Italgas Spa · MIL:IG
Italgas Spa — 9M 2025 Earnings Presentation
23 slides from Italgas Spa's earnings presentation, Oct 30, 2025
Slide 1: 9M 2025 results
9M 2025 results London, 30 October 2025 This presentation is an excerpt of the 2025-2031 Strategic Plan presentation available at https://www.italgas.it/wp-content/uploads/sites/2/2025/10/Italgas-2025-2031- Strategic-Plan-presentation.pdf
Slide 2: 9M 2025 Key Financial Highlights - Reported
9M 2025 Key Financial Highlights - Reported 9M 2025 Delta vs. reported 9M 2024 • Integration of 2i Rete Gas: full consolidation from €mln 1st April; merger through incorporation into Italgas Reti effectively executed on 1st July Total revenues 1,854.9 +42.8% • Italian Gas Distribution - positive reg
Slide 3: 9M 2025 Profit and Loss reported vs. adjusted
9M 2025 Profit and Loss reported vs. adjusted 9M 2025 9M 2025 Adjustments reported adjusted P&L, € mln Total Revenues 1,854.9 1,800.5 -54.4 Impact of resolutions 87/2025/R/gas Operating costs -449.4 -431.6 17.8 2i Rete Gas transaction costs EBITDA 1,405.5 1,368.9 -36.6 Depreciation & amortisation -4
Slide 4: 2i Rete Gas consolidation main revenues and costs increase driver
2i Rete Gas consolidation main revenues and costs increase driver Cost efficiencies accelerating with the progressive integration of 2i Rete Gas Total Revenues adj. +37.5% vs 9M 2024 Operating costs adj. +43.9% vs 9M 2024 487.2 -38.7 42.7 1,800.5 29.9 -14.6 116.3 431.6 1,309.3 300.0 -3.5% like for M
Slide 5: Robust profitability performance benefitting from the updated perimeter and cost reduction
Robust profitability performance benefitting from the updated perimeter and cost reduction Adj. EBITDA +35.6% vs 9M 2024 Adj. EBIT +45.2% vs 9M 2024 €mn 1200 €mn 1600.0 1400.0 347.0 12.6 1,368.9 1000 359.6 -85.6 Water & ESCo: 37.4 879.6 1200.0 Enaon (Greece): 105.4 1,009.3 800 1000.0 605.6 600 800.0
Slide 6: Continued double-digit growth of Net Profit adj
Continued double-digit growth of Net Profit adj 1 Strong Net profit adj.1, up +36.8% vs 9M 2024, mainly driven by 2i Rete Gas acquisition and solid operating performance Tax rate 28.1% €mn 700 274.0 -77.0 600 -1.3 -58.2 519.6 -24.7 494.9 500 20.4 382.1 400 361.7 300 200 Including 2i Rete Gas contrib
Slide 7: Technical Investments 9M 2025
Technical Investments 9M 2025 Technical Capex +40.7% vs. 9M 2024 €mn 773.3 Key focus Other2: €101.4mn • 634km of new network pipes laid, of which 549.7 260km in Greece Digitization1: €177.6mn • 2i Rete Gas legacy network upgrade and digitization plan set-up started Development & Repurposing: €494.3m
Slide 8: Operating Cash Flow
Operating Cash Flow Operating cash flow significantly improved, covering capex needs 2000 €mn 487.6 -22.4 1,006.9 -827.0 1000 541.7 179.9 -5,166.7 -4,345.4 0 -1000 Includes impact -2000 of the Capital 2i Rete Gas Increase and acquisition -3000 dividend paid impact1 -4000 -5000 641.4 -6000 9M 2025 De
Slide 9: Appendix
IG Italgas Appendix
Slide 10: 9M 2025 Profit and Loss adjusted numbers
9M 2025 Profit and Loss adjusted numbers 9M 2024 9M 2025 Change adjusted adjusted P&L, € mln Total Revenues 1,309.3 1,800.5 491.2 Operating costs -300.0 -431.6 -131.6 EBITDA 1,009.3 1,368.9 359.6 + 35.6% Depreciation & amortisation -403.7 -489.3 -85.6 EBIT 605.6 879.6 274 + 45.2% Net financial expen
Slide 11: Quarterly performance
Quarterly performance 1Q 2025 2Q 2025 3Q 2025 adjusted adjusted adjusted Quarterly P&L, € mln Total Revenues 459.3 667.4 673.8 Operating costs -114.0 -155.2 -162.4 EBITDA 345.3 512.2 511.4 Depreciation & amortisation -119.9 -179.6 -189.8 EBIT 225.4 332.6 321.6 Net interest income (expenses) -33.5 -6
Slide 12: 9M 2025 Revenues breakdown
9M 2025 Revenues breakdown 9M 2024 9M 2025 Change adjusted adjusted Adjusted REVENUES, € mln Gas distribution regulated revenues 1,211.6 1,660.1 448.5 Distribution revenues 1,147.8 1,565.4 417.6 Other distribution revenues 63.7 94.7 31.0 Other revenues 97.7 140.4 42.7 TOTAL REVENUES 1,309.3 1,800.5
Slide 13: 9M 2025 Operating costs
9M 2025 Operating costs 9M 2024 9M 2025 Change adjusted adjusted OPERATING COSTS, € mln Gas distribution fixed costs 179.4 254.3 74.9 Net labour cost 111.8 153.2 41.4 Net external cost 67.6 101.1 33.5 Other activities 60.8 89.7 28.9 Net labour cost 10.4 10.4 0.0 Net external cost 50.4 79.3 28.9 Othe
Slide 14: 9M 2025 Balance Sheet
9M 2025 Balance Sheet 31/12/2024 30/09/2025 Change BALANCE SHEET, € mln Net invested capital 9,556.3 15,096.8 5,540.5 Fixed capital 8,777.1 14,009.3 5,232.2 Property, plant and equipment 383.3 455.6 72.3 Intangible assets 8,305.6 13,422.3 5,116.7 Net payables from investing activities -407.4 -379.4
Slide 15: Environmental Performance: Energy Consumption
Environmental Performance: Energy Consumption TJ 800 182.9 742.4 700 600 554.6 7.4 -4.6 2.1 500 400 300 Like-for-like net 200 energy consumption gas distribution 100 +4.9 TJ or 0.9% 0 3 9M 2024 Gas and fuel Electricity Vehicles New perimeter 9M 2025 consumption 1 consumption1,2 Net energy consumptio
Slide 16: Environmental Performance: GHG Emissions
Environmental Performance: GHG Emissions ktCO2 eq 200 180 43.1 176.7 160 0.1 0.4 140 133.1 0.0 120 100 80 Like for like Scope 1&2 60 emissions gas distribution 40 +0.5 ktCO2eq 20 or +0.4% 0 9M 2024 Gas leaks Fossil fuel Electricity New perimeter 3 9M 2025 consumption1,2 consumption1 Like-for-like Sc
Slide 17: 9M 2025 Main physical data - Gas Distribution Sector
9M 2025 Main physical data GAS DISTRIBUTION SECTOR OPERATING OPERATING HIGHLIGHTS HIGHLIGHTS o/w ITALY o/w GREECE including affiliates including affiliates Network length 156,479 km 147,883 km 8,596 km ~9,000 km Active Redelivery Points / Clients 12.85 mn 12.21 mn 0.64 mn 6.3 mn1 Municipalities 4,33
Slide 18: Vision and Purpose
Vision To be a leading figure in the world of energy, Purpose Pioneers by passion and builders by calling, driving its sustainable evolution and we bring all our energy to accelerate the innovating each day to improve people’s ecological transition. We do it for us. We do quality of life. it for eve
Slide 19: Overview of Accounting Principle (IAS 33) on EPS and DPS
Overview of Accounting Principle (IAS 33) on EPS and DPS The principle • From an accounting perspective, a rights issue is treated as a The adjustment “bonus issue” of shares, meaning that it consists in an issue of new shares with no increase in resources, mixed with an issuance at fair value • Whe
Slide 20: 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, 20
Slide 21: Group Structure as of 30 September 2025
Group Structure as of 30 September 2025 99.37% 21
Slide 22: 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 23: Investor Relations contacts
Investor.relations@italgas.it Anna Maria Scaglia Emanuele Isella