Italgas outlines 2026 strategy and network investments, shares in European utility focus

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-28, 10:45.

Italgas (IT0005211237) underpins its long-term profile with a multi-year plan centered on regulated gas distribution. The group targets billions of euros in investments through 2029 in Italy and Greece, according to its latest strategy presentation and investor materials.Strategic plan overview from Italgas

Capex program and decarbonization targets

In its 2024-2029 strategic plan, Italgas sets a total investment program of around 7.8 billion euros, with roughly 5.9 billion euros dedicated to gas distribution networks and 1.9 billion euros to water and energy efficiency businesses.Italgas 2024-2029 plan presentation The company highlights projects to digitalize its networks and support the integration of renewable gases such as biomethane and hydrogen blends.

For decarbonization, Italgas aims to reduce its Scope 1 and 2 greenhouse gas emissions by about 42 percent by 2030 versus 2020 levels, while increasing the share of renewable energy used in its operations, according to its latest sustainability disclosures.Italgas climate and energy transition targets The group positions these efforts alongside other European network operators such as Snam and Enagás, which are also preparing their grids for low-carbon gases.

Regulated profile and European peer context

Italgas generates the vast majority of its revenue from regulated gas distribution activities in Italy and, through its DEPA Infrastructure acquisition, in Greece, where allowed returns are set by local authorities in line with European frameworks.Reuters report on Italgas and Greek assets This places the company in the same European regulated-utilities segment as Snam, Enagás and other listed grid operators.

Analyst compilations at MarketScreener show a predominantly Buy and Hold stance on Italgas, with an average 12-month price target pointing to a mid-single-digit percentage potential upside from recent levels, illustrating a typical defensive utility profile.MarketScreener consensus on Italgas The shares trade in Milan on Euronext, anchoring the stock in the Southern European utility universe.

How Italgas makes its money

Italgas earns regulated fees for distributing natural gas through a network of more than 81,000 kilometers of pipes, supplying roughly 8 million end customers in over 1,800 municipalities in Italy, according to its latest company profile.Italgas company profile Additional revenue stems from water networks and energy efficiency services, which the group is expanding as part of its diversification strategy.

Where the shares trade today

The Italgas shares (IT0005211237) trade on Euronext Milan at around 5.20 euros as of 2026-06-26, 17:35, based on recent exchange data.

This article is for informational purposes only and does not constitute investment advice, investment recommendation or an offer or solicitation to buy or sell any financial instrument. Investors should conduct their own research and consider consulting a licensed financial advisor before making investment decisions.