ITALGAS S.P.A.

Shareholders of ITALGAS S.P.A.

Italgas S.p.A. is a listed company on Euronext Milan (FTSE MIB) with a widely dispersed shareholder base. According to Italgas’s own investor-relations disclosure (reporting date 30 June 2026), share capital totalled €1,259,709,500.72, divided into 1,017,585,488 ordinary shares with no par value, of which approximately 62.7% was in free float. The disclosed major shareholders were CDP Reti S.p.A. (25.9%), Snam S.p.A. (11.4%), Lazard Asset Management, reported by the company as “Lazard LLC” (4.9%), BlackRock, Inc. (4.0%) and the Bank of Italy (1.4%), with the remaining approximately 52.4% held by other investors. CDP Reti S.p.A. and Snam S.p.A. are parties to a shareholders’ agreement (patto parasociale) governing their respective stakes, most recently amended in April 2025.

Zavia’s underlying provider record for this company separately shows a single disclosed holding: MFS Series Trust V – MFS International New Discovery Fund, recorded at 6.498% of ordinary share capital as of 4 September 2026. This holding is not named individually on Italgas’s own investor-relations summary, which lists only five named holders above 1% plus an aggregate “Others” category (52.4%); it is presented here as an additional disclosed institutional holding rather than a contradiction, since it may fall within that aggregate free-float figure. Note also that the underlying record labels this holding’s shareholder type as “Company”, although the named holder is a mutual-fund vehicle, not an operating company.

Ultimate beneficial ownership

No natural-person ultimate beneficial owner is reliably identifiable from the sources reviewed. The largest disclosed shareholder, CDP Reti S.p.A. (25.9%), is itself a corporate, state-linked entity rather than a natural person; CDP Reti’s own public disclosures show it is held by Cassa Depositi e Prestiti S.p.A. (59.1%), State Grid Europe Limited, part of State Grid Corporation of China (35%), and a group of Italian institutional investors (5.9%). Because Italgas S.p.A.’s remaining share capital is widely distributed among institutional and free-float holders below effective control levels, no individual meets the standard beneficial-ownership threshold. Italy’s central register of beneficial owners (Registro dei Titolari Effettivi) is not currently operating as a publicly searchable register, which further limits independent verification.

Data availability

Shareholder disclosure for Italgas S.p.A. is classified as major shareholders only: as a listed issuer, only holdings above regulatory notification thresholds are published, not a complete shareholder register. CONSOB’s own public register of relevant shareholdings could not be retrieved directly during this review (automated access was blocked), so the company’s own investor-relations disclosure was used as the primary cross-check against the provider record.

Sources

• Italgas S.p.A., “Share ownership”, reporting date 30 June 2026, retrieved 24 September 2026: https://www.italgas.it/en/investors/share-and-shareholding/share-ownership/
• Italgas S.p.A., “Shareholders’ Agreements”, retrieved 24 September 2026: https://www.italgas.it/en/investors/share-and-shareholding/shareholders-agreements/
• CDP Reti S.p.A., Annual Report 2025 (ownership structure of CDP Reti), retrieved 24 September 2026: https://www.cdp.it/internet/public/cms/documents/RFA-CDP-RETI-2025_ENG.pdf

Directors and officers of ITALGAS S.P.A.

The provider record for Italgas S.p.A. lists 14 disclosed officer entries, all recorded with an active work status and no resignation dates. These entries are predominantly senior executives and functional heads (for example Chief Executive Officer, Chief Financial Officer, General Counsel, Head of Investor Relations, Head of Security and similar roles) rather than the company’s full statutory Board of Directors. Cross-checked against Italgas’s own governance disclosures, the current Chief Executive Officer, Paolo Gallo, is confirmed and appears in the record as “CEO, GM & Director”. The Board of Directors itself was renewed at the Shareholders’ Meeting of 13 May 2025 for a nine-member board in office until 2028, chaired by Benedetta Navarra, with six of nine directors meeting independence requirements; most of the other eight board members do not appear in the provider record, so it should be read as a partial list of company officers rather than the complete board.

Recent officer changes

• Chief Financial Officer transition (effective 1 June 2026): Pierre La Tour was appointed by the Board as the officer responsible for preparing financial reports and as Chief Financial Officer, succeeding Gianfranco Amoroso, who moved to the role of Director of International Activities. The provider record has not yet been updated to reflect this change and still shows Gianfranco Amoroso as an active Chief Financial Officer. Source: Italgas press release, 27 May 2026.
• Board renewal (effective 13 May 2025): Shareholders appointed a new nine-member Board of Directors, in office until the 2028 shareholders’ meeting, with Benedetta Navarra as Chairman. Source: Italgas board of directors disclosure.
• Confirmation of Chief Executive Officer (13 May 2025): Paolo Gallo was confirmed as Chief Executive Officer with full management powers, other than matters reserved by law, the by-laws or the Board. Source: Italgas board of directors disclosure.

Data availability

Officer disclosure for Italian companies typically covers the statutory board and legal representatives filed with the Registro Imprese, while listed issuers such as Italgas separately publish full board composition on their investor-relations pages. The provider record reviewed here mainly reflects senior management appointments rather than the full statutory board, does not reflect the June 2026 CFO change, and appears to contain a duplicate entry for the former CFO under two different record identifiers. Nationality is not disclosed in the record for any officer (only a correspondence country code, “IT”, is present) and is reported here as not disclosed; it must not be inferred from address or name. Dates of birth found in the underlying record are not published in this profile.

Sources

• Italgas S.p.A., “Board of Directors”, retrieved 24 September 2026: https://www.italgas.it/en/investors/governance/board-directors/
• Italgas S.p.A., press release, “The Board of Directors appoints Pierre La Tour as the new Officer responsible for the preparation of financial reports”, 27 May 2026: https://www.italgas.it/en/press-releases-price-sensitive/italgas-the-board-of-directors-appoints-pierre-la-tour-as-the-new-officer-responsible-for-the-preparation-of-financial-reports/

Group structure of ITALGAS S.P.A.

Italgas S.p.A. is a listed company with a widely dispersed shareholder base (see the Shareholders block); no single verified corporate parent controls Italgas S.p.A. itself, so it is best described as the ultimate parent of the Italgas Group rather than a subsidiary of another company. CDP Reti S.p.A. is its largest disclosed shareholder at 25.9%, but this is a minority equity stake under a shareholders’ agreement with Snam S.p.A., not a verified controlling parent relationship. The provider’s corporate-linkage record for Italgas S.p.A. lists around a dozen direct and indirect subsidiaries in Italy and Greece, spanning regulated gas distribution, water distribution and related services. Several of these names are cross-verified against Italgas’s own group-company and press disclosures below; ownership percentages are not disclosed in the underlying record for most entities and were not independently reconfirmed for every subsidiary in this review.

Verified corporate relationships

Recent structural changes

• Acquisition of majority shareholding in Toscana Energia S.p.A. (completed 2019): Italgas acquired a majority stake in the regional gas distributor from municipal shareholders, later fully consolidating it. Source: Italgas press release.
• Acquisition of 100% of DEPA Infrastructure S.A. (Greece) (completed 2022): Italgas acquired the Greek state’s gas-infrastructure holding company, later rebranded Enaon, comprising the country’s three main gas-distribution operators. Source: Italgas press release, contract signing in Athens.
• Merger of Enaon’s Greek distribution subsidiaries (2023): The three previously separate Greek distribution operators acquired with DEPA Infrastructure were merged into a single operating entity under the Enaon EDA brand. Source: industry press reporting on the Enaon rebranding.

Data availability

Group-structure disclosure for Italgas S.p.A. is classified as partial: direct and indirect subsidiary names are available from the provider’s corporate-linkage record and have been cross-checked against Italgas’s own group-company and transaction disclosures for the principal entities (Italgas Reti, Toscana Energia, Enaon), but ownership and voting percentages are not published in the underlying record for most subsidiaries and have not been independently reconfirmed for every entity shown. No verified single corporate parent of Italgas S.p.A. was identified; see the Shareholders block for its own disclosed ownership.

Sources

• Italgas S.p.A., “Group structure – Toscana Energia”, retrieved 24 September 2026: https://www.italgas.it/en/about-us/group-companies/group-structure/toscana-energia/
• Italgas S.p.A., press release, “Contract signed in Athens for the acquisition of 100% of the Greek company Depa Infrastructure S.A.”: https://www.italgas.it/en/press-releases-price-sensitive/italgas-contract-signed-in-athens-for-the-acquisition-of-100-of-the-greek-company-depa-infrastructure-s-a/
• Italgas S.p.A., press release, “Depa Infrastructure (Italgas Group): completed the acquisition of the remaining 49% of EDA Thess”: https://www.italgas.it/en/press-releases-price-sensitive/depa-infrastructure-italgas-group-completed-the-acquisition-of-the-remaining-49-of-eda-thess/