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Italgas presents the Strategic Plan 2023-2029

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Investments of € 7.8 billion for the development and digital transformation of assets, strengthening in Greece, and becoming a key player in the water distribution and energy efficiency sectors, while continuing to play a leading role in achieving EU climate goals. Dividend policy updated and extended until 2026.

London, June 15, 2023 – Italgas CEO, Paolo Gallo, presents today to analysts and investors the Group's Strategic Plan for the period 2023-2029, approved today by the Company's Board of Directors chaired by Benedetta Navarra.

The new plan includes total investments of €7.8 billion, mainly dedicated to interventions for asset development and gas distribution activities in Italy and Greece, energy efficiency activities, and water sector development. In this sector, following the recently announced acquisition agreements of Veolia's assets, the Group expects to seize additional growth opportunities.

The 2023-2029 plan also confirms a strong commitment to creating a fully digitized network, ready for the distribution of renewable gas and therefore serving the ecological transition.

In line with the strategic choices made in recent years by the Group, the Plan aims to promote the ecological transition while ensuring energy security and cost competitiveness of energy, benefiting both companies and households.

The Group can rely on a solid and efficient financial structure - built in previous years - despite a more volatile macroeconomic scenario. Thanks to this financial structure, the new dividend policy, extended until 2026, continues to provide shareholders with the opportunity to benefit from growth through a payout ratio of 65%, while also offering protection with a minimum annual growth guarantee of 4%1.

The plan revolves around ESG principles and addresses sustainability challenges by confirming net energy consumption reduction targets and Scope 1, 2, and 3 emissions reduction targets for the entire Group, including Depa Infrastructure, by 2028 and 2030, in line with the carbon neutrality target by 2050. To further drive change, it also introduces new targets related to gender pay equity and the development and valorization of skills and resources.


  • Total investments amounting to €7.8 billion.
  • €4.6 billion for the development, digitalization, and repurposing of the Italian gas distribution network.
  • €0.9 billion for the development of the distribution network in Greece to support the country's decarbonization goals.
  • €0.8 billion to accelerate growth in the water and energy efficiency sectors.
  • €1.5 billion for Atem tenders.
  • Optimization of the financial structure, maintaining solid investment-grade ratios.
  • Dividend policy: Extension of the dividend policy until 2026, with a confirmed payout ratio of 65% and a 4% DPS growth floor, now based on the 2022 figures.
  • Goals for reducing Scope 1 and Scope 2 greenhouse gas emissions by 34% by 2028 and 42% by 2030, Scope 3 (supply chain) emissions by 30% by 2028 and 33% by 2030, and energy consumption by 27% by 2028 and 33% by 2030 (baseline 20202).
  • "Net Zero" target by 2050.
  • Strong focus on the people driving the ecological transition, with an emphasis on training and promoting diversity, equal opportunities, and inclusion

Italgas CEO, Paolo Gallo, stated:

 Since the outbreak of the war in Ukraine, the EU has been grappling with a challenging equation that sees the ecological transition as an essential goal but not at any cost. It is necessary to ensure energy security and an appropriate level of energy costs for families and businesses.

 The vision and strategic choices made in recent years position Italgas to significantly contribute to this solution through digitalized, flexible, and intelligent networks capable of accommodating renewable gas. These networks enable source diversification, consumption decarbonization, and greater efficiency and cost-effectiveness.

With €7.8 billion, the Group reaffirms its position among the leading industrial entities capable of leveraging its design, investment, and value creation capabilities to serve the sustainable development objectives of the countries in which it operates.

The largest portion of investments is once again dedicated to the development, digital transformation, and repurposing of the gas distribution network. After twenty years, this network now extends to Greece, where the application of Italgas' most advanced technologies in the sector will enhance the efficiency and quality of gas distribution services and the work of Depa Infrastructure Group's personnel.

Water distribution and energy efficiency represent two important sectors for the Group's diversification and development. With €800 million, we aim to become a benchmark player in these sectors, leveraging the technologies developed for gas. The digitalization of water networks and energy efficiency are drivers capable of delivering more efficient services, reducing losses, and generating wealth for communities and regions.

Digitalization, decarbonization, circular economy, training, diversity, and inclusion remain strategic factors for achieving our growth objectives. The results will depend on our ability to continue betting on innovation and leveraging it through our people.

1Compared to the 2022 dividend.

2Calculated on the entire Group perimeter.