Italgas presented the 2026-2032 Strategic Plan, called “Lead. Innovate. In a changing world”approved by the Board of Directors chaired by Paolo Ciocca and illustrated in Milan by the CEO Paolo Gallo in front of analysts and investors. The plan envisages total investments of 13 billion euros, up 14.6% compared to the previous 2025-2031 Plan (reclassified to exclude the impact of the acquisition of 2i Rete Gas).
The investment map: from Italy to Greece
The main share of investments, equal to 8.3 billion euros (64% of the total), is intended for development, digitalisation and repurposing of gas infrastructures in Italy (+4%). Another 2.4 billion are reserved for future ATEM distribution tenders (+59%), while 1 billion is allocated for the extension and digitalisation of the network in Greece through the subsidiary Enaon. Finally, 0.8 billion will go to the water and energy efficiency sectors (+5.6%) and 0.5 billion to possible M&A operations in gas distribution.
Financial targets and profitability
The group estimates an EBITDA of 3.3 billion euros in 2032, with revenues of around 4.0 billion and an overall RAB of 21.7 billion. Adjusted net earnings per share (adjusted EPS) are expected to increase by more than 9% on average annually over the period 2025-2032. Overall efficiencies will rise to 280 million by 2032 (+12%), supported by the contribution of Artificial Intelligence revised to 100 million, in addition to 120 million in revenues linked to the digitalisation of the former 2i Rete Gas assets. The group also expects to exceed 1 billion in adjusted net profit in 2029 and aims to reduce leverage to 61% by the end of 2032, preserving its investment grade rating. Both the 2026 guidance and the dividend policy updated to October 2025 are confirmed.
Energy security and geopolitics
“The 2026-2032 Strategic Plan consolidates a growth trajectory that Italgas has pursued with foresight and a coherent vision. – comments Italgas President Paolo Ciocca – Geopolitical instability has made it clear that energy security is based on the resilience and capillarity of infrastructure networks. Italgas is committed to exactly this: creating and managing smart, digital and flexible networks capable of strengthening the competitiveness of the energy systems in which we operate and of supporting the diversification of sources. A plan of this magnitude, 13 billion euros, is an act of responsibility towards the communities and territories we serve, and a long-term commitment towards the countries in which we are present”.
Artificial Intelligence at the center of the operational model
“Artificial Intelligence is an integral part of Italgas’ operating model and is the fulcrum of this Plan”, states CEO Paolo Gallo, adding “applied to operations, business processes and customer management, our “agents” are generating important efficiencies, improving the quality of service”. “The 13 billion euros of investments – he underlines – will make our network even smarter, more widespread and flexible, also ready to welcome green molecules and support an energy system increasingly exposed to international instability and impacts on commodity markets”.
Technological innovation and commercial targets
On the technological front, the Plan accelerates the roll-out of Nimbusthe new generation “H2 ready” smart meter capable of measuring hydrogen blending above 20% (with over 200,000 units already installed in Italy and more than 5,000 in Greece). From a commercial point of view, Italgas expects to win over 100 ATEM tenders over the course of the Plan to expand its market share, while in Greece it aims to extend the network by 2,700 kilometers and exceed 1 million customers served by 2032.
