Italgas (IG) investor relations material

Executive summary

• Adjusted total revenues and other income rose 17.5% year-over-year to €1,324.2 million, driven by the consolidation of 2i Rete Gas, organic growth, and investment surge.

• Adjusted EBITDA increased 25.0% to €1,072.3 million, with an 81% margin, and adjusted EBIT rose 26.6% to €702.7 million.

• Adjusted net profit attributable to the Group grew 27.3% year-over-year to €398.6 million, despite a temporary IRAP tax increase.

• Moody’s upgraded the credit outlook to Positive, reflecting confidence in the strategic plan and financial profile.

• Major events included the completion of Antitrust-mandated divestments, new biomethane and hydrogen projects, and the acquisition of the Milan headquarters.

Financial highlights

• Adjusted total revenues: €1,324.2 million (+17.5% YoY); adjusted EBITDA: €1,072.3 million (+25.0% YoY); adjusted EBIT: €702.7 million (+26.6% YoY); adjusted net profit: €398.6 million (+27.3% YoY).

• Technical investments surged 54.6% to €765.2 million, mainly for network upgrades, digitalisation, and real estate.

• Operating cash flow reached €930 million, covering CapEx and part of the dividend.

• Net financial debt (excluding IFRS 16/IFRIC 12) decreased by €21.3 million to €10,712.5 million.

• Adjusted operating costs fell by €17.3 million to €251.9 million, reflecting efficiency gains.

Outlook and guidance

• €13 billion investment plan for 2026–2032, focusing on digital innovation, AI, and sustainability.

• Operational efficiency targets of €280 million by 2032, with 41.8% already achieved.

• Commitment to Net Zero by 2050 and further integration of ESG principles.

• 2026 guidance confirmed, expecting to be at the higher end of the range.

• Stable or slightly higher gas demand expected in Italy for 2026; continued network development in Greece.