Italgas agrees to buy Floene stake: Italgas stock sits 26.73 percent below high

Published on 10/02/2026 at 15:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The Floene deal covers 22.50 percent for EUR 120 million. Italgas stock costs EUR 8.28 on October 2, 2026, plus 0.36 percent versus EUR 8.25.

Pop-Art-Comic eines Gastechnikers, der ein rotes Ventil an gelber Pipeline dreht — Pop-Art-Comic zeigt Gastechniker an Ventil, farbenfrohe Illustration passend zur Branche von Italgas S.p.A. (IT0005211237), Illustration mit AI erstellt.

Italgas (ISIN IT0005211237) was trading at EUR 8.28 at Lang & Schwarz on October 2, 2026 at 3:39 p.m. CEST, 26.73 percent below its EUR 11.30 52-week high. According to Italgas on October 2, 2026, the company agreed to acquire 100 percent of Meet Europe Natural Gas, which holds a 22.50 percent stake in Portugal's Floene for EUR 120 million. The deal gives the Italian gas distributor a new route into Portugal while keeping the initial financial commitment limited.

Floene deal opens Portugal entry

The transaction is part of Italgas' acquisition-led growth strategy under its 2026-2032 Strategic Plan. Completion remains subject to approvals from the competent authorities, so the announced stake is not yet an operating contribution.

Floene operates a 14,000-kilometer gas distribution network and serves 1.1 million active users, according to Italgas. That scale makes the EUR 120 million equity value a strategic entry price rather than a simple portfolio addition.

Financial base supports expansion

A June 2026 financial summary lists quarterly revenue of EUR 662.50 million and net income of EUR 207.40 million for Italgas, according to Folivue. The figures provide a current operating reference as the group adds an overseas growth option.

For historical context, the Italgas investor page reports adjusted EBITDA up 39.40 percent and adjusted net profit up 33.10 percent in fiscal 2025, with EUR 1.63 billion in operating cash flow, according to Italgas.

Regulation remains the counterweight

The expansion story is balanced by regulatory uncertainty in Italy. MarketScreener reported on September 15, 2026 that UBS cut its target from EUR 11.00 to EUR 10.60 while retaining its Buy rating. The revised target lies 28.02 percent above the Lang & Schwarz price.

The same UBS assessment reduced estimated 2028-2031 EBITDA by 2.00 percent and profit by 4.00 percent as the proposed regulatory framework develops. Italgas' investor calendar lists the presentation of third-quarter 2026 results for October 29, 2026, according to Italgas.

Stock remains below yearly high

Italgas was trading at EUR 8.28 at Lang & Schwarz on October 2, 2026 at 3:39 p.m. CEST, up 0.36 percent versus the EUR 8.25 prior close of October 1, 2026. Its market capitalization was EUR 8.4 billion, while the 52-week range was EUR 7.78 to EUR 11.30. The further course of trading is shown by the continuously updated real-time quote of Italgas stock.