Organic growth and synergies drove performance during the period, supporting the results for the first half of 2026, with EBITDA of 732 million euro and Group net profit of 182 million euro. The resilience of the results despite external headwinds, including low water availability in Northern Italy that weighed on hydroelectric output, was supported by the strong contribution of regulated and semi-regulated activities, which generated 73% of EBITDA. Cash generation from operating activities more than covered CapEx for the period, amounting to 409 million euro and up 4% compared with the previous year, while prudent financial management enabled the Group to maintain a stable cost of debt.
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