Italgas (IG.MI): 2Q26 Results: Synergy Delivery and Improving Growth Visibility

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Italgas (IG.MI): 2Q26 Results: Synergy Delivery and Improving Growth Visibility

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28 Jul 2026 01:26:00 ET │ 11 pages

Italgas (IG.MI)

2Q26 Results; Synergy Delivery and Improving Growth Visibility

CITI'S TAKE

Buy Italgas delivered a solid set of 2Q26 results, demonstrating early progress

against the strategic plan unveiled in June. Adj EBITDA was €546m (+7% Price (27 Jul 26 17:30) €10.04

y/y), coming in 2%/3% ahead of Citi/VA Cons, supported by continued Target price €11.60

RAB growth and ongoing efficiency gains. Like-for-like efficiencies Expected share price return 15.5%

reached c.€26m in 2Q26, lower than the €56.6m achieved in 1Q26, Expected dividend yield 5.2%

although management reiterated confidence in delivering c.€130m of Expected total return 20.7%

efficiencies for FY26. More broadly, cumulative synergies and achieved

Market Cap €10,206M reached €117.2m June-26, equivalent to 412% of the €280m target by

US$11,603M 2032, highlighting that integration and synergy delivery remain firmly on

track. Below EBITDA, largely stable net financing costs and depreciation

were offset by a higher tax burden following the introduction of the

additional 2% IRAP surcharge. Nevertheless, the EBITDA beat flowed Ella Walker-HuntAC

through to ANI, which rose 14% y/y to €209m, beating Citi and Visible +44-20-7508-5283

Alpha consensus by 7% and 12%, respectively. ella.walkerhunt@citi.com

Tender pipeline visibility - Management highlighted a healthy ATEM pipeline, with

13 incoming tenders comprising two awaiting final award, three where bids have

already been submitted, and eight open tenders. If successful, these opportunities

could add around €400m of RAB, equivalent to c.17% of the group's €2.4bn tender-

related capex guidance through 2032.