Italgas has successfully acquired 2i Rete Gas, enhancing its position as Europe's leading gas distribution operator while achieving substantial financial growth in the first nine months of 2025.

Target Information

Italgas has reported impressive financial results for the first nine months of 2025, achieving total revenues of €1.854 billion, representing a 42.8% increase year-over-year. The adjusted total revenues stood at €1.800 billion, reflecting a 37.5% growth. Key financial indicators such as EBITDA reached €1.405 billion with an increase of 40.6%, while adjusted EBITDA was notably at €1.368 billion, up by 35.6%. The acquisition of 2i Rete Gas, completed on April 1, 2025, has significantly transformed Italgas into the leading operator in Europe for gas distribution, marking a paradigm shift in a traditionally stable sector.

The merger of 2i Rete Gas into Italgas Reti took only 90 days to finalize and commenced operations on July 1, 2025. This integration has led to streamlined processes, the alignment of IT systems, and a regional organizational restructure, yielding initial synergies and efficiency gains. Overall, the first nine months of 2025 have shown substantial financial progress across multiple key performance indicators compared to the previous year.

Industry Overview in Italy

The gas distribution industry in Italy has historically been characterized by limited competition and gradual technological evolution. However, recent developments have sparked a transformation driven by regulatory changes