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Italgas: The Board of Directors convenes the Shareholders’ Meeting on 6 May 2024

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Milan, 12 March 2024 – Italgas’ Board of Directors, which met today under the chairmanship of Benedetta Navarra, resolved to call an Ordinary and Extraordinary Shareholders’ Meeting for 6 May, at 2.00 p.m., in a single call, to resolve on the approval of the 2023 Financial Statements, the proposed allocation of profits, the Report on 2024 Remuneration Policy and 2023 Compensation Paid, as well as the proposal to adopt the 2024-2025 Co-investment Plan reserved for employees of the Italgas Group.

To this end, the Board has resolved to submit to the Shareholders’ Meeting a proposal on a free share capital increase through the issue of a maximum of 3,000,000 ordinary shares of the Company, for a nominal amount of 3,720,000 euros to be reserved solely for the beneficiaries of the aforementioned 2024-2025 Co-investment Plan.

The Board has also resolved to propose to the Shareholders’ Meeting the distribution of a dividend of 0.352 euros for each Company share with dividend rights. If so resolved by the Shareholders’ Meeting, the dividend will be paid out on 22 May 2024, with coupon date of 20 May 2024 (record date 21 May 2024).

The Board of Directors, on the basis of information provided by those concerned, also ascertained, for all members, that there are no causes of ineligibility, forfeiture and incompatibility, that the integrity requirements laid down by current legislation are met, as well as compliance with the limits on the accumulation of offices established by the board; moreover, taking into account the provisions of the CLF and the Corporate Governance Code (and the quantitative and qualitative criteria approved by the Board of Directors for the independence assessment), the Board of Directors assessed the independence of its Directors on 12 March 2024, confirming the assessments made at the meeting on 9 March 2023. On the same date, the Board of Directors acknowledged the check performed by the Board of Statutory Auditors in respect of its members on the absence of situations of ineligibility, forfeiture and incompatibility, that they meet the professional and integrity requirements, compliance with the limits on the accumulation of offices and that the independence requirements for members of the Board of Statutory Auditors were still met, also in accordance with the Corporate Governance Code (also taking into account the aforementioned quantitative and qualitative criteria).

In execution of the 2021-2023 Co-investment Plan approved by the Ordinary and Extraordinary Shareholders’ Meeting of 20 April 2021, the Board resolved on the free allocation of a total of 497,089 new ordinary shares of the Company to the beneficiaries of said Plan (first cycle of the Plan) and started the execution of the first tranche of the share capital increase resolved on by the aforesaid Shareholders’ Meeting, for a nominal amount of 616,390 euros drawn from retained earning reserves. The Company will provide accurate information in the manner and within the terms prescribed by law on the implementation of the Plan and the share capital resulting from the execution of said increase.

The Ordinary and Extraordinary Shareholders’ Meeting will be held in Turin, Largo Regio Parco 9, and those entitled to participate may also do so through Computershare S.p.A., which has been identified as the Company’s “Designated Representative” pursuant to art. 135-undecies of the CLF. For more information in this regard, see the call notice of the Ordinary and Extraordinary Shareholders’ Meeting of Italgas which will be published by the Company in the manner and within the terms prescribed by law.

As indicated in the Shareholders’ Meeting call notice, the Integrated Annual Report as at 31 December 2023, the Report on 2024 Remuneration Policy and 2023 Compensation Paid, the 2023 Corporate Governance and Ownership Structure Report, documentation on the 2024-2025 Co-investment Plan, reports on the items on the agenda, and the remaining legal documentation for the purposes of the Shareholders’ Meeting will be made available within the time period established by law.

Italgas: consolidated results as at 31 December 2023 approved

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The board of directors has convened the shareholders’ meeting for 6 may 2024

Milan, 12 March 2024 – Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results as at 31 December 2023 and resolved to propose to the Shareholders’ Meeting, called to meet on 6 May 2024, the distribution of a dividend of € 0.352 per share (+11% compared to 2022).

Highlights

  • Adjusted total revenues: € 1,774.8 million (+15.4%)
  • Adjusted EBITDA € 1,183.7 million (+9.3%)
  • EBIT adjusted € 681.2 million (+9.4%)
  • Adjusted net profit attributable to the Group: € 439.6 million (+11.1%)
  • Technical investments: € 906.5 million (+11.3%)
  • Cash flow from operating activities: € 555.2 million (€ 808.5 million, +22% net of ESCo flow)
  • Net financial debt (excluding the effects pursuant to IFRS 16): € 6,555.2 million;
  • Net financial debt: € 6,634.3 million;
  • 3 103 tCO2 eq Scope 1 and 2, +1.5% on 20221;
  • 0 103 tCO2 eq Scope 3 supply chain, -6.2% on 20222;
  • Net energy consumption: 425.0 TJ, -11.6% on 2022;

The results achieved in 2023 show all economic and financial indicators increasing and confirm the Group’s growth path, uninterrupted since its return to the stock exchange in 2016, thanks to the strength of its performance and the effectiveness of the strategic choices made over time.

2023 was characterised by the intensification of operational activities aimed at achieving the targets of the 2023-2029 Strategic Plan and the Sustainable Value Creation Plan, with particular reference to the objectives of digital transformation of the network, the main enabler of the ecological transition, in a context characterised by strong international tensions, with the inevitable repercussions on the cost of energy and financial market trends.

On 30 September, in line with the corporate simplification objectives announced to the market and ahead of targets, the merger of EDA Thess and EDA Attikis into Enaon EDA (formerly DEDA) was finalised. As a result of the merger, Enaon EDA now operates 7,700 km of network with more than half a million customers served. In February 2024, the Greek Regulatory Authority for Energy, Waste and Water, (RAAEW) formalised the level of the WACC for the years 2024 to 2026, set at 8.38%, within the document on distribution tariffs.

October saw the completion of the acquisition of the business unit related to the water concessions held in Italy by the Veolia Environnement S.A. Group. The transaction and the subsequent acquisition of the stake in Acqua Campania position the group among the leading players in the sector in Italy with 6.2 million customers served directly and indirectly. The Italgas development strategy in the water sector hinges mainly on the digital transformation of water infrastructures with the aim of reducing network losses and improving service efficiency and quality levels. The water tariff method, approved in October by ARERA for the fourth regulatory period 2024-2029, supports this strategy.

In 2023, € 906.5 million of investments were made (an increase of 11.3% compared to 2022), which made it possible to lay an additional 965 km of pipelines (of which 724 km are in operation). The contribution of activities in Greece was significant, where, against an total investment of around € 106.7 million, some 600 kilometres of gas pipelines were also laid.

The adjusted EBITDA of 2023 amounted to € 1,183.7 million (+9.3% compared to 31 December 2022) and adjusted net profit attributable to the Group was € 439.6 million (+11.1% compared to 31 December 2022). This results in the proposed distribution of a dividend per share of € 0.352, equivalent to a 65% payout, up 11% from 2022, and higher than the 4% CAGR floor of 2022.

Cash flow from operating activities, net of the ESCo contribution, amounted to € 808.5 million and fully offset investments in gas distribution.

Net debt excluding IFRS effects reached € 6,555.2 million, up from last year mainly due to the increase in working capital related to ESCo’s Superbonus activities, which will be reabsorbed in the coming years.

With reference to sustainability objectives, the many training, innovation, digitisation and energy efficiency initiatives implemented in both the industrial and civil sectors have allowed the Group to continue on its path towards reducing net energy consumption (-11.6%) and the ratio of fugitive emissions to kilometres of inspected network (-19.6%), even against the inclusion of the Enaon Group’s contributions for 2023.

At the end of December 2023, the Group had 4,297 employees, 59 more than at 31 December 2022. The presence of women in the company reached 20.3%, with women in positions of responsibility representing 28.8% of the company personnel in this role. The investment in training amounted to 173,330 hours of training provided (+30.9% compared to 2022), equivalent to an average of 40 hours per employee, of which 27,133 hours were to support digitisation.

 Paolo Gallo, CEO of Italgas, commented:

 “28 quarters of uninterrupted growth is an extraordinary result, all the more so for a Company such as Italgas, which predominantly operates in a sector that in recent years has had to deal with a particularly unstable international environment.

 Over the past year, all major economic-financial indicators have grown significantly, with adjusted EBITDA rising 9.3%, almost reaching € 1.2 billion euros, and adjusted net profit attributable to the Group increasing 11% to € 439.6 million, resulting in a proposed dividend per share of € 0,352, up 11% from last year.

 With more than € 900 million in investments, almost € 100 million more than in 2022, we further boosted the implementation of our plans to extend, repurpose and digitise a network that is ready to accommodate renewable gas. A commitment that this year also involved the territories served in Greece with around 600 km of new “digital native” networks capable of accelerating the transition to a zero-carbon economy.

 And if 2022 marked the year of the Group’s return abroad in the gas distribution sector, 2023 also saw it become one of the leading companies in the water sector with a presence stretching from Lazio to Campania and Sicily, totalling 6.2 million inhabitants served (directly or indirectly). A user basin that will soon experience the benefits of the technologies we are transferring from the gas sector with our execution capacity for an increasingly efficient service capable of returning value to the territories and communities.

With our vision of the future, based on drivers such as innovation, sustainability, circular economy and training, the Italgas Group is gradually taking the shape of a “network tech company”. In the space of just a few years, we have gone from being a gas company to also being a significant player in water, energy efficiency and IT, active in Italy and Greece, and considered a technology benchmark globally. An achievement made possible by the great commitment of our people and the desire to continue to be leaders of change”.

1Scope 2 market-based. With the same GWP of methane used for the year 2022, total emissions would have decreased by -3.9% (GWP of methane for the year 2023 equal to 29.8, according to the Sixth Assessment Report from the IPCC AR6, equal to 28 for the year 2022, according to the Fifth Assessment Report from the IPCC AR5).

2Values referring to Italian Scope

Italgas and I3P launch “NewGen Construction Site”: a call for startups for innovative sustainability

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The activity aims to identify cutting-edge solutions and technologies to accelerate the transformation of work on construction sites and promote the transition towards a new sustainable way of building.

Turin, March 11, 2024 – Italgas, leading Network Tech Company in the sectors of gas distribution, water, energy efficiency and IT, launched a new call for startups in collaboration with I3P, the Innovative Companies Incubator of Politecnico di Torino.

 

The call is aimed at seeking innovative solutions and technologies for the “NewGen Construction Site” and falls within the scope of “Ideas 4 Italgas,” an open innovation program launched by the Italgas Group in 2020 to select the best startups and SMEs to support the digital transformation of networks and the sustainability of the Group’s activities.

More specifically, this call aims to explore existing innovations both domestically and internationally that can contribute to shaping the profile of sustainable construction sites. This initiative aims to accelerate the transition process towards a new way of building energy infrastructure and working safely on construction sites of the future.

The call is open to proposals from startups and SMEs offering innovative solutions and technologies aimed at reducing environmental impact, facilitating early detection of anomalies, and optimizing operational costs associated with construction activities. Italgas has identified five main areas of interest in this regard: gas network design, construction site monitoring and safety, new network construction, waste management, and infrastructure maintenance. Participation in the initiative is free, and applications can be submitted in either Italian or English.

Companies established in Italy or abroad, preferably with teams, resources, and assets dedicated to the project being proposed, as well as working groups composed of two or more individuals who are striving to develop technological innovations stemming from research activities, are eligible to respond to Italgas and I3P’s call. Projects can be at various stages of development: from the conceptual stage to translating an idea into a prototype within the year, from having a prototype already developed and validated or awaiting validation in the market, to having a product/service already commercialized or about to be. Applications are open until May 6, 2024, on the website ideas4italgas.italgas.it, which also contains the full call for proposals. Subsequently, Italgas and I3P will evaluate the received proposals and announce the winning projects during a final event within the month of June.

 

The selected projects will have the opportunity to develop a Proof-of-Concept with Italgas, collaborating directly with the group to field-test their technological proposal and assess the feasibility of the presented use case. Additionally, teams chosen from the call will have free access to both mentorship and Italgas laboratories to explore how to integrate innovative projects into the group’s processes. They will also have access to a six-month incubation program at I3P, providing strategic consultancy and entrepreneurial training to maximize startup growth.

“Open innovation for Italgas – explained Raffaella Marcuccio, Italgas Procurement and Material Management Director – is not only an endless source of innovation and a driver of the future, but also a continuous platform for dialogue that allows the Group to grow and foster growth in the communities where it operates. With this new call, we aim to continue the virtuous path that has allowed us to select over 500 startups, test their respective technologies, and collaborate in the development of new prototypes, which in some cases have contributed to transforming our daily operations in terms of innovation and sustainability. This is precisely what we aim to achieve with this new call dedicated to the development of a new green paradigm for our construction sites”.

“We are proud to continue the Open Innovation activities initiated with the Italgas group in the previous years and to offer all startups, not just those in our network, a new tangible opportunity for collaboration with a world-class corporate entity,” commented Giuseppe Scellato, President of I3P. “The Ideas 4 Italgas program and its new call focused on construction sites of the future represent the ideal meeting point between the evolving needs of a significant market sector and the technological inventiveness of young enterprises. The role of the incubator will be to facilitate the meeting between the demand and supply of innovation, generating value for all actors involved in the process”.

****

Italgas

Italgas is a Network Tech Company, a leader in the gas, water, energy efficiency, and IT sectors. As the top operator in Italy and Greece for natural gas distribution and third in Europe, Italgas manages a network spanning over 81,000 kilometers, serving approximately 8 million customers. Through its subsidiaries in the water sector, the Group directly and indirectly serves 6.2 million people (equivalent to 10% of the Italian population) concentrated in the regions of Lazio, Sicily, and Campania.

For more information: www.italgas.it

 

I3P – Incubatore del Politecnico di Torino

The Innovative Companies Incubator of Politecnico di Torino (I3P) supports the creation and development of high-tech innovative start-ups with high growth potential, founded both by university researchers and students or by external entrepreneurs, providing strategic consulting services, coaching, mentoring, fundraising support and work spaces. Founded in 1999 in Turin, Italy, I3P is a non-profit, joint-stock consortium company with 6 equal associates: Politecnico di Torino, LINKS Foundation, Finpiemonte, the Chamber of Commerce of Turin, the Metropolitan City of Turin and Fondazione Piemonte Innova. The mission of I3P is to support the entrepreneurial ecosystem in order to enhance both the economic growth and the employment in highly innovative industry fields and areas, employing a strategy of collaboration with private subjects and institutions who are engaged in research and advanced training, in services for technology transfer, in the financing of innovation, in internationalisation towards new markets.

For more information: www.i3p.it/en

Italgas Press Office

Mirko Cafaro | +39 331 6092084 | ufficio.stampa@italgas.it

I3P Press Office

Press Play – Communication and Public Relations

Alessandro Tibaldeschi | +39 333 6692430 | ale@agenziapressplay.it

Italgas signed a €600 million Sustainability Linked financing

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Milan, March 8th, 2024 – Italgas signed a €600 million Sustainability Linked financing agreement with a pool of Italian and international banks, with a maximum maturity of 5 years.

This is a Revolving Credit Facility that will enable the Group to access a new source of financing to support future needs.

 The transaction is tied to several Key Performance Indicators (KPIs) related to the reduction of Scope 1 and 2 emissions and the representation of women in responsibility roles, in line with the targets set in the 2023-2029 Strategic Plan and the Sustainable Value Creation Plan.

 In case the objectives are not met, the contract includes a mechanism for step-up of the applicable margin.

The pool of banks consists of BNL, BNP Paribas, Cassa Depositi e Prestiti, Intesa Sanpaolo, Mediobanca, Société Générale, and Unicredit.

Officially unveiled: “Enaon”, the new identity of Greek companies within the Group

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Athens, February 14th, 2024 – Italgas has officially introduced the new identity of Greek companies, which are now named “Enaon”, the holding company, and “Enaon Eda”, the operating company.

The announcement was made by Italgas CEO Paolo Gallo during the inauguration of the new Athenian headquarters of the companies, in the presence of Italgas Chairperson, Benedetta Navarra, the Minister of Environment and Energy, Mr. Theodoros Skylakakis, the Minister of Economy and Finance, the Minister of Development, Kostas Skrekas, the Italian Ambassador to Greece, Paolo Cuculi. Sia Kossioni, journalist, moderated the event.

The establishment of Enaon and Enaon EDA, which will be responsible for the development and management of services, represents a further step forward in the reorganization process undertaken by Italgas, marked by the merger of the previous three DSOs into one, which occurred in 2023.

“Just over a year ago,” stated Paolo Gallo “we successfully concluded the acquisition of Depa Infrastructure. Today, with the presentation of Enaon, we inaugurate a new chapter in our journey. The launch of the new corporate image comes at a time when we have already successfully achieved significant goals that will enable us to work better and more efficiently. I refer to the migration of the IT system to the Cloud, the unification of the three companies into a single operator, the selection of a new headquarters where people, previously spread across multiple locations, have more space and greater comfort. Italgas confirms itself as the ideal technological and industrial partner to support Greece in the phase-out from coal and lignite towards EU decarbonization goals. Our experience in the digital transformation of networks, an enabling factor for the decarbonization of consumption, has already been made available to our colleagues and will also allow Greek distribution networks to soon accommodate biomethane, green hydrogen, and other renewable gases”.

“Today’s presentation of ENAON and the reorganizational process carried out by the company in recent months are concrete signs of Italgas’ commitment to the Greek market and further contribute to the strengthening of the partnership between our two countries. Italy and Greece indeed boast strong bilateral relations, which continue to grow thanks to the contribution of companies like Italgas that have decided to invest in this market” – stated the Italian Ambassador to Greece, Paolo Cuculi, who emphasized the role of the Italian company in a crucial sector for the development of bilateral relations.

 “The initiatives being taken with a focus on Greece through the Italgas Group -several of which were presented in detail today- are helping us to gain access to technical knowledge that will enable Greek distribution networks to be upgraded in a way that could soon accommodate biomethane and other renewable gases” stated the Minister of Environment and Energy, Mr Theodoros Skylakakis.

MEMORANDUM OF UNDERSTANDING BETWEEN ENAON AND HABIO

On the occasion of the unveiling of the new brand, Enaon has signed a Memorandum of Understanding with HABIO, the Hellenic Biogas Association, which today represents the operators of 48 production plants who have already shown great interest in converting their production into biomethane to be injected into distribution networks.

The agreement, signed by Barbara Morgante, CEO of Enaon, and Alexandros Yfantis, President of HABIO, will last for 2 years and will focus on various topics: from the development of regulatory proposals to the definition of connection parameters to the networks, from the determination of costs for the expansion and connection of plants to the promotion of sustainable biomass collection and the use of digestate as fertilizer.

The collaboration between Enaon and HABIO is strategic to accelerate the development of biomethane, in line with the objectives of the EU and the Greek government. As a renewable gas, biomethane represents an energy source that reduces dependence on foreign supplies and improves energy security. It also contributes to the circular economy and sustainable development of rural areas, generating positive impacts on local communities.

THE MEANING OF ENAON

Enaon takes inspiration from the Greek word “Αέναος” (Aenaos), which translates to “perennial” and “renewable” and, when associated with the energy sector, aims to represent a long-lasting offer capable of meeting current needs and the well-being of future generations. By simplifying its spelling to Enaon, the new brand becomes distinctive, versatile, and with a universal meaning.

Moreover, “Ena” is the Greek word for “one” and recalls the union of the 3 previous DSOs – Eda Thess, Deda, and Eda Attikis – into a single Company; “On” represents the idea of something being active, operational. Enaon, therefore, embodies the commitment to keep energy in constant flow, providing gas continuously and working to equip the country with cutting-edge, smart, and flexible infrastructure.

THE NEW HEADQUARTERS

The Enaon offices in Athens are located at the Politia Business Center:

The new Greek headquarters of the Group offers the opportunity to concentrate in one place many of the people who were previously scattered in various offices and locations across the city, thus enhancing interaction between people, exchanging professionalism and skills, and ensuring greater comfort for workers.

In the new offices, spread over 7 floors, people have access to modern, functional, and flexible spaces for a more effective balance between individual activities and group work. Overall, the architectural project aims to ensure bright, quiet environments away from sources of distraction, as well as areas equipped with tools for remote collaboration.

One of the distinctive features of the new headquarters is the complete overhaul of the ICT infrastructure, aimed at further enhancing cybersecurity. This revision, implemented with significant improvements, has aligned the Greek headquarters with the Group’s rigorous standards and best practices, effectively reducing risks associated with information and communication technologies.

Italgas confirmed in the S&P Global Sustainability Yearbook

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Milan, 7 February 2024 – Italgas has been included for the fifth consecutive year in the Sustainability Yearbook, the annual publication by S&P Global that groups world’s sustainability leaders.

Italgas confirmed its leadership with the inclusion in the ‘Top 1% S&P Global ESG Score’ category, based on the results of the 2023 Corporate Sustainability Assessment (CSA). 759 companies, out of more than 9,400 assessed, were included in the 2024 Sustainability Yearbook  based on their ESG scores in the 2023 CSA.

This achievement is further confirmation of Italgas’ focus on sustainability and proves the importance of the integration of the Sustainability Value Creation Plan with the Strategic Plan on a path that sees a continuously growing commitment of the Group to improving all aspects related to sustainability.

The confirmation in the S&P Global Sustainability Yearbook follows other important goals achieved by Italgas over the last 12 months, such as the inclusion in the DJSI Europe, in the DJSI World and in the FTSE4Good index series, the confirmation if the inclusion in the CDP Climate Change A-List, of the ESG rating Corporate of A- Prime by ISS and AA rating by MSCI ESG Ratings, and the improvement of the ESG score by Moody’s ESG Solutions.

Italgas confirmed in the A list of Carbon Disclosure Project

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Milano, February 6, 2024 – Italgas was confirmed for the second year in a row by CDP (Carbon Disclosure Project) in the “Climate A list” that groups sustainability leaders worldwide based on transparency and performance on climate change.

In 2023 CDP’s scored more than 21,000 companies worldwide investigating the topic of climate change, forests and water security. Nearly 400 of them achieved the ‘A-level’ of which 346 for climate change, 8 in Italy.

CDP assessment considers, though a proprietary questionnaire, the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, including setting of ambitious targets. In 2023, over 740 financial institutions with over US$136 trillion in assets requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform.

Italgas places bonds for 650 million euros, with demand exceeding the offer by six times

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Milan, February 1st, 2024 – Today Italgas S.p.A. (rated BBB+ stable by Fitch, Baa2 stable by Moody’s) successfully priced a new bond issue, due 8 February 2029, at fixed rate and for an amount of 650 million euros. The issuance attracted a maximum demand of 6 times allowing to increase the initial amount of 500 million euros and was characterized by high-quality and broad geographically diversified investor base.

The issuance took place under the EMTN Programme (Euro Medium Term Notes) renewed by resolution of the Board of Directors on September 29th 2023, with a total amount of 6.5 billion euros.

The bond has a maturity of 5 years, maturing in February 2029, with an annual coupon of 3.125%, and a spread of 83 basis points over the midswap

The proceeds from the issuance will be used to meet the financial needs outlined in the 2023-2029 Strategic Plan.

Joint Bookrunners of the placement, restricted to institutional investors only, were BNP Paribas, J.P. Morgan, Intesa Sanpaolo (Divisione IMI CIB), Mediobanca, Citi, Morgan Stanley, Société Générale and UniCredit.

The bond will be listed on the Luxembourg Stock Exchange.

Details of the note are as follows:

  • Amount: 650 million euros
  • Maturity: February 8th, 2029
  • Annual coupon: 3.125%
  • Issue price: 98.975

Italgas has officially started the management of Atem Belluno: planned investments totalling 135 million euros

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The expansion of the networks to 17 new municipalities is planned, adding to the current 34 ones already served by methane, bringing the number of users served to approximately 85,000, almost doubling them.

Belluno, February 1, 2024 – The official start of Italgas management of the natural gas distribution service in the Belluno territorial area begins today.

After winning the tender in 2020 and signing the Service Contract in recent days, Italgas has initiated the management of the service., which concession has a duration of 12 years and involves the implementation of a significant investment program totalling approximately 135 million euros.

“Today marks the conclusion of a long and complex journey – commented Italgas Reti CEO Pier Lorenzo Dell’Orco – and the beginning of a new and particularly challenging chapter for our company. With the beginning of Italgas management of the Atem of Belluno, we can unleash our capacity to make investments, ensuring innovation, efficiency, and sustainability for the communities. We are ready to make a difference in a partially new territory for us. The projects we already have in progress will make the network entirely digital, allowing us to accommodate and distribute renewable gases such as biomethane, synthetic methane, and, in the not-too-distant future, hydrogen”.

In the area, at the time of the tender announcement, there were 34 municipalities served by approximately 990 kilometers of networks, totaling 47,000 end-users and a Regulatory Asset Base (RAB) exceeding 43 million euros.

Among the key investments outlined in the Italgas plan, forming the foundation of the successful bid in the Competitive Tender, notable highlights include:

  • the increase in the number of users served, from around 47,000 to approximately 85,000 over the 12-year concession period;
  • the complete digitization of the network and facilities, including the installation of smart meters for 100% of current and future users;
  • the construction of approximately 300 kilometers of new networks and the methanization of additional 17 new municipalities.

The above-mentioned plan will also create a significant boost for the local economy, fostering sustainable growth in the region with positive implications for employment and communities. With Italgas, the area will acquire a cutting-edge infrastructure, ready to accommodate renewable gases.

Italgas launches a new fixed-rate bond issuance with a 5-year maturity, with an expected amount of 500 million euros

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Milan, February 1, 2024 – Italgas S.p.A. (rated BBB+ by Fitch, Baa2 by Moody’s) launched this morning a new fixed-rate bond issuance on the market with a 5-year maturity and an expected nominal value of 500 million euros.

The placement, exclusively targeted to institutional investors, is organized and led, as Joint Bookrunners, by BNP Paribas, J.P. Morgan, Intesa Sanpaolo (IMI CIB Division), Mediobanca, Citi, Morgan Stanley, Société Générale, and UniCredit.

The transaction is to be intended as pre-funding of financial needs, in line with Italgas’ strategy to optimize its debt structure.