Reported Earnings • May 06
First quarter 2026 earnings released: EPS: €0.18 (vs €0.21 in 1Q 2025) First quarter 2026 results: EPS: €0.18. Revenue: €661.7m (up 1.0% from 1Q 2025). Net income: €178.9m (up 6.0% from 1Q 2025). Profit margin: 27% (up from 26% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Europe. Tillkännagivande • Mar 24
Italgas S.p.A., Annual General Meeting, Apr 21, 2026 Italgas S.p.A., Annual General Meeting, Apr 21, 2026, at 11:00 W. Europe Standard Time. Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: €0.71 (vs €0.59 in FY 2024) Full year 2025 results: EPS: €0.71 (up from €0.59 in FY 2024). Revenue: €3.57b (up 43% from FY 2024). Net income: €672.3m (up 40% from FY 2024). Profit margin: 19% (in line with FY 2024). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 06
Dividend increased to €0.43 Dividend of €0.43 is 6.4% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 05
Italgas S.p.A. announces Annual dividend, payable on May 20, 2026 Italgas S.p.A. announced Annual dividend of EUR 0.4320 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Tillkännagivande • Feb 19
Italgas S.p.A. to Report Fiscal Year 2025 Results on Mar 04, 2026 Italgas S.p.A. announced that they will report fiscal year 2025 results Pre-Market on Mar 04, 2026 Price Target Changed • Nov 03
Price target increased by 9.2% to €9.07 Up from €8.30, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of €9.30. Stock is up 65% over the past year. The company is forecast to post earnings per share of €0.68 for next year compared to €0.59 last year. Reported Earnings • Nov 02
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.17. Revenue: €238.8m (down 45% from 3Q 2024). Net income: €176.8m (up 47% from 3Q 2024). Profit margin: 74% (up from 28% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 31
Price target increased by 11% to €8.67 Up from €7.84, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of €9.09. Stock is up 61% over the past year. The company is forecast to post earnings per share of €0.68 for next year compared to €0.59 last year. Price Target Changed • Sep 23
Price target increased by 7.8% to €7.79 Up from €7.23, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of €7.69. Stock is up 42% over the past year. The company is forecast to post earnings per share of €0.68 for next year compared to €0.59 last year. Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €471.5m (down 37% from 2Q 2024). Net income: €147.8m (up 27% from 2Q 2024). Profit margin: 31% (up from 16% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Gas Utilities industry in Europe. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Shareholders have been diluted in the past year (25% increase in shares outstanding). Tillkännagivande • May 29
Italgas S.p.A. has filed a Follow-on Equity Offering in the amount of €1.019969 billion. Italgas S.p.A. has filed a Follow-on Equity Offering in the amount of €1.019969 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 202,938,478
Price\Range: €5.026
Transaction Features: Rights Offering Price Target Changed • May 12
Price target increased by 7.3% to €7.04 Up from €6.56, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of €7.11. Stock is up 32% over the past year. The company is forecast to post earnings per share of €0.73 for next year compared to €0.59 last year. Upcoming Dividend • May 12
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 62% and the cash payout ratio is 98%. Trailing yield: 5.6%. Within top quartile of Italian dividend payers (5.5%). In line with average of industry peers (6.0%). Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.21. Revenue: €513.7m (up 19% from 1Q 2024). Net income: €168.7m (up 44% from 1Q 2024). Profit margin: 33% (up from 27% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Major Estimate Revision • May 08
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €2.18b to €2.46b. EPS estimate unchanged from €0.66 at last update. Gas Utilities industry in Italy expected to see average net income growth of 1.7% next year. Consensus price target up from €6.56 to €6.99. Share price was steady at €7.29 over the past week. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €6.44. The fair value is estimated to be €8.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 8.9%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Mar 14
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: €0.59 (up from €0.54 in FY 2023). Revenue: €2.50b (down 4.2% from FY 2023). Net income: €478.9m (up 8.9% from FY 2023). Profit margin: 19% (up from 17% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 12
Italgas S.p.A., Annual General Meeting, May 13, 2025 Italgas S.p.A., Annual General Meeting, May 13, 2025, at 14:00 W. Europe Standard Time. Declared Dividend • Feb 14
Dividend increased to €0.41 Dividend of €0.41 is 15% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.3% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.15. Revenue: €437.0m (flat on 3Q 2023). Net income: €120.2m (up 16% from 3Q 2023). Profit margin: 28% (up from 24% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €431.1m (down 46% from 2Q 2023). Net income: €116.8m (up 6.5% from 2Q 2023). Profit margin: 27% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to grow by 1.2%. Tillkännagivande • Jul 13
Italgas S.p.A. to Report First Half, 2024 Results on Jul 24, 2024 Italgas S.p.A. announced that they will report first half, 2024 results on Jul 24, 2024 Tillkännagivande • May 16
Italgas Begins Exclusive Talks to Buy 2i Rete Gas Italgas S.p.A. (BIT:IG), Europe's biggest gas distributor, said on May 13, 2024 that it started exclusive talks to acquire smaller rival 2i Rete Gas SpA. A merger between the two would be a major step in the consolidation of the gas distribution market in Italy with 2i Rete gas adding a 20% market share to Italgas' 35%, according to analyst calculations. 2i Rete Gas, which is Italy's second-largest distributor for the fuel, said in February it wanted to list on the Milan bourse, but in March media speculation emerged about an approach by Italgas valuing the rival at EUR 4 billion to EUR 5 billion ($4.3 billion to $5.4 billion). Sources told Reuters on May 13, 2024 that Italgas had nudged up a preliminary offer, winning the green light from the rival's shareholders for several weeks of exclusive talks. Italian infrastructure fund F2i has a 64% stake in 2i Rete Gas. Dutch pension fund APG and buyout group Ardian together hold the remaining 36.1% under the vehicle Finavias. "Without interrupting the listing process, F2i and Finavias have granted Italgas a period of exclusivity in order to complete a due diligence preparatory to a possible binding purchase offer," investors in 2i Rete Gas said in a separate statement. Should the acquisition go through, Italgas will finance the acquisition via a bridge credit facility underwritten by JP Morgan, which could be refinanced through a combination of equity, debt or equity like instruments, the suitor said. JP Morgan is acting as financial adviser and Legance is acting as legal adviser to Italgas. Rothschild is advising Ardian and APG, while Lazard is assisting F2i. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.14. Revenue: €431.3m (down 10% from 1Q 2023). Net income: €117.6m (up 14% from 1Q 2023). Profit margin: 27% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (5.4%). In line with average of industry peers (6.4%). Declared Dividend • Mar 17
Dividend increased to €0.35 Dividend of €0.35 is 11% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 6.6%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 5.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: €1.82b (down 19% from FY 2022). Net income: €439.6m (up 7.9% from FY 2022). Profit margin: 24% (up from 18% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Gas Utilities industry in Europe. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.13. Revenue: €438.0m (up 34% from 3Q 2022). Net income: €103.5m (up 3.3% from 3Q 2022). Profit margin: 24% (down from 31% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 4.3% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 18
Italgas S.p.A. (BIT:IG) completed the acquisition of Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE). Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million on June 9, 2023. The consideration which includes partially depending upon certain targets of the operational companies. Through this transaction Italgas will acquire 100% of Acqua S.r.l., which in turn directly holds 98.7% of Idrosicilia S.p.A. and, indirectly, 75% of the equity of Siciliacque S.p.A, 100% of Idrolatina S.r.l., which in turn holds about 49% of Acqualatina S.p.A and 47.9% of Acqua Campania S.p.A from Veolia. The closing of the transaction is subject to the fulfillment of certain conditions precedent, including the involvement or approval by the Public Bodies which awarded the water service concession.
Italgas S.p.A. (BIT:IG) completed the acquisition of Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) on October 16, 2023. Nepta is the new name of the Italgas that will manage all the Group's water activities. The transaction has approved by the Granting Authorities. Reported Earnings • Jul 26
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €451.9m (down 35% from 2Q 2022). Net income: €109.6m (up 10% from 2Q 2022). Profit margin: 24% (up from 14% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 3.5% p.a. on average during the next 3 years compared to a 2.7% decline forecast for the Gas Utilities industry in Europe. Tillkännagivande • Jun 10
Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million. Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million on June 9, 2023. The consideration which includes partially depending upon certain targets of the operational companies. Through this transaction Italgas will acquire 100% of Acqua S.r.l., which in turn directly holds 98.7% of Idrosicilia S.p.A. and, indirectly, 75% of the equity of Siciliacque S.p.A, 100% of Idrolatina S.r.l., which in turn holds about 49% of Acqualatina S.p.A and 47.9% of Acqua Campania S.p.A from Veolia. The closing of the transaction is subject to the fulfillment of certain conditions precedent, including the involvement or approval by the Public Bodies which awarded the water service concession. Upcoming Dividend • May 15
Upcoming dividend of €0.32 per share at 5.3% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (4.4%). Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.13. Revenue: €479.9m (up 36% from 1Q 2022). Net income: €103.6m (up 17% from 1Q 2022). Profit margin: 22% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Tillkännagivande • May 06
Italgas to Merge 3 Greek Companies Owned by Depa Infrastructure Italgas S.p.A. (BIT:IG) plans to merge 3 Greek companies owned by Depa Infrastructure in one to increase efficiency. Italgas CEO: asked about Warchest for M&A, says group cannot spend now as much as it did for Depa Infrastructure. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: €1.56b (down 27% from FY 2021). Net income: €407.3m (up 12% from FY 2021). Profit margin: 26% (up from 17% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • Nov 23
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Revenue: €328.1m (down 3.6% from 3Q 2021). Net income: €100.2m (up 2.8% from 3Q 2021). Profit margin: 31% (up from 29% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairwoman Benedetta Navarra was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Revenue: €379.8m (up 12% from 3Q 2021). Net income: €100.3m (up 2.9% from 3Q 2021). Profit margin: 26% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Buying Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €6.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings is also forecast to grow by 9.6% per annum over the same time period. Reported Earnings • Jul 26
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: €353.4m (down 50% from 2Q 2021). Net income: €99.4m (up 11% from 2Q 2021). Profit margin: 28% (up from 13% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 31% compared to a 12% decline forecast for the industry in Italy. Buying Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €6.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings is also forecast to grow by 8.0% per annum over the same time period. Buying Opportunity • Jun 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be €6.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 8.0% per annum over the same time period. Upcoming Dividend • May 16
Upcoming dividend of €0.29 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Within top quartile of Italian dividend payers (4.7%). In line with average of industry peers (5.2%). Reported Earnings • May 04
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: €0.11. Revenue: €354.0m (up 6.2% from 1Q 2021). Net income: €88.9m (up 9.5% from 1Q 2021). Profit margin: 25% (in line with 1Q 2021). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 33% compared to a 6.3% decline forecast for the industry in Italy. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. Non-Executive Director Qinjing Shen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €1.37b (down 35% from FY 2020). Net income: €362.8m (down 5.3% from FY 2020). Profit margin: 27% (up from 18% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.9% compared to a 5.8% decline forecast for the industry in Italy. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.12 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €340.3m (up 2.7% from 3Q 2020). Net income: €97.5m (up 4.7% from 3Q 2020). Profit margin: 29% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €332.1m (down 49% from 2Q 2020). Net income: €94.9m (up 21% from 2Q 2020). Profit margin: 29% (up from 12% in 2Q 2020). The increase in margin was driven by lower expenses. 
