Italgas: 2026-32 Strategic Plan: Grid upgrades drive capex

Research evidence excerpt

Italgas: 2026-32 Strategic Plan: Grid upgrades drive capex

Equity Research

European Utilities & Clean Energy

23 June 2026

Italgas

2026-32 Strategic Plan: Grid

upgrades drive capex First Look

This morning, IG released its 2026-32 Strategic Plan, setting IG.MI/IG IM EQUAL WEIGHT

POSITIVEout €13bn of net capex (+15%), with €8.3bn dedicated to EuropeanEnergy Utilities & Clean

Italian gas networks, while keeping €0.5bn in flexibility for Price Target EUR 9.80

potential gas network M&A. FY26 guidance and prior >9% adj. Price (22-Jun-26) EUR 10.60 Potential Upside/Downside -7.5%

Source: Bloomberg, Barclays ResearchEPS guidance reiterated. 2025-32 RAB CAGR at 4.7%. EW.

This morning, Italgas updated its Strategic Plan, which now spans 2026-32. European Utilities & Clean Energy

Dominic Nash, PhD

€13bn of capex over 2026-32: Compared to its previous 2025-31 Strategic Plan, Italgas +44 (0)20 3134 2364

increased its total investments by 14.6% to €13bn of net capex. This encompasses €8.3bn for the dominic.nash@barclays.com

development, digitalisation and repurposing of gas infrastructure in Italy, €2.4bn for Barclays, UK

future ATEM gas distribution tenders (+59% vs previous plan), €1bn for the development and Laura Marconi

expansion of the gas distribution network in Greece (in line with previous plan) and €0.8bn to +44 (0)20 3555 0762

reinforce the positioning in the water and energy efficiency sectors (+5.6%), while keeping laura.marconi@barclays.com

€0.5bn for financial flexibility regarding potential M&A in GD networks. Although this investment Barclays, UK

raises IG's expected RAB CAGR from 4.4% for 2025-31 before, to now 4.7% for 2025-32, we still Peter Crampton

see the group sitting on the lower growth end of the regulated sub-sector. +44 (0)20 3555 0125