Objectives and results

Objectives and results

Through a 7.9 billion euro investment program, strongly focused on digitalisation and energy transition, and energy, operational and financial efficiency strategies, the 2021-2027 strategic plan envisages ensuring Italgas’ growth while maintaining its solid financial structure.

Targets envisaged by the 2021 – 2027 Strategic Plan

In euroTargets to 2027 (including scope tenders)2020 results
Revenue2.1 billion euros1.44 billion euros
EBITDA margin (%)about 73%approximately 73% (in adjusted terms)
Ebit/RAB ratio8,2%7,4%
Consolidated RAB11.9 billion eurosEUR 7.4 billion for calculating 2020 tariffs and EUR 7.8 billion for calculating 2021 tariffs
Ratio of net debt to RAB about 60%about 61%

Plan of actions and results already achieved

The strategic objectives of the 2021-2027 plan and the actions planned to achieve them


Total investments of €7.9 billion, of which €2.2 billion for gas tenders.
In detail:

  • 3.1 billion for investments in network repurposing.
  • 1.4 billion € digitisation of networks and processes.
  • 300 mln € in the completion of Sardinia’s methanisation project.
  • 400 mln € in additional perimeter in gas distribution (M&A and related operational investments).
  • 400 mln € in centralised activities, such as ICT and Real Estate.
  • 200 million in new opportunities in the water sector, energy efficiency and gas sales in Sardinia.


programme of continuous research into operational efficiencies, leveraging technological innovation and digitisation to achieve new levels of efficiency.
The expected benefits of the digitisation programme are €250 million over the plan period, including lower costs.


Maintaining a virtuous and efficient financial structure, with a focus on optimising the structure and cost of debt.


New dividend policy in the four-year period 2020-2023, with a dividend equal to the greater of (i) the amount resulting from the 2019 DPS (€0.256) increased by 4% per year and (ii) the DPS equivalent to 65% of adjusted earnings per share.

The results achieved to meet our strategic objectives of the 2021-2027 plan


In 2020, €777.5m in operating investments made despite lockdown restrictions (+5.1% vs 2019 and +106% vs 2016).

  • Investments concentrated on the network, with 905 km of new pipelines built, 334 km of which in Sardinia. 
  • Smart meters installed in 2020: 1.22 mln including subsidiaries, with a cumulative total of 7.49 mln. 88% of Italgas’ total meter fleet is smart.




Adjusted operating costs at €362.4m in 2020: +€12m (+3.4%) vs 2019, despite a €30.7m impact from the consolidation of Toscana Energia. Net efficiencies thus amount to €20.5m.



At the end of 2020, 86.5% of the debt is fixed rate.
Cost of debt below 1%, at industry-leading levels, and limited exposure to interest rate volatility.


Proposed 2020 dividend of 27.7 euro cents (+8.2% vs. 2019), more than double the floor of the dividend policy.

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