Month: July 2026

Athens, 28 July 2026 – The new 2026-2032 Strategic Plan of the Italgas Group provides one billion euros in investment for the development and digitalization of the gas distribution network in Greece. A Plan that continues the trajectory of Enaon, the company responsible for the country’s gas distribution, over these years of operations. 

The most significant part of the Greek plan – over 640 million euros – is dedicated to network expansion, with the objective of extending the service to areas not yet served and creating conditions to foster renewable gas integration, such as biomethane. By 2032, over 2,700 km of new networks are planned, bringing total infrastructure development from approximately 8,700 to over 11,400 km, with customer growth from approximately 660,000 delivery points to over 1 million by 2032. 

“With Enaon we are bringing Greece’s distribution networks into the future: completely digital, monitored and managed in real-time through the Athens Command and Control Center,” said Paolo Gallo, Chief Executive Officer of Italgas. “The integration of the DANA platform and the installation of ‘H2 ready’ smart meters will enable rapid adoption of renewable gases. This journey is supported by a significant investment plan that strengthens our commitment to safety, competitiveness and sustainability of the country’s energy system.” 

“This investment plan reflects our long-term commitment to Greece and marks a decisive milestone for the country’s infrastructure system development,” said Gianfranco Amoroso, Chief Executive Officer of Enaon.“Our priority is to expand Enaon business by granting to more households and business the best access to a modern gas infrastructure, meeting their demand for a safe, reliable and cost-effective energy solution. At the same time, we are investing in digital technologies and advancing the integration of renewable gases such as biomethane across our networks. Leveraging the Italgas Group’s expertise, we are building smarter, more resilient infrastructure to support Greece’s long-term energy transition. 

Around 100 million euros are also allocated to advanced digitalization of assets, involving a massive re-thinking of all operational processes. By the end of 2026, 100% – already digitized – of the existing network will be remotely monitored and operated through the DANA platform – also applying to Enaon’s network the AI technologies the Group is adopting in Italy. 

The Plan also focuses on renewable gas development: for biomethane promotion, Enaon sees the possibility to accommodate up to 59 biomethane plants’ connections by 2032. The program also includes 19 new LNG (Liquefied Natural Gas) stations serving new remote areas or replacing less efficient CNG (Compressed Natural Gas) facilities, particularly benefiting areas with limited network access. 

Enaon’s commitment on the environmental front is already internationally recognized: the data-driven approach adopted on the network was awarded the “Gold Standard Pathway” within the OGMP framework of the UNEP program for reducing methane emissions. 

The Group is ready to put its energy efficiency know-how at the service of the country, in the belief that the best energy is the energy that does not need to be consumed to achieve the same performance. From this perspective, Italy represents a laboratory of solutions that can be transferred to Greece. The context, indeed, presents significant challenges: approximately 55% of the Greek building stock was built before 1980 and features a significant thermal insulation gap (energy classes F-G), while more than 60% of residential heating sources have a high environmental footprint (47% heating oil, 14% wood and pellets). The transition to natural gas, in this sense, would significantly reduce nitrogen oxides (NOx): -39% compared to heating oil and -47% compared to wood and pellets. 

A fundamental step in the digitalization of the network is the smart meter roll-out, to which around 80 million euros are allocated in the Plan, also including the GPRS technology migration and digital metering for industrial customers. Nimbus is the most advanced smart gas meter worldwide, designed in-house, managing natural gas distribution with increased accuracy and reliability, and is ready for renewable gases. Particularly, its key advantages include higher performance as it guarantees stable and fast data transmission even under the most demanding network conditions and more safety as it enables continuous monitoring of pressure and temperature, ensuring accurate real-time network control. Thanks to Nimbus, networks can integrate, distribute and measure different types of gas, in addition to natural gas, such as biomethane and hydrogen blends of up to 23%. 100% of new connections with smart meters are planned and the complete replacement of traditional meters by 2030 (approximately 5,000 Nimbus units have been installed to date). 

On the territorial development front, the Plan also builds on major infrastructure projects currently underway across six regions of Greece, representing investments of approximately €247 million, the majority of which will be completed in 2026-2027 two-year period. By expanding modern gas infrastructure to 29 cities, these projects will connect homes, businesses and essential community services, such as schools and hospitals, unlocking new opportunities for business development and regional economies with a lasting value for communities across Greece.  

Athens, 27 July 2026 – The Board of Directors of Italgas, which met today under the chairmanship of Paolo Ciocca, approved the consolidated results as at 30 June 2026. The figures below take into account the significant change in scope resulting from the consolidation of 2i Rete Gas as of 1 April 2025.

• Adjusted total revenues and other income : 1,324.2 million euro (+17.5%)
• Adjusted EBITDA: 1,072.3 million euro (+25.0%)
• Adjusted EBIT: 702.7 million euro (+26.6%)
• Adjusted net profit attributable to the Group: 398.6 million euro (+27.3%)
• Technical investments: 765.2 million euro (+54.6%)
• Cash flow from operating activities: 929.5 million euro
• Net financial debt (excluding the effects of IFRS 16 and IFRIC 12): 10,712.5 million euro
• Net financial debt: 10,835.9 million euro
• Scope 1 and 2 market-based emissions: 71.2 10³ tCO₂eq, -6.6% – Gas distribution business, “like for like”¹
• Energy consumption: 206.3 TJ, -14.4% – Gas distribution business, “like for like”²

 

“The first half of 2026 builds on the momentum of an already outstanding 2025, confirming the soundness of the strategic choices made over the years, which continue to generate value over time thanks to a solid development vision – explained the Chairman of Italgas, Paolo Ciocca – This growth confirms Italgas’ ability to navigate a period of great geopolitical instability, transforming the Group’s industrial capacity into a factor of security, stability and competitiveness for the countries in which we operate.”

 

 

“The results for the first half of 2026 confirm the acceleration that our Group has brought to the development of strategic activities in support of energy security of Italy and Greece – explained Italgas CEO Paolo Gallo – Adjusted EBITDA increased by 25% to 1,072.3 million euro, and the Group’s adjusted net profit was close to 400 million euro, an increase of 27.3% compared to the first half of last year, thanks to the contribution of the new industrial scope “2i Rete Gas” and the progressive achievement of operational synergies, which at the end of June had already reached 41.8% of the target set for 2032. The significant growth in investments – exceeding 760 million euro – dedicated to creating the energy system of the future represents a new milestone in the history of the Italgas Group.”

As at 30 June 2026, the Group recorded total adjusted revenues of 1,324.2 million euro, up 17.5% compared to the first half of 2025, an adjusted EBITDA of 1,072.3 million euro, up 25.0%, and an adjusted EBIT of 702.7 million euro, up 26.6%. Adjusted net profit attributable to the Group stood at 398.6 million euro, an increase of 27.3% compared to the corresponding period of the previous year. The cumulative amount of synergies and operational efficiencies achieved compared to the 2023 baseline stands at 117.2 million euro, equal to 41.8% of the overall target of 280 million euro by 2032³, including both what was achieved as at 31 December 2025 and in the first half of 2026.

The technical investments made in the first half of 2026 – up 54.6% compared to the corresponding period in 2025 – amounted to 765.2 million euro. These resources were mainly allocated to the development and maintenance of the gas network in Italy and Greece, to the continuation of the digital transformation and technological upgrade of the network acquired through 2i Rete Gas, as well as to other types of initiatives, such as in Real Estate, whose activities have been recently transferred into the newly established company Italgas Properties. The new company aims to enhance and manage the Group’s real estate assets in accordance with principles of efficiency, compliance, safety and sustainability. This integrated and unified management approach enables a more timely planning of investments in individual buildings, from maintenance to renovations. To date, the company manages 160 active sites throughout the Country, with a total area of approximately 540,000 square metres and an asset value of more than €300 million.

Investments also include the continuation of activities to strengthen operational efficiency and service quality in the water sector.

In the half-year, cash flow from operating activities amounted to 929.5 million euro, an increase of 190.5 million euro compared to the first half of 2025. This cash generation, together with the proceeds from the divestments required by the Antitrust, more than financed the net investments and the payment of dividends. Net financial debt, excluding the effects of IFRS 16 and IFRIC 12, therefore stood at 10,712.5 million euro, down by 21.3 million euro compared to 31 December 2025.

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¹ Like-for-like 2025. Taking into account also the contributions of the water service business (21.6 10³ tCO2eq) and the former 2i Rete Gas perimeter (53.9 10 ³ tCO2eq), the Group’s total emissions are 146.7 10³ tCO2eq.

² Like-for-like 2025. Taking into account also the contributions of the water service business (184.2 TJ) and the former 2i Rete Gas perimeter (146.5 TJ), the Group’s total consumption is 537.0 TJ.

³  Synergies, efficiencies and Artificial Intelligence, compared to the aggregate cost base of the two Groups as at 31 December 2023. Cumulative amount.

Milan, 9 July 2026 – Moody’s Ratings (“Moody’s”) today improved the Outlook on Italgas S.p.A. (“Italgas”) and its subsidiary Italgas Reti S.p.A. to Positive from Stable, while affirming Italgas’ Baa2 long-term issuer rating.

The Outlook improvement follows the publication of Italgas’ Strategic Plan 2026-2032 and reflects Moody’s expectation of a progressive strengthening of the financial profile of the Group, supported by growth in regulated activities in Italy and Greece, future gas tender awards and synergies from the integration of 2i Rete Gas, potentially supporting a higher rating over time.

Moody’s also highlights Italgas’ leading position in gas distribution, the Group’s operating efficiencies and the stability of the regulatory framework established by ARERA.