Italgas SpA has outlined ambitious new financial targets following its recent agreement to acquire rival gas distributor 2i Rete Gas.
The Italian energy firm said it aims to generate nearly €3 billion (£2.6 billion) in profit by 2030. The company expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) to reach €2.8 billion by the end of the decade.
The Milan-based company also confirmed its commitment to a 65% dividend payout, with a new minimum annual growth rate of 5%.
Following the announcement, Italgas shares initially surged by 2.5% in Milan trading, hitting their highest level since June 2023, before later erasing the gains.
The acquisition of 2i Rete Gas will establish Italgas as Europe’s largest gas distribution network operator. In light of this, Italgas announced plans to invest €15.6 billion, a significant increase of €7.5 billion compared with its previous strategic plan. The investments will focus on expanding its distribution network, enhancing its role in the water sector, and improving energy efficiency.
The company also confirmed its planned investment of €1 billion in Greece via its subsidiary Enaon, marking a €100 million increase from earlier projections.
Italgas signed an agreement on Saturday to acquire shares in 2i Rete Gas from F2i SGR SpA and Finavias, valuing the company at an enterprise value of €5.3 billion.
The transaction is expected to close in the first half of 2025, pending regulatory approvals. Italgas said it will finance the acquisition through bridge financing underwritten by JPMorgan, with plans to syndicate the loan to other banks and raise an additional €1 billion through a rights issue.
