Objectives and results

Through a 8.6 billion euros investment program, strongly focused on digitalization, the extension of our network and the expansion in the energy efficiency sector, the 2022-2028 Strategic Plan places us in a leading role in the ecological transition while maintaining our solid financial structure.

Financial objectives of the 2022-2028 Strategic Plan

In eurotarget to 2028
(include scope tenders)
2021 results 
Revenue2,6 billion euros1,37 billion euros
EBITDA margin (%)about 70%about 74%
Ebit/RAB ratioabout 8,8%7,5%
consolidated RAB 12,6 billion euros7,8 miliardi di euro per calcolo tariffe 2021 e 8,2 miliardi di euro per calcolo tariffe 2022
Ratio of net debt to RABabout 61%about 61%

Plan of actions and results already achieved

The strategic objectives of the 2021-2027


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 


In 2021, €865.1m of investments were carried over, reaching new all times highs (+11.5% vs 2020).

  • 718 mln € investments in the distribution network mainly or digitization and repurposing, with 732 km of new pipelines built, 91 km of which in Sardinia.
  • Smart meters installed in 2021: 821k mln including subsidiaries, with a cumulative total of 7.49 mln. 88% of Italgas’ total meter fleet is smart.

Adjusted operating costs at €361.9m in 2021, with a small drop vs 2020. Excluding the higher operating costs for the ESCOs, operating efficiencies exceeded 17 mln €.

At the end of 2021, 92.7% of the debt is fixed rate. Cost of debt below 1%, at industry-leading levels, and limited exposure to interest rate volatility.

Proposed 2021 dividend of 29.5 euro cents (+6.5% vs. 2020), more than double the floor of the dividend policy.

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