Edison Group closed the first half of the year with revenue of €9.4bn ($10.2bn), representing a 30% increase compared to the same period last year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €736mn ($799mn), impacted by the normalisation of hydroelectric output and less favourable market conditions for gas. Net profit amounted to €178mn ($193mn), down from €221mn ($240mn) a year earlier.
Market trends and financial results
Edison’s revenue growth was driven mainly by higher volumes of electricity (+33%) and gas (+18%) sold, supported by rising prices in the domestic market. The average electricity price stood at €119.5/MWh over the period, up 27.9%. Gas volumes reached 33.4bn cubic metres, an increase of 7.7% compared to 2024. Despite a lower EBITDA year-on-year, the group’s operational performance remains in line with expectations.
The group’s thermoelectric output recorded a notable increase (+31.4%), supported by the new Presenzano power station in Campania and Marghera Levante in Veneto. In contrast, hydroelectric generation fell by 29.5% as production returned to normal after an exceptional 2024, while the B2C segment reported reduced margins to support strong portfolio growth at Edison Energia (+32.5%), which now exceeds three mn contracts.
Investment and renewables strategy
Edison’s investments in the first half totalled €278mn ($302mn), up 33% compared to 2024, with the majority allocated to the development of renewable capacity. Over 500MW of new solar and wind projects were launched in Italy, confirming the group’s commitment to strengthening its energy mix. Activities related to renewables and customers now account for 50% of EBITDA, in line with the target of reaching 70% by 2030.
The group’s net financial debt shifted to a net credit position of €142mn ($154mn), compared with a net debt of €313mn ($339mn) at the end of 2024, driven by strong cash flow generation and the sale of non-strategic assets, including Edison Stoccaggio for €565mn ($613mn). The group also continued to streamline its portfolio, notably with the sale of its stake in ELPEDISON BV.
Outlook for the year and key operations
Based on these half-year results, Edison anticipates full-year EBITDA at the upper end of the initial forecast range (between €1.2bn and €1.4bn). Notable events during the period included the signing of a memorandum of understanding on Small Modular Reactors (SMR) with EDF and ENEA, the development of new long-term supply agreements in solar and wind, and the commissioning of new assets in biomethane and liquefied natural gas.
Recent asset disposals and the acceleration of investments in renewables are positioning Edison to address developments in the Italian market, marked by higher prices, increased demand for gas and electricity, and stronger competition in the B2B and B2C segments. The group continues to implement initiatives to strengthen its presence throughout Italy.
