Italgas Spa · MIL:IG
Italgas Spa — H1 2025 Earnings Presentation
28 slides from Italgas Spa's earnings presentation, Jul 24, 2025
Slide 1: 1H 2025 Results
1H 2025 Results Milan, 24 July 2025
Slide 2: 1H 2025 Key Financial Highlights
1H 2025 Key Financial Highlights 1H 2025 Delta vs. adjusted 1H 2024 € mln 2i Rete Gas consolidation from 1st April 2025, contributing for 3 months Total revenues adjusted 1,126.7 29.2% Ongoing growth in Italian Gas Distribution - updated opex and RAB revaluation factors recover previous Adjusted EBI
Slide 3: 1H 2025 Key Highlights
1H 2025 Key Highlights Operating & Corporate Highlights Regulatory Highlights • Transformational 2i Rete Gas acquisition closed • Extension of the current regulatory period by 2 on April 1st, ahead of initial schedule years until end-2027 (ARERA resolution 221/2025/R/Gas) – consultation document yet
Slide 4: Focus on the Integration of 2i Rete Gas
Focus on the Integration of 2i Rete Gas New Italgas: 156,000+ km of network (+86%1) 4,330 concessions (+106%1) ~12.9 million clients (+60%1) ~6,500 people (+50%1) New Italgas Integration roadmap key milestones >€15bn RAB2 (+50%) Reti Setup as of July 1st New organization structure including new terr
Slide 5: Focus on the Integration of 2i Rete Gas
Focus on the Integration of 2i Rete Gas Focus on Onboarding and Training Focus on IT systems integration • 100% of 2i Rete Gas population involved • Massive data migration, extracted and transformed to • 60,000+ technical training hours provided (>30 align with the processes and systems of the Italg
Slide 6: Environmental Performance: Energy Consumption
Environmental Performance: Energy Consumption Net energy consumption for gas distribution increased slightly on a like for like basis in 1H 2025, mainly due to the increase of gas injected in the distribution network, also linked to colder winter conditions. Specific consumption of preheating system
Slide 7: Environmental Performance: GHG Emissions
Environmental Performance: GHG Emissions Like for like Scope 1&2 emissions increased mainly due to gas leakages resulting from a higher amount of km of network inspected (27.4%) ktCO2 eq 140 120 10.8 119.1 11.4 100 10.0 0.3 0.0 86.6 80 60 40 Like for like Scope 1&2 emissions gas distribution +10.3 k
Slide 8: All businesses contributed positively to top line
All businesses contributed positively to top line, besides positive contribution of 2i Rete Gas transformational acquisition Total Revenues adj. +29.2% vs 1H 2024; +4.2% without 2i Rete Gas €mn 1200 40.3 -25.8 7.7 15.3 -0.6 1100 217.5 1000 900 Mainly RAB growth 800 and ARERA 700 resolutions impact 1
Slide 9: Ongoing cost containment effort
Ongoing cost containment effort Operating costs adj. +33.9% vs 1H 2024; +5.7% without 2i Rete Gas €mn 300 52.9 250 -3.6 5.5 13.3 200 150 269.2 -1.8% like for like 100 201.1 50 0 1H 2024 Like for like Acqua Energy 2i Rete Gas 2 1H 2025 operating efficiencies Campania 1 efficiency & operating costs ad
Slide 10: Change in perimeter drives growth
Change in perimeter drives growth Adj. EBITDA +27.8% vs 1H 2024; Adj. EBIT +38.9% vs 1H 2024; +3.2% without 2i Rete Gas +12.4% without 2i Rete Gas €mn €mn 700 1000.0 178.8 7.5 857.5 600 186.3 -30.1 900.0 Water & ESCo: 22.6 800.0 671.2 Enaon (Greece): 70.1 500 700.0 600.0 400 500.0 Italy distr. mainl
Slide 11: Net Profit adj. growing double-digit
Net Profit adj.1 growing double-digit Net profit adj.1 +31.1% vs 1H 2024 €mn Tax rate 28.0% 450 156.2 -44.2 400 -1.4 -32.5 350 -16.6 300 13.6 Including impact of 250 2i Rete Gas 200 acquisition 150 333.2 316.6 Including 2i Rete 241.5 255.1 Gas contribution 100 50 0 1H 2024 Minorities 1H 2024 Adj. EB
Slide 12: 1H 2025 Profit and Loss adjusted numbers
1H 2025 Profit and Loss adjusted numbers 1H 2024 1H 2025 Change adjusted adjusted P&L, € mln Total Revenues 872.3 1,126.7 254.4 Operating costs -201.1 -269.2 -68.1 EBITDA 671.2 857.5 186.3 + 27.8% Depreciation & amortisation -269.4 -299.5 -30.1 EBIT 401.8 558.0 156.2 + 38.9% Net financial expenses -
Slide 13: Profit and Loss reported vs. adjusted
1H 2025 Profit and Loss reported vs. adjusted 1H 2025 1H 2025 Adjustments reported adjusted P&L, € mln Total Revenues 1,181.1 1,126.7 -54.4 Impact of resolutions 87/2025/R/gas Operating costs -284.9 -269.2 15.7 2i Rete Gas transaction costs EBITDA 896.2 857.5 -38.7 Depreciation & amortisation -299.5
Slide 14: Technical Investments
Technical Investments Technical Capex +40.0% vs. 1H 2024; +10.7% without 2i Rete Gas €mn 495.1 Other2: €59.2mn • 430km of new network pipes laid, of which 353.7 168km in Greece Digitization1: €106.6mn • >€100m of capex invested by 2i Rete Gas in 2Q – mostly in development and repurposing Development
Slide 15: Operating Cash Flow
Operating Cash Flow Operating cash flow improved significantly, covering capex and most of dividend cash outflow €mn 289.3 92.9 -485.8 700 253.2 356.8 739.0 -300 -1300 Includes impact of the Capital -2300 2i Rete Gas Increase and -4,210.2 acquisition -5,166.7 dividend paid impact1 -3300 703.3 -4300
Slide 16: Financial structure
1H 2025 Financial structure Sound financial structure with low exposure to floating rates in 1H Gross debt 30 06 20251 Fixed 86% Variable 14% €mn New €1bn dual-tranche bond issued Bonds 79% EIB 10% Loans 11% in 1Q 2,500 Residual bridge loan fully refinanced 2,000 through the proceeds of the €1.02bn
Slide 17: Q&A
IG Italgas Q&A
Slide 18: Guidance 2025
Guidance 2025 EPS accretive1 deal already in 2025 FY 2024 FY 2025 Actual Guidance Total Revenues adj. €1.78bn ~€2.45bn Adj . EBITDA €1.35bn €1.80-1.85bn Adj. EBIT €821mn €1.12-1.16bn Technical Investments €887mn ~€1.2bn Net Financial Debt €6.67bn ~€10.8bn Excl. IFRS 16 & IFRIC 12 Note: Including 2i
Slide 19: Quarterly performance
Quarterly performance 1Q 2025 2Q 2025 adjusted adjusted Quarterly P&L, € mln Total Revenues 459.3 667.4 Operating costs -114.0 -155.2 EBITDA 345.3 512.2 Depreciation & amortisation -119.9 -179.6 EBIT 225.4 332.6 Net interest income (expenses) -33.5 -66.5 Net income from equity investm. 2.5 2.2 EBT 1
Slide 20: Revenues breakdown
1H 2025 Revenues breakdown 1H 2024 1H 2025 Change adjusted adjusted Adjusted REVENUES, € mln Gas distribution regulated revenues 809.1 1,040.0 230.9 Distribution revenues 767.7 984.3 216.6 Other distribution revenues 41.4 55.7 14.3 Other revenues 63.2 86.7 23.5 TOTAL REVENUES 872.3 1,126.7 254.4 Not
Slide 21: Operating costs
1H 2025 Operating costs 1H 2024 1H 2025 Change adjusted adjusted OPERATING COSTS, € mln Gas distribution fixed costs 122.3 159.8 37.5 Net labour cost 72.6 92.2 19.6 Net external cost 49.7 67.6 17.9 Other activities 39.6 55.4 15.8 Net labour cost 7.1 6.7 -0.4 Net external cost 32.5 48.7 16.2 Other co
Slide 22: Balance Sheet
1H 2025 Balance Sheet 31/12/2024 30/06/2025 Change BALANCE SHEET, € mln Net invested capital 9,556.3 14,782.5 5,226.2 Fixed capital 8,777.1 13,854.9 5,077.8 Property, plant and equipment 383.3 456.6 73.3 Intangible assets 8,305.6 13,409.5 5,103.9 Net payables from investing activities -407.4 -517.6
Slide 23: Main physical data - Gas Distribution Sector
1H 2025 Main physical data GAS DISTRIBUTION SECTOR OPERATING OPERATING HIGHLIGHTS HIGHLIGHTS o/w ITALY o/w GREECE including affiliates including affiliates Network length 156,364 km 147,852 km 8,512 km ~9,000 km Active Redelivery Points / Clients 12.86 mn 12.23 mn 0.63 mn 6.3 mn1 Municipalities 4,33
Slide 24: Sustainability performance
Sustainability performance Neglegible 100 A A 5 A+ 100 AAA ESG Risk A 91 4.4 AA Low B B A B+ ESG 70 Risk C 2.9 54 C+ 39 High ESG Risk DJSI CDP Climate CDP Water FTSE4Good ISS Moody's ESG MSCI Sustainalytics score Maximum score Italgas Sector Average Note: based on most recent published rating, 24
Slide 25: Group Structure as of 1 July 2025
Group Structure as of 1 July 2025 25
Slide 26: To be a leading figure in the world of energy
To be a leading figure in the world of energy, Pioneers by passion and builders by driving its sustainable evolution and calling, we bring all our energy to innovating each day to improve people’s accelerate the ecological transition. We do quality of life. it for us. We do it for everyone We have g
Slide 27: Disclaimer
Disclaimer Italgas’ Manager, Gianfranco Maria Amoroso, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth correspond to the
Slide 28: Investor Relations contacts
Investor.relations@italgas.it Anna Maria Scaglia Emanuele Isella