Italgas lifts 2032 investment plan to €13 billion, shares under analyst scrutiny

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 17:52.

Italgas (IT0005211237) has presented a new 2026-2032 strategic plan that raises planned investments to about €13 billion and sharpens its focus on artificial intelligence in network operations, according to company communications and market commentary.Reuters report on the new plan Barclays maintains an Equal Weight rating on the Milan-listed shares as reported by MarketScreener.

New 2026-2032 plan and AI focus

In the updated strategy through 2032, Italgas targets approximately €13 billion of cumulative investments, an increase of about 14.6 percent versus the previous plan, excluding the effect of the 2i Rete Gas acquisition.Finimize analysis of the AI push According to Reuters, management expects an EBITDA compound annual growth rate around 8.4 percent over the plan horizon, supported by network expansion and efficiency gains.Reuters report on the new plan

The company plans to deploy AI tools across its gas distribution network to optimize maintenance, monitor leaks and improve demand forecasting, building on its digital platform investments of recent years.Finimize analysis of the AI push Italgas estimates around €280 million of cumulative efficiencies by 2032 from these initiatives, about 12 percent higher than its earlier forecast, which is intended to support profitability despite regulated returns pressure.

Analyst views and peer comparison

MarketScreener data show that Italgas shares recently closed around €10.60, with an average analyst target price of €10.71 across compiled estimates, implying a modest upside of just over 1 percent.MarketScreener consensus overview Barclays has reiterated an Equal Weight rating after the strategy presentation, signaling a neutral stance on the risk-reward profile.MarketScreener summary of Barclays view

Within the regulated European gas distribution space, Italgas is often compared with peers such as Snam and Enagás, which also emphasize capex-heavy, regulated network growth and energy transition projects.Reuters overview of European gas grid operators Consensus data collected by MarketScreener indicate that a majority of covering analysts rate Italgas at Hold or equivalent, while expecting a stable dividend profile supported by regulated cash flows.

How Italgas makes its money

Italgas generates the bulk of its revenue from regulated gas distribution in Italy, where it operates a network of local pipelines and connections to end customers under long-term concessions.Italgas company profile The company’s business model centers on earning regulated returns on its asset base, with tariffs set by the Italian energy regulator ARERA, while pursuing efficiency gains through digitalization and AI-enabled network management.

Where the shares trade today

The Italgas shares (IT0005211237) most recently traded on Borsa Italiana in Milan at about €10.36 on 2026-06-23, according to MarketScreener data.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. All data are based on sources believed to be reliable but cannot be guaranteed. Investors should conduct their own research or consult a professional advisor before making investment decisions.