100 million euros in additional revenues by 2031, up from a previous estimate of 80 million.
The digitisation of the newly acquired company is part of Italgas' plan to modernise its gas network through the installation of smart meters, sensors to monitor pipelines, and the use of artificial intelligence.
The group expects to transport increasing volumes of renewable gases including biomethane and hydrogen as Europe decarbonises its economy.
Italgas on Thursday also reported 36% growth year-on-year in nine-month core earnings to 1.369 billion euros and raised its guidance for the year.
It forecast adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of around 1.87 billion euros for 2025, up from a previous estimate of 1.80-1.85 billion.
It sees EBITDA at 3.0 billion euros by 2031, representing a 12% average annual growth versus 2024.
Italgas said it would increase dividends by at least 5% annually using as a base its 2024 dividend, adding it would pay out 65% of its adjusted net income per share. It extended this policy to 2028.
($1 = 0.8575 euros)
(Reporting by Francesca Landini, editing by Gavin Jones and Jason Neely)
((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))