Italgas

Investor Presentation • May 7, 2025

1Q 2025 Results

Disclaimer

This communication does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and shall not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction in which such offer or solicitation would require the approval of local authorities or would otherwise be unlawful. The securities may not be offered or sold in the United States or to US persons unless such securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available

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 forwardlooking 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.

2i Rete Gas acquisition closed

Transformational acquisition of 2i Rete Gas closed on 1 April 2025 Only 11 months to closing from start of exclusivity negotiation period Integration process starting ahead of schedule

Key highlights on numbers

Growth driven by all businesses, despite lower WACC in Italy

• Review of opex and RAB revaluation factor by ARERA recover previous gap
• Positive contribution of Water assets. Recovery of ESCo business
• Net Income adjusted increased double-digit.
• Operating cash flow improved benefitting mainly from better operating performance and higher gas consumption
• Net Debt decreased by more than €200mn

	1Q 2025 adjusted	Change
€ mln
Total revenues adjusted	459.3	6.5%
Adjusted EBITDA	345.3	6.0%
Adjusted EBIT	225.4	17.0%
Adjusted Net Profit1	132.6	12.8%
Cashflow from operations	412.1	20.6%
Technical Investments	165.7	3.0%
Net Financial Debt excl. IFRS 162	6,466.8	-3.1%3

Technical Investments

1Q 2025 €165.7mn, +3.0% vs 1Q 2024

Environmental performance

Net energy consumption, +4.7% vs 1Q 2024

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Net energy consumption increased in 1Q 2025 mainly due to a colder winter affecting consumption. Scope 1&2 emissions increased mainly due to gas leakages resulting from a higher amount of network inspected and process update in line with the new EU Methane Regulation

Scope 1&2 emissions, +24.9% vs 1Q 2024

Note: perimeter excluding Acqua Campania; (1) Civil and industrial consumption; (2) Including 0.1 TJ thermal energy consumption in 1Q 2025, unchanged vs. 1Q 2024: (3) Including vehicles emission of 1.3 ktCO2 eq in 1Q 2025, unchanged vs. 1Q 2024;

Revenues positive contribution from all businesses, despite lower Italian WACC

480 Total Revenues adj +6.5% vs 1Q 2024

€mn

Note: (*) Acqua Campania consolidated starting from 30th January 2024

ARERA's resolutions

Resolution 87/2025: Allowed opex revision¹

2020-2025 allowed unitary Opex for distribution and X-factor revised following Council of State rulings

Resolution 130/2025: RAB revaluation criteria

RAB revaluation index moved to Italy's HICP from 2024 RAB²with reference to the calendar year change Deflator value applied to 2023 revised to reflect the last time series published by ISTAT³ RAB revaluation rate now in line with "inflation rate" and recovery of the previous gap

Note: (1) part of a broader set of measures included in the Regulatory Document; (2) on which 2025 tariffs are based; (3) 2024 revaluation rate of 1.3% reflects HICP Italy index change in 2024 vs 2023 equal to 1.1% and the so called "raccordo" to cover the period 2Q-3Q 2024 equal to 0.2%; (3) 1Q 2024 revenues reflected a a deflator of 3.8% as detailed in the 1Q 2024 Results presentation

Operating costs reflect mainly Acqua Campania consolidation effect

Operating costs +8.0% vs 1Q 2024

€mn

Note: in 2024 adjusted operating costs equalled reported operating costs; (*) Acqua Campania consolidated starting from 30th January 2024

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Adj. EBITDA growth mostly driven by gas distribution activities

€mn Includes end of Rome concession 192.7 225.4 19.6 13.1 0 50 100 150 200 250

1Q 2024 EBIT adj. Change EBITDA adj. Change D&A 1Q 2025 EBIT adj.

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Note: Acqua Campania consolidated starting from 30th January 2024; (1) after minorities

1Q 2025 Profit and loss adjusted numbers

	1Q 2024 adjusted	1Q 2025 adjusted	Change
P&L, € mln
Total Revenues	431.3	459.3	28.0
Operating costs	-105.6	-114.0	-8.4
EBITDA	325.7	345.3	19.6	+ 6.0%
Depreciation & amortisation	-133.0	-119.9	13.1
EBIT	192.7	225.4	32.7	+ 17.0%
Net interest income (expenses)	-26.0	-33.5	-7.5
Net income from equity investm.	3.8	2.5	-1.3
EBT	170.5	194.4	23.9
Income taxes	-45.2	-53.3	-8.1
NET PROFIT before minorities	125.3	141.1	15.8
Minorities	-7.7	-8.5	-0.8
NET PROFIT after minorities	117.6	132.6	15.0	+ 12.8%

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

Cash flow from operations driven by distribution business. Net Debt declining significantly

1Q 2025 Financial Structure

Sound financial structure with low exposure to floating rates in 1Q.

Gross debt 31 03 2025¹

New €1bn dual-tranche bond issued in 1Q

Average cost of debt ~1.7% in 1Q 2025

Net Debt €6.56bn including IFRS 16

Note: (1) excluding IFRS16 and IFRIC 12; excluding €1bn Bridge Loan facility for the acquisition of 2i Rete Gas

Guidance 2025

EPS accretive¹ deal already in 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 expected to materialize in early 2026. (1) compared to a scenario of non-consolidation of 2i Rete Gas and after applying IAS33 ;

1Q 2025 Revenues breakdown

	1Q 2024 adjusted	1Q 2025 adjusted	Change
Adjusted REVENUES, € mln
Regulated revenues Italy distribution	358.1	370.1	12.0
Distribution	338.8	350.2	11.4
Tariff contribution for meters replacement	0.7	0.4	-0.3
Other distribution revenues	18.7	19.6	0.9
Enaon (Greece)	45.5	46.5	1.0
Other revenues	27.7	42.6	14.9
TOTAL REVENUES	431.3	459.3	28.0

1Q 2025 Operating costs

	1Q 2024 adjusted	1Q 2025 adjusted	Change
OPERATING COSTS, € mln
Distribution fixed costs Italy + Greece	65.0	66.8	1.8
Net labour cost	38.5	37.8	-0.7
Net external cost	26.5	29.0	2.5
Other activities	19.3	27.8	8.5
Net labour cost	3.2	3.5	0.3
Net external cost	16.1	24.3	8.2
Other costs	1.6	2.5	0.9
Tee	1.7	-1.8	-3.5
Concessions fees	18.0	18.6	0.6
OPERATING EXPENSES	105.6	114.0	8.4

1Q 2025 Balance sheet

31/12/2024 31/03/2025 Change

€ mln
Net invested capital	9,556.3	9,529.4	-26.9
Fixed capital	8,777.1	8,890.4	113.3
Tangible fixed assets	383.3	390.4	7.1
Net intangible fixed assets	8,305.6	8,327.6	22.0
Net payables investments	-407.4	-327.6	79.8
Equity investments	176.1	179.7	3.6
Other fixed capital	319.5	320.3	0.8
Net working capital	835.1	693.3	-141.8
Provisions for employee benefits	-61.3	-59.2	2.1
Assets held for sale and directly related liabilities	5.4	4.9	-0.5
Net financial debt	6,762.8	6,555.9	-206.9
Financial debt for operating leases (IFRS 16)	90.5	89.1	-1.4
Net financial debt ex operating leases	6,672.3	6,466.8	-205.5
Shareholders' equity	2,793.5	2,973.5	180.0

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

Sustainability performance

Note: based on most recent published rating, the average rating for the CDP Climate is that of 2023 as the average rating for 2024 is not yet available, the average rating for CDP water 2024 is not yet available 22

Group Structure as of 31 March 2025

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

Investor.relations@italgas.it

Anna Maria Scaglia Emanuele Isella