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Italgas obtains UNI/PdR 125:2022 gender equality certification

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Milan, September 7, 2023 – Italgas S.p.A. has obtained the UNI/PdR 125:2022 certification for gender equality, which recognizes the ability of organizations to adopt a systemic approach and cultural change capable of creating inclusive and equal working environments.

The important result, achieved after an intensive internal audit process, was attested by DNV, an independent body operating in more than one hundred countries for certification, assurance and risk management services.

The organization’s inclusiveness and respect for gender equality were ascertained through the assessment of six specific areas: culture and strategy, governance, HR processes, opportunities for growth and inclusion of women in the company, gender remuneration equity, protection of parenthood and work-life balance.

With the UNI/PdR 125:2022 certification, Italgas reaches another important milestone on the path towards the creation of an increasingly inclusive work environment, capable of valuing the diversity of people and enabling them to develop their potential.

“Gender equality – explained Italgas CEO Paolo Gallo – is a goal we have set ourselves for some time. A focus that in the latest Strategic Plan, presented last June, has been translated into even more ambitious targets, in terms of number of positions of responsibility and equal pay. These targets are part of a sustainable growth path that relies on the irreplaceable driving force of motivated people in harmony with the context”.

Gender Equality is one of the 17 Sustainable Development Goals set by the UN (Goal 5), which is also supported by PNRR Mission 5.

The Italgas stock has been confirmed for the seventh consecutive year in the FTSE4Good Index Series.

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Milan, 27 July 2023 – The Italgas stock has been confirmed for the seventh consecutive year as part of the FTSE4Good Index Series, which globally groups the best companies distinguished for their commitment to sustainable economic development.

The current review has resulted in a sustainable performance rating of Italgas at 4.3 points (out of a maximum of 5), an improvement compared to the previous score of 4.2.

The achieved result places Italgas above the Italian companies’ average and above the international sector average, confirming the Group’s strong commitment to people’s well-being, the protection of the planet, and the promotion of partnerships for sustainable development – the pillars of its Sustainable Value Creation Plan.

Italgas: consolidated results as at 30 june 2023 approved

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Milan, 25 July 2023 – The Italgas’ Board of Directors, chaired by Benedetta Navarra, met today and approved the consolidated results for the first half of 2023.

Key figures1

Consolidated economic and financial highlights

  • Total revenues: 931.8 million (+31.7%)
  • EBITDA: 607.0 million (+18.3%)
  • EBIT: 358.8 million (+21.2%)
  • Adjusted net profit attributable to the Group: 213.2 million (+14.9%)
  • Technical investments: 398.2 million
  • Cash flow from operating activities: 319.6 million
  • Net financial debt (excluding the effects pursuant to IFRS 16)2: 6,230.7 million
  • Net financial debt3: 6,314.8 million

The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest.

The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt.

Operating highlights4

  • Municipalities in gas distribution concessions: 2,045
  • Number of active meters: 7,959,758
  • Gas distribution network: 81,582 km

Sustainability highlights

  • 59.3 103 tCO2 eq Scope 1 and 2 (+8.4%)
  • Net energy consumption: 257.2 TJ (-14.7%)
  • 53,752 km of network inspected (+12.8%)
  • Fugitive emissions/km of network inspected: 50.16 smc/km (+2.3%)

In the first six months of 2023, Italgas Group’s operational activities aimed at achieving the goals of digital network transformation, the main enabler of the energy transition, and the targets set in the Strategic Plan 2023-2029 and the Sustainable Value Creation Plan continued. Italgas’ distribution networks – smart, digital and flexible – are ready to accommodate renewable gases, such as biomethane and synthetic methane, and to support a safe and cost-competitive green transition for industries and citizens.

During the first six months of the year, 398.2 million euros of investments were made and those investments were dedicated mainly to the extension, digital transformation and repurposing of networks. More specifically, 478 kilometers of new pipelines were laid in the first half of 2023. A significant contribution was dedicated to Greece, where were carried out activities worth an investment of about 50 million euros, for the completion of 311 kilometers of new pipelines, more than half of which related to the methanization plan in DEDA’s sphere of responsibility.

EBITDA for the first six months of the year amounted to 607.0 million euros (+18.3% compared to June 30, 2022) and net income attributable to the Group was 213.2 million euros (+14.9% compared to June 30, 2022).

With reference to sustainability goals, the significant contribution of the various innovation, digitisation and energy efficiency initiatives, both in the industrial and civil sectors, as well as the training activities aimed at informing employees on energy efficiency issues, have allowed the Group to continue on its path towards reducing net energy consumption (-14.7%) and related emissions (-12.0%), even against the inclusion of the DEPA Infrastructure Group’s contributions related to 2023.

Paolo Gallo, CEO of Italgas, commented:

The first half of 2023 shows a trend in continuity with past years, under the banner of steady growth and performance of excellence at the service of development in the countries where Italgas is present and operates.

The results achieved confirm the centrality of gas networks – smart, digital and flexible – and the Italgas Group in achieving the REPowerEU targets and, through them, a safe and competitive ecological transition.

All economic indicators showed double-digit growth with EBITDA reporting an increase of 18.3% to more than 600 million euros and Group Net Income of 213.2 million euros, up 14.9 % compared to the first half of last year, thanks in part to the development of activities in Greece and those in the field of energy efficiency.

With nearly 400 million euros invested in the first half of the year, the Company is confirmed as one of the leading industrial entities in terms of its ability to invest and ground projects that can help improve people’s quality of life. We have laid the foundations to play our part in the management of water services as well: by taking advantage of the technologies developed for gas and applying them to this sector, it will be possible to achieve immediate results in terms of efficiency and cost-effectiveness of the service for territories and communities.

The goal of carbon neutrality to 2050 is achievable through progressive reductions in net energy consumption and Scope 1, 2, and 3 emissions, and the results we achieve quarter after quarter prove it. Not only that. To actively promote further change, we have also introduced new targets referring to gender pay equity and the development of skills and enhancement of resources: actions that are indispensable for continuing to focus on innovation and putting it to value for the entire Group.

1 Data as of June 2023 includes the Greek DEPA Infrastructure group.

2 The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest.

3 The item does not include liabilities for € 35.5 million consisting of the pro-rata share of the shareholder loan, including interest, to Italgas NewCo S.p.A, subordinated and convertible into shares, subscribed by the shareholder Phaeton Holding SA, deemed not to be financial debt.

4 Data as of June 2023 includes the Greek DEPA Infrastructure group

In San Francisco, Italgas has established a technological outpost

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In San Francisco, Italgas has strengthened its presence in the heart of Silicon Valley by opening a “technological outpost” at INNOVIT, the Italian Innovation and Culture Hub in San Francisco. The new Italgas desk in the US will facilitate interaction between the company and the Silicon Valley ecosystem.

Italgas CEO Paolo Gallo emphasized how this outpost will offer significant advantages due to its proximity to the world’s leading center for innovation and business opportunities. At the same time, Italgas will become a reference point for start-ups interested in developing cutting-edge solutions in the energy sector.

The opening of the technological outpost in San Francisco confirms Italgas as a pioneer in the global energy sector, able to take advantage of the opportunities offered by innovation and lead the transition to a sustainable future.

Italgas: 2023 return for Greek DSOs set at 8.57%

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Milan, 13 July 2023 – Italgas informs that RAEWW, the Greek Regulatory Authority for Energy, Waste, and Water Regulation, has disclosed the return (WACC – Weighted Average Cost of Capital) on the RAB (Regulated Asset Base) for 2023 for EDA Thess, EDA Attikis and DEDA (Italgas’ Greek DSOs), setting it at 8.57% (compared to 7.03% in 2022).

The decision was taken in accordance with the provisions of article 260 of Law 5037/2023.

The full document in its original language from RAEWW is available at the link https://www.rae.gr/apofaseis_/67961/

Sustainability for SMEs

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Free training opportunities for companies with fewer than 250 employees.

The growing attention to sustainability issues and the need to measure, manage and mitigate ESG (Environmental, Social and Governance) risks have always driven Italgas to promote and foster a sustainable approach not only for the Group, but also for its suppliers.

The issue of sustainability is a key success factor for the Group and it is an increasingly important and prioritized issue for value creation.

It is a priority objective of the Group to promote the development of our suppliers, supporting practical initiatives to qualify, empower and develop Small and Medium Enterprises, in line with the guidelines set out in the Sustainable Value Creation Plan 2022- 2028.

To this end, we promoted an initiative by Sustainability Makers, an Italian association that has been working for more than 15 years on the definition and implementation of sustainability strategies and projects, for a sustainability training course for those who manage sustainability issues in companies with fewer than 250 employees.

Interested suppliers who subscribed and will attend at least 80% of the course will receive a certificate of attendance.

Valore D – gender equality

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How inclusive is your company? – engagement project for all companies that want to map and measure Diversity, Equity and Inclusion policies.

For Italgas Group, social sustainability is a key success factor and it is an increasingly important and prioritized issue for value creation.

According to the United Nations Global Compact, social sustainability in business is about identifying and managing business impacts, both positive and negative, on people within the company, in the supply chain, and in the community in which the company operates. Inclusive growth means reducing inequality of income and opportunity and promoting empowerment and equal opportunity.

To this end, we are committed to fostering a culture in which people recognize the value brought by diversity, and we are developing new programs and initiatives dedicated to inclusion in the most diverse meanings, not only for Group employees, but also towards our suppliers.

Thanks to the collaboration with ValoreD, the first Italian association that for over 10 years has been committed to spreading a culture of inclusion and gender equality, we are now offering you the compilation of the Inclusion Impact Index Plus, a free and digital tool, able to analyze inclusion in all its forms.

At the end of the self-assessment, a report will be released that summarizes your performance with respect to diversity, equity and inclusion issues and allows you to compare your results with the industry benchmark and the market. The Index allows a structured and measurable approach of the company on inclusion issues and it is a useful support to consciously start the process of certifying gender equality, introduced by Law 162/2021 in implementation of the NRP.

Thus, two training and awareness-raising meetings on the importance of social sustainability in business are planned, since positive impact on the community can be increased only by joining forces.

Changes to Italgas’ calendar of corporate events

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Change of date of the Press Release relating to the results as at June 30th, 2023

Milan, 19 June 2023 – Italgas announces that the publication of the press release relating to the approval of the results as at June 30th, 2023 has been moved forward from July 26th to July 25th 2023, following its approval by the Board of Directors.

Consequently, the conference call to present the results to institutional investors and financial analysts will be held in the afternoon of July 25th 2023.

Italgas presents the Strategic Plan 2023-2029

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Investments of € 7.8 billion for the development and digital transformation of assets, strengthening in Greece, and becoming a key player in the water distribution and energy efficiency sectors, while continuing to play a leading role in achieving EU climate goals. Dividend policy updated and extended until 2026.

London, June 15, 2023 – Italgas CEO, Paolo Gallo, presents today to analysts and investors the Group’s Strategic Plan for the period 2023-2029, approved today by the Company’s Board of Directors chaired by Benedetta Navarra.

The new plan includes total investments of €7.8 billion, mainly dedicated to interventions for asset development and gas distribution activities in Italy and Greece, energy efficiency activities, and water sector development. In this sector, following the recently announced acquisition agreements of Veolia’s assets, the Group expects to seize additional growth opportunities.

The 2023-2029 plan also confirms a strong commitment to creating a fully digitized network, ready for the distribution of renewable gas and therefore serving the ecological transition.

In line with the strategic choices made in recent years by the Group, the Plan aims to promote the ecological transition while ensuring energy security and cost competitiveness of energy, benefiting both companies and households.

The Group can rely on a solid and efficient financial structure – built in previous years – despite a more volatile macroeconomic scenario. Thanks to this financial structure, the new dividend policy, extended until 2026, continues to provide shareholders with the opportunity to benefit from growth through a payout ratio of 65%, while also offering protection with a minimum annual growth guarantee of 4%1.

The plan revolves around ESG principles and addresses sustainability challenges by confirming net energy consumption reduction targets and Scope 1, 2, and 3 emissions reduction targets for the entire Group, including Depa Infrastructure, by 2028 and 2030, in line with the carbon neutrality target by 2050. To further drive change, it also introduces new targets related to gender pay equity and the development and valorization of skills and resources.

Highlight 

  • Total investments amounting to €7.8 billion.
  • €4.6 billion for the development, digitalization, and repurposing of the Italian gas distribution network.
  • €0.9 billion for the development of the distribution network in Greece to support the country’s decarbonization goals.
  • €0.8 billion to accelerate growth in the water and energy efficiency sectors.
  • €1.5 billion for Atem tenders.
  • Optimization of the financial structure, maintaining solid investment-grade ratios.
  • Dividend policy: Extension of the dividend policy until 2026, with a confirmed payout ratio of 65% and a 4% DPS growth floor, now based on the 2022 figures.
  • Goals for reducing Scope 1 and Scope 2 greenhouse gas emissions by 34% by 2028 and 42% by 2030, Scope 3 (supply chain) emissions by 30% by 2028 and 33% by 2030, and energy consumption by 27% by 2028 and 33% by 2030 (baseline 20202).
  • “Net Zero” target by 2050.
  • Strong focus on the people driving the ecological transition, with an emphasis on training and promoting diversity, equal opportunities, and inclusion

Italgas CEO, Paolo Gallo, stated:

 Since the outbreak of the war in Ukraine, the EU has been grappling with a challenging equation that sees the ecological transition as an essential goal but not at any cost. It is necessary to ensure energy security and an appropriate level of energy costs for families and businesses.

 The vision and strategic choices made in recent years position Italgas to significantly contribute to this solution through digitalized, flexible, and intelligent networks capable of accommodating renewable gas. These networks enable source diversification, consumption decarbonization, and greater efficiency and cost-effectiveness.

With €7.8 billion, the Group reaffirms its position among the leading industrial entities capable of leveraging its design, investment, and value creation capabilities to serve the sustainable development objectives of the countries in which it operates.

The largest portion of investments is once again dedicated to the development, digital transformation, and repurposing of the gas distribution network. After twenty years, this network now extends to Greece, where the application of Italgas’ most advanced technologies in the sector will enhance the efficiency and quality of gas distribution services and the work of Depa Infrastructure Group’s personnel.

Water distribution and energy efficiency represent two important sectors for the Group’s diversification and development. With €800 million, we aim to become a benchmark player in these sectors, leveraging the technologies developed for gas. The digitalization of water networks and energy efficiency are drivers capable of delivering more efficient services, reducing losses, and generating wealth for communities and regions.

Digitalization, decarbonization, circular economy, training, diversity, and inclusion remain strategic factors for achieving our growth objectives. The results will depend on our ability to continue betting on innovation and leveraging it through our people.

1Compared to the 2022 dividend.

2Calculated on the entire Group perimeter.

Italgas postpones the Board of Directors meeting for the approval of the 2023-2029 strategic plan

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Milan, June 12, 2023 – Considering the national mourning declared for June 14th, 2023 following the passing of President Silvio Berlusconi, Italgas informs that the Board of Directors meeting scheduled for June 13, aimed at approving the 2023-2029 Strategic Plan, has been postponed to June 15.

Consequently, the presentation of the Strategic Plan to the financial community will also take place on the same day, June 15th 2023.

Italgas posticipa il Consiglio di Amministrazione per l’approvazione del piano strategico 2023-2029

Milano, 12 giugno 2023 – In considerazione del lutto nazionale proclamato per il 14 giugno, Italgas informa che il Consiglio di Amministrazione convocato il 13 giugno per l’approvazione del Piano Strategico 2023-2029 è stato rinviato al 15 giugno.

Conseguentemente, anche la presentazione alla comunità finanziaria del Piano Strategico avverrà nella stessa data, 15 giugno 2023.