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Lead. Innovate. In a changing world.

With the 2026–2032 Strategic Plan we continue our growth trajectory founded on innovation, network resilience and the creation of sustainable long-term value. €13 billion of investments will make our network even smarter, more widespread and more flexible, ready to accommodate renewable gases and to support the energy security of the countries in which we operate.

An investment plan for infrastructure development

The Plan envisages total investments of €13.0 billion, up 14.6% compared with the previous one, divided across the main areas of intervention: 

  • €8.3 billion for the development, digitalisation, repurposing and technological upgrade of gas infrastructure in Italy. 
  • €2.4 billion for future ATEM gas distribution tenders, with the goal of being awarded more than 100 tenders over the Plan period. 
  • €1.0 billion for the development and extension of the gas distribution network in Greece, through our subsidiary Enaon. 
  • €0.8 billion to strengthen our presence in the water and energy efficiency sectors. 
  • €0.5 billion for M&A transactions in the gas distribution sector. 

Gas distribution in Italy remains at the heart of the strategy, accounting for more than 82% of total investments including tenders. These investments make the networks increasingly resilient and efficient, able to integrate growing volumes of biomethane, hydrogen and synthetic methane, contributing to the progressive decarbonisation of end-use consumption.

Review the Strategic Plan 2025-2031 presentation event

Reference documents

PR Strategic Plan 2026-2032

File PDF - 300.58 KB

Italgas 2026-2032 Strategic Plan presentation

File PDF - 1.95 MB

Digital transformation and AI

  • Digital transformation and AI are a central element of the Plan. The roll-out of Nimbus, our "H₂ ready" smart meter, has already passed 200,000 installed units in Italy and over 5,000 in Greece, ensuring more accurate, safer and more efficient network management, with the ability to measure hydrogen blends above 20%.

  • €1.5 billion for participation in area tenders (ATEM) and for strengthening the Group’s territorial presence.

  • Artificial Intelligence is our strategic ally: applied to operations, business processes and customer management, it improves operational efficiency and service quality. The scaling of agentic AI systems, under way across the entire organisation, raises the expected productivity gain by 2032 versus 2023 to €100 million, up from €70 million in the previous Plan.

These investments will support the development of an increasingly resilient and efficient network, capable of integrating growing volumes of biomethane, hydrogen and synthetic methane, thereby contributing to the progressive decarbonisation of end-use energy consumption.

A model of sustainable growth, some initiatives

  • Gas distribution in Italy

    It is the heart of the strategy, with more than 82% of total investments. We are focusing on the digitalisation of the former 2i Rete Gas assets and on upgrading networks already awarded through tenders, for increasingly resilient infrastructure ready to integrate growing volumes of renewable gases. In Sardinia, the Hyround Power-to-Gas pilot project continues, with green hydrogen in blends or in pure form.

  • Gas distribution in Greece

    Through Enaon, the Plan confirms €1 billion of investments for the extension and digitalisation of the network: +2,700 km and customers served growing from around 650,000 in 2025 to over 1 million by 2032.

  • Water sector

    With Nepta we lead innovation in water services. More than €500 million is dedicated to this sector — including the planned consolidation of Siciliacque and Acqualatina — to accelerate the modernisation and digitalisation of networks. Our goals: halve water losses, promote greater water reuse and strengthen service quality, with a centralised control room and the roll-out of smart meters.

  • Energy efficiency

    With Geoside we are a key player in energy efficiency. We are investing around €0.3 billion to build a resilient revenue stream that prioritises long-term value over short-term volumes and reduces dependence on public subsidies. B2B customers are the primary target, with digital solutions in which AI is the growth engine.

Economic and financial outlook

Supported by the investment plan, synergies and the contribution of tenders, our main indicators are expected to grow significantly. Cumulative RAB is expected to grow at a CAGR of around 4.7% in 2025–2032, reaching €21.7 billion by the end of the Plan.

By 2032 we expect: 

  • revenues of around €4.0 billion; 
  • EBITDA of around €3.3 billion; 
  • EBIT of around €2.2 billion; 
  • adjusted net profit above €1 billion as early as 2029; 
  • consolidated RAB of €21.7 billion. 

Adjusted EPS is expected to grow by more than 9% CAGR in 2025–2032. We confirm our commitment to reducing leverage to 61% by the end of 2032, preserving our investment grade rating. The 2026 guidance and dividend policy are confirmed.

ESG targets and 2030 commitments

The Plan integrates our sustainability framework and contributes to the Net Zero by 2050 targets, in line with the Paris Agreement’s 1.5°C scenario. Significant targets are set for 2030:

  • GAS DISTRIBUTION (2020 BASELINE)

    o –41% in energy consumption
    o –68% in Scope 1 and 2 emissions (market-based)
    o –24% in Scope 3 emissions – supply chain (2024 baseline)

  • WATER SECTOR (2023 BASELINE)

    o –33% in energy consumption and Scope 1 and 2 emissions
    o Reduction of water losses: –6% in transport and –30.5% in distribution. Our commitment to people includes reducing the pay gap to ±3% by 2030, an average of 60 training hours per capita by 2032 and 200,000 total hours over the period, as well as the IGrant employee share ownership plan.

See also