Italgas

Investor Presentation • May 14, 2024

14.05.2024 Milan

2i Rete Gas exclusivity period granted

Exclusivity period granted to Italgas by 2i Rete Gas' shareholders for the acquisition of 100% of the share capital.

Strategic rationale

• ü Reinforcement of Italgas' position as leading distribution player in Europe at support of the energy transition
• ü Sharing of best-in-class digitization capabilities and know-how with multiple synergies opportunities

Financing:

Bridge credit facility, underwritten by J.P. Morgan. Focus on preserving credit rating

Data1 Key	2023
Revenues adj	816.1	€mn
EBITDA adj	547.4	€mn
Net Income adj	182.1	€mn
Net Debt	3,255.3	€mn
Network length	71,939	km
Active Redelivery Points	4.86	mn

Note: (1) 2i Rete Gas Group from the Consolidated Annual Financial Report 2023

3

key highlights Double digit growth in EBIT and Net Income, reflecting solid contribution from distribution, with regulation recovering inflation and rates in Italy. End of Superbonus weighs on ESCo business. Positive impact of Resolution 173/2024 on 2024 tariffs yet to be incorporated.

1Q 2024 Results key highlights

Cashflow improved materially versus 1Q 2023, which was impacted by VAT and Superbonus. Net Debt dropped as a result.

repurposing €107.0mn

6

accelerate during the year 175km of network pipes laid,

Capex set to recover and

1Q 2024

Results

capex

of which 98km in Greece

1Q 2024 €160.9mn, -8.1% vs 1Q 2023

OPERATING HIGHLIGHTS1 GAS DISTRIBUTION SECTOR 1Q 2024 Results main physical data

Network length Active Redelivery Points / Clients3 Municipalities

83,161 km

(TOTAL)

8.02 mln

2,0994

~9,000 km 6.2 mln3

Regulatory development

update Resolution 173/2024 sets updated deflator assumptions for 2024 tariffs ARERA acknowledged the significance of the reviews of the deflator time series made by ISTAT

Deflator applied to calculate 20241 tariffs upgraded to 5.3% with equivalent positive impact on end 2023 RAB Application of same approach in 2025 not ruled out, considering ISTAT plans to revise

whole time series

Note: (1) applied to RAB 2023; (2) comparison between II quarter 2021 – I quarter 2022 («base») and II quarter 2022 – I quarter 2023 («new period»)

1Q 2024 Results ESG environment

Scope 1 and 2 Emissions -4.0% vs 1Q 2023

Total Revenues -10.1% vs 1Q 2023 Regulated revenues from gas distribution +11.2% vs 1Q 2023

Operating expenses -42.2% vs 1Q 2023

EBITDA +9.6% vs 1Q 2023

1Q 2023 Adj EBITDA

Italy distribution

mainly

Enaon (Greece)

Geoside and Water Adj EBITDA

1Q 2024

Italy distribution mainly 289.2

Note: Acqua Campania consolidated starting from 30th January 2024;

Ebit +11.7% vs 1Q 2023

€mn

1Q 2023 Change 1Q 2024

P&L, € mln

Total Revenues	479.9	431.3	- 48.6
Operating expenses	- 182.7	- 105.6	77.1
EBITDA	297.2	325.7	28.5	9 6% +
Depreciation & amortisation	- 124.7	- 133.0	- 8.3
EBIT	172.5	192.7	20.2	11 7% +
Net interest income (expenses)	- 19.9	- 26.0	- 6.1
Net income from associates*	0.4	3.8	3.4
EBT	153.0	170.5	17.5
Income taxes	- 41.1	- 45.2	- 4.1
NET PROFIT before minorities	111.9	125.3	13.4
Minorities	- 8.3	- 7.7	0.6
NET PROFIT after minorities	103.6	117.6	14.0	13 5% +

1Q 2024 Results focus on water

WATER P&L, € mln

Total Revenues	14.2	41.1
Operating expenses	- 8.6	- 27.6
EBITDA	5.6	13.5
Depreciation & amortisation	- 4.6	- 7.6
EBIT	1.0	5.9
Net income from associates	3.7
NET PROFIT after minorities	3.4	3.4

Acqualatina e Siciliacque pro-quota

Distribution Operational Cash Flow recovered significantly

€mn

1Q 2024 Financial Structure

Sound financial structure, with high exposure to fixed rates

1Q new €650mn bond and new sustainability linked RCF (€600mn)

Average cost of debt ~1.4% in 1Q 2024

Net Debt €6.5bn with IFRS 16

Gross Debt Structure1 31/03/2024

REVENUES, € mln

Regulated revenues Italy distribution	319.5	358.1	38.6
Distribution	300.5	338.8	38.3
Tariff contribution for meters replacement	-	0.7	0.7
Other distribution revenues	19.0	18.7	- 0.3
Enaon (Greece)	44.0	45.5	1.5
Other revenues	116.4	27.7	- 88.7
TOTAL REVENUES	479.9	431.3	- 48.6

OPERATING EXPENSES, € mln

72.3	64.6	- 7.7
43.7	38.5	- 5.2
28.7	26.1	- 2.6
90.9	19.7	- 71.2
1.8	3.2	1.4
89.1	16.5	- 72.6
1.1	1.6	0.5
1.6	1.7	0.1
16.7	18.0	1.3
182.7	105.6	- 77.1

1Q 2024 Results Balance sheet

€ mln

Net invested capital	9,235.0	9,277.3	42.3
Fixed capital	8,421.4	8,611.1	189.7
Tangible fixed assets	386.0	400.4	14.4
Net intangible fixed assets	8,250.3	8,324.2	73.9
Net payables investments	- 370.5	- 311.7	58.8
Equity-accounted and other investments	155.6	198.2	42.6
Net working capital	872.3	722.8	- 149.5
Provisions for employee benefits	- 65.3	- 63.9	1.4
Assets held for sale and directly related liabilities	6.6	7.3	0.7
Net financial debt	6,634.3	6,546.3	- 88.0
Financial debt for operating leases (IFRS 16)	79.1	94.2	15.1
Net financial debt ex operating leases	6,555.2	6,452.1	- 103.1
Shareholders' equity	2,600.7	2,731.0	130.3

Maximum score Italgas Sector Average

Vision, Purpose & Mission

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.

Vision Purpose

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

Disclaimer

Italgas's 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's 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 forwardlooking statements to reflect any changes in Italgas's 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