Barclays: Italgas Set to Meet FY26 Targets After 'Solid' H1 Results

05:44 AM EDT, 07/28/2026 (MT Newswires) -- Italgas (IG.MI) is "well on track" to achieve its full-year 2026 financial targets after the company delivered "solid" interim results, Barclays said in a note published Monday. "Italgas' H1 2026 adj. EBITDA and adj. net income are both slightly ahead, reflecting a significant step-up from 2025 due to the 2i Rete Gas acquisition. We view IG on track for its 2026 and its long-term 9% EPS [compound annual growth rate] targets. Business outlook looks stable," the research firm wrote. The Italian gas distributor reported first-half revenue of 1.32 billion euros, adjusted EBITDA of 1.07 billion euros and adjusted net profit of 398.6 million euros. For 2026, Italgas expects adjusted EBITDA of 2.10 billion euros to 2.15 billion euros, adjusted EBIT of 1.34 billion euros to 1.37 billion euros and adjusted attributable net profit of 740 million euros to 760 million euros. "The group expects Italian demand for natural gas in 2026 to be overall stable or slightly higher than in 2025, while the Greek market confirmed the crucial role of gas in its energy system," the note said. Barclays reiterated its equal weight rating on a relative valuation basis, with a price target of 9.80 euros.