The Board of Directors has approved the results at 30 September 2020

The Board of Directors has approved the results at 30 September 2020. The Group’s multibusiness and extremely integrated nature enabled it to counter a negative energy, weather and health scenario: EBITDA, stripping out the non-recurring positive elements, was in fact up 1%, thanks also to an increase in investments of 28%.

The results obtained in the first nine months of 2020 show a Gross Operating Profit at € 653 million, down by 3.3% compared to last year. Excluding the non-recurring elements that positively affected both reporting periods, EBITDA would have increased by 1.1%, showing that the Group’s multibusiness portfolio enabled a significant attenuation of the external negative effects. The reduction in Energy and Waste Management Business Units was, in fact, completely absorbed by improvements in the margins of Market and Networks Business Units.

Main financial and economic indicators

  • Revenue totalling € 2,629 million (-17.6% compared to € 3,190 million at 30/9/2019). This decrease can be attributed to a particularly unfavourable energy and weather scenario. The drop in revenue was not reflected in margin losses.
  • Gross Operating Profit (EBITDA) of € 653 million (-3.3% compared to € 675 million at 30/09/2019). Excluding the net balance of approximately € 30 million of non-recurring items that positively affected the first nine months of 2019 and 2020, EBITDA would have increased by 1.1%.
  • Operating Profit (EBIT) of € 290 million (-15.6% vs € 344 million at 30/09/2019). Excluding the non-recurring items, Ebit would have decreased by 4.8%.
  • Group Net Profit attributable to shareholders of € 153 million (-19.7% compared to € 191 million at 30/09/2019). Excluding the non-recurring items, Group Net Profit attributable to shareholders would have decreased by 6.9%.
  • Net financial debt of € 2,915 million (+7.8% vs € 2,706 million at 31/12/2019). The increase is due to the strong growth in investments, extraordinary consolidation operations and the worsening of net working capital, following the delay in the collection of commercial receivables due to Covid-19 (+ €50 million).


Business highlights

  • Total organic growth of approximately € 25 million in EBITDA.
  • Synergies for € 9 million of EBITDA.
  • Investments of € 414 million (+27.9%). The increase was mainly connected with the repowering of the Turbigo plant.
  • Solid customer base in the energy sectors (approximately 1.873 million customers), up by over 57,000 compared to 31/12/2019.