Tag: Finanziario

Milan, April 9, 2025 – Italgas S.p.A. (rated BBB+ by Standard and Poor’s, BBB+ by Fitch, Baa2 by Moody’s) today successfully priced a new fixed-rate bond issuance, due 16 April 2032 for an amount of 750 million euros. The transaction recorded orders exceeding 2.5 times the amount offered and was characterized by high quality, geographically diversified institutional investor base.

 

The bond carries a maturity of 6 years with an annual coupon of 3.625% and a final spread of 78 basis points over the reference rate, in line with fair value.

 

The issue represents the first transaction executed under Italgas’ EMTN Programme approved by CONSOB in July 2025 and marks the first dematerialized issuance by an Italian corporate with securities governed by English law and listed on the Mercato Telematico delle Obbligazioni (“MOT”), managed by Borsa Italiana S.p.A..

 

The transaction is intended as pre-funding of financial needs, in line with Italgas’ strategy to optimize its debt structure.

 

The placement, exclusively targeted to institutional investors, was led, as Joint Bookrunners, by BNP Paribas, BofA Securities, Crédit Agricole CIB, IMI-Intesa Sanpaolo, J.P. Morgan, Mediobanca, Société Générale.

 

Details of the transaction are as follows:

 

Amount: 750 million euros

Maturity: April 16^th, 2032

Annual coupon: 3.625%

Re-offer price: 99.889 (equivalent to a spread of 78 basis points over the reference Mid-Swap rate).

Milan, 8 April 2026 – Italgas signed a new €900 million sustainability-linked revolving credit facility – with a maximum tenor of five years – with a pool of Italian and international banks. The Revolving Credit Facility refinances the €600 million credit facility signed in 2024 and reinforces the Group financial flexibility in line with the requirements of Rating Agencies.

 

The transaction is linked to specific Key Performance Indicators (KPIs) relating to the reduction of Scope 1 and 2 emissions and to the share of women in positions of responsibility, in line with the targets set out in the 2025–2031 Strategic Plan and in the Sustainable Value Creation Plan. In the event that the targets are not met, the agreement provides for a margin step-up mechanism.

 

The pool of banks comprises Banca Nazionale del Lavoro, BNP Paribas, Banco Bilbao Vizcaya Argentaria, Bank of America, BPER Banca, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole CIB, Intesa Sanpaolo, Mediobanca, Société Générale and UniCredit.

London, 30 October 2025 – Italgas CEO Paolo Gallo is presenting the Group’s 2025–2031 Strategic Plan, “Shaping a New Energy” today to analysts and investors, approved by the Company’s Board of Directors, chaired by Paolo Ciocca.

Highlights

• Total investments of 16.5 billion euros, up +5.7%, or +10.2% excluding 2i Rete Gas acquisition and tenders, of which:
  • 2 billion euros for the development, digitization and repurposing of gas infrastructures in Italy and Greece, as well as the acquisition and upgrade of the 2i Rete Gas network
  • 5 billion euros for upcoming ATEM tenders¹
  • 8 billion euros overall to reinforce the positioning in the water and energy efficiency sectors
• 250 million euros of total efficiencies², to which an additional 100 million euros revenues generated by incremental digitization investments are added
• EBITDA of 3.0 billion euros in 2031, with a total RAB over 20 billion euros
• 10% CAGR EPS adjusted growth in 2024-2031³
• Improved 2025 guidance
• Dividend policy: extended through 2028, confirmed the higher of a 65% payout and the annual DPS growth of 5%, with a new starting point equivalent to 2024 DPS

Total planned investments in the Plan amount to 16.5 billion euros (including the amount for the acquisition of 2i Rete Gas), with an increase of 900 million euros (+5.7%) compared to the previous Plan. Excluding 2i Rete Gas acquisition, the related disposals and tenders, the increase is equal to 10.2%.

Investments are mainly driven by the development of gas distribution activities in Italy and Greece, as well as by the technological and digital upgrade of the new networks acquired  to make them increasingly smart, digital and flexible, enabling them to accommodate increasing shares of renewable gases such as biomethane, hydrogen and synthetic methane, while at the same time supporting energy systems stability.

By 2031, approximately 250 million euros in EBITDA benefits are expected from the combination of industrial synergies, efficiencies, increased insourcing of core industrial activities, and AI-driven transformation, compared to the combined 2023 base of the two Groups. This figure is significantly higher the Previous Plan, which estimated 200 million euros of overall savings. In addition to these benefits, the digitization program for 2i Rete Gas assets is expected to generate more than 100 million euros in additional revenues by 2031 (80 millions euros in the previous Plan).

The 2i Rete Gas acquisition, combined with planned incremental organic investments and operating efficiencies, is expected to drive EBITDA that is expected to reach 3.0 billion euros by 2031, representing a 12% CAGR versus 2024. Adjusted EPS, which also reflects the impact of the capital increase completed under more favourable conditions than anticipated last year, is expected to grow by 10% CAGR, compared to 2024 earnings⁴.

Thanks to improved operating cashflow generation, the Group now expects to reach a leverage level aligned with the commitments undertaken with rating agencies almost a year  earlier than the Previous Plan.

The dividend policy has been extended to 2028, with an improved reference base for the minimum annual growth guarantee of 5%. The new base is set at the 2024 DPS of €0.406 (versus the previous reference of 2023 DPS), while confirming the 65% payout ratio⁵. The new floor implies an implicit growth in the dividend per share, based on 2025 earnings, of at least 11.7% compared to the 2024 dividend adjusted for the application of IAS 33.

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

“Even in its new role as Europe’s leading gas distribution company, serving around 13 million customers, Italgas reaffirms its commitment to connecting industrial innovation with the energy transition. However, Italgas’ strength lies not only in its size but in its ability to envision the future, transform it into infrastructure, and put it at the service of communities. We are guided by a vision based on innovation, technological neutrality, and long-term value.”

The CEO of Italgas, Paolo Gallo, stated:

“The 2025–2031 Strategic Plan with 16.5 billion euros in investments, up 900 million euros compared to the previous Plan,  is the most significant in the Group’s 188-year history. This milestone reflects both the acquisition of 2i Rete Gas and the Group’s industrial vision.

The shorter timeline for closing the transaction, just 90 days for the merger of 2i Rete Gas, and the deeper understanding of the acquired company now allow us to revise upward the guidance for the coming years.

Thanks to the collaborative spirit of our people, in just three months we have migrated data and operational processes to Italgas’ IT systems, streamlined staff structures and territorial organization, and identified the activities that will enable us to achieve ambitious synergy targets.

In the Water and Energy Efficiency’ sectors, where nearly 800 million euros are allocated, we will apply the best digital and Artificial Intelligence solutions developed for the gas distribution sector. In the Water sector, our goal is to step-up investments to reduce losses and improve management through network digitization. In energy efficiency, our focus is on providing increasingly advanced solutions in the sectors where we operate.

Technological innovation, digital transformation, and the widespread use of Artificial Intelligence are the hallmarks of the Italgas Group across all its activities. These elements are combined with the passion and expertise of Italgas’ people, who become the true driving force behind the Group’s growth”.

---

¹ Without considering disposals in line with AGCM provision

² Compared with the combined base of the two Groups at 31 December 2023

³ Applying IAS 33 and a preliminary Purchase Price Allocation (PPA)

⁴ Applying IAS 33 and a preliminary Purchase Price Allocation (PPA)

⁵ For comparison purposes between the two scenarios, the DPS based on the payout will be calculated using the number of shares outstanding as at 31 December of each year

Milan, 30 October 2025 – Italgas’ Board of Directors, chaired by Paolo Ciocca, met yesterday and approved the consolidated results of the first nine months and third quarter of 2025 (unaudited). The data below and their comparison with 2024 take into account the significant change in scope compared to the same period in 2024, with the consolidation of 2i Rete Gas starting from 1 April 2025.

Highlights¹

• Total revenues and other income: 1,854.9 million euros (+42.8%)
• Total revenues and other income adjusted: 1,800.5 million euros (+37.5%)
• EBITDA: 1,405.5 million euros (+40.6%)
• Adjusted EBITDA: 1,368.9 million euros (+35.6%)
• EBIT: 916.2 million euro (+53.8%)
• Adjusted EBIT: 879.6 million euros (+45.2%)
• Net profit attributable to the Group: 514.9 million euros (+45.2%)
• Adjusted net profit attributable to the Group: 494.9 million euros (+36.8%)
• Technical investments: 773.3 million euros
• Cash flow from operating activities: 1,006.9 million euros
• Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 10,992.9 million euros
• Net financial debt: 11,108.2 million euros

The economic, financial and operational indicators for the first nine months of 2025 grew at double-digit rates. The acquisition of 2i Rete Gas made Italgas the leading European operator in gas distribution and transformed the face of a historically static sector.

The merger by incorporation of 2i Rete Gas into Italgas Reti, effective from 1 July 2025 and completed in just 90 days, enabled the integration of processes, the alignment of IT systems and the territorial reorganisation, generating the first synergies and efficiency gains from integration.

In the first nine months of 2025, the Italgas Group recorded total revenues and other income adjusted of 1,800.5 million euros, up 37.5%, and adjusted EBITDA increased by 35.6% compared to the same period of the previous year, reaching 1,368.9 million euros. The Adjusted EBIT, amounting to 879.6 million euros, increased by 45.2% compared to the same period of 2024.

Cash flow from operating activities amounted to 1,006.9 million euros, an increase of 294.0 million euros compared with the corresponding period of 2024, allowing the investments made during the period and part of the dividends paid to be fully covered. The evolution of debt over the period mainly reflects the amount paid for the acquisition of 2i Rete Gas, net of the proceeds from the rights issue, and the consolidation of the related net financial debt.

In the first nine months of 2025, technical investments totalled 773.3 million euros, enabling the construction of approximately 634 kilometres of gas distribution networks. Investments have been launched for the digital transformation of the 2i Rete Gas networks, with the goal of aligning them with the Group’s standards.

In the water sector, activity focused on the development of digital technologies to increase operational efficiency and reduce network losses. Of particular importance was the work carried out by Siciliacque to address the region’s significant water shortage. The company carried out a number of renovation works on the transport network and built three new desalination plants to increase the availability of drinking water in Sicily, two of which are already in operation and the third will become operational in the coming weeks.

In the energy efficiency sector, activities continued to offer products and services based on technological innovation, targeting industrial customers, large residential complexes and public administration bodies. The growing results of the first 9 months of 2025 reflect this new business model.

Paolo Gallo, CEO of Italgas, commented:

The first nine months of 2025 also closed with very positive results. All the main economic and financial indicators show double-digit growth, driven by the consolidation of 2i Rete Gas, the reduction in costs and the initial efficiencies generated by the merger process.

Compared with the same period of the previous year, adjusted EBITDA increased by over 35%, adjusted EBIT by 45%, and Group Adjusted Net Profit by 37%.

The performance achieved in the first nine months of the year confirms the effectiveness of the strategic actions implemented and the soundness of the business model, capable of generating value continuously and sustainably over time.

A model whose true driving force lies in the competence, determination and energy of the men and women of Italgas, who are capable of turning vision into results, as demonstrated by the completion of the integration in record time. It is thanks to them that we look to the future with confidence, aware that together we can continue building a story of success and lasting progress.

---

¹ The consolidated economic and financial and operational highlights reflect the effects of the consolidation of the 2i Rete Gas Group on 1 April 2025.