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Milan, 6 December 2021 – The rating agency Fitch has affirmed today Italgas S.p.A long-term issuer default rating at ‘BBB+’, with Stable Outlook.

The rating affirmation is based on Italgas Group’s significant growth perspectives in 2022-2027, despite the expectations of a WACC reduction for the gas distribution sector from next year onwards, as confirmed by the second consultation document published by ARERA last 12 November.

Moreover, Fitch assesses positively the potential acquisition of DEPA Infrastructure, given that it would allow Italgas to diversify its geographical footprint outside of Italy towards a growing market, benefiting from a regulatory framework that is currently favourable compared to the Italian one in terms of expected remuneration.

The rating agency also highlights that the postponement of new gas tenders and the actions planned by Italgas’ management to face a less favourable regulatory framework from 2022 on are able to support the Company’s financial strength and credit rating. The Group’s commitment to proactively manage its financial structure was also acknowledged, thanks to the transactions recently executed on both capital and banking markets, which have enabled Italgas to eliminate the short-term refinancing risk and have an adequate amount of liquidity available.

Milan, 1 December 2021 – Italgas Group today closed the acquisition of 100% of the share capital of Fratelli Ceresa S.p.A., a company specialising in the supply of energy services.

The acquisition, announced on 15 June during the presentation of Italgas 2021-2027 Strategic Plan, was finalised following the fulfilment of the conditions set in the sale and purchase agreement.

Fratelli Ceresa S.p.A., founded in 1921 and based in Beinasco (TO), has a significant portfolio of 3,700 customers, in over 800 condominiums, mainly located in the Turin area. It has revenues of around EUR 20 million and EBITDA of around EUR 3.5 million.

The transaction is based on an enterprise value of EUR 22 million, to be adjusted for the net financial position.
The acquisition of Fratelli Ceresa S.p.A. takes place through Seaside S.p.A., the Group’s Energy Service Company, and allows to further expand the reference perimeter and the portfolio of activities, as well as to capture important synergies and further opportunities also with reference to the 110% Superbonus.

Paolo Gallo, CEO of Italgas, commented: “Thanks to this transaction, the Group has been enriched with specific skills that, together with Seaside’s know-how, will enable us to offer the market a wide portfolio of services. This acquisition confirms Italgas’s role as a consolidator in a sector, such as energy efficiency, that is still very fragmented but of great importance for the achievement of the climate goals set by the European Union”.

Milan, 25 November 2021 – Moody’s Investors Service (Moody’s) has affirmed today Italgas S.p.A Long-Term Issuer rating at ‘Baa2’, Stable Outlook. The rating affirmation is based on the strong track record of operational efficiencies and on the solid financial position, as well as on the low risk profile of the gas distribution business.

In particular, the agency emphasizes the Company’s steady focus on costs optimization, achieved through technological innovation and digitization activities, the ability to execute planned investments and the persistence of an extremely low cost of debt, thanks to which the Company is able to sustain its profitability and a robust cashflow generation.

Finally, Moody’s highlights Italgas’ appointment as preferred bidder for the privatization of DEPA Infrastructure, the Greek company managing 100% of the Country’s gas distribution network.

Milan, 13 November 2021 – Italgas has been included for the first time in the Dow Jones Sustainability Index Europe and confirmed for the third consecutive year in the Dow Jones Sustainability Index World, confirming its position as one of the world’s top sustainability leaders. The two indexes are managed by S&P Global and include companies that have excelled in Europe and globally on sustainability topics.

Italgas achieved the highest score (90 points out of 100) in the GAS – Gas Utilities Industry out of 28 companies assessed in the S&P Global Corporate Sustainability Assessment (score date: 12 November 2021), with an improvement of 8 points versus last year.

The result achieved is a recognition of the Company’s strong commitment to all aspects of sustainability across its entire value chain, its daily activities and growth strategy. It also rewards the Company’s ability to develop increasingly accurate and transparent reporting.

Milan, 18 October 2021 – The Italgas’ stock was included in the MIB ESG Index, the first blue-chip index for Italy dedicated to the Environmental, Social and Governance (ESG) best practices of Borsa Italiana, part of the Euronext group.

The MIB ESG Index, made operational by Euronext in collaboration with Vigeo Eiris (V.E, part of Moody’s ESG Solutions), includes the most important Italian listed issuers that demonstrate they implement the most effective behaviors within the three main parameters of corporate social responsibility.

The inclusion of Italgas’ stock in the MIB ESG Index is a further recognition of the Company’s strong focus on the sustainability targets set in the 2021-2027 Strategic Plan (-30% in greenhouse gas emissions, -25% of energy consumption, focus on people), as well as of the strategic investment and of the contribution made, through them, to the energy transition process.

The MIB ESG Index has been launched in response to a growing demand for sustainable investment tools by investors and by the market.

Milan, 15 September 2021 – Italgas’ Board of Directors, chaired by Alberto Dell’Acqua, met today and approved the renewal of the EMTN Programme confirming  the maximum nominal amount of 6.5 billion euro.

As of today, under the current EMTN Programme the notes outstanding are in nominal amount equal to 4.59 billion euro.

The Board of Directors has also approved the issue of one or more bonds to be placed only with institutional investors within one year by the signing date of the EMTN Programme. The total amount of the bonds issued may not in any case exceed the abovementioned maximum amount. The newly bonds issued may be listed on the regulated markets.

The EMTN Programme will also allow the Company to issue ESG bonds in the form of “Sustainability-Linked Notes”, in line with the financial strategy communicated to the market during the Strategic Plan 2021-2027 presentation.

Milan, 29 July 2021 – The rating agency Fitch has affirmed today Italgas S.p.A long-term
issuer default rating at ‘BBB+’, Stable outlook.

The rating affirmation is based on Italgas’ strong growth perspectives, well highlighted in its
Strategic Plan 2021-2027 presented to the financial community last June 15 th , 2021.

In particular, the agency emphasises the continuous increase in the Company’s investment
plan despite the pandemic emergency not yet fully overcome and the solid cash flow
generation. Moreover, the Group's commitment to the digital transformation, which will
enable Italgas to achieve significant benefits in terms of operating efficiency, together with its
attitude for strategic diversification towards water distribution sector and energy efficiency,
were once again positively acknowledged.

Fitch highlights as well Italgas’ proactive approach to debt management, whereby the
Company currently relies on a solid liquidity profile and faces no refinancing risk, also thanks
to the successful liability management transactions recently carried out.

PR_Italgas – Fitch affirms Italgas rating