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9M 2026 RESULTS Investor Presentation · Milan, 29 October 2026
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2Italgas — 9M 2026 Results — 29 October 2026 9M 2026 Results highlights 3 9M 2026 results solid Driven by perimeter change and organic growth in Gas Distribution business 2 Synergies and efficiencies Strong momentum in synergies delivery. Almost 50% of 2032 target achieved in 15 months since the integration. 4 Tenders progress 12 ATEM awarded (+1 vs. July) and 22 additional tenders incoming (+3 vs. July) confirm ongoing acceleration 6 Floene acquisition Binding agreement for the acquisition of 22.5% stake. Leading gas distribution operator in Portugal, building on our platform for growth 1 Growing investments Building the network of the future to enable efficient energy transition. 20 total biomethane plants now connected to our network as of today 5 Regulation Consultation process on 6th regulatory period ongoing (ROSS implementation). Comments submitted to ARERA by Sept. 25th.
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3Italgas — 9M 2026 Results — 29 October 2026 Results 9M 2026 — solid delivery EBITDA MARGIN Adj. 80.8% 9M 2026 9M 2026 (€mn) Δ vs. 9M 2025 Adj. total revenues1 1,981.7 +10.1% Adj. EBITDA 1,601.4 +17.0% Adj. EBIT 1,045.7 +18.3% Adj. Net Profit2 585.5 +18.3% Technical investments 1,102.1 +42.5% Net Financial Debt excl. IFRS 16 and IFRIC 123 10,907.8 +€174mn4 NET PROFIT Adj. +18.3% vs. 9M 2025 Italian Gas Distribution: double-digit growth supported by perimeter change and organic growth, despite impact of disposals Opex efficiencies: synergies and efficiency gains continue to materialize as integration initiatives progress Investments: acceleration driven by network upgrades and digitalization across the former 2i Rete Gas perimeter Operating cash flow: covering all capex and part of the dividend cash-out. Net debt increase in line with usual seasonal trend Note: 2i Rete Gas fully consolidated from 1st April 2025;(1) Includes other income; (2) Attributable to the Group; (3) Operating leases ex IFRS 16 and IFRIC 12 €134.0mn as of 31 December 2025 and €118.5mn as of 30 September 2026; (4) Delta vs. Net Financial Debt, excluding IFRS 16 and IFRIC 12, as of 31 December 2025. OPERATING CASH FLOW €1,174.9mn 9M 2026 +€329mn vs. 9M 2025 TECHNICAL INVESTMENTS
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4Italgas — 9M 2026 Results — 29 October 2026 Synergies delivery grows quickly 2025 9M 2026 2032 Synergies, Efficiencies & Insourcing AI Productivity & Efficiency ~35 Achieved COST SYNERGIES, EFFICIENCIES and AI DELIVERY1: (€ million, EBITDA impact) ~136 ~280 PROGRESS TOWARD 2032 TARGET: ~48.5% delivered Synergies delivery reaches the halfway mark1 on the back of strong execution. Note: (1) versus 2023 EBITDA calculated as the sum of Italgas and 2i Rete Gas reported in the year Continue progress in insourcing of core activities IT systems application rationalization Contracts optimization Streamlining of territorial coverage for on -call emergency response Energy efficiency initiatives Agentic-AI solutions implementation: • NEW! Agentic Quotation Process • NEW! AI Smart Regulator Key ongoing initiatives:
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5Italgas — 9M 2026 Results — 29 October 2026 Positive tender momentum continues Note: Illustrative map ATEM awarded to Italgas ATEM tenders closed / offers submitted Momentum builds further: 12 ATEMs awarded and 22 more incoming in the next few months. Italgas confirms strong win-rate. 2020 –> Today – 16 ATEMs (+1 vs. July) Upcoming – 22 ATEMs (+3 vs. July) 12 ATEMs Officially awarded to Italgas Win-rate >80% (tenders participated in) 2 ATEMs Awarded to 3rd parties 2 ATEMs Awarded (under court appeal) 1 ATEMs Waiting final award + 3 ATEMs Tender bids submitted 9 ATEMs — Open tenders Offers to be submitted by 1Q 2027 9 ATEMs — Tenders expected Offers to be submitted in 2027
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6 Italgas — 9M 2026 Results — 29 October 2026 1st Consultation document on 6th Regulatory Period Note (1) Excluded from the document perimeter, ad hoc consultation document to be published in Q4 2026;(2) for relevant topics The proposal New regulation for the 6 th regulatory period lasting 4 years 2028 -2031 ARERA’s orientation i ncludes 3 different potential regulatory configurations including no-change and 2 scenarios for ROSS implementation. Area of application of the DCO Document covers both gas distribution and metering regulation Focus of the DCO is on large operators (>300.000 RdP, i.e. top-8 operators) and ATEMs. Stated objectives Reduce capex bias, align gas distribution to other and electricity/gas regulation and assure compatibility with ATEM tender process. DCO 267/2026/R/Gas published by ARERA on July 25th. Sets ARERA’s initial views on 6th regulatory period (2028-2031) for Gas Distribution activity. Deadline for submitting responses to the DCO set on September 25th. Conclusion of the process and final documentation publishing due in 2H 2027 Timeline Exclusion from ROSS - base application ex art 11.11 – 8.18 Small operators (<300.000 RdP)1; Centralized costs of capital; capex related to new methanization areas (post 2017); opex and capex related to remote reading/control and concentrators; capex linked to meters and add -ons; ATEMs tenders 2
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7 Italgas — 9M 2026 Results — 29 October 2026 No final decision yet: the process runs into 2H 2027 No final decision taken at this stage. A potential additional round of consultation on each DCO is envisaged by ARERA before the finalization of the regulation. Any assessment of the financial impact also requires full visibility on how the gas distribution tender process evolves. DCO 267/2026 is the first step of a long consultation process, with potentially multiple rounds also to consider feedbacks received. 25 JULY 2026 DCO 267/2026 published 25 SEPTEMBER 2026 Deadline for submitting responses to DCO Q4 2026 Consultation on non-ROSS operators Q3 2027 ROSS framework approval Q4 2027 Definition of new tariff regulation criteria for the new RTDG (6 th regulatory period) CONSULTATION ROADMAP Q1 2027 Consultation on tariff definition, allowed revenue and equalisation mechanism Before the process concludes, any assessment rests on a range of scenarios that may not reflect the final outcome.
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8 Italgas — 9M 2026 Results — 29 October 2026 Floene binding agreement Agreement1 for the acquisition of 22.5% equity stake of #1 gas DSO in Portugal for a consideration of ~€120mn. Consistent with M&A-driven growth strategy included in the 2026-2032 strategic plan. Note: (1) Successful closing of the transaction is subject to the satisfaction of certain conditions, including the required approvals from the competent authorities. (2) FY 2025 figures 14,014 km of gas distribution network ~1.12 million gas redelivery points 106 municipalities 9 regional DSOs INDUSTRIAL FOOTPRINT2 STRATEGICAL FITTING Ability to play an industrial role and strategic influence through joint control Stable macro and geopolitical environment Fair regulation Opportunity to implement Italgas’ digitization and efficiency blueprint
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Financial Performance in detail 9
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10Italgas — 9M 2026 Results — 29 October 2026 -8.0% TOTAL ENERGY CONSUMPTION 1 ESG Ratings — All Top-in-Class DJSI 92/100 CDP Climate A CDP Water B FTSE4Good 4.3/5 MSCI AAA Sustainalytics Low Risk ISS A- ESG Performance – Like-for-like Gas Distribution Note: ESG ratings reflect most recent publication; (1) gas distribution business, like for like perimeter. TJ ktCO2 eq. -5.3% SCOPE 1&2 EMISSIONS 1 294.9 271.2 -14.4 -1.8 -7.5 9M 2025 Gas & fuel consumption Electricity consumption Vehicles 9M 2026 96.3 91.2-4.3 -0.7 -0.1 9M 2025 Gas leaks Fossil fuel consumption Electricity consumption 9M 2026
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11Italgas — 9M 2026 Results — 29 October 2026 494.3 177.6 101.4 661.9 260.4 179.8 Development & Repurposing Digitization Other 9M 2025 9M 2026 Technical Investments — €1,102.1mn ~926 km network laid +46% vs. 9M 2025 Of which 377 km in Greece +42.5% vs 9M 2025 Mainly driven by 2i Rete Gas network digitization plan execution and continued core network development and upgrade Note: (1) ICT, Real Estate and IFRS16 1 €mn 20 Total biomethane plants connected to Italgas network as of today +5 vs. June, demonstrating the positive momentum of the industry, supported by our innovative digital reverse-flow system
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12Italgas — 9M 2026 Results — 29 October 2026 +ve organic growth GAS DISTRIBUTION Driven by RAB growth +10.1% vs 9M 2025 Driven by organic growth in gas distribution and perimeter change Adj Total Revenues: Growth led by Gas Distribution business Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values; (1) Based on 2i Rete Gas 1Q 2025, net of impacts related to previous years RAB revaluation; (2) Related to Italian and Greek DSOs; (3) Change on revenues related to difference in tariffs adjustments related to previous years reported in 9M 2025 and 9M 2026; (4) Revenues impact of AGCM mandatory assets disposal compared to 9M 2025 and related capital gain. 1 €mn 2 4 3 1,800.5 1,981.7209.0 28.6 -11.5 -44.9 9M 2025 Adj. total revenues 2i Rete Gas effect Regulated gas distribution organic Delta tariff adjustments & AGCM disposal impact Other revenues (Water, ESCo and other) 9M 2026 Adj. total revenues Adj
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13Italgas — 9M 2026 Results — 29 October 2026 431.6 380.3 91.0 -100.7 -41.6 9M 2025 operating costs adj. 2i Rete Gas effect Like for like efficiencies Water, ESCo, Disposals & Other 9M 2026 operating costs adj. -19.3% like for like Synergies are the main driver of like for like efficiency gains -€51.3mn Opex vs 9M 2025 With like-for-like efficiency gains more than offsetting additional costs from 2i Rete Gas consolidaiton Operating costs adj. Continuing to benefit from fast synergies delivery Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values; (1) Based on 2i Rete Gas 1Q 2025; (2) Opex impact of AGCM mandatory assets disposal compared to 9M 2025 1 €mn 2 vs 9M 2025
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14Italgas — 9M 2026 Results — 29 October 2026 243.6 -11.1 1,368.9 1,601.4 9M 2025 Adj. EBITDA Distribution & other Water & ESCo 9M 2026 Adj. EBITDA +17.0% vs 9M 2025 EBITDA adj. Water & ESCo: 26.3 Enaon (Greece): 107.6 Italy distr. mainly1: 1,467.5 80.8% EBITDA margin Margin expansion driven by synergies in gas distribution business Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values; (1) Includes corporate and ESCo 9M 2026 €mn
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15Italgas — 9M 2026 Results — 29 October 2026 883.6 1,045.7 232.5 -70.4 9M 2025 Adj. EBIT Change adj. EBITDA Change D&A 9M 2026 Adj. EBIT +18.3% vs. 9M 2025 EBIT adj. Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values; +€70.4mn D&A vs. 9M 2025 Increase driven by perimeter change and technical investments carry -over €mn
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16Italgas — 9M 2026 Results — 29 October 2026 494.9 585.5 162.1 -29.3 2.2 -45.2 0.8 9M 2025 Adj. Net Profit Adj. EBIT Net financial expenses adj. Net income from equity investments Income taxes adj. Minorities adj. 9M 2026 Adj. Net Profit +18.3% vs 9M 2025 Strong operating performance and perimeter change ~2.1% cost of debt Cost of debt Reflecting the increased perimeter and progressive refinancing effect 29.0% Tax rate Adj. tax rate up, mainly reflecting the impact of temporary IRAP increase, partially offset by the recovery of previous years foreign tax losses Adj. Net Profit1 Note: 2i Rete Gas fully consolidated starting from 1st April 2025; 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas. The resulting difference was allocated to acquired assets and assumed liabilities at their fair values; (1) attributable to the Group, i.e. after minorities 1 1 €mn
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17 Italgas — 9M 2026 Results — 29 October 2026 MANDATORY DISPOSALS €254.5mn2 Cash flow Operating cash flow covers capex and part of the dividend cash-out. AGCM mandatory disposals limiting net debt increase €mn Note: 2i Rete Gas fully consolidated from 1st April 2025; (1) Includes proceeds from the mandatory AGCM disposal of the activities of the ATEMs transferred in 9M 2026 and cash-out related to Torino 5 ATEM tender awarded; (2) Includes proceeds from the mandatory AGCM disposals completed in 9M 2026, related to the disposal of the assets and relatednet working capital NET CAPEX -€1,049.3mn OPERATING CASH FLOW €1,174.9mn DIVIDEND PAID to ITALGAS SHAREHOLDERS -€434mn 1 588.6 1,174.9 125.6 -158.5 544.7 41.6 -1,049.3 -482.4 198.3 9M 2026 Net Profit Depreciation and other items Change in working capital and others Net cash flow from operating activities Net capex Free cash flow before M&A Dividends paid & other variations Asset disposals & other movements Change in Net Financial Debt
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18Italgas — 9M 2026 Results — 29 October 2026 NET DEBTex IFRS 16 and IFRIC 12 €10,908mn1 +€174mn vs FY25 AVG COST ~2.1% 9M 2026 FIXED RATE 80% 20% FLOATING STRONG LIQUIDITY ~€700mn Cash and equivalent Net Debt & funding structure Ample liquidity and low exposure to interest rates movements Note: (1) excluding IFRS16 and IFRIC 12 equal to €118.5mn as of 30 September 2026; GROSS DEBT MATURITY PROFILE (€ mn)1 CREDIT RATINGS SUMMARY: – 500 1,000 1,500 2,000 2,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Beyond 2035 EIB Bond Bank Lines Rating Outlook Last update Moody’s Baa2 Positive (vs. Stable) 09/07/26 S&P BBB+ Stable 28/07/26 Fitch BBB+ Stable 03/08/26
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Q&A 19
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20Italgas — 9M 2026 Results — 29 October 2026 9M 2026 Profit and Loss adjusted numbers P&L, € mln 9M 2025 Adjusted 9M 2026 adjusted Change Total Revenues 1,800.5 1,981.7 181.2 Operating costs -431.6 -380.3 51.3 EBITDA 1,368.9 1,601.4 232.5 Depreciation & amortisation -485.3 -555.7 -70.4 EBIT 883.6 1,045.7 162.1 Net financial expenses -166.6 -195.9 -29.3 Net income from equity investm. 6.1 8.3 2.2 EBT 723.1 858.1 135.0 Income taxes -203.5 -248.7 -45.2 NET PROFIT before minorities 519.6 609.4 89.8 Minorities -24.7 -23.9 0.8 NET PROFIT after minorities 494.9 585.5 90.6 + 17.0% + 18.3% + 18.3% Note: 2i Rete Gas fully consolidated from 1st April 2025. 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas.The resulting difference was allocated to acquired assets and assumed liabilities at their fair values.
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21Italgas — 9M 2026 Results — 29 October 2026 9M 2026 Profit and Loss reported vs. adjusted P&L, € mln 9M 2026 reported 9M 2026 adjusted Adjustments Total Revenues 1,981.7 1,981.7 - Operating costs -407.8 -380.3 27.5 EBITDA 1,573.9 1,601.4 27.5 Depreciation & amortisation -555.7 -555.7 - EBIT 1,018.2 1,045.7 27.5 Net financial expenses -197.1 -195.9 1.2 Net income from equity investm. 8.3 8.3 - EBT 829.3 858.1 28.8 Income taxes -240.7 -248.7 -8.0 NET PROFIT before minorities 588.6 609.4 20.8 Minorities -23.5 -23.9 -0.4 NET PROFIT after minorities 565.1 585.5 20.4 Note: 2i Rete Gas fully consolidated from 1st April 2025. 9M 2025 comparatives have been restated to reflect the completed Purchase Price Allocation (PPA) for 2i Rete Gas.The resulting difference was allocated to acquired assets and assumed liabilities at their fair values.
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22Italgas — 9M 2026 Results — 29 October 2026 9M 2026 Revenues breakdown Adj. REVENUES, € mln 9M 2025 adjusted 9M 2026 adjusted Change Gas distribution regulated revenues 1,660.1 1,860.9 200.8 Distribution revenues 1,565.5 1,762.7 197.3 Other distribution revenues 1 94.7 98.2 3.5 Other revenues 140.4 120.8 -19.6 TOTAL REVENUES 1,800.5 1,981.7 181.2 Note: 2i Rete Gas fully consolidated from 1st April 2025; (1) including meter replacement of €3.9mn in 9M 2025 and €2.6mn in 9M 2026
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23Italgas — 9M 2026 Results — 29 October 2026 9M 2026 Operating costs Adj. OPERATING COSTS, € mln 9M 2025 adjusted 9M 2026 adjusted Change Gas distribution fixed costs 254.8 215.4 -39.4 Net labour cost 155.2 150.5 -4.7 Net external cost 99.6 65.0 -34.7 Other activities 89.7 51.4 -38.3 Net labour cost 10.4 10.7 0.3 Net external cost 79.3 40.7 -38.6 Other costs 7.7 7.7 - Tee -5.8 1.0 6.8 Concessions fees 85.3 104.8 19.5 OPERATING EXPENSES 431.6 380.3 -51.3 Note: 2i Rete Gas fully consolidated from 1st April 2025;
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24Italgas — 9M 2026 Results — 29 October 2026 Balance Sheet as of 30 September 2026 BALANCE SHEET, € mln 31/12/2025 30/09/2026 Change Net invested capital 15,033.7 15,342.8 309.1 Fixed capital 14,090.0 14,668.2 578.2 Property, plant and equipment 488.1 556.0 67.9 Intangible assets 13,560.6 14,023.2 462.6 Net payables from investing activities -474.7 -430.8 43.9 Equity investments 192.0 193.9 1.9 Other fixed capital 324.0 325.9 1.9 Net working capital 787.7 749.8 -37.9 Provisions for employee benefits -80.5 -75.2 5.3 Assets held for sale & related liabilities 236.5 0.0 -236.5 Net financial debt 10,867.8 11,026.3 158.5 Financial debt for operating leases (IFRS 16 and IFRIC 12) 134.0 118.5 -15.5 Net financial debt ex operating leases 10,733.8 10,907.8 174.0 Shareholders' equity 4,165.9 4,316.5 150.6 Note: 2i Rete Gas fully consolidated from 1st April 2025
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25 Italgas — 9M 2026 Results — 29 October 2026 Quarterly Profit and Loss adjusted numbers Note: 2i Rete Gas fully consolidated from 1st April 2025 P&L, € mln 1Q 2026 adjusted 2Q 2026 adjusted 3Q 2026 adjusted Total Revenues 661.7 662.5 657.5 Operating costs -134.9 -117.0 -128.4 EBITDA 526.8 545.5 529.1 Depreciation & amortisation -186.1 -183.5 -186.1 EBIT 340.7 362.0 343.0 Net financial expenses -63.8 -63.6 -68.5 Net income from equity investm. 3.8 2.9 1.6 EBT 280.7 301.3 276.1 Income taxes -83.4 -83.2 -82.1 NET PROFIT before minorities 197.3 218.1 194.0 Minorities -7.9 -8.9 -7.1 NET PROFIT after minorities 189.4 209.2 186.9
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26Italgas — 9M 2026 Results — 29 October 2026 Main physical data as of 30 September 2026 Note: (1) inhabitants served directly and indirectly; (2) of which 4,105 in operation GAS DISTRIBUTION WATER SECTOR ITALY Including affiliates GREECE TOTAL Network (km) 144,116 9,032 153,148 Active Redelivery pts (mn) 11.90 0.66 12.56 Municipalities 4,047 146 4,1932 ITALY Including affiliates Network (km) ~9,000 Clients (mn) ~6.31
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27Italgas — 9M 2026 Results — 29 October 2026 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. 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
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28Italgas — 9M 2026 Results — 29 October 2026 Disclaimer Italgas’ Manager, Pierre La Tour, 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 forward-looking 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.
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Investor.relations@italgas.it Anna Maria Scaglia Emanuele Isella