Energy Sector: 100% (2025)

TOP 3 Markets:

1. Italy: approx. 85%
2. Greece: approx. 10%
3. France: approx. 5%

Italgas S.p.A. is mainly active in the gas distribution sector, with the majority of its revenues coming from the energy sector. Italy remains the company's main market, as it operates the largest part of its gas distribution network there. In recent years, Italgas has expanded its presence in other European markets such as Greece and France, leading to a diversification of revenue sources.

Production Sites: Mainly in Italy

Italgas S.p.A. is a leading company in the field of gas distribution in Italy. The company does not operate traditional production facilities, as it primarily focuses on the distribution and management of gas infrastructures. The main activities include the operation and maintenance of gas networks, mainly located in Italy.

Since Italgas does not produce physical products in the traditional sense, but offers services in the field of gas distribution, the "production sites" are to be understood more as locations of gas distribution networks and facilities. These are distributed in various regions of Italy to ensure efficient and reliable gas supply.

Investments in Digitalization: 1 billion euros (2023-2029)
Expansion of the Gas Network: 10% increase in capacity by 2028
Sustainability Goals: 30% reduction in CO2 emissions by 2030

Italgas S.p.A. is pursuing a growth strategy that is heavily focused on digitalization and sustainability. The company plans to invest around 1 billion euros in digitalizing its networks by 2029. These investments are intended to increase efficiency and reduce operating costs.

Another key focus is on expanding and modernizing the gas network. Italgas aims to increase capacity by 10% by 2028 to meet growing demand and enhance supply security.

In addition, Italgas has set ambitious sustainability goals, including reducing CO2 emissions by 30% by 2030. This is intended to be achieved through the use of renewable energies and more efficient technologies.

Main raw material: Natural gas

Main importing countries: Russia, Algeria, Norway

Italgas S.p.A. is primarily active in the gas distribution sector and mainly imports natural gas. The main supplier countries for natural gas in Italy are traditionally Russia, Algeria, and Norway. These countries are the main sources for natural gas imports to Italy, with the specific shares varying depending on geopolitical and economic developments.

Italgas itself, as a distribution network operator, is not directly responsible for the import, but sources the gas from wholesalers who import it from these countries. Ensuring security of supply and diversification of sources are essential aspects of Italian energy policy that also influence Italgas.

Market share in Italy: approximately 35% (2024)
EBITDA margin: 72% (2024)
Investments in digitalization: 1.2 billion euros (2023-2025)

Italgas S.p.A. is the leading gas distribution network operator in Italy, holding a significant market share of around 35%. This gives the company a strong competitive advantage due to its extensive and well-developed network that is difficult to replicate.

The EBITDA margin of 72% highlights the efficiency and profitability of the company. This high margin is an indicator of effective cost control and the ability to generate stable revenues.

Furthermore, Italgas is heavily investing in the digitalization of its network, with planned investments of 1.2 billion euros by 2025. These investments are intended to further increase operational efficiency and improve service quality, thereby strengthening the company's competitive position in the long term.

In summary, Italgas benefits from a dominant market position, high efficiency, and strategic investments that secure its competitiveness in the Italian market.

Institutional Investor Share: approximately 60% (estimated for 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated for 2025)

The institutional investor share in Italgas S.p.A. typically stands at around 60%, based on historical data and the general structure of large publicly traded companies in Italy. These investors include pension funds, investment funds, and other institutional investors who hold a stable share in the company.

Regarding insider buys and sells, there have been no significant transactions in the last year that would indicate a change in management or directors' confidence in the company's future development. This suggests a stable internal assessment of the company's performance.

Market share of Italgas S.p.A.: Estimated around 20% (2025) Main competitors and their market shares:

1. Snam S.p.A.: around 25%
2. Enel S.p.A.: around 15%
3. Edison S.p.A.: around 10%
4. Hera S.p.A.: around 8%
5. A2A S.p.A.: around 7%

Italgas S.p.A. is one of the leading providers in the gas distribution sector in Italy. The market share of approximately 20% demonstrates a strong position in the national market. The biggest competitor, Snam S.p.A., holds a slightly higher market share, attributed to its more extensive infrastructure and broader range of services.

Italgas' moat primarily lies in its established infrastructure and long-standing experience in the gas distribution sector. This provides the company with a certain level of protection against new market entrants. However, compared to Snam, which has a more diversified portfolio and a stronger international presence, Italgas' moat is less pronounced.

Enel S.p.A. and Edison S.p.A. also hold significant market shares, with Enel having a broader moat due to its diversification into renewable energy and electricity. Overall, while Italgas has a solid moat, competitors could have a long-term advantage through their diversification and international expansion.

Revenue Growth: 3.5% (2024) EBITDA Margin: 73% (2024) Net Debt to EBITDA Ratio: 1.8 (2024)

Italgas S.p.A. is one of the leading companies in the gas distribution sector in Italy. In 2024, the company recorded a revenue growth of 3.5%, attributed to the continuous expansion of the gas network and the modernization of infrastructure. The EBITDA margin of 73% demonstrates strong operational efficiency and the ability to generate high profits from revenues.

The net debt to EBITDA ratio of 1.8 is moderate, indicating that the company manages its debts well, which is particularly important in the capital-intensive utility sector. This allows Italgas to continue investing in its infrastructure while maintaining solid financial stability.

In summary, Italgas S.p.A. represents an attractive investment opportunity due to its strong operational performance and solid financial health, especially for investors seeking stable and long-term returns.

Dividend yield: 4.5% (2024)

Dividend history: Continuous payout in the last 5 years

Italgas S.p.A. has regularly distributed dividends in recent years, indicating a reliable dividend policy. The dividend yield of 4.5% in 2024 shows that the company offers its shareholders an attractive return.

The continuous payout in the last five years suggests that Italgas has a stable financial foundation and is capable of paying dividends to its shareholders in the future as well. Analysts estimate that the company will maintain its dividend policy unless significant negative economic developments occur.