Italgas reported full-year 2025 results meeting guidance, with adjusted EBITDA reaching €1,883 million, a 39.4% increase from 2024, driven by its acquisition of 2i Rete Gas. The Italian gas distributor, now Europe's leading operator, achieved adjusted net profit of €674.5 million, up 33.1%, exceeding analyst expectations. Total adjusted revenue hit €2,484.2 million, up 39.7%.

The €10,868 million net financial debt fell below analyst estimates, aided by a €250 million working capital boost in Q4. Operating cash flow surged 48% YoY to €1,625.1 million, fully funding investments and dividends. The Board proposed a €0.432 per share dividend, a 13.3% increase.

The €35 million in synergies from 2i Rete Gas represents 14% of the 2031 target. Technical investments totaled €1,203.6 million, building 960 km of new networks in Italy and Greece. CEO Paolo Gallo hailed the results as a "historic step forward".