Italgas

Investor Presentation • Jul 24, 2025

1H 2025 Key Financial Highlights

2i Rete Gas consolidation from 1st April 2025, contributing for 3 months

Ongoing growth in Italian Gas Distribution - updated opex and RAB revaluation factors recover previous gaps and more than offset lower allowed WACC

Positive contribution from Greece, Water and ESCo

Opex efficiencies continue

Operating cash flow improved significantly, also benefitting from Superbonus tax credit utilization

Net Debt at €10.86bn, factoring in 2i Rete Gas acquisition impact and capital increase

	1H 2025 adjusted	Delta vs. 1H 2024
€ mln
Total revenues adjusted	1,126.7	29.2%
Adjusted EBITDA	857.5	27.8%
Adjusted EBIT	558.0	38.9%
Adjusted Net Profit1	316.6	31.1%
Cashflow from operations	739.0	39.6%
Investments	495.1	40.0%

Net Financial Debt excl. IFRS 16² 10,859.0 +4,186.7³

Note: Acqua Campania fully consolidated starting from 30th January 2024, 2i Rete Gas fully consolidated from 1st April 2025; As of the closing date of the Interim Financial Report, the purchase price allocation (PPA) process of 2i Rete Gas has not yet been completed; (1) Attributable to the Group; (2) Operating leases ex IFRS 16 and IFRIC 12 €90.5mn at the end of FY 2024 and €114.0mn as of 1H 2025; (3) Delta Net Financial Debt ex IFRS 16 and IFRIC 12 vs. situation as at 31 December 2024

1H 2025 Key Highlights

Operating & Corporate Highlights

• Transformational 2i Rete Gas acquisition closed on April 1st, ahead of initial schedule
• €1.02bn Capital Increase successfully completed in June
• 2i Rete Gas merger by incorporation into Italgas Reti effectively executed on 1st July 2025
• Credit rating confirmed by Moody's and new BBB+ long term credit rating issued by S&P

• Extension of the current regulatory period by 2 years until end-2027 (ARERA resolution 221/2025/R/Gas) – consultation document yet to be published
• Antitrust disposal process, expression of interest received. Next step: binding offers must be received by September 5th

FY 2025 Guidance confirmed, new strategic plan to be presented on 29 October

Focus on the Integration of 2i Rete Gas

New Italgas Reti Setup as of July 1st

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Integration roadmap key milestones

Full IT system integration successfully executed

Onboarding 100% 2i Rete Gas people: 60,000+ technical training hours provided

25 cross-functional working groups created to foster integration

Launch of former 2i Rete Gas network digitization program

Note: (1) Delta vs. 31 March 2025 data of Italgas Group (including Greece), before the closing of the 2i Rete Gas transaction; (2) RAB as of 31 December 2024 pro-forma vs. Italgas stand-alone; (3) Technical unit;

Focus on the Integration of 2i Rete Gas

Focus on Onboarding and Training

• 100% of 2i Rete Gas population involved
• 60,000+ technical training hours provided (>30 hours/person)
• 70 AI-generated tutorials for field operations to align procedures and operating tasks
• 20,000+ access to the training platform in only 3 weeks
• 300+ access to AI-chatbot to support operators on the field
• ¹⁴⁰ "on the field" selected and trained "integration support team" people

• Massive data migration, extracted and transformed to align with the processes and systems of the Italgas model
• Over 250 cross-functional meetings, with ³⁶ processes and 71 subprocesses analyzed
• ¹⁴⁰application modules and 410 interfaces/ETLs managed
• Integration of NB-IoT and RF technologies for Smart Meter management, with over 3 million daily IoT data flows integrated
• Infrastructure upgrade, enhanced computing capacity, and increased storage and bandwidth, integrating onpremise 2i Rete Gas datacenters within Italgas cloud
• No service interruptions

TJ

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 systems dropped by 8%.

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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%)

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Total Revenues adj. +29.2% vs 1H 2024; +4.2% without 2i Rete Gas

872.3 1,126.7 217.5 40.3 -25.8 7.7 15.3 -0.6 1H 2024 Total revenues and other income adj. 2i Rete Gas Italy & Greece other regulated components Italy WACC Water Energy efficiency Other revenues 1H 2025 Total revenues and other income adj. 1 2 Mainly RAB growth and ARERA resolutions impact

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Ongoing cost containment effort

Operating costs adj. +33.9% vs 1H 2024; +5.7% without 2i Rete Gas

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Adj. EBIT +38.9% vs 1H 2024; +12.4% without 2i Rete Gas

Change in perimeter drives growth

Adj. EBITDA +27.8% vs 1H 2024; +3.2% without 2i Rete Gas

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Note: Acqua Campania fully consolidated starting from 30th January 2024, 2i Rete Gas fully consolidated from 1st April 2025; as of the closing date of the Interim Financial Report, the purchase price allocation (PPA) process of 2i Rete Gas has not yet been completed

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Net Profit adj.¹ growing double-digit

Net profit adj.¹ +31.1% vs 1H 2024

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Note: Acqua Campania fully consolidated starting from 30th January 2024, 2i Rete Gas fully consolidated from 1st April 2025; (1) after minorities

1H 2025 Profit and Loss adjusted numbers

ಕರ	emarket sdir storage
	CERTIFIED

	1H 2024 adjusted	1H 2025 adjusted	Change
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	-55.8	-100.0	-44.2
Net income from equity investm.	6.1	4.7	-1.4
EBT	352.1	462.7	110.6
Income taxes	-97.0	-129.5	-32.5
NET PROFIT before minorities	255.1	333.2	78.1
Minorities	-13.6	-16.6	-3.0
NET PROFIT after minorities	241.5	316.6	75.1	+ 31.1%

1H 2025 Profit and Loss reported vs. adjusted

	1H 2025 reported	1H 2025 adjusted	Adjustments
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	-299.5	-
EBIT	596.7	558.0	-38.7
Net financial expenses	-105.6	-100.0	5.6	2i Rete Gas transaction costs
Net income from equity investm.	4.7	4.7	-
EBT	495.8	462.7	-33.1
Income taxes	-139.0	-129.5	9.5	Tax impact of the items above
NET PROFIT before minorities	356.8	333.2	-23.6
Minorities	-18.7	-16.6	2.1	Impact of resolutions 87/2025/R/gas
NET PROFIT after minorities	338.1	316.6	-21.5	on minorities

Technical Investments

Technical Capex +40.0% vs. 1H 2024; +10.7% without 2i Rete Gas

€mn

• 430km of new network pipes laid, of which 168km in Greece

• €100m of capex invested by 2i Rete Gas in 2Q – mostly in development and repurposing

• 2i Rete Gas network upgrade and digitization plan set-up started

Operating Cash Flow

15

Operating cash flow improved significantly, covering capex and most of dividend cash outflow

Note: Acqua Campania fully consolidated starting from 30th January 2024, 2i Rete Gas fully consolidated from 1st April 2025; (1) Includes 2i Rete Gas acquisition price paid of €2,071.9mn and 2i Rete Gas net financial debt of €3,094.8mn as of 1st April 2025; (2) Includes €1,020mn proceeds of the capital increase completed in June 2025;

1H 2025 Financial structure

Sound financial structure with low exposure to floating rates in 1H

New €1bn dual-tranche bond issued

Residual bridge loan fully refinanced through the proceeds of the €1.02bn capital increase

Credit rating confirmed by Moody's and new BBB+ long term credit rating issued by S&P

Average cost of gross debt ~1.95% in 1H 2025

Guidance 2025

Note: Including 2i Rete Gas contribution from 1st April 2025 i.e. 9 months; the disposal process of ca. 600,000 PDRs in compliance with the requirements of the Italian Competition and Markets Authority (AGCM) is expected to be completed in line with the regulator's requirements. For guidance purposes, the related impacts are expecte d to materialize in early 2026. (1) compared to a scenario of non-consolidation of 2i Rete Gas and after applying IAS33 ;

Quarterly performance

	1Q 2025 adjusted	2Q 2025 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	194.4	268.3
Income taxes	-53.3	-76.2
NET PROFIT before minorities	141.1	192.1
Minorities	-8.5	-8.1
NET PROFIT after minorities	132.6	184.0

Note: Acqua Campania fully consolidated starting from 30th January 2024, 2i Rete Gas fully consolidated from 1st April 2025

1H 2025 Revenues breakdown

	1H 2024 adjusted	1H 2025 adjusted	Change
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

1H 2025 Operating costs

	1H 2024 adjusted	1H 2025 adjusted	Change
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 costs	3.0	6.7	3.7
Tee	0.1	-4.2	-4.3
Concessions fees	36.2	51.5	15.3
OPERATING EXPENSES	201.1	269.2	68.1

1H 2025 Balance Sheet

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	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	-110.2
Equity investments	176.1	183.6	7.5
Other fixed capital	319.5	322.8	3.3
Net working capital	835.1	1,012.6	177.5
Provisions for employee benefits	-61.3	-85.1	-23.8
Assets held for sale and directly related liabilities	5.4	0.1	-5.3
Net financial debt	6,762.8	10,973.0	4,210.2
Financial debt for operating leases (IFRS 16 and IFRIC 12)	90.5	114.0	23.5
Net financial debt ex operating leases	6,672.3	10,859.0	4,186.7
Shareholders' equity	2,793.5	3,809.5	1,016.0

1H 2025 Main physical data

GAS DISTRIBUTION SECTOR

Sustainability performance

Maximum score Italgas Sector Average

Group Structure as of 1 July 2025

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

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 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 Emanuele Isella