Italgas (AO) | Hold | 2032 business plan: main takeaways from the presentation

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Italgas (AO) | Hold | 2032 business plan: main takeaways from the presentation

es were pushing for tenders to speed

up the investments in their area. He expects that 2 tenders will be awarded by 2026 end, with a high probability, while 10 tenders

could be awarded in 2027.

Gas tenders: our opinion. We think that the first driver (simultaneous completion of processing documents on tenders by local

authorities) could be only a temporary effect, with no guarantee of the long-term visibility on the gas tender process overall. We

haven’t seen, so far, a real game changer in terms of simplification of the procedure, including the old proposal of Italgas to

reduce the number of contracting authorities/concessions.

Management said that there was no additional visibility on the Rome concession, which expired in November 2024, the largest in

the group’s portfolio, to be tendered in the coming years. This concession includes about 1.3m RDPs out of a total of 12m for

Italgas in Italy.

Acquisitions. The new plan included EUR500m for acquisitions, compared to zero in the previous one. Italgas’ CEO Paolo Gallo

sees opportunities to buy small operators in Italy and in Europe, while there is no room to do acquisitions in the water grid in

Italy, as of today. We do not have the visibility that something has changed as regards consolidation in the Italian market.

AI. AI-productivity and efficiency, compared to the 2023 cost base, were increased by EUR30m versus the old plan to the

EUR100m target by 2032. We acknowledge that Italgas’ management has been the first mover on this front, as the group is a fast

mover in implementing a truly digital platform, and moved to the cloud already in 2018. The CEO said that Italgas is able to clean