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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 15^th 2023.

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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.

Milan, 4 May 2023 – Italgas’ Board of Directors, which met today chaired by Benedetta Navarra, having heard the favourable opinion of the Board of Statutory Auditors, resolved to appoint Gianfranco Amoroso as the Officer responsible for the preparation of financial reports pursuant to Article 154-bis of Legislative Decree 59/98, to replace Giovanni Mercante, who has been appointed as Chief Financial Officer of the Greek subsidiary DEPA Infrastructure.

Gianfranco Amoroso has been Chief Financial Officer of Italgas since 1 June 2021.

To date, as far as the Company is aware, Gianfranco Amoroso holds 56,592 shares in Italgas (equal to approximately 0.006% of the share capital) and Giovanni Mercante holds 21,917 shares in Italgas (equal to approximately 0.002% of the share capital).

The curriculum vitae of Gianfranco Amoroso is available on the Company website at https://www.italgas.it/en/gianfranco-amoroso/ .

Milan, 4 May 2023 – The Italgas’ Board of Directors, which met today chaired by Benedetta Navarra, has approved the consolidated results as at 31 March 2023 (unaudited).

Key figures

Consolidated economic and financial highlights:

• Total revenues: € 479.9 million (+35.6%)
• Gross operating margin (EBITDA): € 297.2 million (+18.9%)
• Operating profit (EBIT): € 172.5 million (+21.6%)
• Net profit attributable to the Group: € 103.6 million (+16.5%)
• Technical investments: € 175.1 million
• Cash flow from operating activities: € 107.2 million
• Net financial debt (excluding the effects pursuant to IFRS 16)¹: € 6,016.8 million
• Net financial debt ²: € 6,089.5 million

Operating highlights (including affiliates):

• Municipalities in gas distribution concessions: 2,045
• Number of active meters: 7.961 million
• Gas distribution network: 81,401 Km

Sustainability highlights:

• 24.7 10³ tCO₂ eq Scope 1 and 2 (-6.4%)
• Net energy consumption: 172.3 TJ (-17.3%)
• 25,789 km of network inspected (+24.3%)
• Fugitive emissions/km investigated: 35.02 Sm³/km (-21.8%)

In the first three months of 2023 Italgas Group’s operational activities continue in order to achieve the network’s digital transformation objectives and the sustainability targets set by the Sustainable Value Creation Plan contained in the 2022-2028 Strategic Plan. Italgas’ distribution networks – smart, digital and flexible – are ready to accommodate renewable gases, such as biomethane, hydrogen and synthetic methane, and to act as a driving force for the ecological transition while guaranteeing energy security and competitive costs for industries and citizens.

Key economic indicators continue to grow, thanks to major investments in the digitization of assets, processes and people that confirm the pivotal role of technological innovation in the Group’s development path.

During the period, € 175.1 million of investments were made, mainly for the extension, digital transformation and repurposing of networks. More specifically, 213 kilometres of new pipelines were laid in the first quarter of 2023.

The EBITDA for the first three months of 2023 amounted to € 297.2 million (+18.9% compared to 31 March 2022) and net profit attributable to the Group was € 103.6 million (+16.5% compared to 31 March 2022).

With reference to sustainability objectives, 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 (-17.3%) and Scope 1 and 2 climate-changing emissions (-6.4%), also in view of the inclusion of the DEPA Infrastructure Group’s contributions related to 2023.

 

Paolo Gallo, CEO of Italgas, commented:

The results achieved in the first quarter allow us to start 2023 under the banner of growth both in terms of performance and the business development in the countries where we operate.

All economic indicators showed double-digit growth, with EBITDA increasing by 18.9% to almost € 300 million and Group Net Profit exceeding € 100 million, up 16.5% compared to the first quarter of last year, thanks also to the contribution of the activities in Greece and the ESCo company.

The € 175 million invested in this first quarter further accelerated the digital transformation of the network that makes our networks ready to accommodate the renewable gases. Such gases are strategic for an ecological transition that ensures, in line with EU objectives, energy security and cost competitiveness for citizens and businesses.

Thanks to the commitment of the men and women of the Italgas Group, we are working to provide communities with an increasingly efficient service using cutting-edge technology; the very same technologies that we have laid at the heart of our path towards a decarbonised economy.

 

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¹ The item expresses net financial debt excluding the effects of IFRS 16 payables and the Italgas NewCo shareholder loan, inclusive of interest.

² The item does not include liabilities for € 35.0 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.

• 2022 financial statements approved;
• Dividend of € 0.317 per share (+7.5% on the previous year);
• Favourable opinion on Report on the 2023 Remuneration Policy and 2022 Compensation Paid;
• 2023-2025 Long Term Incentive Plan approved.

Turin, 20 April 2023 – The Ordinary Shareholders’ Meeting of Italgas took place today in Turin under the chairmanship of Benedetta Navarra. The meeting was attended by shareholders holding 82.52% of the share capital.

Benedetta Navarra, Chairwoman of Italgas, commented:

“Today’s Shareholders’ Meeting marks the end of another very important year for the Italgas Group. A year of positive results and growth in all areas and of winning choices that have placed the Company in the position to play a leading role in the ecological transition process and to become an international benchmark. Digitisation, technological innovation, circular economy, training, diversity and inclusion continue to be the cornerstones of our actions at the disposal of communities and territories”.

Paolo Gallo, CEO of Italgas, commented:

“Even in 2022 Italgas played its part in contributing to the achievement of the EU targets, considering that alongside decarbonisation targets it is crucial to ensure security of supply and industry competitiveness. An approach that we are also promoting in Greece, since the last months of last year marked the Group’s return abroad with the acquisition of Depa Infrastructure, the country’s main gas distribution player.

Digital transformation is pivotal to achieving these goals: within the next year we will complete the transformation of our network into a network of the future – smart, digital and flexible – able to easily receive and safely distribute renewable gases such as biomethane, hydrogen and synthetic methane, and to meet the targets of the ecological transition to the ‘net zero economy’, increasing diversification of sources at competitive costs.

In 2022 we have significantly strengthened our presence in the energy efficiency sector through Geoside, which now represents one of the main players at national level. Also, we are working to borrow the technological excellence developed in the management of gas networks into the water distribution sector. The target is to improve efficiency and service quality in a sector that historically suffers from a fragmentation of management and lack of investment.”

The Shareholders’ Meeting:

• examined the consolidated financial statements of the Italgas Group as at 31 December 2022, which closed with a net profit attributable to the Group of € 407.3 million (€ 362.8 million in 2021) and an adjusted net profit attributable to the Group of € 395.7 million (€ 367.7 million in 2021);
• approved the Italgas S.p.A. financial statements for the year as at 31 December 2022, which closed with a net profit of € 259,813,111.40 (€ 239,588,775 in 2021);
• resolved to allocate € 0.317 (+7.5% compared to the previous year) as a dividend due on each share in proportion to the shares in circulation on the coupon payment date, using the profit for the financial year amounting to € 259,813,111.40 as recorded in Italgas S.p.A.’s financial statements as at 31 December 2022. The payment of the dividend shall be enforced from 24 May 2023, with the payment date of coupon no. 7 established as 22 May 2023 and record date as 23 May 2023.

The accounting process which led to the Company drawing up an Integrated Report for the financial year 2020 was also continued for 2022, with respect to the clear objective of providing evidence of constant development toward the integration of corporate decision-making processes. Such development can be achieved through the organisation’s coherent vision in terms of its operations, risks and opportunities, with the aim to guarantee sustainable management, aimed at creating value over time in social, environmental and economic-financial sectors. For this reason, reports on performance and factors which determine and influence the company’s ability to create value (including, therefore, also non-financial information in accordance with Legislative Decree No. 254/2016) are illustrated in the “Integrated Annual Report 2022”, containing the Directors’ Report, the Consolidated Financial Statements and the Financial Statements for the Year 2022.

As regards the Report on the 2023 Remuneration Policy and the 2022 Compensation Paid, the Shareholders’ Meeting approved, with a binding vote in accordance with article 123-ter, subsection 3-ter, of Legislative Decree no. 58 of 24 February 1998 (“CLF”), Section I containing the “2023 Remuneration Policy”, and, in accordance with subsection 6 of the aforementioned article, expressed its favourable opinion with an advisory and non-binding vote on Section II in relation to the 2022 Compensation Paid.

Lastly, the Shareholders’ Meeting approved the 2023-2025 Long Term Incentive Plan, under the terms and conditions described in the Information Notice made available to the public as required by law. This tool is intended to promote the further alignment of management with the interests of Shareholders and the sustainability of value creation in the long term.

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The manager responsible for preparing the accounting and corporate documents, Giovanni Mercante, declares, pursuant to paragraph 2, Article 154-bis of the CLF, that the accounting information contained in this report corresponds to the documented results, books and accounting records.