Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMark NicholsMon, July 27, 2026 at 5:47 PM GMT+2 3 min readItalgas Finds Gas Distribution's Boring Superpower - MobyTHE GISTOur analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.Boring wins again. Italgas, the pipe company nobody talks about at parties, just posted a record 81% margin and 25% EBITDA growth by doing something shockingly simple: buying a rival and actually integrating it well.WHAT HAPPENEDItalgas, Europe's largest gas distributor, posted first-half adjusted EBITDA of €1.07 billion, up 25% year over year. Total adjusted revenue climbed to €1.32 billion, up 17.5%, and adjusted net profit rose 27.3% to €398.6 million. CEO Paolo Gallo called the margin the highest in company history.The engine behind all of it is last year's acquisition of 2i Rete Gas. Italgas has already banked roughly 42% of its 2032 synergy target, capturing about €130 million in savings in just six months, against €35 million for all of 2025 combined. Total operating costs fell 6.4% even after absorbing the new company's cost base, and dropped more than 20% on a like-for-like basis. Full-year guidance and the long-range strategic plan both stayed intact.WHY IT MATTERSThere's no oil-price guessing game here, no battery race, no app anyone needs to fall in love with. Italgas owns pipes under regulated contracts and gets paid to keep them running. The 2i Rete Gas numbers prove something specific: this deal wasn't just about scale, it was about actually finding the overlap in networks, contracts, IT systems, and procurement, and squeezing real money out of it, faster than the integration playbook usually allows.One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.The AI and digitization push, easy to wave off as corporate wallpaper elsewhere, has real teeth in a utility: remote meter management, predictive maintenance, automated leak detection through its Picarro technology, all of it trimming labor costs and losses rather than just decorating a slide deck.There's a growth lever too. Italgas is chasing roughly €400 million in additional regulated assets through ATEM tenders, and it's won about 80% of the ones it's entered since 2020. More assets under a regulated return translates into earnings that barely need forecasting.Cash flow backs the whole structure: about €930 million in operating cash flow comfortably covered capex. Net debt sits above €10 billion, real money, but the average cost of that debt is a tidy 2.1%, mostly fixed-rate, insulating the company from the kind of rate swings that have hurt less careful borrowers.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info