Objectives, performance and forecasts

• € 13.2 billion for the development of the Italian gas distribution network, including the amount paid in 2025 for the acquisition of 2i Rete Gas, net of antitrust remedies;
• € 1.5 billion for gas tenders.
• € 1.0 for the business in Greece, mainly for the development of the gas distribution network to support the country’s coal and lignite phase-out and energy transition objectives;
• € 0.45 billion for the development of the water business;
• € 0.34 billion to fuel growth in Energy Efficiency;

For the gas distribution sector, new 2030 targets (baseline 2020) have been set: –35% in net energy consumption and –55% in greenhouse gas emissions (Scope 1 and Scope 2 market-based). For Scope 3 (supply chain) emissions a new reduction target has been established for the entire Group perimeter (including the water sector): –24% by 2030, compared with the 2024 baseline13. For all companies operating in the water sector14, the 2030 targets are: 33% reduction of net energy consumption and Scope 1 and 2 (market-based) greenhouse gas emissions; reducing water losses to 6% in transmission and 30% in distribution (baseline 2023 for all targets)Reduce Scope 1 and 2 climate-altering emissions by 42%, Scope 3 supply chain emissions by 33% and net energy consumption by 33% by 2030, compared to 2020, at constant perimeter.

For the financial structure, the Plan foresees the maintenance of a high level of exposure to fixed rates and a well-distributed maturity profile over the years. The average cost of debt is expected to increase slightly, but will remain below 3%.

Thanks to the improved cashflow generation profile, the Plan anticipates reaching debt ratio leverage almost a year earlier than the commitments undertaken with rating agencies. The Net debt-to-RAB ratio is projected to peak in 2025 and fall below 65% by 2028, to settle at 60% in 2031.

In light of the expected results over the Plan period, the dividend policy has been extended until 2028, improving the reference base for the minimum annual growth guarantee of 5%, now set at the 2024 DPS. The new policy provides for the distribution of a dividend equal to the higher amount resulting either from

• the 2024 DPS of €0.406 increased by 5% per year, excluding the impact of IAS 33, or
• from a DPS equal to 65% of adjusted net profit per share, considering the number of shares outstanding as at 31 December of each year.

The new floor implies an implicit increase in the dividend per share for 2025 the amount resulting from the DPS 2022 (0.317 euros) increased by 4% per year;