According to a statement from the Milan and Brescia-based multi-utility, the results were primarily weighed down by falling commodity prices, increased concession fee costs, and a lower quarterly contribution from certain treatment plants due to scheduled maintenance.
Adjusted revenues reached 4,552 million euros, up 15% compared to the first three months of 2025, driven by higher electricity volumes sold in retail markets and intermediated on wholesale markets, partially offset by the decline in commodity prices.
Capital expenditure totaled 315 million euros, a 4% increase over the first quarter of the previous year, with approximately 70% allocated to development projects for the upgrading and efficiency improvement of power distribution networks.
'In a still volatile scenario, the solidity of our economic and financial indicators confirms the effectiveness of the industrial model adopted and allows us to look forward with confidence, continuing with discipline in the implementation of the Strategic Plan and the generation of sustainable value for all stakeholders', emphasized CEO Renato Mazzoncini.
The outlook for the 2026 financial year confirms an adjusted Ebitda between 2.21 and 2.25 billion euros and an adjusted group net profit between 0.63 and 0.66 billion euros, the statement noted.
Full press release
(Giancarlo Navach, editing Stefano Bernabei)
