Half Year 2026 Italgas SpA Earnings Call Transcript
Key Points
- Italgas SpA (ITGGF) achieved solid double-digit growth driven by organic growth and the integration of 2i Rete Gas.
- The company has already achieved 42% of its 2032 synergy target, demonstrating rapid progress.
- Moody's upgraded Italgas SpA's outlook, indicating potential for a future credit rating upgrade.
- The company reported a strong operating cash flow of nearly EUR 1 billion, covering all CapEx and part of the dividend.
- Italgas SpA's EBITDA margin reached a record 81%, showcasing the effectiveness of cost synergies and efficiency improvements.
- The comparison of financial results between 2025 and 2026 is not homogeneous due to the timing of the 2i Rete Gas acquisition.
- The company faced a temporary increase in European taxes, impacting net profit.
- There was a reduction in revenues linked to the compulsory disposal of network and redelivery points.
- Higher depreciation and amortization costs were incurred due to the consolidation of 2i Rete Gas.
- The adjusted tax rate increased to 28.6% from 28% in the first half of 2025, partly due to temporary tax increases.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Italgas first-half 2026 results. (Operator Instructions)
At this time, I would like to turn the conference over to Ms. Anna Maria Scaglia, Head of IR of Italgas. Please go ahead, madam.
Hi, good afternoon, everyone. It's Anna Maria here. I'm here with our CEO, Paolo Gallo; and our CFO, Pierre La Tour, and they will run through the presentation today. As usual, there will be the Q&A at the end of the presentation. I leave now the floor to our CEO, Paolo Gallo.
Good afternoon, and it's great to be back here just one month after we launched and we delivered the new strategic plan, '26/'32. And I'm pleased to say that we are fully on track on what we are going to deliver in the coming years. Let me start with the major achievement we reached in
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