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 2021 at 5.19 euros per share. From its return to listing on 7 November 2016 to 31 December 2022, the share price rose by 30.7%. Including dividends, the total shareholder return was 71.8% over the same period. Our market capitalisation exceeded 4.1 billion euros at the end of 2022 compared to just over €3 billion in 2016.

  2016 2017 2018 2019 2020 2021 2022
Number of shares of share capital 809 809 809 809 809 810 810
Number of shares outstanding as at 31 December (millions) 809 809 809 809 809 810 810
Average number of shares outstanding in the year (millions) 809 809 809 809 809 810 810
Share price at year end (€) 3.73 5.09 4.99 5.44 5.20 6.052 5.19
Market capitalisation (a) (billions) 3.02 4.12 4.04 4.40 4.26 4.90 4.21

(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 9 March 2023, the Board of Directors carried out a capital increase by issuing 499,502 new shares for the beneficiaries of the 2018-2020 Co-investment Plan. The share capital thus amounts to 1,003,227,568.76 euros and consists of 810,745,220 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. 

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 new dividend policy, that updates and extends to 2026 the previous one was announced in June 2023. The policy provides for the distribution of a dividend equal to the greater of (i) the amount resulting from the 2022 DPS (0.317 euros) increased by 4% per year and (ii) the DPS equal to 65% of the adjusted EPS.

The dividend relative to the fiscal year 2022 was equal to 0.317 euros per share, up 7.5% compared to the previous year and up 7.4% CAGR versus 2019.

From 2016, when Italgas shares were re-listed, to the end of 2022, dividends per share cumulatively distributed amounted to 1.78 euros. Therefore, cumulative Total Shareholder Return was 71.8%.

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