Italgas: confirms 2026 guidance and dividend policy
Adjusted net profit in 2029 to exceed 1 billion
Italgas confirms its expectation of exceeding €1 billion in adjusted net profit in 2029, after tax and minority interests. Adjusted net profit per share, as explained in the note accompanying the strategic plan to 2032, is expected to grow by over 9% CAGR in 2025–2032, in line with the weighted average growth in net profit per share for 2025–2031 set out in the previous Plan, calculated using the adjusted EPS for 2025 as the starting point for both plans. The Group reaffirms its commitment to reducing leverage to within the thresholds set by the rating agencies in the medium term and to reducing it further to 61% by the end of 2032 – whilst preserving its investment-grade rating and maintaining the financial flexibility to capitalise on any growth opportunities. The average cost of debt is expected to rise moderately, reflecting the updated macroeconomic environment, and is forecast to exceed 3% by the end of the Plan period. For 2026, the guidance approved on 5 May is confirmed, which includes synergies of approximately 130 million. Finally, the current dividend policy, updated in October 2025, has been fully confirmed by the Board of Directors and provides for the distribution of a dividend equal to the higher of the amount resulting from the 2024 DPS of 0.406 euros, increased by 5 per cent annually (without taking into account the impact of IAS 33) or a DPS equal to 65 per cent of the adjusted net profit per share.
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