1H 2026 RESULTS
Investor Presentation · Athens, 27 July 2026
2 Italgas — 1H 2026 Results — 27 July 2026 1H 2026 Results highlights 11H 2026 results strong Driven by solid growth, perimeter change and continued synergies delivery.
2Synergies and efficiencies Continued progress on cost synergies and efficiencies.
~42% of 2032 target reached 1 -year after integration.
3Tenders acceleration
19 ATEM tenders incoming, of which 5 already closed/under evaluation. Clear acceleration comparared to history.
4Moody’s outlook upgrade Confirming the strengthening of the financial profile embedded in the new Strategic Plan 2026 -2032.
3 Italgas — 1H 2026 Results — 27 July 2026 Results 1H 2026 — strong growth continues EBITDA MARGIN Adj.
81.0%
1H 20261H 2026
(€mn)Δ (%/€ mn) vs.
1H 2025
Total revenues adj. 1,324.2 +17.5%
Adj. EBITDA 1,072.3 +25.0%
Adj. EBIT 702.7 +26.6%
Adj. Net Profit1 398.6 +27.3% Technical investments 765.2 +€270mn Net Financial Debt excl. IFRS 16 and IFRIC 12210,712.5 -€21mn3 NET PROFIT Adj.
+27.3%
vs. 1H 2025 Italian Gas Distribution: progress in revenues fuelled by organic growth and 2i Rete Gas first consolidation in Q1 Opex efficiencies: synergies and efficiencies continue to accrue, benefitting from the progress of initiatives launched since acquisition Investments: acceleration led by 2i Rete Gas legacy network upgrade and digitization Net Debt: operating cash generation covering all capex and part of the dividend cash -out. AGCM mandatory disposals proceeds contributed to net debt reduction 2026 Guidance confirmed Note: 2i Rete Gas fully consolidated from 1st April 2025; (1) Attributable to the Group; (2) Operating leases ex IFRS 16 and IFR IC 12 €134.0mn as of 31 December 2025 and €123.4mn as of 30 June 2026; (3) Delta vs. Net Financial Debt, excluding IFRS 16 and IFRIC 12, as of 31 December 2025.
OPERATING CASH FLOW
€930mn
1H 2026
+55%
vs. 1H 2025TECHNICAL INVESTMENTS
4 Italgas — 1H 2026 Results — 27 July 2026 Synergies delivery continues to show solid progress
2025
1H 2026
2026
2032
Synergies, Efficiencies & Insourcing AI Productivity & Efficiency~35
AchievedCOST SYNERGIES , EFFICIENCIES
and AI DELIVERY1:
(€ million, EBITDA impact)
~117~130~280PROGRESS TOWARD 2032 TARGET:
~42% delivered
1st wave core activities insourcing IT systems consolidation Territorial & HQ organization streamlining Fleet and offices rationalization
Contracts optimization✓
2nd wave core activities insourcing
Contracts renegotiations
Full asset digitization Agentic AI implementation scaling up 3rd wave core activities insourcing Meters remote activation AI-augmented workforce integration Autonomous -driving Picarro for leak detection~42% of the 2032 cost synergies target1 already achieved 1 year after the integration.
Completed
Ongoing
Future
Note: (1) versus 2023 EBITDA calculated as the sum of Italgas and 2i Rete Gas reported in the year
5 Italgas — 1H 2026 Results — 27 July 2026 Positive tender momentum continues Note: Illustrative map ATEM awarded to Italgas ATEM tenders closed / offers submitted19 ATEM tenders incoming: clear acceleration compared to history. Italgas well positioned to confirm solid win -rate leveraging unique value offer and nation -wide outreach 2020 – 1H 2026 2H 2026 – 1H 2027 19 ATEMs incoming
11 ATEMs
Officially awarded to Italgas Win-rate ~80% (tenders participated in)
2 ATEMs
Awarded to 3rd parties
2 ATEMs
Awarded (under court appeal)
2 ATEMs
Waiting final award +
3 ATEMs
Tender bids submitted 8 ATEMs — Open tenders Offers to be submitted in 2H 2026 6 ATEMs — Tenders expected Offers to be submitted in 1H 2027 ~€400mn additional RAB opportunity Tenders closed, submitted & ongoing
Financial Performance in detail 6
7 Italgas — 1H 2026 Results — 27 July 2026 1,126.71,324.2209.0 19.0 -2.6 -27.9
1H 2025
Total
revenues
adj.2i Rete Gas
effectRegulated
gas
distribution
organic1H 2025 tariff
adjustments
& AGCM
disposal
impactOther
revenues
(Water, ESCo
and other)1H 2026
Total
revenues
adj.
+ve organic growth
GAS DISTRIBUTION
Driven by organic organic RAB growth+17.5% vs 1H 2025 adj 1Q consolidation of 2i Rete Gas coupled with robust organic expansion across gas distributionRevenues adj.
Growth led by Gas Distribution business Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values ; (1) Based on 2i Rete Gas 1Q 2025, net of impacts related to previous years RAB revaluation;
(2) Related to Italian and Greek DSOs; (3) Impacts to 1H 2025 revenues related to previous years’ RAB revaluation; (4) Revenu e impact of AGCM mandatory assets disposal compared to 1H 2025 and related capital gain.1€mn 2 43
8 Italgas — 1H 2026 Results — 27 July 2026
269.2251.991.0 -82.2
-26.1
1H 2025
operating
costs adj.2i Rete Gas
effectLike for
like
efficienciesWater,
ESCo
and Other1H 2026
operating
costs adj.
-22.8% like for like 2i Rete Gas integration -related synergies continue to show strong momentum-6.4% vs 1H 2025 Efficiencies more than offsetting additional costs linked to 2i Rete Gas consolidationOperating costs adj.
Declining despite additional costs linked to 2i Rete Gas Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values ; (1) Based on 2i Rete Gas 1Q 2025; (2) Including Opex impact of AGCM mandatory assets disposal compared to 1H 20251€mn 2
9 Italgas — 1H 2026 Results — 27 July 2026
+25.0%
vs 1H 2025EBITDA adj.
Water & ESCo: 17.0 Enaon (Greece): 71.0 Italy distr. mainly1: 984.381% EBITDA margin Margin expansion driven by synergies and
operating leverage
Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values ; (1) Includes corporate and ESCo1H 2026€mn
220.4 -5.6
857.51,072.3
1H 2025
Adj. EBITDADistribution & otherWater & ESCo 1H 2026
Adj. EBITDA
10 Italgas — 1H 2026 Results — 27 July 2026
+26.6%
vs. 1H 2025EBIT adj.
Note: 2i Rete Gas fully consolidated starting from 1st April 2025 ; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values ;
+€67.3mn D&A
vs. 1H 2025 2i Rete Gas consolidation effect in 1Q mainly and carry over effect of investments555.2702.7214.8 -67.3
1H 2025
Adj. EBITChange adj.
EBITDAChange D&A 1H 2026
Adj. EBIT€mn
11 Italgas — 1H 2026 Results — 27 July 2026
313.1398.6147.5 -25.5
2.0 -38.3
-0.2
1H 2025
Adj. Net ProfitAdj. EBIT Net financial expenses adj.Net income
from equity
investmentsIncome
taxes adj.Minorities
adj.1H 2026
Adj. Net Profit
+27.3%
vs 1H 2025 Driven by perimeter expansion and strong
operating performance
~2.1% cost of debt Cost of debt Reflecting the increased perimeter and progressive refinancing effect
28.6%
Tax rate
Adj. tax rate up, mainly reflecting the impact of temporary IRAP increase, partially offset by the recovery of previous years foreign tax lossesAdj. Net Profit1 Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values ; (1) attributable to the Group, i.e. after minorities1 1€mn
12 Italgas — 1H 2026 Results — 27 July 2026
329.3
106.6
59.2442.2
171.7151.3
Development
& RepurposingDigitization Other 1H 2025 1H 2026Technical Investments — €765.2mn ~647 km network laid +50% vs. 1Q 2025 Of which 245 km in Greece +55% vs 1H 2025 Mainly driven by acceleration of 2i Rete Gas legacy network digitization and upgrade and other investments Note: (1) ICT, Real Estates and IFRS161€mn
Italgas Properties
New entity created to manage and unlock the full value of the Group’s real estate (~540,000 sqm; >€0.3bn asset value)
13 Italgas — 1H 2026 Results — 27 July 2026
76.2
71.2-3.4-1.3 -0.3
0102030405060708090
1H 2025 Gas leaks Fossil fuel
consumptionElectricity
consumption1H 2026
241.0
206.3-23.1
-1.9 -9.7
050100150200250300
1H 2025 Gas & fuel
consumptionElectricity
consumptionVehicles 1H 2026-14.4% TOTAL ENERGY CONSUMPTION1 ESG Ratings — All Top -in-Class
DJSI
92/100CDP Climate
ACDP Water
BFTSE4Good
4.3/5MSCI
AAASustainalytics
Low
RiskISS
B+ESG Performance
Note: ESG ratings reflect most recent publication; (1) gas distribution business, like for like perimeter.-6.6% SCOPE 1&2 EMISSIONS1 TJ ktCO2 eq.
14 Italgas — 1H 2026 Results — 27 July 2026403.1929.5
195.0
31.9351.0175.4 -734.5
-415.0
251.9
1H 2026
Net Profit
to the GroupDepreciation
and other
itemsChange in
working capital
and othersNet cash flow
from operating
activitiesNet capex Free cash flow before M&ADividends paid
& other
variationsAsset disposals
& other
movementsChange in
Net Financial
Debt
MANDATORY DISPOSALS
€253mn2Cash flow
Operating cash flow covers capex and part of the dividend cash -out. AGCM mandatory disposals proceeds contributed to net debt reduction €mn Note: 2i Rete Gas fully consolidated from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulti ng difference was allocated to acquired assets and assumed liabilities at their fair values ; (1) Includes proceeds from the mandatory AGCM disposal of the activities of the ATEMs transferred in 1H 2026; (2 ) Includes proceeds from the mandatory AGCM disposals completed in 1H, related to the disposal of the assets and related net working capital.
NET CAPEX
-€735mn
OPERATING CASH FLOW
~€930mn
DIVIDEND CASH -OUT
-€434mn1
15 Italgas — 1H 2026 Results — 27 July 2026
NET DEBT ex IFRS 16 and IFRIC 12
€10,713mn
-€21.3mn vs FY25
AVG COST
~2.1%
1H 2026
FIXED RATE
81%
19% FLOATING
STRONG LIQUIDITY
>€1.2bn
Cash and equivalentNet Debt & funding structure Ample liquidity and low exposure to interest rates Note: (1) excluding IFRS16 and IFRIC 12 equal to €123.4mn as of 30 June 2026;;– 5001,0001,5002,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Beyond 2035EIB Bond Bank LinesGross Debt Maturity Profile (€ mn)1 Outlook upgrade to “Positive” by Moody’s:
•Strengthening of the financial profile following new SP 26 -32 New €150mn EIB loan signed in July:
•15-years maximum tenor, linked to Energy Efficiency initiatives New €750mn bond issued in April:
•Fixed rate, 3.625% coupon, 6 -years maturity New €900mn sustainability -linked RCF signed in April:
•Maximum tenor 5 years, ESG -performance linkedKEY UPDATES AS OF JULY 2026
Q&A 16
17 Italgas — 1H 2026 Results — 27 July 2026 1H 2026 Profit and Loss adjusted numbers P&L, € mln1H 2025
adjusted1H 2026
adjustedChange
Total Revenues 1,126.7 1,324.2 197.5 Operating costs -269.2 -251.9 17.3
EBITDA 857.5 1,072.3 214.8
Depreciation & amortisation -302.3 -369.6 -67.3
EBIT 555.2 702.7 147.5
Net financial expenses -101.9 -127.4 -25.5 Net income from equity investm . 4.7 6.7 2.0
EBT 458.0 582.0 124.0
Income taxes -128.3 -166.6 -38.3 NET PROFIT before minorities 329.7 415.4 85.7 Minorities -16.6 -16.8 -0.2 NET PROFIT after minorities 313.1 398.6 85.5+ 25.0%
+ 26.6%
+ 27.3%
Note: 2i Rete Gas fully consolidated from 1st April 2025. 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values.
18 Italgas — 1H 2026 Results — 27 July 2026 1H 2026 Profit and Loss reported vs. adjusted P&L, € mln1H 2026
reported1H 2026
adjustedAdjustments
Total Revenues 1,324.2 1,324.2 -
Operating costs -267.7 -251.9 15.8
EBITDA 1,056.5 1,072.3 15.8
Depreciation & amortisation -369.6 -369.6 -
EBIT 686.9 702.7 15.8
Net financial expenses -128.6 -127.4 1.2 Net income from equity investm . 6.7 6.7 -
EBT 565.0 582.0 17.0
Income taxes -161.9 -166.6 -4.7 NET PROFIT before minorities 403.1 415.4 12.3 Minorities -16.8 -16.8 -
NET PROFIT after minorities 386.3 398.6 12.3 Note: 2i Rete Gas fully consolidated from 1st April 2025. 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values.
19 Italgas — 1H 2026 Results — 27 July 2026 1H 2026 Revenues breakdown
Adj. REVENUES, € mln1H 2025
adjusted1H 2026
adjustedChange
Gas distribution regulated revenues 1,040.0 1,245.6 205.6 Distribution revenues 984.3 1,181.9 197.6 Other distribution revenues155.7 63.7 8.0 Other revenues 86.7 78.6 -8.1
TOTAL REVENUES 1,126.7 1,324.2 197.5
Note: 2i Rete Gas fully consolidated from 1st April 2025; (1) including meter replacement of €2.9mn in 1H 2025 and €1.6mn in 1H 2026
20 Italgas — 1H 2026 Results — 27 July 2026 1H 2026 Operating costs
Adj. OPERATING COSTS, € mln1H 2025
adjusted1H 2026
adjustedChange
Gas distribution fixed costs 159.8 146.9 -12.9 Net labour cost 92.2 100.0 7.8 Net external cost 67.6 46.9 -20.7 Other activities 55.4 32.0 -23.4 Net labour cost 6.7 7.2 0.5 Net external cost 48.7 24.8 -23.9 Other costs 6.7 2.4 -4.3 Tee -4.2 1.1 5.3 Concessions fees 51.5 69.5 18.0
OPERATING EXPENSES 269.2 251.9 -17.3
Note: 2i Rete Gas fully consolidated from 1st April 2025;
21 Italgas — 1H 2026 Results — 27 July 2026 Balance Sheet as of 30 June 2026 BALANCE SHEET, € mln 31/12/2025 30/06/2026 Change Net invested capital 15,033.7 14,953.0 -80.7 Fixed capital 14,090.0 14,478.0 388.0 Property, plant and equipment 488.1 562.4 74.3 Intangible assets 13,560.6 13,835.3 274.7 Net payables from investing activities -474.7 -435.9 38.8 Equity investments 192.0 191.1 -0.9 Other fixed capital 324.0 325.1 1.1 Net working capital 787.7 551.8 -235.9 Provisions for employee benefits -80.5 -76.8 3.7 Assets held for sale & related liabilities 236.5 - -236.5 Net financial debt 10,867.8 10,835.9 -31.9 Financial debt for operating leases
(IFRS 16 and IFRIC 12)134.0 123.4 -10.6
Net financial debt ex operating leases 10,733.8 10,712.5 -21.3 Shareholders' equity 4,165.9 4,117.1 -48.8 Note: 2i Rete Gas fully consolidated from 1st April 2025
22 Italgas — 1H 2026 Results — 27 July 2026Quarterly Profit and Loss adjusted numbers Note: 2i Rete Gas fully consolidated from 1st April 2025; 1H 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values.P&L, € mln1Q 2026
adjusted2Q 2026
adjusted
Total Revenues 661.7 662.5 Operating costs -134.9 -117.0
EBITDA 526.8 545.5
Depreciation & amortisation -186.1 -183.5
EBIT 340.7 362.0
Net financial expenses -63.8 -63.6 Net income from equity investm . 3.8 2.9
EBT 280.7 301.3
Income taxes -83.4 -83.2 NET PROFIT before minorities 197.3 218.1 Minorities -7.9 -8.9 NET PROFIT after minorities 189.4 209.2
23 Italgas — 1H 2026 Results — 27 July 2026 Main physical data as of 30 June 2026 Note: (1) inhabitants served directly and indirectly; (2) of which 4,102 in operationGAS DISTRIBUTION WATER SECTOR
ITALY
Including affiliatesGREECE TOTAL Network (km) 144,040 8,881 152,921 Active Redelivery pts ( mn) 11.91 0.66 12.57 Municipalities 4,047 145 4,1922ITALY
Including affiliates
Network (km) ~9,000 Clients ( mn) ~6.31
24 Italgas — 1H 2026 Results — 27 July 2026 To be a leading figure in the world of energy, driving its sustainable evolution and innovating each day to improve people’s quality of life.Pioneers by passion and builders by calling, we bring all our energy to accelerate the ecological transition.
We do it for us. We do it for everyone We have guaranteed efficient, safe and excellent energy services to the community for over 180 years. We favour the energy transition, creating the networks of the future and promoting innovative, sustainable solutions. We take care of local communities. We fuel positive, productive relationships with all of our stakeholders: individuals, companies, suppliers and shareholders. We enter new markets where we can apply our distinctive expertise. We promote the growth of individuals and develop talent, creating inclusive, stimulating work environments
25 Italgas — 1H 2026 Results — 27 July 2026
Disclaimer
Italgas’ Manager, Pierre La Tour, 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 company’s evidence and accounting books and entries . This presentation contains forward -looking statements regarding future events and the future results of Italgas that are based on current expectations, estimates, forecasts, and projections about the industries in which Italgas operates and the beliefs and assumptions of the management of Italgas . In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward -looking in nature . Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward -looking statements . These forward -looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future . Therefore, Italgas’ actual results may differ materially and adversely from those expressed or implied in any forward -looking statements .
Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally . Any forward -looking statements made by or on behalf of Italgas speak only as of the date they are made . Italgas does not undertake to update forward looking statements to reflect any changes in Italgas’ expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based . The reader should, however, consult any further disclosures Italgas may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange .
Investor.relations@italgas.it
Anna Maria Scaglia