Italgas : BoD examines the operating performance

Italgas: the Board of Directors examines the expected performance of operations in 2020 and the expected impact on business of the Covid-19 emergency

Milan, 11 June 2020 -The Italgas Board of Directors met yesterday under the chairmanship of Alberto Dell'Acqua to examine the expected operating performance in 2020 and the impact on business of the Covid-19 emergency.

Guidance 2020

1. Revenues: more than €1.3 billionoEBITDA: € 960-980 million
   oEBIT: € 530-550 million
   oCapex: more than € 700 million
   oNet Debt: approximately € 4.5 billion1
   oLeverage: approximately 60%

The performance achieved in recent months and the speed at which almost all the network construction sites have resumed their activities demonstrate the Company's ability to react using all the new technologies developed by the Digital Factory.

The effects of the ongoing digital transformation are now very clear: more efficient remote management of the network and increased control on the territory served with the use of innovative technologies such as "gas leakege detection", "shareview", "work on site". All this has made possible to guarantee the continuity and security of essential services in all the municipalities served.

Thanks to the use of the cloud and the availability of digital tools for all staff, the Company reduced staff mobility and adopted the smart way of working all over the territory ensuring people's health and safety.

In this first part of the year the Company also achieved a series of important objectives; Italgas

• was awarded the tender for the Atem of Belluno, which is equivalent to an immediate growth of about 40,000 pdr served and another 38,000 in the future;

1The net financial debt expected for 2020 does not consider financial debt for leasing pursuant to ex IFRS 16. Their estimate is substantially in line with the values expressed at 31 December 2019.

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• was included in the shortlist of candidates in the international tender for the purchase of DEPA Infrastructure S.A., the Greek company that controls the country's natural gas distribution activities;
• acquired from AEG Coop 15% of the company Reti Distribuzione, which operates in 49 municipalities in Piedmont, mainly in Ivrea and the surrounding areas;
• had its credit rating confirmed by Fitch, despite the that Italy's sovereign credit rating has been downgraded.

Conference call- A conference call will be held at 3:00 p.m. CET today to update the financial community on the performance of operations in 2020 and the expected impact on operations of the Covid-19 emergency. The presentation can be followed by audio webcasting on the Company website (www.italgas.it). In conjunction with the launch of the conference call, the presentation support material will also be made available in the Investor Relations/Presentations section of the website.