May 2026
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 | Enel is a diversified energy company domiciled in Italy. Operations are concentrated in Italy, Spain, and Latin America. The firm's primary activities are electric generation, electric networks, and gas and electricity marketing. Around 35% of the company's EBITDA is derived from its regulated networks, the rest is from generation and supply. Enel is a giant in global power generation with 81 gigawatts of capacity, of which 56 GW is renewables, including a large share of hydro. | $11 | +21% | $112B | $182B | 2.0x | 6.9x | ||
| Snam operates a network of about 38,000 kilometers of natural gas pipelines in Italy and abroad. It also holds 17.1% of European gas storage capacity and 13.5 billion cubic meters of LNG regasification capacity. Snam is investing in hydrogen, biofuels, carbon capture and storage, and energy efficiencies to prepare for the energy transition. Snam became independent from Eni in 2012 after the latter sold its stake to Cassa Depositi e Prestiti, a financial institution controlled by the Ministry of Economy and Finance. | $7 | +22% | $25B | $45B | 10.1x | 12.0x | ||
| Terna SpA is an electricity transmission system operator that owns virtually all of the Italian National Transmission Grid. With a monopoly under an Italian government license, Terna transmits and dispatches electricity throughout the country. It is also responsible for the planning, construction, and maintenance of the nation's electrical grid. Terna segments its operations into its Regulated Activities, Non-Regulated Activities, and International Activities. The company generates the vast majority of its revenue from charging transmission fees as a part of its Regulated Activities. Under its Non-Regulated Activities, Terna mainly produces and sells electricity transformers. The company has also made efforts to expand its operations into Italy's neighboring countries and North Africa. | $12 | +12% | $23B | $38B | 8.2x | 11.6x | ||
| Italgas SpA is an Italy-based company engaged in the business of natural gas distribution. The distribution service consists of transporting gas through local pipeline networks, from points of delivery at the reduction and measurement stations interconnected with the transport networks up to the final delivery points to customers. In addition, the company is also engaged in metering activities, which consist of determining, gathering, making available, and archiving metering data on natural gas withdrawn over the distribution networks. It derives a majority of its revenue from natural gas distribution activity. The other activities of the company are the distribution and sale of water and providing technical, engineering, IT assistance, and other services. | $12 | +51% | $12B | $24B | 5.9x | 10.7x | ||
| Edison SpA is an Italian energy operator. It is principally engaged in procurement, production, and sale and supplying electricity, gas and energy, and environmental services to families and businesses. The company operates through three segments namely Electric Power Operations which produces electricity through hydroelectric, wind power, solar and biomass resources; the Gas Operations which are engaged in the procurement and sale of natural gas; and Corporate Activities and Other are involved in managing and administering the company's affairs. It generates maximum revenue from the Gas Operations segment. | $2 | +6% | $11B | $11B | 0.5x | 8.2x | ||
| A2A SpA together with its subsidiaries is engaged in the production, sale, and distribution of electricity; sale and distribution of gas; production, distribution, and sale of heat through district heating networks, technical consultancy relating to energy efficiency certificates, waste management (from collection and sweeping to disposal) and the construction and management of integrated waste disposal plants and systems, also making these available for other operators, and integrated water cycle management. | $3 | +0% | $8B | $15B | 0.9x | 5.5x | ||
| Hera SpA is Italian energy and utilities holding company. As a holding company, Hera is a combination of public-service companies built into a single multi-utility entity. The company operates the waste management (waste management and treatment), water (aqueduct, sewerage, and purification) and energy (distribution and sale of electricity, gas, and energy services) sectors; it also offers services for public lighting and telecommunications. The group operates in Italy, the European Union, and outside the European Union, out of which the majority of revenue is derived from Italy. | $5 | -10% | $7B | $5B | 0.3x | 3.0x | ||
| ACEA SpA is an Italian-based electricity and water utility company. It operates chiefly in Rome and other cities in Lazio, a central Italian region. With the help of its various subsidiaries and numerous ventures, Acea produces and sells energy, utilities, and environmental products and services. The operating segments of the firm include: Water, Networks and Public Lighting, Environment, Production, Commercial, and Engineering & Infrastructure Projects. | $27 | +10% | $6B | $12B | 3.4x | 7.1x | ||
| Iren SpA is a multi-service Italian utilities holding company that produces and distributes electricity and natural gas. It also provides district heating, water, and environmental services. Iren has five operating companies that include Iren Acqua Gas, Iren Energia (electricity and thermal production), Iren Mercato (sale of electricity, gas, and district heating), Iren Emilia (gas distribution), and Iren Ambiente (environmental services). The company primarily uses hydroelectric, cogeneration, and wind power as energy sources. The majority of revenue is derived from the distribution and sale of electricity and natural gas products and services. | $3 | +0% | $4B | $9B | 1.3x | 6.3x | ||
| Ascopiave SpA is an Italy-based company engaged in the utility sector. The company is active in the distribution and sale of natural gas. Its business segments include Gas distribution, Renewable energies, and Others. The other segments include the cogeneration and heat supply activity and the parent company. It generates maximum revenue from the Gas distribution segment. | $4 | +7% | $828M | $2B | 5.3x | 7.4x | ||
| Acinque SpA is an Italy-based company, engaged in public utility services. It operates in four sectors namely water, electricity and gas distribution, electricity and gas sales, urban hygiene and waste-to-energy and technologies, district heating, efficiency and smart city. | $3 | +2% | $496M | $656M | 1.0x | 5.8x | ||
| Eviso SpA specializes in the supply of electricity for small and medium-sized enterprises, farms, shops and restaurants in low voltage and medium voltage. The coverage for the supply of electricity is active in all regions of Italy. | $11 | -10% | $247M | $235M | 0.6x | 18.9x | ||
| Seri Industrial is a financial holding company. It researches, markets and designs the production of energy from renewable sources including wind and solar power. The company offers lead and lithium batteries for traction, stationary, and automotive applications. It also produces lids, boxes, and accessories for industrial, traction, and stationary batteries, as well as for the automotive sector. | $3 | +22% | $151M | $409M | 1.3x | 5.6x | ||
| EEMS Italia SpA is a provider of assembly and test solutions for the semiconductor industry, developing semiconductor memories. The company operates in China and Italy. | $10 | -- | $124M | $20M | — | — | ||
| Distribuzione Elettrica Adriatica SpA is a Italy based company. Its activity is divided into two distinct business lines dedicated, respectively, to the distribution of electricity (Distribution Electrical Energy) and public lighting (Public Lighting). In the distribution of electricity, The company deals with the activities relating to the operation, maintenance and development of medium voltage (MV) and low voltage (LV) infrastructures with the objective of allowing the transport of electricity from the substations of the distribution networks to the withdrawal points (PoD). The public lighting includes design, construction and maintenance of public lighting systems, by virtue of obtaining concessions from the relevant municipalities. | $10 | +12% | $76M | $78M | 1.7x | 4.0x | ||
| Iniziative Bresciane SpA is an engineering and construction company. The company design, constructs and operates small and medium-sized hydroelectric plants. The company operates in Italy and its hydroelectric plants are mainly located in the provinces of Brescia, Bergamo, and Cremona. | $14 | -8% | $74M | $182M | 6.7x | 10.4x | ||
| Ecosuntek SpA is an Italian company operating in the energy market. Along with its subsidiaries, the company is involved in the purchase and resale of electricity and natural gas, the production of electricity from solar energy, the manufacturing and maintenance of photovoltaic components and modules, and the development and construction of electricity production units. | $4 | +78% | $65M | $62M | 0.1x | 3.0x | ||
| Innovatec SpA is engaged in the field of energy efficiency and renewable energies. The group is an integrated energy service provider which develops and operates technology, products and services. | $0 | 0% | $20M | $36M | 1.1x | (12.6x) | ||
| Frendy Energy SpA is an Italian company. It is engaged in building and operating mini hydropower plants towards the production and sale of electricity. | $0 | -3% | $14M | $9M | 3.6x | 9.6x | ||
| Cogefeed SpA specializes in renewable energy, providing sustainable solutions for energy efficiency and electricity production. | $1 | +59% | $7M | $10M | 1863.1x | 245.4x | ||
| Median | $4 | +7% | $662M | $1B | 1.7x | 7.1x |
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