Italgas Spa · MIL:IG
Italgas Spa — Investor Presentation (October 2025)
80 slides from Italgas Spa's investor presentation, Oct 30, 2025
Slide 1: Shaping a new energy
Shaping a new energy London, 30 October 2025 Strategic Plan 2025-2031
Slide 2: Index
Index Advancing green gas-ready infrastructure to 1 drive the energy transition 2 Progress on 2i Rete Gas integration 3 Long-term impacts of acquisition 4 Our Strategic Approach 5 Gas distribution in Italy and Greece 6 Water and Esco 7 9M 2025 results 8 Strategic Plan Financials 2
Slide 3: Italgas today: leading the transformation in energy, together
Italgas today: leading the transformation in energy, together The European Champion in Gas Distribution with unparalleled scale, expertise and innovation capabilities The New Italgas in numbers1 156,000+ ~6.3 km of network million water clients served2 4,338 ~6,400 concessions managed employees ~12.
Slide 4: Italgas' strategic vision
Italgas’ strategic vision Maintaining our leadership position whilst driving network innovation, maximizing value for all our stakeholders Strengthening the Group’s leadership position in Gas Distribution the Gas Distribution sector GasItaly & Greece Gas Gas Distribution Distribution ITA / GRE Distr
Slide 5: Key Achievements & 2031 Strategic Ambitions
Key Achievements & 2031 Strategic Ambitions €16.5bn1 Total investments 2025-2031 €7.4bn Total investments2 2031 AMBITION 2017-2024 2025 2017-2024 WHERE WE STAND: KEY ACHIEVEMENTS: • >12% CAGR EBITDA growth 2024-2031 led by revenues growth and operating • Market Consolidation efficiencies • Growth •
Slide 6: Advancing green gas-ready infrastructure to drive the energy transition
Advancing green gas-ready infrastructure to drive the energy transition 1 6
Slide 7: Gas infrastructure is a key enabler of the energy transition
Gas infrastructure is a key enabler of the energy transition Gas infrastructure remains a flexible, reliable, and cost-efficient solution to the energy trilemma, thanks to its ability to dispatch green molecules Energy trilemma remains central Gas DSOs are at the heart of the solution Price competit
Slide 8: Natural gas ensures price competitiveness and system balancing
Natural gas ensures price competitiveness and system balancing Natural gas supports price competitiveness, system balancing, and long-term storage – key factors as baseload electricity demand increases and more renewable electricity enters the grid Electricity vs. Gas price evolution in Italy (€/MWh
Slide 9: Gas heating systems remain most cost-effective option for households
Gas heating systems remain most cost-effective option for households Switching from low-efficiency gas boiler to a heat pump doubles the payback period compared to a high- efficiency gas boiler and extends it to nearly 2.5 times longer when underfloor heating is included. The comparison below is mad
Slide 10: Italgas: Accelerating the delivery of EU 2030-2050 climate targets
Italgas: Accelerating the delivery of EU 2030-2050 climate targets European Union aims to reduce GHG emissions by 55% from 1990 levels, with targets that promote green molecules and energy efficiency. Italgas well-positioned to contribute to, and benefit from, this sector transformation Biomethane G
Slide 11: Powering the growth of green molecules in Italy
Powering the growth of green molecules in Italy Italgas' unparalleled scale, investment capacity, and expertise strategically supporting Italy's ecological transition – driving the growth of green molecules through network digitization, upgrades, and future-readiness Biomethane Hydrogen Hydrogen dev
Slide 12: Italian gas demand resuming growth in 2025
Italian gas demand resuming growth in 2025 Gas demand in 2025 is showing positive mid-single-digit growth, driven by the normalisation of prices and weather conditions following the 2022-23 crisis Gas demand 2020-2024 and H1 2024 vs. 2025 TODAY1 20402 Bcm Impact of high Gas incidence in prices and p
Slide 13: Progress on 2i Rete Gas integration
Progress on 2i Rete Gas integration 2 13
Slide 14: Key milestones of 2i Rete Gas acquisition and next steps
Key milestones of 2i Rete Gas acquisition and next steps Update on Antitrust disposal process 13 May 2024 Start of exclusive negotiation • Binding offers, including signed SPA, received by 5 5 October 2024 Acquisition agreement announcement September 2025 • AGCM assessment on binding offers complete
Slide 15: Italgas: best-in-class operator with industry-leading capabilities
Italgas: best-in-class operator with industry-leading capabilities Italgas is setting the standard with industry-leading digital capabilities and scale, supporting its superior positioning versus international peers CAPABILITY ITALGAS PEERS COMPETITIVE ADVANTAGE Smart meter penetration >96%, 100% b
Slide 16: Significant integration progress: milestones achieved in the first 4 months
Significant integration progress: milestones achieved in the first 4 months Territorial re-organization Core activities insourcing Smart metering • Optimization of footprint in 80 Territorial Insourcing of core activities, with termination • Substitution of 23.8 k traditional meters Units, redefinin
Slide 17: Long-term impacts of acquisition
Long-term impacts of acquistion 2 3 17
Slide 18: Incremental investment identified, fuelled by digitization expertise
Incremental investment identified, fuelled by digitization expertise Incremental investment linked to digitization of 2i Rete Gas legacy infrastructure to reach €0.9bn – higher than initial expectations – and to drive more than €100mn of additional revenues by 2031. Higher investments levels driven
Slide 19: Realizing synergies and efficiencies
Realizing synergies and efficiencies New target €250mn of additional EBITDA by 2031 1 on the back of 2i Rete Gas acquisition and incremental efficiencies, underpinned by specific initiatives covering 100% of the target. Accelerated delivery versus previous plan Currrent Higher targets driven by deta
Slide 20: €180mn synergies and efficiencies vs 2023
€180mn synergies and efficiencies vs 2023 Cost synergies and efficiencies vs 2023 (combined base) €180mn EBITDA contribution vs 2023 2023 2025 2031 2025 2026-2028 2029-2031 Key Insourcing of core activities (15+ Internalization of emergency response services to Installation of 6+mn Nimbus (improving
Slide 21: €70mn AI opex efficiency vs 2023
€70mn €70mn AI opex efficiency vs 2023 EBITDA contribution AI productivity and efficiencies vs 2023 (combined base) vs 2023 2023 2025 2031 SELECTION 2025-2026 OF AI USE CASES AI-driven automated scheduling algorithm to allocate activities to field workers Already implemented considering all variable
Slide 22: €70mn AI opex efficiency vs 2023
€70mn €70mn AI opex efficiency vs 2023 EBITDA contribution AI productivity and efficiencies vs 2023 (combined base) vs 2023 2023 2025 2031 SELECTION OF AI USE 2027-2028 2029-2031 CASES Productivity enhancement through GenAI virtual coach / Agents adoption for corporate activities, to support documen
Slide 23: Our Strategic Approach
IG Italgas Our Strategic Approach 23
Slide 24: Total investments to reach €16.5bn, +5.7%
Total investments to reach €16.5bn, + 5.7% (+10.2% excl. 2iRG acquisition & Tenders) Enhanced capex visibility, with increased allocation to core gas distribution activities in Italy and reduced reliance on tenders. Significant investments continue in Greece and Water, while ESCO capex reflects a sh
Slide 25: Italgas' value-driven investment strategy
Italgas' value-driven investment strategy An overarching investment strategy, scalable and applicable to all businesses of the portfolio. Building on Italgas' extensive experience in Gas Distribution, the focus of capital expenditure Breakdown by Business €16.5bn Breakdown by Area Water and Water ES
Slide 26: Our overarching strategic framework reflected in actions and key benefits
Our overarching strategic framework reflected in actions and key benefits Our Actions focus on 3 main Areas Key Benefits Unlocked Leaks Reduction & Improved Safety Network Development, Upgrade & Maintenance Leveraging unique scale, skills, and predictive approach Enhanced system resilience Asset Dig
Slide 27: Gas distribution in Italy and Greece
Gas distribution in Italy and Greece 5 27
Slide 28: Core network spending driven by predictive approach
Core network spending driven by predictive approach Core network investments are focused on predictive maintenance, network expansion, market consolidation, and infrastructure enhancement to enable green gas dispatching Repurposing, Upgrade & Grid Development, Extension Infrastructure Enhancement ~€
Slide 29: Italy: awarded ATEMs to drive additional capex
Italy: awarded ATEMs to drive additional capex Tenders’ awarded to drive incremental capex for network expansion and upgrades. ~€5.4bn In Sardinia, focus on connecting redelivery points and converting city networks Total investments 2025-31 NETWORK DEVELOPMENT and Commitments following 8 ATEMs award
Slide 30: Tender timeline update
Tender timeline update Market consolidation is ongoing through tender mechanism. Italgas capitalizing its unique scale, geographic footprint and technological proposition ~€1.5bn Total investments 2025-31 Total market 11 166 • Tender Outlook Updated tender calendar reflects recent evolution of offic
Slide 31: Greece: scaling-up market penetration and network extensions
Greece: scaling-up market penetration and network extensions Majority of capex allocated to network expansion, with investment prioritized in high-growth areas to drive new connections RdP development Thousands # +2,500 km of network • Network extensions driven by new connections extensions and new
Slide 32: Fostering green gas development by facilitating grid injection
Fostering green gas development by facilitating grid injection Biomethane connections to DSO are quickly ramping up, supported by the NRRP incentive framework. Italgas showcases the potential of Power-to-gas technology in Sardinia with Hyround project launch Biomethane development projects Hyround H
Slide 33: Digitization and AI Transformation is a trademark of Italgas' approach
Digitization and AI Transformation is a trademark of Italgas’ approach Asset digitization, NBIoT-Smart meters roll-out, and data availability, paving the way for next-step AI-enabled automation. Spending effort to align the former 2i Rete Gas’ network to Italgas’ levels ~€3.1bn Network Digitization
Slide 34: Italgas' trademark digitization approach, at scale
Italgas’ trademark digitization approach, at scale Digitization effort focused on upgrading former 2i Rete Gas network, accounting for >30% of total digitization spending Digitization of the ~€2.9bn Total investments former 2i Rete Gas Step #1 by 2027: 2025-31 Full IoT-ization program of all possibl
Slide 35: Italgas to take advantage of AI opportunity
Italgas to take advantage of AI opportunity AI led change made possible by digital approach and data availability. Italgas Digital Factory accelerator of change and remains critical to future AI adoption across the organization. 2017-2024 2025-2031 Digital Transformation AI Transformation The innova
Slide 36: Innovative digital solutions to support AI-driven transformation
Innovative digital solutions to support AI-driven transformation AI to transform network management, improving safety, service quality and operational efficiency • H2-ready • Superior readings and remote management performance DANA 2.0: the platform for AI-enabled NBIoT/Nimbus roll-out plan automati
Slide 37: Net energy consumption and GHG emissions reduction targets – gas distribution
Net energy consumption and GHG emissions reduction targets – gas distribution Enhanced targets for gas distribution following strong performance, taking into account updated perimeter Net energy consumption (Group) 1,2 Scope 1 and 2 market-based (Group)1,3 -35% 2020-2030 (vs -33% before) -55% 2020-2
Slide 38: GHG emissions reduction target – Scope 3
GHG emissions reduction target – Scope 3 Target revised to reflect the updated Group perimeter – includes also water activities. Previous target (-33% by 2030 vs. 2020) already achieved Scope 3 – Supply chain1 -24% 2024-2030 The target is aligned with the 1.5°C scenario of the Paris Agreement 2050 N
Slide 39: Water and Esco
Water and Esco IG Italgas 39
Slide 40: Water and Energy Efficiency
Water and Energy Efficiency Water and ESCo as a key focus – but with tailored approaches. Water efforts are concentrated on improving asset performance, while ESCo is reshaping its business model Water network development and Energy Efficiency digitization Main focus in asset performance Business mo
Slide 41: Water prioritizing leak reduction and infrastructure upgrades
Water prioritizing leak reduction and infrastructure upgrades…. Since acquisition, main focus on improving asset performance by leveraging the Group’s industrial expertise. Active industrial role maintained across all companies, regardless of consolidation scope. Interventions to reduce losses Water
Slide 42: …to transform Water operations via AI and digitization
…to transform Water operations via AI and digitization Establishing Centres of Excellence (CoE) for core activities (i.e. Digital Management/control room). Expect AI application to drive further cost reductions, also in Water 100% of Water assets digitized by 2027 DANA Water Smart meters roll-out Ke
Slide 43: Water expected to exceed €100mn EBITDA in 2031
Water expected to exceed €100mn EBITDA in 2031 Strategic plan assumes Siciliacque and Acqualatina full consolidation over plan horizon. Acqua Campania and Nepta fully consolidated in 2024 €0.45bn Total investments 2025-31 RAB Revenues EBITDA €mn €mn €mn AI contribution >300 >220 >100 2024 2029 2031
Slide 44: Environmental targets achievement through defined operating interventions
Environmental targets achievement through defined operating interventions Leak reduction Net energy consumption1,2 Scope 1 and 2 market-based2 Alignment with the 1.5°C scenario of the Paris Agreement Water loss rate reduction -33% 2023-2030 -33% 2023-2030 30% Drought 2050 Drought negative negative N
Slide 45: Geoside: business model reshaping
Geoside: business model reshaping Focus now on organic growth delivery through projects pipeline reinforcement. Capex reallocated, with reduced M&A budget. 2025 performance still supported by requalification, encouraging early results from the strategic repositioning Public €0.34bn Residential Indus
Slide 46: 9M 2025 results
9M 2025 results IG Italgas 46
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: Strategic Plan financials
Strategic Plan financials 5 8 54
Slide 55: Maximising impact of key strategic levers to deliver superior growth
Maximising impact of key strategic levers to deliver superior growth 10% CAGR EPS growth enabled by disciplined capital allocation and efficiency improvements, with shareholders benefitting through our dividend policy Upgraded investment plan Operational efficiency and Balance Sheet Strength 1 Disci
Slide 56: Total investments to reach €16.5bn, +5.7%
Total investments to reach €16.5bn, +5.7% (+10.2% excl 2iRG acquisition & Tenders) Enhanced capex visibility, with increased allocation to core gas distribution activities in Italy and reduced reliance on tenders. Significant investments continue in Greece and Water, while ESCO capex reflects a shif
Slide 57: Total RAB to exceed €20bn at the end of the plan
Total RAB to exceed €20bn at the end of the plan Increased investment growth opportunities and contribution of 2i Rete Gas acquisition to drive double-digit RAB growth to the end of the plan, above previous plan expectations RAB gas distribution and water Redelivery points gas distribution +10.4% CA
Slide 58: Delivering higher profitability through operating efficiencies
Delivering higher profitability through operating efficiencies Double-digit EBITDA growth leading to €3.0bn EBITDA in 2031, driven by RAB growth, disciplined capital allocation, and renewed focus on efficiencies and costs. Deal-related synergies and efficiencies, including AI contribution upgraded f
Slide 59: Strong EBITDA expansion and financial discipline driving double digit EPS growth
Strong EBITDA expansion and financial discipline driving double digit EPS growth1 to 2031 Robust EBITDA increase and financial discipline to drive Net Income growth to 2031, maximizing shareholder value. EPS adjusted +10% CAGR1 2024-2031 with tenders €/share 0.59 Net Income >€1bn in 2029 2024 2029 2
Slide 60: Credit metrics improving faster than initially planned
Credit metrics improving faster than initially planned Threshold of 65% Net Debt / RAB to be reached almost a year ahead what initially planned Gross debt maturities Credit metrics, faster improvement Net Debt / RAB Net Debt / EBITDA 70% 6x 65% 5x 60% 4x 55% 3x 2026 2031 2026 2031 2025 2026 2027 202
Slide 61: Guidance, updated for 2025 and new guidance for 2029 and 2031
Guidance, updated for 2025 and new guidance for 2029 and 2031 2025 2029 2031 Revenues adj ~2.5bn Revenues ~3.4bn ~3.8bn EBITDA adj ~1.87bn EBITDA ~2.7bn ~3.0bn EBIT adj ~1.19bn1 EBIT ~1.8bn ~2.0bn Technical Capex ~1.2bn Consolidated RAB 18.6bn 20.3bn Net Debt ~10.8bn FFO/RAB >10% >10% excl. IFRS 16
Slide 62: Dividend policy extended to 2028 (+2 years) and updated
Dividend policy extended to 2028 (+2 years) and updated Investors to keep benefitting from underlying growth through 65% payout The new floor implies a minimum growth of the 2025 dividend of 11.7% 1 Dividend policy 2025-2028 Highest of • 65% pay-out on Adjusted Net Income per share 2 0.406 0.381 • D
Slide 63: Conclusions
Conclusions Maintaining our leadership position whilst delivering on our Strategic Plan, maximising shareholder value Our priorities Strengthening the Group’s leadership position in the Gas Distribution sector Driving digital/AI transformation of gas distribution and water network infrastructures Ma
Slide 64: Appendix
IG Italgas Appendix 64
Slide 65: 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 66: 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 67: 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 68: 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 69: 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 70: 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 71: 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 72: 9M 2025 Main physical data
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 73: Regulatory updates – gas distribution Italy
Regulatory updates – gas distribution Italy Arera’s Board mandate extended to Decemebr 31st by decree Extension of current regulatory period to 2026 WACC development 2026-27 • Consultation document published September 23rd • 2026 WACC observation period expired on 30 September • Main proposals: 2025
Slide 74: ROSS-model tariff regulation
ROSS-model tariff regulation Expected introduction of ROSS1 mechanism in 2028. New approach based on TOTEX2 (OPEX and CAPEX treated symmetrically), through a focus on company-specific total expenditure ROSS MODELS MAIN FEATURES ROSS-MODEL IN GAS DISTRIBUTION • Focus and incentives on total expenditu
Slide 75: 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 76: 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 77: 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, 77
Slide 78: Group Structure as of 30 September 2025
Group Structure as of 30 September 2025 99.37% 78
Slide 79: 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 80: Investor Relations contacts
Investor.relations@italgas.it Anna Maria Scaglia Emanuele Isella