ITALGAS SPA: directors' dealings · Italy · Consob

About ITALGAS SPA

Italgas S.p.A. is a leading regulated infrastructure group in Italy, listed on Borsa Italiana and included in the FTSE MIB. For international investors, the company combines the characteristics of a defensive utility with a technology-led transformation agenda. Its current corporate form dates from 2016, when it was created through the spin-off from Snam, but its industrial roots go back to 1851, when the predecessor company was listed in Turin and later expanded nationally. Over time, Italgas became widely recognized as the company that introduced gas into Italian households. Gas distribution remains the core business. Through Italgas Reti, the group operates across a broad part of the Italian territory and holds concessions in more than 4,000 municipalities. Its asset base is built around a large distribution network, with a strong focus on modernization, automation, digital monitoring and operational efficiency. Beyond gas, Italgas has expanded into water services, energy efficiency and information technology, reflecting its strategic positioning as a “Network Tech Company.” In water, the group has consolidated activities under Nepta, serving directly or indirectly several million people in Italy. It also offers solutions for industrial customers, large residential complexes and public administration clients. From a competitive standpoint, Italgas now stands as the leading gas distribution operator in Europe, a position strengthened by the acquisition of 2i Rete Gas. This transaction was a defining event in 2025, and the merger by incorporation of 2i Rete Gas into Italgas Reti became effective on 2 July 2025, accelerating the integration process and the realization of industrial synergies. Recent company disclosures indicate a network of more than 155,000 kilometres, nearly 13 million customers served and a workforce of around 6,500 employees. The group is also investing in smart networks capable of handling both fossil and renewable gases, alongside smart metering, hydrogen-related projects and digital asset management. Recent milestones are material for equity investors. In 2025, Italgas reported technical investments of about EUR 1.2 billion, the construction of roughly 960 kilometres of new gas distribution networks in Italy and Greece, and the start of the digital upgrade of the acquired 2i Rete Gas network. The latest annual reporting underscores that 2025 was a watershed year in Italgas’ 100-year history, with the acquisition and integration of 2i Rete Gas reshaping the group’s scale and strategic profile. Overall, Italgas offers exposure to regulated cash flows, infrastructure renewal, and the long-term energy transition in Italy and selected international markets.