Shares and dividends
We present here the historical data on the stock since our return to the stock market in 2016 – including capitalisation and price per share at year-end – as well as the evolution of the share capital over the last 5 years and the dividend policy.
Historical stock and key share data
Italgas shares closed 2025 at 9.515 euros per share, recording an increase which, once adjusted for the 0.406 euros dividend paid in May and for the rights detached following the capital increase executed in June, amounted to 98.2%.
Since the listing in November 2016, the total shareholder return reached 302% at year end 2025. The Company’s market capitalization exceeded 9.6 billion euros at year end, compared with just over 3 billion euros in 2016.
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Number of shares of share capital | 809 | 809 | 809 | 809 | 809 | 810 | 810 | 811 | 811 | 1.016 |
| Number of shares outstanding as at 31 December (millions) | 809 | 809 | 809 | 809 | 809 | 810 | 810 | 811 | 811 | 1.016 |
| Average number of shares outstanding in the year (millions) | 809 | 809 | 809 | 809 | 809 | 810 | 810 | 811 | 811 | 943 |
| Share price at year end (€) | 3.73 | 5.09 | 4.99 | 5.44 | 5.20 | 6.052 | 5.19 | 5.18 | 5.41 | 9.52 |
| Market capitalisation (a) (billions) | 3.02 | 4.12 | 4.04 | 4.40 | 4.26 | 4.90 | 4.21 | 4.20 | 4.39 | 9.66 |
(a) Product of the number of shares in circulation (exact number) multiplied by the official price per share at the end of the period.
Changes in share capital over the last five years
On 4 March 2026, the Board of Directors carried out a capital increase by issuing 647,789 new shares for the beneficiaries of the 2021-2023 Co-investment Plan.
The share capital thus amounts to 1,258,157,892.44 euros and consists of 1,016,334,191 shares.
|
Year |
Structure of the Share Capital |
|
2016 |
1 June 2016 – The Company is incorporated with a share capital of EUR 50,000.00, fully paid up, divided into 50,000 shares with no express par value. 7 November 2016 – At the same time as the separation from the Snam group, the Company increased its share capital to €1,001,231,518.44, divided into 809,135,502 shares with no express par value. |
|
2017 |
There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value. |
|
2018 |
There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value. |
| 2019 | There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value. |
| 2020 | There were no changes in the share capital during the year. The share capital is 1,001,231,518.44 euros, divided into 809,135,502 shares with no express par value. |
| 2021 | Following the capital increase carried out by the Board of Directors on March 10, 2021, through the issue of 632,852 new shares, the share capital amounts to 1,002,016,254.92 euros consisting of 809,768,354 shares. in Italian. |
| 2022 | Following the capital increase carried out by the Board of Directors on March 9, 2022, through the issue of 477,364 new shares, the share capital amounts to 1,002,608,186.28 euros consisting of 810,245,718 shares. |
| 2023 | Following the capital increase carried out by the Board of Directors on March 9, 2023, through the issue of 499,502 new shares, the share capital amounts to 1,003,227,568.76 euros consisting of 810,745,220 shares. |
| 2024 | Following the capital increase carried out by the Board of Directors on March 12, 2024, through the issue of 497,089 new shares, the share capital amounts to 1,003,843,958.76 euros consisting of 811,242,309 shares. |
| 2025 | Following the capital increase carried out by the Board of Directors on February 12, 2025, through the issue of 511,604 new shares, the share capital amounts to 1,004,478,347.72 euros consisting of 811,753,913 shares. |
| 2025 | Following the capital increase carried out by the Board of Directors on June 24, 2025, as approved by the Board of Directors on 28 May 2025, through the issue of 202,938,478 new shares, the share capital amounts to 1,256,122,060.44 euros consisting of 1,014,692,391 shares. |
| 2025 | Following the capital increase carried out by the Board of Directors on October 29, 2025, through the issue of 825,652 new shares, the share capital amounts to 1,257,145,868.92 euros consisting of 1,015,518,043 shares. |
| 2026 | Following the capital increase carried out by the Board of Directors on March 4, 2026, through the issue of 647,789 new shares, the share capital amounts to 1,258,157,892.44 euros consisting of 1,016,334,191 shares. |
An attractive, growing and sustainable dividend policy
We strive to ensure an attractive and sustainable return for our shareholders, as well as a low risk profile, resulting from us operating mainly in regulated markets and the strength of our capital structure.
The dividend policy to 2026, that updates the previous one, was announced in October 2025. The policy provides for the distribution of a dividend equal to the greater of (i) the amount resulting from the 2024 DPS (0.406 euros) increased by 5% per year and (ii) the DPS equal to 65% of the adjusted EPS.
The dividend relative to the fiscal year 2024 was equal to 0.406 euros per share, up 15.3% compared to the previous year.
From 2016, when Italgas shares were re-listed, to the end of 2025, dividends per share cumulatively distributed amounted to 2.54 euros. Therefore, cumulative Total Shareholder Return was 302%.