Q1 2025 Italgas SpA Earnings Call Transcript
Key Points
- Italgas SpA (ITGGF) successfully closed the acquisition of 2i Rete Gas ahead of schedule, marking a significant milestone for the company.
- The company reported a 12% increase in net income at the adjusted level, demonstrating resilience despite higher financing costs and taxes.
- Debt was reduced by more than EUR200 million in the first quarter, benefiting from solid cash flow from operations.
- The company is on track with its digital transformation, nearing completion of its digital asset projects.
- Energy efficiency business is showing growth again, with an increase in EBITDA margin, indicating a stable and solid business model.
- The WACC approved by the regulator is 20 basis points lower than what was assumed in the strategic plan, impacting financial expectations.
- Energy consumption increased by nearly 5% due to lower winter temperatures, leading to higher gas distribution and CO2 emissions.
- The company faces challenges with the antitrust disposal process, which is expected to complete by October 2025, with impacts materializing in early 2026.
- There is uncertainty regarding the timing of concession tenders, particularly for the Rome concession, which remains unresolved.
- The integration of 2i Rete Gas involves complexities, such as terminating existing contracts for external services, which may delay cost synergies.
Good afternoon. This is the conference operator. Welcome and thank you for joining the Italgas first quarter 2025 results conference call. As a reminder, all participants are in listen-only mode. (Operator Instructions) At this time, I would like to turn the conference over to Anna Maria Scaglia, Head of IR of Italgas SpA. Please go ahead, madam.
Hi, good morning. Good afternoon to everyone and thank you for joining us. I am here with Paolo Gallo, CEO and Gianfranco Amoroso, our CFO. We will address today the first quarter of 2025 results and any questions you might have at the end of the call, and I leave out now the floor to our CEO. I invite you to read the disclaimer on page 2 of the presentation. So, Mr. Gallo.
Thank you Anna Maria. Good afternoon to everyone. We are starting from the presentation from the status of the gas acquisition. As you, as because it's been
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