Italgas (IG) investor relations material

Executive summary

• Achieved 37 consecutive quarters of growth since Q1 2017, with Q1 2026 results driven by 2i Rete Gas consolidation, organic growth, and rapid synergy realization.

• Major asset disposals completed, totaling €253 million at a 16% premium, with all assets transferred.

• Issued €750 million bond and secured €900 million sustainability-linked revolving facility, optimizing debt structure.

• Technical investments more than doubled to €342.8 million, accelerating digital upgrades and network expansion in Italy and Greece.

• Integration synergies reached nearly 37% of the 2031 target within 12 months, with significant contributions from ICT consolidation and operational reorganization.

Financial highlights

• Adjusted revenues reached €661.7 million, up 44.1% year-over-year, mainly from gas distribution and 2i Rete Gas consolidation.

• Adjusted EBITDA rose by 52.6% to €526.8 million, with EBITDA margin close to 80%.

• Adjusted EBIT reached €340.7 million, up 51.2% year-over-year; adjusted net profit was €189.4 million, up 42.8%.

• CapEx/technical investments more than doubled to €342.8 million, reflecting network upgrades and digitization.

• Net debt (excl. IFRS 16/IFRIC 12) dropped by €527 million to €10,206.8 million, supported by record operating cash flow and disposals.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at €2.1–2.15 billion, a double-digit increase over 2025.

• Adjusted EBIT expected at €1.34–1.37 billion; adjusted net profit between €740–760 million.

• CapEx/technical investments target for 2026 is ~€1.5 billion, mainly for digital upgrades of 2i Rete Gas network.

• Net debt expected to remain stable at ~€10.8 billion despite higher CapEx and dividend payments.

• Guidance does not include potential impacts from new tenders awarded in 2026.