Italgas presents the 2026-2032 Strategic Plan

Milan, 23 June 2026 – Italgas CEO Paolo Gallo is presenting today to analysts and investors the Group’s 2026–2032 Strategic Plan “Lead. Innovate. In a changing world”, approved by the Company’s Board of Directors, chaired by Paolo Ciocca.   Highlights

• Total investments of 0 billion euros¹, up +14.6% compared to the previous 2025-2031 Plan², of which:
  • 3 billion euros for the development, digitization and repurposing of gas infrastructures in Italy¹ (+4.0%)
  • 4 billion euros for future ATEM gas distribution tenders (+59% vs. previous Plan)
  • 0 billion for the development and expansion of the gas distribution network in Greece, in line with the previous Plan
  • 8 billion euros to reinforce the positioning in the water and energy efficiency sectors (+5.6%)
  • 5 billion euros of financial flexibility for M&A in the gas distribution sector
  • 280 million euros of total efficiencies³ by 2032, an increase of +12%, to which 120 million euros in revenues generated by incremental digitalization investments are added
  • EBITDA of 3.3 billion euros in 2032, with a total RAB of 21.7 billion euros ahead of the targets set in the 2025-2031 Plan
  • Above 9% EPS adjusted CAGR 2025-2032, in line with EPS adjusted CAGR 2025-2031⁴ of the previous Plan
  • Reaffirmed 2026 guidance
  • Dividend policy reaffirmed

   

At the opening of the event, the Chairman of Italgas, Paolo Ciocca, commented:  

"The 2026-2032 Strategic Plan consolidates a growth trajectory that Italgas has pursued with foresight and consistent vision. Geopolitical instability has made it clear that energy security is built on the resilience and widespread reach of infrastructure networks. Italgas is committed to exactly this: smart, digital and flexible networks capable of strengthening the competitiveness of the energy systems in which we operate, supporting source diversification. A commitment of this scale, 13 billion euros, is an act of responsibility towards the communities and territories we serve, and a long-term dedication to the countries in which we operate”.

The CEO of Italgas, Paolo Gallo, stated:  

“Artificial Intelligence is an integral part of Italgas’ operating model and lies at the core of this Plan. Applied to operations, business processes and customer management, our “agents” are already generating significant efficiencies while improving service quality. This marks an acceleration versus our initial expectations, thanks to the experience gained over recent years, during which digital transformation has permeated every aspect of our activities, and data has become the goldmine of the company.  

The 13 billion euros of investments will make our network even smarter, more widespread and flexible, ready to accommodate also green molecules and support an energy system increasingly exposed to international instability and commodity market volatility. Together with the efficiencies we will be able to generate, these investments will help make energy more accessible and competitive, delivering tangible benefits for the broader economic and social systems of the countries in which we operate, while fostering industrial development and long-term growth.  

The ATEM tenders represent a concrete opportunity to overcome the fragmentation that has historically held back sector development. Every concession awarded is a step towards a more resilient infrastructure integrated into a broader system. We will seize these opportunities by leveraging the industrial strength, expertise and investment capacity that the Group brings to the table.  

In the water sector, our investments in network digitalisation and leakage reduction are already delivering tangible results. The new Plan will enable us to halve water losses, increase water reuse and further strengthen service quality. Geoside helps all the Group’s companies to reduce energy consumption through the use of proprietary applications and sophisticated AI systems; the same innovative approach is offered to all Geoside partners: the best energy is the energy that is not consumed”.

Total planned investments amount to 13.0 billion euros in the Strategic Plan 2026-2032, an increase of 1.6 billion euros or 14.6% compared to the previous Plan⁵, excluding the impact of 2i Rete Gas acquisition cash-out.

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¹ Net of 0.2 billion euros proceeds from the disposals of 247,000 redelivery points related to gas distribution networks across 100 municipalities in 12 ATEMs, completed in 2026 in compliance with the AGCM resolution approving the 2i Rete Gas acquisition.

² Restated to exclude the impact of 2i Rete Gas acquisition (5.2 billion euros).

³ Synergy, efficiency and AI. Compared with the combined cost base of the two Groups as at 31 December 2023.

⁴ CAGR 2025-2031 of the previous Plan is calculated based on 2025 actual EPS adjusted as for 2025 published accounts and projected 2031 EPS as of the 2025-2031 Strategic Plan, for a like for like comparison

⁵ Both plans include a reduction of ~0.2 billion euros to consider the proceeds from disposals of 247,000 redelivery points related to gas distribution networks across 100 municipalities in 12 ATEMs, completed in 2026 in compliance with the AGCM resolution authorizing the 2i Rete Gas acquisition.