(Telestock) – Italgasa company listed on Euronext Milan and specialized in gas distribution, has closed the first half of 2024 with adjusted total revenue equal to 872.3 million euros (-6.4%). The increase in regulated gas distribution revenues (+12% compared to the corresponding period of 2023) and the contribution of Acqua Campania have partially offset the expected drop in revenues related to energy efficiency activities (end of the Superbonus program).
L’EBITDA adjusted for the first six months of 2024 amounts to 671.2 million euros, up +10.6% compared to 30 June 2023, also thanks to cost containment and the improvement of the regulated WACC in gas distribution in Italy. Theadjusted net profit is 241.5 million euros (+13.3%).
The cash flow from operating activities amounts to 529.5 million euros, up 210 million euros compared to the previous year, and has allowed to fully finance the investments generating a free cash flow, before M&A operations, of 139.4 million euros. TheNet financial debt (excluding the effects of IFRS 16) stands at 6,731.4 million euros.
“Results for the first half of 2024 confirm the solidity of the performances of the Italgas Group and the clear vision of future development of our activities”, commented theAD Paolo Gallo.
“With over 350 million euros already invested, the development activity of networks and plants to be put at the service of a sustainable, safe and competitive ecological transition for Italy and Greece is strengthened. A share expected to grow further, in the second half of the year, with the investments that will increase according to a greater progression – he explained – The commitment in the water sector has allowed us to achieve the first important results in less than a year of activity. We have made our execution capacity available to the Authorities in the South of the country to mitigate the effects of the scarce rainfall. The application of the technologies developed for the gas network on the water networks will allow us to recover efficiency and value for the territories served”.