Milan, 24 October 2024 - The Italgas’ Board of Directors, which met today chaired by Benedetta Navarra, approved the consolidated results of the first nine months and third quarter of 2024 (unaudited).
Highlights1
- Adjusted gas distribution regulated revenues: 1,211.6 million euros (+11.5%)
- Adjusted total revenues: 1,309.3 million euros 2
- EBITDA adjusted: 1,009.3 million euros (+10.9%)
- EBIT adjusted: 605.6 million euros (+12.8%)
- Adjusted net profit attributable to the Group: 361.7 million euros (+14.2%)
- Technical investments: 549.7 million euros
- Cash flow from operating activities: 712.9 million euros
- Net financial debt (excluding the effects pursuant to IFRS 16): 6,813.5 million euros
- Net financial debt: 6,904.7 million euros
- Scope 1 and 2 emissions: 95.8 103 tCO2 eq (-10.0%)
- Net energy consumption: 285.1 TJ (-10.9%)
- Km of network investigated: 110,483 km (+35.0%)
The economic and financial results for the first nine months of 2024 reflect Italgas' excellence in infrastructure development and asset digitisation and follow the 2024-2030 Strategic Plan presented at the beginning of October.
The recent confirmation by the rating agencies Moody's and Fitch of Italgas' long-term credit rating (Baa2 and BBB+ with Stable Outlook) also following the acquisition of 2i Rete Gas, as well as the prospect of an improvement of the S&P's rating of 2i Rete Gas, in the context of the integration with Italgas, are in line with the declared objective of keeping the credit rating unchanged.
In the first nine months of the year, total adjusted revenues amounted to 1,309.3 million euros, driven by the increase in gas distribution regulated revenues (+11.5% compared with the same period in 2023) and by the contribution of Acqua Campania, both offsetting the anticipated drop in revenues from energy efficiency activities (end of the so-called “Superbonus” programme).
In the gas distribution sector, in Italy, the activities aimed at repurposing and completing the digitisation of the network under the control of the DANA system continue; in Greece, the development of the network continues successfully towards the areas of the country not yet reached by methane, thus also contributing to achieving the objectives of decarbonising consumption.
In the water sector, activities continue on the integration of recently acquired companies into the Group and on sharing technical and technological know-how aimed at fostering the development of a more efficient service, reducing losses, and creating value for communities.
During the first nine months of 2024, 549.7 million euros of technical investments were made, also enabling 521 kilometers of gas distribution pipelines to be laid.
Adjusted EBITDA for the first nine months of 2024 amounted to 1,009.3 million euros, up +10.9% compared to 30 September 2023, thanks also to continued actions to contain operating costs, in the context of an improved regulatory framework. Cash flow from operating activities amounted to 712.9 million euros – an increase of 314.8 million euros compared with the previous year – and enabled investments to be fully financed, generating a free cash flow, before M&A transactions, of 103.6 million euros.
The Group's commitment to improving its environmental performance continues. In the first nine months of 2024, net energy consumption was down -10.9%, and Scope 1 and 2 emissions were down -10.0%, reflecting the energy efficiency initiatives implemented and, at the same time, the focus on reducing leakages. Against an increase of 35.0% of kilometres of network investigated, compared with the same period of the previous year, the rate of atmospheric leaks, measured as the ratio between the volume of leaked gas and kilometres of network investigated, fell by 36.7%.
Paolo Gallo, CEO of Italgas, commented:
Italgas continues on its growth path, which in the first nine months of 2024 produced solid performances thanks also to our vision on the future of energy that the Group is rapidly transforming into reality. Gas networks - smart, digital, and flexible - are and will be one of the main drivers of the ecological transition, as they allow for the acceptance of incremental quotas of renewable gas.
The nine months ended with the main economic indicators showing double-digit growth. Adjusted EBITDA increased by 11% to over 1 billion euros, and Group Adjusted Net Profit amounted to around 362 million euros, up 14% compared with the same period last year.
The Strategic Plan 2024-2030, which includes the integration of 2i Rete Gas and the widespread use of artificial intelligence in all the Group's activities, sets further and more ambitious goals in terms of investments, achievement of green transition targets, and value creation for all our stakeholders.
1 The consolidated balance sheet and income statement of the Italgas Group at 30 September 2024 reflect the effects of the first consolidation, starting 30 January 2024, of Acqua Campania, while these are not included in the Scope 1 and 2 emissions and net energy consumption data.
2 Down by 60.5 million euros, mainly due to the reduction in revenue from the “Superbonus”.
