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Italgas: New EMTN Programme Established and Listed in Italy

Milan, July 10 2025 – Italgas announced today the establishment of a new Euro Medium Term Notes (EMTN) Programme with a maximum nominal amount of €5 billion.

The programme, approved today by the Commissione Nazionale per le Società e la Borsa (CONSOB), provides for the issuance of one or more non-convertible bond loans to be executed within one year, intended exclusively for institutional investors.

The new Italgas EMTN Programme is the first and innovative example of a plan for companies in Italy that enables the issuance of dematerialized securities, listed on the Mercato Telematico delle Obbligazioni (“MOT”), managed by Borsa Italiana S.p.A. It is fully aligned with the Italgas Group’s commitment to promoting the development of the domestic bond market.

The establishment of the new EMTN Programme was celebrated with a “Ring the Bell” ceremony held this morning at Palazzo Mezzanotte, in Piazza degli Affari in Milan, attended by representatives from Italgas, CONSOB and Euronext-Borsa Italiana.

Italgas: Moody’s Ratings affirms Rating and Outlook

Milan, July 4 2025 – Rating agency Moody’s today affirmed the long-term credit rating of Italgas S.p.A. (“Italgas”) at ‘Baa2’, with a Stable Outlook.

The same ‘Baa2’ rating has been affirmed to the outstanding bonds issued by Italgas, as well as to those originally issued by 2i Rete Gas and now assumed by Italgas Reti.

The affirmation of the ‘Baa2’ rating follows the completion of Italgas’ acquisition of 2i Rete Gas and the subsequent merger with Italgas Reti, effective as of 1 July 2025, reflecting Italgas’ position as a leading gas distribution operator in Europe, the Group’s operational efficiency, and the stability of the Italian regulatory framework.

Moody’s highlights that Italgas’ rating remains tied to the company’s exposure to the sovereign risk of the Italian State (‘Baa3’, Positive Outlook).

Italgas: S&P Global Ratings assigns BBB+ rating

Milan, July 1 2025 – The rating agency S&P Global Ratings today assigned to Italgas S.p.A. (“Italgas”) and Italgas Reti S.p.A. (“Italgas Reti”) a long-term Issuer Rating of BBB+, Stable Outlook.

 

The rating action follows the completion of 2i Rete Gas S.p.A. (“2i Rete Gas”) acquisition and the subsequent merger by incorporation of 2i Rete Gas into Italgas Reti, effective as of today.

 

The same BBB+ rating has been extended to the outstanding bonds issued by Italgas, as well as to those originally issued by 2i Rete Gas and now assumed by Italgas Reti.

 

The rating reflects Italgas’ position as the leading gas-distribution operator in Europe, strengthened by the acquisition of 2i Rete Gas and by the anticipated operational efficiencies and additional synergies arising from the integration of the two companies.

 

The agency also highlights Italgas’ sound liquidity profile, further supported by the capital increase recently completed on June 24th 2025.

Changes to Italgas’ calendar of 2025 corporate events

Milan, 27 June 2025 – Italgas announces that the meeting of the Board of Directors for the approval of the results for the first half of 2025, initially scheduled for 24 July 2025, has been brought forward to 23 July 2025.

The related press release will be issued on the morning of 24 July 2025, before the opening of the financial markets. The conference call to present the results to investors and financial analysts will be held on the same day.

As usual, the time of the conference call will be provided in the results press release and in the invitation that will be sent to investors and financial analysts.

The Board of Directors of Italgas appoints the members of the Board Committees and Chairmen

Milan, 27 June 2025 – The Board of Directors of Italgas, which met today under the chairmanship of Paolo Ciocca, in line with the provisions of the Corporate Governance Code, to which the Company abides, has confirmed that the following Committes have been established and has appointed their members:

Control, Risk and Related Party Transactions Committee

  • Gianmarco Montanari* (Chairperson)
  • Costanza Bianchini*
  • Erika Furlani*

Appointments and Compensation Committee

  • Cecilia Andreoli* (Chairperson)
  • Fabio Barchiesi**
  • Erika Furlani*

Sustainable Value Creation Committee

  • Alessandra Faella* (Chairperson)
  • Costanza Bianchini*
  • Qinjing Shen**

* Independent non-executive director pursuant to the TUF and the Corporate Governance Code

** Non-executive director

The Board of Directors has therefore verified that at least one member of the Control, Risk and Related Party Transactions Committee and of the Appointments and Compensation Committee fulfils the requirements in terms of knowledge and experience set out in the Corporate Governance Code.

As of today, it should be noted that, to the best of the Company’s knowledge, Gianmarco Montanari holds 250 shares of Italgas S.p.A. among the members of the above-mentioned Committees.

The curriculum vitae of the members of the Committees are available on the Italgas website on the Board of Directors page.

Italgas S.p.A.: assessment of the requirements of Directors and Statutory Auditors

Milan, 26 May 2025 –The Board of Directors, which met today under the chairmanship of Mr Paolo Ciocca, on the basis of the information provided by the parties concerned, verified – with reference to all 9 Directors – compliance with the limitations on the accumulation of offices pursuant to the Resolution of Italgas’ Board of Directors of 16 December 2024, who have no cause of ineligibility or incompatibility and who each possess the integrity requirements laid down by current legislation; it also determined, on the basis of declarations made that the Chairperson, Paolo Ciocca, and the Directors Cecilia Andreoli, Costanza Bianchini, Erika Furlani, Alessandra Faella and Gianmarco Montanari possess the requirements of independence required by the articles 147-ter, subsection 4, and 148, subsection 3, of the Consolidated Law on Finance and by Article 2 of the Corporate Governance Code (also in consideration of the qualitative and quantitative criteria approved by the Board of Directors to assess the importance of commercial, financial or professional relationships and additional remuneration).

The Board of Directors, on the basis of the assessments carried out by the Board of Statutory Auditors, also acknowledged that there were no causes of ineligibility, forfeiture and incompatibility as regards the Statutory Auditors and that they possess the requirements of professionalism and integrity prescribed in accordance with Italian Ministerial Decree No. 162 of 30 March 2000, as specified in art. 20.1 of the Bylaws, comply with the limits of accumulation of offices held, and possess the requirements of independence envisaged by the law and by the Corporate Governance Code (also considering the above mentioned qualitative and quantitative criteria).

The Board also verified that the composition of the Board itself and of the Board of Statutory Auditors complied with the provisions of the law and bylaws in force on gender equality. As of today the Company specifies, to the best of its knowledge, that Paolo Gallo holds 655,787 shares of Italgas S.p.A. and Gianmarco Montanari holds 200 shares of Italgas S.p.A..

The curricula vitae of Directors and Statutory Auditors are available on the website, on the Board of Directors and Board of Statutory Auditors pages, respectively.

Italgas Board of Directors Appoints Paolo Gallo as CEO

Milan, 13 May 2025 – The Board of Directors of Italgas, which met today in Milan in full attendance under the chairmanship of Paolo Ciocca, appointed Paolo Gallo as Chief Executive Officer. He has been granted all management powers of the Company, with the exception of those reserved by law, the By-laws, or specific Board resolutions to the Board itself or to the non-executive Chairman. The CEO is also entrusted with the role of Chief Executive Officer in relation to the establishment and maintenance of an effective internal control and risk management system.

 

As of today, the Company that, to the best of its knowledge, Paolo Gallo holds  655,787 shares of Italgas S.p.A. and Gianmarco Montanari holds 200 shares of Italgas S.p.A.

The Shareholders’ Meeting approves the 2024 Financial Statements and renews corporate bodies: Paolo Ciocca appointed Chairman

  • 2024 financial statements approved
  • Dividend of €0.406 per share (+15.3% compared to the previous year)
  • Favorable resolutions on the 2025 Remuneration Policy Report and on the 2024 Compensation Paid

Turin, 13 May 2025 – The Ordinary Shareholders’ Meeting of Italgas was held today in Turin under the chairmanship of Benedetta Navarra, with 76.30% of the share capital represented.

Benedetta Navarra, outgoing Chairperson of Italgas, commented:

A remarkable three-year term comes to an end, during which the Group has become a Network Tech Company. Italgas made this path a reality day by day with a vision and a capacity for innovation in support of a growth trajectory that has successfully combined sustainable development, value creation and energy transition. I conclude this experience with pride and satisfaction for having helped write a new chapter in the history of Italgas and of our country.

Paolo Gallo, CEO of Italgas, commented:

With today’s Meeting, we close another year marked by exponential growth. This progress is reflected in a dividend of €0.406 per share, a 15% increase compared to last year. This is a record dividend in the history of our Group, further demonstrating our strong commitment to generating value for all our stakeholders.

Our travel direction has long been clear and assigns Italgas a leading role on the road to net zero. The new scale achieved in recent months, as a result of the significant work done in 2024, and our technical and technological expertise are strategic levers that place us in the best position to lead change.

I would like to thank the Chairperson Navarra, the Board Members, and the Board of Statutory Auditors for their valuable contributions over the years, as well as the Company’s Shareholders for consistently supporting and sharing our vision and for the renewed trust that allows me to continue leading the Group to complete the construction of a major player serving  the Countries and their development goals.”

The Shareholders’ Meeting:

  • reviewed the consolidated financial statements of the Italgas Group as of 31 December 2024, which closed with a net profit attributable to the Group of €478.8 million (€439.5 million in 2023) and an adjusted net profit attributable to the Group of €506.6 million (€439.6 million in 2023);
  • approved the financial statements of Italgas S.p.A. as of 31 December 2024, which closed with a net profit of €422.4 million (€301.4 million in 2023);
  • resolved to distribute a dividend of €0.406 per share (+15.3% compared to the previous year), using the profit of €422.4 million from the 2024 financial statements of Italgas S.p.A. The dividend will be payable from 21 May 2025, with the ex-dividend date for the coupon no. 9 set for 19 May 2025 and the record date on 20 May 2025.

Performance reporting and the factors determining and influencing the Company’s ability to create long-term value in social, environmental, and economic-financial areas (including the consolidated sustainability reporting pursuant to Legislative Decree No. 125/2024) are illustrated in the ‘2024 Integrated Annual Report’.

As for the Report on the 2025 Remuneration Policy and on the 2024 Compensation Paid, the Shareholders’ Meeting approved, with a binding vote pursuant to Article 123-ter, paragraph 3-ter, of Legislative Decree No. 58 of February 24, 1998 (“CLF”), Section I containing the “2025 Remuneration Policy”, and, pursuant to paragraph 6 of the same article, expressed a favourable opinion with a non-binding advisory vote on Section II concerning the compensation paid in 2024.

The Shareholders’ Meeting also adopted the following resolutions:

  • Appointed the Board of Directors for a three-year term, i.e., until the date of the Shareholders’ Meeting called to approve the financial statements as of 31 December 2027, composed of:

    • Paolo Ciocca
    • Paolo Gallo
    • Qinjing Shen
    • Cecilia Andreoli
    • Fabio Barchiesi
    • Costanza Bianchini
    • Erika Furlani

These members were taken from list no. 1 jointly submitted by shareholders CDP Reti S.p.A. and Snam S.p.A., who jointly hold 39.42% of Italgas’ share capital. This list obtained the majority of the votes cast, equal to about 54.23% of the share capital represented at the meeting;

  • Gianmarco Montanari
  • Alessandra Faella

taken from minority list no. 2 submitted by Inarcassa Cassa Nazionale di Previdenza ed Assistenza per gli Ingegneri ed Arichitetti Liberi Professionisti (“Inarcassa”), holder of 1.372% of Italgas’ share capital, which obtained votes equal to approximately 31,83% of the share capital represented at the meeting. No directors were appointed from minority list no. 3 submitted by some Institutional Investors1, in accordance with the appointment mechanism set out in the Company’s bylaws.

The Meeting elected Paolo Ciocca as Chairman of the Board of Directors.

Paolo Ciocca, Cecilia Andreoli, Costanza Bianchini, Erika Furlani, Gianmarco Montanari and Alessandra Faella declared that they meet the independence requirements pursuant to Articles 147-ter, paragraph 4, and 148, paragraph 3, of the CLF and Article 2 of the Corporate Governance Code. Over two-fifths of the new Board Members (4 out of 9) belong to the less represented gender (female), in accordance with current gender balance regulations.

The Shareholders’ Meeting determined the gross annual remuneration for each director to be €50,000, in addition to reimbursement of expenses incurred in relation to the office.

The Meeting also:

  • Appointed the Board of Statutory Auditors for a three-year term, i.e., until the date of the Shareholders’ Meeting called to approve the financial statements as of 31 December 2027, composed of:

    • Giulia Pusterla, Chair;
    • Eliana Quintili, Statutory Auditor;
    • Maurizio Di Marcotullio, Statutory Auditor;
    • Stefano Podda, Alternate Auditor;
    • Maurizio De Filippo, Alternate Auditor.

The Chair of the Board of Statutory Auditors Giulia Pusterla and Alternate Auditor Maurizio De Filippo were taken from the minority list no. 2 submitted by Inarcassa, holder of 1,372% of Italgas’ share capital, which received approximately 32.09% of the capital represented at the meeting. Statutory Auditors Eliana Quintili and Maurizio Di Marcotullio and Alternate Auditor Stefano Podda were taken from list no. 1 submitted by shareholder CDP Reti S.p.A., holder of 25.96% of Italgas’ share capital, which received the majority of the votes cast, equal to about 53.77% of the capital represented at the meeting. From minority list no. 3 submitted by certain institutional investors, no members of the Board of Statutory Auditors were appointed, in accordance with the appointment mechanism established by the Company’s By-laws.

  • The Shareholders’ Meeting represented the gross annual remuneration for the Chair of the Board of Statutory Auditors and each Statutory Auditor at €70,000 and €45,000, respectively, in addition to reimbursement of expenses incurred in relation to the office.

The CVs of the Directors and Statutory Auditors are available on the website www.italgas.it, on the pages Board of Directors and Board of Statutory Auditors, respectively.

As of today, it is noted that, to the Company’s knowledge, Paolo Gallo holds 655,787 shares of Italgas S.p.A. and Gianmarco Montanari holds 200 shares of Italgas S.p.A.

The Shareholders’ Meeting thanks the previous Board of Directors and Board of Statutory Auditors for their work during the 2022–2024 term.

***

The officer responsible for the preparation of the Company’s accounting documents, Gianfranco Maria Amoroso, declares, pursuant to paragraph 2, Article 154-bis of the CLF, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.


1 Anima Sgr S.p.A., manager of the fund Anima Iniziativa Italia; Arca Fondi Sgr S.p.A., manager of the fund Fondo Arca Azioni Italia; BNP Paribas Asset Management; Eurizon Capital S.A., manager of the Eurizon Fund sub-funds: Italian Equity Opportunities and Equity Italy Smart Volatility, as well as of Eurizon Next 2.0, sub-fund Strategia Azionaria Dinamica, and of the Epsilon Fund sub-funds: Enhanced Constant Risk Contribution, Euro Q-Equity, Q-Flexible, and Q-Multiasset ML Enhanced; Eurizon Capital SGR S.p.A., manager of the funds: Eurizon Am Rilancio Italia Tr, Eurizon Pir Italia Azioni, Eurizon Azioni Italia, Eurizon Rendita, Epsilon Qvalue, Epsilon Qreturn, Epsilon Dlongrun, Epsilon Qequity, Eurizon Progetto Italia 70, and Eurizon Progetto Italia 40; FAM Series UCITS ICAV, manager of the funds: Dynamic Profile Fam IV, Dynamic Profile Fam, Dyn Pro Fin Am Fund II, and Dynamic Profile Fam I; Fidelity Funds – Italy; Kairos Partners Sgr S.p.A., acting as Management Company of Kairos International Sicav – Comparto Key; Mediolanum International Funds Limited – Challenge Funds – Challenge Italian Equity; and Mediolanum Gestione Fondi Sgr S.p.A., manager of the funds Mediolanum Flessibile Futuro Italia and Mediolanum Flessibile Sviluppo Italia.

Italgas: the Board of Directors approved 2025 guidance

Milan, May 7th, 2025 – Italgas’ Board of Directors, which met yesterday, approved the guidance of the year which includes the contribution of 2i Rete Gas for nine months from April 1st, 2025.

 

Guidance 2025

  • Total Revenues adjusted: ca. 2.45 billion euros
  • Adjusted EBITDA: 1.80-1.85 billion euros
  • Adjusted EBIT: 1.12-1.16 billion euros
  • Technical investments: ca.1.2 billion euros
  • Net financial debt: ca. 10.8 billion euros1

 

The disposal process of around 600,000 PDRs in compliance with the prescriptions of the Italian Competition and Market Authority (AGCM) is expected to be completed in line with the regulator’s requirements. For guidance purposes, the related impacts are expected to materialize at the beginning of 2026.

Total revenues adjusted of regulated gas distribution activities are expected to grow, despite the WACC reduction in Italy, thanks to the contribution of 2i Rete Gas, the increase of the RAB in Italy and Greece, and the update of the revaluation rate of capital and of the regulatory opex in Italy. Added to these results is the contribution of Acqua Campania and the improved performance of the energy efficiency business. Cost control will enable further operational efficiencies and the first synergies following 2i Rete Gas integration will emerge.

 

Net financial debt is expected to grow mainly due to the acquisition of 2i Rete Gas, net of the proceeds of the capital increase.

In light of this operating guidance, the EPS accretion is expected to be positive as early as 20252


1 The net financial debt expected for 2025 excludes the effects pursuant to IFRS 16 and IFRIC 12

2 Compared to a scenario of non-consolidation of 2i Rete Gas and after applying IAS 33

Italgas: consolidated results as at 31 march 2025 approved

Milan, 7 May 2025 – The Italgas’ Board of Directors, which met yesterday, chaired by Benedetta Navarra, has approved the consolidated results as at 31 March 2025.

Highlights1

  • Total revenues and other income adjusted: 459.3 million euro (+6.5%)
  • EBITDA: : 399.7 million euro (+22.7%)
  • Adjusted EBITDA: 345.3 million euro (+6.0%)
  • Adjusted EBIT: 225.4 million euro (+17.0%)
  • Net profit attributable to the Group: 168.7 million euro (+43.5%)
  • Adjusted net profit attributable to the Group: 132.6 million euro (+12.8%)
  • Technical investments: 165.7 million euro
  • Cash flow from operating activities: 412.1 million euro
  • Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 6,466.8 million euro
  • Net financial debt: 6,555.9 million euro

 

 

Italgas also begins the 2025 financial year with the growth that has distinguished the Group since its return to the Stock Exchange in November 2016, as confirmed by all economic indicators.

With the completion of the acquisition of 2i Rete Gas on 1 April, Italgas became the European leader in gas distribution, changing the face of a historically fragmented sector. Today, it represents a player capable of strengthening the country’s energy security, accelerating the achievement of decarbonisation targets and continuing to create value for all stakeholders.

The integration process of 2i Rete Gas into the Italgas Group has begun, in line with the 2024-2030 Strategic Plan: the initial phase is focused on the corporate and information systems integration to quickly deliver the first synergies. At the same time, a digitisation programme of 2i Rete Gas network and plants is being launched, together with the implementation of artificial intelligence initiatives aimed at improving performance and service quality on a large scale.

In the first quarter of 2025, the Italgas Group reported total revenues and other income adjusted of 459.3 million euro, an increase of 6.5%, while adjusted EBITDA grew by 6.0% to 345.3 million euro, despite the significant reduction in WACC.

Cash flow from operating activities, equal to 412.1 million euro and increasing by 70.5 million euro compared to the corresponding period in 2024, more than ensured full coverage of investments and explained the reduction in net financial debt by more than 200 million euro in the quarter. Specifically, the technical investments in the first three months of 2025 reached 165.7 million euro, with the construction of approximately 140 km of gas distribution networks aimed at strengthening the service in the concession areas. Furthermore, the digital transformation activities continued, with the application of cutting-edge technologies capable of further evolving management towards increasingly advanced remote operation and automation of processes.

In the water sector, the activity focused on the integration of the Group’s companies, with the aim of increasing operational efficiency, reducing network losses by means of the technological upgrade of the plants and improving the quality of service.

Finally, in the energy efficiency sector, the foundations were laid for a technologically advanced and tailor-made offer for the industrial sector, large condominiums and public administration, featuring solutions designed to guarantee efficiency and energy saving.

 

Paolo Gallo, CEO of Italgas, commented:

 

“Following an exceptional 2024, the new year has also begun with growth and resilience for our Group. A path that found completion during the quarter and resulted, with the closing of the 2i Rete Gas acquisition, in the emergence of the new leading gas distribution operator in Europe.

 

The financial and economic indicators showed further improvement, in many cases with double-digit growth. Among the key results, Adjusted EBITDA rose by 6%, reaching 345.3 million euro, while the Group’s Adjusted Net Profit exceeded 130 million euro, marking a 12.8% increase compared to the first quarter of the previous year. More than 160 million euro have already been invested, providing further impetus to the development and digital transformation of networks and systems.

 

The challenge that awaits us in the coming months is to quickly seize all the opportunities arising from the acquisition of 2i Rete Gas, identify new ones and carry out the digital upgrade of the 72,000 kilometers of networks acquired with the aim of creating value for all our stakeholders, investors and communities served.”


1 The financial information as at 31 March 2025 does not include data from the 2i Rete Gas Group, as the acquisition was completed on 1 April 2025.