Edison is working on its return to the stock marketThe controlling shareholder, the French group Edf – Électricité de France, it would be evaluating the operation as a lever for valorization and collection of resources, with a possible placement of up to 30% of the capitalThe project began to take shape shortly before the Christmas break and is now moving towards the operational phase: The IPO construction site should open in mid-February, with the selection of the banks called to support the company led by Nicola Monti. As anticipated by Il Sole 24 Ore , Also the square would have been located in Milan, although Edison has specified that the evaluation process is still ongoing and that no final decision has been formally taken.
Edf's choice: market first
In recent months, according to reconstructions, meetings have multiplied in Paris for define the valorization path of the Italian subsidiary. On the table there were three options: listing, the sale of a minority stake to a specialized fund, or the sale of the entire block. The path taken is that of an IPO.
The plan, still being defined, would provide for the placement of up to 30% of the capital, thus maintaining control in the hands of Edf. A move that would allow the transalpine group to raise money without giving up industrial leadership, at a time when CEO Bernard Fontana is committed to supporting significant investments, starting with nuclear power, while keeping significant debt under control.
A return after the delisting, but with a different group
For Edison it would be a return to Piazza Affari to beyond ten years since the delisting following the takeover bid by EDF in 2012, after the exit of the Italian shareholders gathered around A2A. Since then, the Foro Buonaparte group has changed profoundly. The divestments of non-strategic assets and the industrial reorganization they freed up resources and accompanied a refocusing on the energy transition.
Today Edison presents itself to the market with a financial structure reversed compared to the past, the result of operating flows and disposals that have strengthened the cash flow and reduced exposure.
Edison: solid accounts and a big valuation
The numbers tell the story new group profile. As of September 30, 2025, the net financial position is positive for 618 million euros, against a debt of 313 million at the end of 2024. Revenues reached 13,3 billion, up 22%, while the Ebitda stands at 1,08 billion and by the end of the year it is expected between 1,3 and 1,4 billion, in the upper part of the indicated range.Net income is equal to 251 million.
On this basis, the first estimates place the overall valuation around 10 billion euros, which would mean for Edf a potential revenue between 2 and 3 billion based on the quota placed. A choice that, at least for now, freezes the ambitions of other players who had looked at the dossier, from A2A to Plenitude.
