Italgas celebrates 10 years since its return to the stock market and unveils its new visual identity

Milan, 4 November 2026 – Ten years after its return to the main market of the Italian Stock Exchange, Italgas today marked the occasion at Palazzo Mezzanotte by retracing the milestones in its growth and transformation that have established it as Europe’s leading gas distribution operator. In the presence of Chairman Paolo Ciocca and Borsa Italiana Chief Executive Officer Fabrizio Testa, CEO Paolo Gallo outlined the Group’s main achievements and unveiled the Italgas Group’s new visual identity.

The figures provide a snapshot of the value generated by the Group over the past ten years. The share price, which opened at €4.062 when trading began in November 2016, has more than doubled. Market capitalisation has risen from just over €3 billion to more than €9 billion. Approximately €2.5 billion in dividends has been distributed to shareholders, while those who invested in the shares at the time of listing have seen their investment almost quadruple.

“Ten years ago, investors assessed a promise,” commented Italgas Chairman Paolo Ciocca. “Today, we can say that we have delivered on it. Italgas plays a strategic role in the country’s economic system: those who invest in our networks support Italy’s competitiveness and strengthen value creation for our shareholders. Over these ten years, these two objectives have always gone hand in hand, and this is the measure of success for strategic infrastructure such as ours, capable of supporting the growth of businesses, communities and local areas.”

“The progress Italgas has made over these years is reflected in its results and the international scale it has achieved,” said Italgas CEO Paolo Gallo. “A group operating in gas, water, energy efficiency and IT, Europe’s leading gas operator and a global technological benchmark. We achieved this through a choice that appeared far removed from our core business: making digital technology and innovation the driving forces of the network. This is how we created a platform capable of accommodating new technologies, new gases, new businesses and new markets. Every acquisition has been integrated into this model, delivering immediate benefits, and every commitment made to the market and investors has been met, exceeding expectations. We have turned growth into value for shareholders and local areas, and this platform, enhanced by generative AI, is the starting point for our journey through the next ten years.”

The Group’s networks serve approximately 13 million customers in Italy and Greece, and the course for the coming years is set out in the 2026–2032 Strategic Plan. Overall, the Plan provides for €13 billion in investments, almost 15 per cent more than the previous plan, an expected RAB of €21.7 billion, EBITDA of €3.3 billion by 2032 and annual earnings per share growth of more than 9 per cent.

The drivers of growth are gas distribution tenders for local concession areas, biomethane and new gases, and artificial intelligence, which is already being used in network management, processes and interactions with end users. International expansion is continuing in parallel: in Greece, where the Plan provides for €1 billion in investments through Enaon, and in Portugal, where, in early October, Italgas signed a binding agreement to acquire a 22.5 per cent stake in Floene, the country’s leading gas distribution operator, with approximately 14,000 kilometres of network and 1.1 million customers.

The new visual identity

At the close of the event, the Company unveiled the new Italgas brand. The name remains unchanged. The symbol changes, moving beyond the single form of the flame: it brings together three distinct elements, in blue, green and yellow, which coexist within a single symbol and may evoke leaves, drops, flames or flows. These different shapes reflect the different forms of energy and infrastructure the Group manages today: gas and water networks, renewable gases and digital technologies. The logotype has also been redesigned, now featuring lowercase lettering, accompanied by a new colour palette and typographic system. The symbol becomes the common visual element across the Group’s companies, starting with Italgas Reti. This identity represents the Group’s ability to manage, connect and develop different forms of energy and infrastructure, while preserving its connection to a history that began in Turin in 1837 and will reach its 190th anniversary next year.