Italgas

Investor Presentation • Feb 12, 2025

FY 2024 Results

FY 2024 Key Highlights (1/3)

• ✓ Transformational acquisition of 2i Rete Gas progressing in line with the expected time-table
• ✓ Strong performance in FY 2024:
  • ➢ EBITDA¹ growth led by Gas Distribution - Italy and Greece
  • ➢ Water positive contribution
  • ➢ Net Income¹ increased by 15% plus
  • ➢ Operating cash flow above €1bn, almost doubled vs 2023
• ✓ Sustainability: top-in-class external recognition

Proposing distribution of €0.406 DPS, +15.3% YoY

FY 2024 Key highlights (2/3)

Solid performance with EBITDA¹ , EBIT¹ and Net Income¹ growing double-digit and accelerating throughout the year. Growth in regulated businesses more than offsets the expected slowdown of ESCo after the end of Superbonus.

Note: Acqua Campania and its subsidiaries fully consolidated starting from 30th January 2024; (1) adjusted, Net Income attributable to the Group, i.e. post minorities; (2) regulated revenues; (3) attributable to the Group, i.e. post minorities

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FY 2024 Key highlights (3/3)

Operating cash flow improved materially year-on-year thanks to strong operating performance and positive working capital evolution. Capex in-line with expectations.

Technical Investments

FY 2024 €887.0mn, -2.2% vs FY 2023

FY 2024 development and repurposing capex in line with FY 2023 – 755km of network pipes laid, of which 391km in Greece

Lower digitization as planned, as projects are progressively completed

Other²; €105.0mn

Environmental performance

Continued reduction in energy consumption. Scope 1&2 emissions reduction driven by lower gas leaks. In 2024 the whole network was investigated 1.54x. Gas leaked/km surveyed dropped by 42%.

Social performance and targets

195,000 training hours in 2024 Pay Gap reduced to 7.5%. Diversity of our workforce keeps growing

Note: (1) 2023 & 2024 actual figures refer to Italgas perimeter only. 2030 targets include 2i Rete Gas into the consolidationperimeter; (2) Average ratio among female and male base salary by organizational cluster and by age cluster for employees holding managerial positions

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Revenues benefitted from the strong performance of regulated businesses offsetting ESCo activities

Revenues adj 0.2% vs FY 2023

€mn

Operating costs benefitting from like-forlike efficiencies and ESCo slowdown

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Operating costs -27.6% vs FY 2023

€mn

Adj. EBITDA & EBIT growing double-digit

€mn

	FY 2023 adjusted	FY 2024 adjusted	Change
P&L, € mln
Total Revenues	1,774.8	1,778.8	4.0
Operating costs	-591.1	-427.9	163.2
EBITDA	1,183.7	1,350.9	167.2	+ 14.1%
Depreciation & amortisation	-502.5	-530.2	-27.7
EBIT	681.2	820.7	139.5	+ 20.5%
Net interest income (expenses)	-98.2	-120.6	-22.4
Net income from equity investm.	3.1	11.2	8.1
EBT	586.1	711.3	125.2
Income taxes	-118.6	-176.1	-57.5
NET PROFIT before minorities	467.5	535.2	67.7
Minorities	-27.9	-28.6	-0.7
NET PROFIT after minorities	439.6	506.6	67.0	+ 15.2%

¹² Note: Acqua Campania and its subsidiaries fully consolidated starting from 30th January 2024

FY 2024 Profit and loss reported vs adjusted

reported vs adjusted
	FY 2024 reported	FY 2024 adjusted	Adjustments
P&L, € mln
Total Revenues	1,740.3	1,778.8	38.5	Negative impact of
Operating costs	-427.9	-427.9	-	resolutions 207/2024 (€9.9mn), 490/2024
EBITDA	1,312.4	1,350.9	38.5	(€24.0mn) and 704/20161
Depreciation & amortisation	-530.2	-530.2	-	(€4.6mn)
EBIT	782.2	820.7	38.5
Net interest income (expenses)	-120.6	-120.6	-
Net income from equity investm.	11.2	11.2	-
EBT	672.8	711.3	38.5
Income taxes	-165.3	-176.1	-10.8
NET PROFIT before minorities	507.5	535.2	27.7
Minorities	-28.6	-28.6	-
NET PROFIT after minorities	478.9	506.6	27.7

¹³ Note: Acqua Campania and its subsidiaries fully consolidated starting from 30th January 2024; (1) and subsequent integrations

Cash flow from operations covers most of capex needs, dividends and others

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FY 2024 Financial structure

Net debt in line with expectations. Leverage below 63%² .

Gross debt 31 12 2024¹

Low exposure to floating rates

Average cost of debt ~1.6% in FY 2024

Net Debt €6.76bn including IFRS 16

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EIB Bonds Bank lines

Shareholders' return

Strong dividend growth pattern confirmed in 2024

Dividend per share (€)

Dividend proposal: €0.406 per share

• 15.3% growth vs. 2023 DPS
• Above DPS policy floor of +5% per annum

FY 2024 Quarterly P&L adjusted

	1Q 2024	2Q 2024	3Q 2024	4Q 2024
Quarterly P&L adjusted, € mln
Total Revenues	431.3	441.0	437.0	469.5
Operating expenses	-105.6	-95.5	- 98.9	-127.9
EBITDA	325.7	345.5	338.1	341.6
Depreciation & amortisation	-133.0	-136.4	- 134.3	-126.5
EBIT	192.7	209.1	203.8	215.1
Net interest income (expenses)	-26.0	-29.8	- 30.0	-34.8
Net income from equity investm.	3.8	2.3	1.3	3.8
EBT	170.5	181.6	175.1	184.1
Income taxes	-45.2	-51.8	- 48.1	-31.0
NET PROFIT before minorities	125.3	129.8	127.0	153.1
Minorities	-7.7	-5.9	- 6.8	-8.2
NET PROFIT after minorities	117.6	123.9	120.2	144.9

¹⁸ Note: Acqua Campania and its subsidiaries fully consolidated starting from 30th January 2024

FY 2024 Revenues breakdown

FY 2024 Revenues breakdown
	FY 2023 adjusted	FY 2024 adjusted	Change
Adjusted REVENUES, € mln
Regulated revenues Italy distribution	1,283.8	1,446.2	86.0
Distribution	1,197.3	1,362.2	164.9
Tariff contribution for meters replacement	10.0	4.2	-0.7
Other distribution revenues	76.5	79.8	3.9
Enaon (Greece)	168.6	176.2	0.7
Other revenues	322.4	156.5	-165.9
TOTAL REVENUES	1,774.8	1,778.8	4.0

FY 2024 Operating costs

	FY 2023 adjusted	FY 2024 adjusted	Change
OPERATING COSTS, € mln
Distribution fixed costs Italy + Greece	263.8	249.7	-14.1
Net labour cost	162.8	157.7	-5.1
Net external cost	101.0	92.0	-9.0
Other activities	250.5	95.6	-154.9
Net labour cost	7.7	14.7	7.0
Net external cost	242.8	80.9	-161.9
Other costs	8.3	8.4	0.1
Tee	1.6	0.0	-1.6
Concessions fees	66.9	74.2	7.3
OPERATING EXPENSES	591.1	427.9	-163.2

FY 2024 Balance sheet

31/12/2023 31/12/2024 Change

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€ mln
Net invested capital	9,235.0	9,556.3	321.3
Fixed capital	8,421.4	8,777.1	355.7
Tangible fixed assets	386.0	383.3	-2.7
Net intangible fixed assets	8,250.3	8,305.6	55.3
Net payables investments	-370.5	-407.4	-36.9
Equity investments	153.0	176.1	23.1
Other fixed capital	2.6	319.5	316.9
Net working capital	872.3	835.1	-37.2
Provisions for employee benefits	-65.3	-61.3	4.0
Assets held for sale and directly related liabilities	6.6	5.4	-1.2
Net financial debt	6,634.3	6,762.8	128.5
Financial debt for operating leases (IFRS 16)	79.1	90.5	11.4
Net financial debt ex operating leases	6,555.2	6,672.3	117.1
Shareholders' equity	2,600.7	2,793.5	192.8

Note: Acqua Campania and its subsidiaries fully consolidated starting from 30th January 2024

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Sustainability performance

Maximum score Italgas Sector Average

Group Structure

Regulated activities Equity consolidation

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' 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