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Italgas: Moody’s Ratings affirms its Rating and improves the Outlook to Positive

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.

Italgas and Naturgy strengthen cooperation on gas networks, innovation and the energy transition

Milan, July 9, 2026 – Italgas, Italy’s and Europe’s leading gas distribution operator, and Nedgia (Naturgy Group), Spain’s leading natural gas distribution company, have signed a Memorandum of Understanding aimed at strengthening cooperation in strategic areas for the evolution of energy infrastructure: renewable gases, technological and digital innovation, artificial intelligence, sustainability, and procurement.

The agreement was signed by Paolo Gallo, Chief Executive Officer of Italgas, and Raúl Suárez Álvarez, Chief Executive Officer of Nedgia, confirming the two companies’ commitment to establishing a structured framework for dialogue and knowledge sharing on some of the key challenges facing the European gas sector.

Against a backdrop of accelerating decarbonisation targets and the growing importance of energy infrastructure for the security and competitiveness of the energy system, cooperation among industrial operators represents a key lever to enhance the value of existing networks, foster the integration of renewable gases, and develop technological solutions capable of making gas distribution increasingly digital, efficient, and sustainable.

“International dialogue and collaboration with leading partners are essential elements of our growth and innovation journey,” said Paolo Gallo, Italgas CEO. “Together with Nedgia, we share a common vision of the strategic role that gas distribution networks play in the energy transition. These infrastructures must become increasingly digital, resilient, and capable of accommodating growing volumes of renewable gases. This agreement further strengthens our commitment to developing innovative solutions that support decarbonisation and enhance the competitiveness of the European energy system.”

“This agreement provides a valuable framework for strengthening knowledge sharing, innovation, and cooperation between two of Europe’s leading gas distribution

 

operators. Gas networks have a decisive role to play in the energy transition, particularly by enabling the integration of renewable gases such as biomethane into existing infrastructure. Together with Italgas, we aim to accelerate solutions that support decarbonisation and contribute to a more sustainable, secure, and efficient European energy system,” said Raúl Suárez Álvarez, Chief Executive Officer of Nedgia.

“Italy and Spain share common challenges in ensuring energy security and advancing the transition towards a more sustainable energy system, and addressing them requires commitment at multiple levels. Agreements between companies from our two countries give concrete substance to the bilateral relationship that, at parliamentary level, we work every day to strengthen through dialogue on the issues that most directly affect our citizens, foremost among them, the finalisation of the agreement on dual citizenship. Companies, parliaments, and communities, each within their own sphere, are working together towards the same goal,” said Federica Onori, Chair of the Italy–Spain Inter-Parliamentary Union.

Through the Memorandum of Understanding, Italgas and Nedgia intend to develop their cooperation across four priority areas: the evolution of the regulatory framework and renewable gas markets; technological and digital innovation, including artificial intelligence applied to network management; sustainability and the strengthening of emissions measurement and management systems; and the evolution of sustainable procurement models throughout the value chain.

The new agreement forms part of Italgas’ broader international cooperation strategy with leading industry players, aimed at pooling expertise, technologies, and industrial vision to contribute to the sustainable and digital transformation of energy infrastructure.

EIB provides €250 million to Italgas Group to promote energy efficiency in Italy

  • First €150 million tranche signed, as part of the broader €250 million financing approved by the EIB.
  • Measure to support a programme of energy efficiency upgrades across the country, carried out by Italgas Group companies.
  • Focus on public and private buildings, SMEs, photovoltaic systems for self-consumption and public lighting.
  • Ninth transaction between the EIB and Italgas Group, bringing the total to €1.9 billion.

7 July 2026

The European Investment Bank (EIB) has approved a new €250 million, 15-year financing package for Italgas Group to support energy efficiency upgrades across Italy, to be carried out by Geoside and Italgas Properties, respectively the Group’s Energy Service Company (ESCo) and its new real estate company. Today, the parties signed a first tranche of €150 million.

The agreement will support a broad portfolio of small- and medium-sized projects to be implemented over the 2026–2029 period, including the energy-efficient renovation of public and private buildings, energy efficiency measures in the industrial sector, the installation of integrated photovoltaic systems for self-consumption and the modernisation of public lighting infrastructure. According to EIB estimates, the operation is expected to deliver primary energy savings of approximately 30.6 GWh per year and generate around 21.5 GWh of primary energy from renewable sources each year, equivalent to the annual electricity consumption of around 8 200 Italian households.

This is the second EIB framework loan to Italgas entirely dedicated to aggregating several investments aimed at improving energy efficiency, and the ninth operation overall with the Group. To date, the total value of EIB loans granted to Italgas Group exceeds €1.9 billion. The financing contributes to accelerating the implementation of the investment programme in a context marked by market volatility, geopolitical tensions and complex trade dynamics.

“This agreement strengthens the EIB’s role in supporting large-scale investment programmes in the energy efficiency sector, mobilising resources in a segment characterised by high fragmentation and significant financing needs. The operation enables capital to be channelled into projects spread across the country, helping to improve the sustainability profile of investments and generate long-term environmental and socioeconomic returns,” said Gelsomina Vigliotti, EIB Vice-President.

“Energy efficiency is the most tangible way to reduce energy consumption without compromising performance, while delivering immediate benefits in terms of security of supply, competitiveness for businesses and households, and environmental sustainability. The EIB financing further strengthens our ability to develop innovative solutions based on Geoside’s proprietary technologies and the artificial intelligence systems we have developed in-house. Our goal is to create value by reducing energy consumption, fully aware that the best energy is the energy we do not use,” commented Paolo Gallo, Chief Executive Officer of Italgas.

Background information

EIB Group

The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. In Italy, the EIB Group signed 105 new financing agreements totalling €12.3 billion in 2025. Beyond long term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses. It also plays a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations. The European Investment Fund (EIF) is the EIB Group subsidiary specialised in guarantees and equity. Its specific role is to improve access to finance for small and medium sized businesses and startups across Europe. Acting as an anchor investor through its broad network of partner banks and investment funds, the EIF mobilises private investment and supports a venture capital ecosystem for innovative European entrepreneurs.

Italgas

Italgas is a Network Tech Company active in gas distribution, water services, energy efficiency and IT. Following the acquisition of 2i Rete Gas, Italgas became the leading gas distribution operator in Europe, with a network of around 155 000 kilometres, 12.7 million customers in Italy and Greece, and around 6 500 employees. Through Nepta, the Group’s water sector company, it provides services directly and indirectly to 6.3 million people, equal to 10% of the Italian population, mainly in the regions of Lazio, Sicily and Campania. Geoside, the Group’s ESCo, manages energy efficiency for condominiums, public administrations and businesses across Italy. It takes an innovative approach, leveraging proprietary technologies developed to serve the Group and Artificial Intelligence applied to its energy management systems.