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"scheme:815600F25FF44EF1FA76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact403": { "value": "129271000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact444": { "value": "249963000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600F25FF44EF1FA76", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact1": { "value": "402662000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact2": { "value": "402662000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact7": { "value": "531933000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:815600F25FF44EF1FA76", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact522": { "value": "\n
\n The\n \n Italgas\n \n Group,\n \n comprising\n \n the\n \n parent\n \n company\n \n \n Italgas\n \n S.p.A.\n \n \n and\n \n its\n \n subsidiaries\n \n (collectively\n \n referred\n \n to \n as\n \n \u201cItalgas\u201d,\n \n \u201cItalgas\n \n Group\u201d\n \n or\n \n \u201cGroup\u201d),\n \n operates\n \n in\n \n the\n \n regulated\n \n activities\n \n of\n \n natural\n \n gas\n \n distribution,\n \n water \n services and energy efficiency. \n
\n
\n \n \n Italgas\n \n S.p.A.\n \n \n \n is\n \n a\n \n joint\n \n stock\n \n company\n \n incorporated\n \n under\n \n Italian\n \n law\n \n and\n \n listed\n \n on\n \n the\n \n Milan\n \n Stock\n \n Exchange, \n \n with registered offices \n \n in Milan, via Carlo Bo 11.\n \n \n
\n
\n \n CDP\n \n S.p.A.\n \n has\n \n \u201cde\n \n facto\u201d\n \n control\n \n over\n \n Italgas\n \n S.p.A.\n \n \n pursuant\n \n to\n \n the\n \n accounting\n \n principle\n \n IFRS\n \n 10 \n \u201cConsolidated Financial Statements\u201d. \n
\n
\n As\n \n December\n \n 31,\n \n 2025,\n \n CDP\n \n S.p.A.\n \n holds,\n \n directly\n \n through\n \n CDP\n \n Reti\n \n S.p.A.\n 147\n \n 25.9%\n \n stake\n \n in\n \n Italgas\n \n S.p.A. \n and, indirectly through Snam S.p.A., a 3.57% stake.\n
\n
\n \n The\n \n parent\n \n company,\n \n Italgas\n \n S.p.A\n \n .,\n \n is\n \n not\n \n subject\n \n to\n \n direction\n \n and\n \n coordination\n \n activities.\n \n Italgas\n \n S.p.A. \n exercises\n \n direction\n \n and\n \n coordination\n \n activities\n \n over\n \n its\n \n subsidiaries\n \n pursuant\n \n to\n \n Articles\n \n 2497\n \n et\n \n seq.\n \n of\n \n the \n Italian Civil Code\n .\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact529": { "value": "\n Italgas\n \n S.p.A.\n ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact504": { "value": "\n \n Italgas\n \n S.p.A.\n \n \n ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact503": { "value": "\n Italgas\n \n S.p.A.\n \n ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact507": { "value": "\n with registered offices \n \n in Milan, via Carlo Bo 11.\n \n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact510": { "value": "in Milan, via Carlo Bo 11.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact511": { "value": "\n CDP\n \n S.p.A.\n \n has\n \n \u201cde\n \n facto\u201d\n \n control\n \n over\n \n Italgas\n \n S.p.A.\n ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact512": { "value": "\n The\n \n parent\n \n company,\n \n Italgas\n \n S.p.A\n ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact526": { "value": "\n \n
\n 1)\n Basis of preparation \n
\n \n
\n \n The\n \n \n \n Consolidated\n \n Financial\n \n Statements\n \n have\n \n been\n \n prepared\n \n in\n \n accordance\n \n with\n \n the\n \n IFRS\n \n Accounting \n Standards\n \n (\u201cIFRS\u201d)\n \n issued\n \n by\n \n the\n \n International\n \n Accounting\n \n Standards\n \n Board\n \n (\u201cIASB\u201d)\n \n and\n \n adopted\n \n by\n \n the \n European\n \n Commission\n \n according\n \n to\n \n the\n \n procedure\n \n pursuant\n \n to\n \n Article\n \n 6\n \n of\n \n (EC)\n \n Regulation\n \n no.\n \n 1606/2002\n \n of \n the\n \n European\n \n Parliament\n \n and\n \n of\n \n the\n \n Council\n \n of\n \n 19\n \n July\n \n 2002\n \n and\n \n pursuant\n \n to\n \n Article\n \n 9\n \n of\n \n Legislative\n \n Decree \n no.\n \n 38/2005.\n \n The\n \n IFRS\n \n also\n \n include\n \n the\n \n International\n \n Accounting\n \n Standards\n \n (\u201cIAS\u201d)\n \n as\n \n well\n \n as\n \n the\n \n interpretive \n documents\n \n still\n \n in\n \n force\n \n issued\n \n by\n \n the\n \n IFRS\n \n Interpretations\n \n Committee\n \n (\u201cIFRS\n \n IC\u201d),\n \n including\n \n those\n \n previously \n issued\n \n by\n \n the\n \n International\n \n Financial\n \n Reporting\n \n Interpretations\n \n Committee\n \n (\u201cIFRIC\u201d)\n \n and,\n \n before\n \n that,\n \n by\n \n the \n Standing Interpretations Committee (\u201cSIC\u201d).\n \n
\n \n
\n In\n \n the\n \n 2025\n \n Consolidated\n \n Financial\n \n Statements,\n \n the\n \n same\n \n consolidation\n \n principles\n \n and\n \n valuation\n \n criteria\n \n as\n \n the \n previous\n \n year\n \n are\n \n applied,\n \n except\n \n for\n \n the\n \n international\n \n accounting\n \n standards\n \n that\n \n came\n \n into\n \n effect\n \n on\n \n 1\n \n January \n 2025,\n \n as\n \n detailed\n \n in\n \n the\n \n following\n \n section\n \n \u201cAccounting\n \n principles\n \n and\n \n interpretations\n \n applicable\n \n from\n \n 2025\u201d\n \n of \n these Consolidated Financial Statements. \n
\n \n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n are\n \n prepared\n \n on\n \n a\n \n going-concern\n \n basis,\n \n using\n \n the\n \n historical\n \n cost \n method,\n \n considering,\n \n where\n \n appropriate,\n \n value\n \n adjustments\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n items\n \n which,\n \n according \n to IFRS, must be measured at \n fair value\n , as described in the valuation criteria. \n
\n \n
\n Consolidated\n \n Financial\n \n Statements\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n were\n \n approved\n \n and\n \n authorised\n \n for\n \n publication\n \n by \n the\n \n Board\n \n of\n \n Directors\n \n of\n \n Italgas\n \n S.p.A.\n \n in\n \n the\n \n meeting\n \n of\n \n 03\n \n March\n \n 2026.\n \n The\n \n Italgas\n \n S.p.A.\n \n Consolidated \n Financial Statements as at 31 December 2025 are subjected to audit by Deloitte & Touche S.p.A..\n
\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n are\n \n presented\n \n in\n \n Euro.\n \n Amounts\n \n in\n \n the\n \n Consolidated\n \n Financial \n Statements\n \n and\n \n related\n \n Notes,\n \n considering\n \n their\n \n significance,\n \n are\n \n expressed\n \n in\n \n thousands\n \n of\n \n Euro,\n \n unless \n otherwise indicated.\n
\n
\n Certain\n \n information\n \n contained\n \n in\n \n the\n \n Notes\n \n to\n \n the\n \n Consolidated\n \n Financial\n \n Statements,\n \n when\n \n extracted\n \n from\n \n the \n XHTML\n \n format\n \n into\n \n an\n \n XBRL\n \n instance\n \n document,\n \n due\n \n to\n \n certain\n \n technical\n \n limitations,\n \n may\n \n not\n \n be\n \n reproduced \n identically\n \n to\n \n the\n \n corresponding\n \n information\n \n displayed\n \n in\n \n the\n \n Consolidated\n \n Financial\n \n Statements\n \n in\n \n XHTML \n format.\n
\n \n \n
\n Accounting\n \n standards,\n \n amendments\n \n and\n \n interpretations\n \n issued\n \n by\n \n the\n \n IASB\n \n (International \n Accounting\n \n Standards\n \n Board),\n \n approved\n \n by\n \n the\n \n European\n \n Union\n \n (EU)\n \n that\n \n came\n \n into\n \n effect\n \n on \n 1 January 2025\n
\n On\n \n 1\n \n January\n \n 2025,\n \n \u201cAmendments\n \n to\n \n IAS\n \n 21\n \n \u2013\n \n Lack\n \n of\n \n Exchangeability\u201d,\n \n published\n \n by\n \n the\n \n IASB\n \n on\n \n 15\n \n August \n 2023,\n \n came\n \n into\n \n effect\n \n in\n \n the\n \n European\n \n Union.\n \n The\n \n amendment\n \n introduces\n \n consistent\n \n criteria\n \n to\n \n assess\n \n whether \n a\n \n currency\n \n is\n \n exchangeable\n \n and,\n \n if\n \n not,\n \n to\n \n determine\n \n the\n \n exchange\n \n rate\n \n to\n \n apply,\n \n and\n \n the\n \n information\n \n to\n \n provide \n in\n \n the\n \n explanatory\n \n notes.\n \n The\n \n adoption\n \n of\n \n these\n \n amendment\n \n had\n \n no\n \n effect\n \n on\n \n the\n \n Consolidated\n \n Financial \n Statements of the Group. \n
\n
\n ACCOUNTING\n \n STANDARDS,\n \n AMENDMENTS\n \n AND\n \n INTERPRETATIONS\n \n OF\n \n IFRS\n \n ACCOUNTING \n STANDARDS\n \n ENDORSED\n \n BY\n \n THE\n \n EUROPEAN\n \n UNION,\n \n NOT\n \n YET\n \n EFFECTIVE\n \n AND\n \n NOT\n \n EARLY \n ADOPTED BY THE GROUP AS AT 31 DECEMBER 2025\n
\n
\n At\n \n the\n \n date\n \n of\n \n this\n \n document,\n \n the\n \n following\n \n measures\n \n have\n \n been\n \n endorsed\n \n by\n \n the\n \n EU,\n \n but\n \n are\n \n not\n \n yet\n \n effective \n nor early adopted by the Group.\n
\n
\n Amendments\n \n to\n \n IFRS\n \n 9\n \n and\n \n IFRS\n \n 7\n \n \u2013\n \n Classification\n \n and\n \n Measurement\n \n of\n \n Financial\n \n Instruments\n \n (30\n \n May \n 2024).\n \n The\n \n amendments\n \n clarify\n \n aspects\n \n that\n \n arose\n \n from\n \n the\n \n post-implementation\n \n review\n \n of\n \n IFRS\n \n 9,\n \n with\n \n a \n particular\n \n focus\n \n on:\n \n (i)\n \n the\n \n classification\n \n of\n \n financial\n \n liabilities\n \n with\n \n returns\n \n linked\n \n to\n \n ESG\n \n targets\n \n and\n \n criteria\n \n for \n passing\n \n the\n \n SPPI\n \n test;\n \n (ii)\n \n the\n \n settlement\n \n date\n \n for\n \n liabilities\n \n settled\n \n through\n \n electronic\n \n payment\n \n systems,\n \n with \n the\n \n possibility\n \n to\n \n bring\n \n forward\n \n derecognition\n \n in\n \n the\n \n presence\n \n of\n \n specific\n \n conditions;\n \n (iii)\n \n the\n \n introduction\n \n of\n \n new \n disclosure requirements, in particular for investments in equity instruments designated at FVOCI.\n
\n
\n Amendments\n \n to\n \n Contracts\n \n Referencing\n \n Nature-Dependent\n \n Electricity\n \n \u2013\n \n IFRS\n \n 9\n \n and\n \n IFRS\n \n 7\n \n (18\n \n December \n 2024).\n \n The\n \n amendments\n \n address\n \n the\n \n accounting\n \n of\n \n renewable\n \n power\n \n purchase\n \n agreements\n \n characterised\n \n by \n variable\n \n quantities\n \n dependent\n \n on\n \n natural\n \n factors.\n \n In\n \n particular:\n \n (i)\n \n they\n \n clarify\n \n the\n \n application\n \n of\n \n the\n \n \u201cown-use\u201d \n requirement;\n \n (ii)\n \n they\n \n define\n \n criteria\n \n for\n \n qualification\n \n as\n \n hedging\n \n instruments;\n \n (iii)\n \n they\n \n introduce\n \n new\n \n disclosures \n on financial effects and cash flows.\n
\n
\n Annual\n \n Improvements\n \n \u2013\n \n Volume\n \n 11\n \n (18\n \n July\n \n 2024).\n \n The\n \n document\n \n introduces\n \n clarifications,\n \n simplifications \n and\n \n corrections\n \n to\n \n improve\n \n the\n \n consistency\n \n of\n \n application\n \n of\n \n the\n \n IFRS,\n \n involving\n \n IFRS\n \n 1;\n \n IFRS\n \n 7;\n \n IFRS\n \n 9;\n \n IFRS \n 10 and IAS 7.\n
\n
\n IFRS\n \n 18\n \n \u2013\n \n Presentation\n \n and\n \n Disclosure\n \n in\n \n Financial\n \n Statements\n \n (9\n \n April\n \n 2024,\n \n approved\n \n by\n \n the\n \n European \n Commission\n \n under\n \n Regulation\n \n (EU)\n \n 2026/338\n \n of\n \n 13\n \n February\n \n 2026)\n .\n \n The\n \n new\n \n standard\n \n will\n \n replace\n \n IAS\n \n 1 \n and\n \n aims\n \n to\n \n improve\n \n the\n \n presentation\n \n of\n \n financial\n \n statements,\n \n in\n \n particular\n \n the\n \n income\n \n statement,\n \n by \n introducing:\n \n (i)\n \n three\n \n new\n \n sections\n \n (operating,\n \n investment,\n \n financial);\n \n (ii)\n \n new\n \n mandatory\n \n subtotals\n \n (operating \n result\n \n and\n \n EBIT);\n \n (iii)\n \n more\n \n information\n \n about\n \n management-defined\n \n performance\n \n indicators;\n \n (iv)\n \n new\n \n criteria\n \n for \n aggregation\n \n and\n \n disaggregation;\n \n (v)\n \n changes\n \n to\n \n the\n \n statement\n \n of\n \n cash\n \n flow,\n \n including\n \n the\n \n elimination\n \n of\n \n certain \n classification options.\n
\n
\n Entry into force from 1 January 2027, with early application permitted.\n
\n
\n The administrators are currently assessing the possible effects of introducing the new principles.\n
\n
\n IFRS\n \n ACCOUNTING\n \n STANDARDS,\n \n AMENDMENTS\n \n AND\n \n INTERPRETATIONS\n \n NOT\n \n YET\n \n ENDORSED\n \n BY \n THE EUROPEAN UNION\n
\n
\n At the reporting date, the following standards are not yet endorsed by the EU.\n
\n
\n IFRS\n \n 19\n \n \u2013\n \n Subsidiaries\n \n without\n \n Public\n \n Accountability:\n \n Disclosures\n \n (9\n \n May\n \n 2024,\n \n amended\n \n on\n \n 21\n \n August \n 2025)\n .\n \n The\n \n standard\n \n introduces\n \n disclosure\n \n simplifications\n \n for\n \n subsidiaries\n \n that:\n \n (i)\n \n do\n \n not\n \n have\n \n listed \n instruments; (ii) belong to groups that prepare IFRS consolidated financial statements.\n
\n
\n \n Entry into force from 1 January 2027.\n
\n IFRS\n \n 14\n \n \u2013\n \n Regulatory\n \n Deferral\n \n Accounts\n \n (30\n \n January\n \n 2014)\n .\n \n The\n \n standard\n \n allows\n \n exclusively\n \n first-time \n adopters\n \n of\n \n IFRS\n \n to\n \n continue\n \n reporting\n \n regulatory\n \n assets\n \n and\n \n liabilities\n \n according\n \n to\n \n previous\n \n accounting \n standards.\n
\n
\n The administrators are currently assessing the possible effects of introducing the new principles. \n
\n
\n Other IFRS updates\n
\n
\n IFRS Accounting Taxonomy 2025\n
\n
\n On\n \n 27\n \n March\n \n 2025,\n \n the\n \n IFRS\n \n Foundation\n \n published\n \n the\n \n IFRS\n \n Accounting\n \n Taxonomy\n \n 2025,\n \n which\n \n updates \n digital\n \n reporting\n \n including:\n \n (i)\n \n the\n \n new\n \n requirements\n \n of\n \n IFRS\n \n 18;\n \n (ii)\n \n the\n \n changes\n \n to\n \n nature-dependent\n \n electricity \n contracts; (iii) the amendments to IFRS 9, IFRS 7 and the Annual Improvements.\n
\n
\n The administrators are currently assessing the possible effects of introducing the new principles.\n
\n
\n 2)\n Financial Statements\n
\n
\n The\n \n formats\n \n adopted\n \n for\n \n the\n \n preparation\n \n of\n \n the\n \n financial\n \n statements\n \n are\n \n consistent\n \n with\n \n the\n \n provisions\n \n of\n \n IAS\n \n 1 \n - \u201cPresentation of financial statements\u201d (\u201cIAS 1\u201d). In particular:\n
\n
\n \u2022\n the\n \n Consolidated\n \n Statement\n \n of\n \n Financial\n \n Position\n \n items\n \n are\n \n broken\n \n down\n \n into\n \n assets\n \n and\n \n liabilities,\n \n and \n then further into \u201ccurrent or non-current items\n 148\n \u201d;\n
\n
\n \u2022\n the\n \n Consolidated\n \n Income\n \n Statement\n \n classifies\n \n costs\n \n by\n \n nature,\n \n since\n \n this\n \n is\n \n deemed\n \n to\n \n be\n \n the\n \n best\n \n way \n of representing the Group\u2019s operations and it is in line with international best practice;\n
\n
\n \u2022\n the\n \n Consolidated\n \n Statement\n \n of\n \n Comprehensive\n \n Income\n \n shows\n \n the\n \n profit\n \n or\n \n loss\n \n in\n \n addition\n \n to\n \n the \n income and expense recognised directly in equity as expressly provided for by the IFRS;\n
\n
\n \u2022\n the\n \n Consolidated\n \n Statement\n \n of\n \n changes\n \n in\n \n Equity\n \n reports\n \n the\n \n total\n \n income\n \n (expense)\n \n for\n \n the\n \n financial \n year, shareholder transactions and the other changes in equity; \n
\n \n
\n \u2022\n the\n \n Consolidated\n \n Statement\n \n of\n \n Cash\n \n Flows\n \n is\n \n prepared\n \n using\n \n the\n \n \u201cindirect\u201d\n \n method,\n \n adjusting\n \n the\n \n profit \n for the year for non-monetary components.\n
\n \n
\n It\n \n is\n \n believed\n \n that\n \n these\n \n statements\n \n adequately\n \n represent\n \n the\n \n Group\u2019s\n \n situation\n \n with\n \n regard\n \n to\n \n its\n \n Statement\n \n of \n Financial Position, Income Statement and Statement of Cash Flows.\n
\n \n With\n \n regard\n \n to\n \n the\n \n Consob\n \n Resolution\n \n no.\n \n 15519\n \n of\n \n 28\n \n July\n \n 2006,\n \n the\n \n balances\n \n of\n \n receivables/payables\n \n and \n transactions\n \n with\n \n related\n \n parties,\n \n described\n \n in\n \n more\n \n detail\n \n in\n \n the\n \n note\n \n \u201cRelated\n \n party\n \n transactions\u201d,\n \n are\n \n shown \n separately in the Consolidated Financial Statements\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact505": { "value": "\n
\n 1)\n Basis of preparation \n
\n \n The\n \n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact456": { "value": "\n Consolidated\n \n Financial\n \n Statements\n \n have\n \n been\n \n prepared\n \n in\n \n accordance\n \n with\n \n the\n \n IFRS\n \n Accounting \n Standards\n \n (\u201cIFRS\u201d)\n \n issued\n \n by\n \n the\n \n International\n \n Accounting\n \n Standards\n \n Board\n \n (\u201cIASB\u201d)\n \n and\n \n adopted\n \n by\n \n the \n European\n \n Commission\n \n according\n \n to\n \n the\n \n procedure\n \n pursuant\n \n to\n \n Article\n \n 6\n \n of\n \n (EC)\n \n Regulation\n \n no.\n \n 1606/2002\n \n of \n the\n \n European\n \n Parliament\n \n and\n \n of\n \n the\n \n Council\n \n of\n \n 19\n \n July\n \n 2002\n \n and\n \n pursuant\n \n to\n \n Article\n \n 9\n \n of\n \n Legislative\n \n Decree \n no.\n \n 38/2005.\n \n The\n \n IFRS\n \n also\n \n include\n \n the\n \n International\n \n Accounting\n \n Standards\n \n (\u201cIAS\u201d)\n \n as\n \n well\n \n as\n \n the\n \n interpretive \n documents\n \n still\n \n in\n \n force\n \n issued\n \n by\n \n the\n \n IFRS\n \n Interpretations\n \n Committee\n \n (\u201cIFRS\n \n IC\u201d),\n \n including\n \n those\n \n previously \n issued\n \n by\n \n the\n \n International\n \n Financial\n \n Reporting\n \n Interpretations\n \n Committee\n \n (\u201cIFRIC\u201d)\n \n and,\n \n before\n \n that,\n \n by\n \n the \n Standing Interpretations Committee (\u201cSIC\u201d).\n \n
\n In\n \n the\n \n 2025\n \n Consolidated\n \n Financial\n \n Statements,\n \n the\n \n same\n \n consolidation\n \n principles\n \n and\n \n valuation\n \n criteria\n \n as\n \n the \n previous\n \n year\n \n are\n \n applied,\n \n except\n \n for\n \n the\n \n international\n \n accounting\n \n standards\n \n that\n \n came\n \n into\n \n effect\n \n on\n \n 1\n \n January \n 2025,\n \n as\n \n detailed\n \n in\n \n the\n \n following\n \n section\n \n \u201cAccounting\n \n principles\n \n and\n \n interpretations\n \n applicable\n \n from\n \n 2025\u201d\n \n of \n these Consolidated Financial Statements. \n
\n \n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n are\n \n prepared\n \n on\n \n a\n \n going-concern\n \n basis,\n \n using\n \n the\n \n historical\n \n cost \n method,\n \n considering,\n \n where\n \n appropriate,\n \n value\n \n adjustments\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n items\n \n which,\n \n according \n to IFRS, must be measured at \n fair value\n , as described in the valuation criteria. \n
\n \n
\n Consolidated\n \n Financial\n \n Statements\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n were\n \n approved\n \n and\n \n authorised\n \n for\n \n publication\n \n by \n the\n \n Board\n \n of\n \n Directors\n \n of\n \n Italgas\n \n S.p.A.\n \n in\n \n the\n \n meeting\n \n of\n \n 03\n \n March\n \n 2026.\n \n The\n \n Italgas\n \n S.p.A.\n \n Consolidated \n Financial Statements as at 31 December 2025 are subjected to audit by Deloitte & Touche S.p.A..\n
\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n are\n \n presented\n \n in\n \n Euro.\n \n Amounts\n \n in\n \n the\n \n Consolidated\n \n Financial \n Statements\n \n and\n \n related\n \n Notes,\n \n considering\n \n their\n \n significance,\n \n are\n \n expressed\n \n in\n \n thousands\n \n of\n \n Euro,\n \n unless \n otherwise indicated.\n
\n
\n Certain\n \n information\n \n contained\n \n in\n \n the\n \n Notes\n \n to\n \n the\n \n Consolidated\n \n Financial\n \n Statements,\n \n when\n \n extracted\n \n from\n \n the \n XHTML\n \n format\n \n into\n \n an\n \n XBRL\n \n instance\n \n document,\n \n due\n \n to\n \n certain\n \n technical\n \n limitations,\n \n may\n \n not\n \n be\n \n reproduced \n identically\n \n to\n \n the\n \n corresponding\n \n information\n \n displayed\n \n in\n \n the\n \n Consolidated\n \n Financial\n \n Statements\n \n in\n \n XHTML \n format.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact509": { "value": "\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n are\n \n prepared\n \n on\n \n a\n \n going-concern\n \n basis,\n \n using\n \n the\n \n historical\n \n cost \n method,\n \n considering,\n \n where\n \n appropriate,\n \n value\n \n adjustments\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n items\n \n which,\n \n according \n to IFRS, must be measured at \n fair value\n , as described in the valuation criteria. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact508": { "value": "\n
\n \u2022\n the\n \n Consolidated\n \n Statement\n \n of\n \n Cash\n \n Flows\n \n is\n \n prepared\n \n using\n \n the\n \n \u201cindirect\u201d\n \n method,\n \n adjusting\n \n the\n \n profit \n for the year for non-monetary components.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact473": { "value": "\n
\n 3)\n Consolidation principles\n
\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n include\n \n the\n \n financial\n \n statements\n \n of\n \n Italgas\n \n S.p.A.\n \n and\n \n those\n \n of\n \n the \n entities\n \n over\n \n which\n \n the\n \n Company\n \n has\n \n the\n \n right\n \n to\n \n exercise\n \n direct\n \n or\n \n indirect\n \n control,\n \n as\n \n defined\n \n by\n \n IFRS\n \n 10\n \n \u2013 \n \u201cConsolidated Financial Statements\u201d. Specifically, control exists where the controlling entity simultaneously:\n
\n
\n \u2022\n has the power to make decisions concerning the affiliate;\n
\n
\n \u2022\n is entitled to receive a share of or is exposed to the variable profits and losses of the affiliate; \n
\n
\n \u2022\n is able to exercise power over the affiliate in such a way as to affect the amount of its economic returns.\n
\n
\n The\n \n Group\n \n reassesses\n \n whether\n \n or\n \n not\n \n it\n \n controls\n \n an\n \n investee\n \n if\n \n facts\n \n and\n \n circumstances\n \n indicate\n \n that\n \n there\n \n are \n changes to one or more of the three elements of control listed above.\n
\n \n Subsidiaries,\n \n joint\n \n ventures,\n \n associates\n \n and\n \n other\n \n significant\n \n equity\n \n investments\n \n are\n \n indicated\n \n separately\n \n in\n \n the \n Appendix\n \n \u201cSubsidiaries,\n \n associates\n \n and\n \n equity\n \n investments\n \n of\n \n Italgas\n \n S.p.A.\n \n as\n \n at\n \n 31\n \n December\n \n 2025\u201d,\n \n which \n is an integral part of these notes. \n
\n All financial statements of consolidated companies close at 31 December and are presented in Euro.\n
\n \n
\n Companies included in the scope of consolidation \n
\n
\n Subsidiaries\n \n are\n \n fully\n \n consolidated\n \n on\n \n a\n \n line-by-line\n \n basis\n \n (\u201c\n full\n \n consolidation\n \u201d)\n \n from\n \n the\n \n date\n \n the\n \n Company \n obtains\n \n control\n \n (either\n \n directly\n \n or\n \n indirectly)\n \n and\n \n are\n \n deconsolidated\n \n from\n \n the\n \n date\n \n the\n \n Company\n \n loses\n \n control. \n In\n \n the\n \n event\n \n of\n \n loss\n \n of\n \n control,\n \n the\n \n Group\n \n derecognises\n \n the\n \n assets\n \n (including\n \n goodwill)\n \n and\n \n liabilities\n \n of\n \n the \n subsidiary,\n \n any\n \n non-controlling\n \n interests\n \n and\n \n other\n \n equity\n \n components\n \n related\n \n to\n \n the\n \n subsidiary\n \n and\n \n recognises \n the\n \n fair\n \n value\n \n of\n \n any\n \n consideration\n \n received\n \n for\n \n the\n \n transaction.\n \n Any\n \n investment\n \n held\n \n in\n \n the\n \n previously\n \n subsidiary \n is measured at \n fair value\n on the date control is lost. \n
\n
\n The\n \n equity\n \n shares\n \n and\n \n profit\n \n or\n \n loss\n \n attributable\n \n to\n \n non-controlling\n \n interests\n \n are\n \n separately\n \n recorded\n \n in\n \n specific \n items of Equity, Income Statement and Statement of Comprehensive Income.\n
\n
\n Changes\n \n in\n \n the\n \n equity\n \n investments\n \n held\n \n (either\n \n directly\n \n or\n \n indirectly)\n \n by\n \n the\n \n Company\n \n in\n \n subsidiaries\n \n that\n \n do \n not\n \n result\n \n in\n \n a\n \n change\n \n in\n \n the\n \n qualification\n \n of\n \n the\n \n investment\n \n as\n \n a\n \n subsidiary\n \n are\n \n recorded\n \n as\n \n equity\n \n transactions. \n The\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n attributable\n \n to\n \n the\n \n owners\n \n of\n \n the\n \n parent\n \n company\n \n and\n \n attributable\n \n to\n \n non-\n controlling\n \n interests\n \n are\n \n adjusted\n \n to\n \n reflect\n \n the\n \n change\n \n in\n \n the\n \n equity\n \n investment.\n \n The\n \n difference\n \n between\n \n the \n carrying\n \n amount\n \n of\n \n non-controlling\n \n interests\n \n and\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n consideration\n \n paid\n \n or\n \n received\n \n is\n \n recorded \n directly under equity attributable to owners of the parent company.\n
\n
\n Otherwise,\n \n the\n \n sale\n \n of\n \n interests\n \n that\n \n result\n \n in\n \n the\n \n loss\n \n of\n \n control\n \n leads\n \n to\n \n recognition\n \n in\n \n the\n \n income\n \n statement \n of:\n \n (i)\n \n any\n \n gains\n \n or\n \n losses\n \n calculated\n \n as\n \n the\n \n difference\n \n between\n \n the\n \n consideration\n \n received\n \n and\n \n the \n corresponding\n \n portion\n \n of\n \n equity\n \n sold;\n \n (ii)\n \n the\n \n effect\n \n of\n \n the\n \n revaluation\n \n of\n \n any\n \n remaining\n \n equity\n \n investment\n \n held \n to\n \n align\n \n it\n \n with\n \n its\n \n fair\n \n value\n ;\n \n and\n \n (iii)\n \n any\n \n amounts\n \n recorded\n \n in\n \n other\n \n components\n \n of\n \n comprehensive\n \n income \n related\n \n to\n \n the\n \n former\n \n subsidiary,\n \n for\n \n which\n \n reversal\n \n to\n \n the\n \n income\n \n statement\n \n is\n \n required.\n \n The\n \n fair\n \n value\n \n on\n \n the \n date\n \n of\n \n loss\n \n of\n \n control\n \n of\n \n any\n \n remaining\n \n equity\n \n investment\n \n held\n \n represents\n \n the\n \n new\n \n carrying\n \n amount\n \n of\n \n the \n equity\n \n investment,\n \n and,\n \n therefore,\n \n the\n \n value\n \n for\n \n the\n \n subsequent\n \n valuation\n \n of\n \n the\n \n equity\n \n investment\n \n according \n to the applicable valuation criteria.\n
\n
\n All\n \n intra-group\n \n balances\n \n and\n \n transactions,\n \n including\n \n any\n \n unrealised\n \n gains\n \n and\n \n losses\n \n on\n \n intra-group \n transactions, are eliminated in the preparation of the Consolidated Financial Statements.\n
\n \n \n
\n Investments in associates and joint ventures \n
\n \n \n
\n \n An\n \n \n associate\n \n is\n \n an\n \n affiliate\n \n over\n \n which\n \n the\n \n Group\n \n holds\n \n significant\n \n influence,\n \n meaning\n \n the\n \n power\n \n to\n \n participate \n in\n \n the\n \n determination\n \n of\n \n the\n \n financial\n \n and\n \n operating\n \n policies,\n \n but\n \n without\n \n having\n \n control\n \n or\n \n joint\n \n control\n 149\n .\n \n It\n \n is \n presumed\n \n that\n \n the\n \n investor\n \n has\n \n significant\n \n influence\n \n (unless\n \n proven\n \n otherwise)\n \n if\n \n it\n \n holds,\n \n directly\n \n or\n \n indirectly \n through subsidiaries, at least 20% of the exercisable voting rights. \n
\n
\n A\n \n joint\n \n venture\n \n is\n \n a\n \n joint\n \n arrangement\n \n in\n \n which\n \n the\n \n parties\n \n holding\n \n joint\n \n control\n \n have\n \n rights\n \n to\n \n the\n \n net\n \n assets\n \n of \n the arrangement and, therefore, have an interest in the jointly controlled corporate vehicle.\n
\n
\n The\n \n economic\n \n results\n \n and\n \n the\n \n assets\n \n and\n \n liabilities\n \n of\n \n associates\n \n and\n \n joint\n \n ventures\n \n are\n \n recognised,\n \n in\n \n the \n Consolidated\n \n Financial\n \n Statements,\n \n using\n \n the\n \n equity\n \n method,\n \n starting\n \n from\n \n the\n \n date\n \n the\n \n Group\n \n holds\n \n a \n significant influence or joint control, respectively, except in cases where they are classified as held for sale.\n
\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n include\n \n the\n \n Group\u2019s\n \n share\n \n of\n \n profit\n \n or\n \n loss\n \n of\n \n subsidiaries\n \n recognized \n using the equity method until the date when significant influence or joint control ceases.\n
\n \n \n
\n Business combinations \n
\n \n \n \n Business\n \n combinations\n \n are\n \n recognized\n \n using\n \n the\n \n acquisition\n \n method,\n \n as\n \n required\n \n by\n \n IFRS\n \n 3\n \n -\n \n \u201cBusiness \n Combinations\u201d.\n \n Accordingly,\n \n the\n \n consideration\n \n transferred\n \n in\n \n a\n \n business\n \n combination\n \n is\n \n determined\n \n as\n \n of\n \n the \n control\n \n acquisition\n \n date\n \n and\n \n is\n \n equal\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n transferred\n \n assets,\n \n the\n \n liabilities\n \n incurred\n \n or \n assumed,\n \n as\n \n well\n \n as\n \n any\n \n equity\n \n instruments\n \n issued\n \n by\n \n the\n \n acquirer.\n \n Directly\n \n attributable\n \n costs\n \n of\n \n the\n \n transaction \n are recognized to the income statement when incurred.\n
\n Goodwill\n \n arising\n \n from\n \n the\n \n acquisition\n \n of\n \n control\n \n of\n \n an\n \n equity\n \n investment\n \n or\n \n a\n \n business\n \n unit\n \n represents\n \n the\n \n excess \n of\n \n the\n \n acquisition\n \n cost\n \n (defined\n \n as\n \n the\n \n sum\n \n of\n \n the\n \n considerations\n \n transferred\n \n in\n \n the\n \n business\n \n combination)\n \n over \n the\n \n fair\n \n value\n \n of\n \n identifiable\n \n assets,\n \n liabilities\n \n and\n \n contingent\n \n liabilities\n \n of\n \n the\n \n acquired\n \n entity\n \n at\n \n the\n \n acquisition \n date. Any residual difference, if negative, is recognised in the income statement as a bargain purchase gain.\n
\n
\n Any\n \n adjustments\n \n to\n \n goodwill\n \n may\n \n be\n \n recognised\n \n during\n \n the\n \n measurement\n \n period\n \n (which\n \n cannot\n \n exceed\n \n one \n year\n \n from\n \n the\n \n acquisition\n \n date)\n \n as\n \n a\n \n result\n \n of\n \n subsequent\n \n changes\n \n in\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n contingent \n consideration\n \n or\n \n the\n \n determination\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n assets\n \n and\n \n liabilities\n \n acquired,\n \n if\n \n these\n \n were\n \n provisionally \n recognised\n \n at\n \n the\n \n acquisition\n \n date\n \n and\n \n if\n \n such\n \n changes\n \n are\n \n determined\n \n as\n \n adjustments\n \n based\n \n on\n \n new \n information regarding facts and circumstances existing at the date of the business combination.\n
\n
\n In\n \n the\n \n case\n \n of\n \n acquisition\n \n of\n \n a\n \n non-total\n \n controlling\n \n interest,\n \n the\n \n goodwill\n \n and,\n \n correspondingly,\n \n the\n \n share \n attributable\n \n to\n \n non-controlling\n \n interests\n \n may\n \n be\n \n determined\n \n at\n \n the\n \n acquisition\n \n date\n \n either\n \n based\n \n on\n \n the\n \n acquired \n percentage\n \n of\n \n control\n \n (the\n \n \u201c\n partial\n \n goodwill\n \n method\n \u201d)\n \n or\n \n by\n \n measuring\n \n the\n \n share\n \n attributable\n \n to\n \n non-controlling \n interests\n \n at\n \n fair\n \n value\n \n (the\n \n \u201c\n full\n \n goodwill\n \n method\n \u201d).\n \n The\n \n choice\n \n of\n \n the\n \n goodwill\n \n determination\n \n method\n \n (\u201c\n Partial \n goodwill method\n \u201d or \u201c\n Full goodwill method\n \u201d) is made selectively for each business combination.\n
\n
\n If\n \n the\n \n cases\n \n of\n \n acquiring\n \n control\n \n in\n \n stages,\n \n the\n \n acquisition\n \n cost\n \n is\n \n determined\n \n by\n \n adding\n \n the\n \n fair\n \n value\n \n of\n \n the \n previously\n \n held\n \n equity\n \n investment\n \n in\n \n the\n \n acquired\n \n entity\n \n to\n \n the\n \n amount\n \n paid\n \n for\n \n the\n \n additional\n \n interest.\n \n The \n difference\n \n between\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n previously\n \n held\n \n equity\n \n investment,\n \n re-measured\n \n at\n \n the\n \n acquisition\n \n date, \n and\n \n its\n \n carrying\n \n amount\n \n is\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Upon\n \n the\n \n acquisition\n \n of\n \n the\n \n control,\n \n any \n components\n \n previously\n \n recorded\n \n in\n \n other\n \n comprehensive\n \n income\n \n are\n \n reclassified\n \n to\n \n the\n \n income\n \n statement\n \n or \n to another item of equity, if the reversal to the income statement is not required. \n
\n
\n Business combinations involving entities under joint control \n
\n
\n Business\n \n combinations\n \n involving\n \n companies\n \n that\n \n are\n \n ultimately\n \n controlled\n \n by\n \n the\n \n same\n \n company\n \n or\n \n companies \n before\n \n and\n \n after\n \n the\n \n business\n \n combination,\n \n where\n \n such\n \n control\n \n is\n \n not\n \n temporary,\n \n are\n \n classed\n \n as\n \n \u201c\n Business \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \u201d.\n \n These\n \n transactions\n \n are\n \n excluded\n \n from\n \n the\n \n scope\n \n of\n \n IFRS\n \n 3 \n and\n \n are\n \n not\n \n governed\n \n by\n \n other\n \n IFRS.\n \n In\n \n the\n \n absence\n \n of\n \n a\n \n specific\n \n accounting\n \n standard,\n \n the\n \n selection\n \n of\n \n the \n accounting\n \n principle\n \n for\n \n such\n \n transactions,\n \n where\n \n significant\n \n influence\n \n over\n \n future\n \n cash\n \n flows\n \n cannot\n \n be \n established,\n \n is\n \n guided\n \n by\n \n the\n \n principle\n \n of\n \n prudence,\n \n leading\n \n to\n \n the\n \n application\n \n of\n \n the\n \n continuity\n \n of\n \n values\n \n method \n for\n \n the\n \n acquired\n \n net\n \n assets.\n \n The\n \n assets\n \n are\n \n recognised\n \n at\n \n their\n \n carrying\n \n amount\n \n as\n \n reflected\n \n in\n \n the\n \n financial \n statements\n \n of\n \n the\n \n acquired\n \n companies\n \n before\n \n the\n \n transaction\n \n or,\n \n if\n \n available,\n \n at\n \n the\n \n values\n \n resulting\n \n from\n \n the \n consolidated\n \n financial\n \n statements\n \n of\n \n the\n \n common\n \n ultimate\n \n parent\n \n company.\n \n In\n \n relation\n \n to\n \n transfers\n \n of\n \n business \n under\n \n common\n \n control,\n \n the\n \n receiving\n \n entity\n \n must\n \n recognised\n \n the\n \n transferred\n \n business\n \n at\n \n its\n \n historical\n \n carrying \n amount,\n \n increasing\n \n its\n \n equity\n \n by\n \n an\n \n equal\n \n amount.\n \n The\n \n transferring\n \n entity\n \n will\n \n symmetrically\n \n recognise\n \n the \n equity investment in the receiving entity for an amount equal to the increase in the equity of the latter.\n
\n
\n This\n \n accounting\n \n treatment\n \n is\n \n based\n \n on\n \n the\n \n Preliminary\n \n Guidelines\n \n on\n \n IFRS\n \n (OPI\n \n 1\n \n Revised)\n \n -\n \n \u201cAccounting \n treatment\n \n of\n \n business\n \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \n in\n \n the\n \n separate\n \n and\n \n consolidated \n financial statements\u201d issued by Assirevi in October 2016.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact465": { "value": "\n
\n Companies included in the scope of consolidation \n
\n
\n Subsidiaries\n \n are\n \n fully\n \n consolidated\n \n on\n \n a\n \n line-by-line\n \n basis\n \n (\u201c\n full\n \n consolidation\n \u201d)\n \n from\n \n the\n \n date\n \n the\n \n Company \n obtains\n \n control\n \n (either\n \n directly\n \n or\n \n indirectly)\n \n and\n \n are\n \n deconsolidated\n \n from\n \n the\n \n date\n \n the\n \n Company\n \n loses\n \n control. \n In\n \n the\n \n event\n \n of\n \n loss\n \n of\n \n control,\n \n the\n \n Group\n \n derecognises\n \n the\n \n assets\n \n (including\n \n goodwill)\n \n and\n \n liabilities\n \n of\n \n the \n subsidiary,\n \n any\n \n non-controlling\n \n interests\n \n and\n \n other\n \n equity\n \n components\n \n related\n \n to\n \n the\n \n subsidiary\n \n and\n \n recognises \n the\n \n fair\n \n value\n \n of\n \n any\n \n consideration\n \n received\n \n for\n \n the\n \n transaction.\n \n Any\n \n investment\n \n held\n \n in\n \n the\n \n previously\n \n subsidiary \n is measured at \n fair value\n on the date control is lost. \n
\n
\n The\n \n equity\n \n shares\n \n and\n \n profit\n \n or\n \n loss\n \n attributable\n \n to\n \n non-controlling\n \n interests\n \n are\n \n separately\n \n recorded\n \n in\n \n specific \n items of Equity, Income Statement and Statement of Comprehensive Income.\n
\n
\n Changes\n \n in\n \n the\n \n equity\n \n investments\n \n held\n \n (either\n \n directly\n \n or\n \n indirectly)\n \n by\n \n the\n \n Company\n \n in\n \n subsidiaries\n \n that\n \n do \n not\n \n result\n \n in\n \n a\n \n change\n \n in\n \n the\n \n qualification\n \n of\n \n the\n \n investment\n \n as\n \n a\n \n subsidiary\n \n are\n \n recorded\n \n as\n \n equity\n \n transactions. \n The\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n attributable\n \n to\n \n the\n \n owners\n \n of\n \n the\n \n parent\n \n company\n \n and\n \n attributable\n \n to\n \n non-\n controlling\n \n interests\n \n are\n \n adjusted\n \n to\n \n reflect\n \n the\n \n change\n \n in\n \n the\n \n equity\n \n investment.\n \n The\n \n difference\n \n between\n \n the \n carrying\n \n amount\n \n of\n \n non-controlling\n \n interests\n \n and\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n consideration\n \n paid\n \n or\n \n received\n \n is\n \n recorded \n directly under equity attributable to owners of the parent company.\n
\n
\n Otherwise,\n \n the\n \n sale\n \n of\n \n interests\n \n that\n \n result\n \n in\n \n the\n \n loss\n \n of\n \n control\n \n leads\n \n to\n \n recognition\n \n in\n \n the\n \n income\n \n statement \n of:\n \n (i)\n \n any\n \n gains\n \n or\n \n losses\n \n calculated\n \n as\n \n the\n \n difference\n \n between\n \n the\n \n consideration\n \n received\n \n and\n \n the \n corresponding\n \n portion\n \n of\n \n equity\n \n sold;\n \n (ii)\n \n the\n \n effect\n \n of\n \n the\n \n revaluation\n \n of\n \n any\n \n remaining\n \n equity\n \n investment\n \n held \n to\n \n align\n \n it\n \n with\n \n its\n \n fair\n \n value\n ;\n \n and\n \n (iii)\n \n any\n \n amounts\n \n recorded\n \n in\n \n other\n \n components\n \n of\n \n comprehensive\n \n income \n related\n \n to\n \n the\n \n former\n \n subsidiary,\n \n for\n \n which\n \n reversal\n \n to\n \n the\n \n income\n \n statement\n \n is\n \n required.\n \n The\n \n fair\n \n value\n \n on\n \n the \n date\n \n of\n \n loss\n \n of\n \n control\n \n of\n \n any\n \n remaining\n \n equity\n \n investment\n \n held\n \n represents\n \n the\n \n new\n \n carrying\n \n amount\n \n of\n \n the \n equity\n \n investment,\n \n and,\n \n therefore,\n \n the\n \n value\n \n for\n \n the\n \n subsequent\n \n valuation\n \n of\n \n the\n \n equity\n \n investment\n \n according \n to the applicable valuation criteria.\n
\n
\n All\n \n intra-group\n \n balances\n \n and\n \n transactions,\n \n including\n \n any\n \n unrealised\n \n gains\n \n and\n \n losses\n \n on\n \n intra-group \n transactions, are eliminated in the preparation of the Consolidated Financial Statements.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact500": { "value": "\n
\n Investments in associates and joint ventures \n
\n \n An\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact521": { "value": "\n
\n \n An\n \n \n associate\n \n is\n \n an\n \n affiliate\n \n over\n \n which\n \n the\n \n Group\n \n holds\n \n significant\n \n influence,\n \n meaning\n \n the\n \n power\n \n to\n \n participate \n in\n \n the\n \n determination\n \n of\n \n the\n \n financial\n \n and\n \n operating\n \n policies,\n \n but\n \n without\n \n having\n \n control\n \n or\n \n joint\n \n control\n 149\n .\n \n It\n \n is \n presumed\n \n that\n \n the\n \n investor\n \n has\n \n significant\n \n influence\n \n (unless\n \n proven\n \n otherwise)\n \n if\n \n it\n \n holds,\n \n directly\n \n or\n \n indirectly \n through subsidiaries, at least 20% of the exercisable voting rights. \n
\n
\n A\n \n joint\n \n venture\n \n is\n \n a\n \n joint\n \n arrangement\n \n in\n \n which\n \n the\n \n parties\n \n holding\n \n joint\n \n control\n \n have\n \n rights\n \n to\n \n the\n \n net\n \n assets\n \n of \n the arrangement and, therefore, have an interest in the jointly controlled corporate vehicle.\n
\n
\n The\n \n economic\n \n results\n \n and\n \n the\n \n assets\n \n and\n \n liabilities\n \n of\n \n associates\n \n and\n \n joint\n \n ventures\n \n are\n \n recognised,\n \n in\n \n the \n Consolidated\n \n Financial\n \n Statements,\n \n using\n \n the\n \n equity\n \n method,\n \n starting\n \n from\n \n the\n \n date\n \n the\n \n Group\n \n holds\n \n a \n significant influence or joint control, respectively, except in cases where they are classified as held for sale.\n
\n
\n The\n \n Consolidated\n \n Financial\n \n Statements\n \n include\n \n the\n \n Group\u2019s\n \n share\n \n of\n \n profit\n \n or\n \n loss\n \n of\n \n subsidiaries\n \n recognized \n using the equity method until the date when significant influence or joint control ceases.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact472": { "value": "\n
\n Business combinations \n
\n \n Business\n \n combinations\n \n are\n \n recognized\n \n using\n \n the\n \n acquisition\n \n method,\n \n as\n \n required\n \n by\n \n IFRS\n \n 3\n \n -\n \n \u201cBusiness \n Combinations\u201d.\n \n Accordingly,\n \n the\n \n consideration\n \n transferred\n \n in\n \n a\n \n business\n \n combination\n \n is\n \n determined\n \n as\n \n of\n \n the \n control\n \n acquisition\n \n date\n \n and\n \n is\n \n equal\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n transferred\n \n assets,\n \n the\n \n liabilities\n \n incurred\n \n or \n assumed,\n \n as\n \n well\n \n as\n \n any\n \n equity\n \n instruments\n \n issued\n \n by\n \n the\n \n acquirer.\n \n Directly\n \n attributable\n \n costs\n \n of\n \n the\n \n transaction \n are recognized to the income statement when incurred.\n
\n Goodwill\n \n arising\n \n from\n \n the\n \n acquisition\n \n of\n \n control\n \n of\n \n an\n \n equity\n \n investment\n \n or\n \n a\n \n business\n \n unit\n \n represents\n \n the\n \n excess \n of\n \n the\n \n acquisition\n \n cost\n \n (defined\n \n as\n \n the\n \n sum\n \n of\n \n the\n \n considerations\n \n transferred\n \n in\n \n the\n \n business\n \n combination)\n \n over \n the\n \n fair\n \n value\n \n of\n \n identifiable\n \n assets,\n \n liabilities\n \n and\n \n contingent\n \n liabilities\n \n of\n \n the\n \n acquired\n \n entity\n \n at\n \n the\n \n acquisition \n date. Any residual difference, if negative, is recognised in the income statement as a bargain purchase gain.\n
\n
\n Any\n \n adjustments\n \n to\n \n goodwill\n \n may\n \n be\n \n recognised\n \n during\n \n the\n \n measurement\n \n period\n \n (which\n \n cannot\n \n exceed\n \n one \n year\n \n from\n \n the\n \n acquisition\n \n date)\n \n as\n \n a\n \n result\n \n of\n \n subsequent\n \n changes\n \n in\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n contingent \n consideration\n \n or\n \n the\n \n determination\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n assets\n \n and\n \n liabilities\n \n acquired,\n \n if\n \n these\n \n were\n \n provisionally \n recognised\n \n at\n \n the\n \n acquisition\n \n date\n \n and\n \n if\n \n such\n \n changes\n \n are\n \n determined\n \n as\n \n adjustments\n \n based\n \n on\n \n new \n information regarding facts and circumstances existing at the date of the business combination.\n
\n
\n In\n \n the\n \n case\n \n of\n \n acquisition\n \n of\n \n a\n \n non-total\n \n controlling\n \n interest,\n \n the\n \n goodwill\n \n and,\n \n correspondingly,\n \n the\n \n share \n attributable\n \n to\n \n non-controlling\n \n interests\n \n may\n \n be\n \n determined\n \n at\n \n the\n \n acquisition\n \n date\n \n either\n \n based\n \n on\n \n the\n \n acquired \n percentage\n \n of\n \n control\n \n (the\n \n \u201c\n partial\n \n goodwill\n \n method\n \u201d)\n \n or\n \n by\n \n measuring\n \n the\n \n share\n \n attributable\n \n to\n \n non-controlling \n interests\n \n at\n \n fair\n \n value\n \n (the\n \n \u201c\n full\n \n goodwill\n \n method\n \u201d).\n \n The\n \n choice\n \n of\n \n the\n \n goodwill\n \n determination\n \n method\n \n (\u201c\n Partial \n goodwill method\n \u201d or \u201c\n Full goodwill method\n \u201d) is made selectively for each business combination.\n
\n
\n If\n \n the\n \n cases\n \n of\n \n acquiring\n \n control\n \n in\n \n stages,\n \n the\n \n acquisition\n \n cost\n \n is\n \n determined\n \n by\n \n adding\n \n the\n \n fair\n \n value\n \n of\n \n the \n previously\n \n held\n \n equity\n \n investment\n \n in\n \n the\n \n acquired\n \n entity\n \n to\n \n the\n \n amount\n \n paid\n \n for\n \n the\n \n additional\n \n interest.\n \n The \n difference\n \n between\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n previously\n \n held\n \n equity\n \n investment,\n \n re-measured\n \n at\n \n the\n \n acquisition\n \n date, \n and\n \n its\n \n carrying\n \n amount\n \n is\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Upon\n \n the\n \n acquisition\n \n of\n \n the\n \n control,\n \n any \n components\n \n previously\n \n recorded\n \n in\n \n other\n \n comprehensive\n \n income\n \n are\n \n reclassified\n \n to\n \n the\n \n income\n \n statement\n \n or \n to another item of equity, if the reversal to the income statement is not required. \n
\n
\n Business combinations involving entities under joint control \n
\n
\n Business\n \n combinations\n \n involving\n \n companies\n \n that\n \n are\n \n ultimately\n \n controlled\n \n by\n \n the\n \n same\n \n company\n \n or\n \n companies \n before\n \n and\n \n after\n \n the\n \n business\n \n combination,\n \n where\n \n such\n \n control\n \n is\n \n not\n \n temporary,\n \n are\n \n classed\n \n as\n \n \u201c\n Business \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \u201d.\n \n These\n \n transactions\n \n are\n \n excluded\n \n from\n \n the\n \n scope\n \n of\n \n IFRS\n \n 3 \n and\n \n are\n \n not\n \n governed\n \n by\n \n other\n \n IFRS.\n \n In\n \n the\n \n absence\n \n of\n \n a\n \n specific\n \n accounting\n \n standard,\n \n the\n \n selection\n \n of\n \n the \n accounting\n \n principle\n \n for\n \n such\n \n transactions,\n \n where\n \n significant\n \n influence\n \n over\n \n future\n \n cash\n \n flows\n \n cannot\n \n be \n established,\n \n is\n \n guided\n \n by\n \n the\n \n principle\n \n of\n \n prudence,\n \n leading\n \n to\n \n the\n \n application\n \n of\n \n the\n \n continuity\n \n of\n \n values\n \n method \n for\n \n the\n \n acquired\n \n net\n \n assets.\n \n The\n \n assets\n \n are\n \n recognised\n \n at\n \n their\n \n carrying\n \n amount\n \n as\n \n reflected\n \n in\n \n the\n \n financial \n statements\n \n of\n \n the\n \n acquired\n \n companies\n \n before\n \n the\n \n transaction\n \n or,\n \n if\n \n available,\n \n at\n \n the\n \n values\n \n resulting\n \n from\n \n the \n consolidated\n \n financial\n \n statements\n \n of\n \n the\n \n common\n \n ultimate\n \n parent\n \n company.\n \n In\n \n relation\n \n to\n \n transfers\n \n of\n \n business \n under\n \n common\n \n control,\n \n the\n \n receiving\n \n entity\n \n must\n \n recognised\n \n the\n \n transferred\n \n business\n \n at\n \n its\n \n historical\n \n carrying \n amount,\n \n increasing\n \n its\n \n equity\n \n by\n \n an\n \n equal\n \n amount.\n \n The\n \n transferring\n \n entity\n \n will\n \n symmetrically\n \n recognise\n \n the \n equity investment in the receiving entity for an amount equal to the increase in the equity of the latter.\n
\n
\n This\n \n accounting\n \n treatment\n \n is\n \n based\n \n on\n \n the\n \n Preliminary\n \n Guidelines\n \n on\n \n IFRS\n \n (OPI\n \n 1\n \n Revised)\n \n -\n \n \u201cAccounting \n treatment\n \n of\n \n business\n \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \n in\n \n the\n \n separate\n \n and\n \n consolidated \n financial statements\u201d issued by Assirevi in October 2016.\n
\n \n

\n Business combinations\n

\n \n

\n Recognition of business combination transactions requires determination of the fair value of any assets and liabilities acquired as a result of obtaining control of the business. With the help of independent professionals, the Group Management measured the fair value of assets, liabilities and potential liabilities, on the basis of information on facts and circumstances available at the acquisition date.\n

\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact520": { "value": "\n \n \n Business\n \n combinations\n \n are\n \n recognized\n \n using\n \n the\n \n acquisition\n \n method,\n \n as\n \n required\n \n by\n \n IFRS\n \n 3\n \n -\n \n \u201cBusiness \n Combinations\u201d.\n \n Accordingly,\n \n the\n \n consideration\n \n transferred\n \n in\n \n a\n \n business\n \n combination\n \n is\n \n determined\n \n as\n \n of\n \n the \n control\n \n acquisition\n \n date\n \n and\n \n is\n \n equal\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n transferred\n \n assets,\n \n the\n \n liabilities\n \n incurred\n \n or \n assumed,\n \n as\n \n well\n \n as\n \n any\n \n equity\n \n instruments\n \n issued\n \n by\n \n the\n \n acquirer.\n \n Directly\n \n attributable\n \n costs\n \n of\n \n the\n \n transaction \n are recognized to the income statement when incurred.\n
\n Goodwill\n \n arising\n \n from\n \n the\n \n acquisition\n \n of\n \n control\n \n of\n \n an\n \n equity\n \n investment\n \n or\n \n a\n \n business\n \n unit\n \n represents\n \n the\n \n excess \n of\n \n the\n \n acquisition\n \n cost\n \n (defined\n \n as\n \n the\n \n sum\n \n of\n \n the\n \n considerations\n \n transferred\n \n in\n \n the\n \n business\n \n combination)\n \n over \n the\n \n fair\n \n value\n \n of\n \n identifiable\n \n assets,\n \n liabilities\n \n and\n \n contingent\n \n liabilities\n \n of\n \n the\n \n acquired\n \n entity\n \n at\n \n the\n \n acquisition \n date. Any residual difference, if negative, is recognised in the income statement as a bargain purchase gain.\n
\n
\n Any\n \n adjustments\n \n to\n \n goodwill\n \n may\n \n be\n \n recognised\n \n during\n \n the\n \n measurement\n \n period\n \n (which\n \n cannot\n \n exceed\n \n one \n year\n \n from\n \n the\n \n acquisition\n \n date)\n \n as\n \n a\n \n result\n \n of\n \n subsequent\n \n changes\n \n in\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n contingent \n consideration\n \n or\n \n the\n \n determination\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n assets\n \n and\n \n liabilities\n \n acquired,\n \n if\n \n these\n \n were\n \n provisionally \n recognised\n \n at\n \n the\n \n acquisition\n \n date\n \n and\n \n if\n \n such\n \n changes\n \n are\n \n determined\n \n as\n \n adjustments\n \n based\n \n on\n \n new \n information regarding facts and circumstances existing at the date of the business combination.\n
\n
\n In\n \n the\n \n case\n \n of\n \n acquisition\n \n of\n \n a\n \n non-total\n \n controlling\n \n interest,\n \n the\n \n goodwill\n \n and,\n \n correspondingly,\n \n the\n \n share \n attributable\n \n to\n \n non-controlling\n \n interests\n \n may\n \n be\n \n determined\n \n at\n \n the\n \n acquisition\n \n date\n \n either\n \n based\n \n on\n \n the\n \n acquired \n percentage\n \n of\n \n control\n \n (the\n \n \u201c\n partial\n \n goodwill\n \n method\n \u201d)\n \n or\n \n by\n \n measuring\n \n the\n \n share\n \n attributable\n \n to\n \n non-controlling \n interests\n \n at\n \n fair\n \n value\n \n (the\n \n \u201c\n full\n \n goodwill\n \n method\n \u201d).\n \n The\n \n choice\n \n of\n \n the\n \n goodwill\n \n determination\n \n method\n \n (\u201c\n Partial \n goodwill method\n \u201d or \u201c\n Full goodwill method\n \u201d) is made selectively for each business combination.\n
\n
\n If\n \n the\n \n cases\n \n of\n \n acquiring\n \n control\n \n in\n \n stages,\n \n the\n \n acquisition\n \n cost\n \n is\n \n determined\n \n by\n \n adding\n \n the\n \n fair\n \n value\n \n of\n \n the \n previously\n \n held\n \n equity\n \n investment\n \n in\n \n the\n \n acquired\n \n entity\n \n to\n \n the\n \n amount\n \n paid\n \n for\n \n the\n \n additional\n \n interest.\n \n The \n difference\n \n between\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n previously\n \n held\n \n equity\n \n investment,\n \n re-measured\n \n at\n \n the\n \n acquisition\n \n date, \n and\n \n its\n \n carrying\n \n amount\n \n is\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Upon\n \n the\n \n acquisition\n \n of\n \n the\n \n control,\n \n any \n components\n \n previously\n \n recorded\n \n in\n \n other\n \n comprehensive\n \n income\n \n are\n \n reclassified\n \n to\n \n the\n \n income\n \n statement\n \n or \n to another item of equity, if the reversal to the income statement is not required. \n
\n
\n Business combinations involving entities under joint control \n
\n
\n Business\n \n combinations\n \n involving\n \n companies\n \n that\n \n are\n \n ultimately\n \n controlled\n \n by\n \n the\n \n same\n \n company\n \n or\n \n companies \n before\n \n and\n \n after\n \n the\n \n business\n \n combination,\n \n where\n \n such\n \n control\n \n is\n \n not\n \n temporary,\n \n are\n \n classed\n \n as\n \n \u201c\n Business \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \u201d.\n \n These\n \n transactions\n \n are\n \n excluded\n \n from\n \n the\n \n scope\n \n of\n \n IFRS\n \n 3 \n and\n \n are\n \n not\n \n governed\n \n by\n \n other\n \n IFRS.\n \n In\n \n the\n \n absence\n \n of\n \n a\n \n specific\n \n accounting\n \n standard,\n \n the\n \n selection\n \n of\n \n the \n accounting\n \n principle\n \n for\n \n such\n \n transactions,\n \n where\n \n significant\n \n influence\n \n over\n \n future\n \n cash\n \n flows\n \n cannot\n \n be \n established,\n \n is\n \n guided\n \n by\n \n the\n \n principle\n \n of\n \n prudence,\n \n leading\n \n to\n \n the\n \n application\n \n of\n \n the\n \n continuity\n \n of\n \n values\n \n method \n for\n \n the\n \n acquired\n \n net\n \n assets.\n \n The\n \n assets\n \n are\n \n recognised\n \n at\n \n their\n \n carrying\n \n amount\n \n as\n \n reflected\n \n in\n \n the\n \n financial \n statements\n \n of\n \n the\n \n acquired\n \n companies\n \n before\n \n the\n \n transaction\n \n or,\n \n if\n \n available,\n \n at\n \n the\n \n values\n \n resulting\n \n from\n \n the \n consolidated\n \n financial\n \n statements\n \n of\n \n the\n \n common\n \n ultimate\n \n parent\n \n company.\n \n In\n \n relation\n \n to\n \n transfers\n \n of\n \n business \n under\n \n common\n \n control,\n \n the\n \n receiving\n \n entity\n \n must\n \n recognised\n \n the\n \n transferred\n \n business\n \n at\n \n its\n \n historical\n \n carrying \n amount,\n \n increasing\n \n its\n \n equity\n \n by\n \n an\n \n equal\n \n amount.\n \n The\n \n transferring\n \n entity\n \n will\n \n symmetrically\n \n recognise\n \n the \n equity investment in the receiving entity for an amount equal to the increase in the equity of the latter.\n
\n
\n This\n \n accounting\n \n treatment\n \n is\n \n based\n \n on\n \n the\n \n Preliminary\n \n Guidelines\n \n on\n \n IFRS\n \n (OPI\n \n 1\n \n Revised)\n \n -\n \n \u201cAccounting \n treatment\n \n of\n \n business\n \n combinations\n \n of\n \n entities\n \n under\n \n common\n \n control\n \n in\n \n the\n \n separate\n \n and\n \n consolidated \n financial statements\u201d issued by Assirevi in October 2016.\n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact524": { "value": "\n
\n 4)\n Material accounting policies\n
\n
\n The\n \n most\n \n significant\n \n accounting\n \n policies\n \n adopted\n \n when\n \n preparing\n \n the\n \n Consolidated\n \n Financial\n \n Statements\n \n are \n described below.\n
\n \n
\n Property, plant and equipment\n
\n
\n Property,\n \n plant\n \n and\n \n equipment\n \n are\n \n recognised\n \n at\n \n the\n \n purchase\n \n or\n \n production\n \n cost,\n \n including\n \n directly\n \n attributable\n \n ancillary\n \n costs\n \n needed\n \n to\n \n make\n \n the\n \n assets \n available for use. \n
\n
\n Property, plant and equipment may not be revalued, even through the application of specific laws.\n
\n \n \n
\n \n Costs\n \n for\n \n improvements,\n \n upgrades\n \n and\n \n transformations\n \n that\n \n increase\n \n the\n \n value\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n are\n \n recognized\n \n as\n \n assets\n \n when\n \n it\n \n is\n \n probable \n that\n \n they\n \n will\n \n increase\n \n the\n \n future\n \n expected\n \n economic\n \n benefits.\n \n Replacement\n \n costs\n \n of\n \n identifiable\n \n components\n \n of\n \n complex\n \n assets\n \n are\n \n recognized\n \n as\n \n assets\n \n and \n depreciated\n \n over\n \n their\n \n useful\n \n life.\n \n The\n \n residual\n \n carrying\n \n amount\n \n of\n \n the\n \n replaced\n \n component\n \n is\n \n charged\n \n to\n \n the\n \n income\n \n statement.\n \n \n Ordinary\n \n maintenance\n \n and \n repair expenses are recognized to the income statement in the period when they are incurred.\n \n
\n If\n \n impairment\n \n indicators\n \n are\n \n present,\n \n the\n \n carrying\n \n amount\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n is\n \n tested\n \n for\n \n potential\n \n impairment\n \n (refer\n \n to\n \n the\n \n section\n \n \u201cImpairment \n of property, plant and equipment and intangible assets with a finite useful life\u201d for further details).\n
\n \n \n
\n Rights of use \n
\n
\n A\n \n contract\n \n is,\n \n or\n \n contains,\n \n a\n \n lease\n \n if\n \n it\n \n grants\n \n an\n \n entity\n \n the\n \n right\n \n to\n \n control\n \n the\n \n use\n \n of\n \n an\n \n identified\n \n asset\n \n for\n \n a\n \n certain\n \n period\n \n of\n \n time\n \n in\n \n exchange\n \n for\n \n a\n \n consideration.\n
\n
\n For\n \n leases\n \n with\n \n a\n \n term\n \n over\n \n 12\n \n months,\n \n (i)\n \n an\n \n asset,\n \n within\n \n the\n \n \u201cProperty,\n \n plant\n \n and\n \n equipment\u201d,\n \n as\n \n the\n \n right\n \n of\n \n use\n \n of\n \n the\n \n asset\n \n and\n \n (ii)\n \n a\n \n financial\n \n liability, \n representing\n \n the\n \n obligation\n \n to\n \n make\n \n the\n \n lease\n \n payments\n \n envisaged\n \n by\n \n the\n \n contract,\n \n are\n \n recognised\n \n to\n \n the\n \n financial\n \n statements\n \n at\n \n the\n \n commencement\n \n date, \n when the asset is made available for use.\n
\n
\n The cost of the asset consisting of right of use includes:\n
\n
\n a)\n the amount of the initial measurement of the lease liability; \n
\n
\n b)\n lease payments due on or before the commencement date, net of any lease incentives received; \n
\n
\n c)\n initial direct costs incurred;\n
\n
\n d)\n costs for dismantling and restoring the site.\n
\n
\n Lease\n \n liabilities\n \n include\n \n the\n \n following\n \n payments\n \n for\n \n the\n \n right\n \n to\n \n use\n \n the\n \n underlying\n \n asset\n \n over\n \n the\n \n lease\n \n term\n \n that\n \n remain\n \n unpaid\n \n as\n \n at\n \n the\n \n commencement\n \n date: \n
\n
\n a)\n fixed payments, net of any lease incentives receivable;\n
\n
\n b)\n variable payments due for the lease that depend on an index or rate;\n
\n
\n c)\n amounts payable as residual value guarantees; \n
\n
\n d)\n the exercise price of the purchase option when it is the reasonably certain the option will be exercised; \n
\n
\n e)\n termination penalties when the lease is expected to be terminated. \n
\n
\n The\n \n discount\n \n rate\n \n used\n \n is\n \n the\n \n implicit\n \n interest\n \n rate\n \n of\n \n the\n \n lease\n \n for\n \n the\n \n lease\n \n term.\n \n If\n \n this\n \n rate\n \n cannot\n \n be\n \n easily\n \n determined,\n \n the\n \n Group\u2019s\n \n incremental\n \n borrowing \n rate, taking into account the frequency and payments under the lease agreement, is used.\n
\n
\n After\n \n initial\n \n recognition,\n \n the\n \n right-of-use\n \n asset\n \n is\n \n systematically\n \n amortised\n \n over\n \n each\n \n period,\n \n at\n \n the\n \n lower\n \n of\n \n the\n \n lease\n \n term\n \n and\n \n the\n \n residual\n \n useful\n \n life\n \n of\n \n the \n underlying\n \n asset.\n \n Amortisation\n \n begins\n \n on\n \n the\n \n lease\n \n commencement\n \n date.\n \n In\n \n the\n \n event\n \n of\n \n impairment,\n \n regardless\n \n of\n \n the\n \n amortisation\n \n already\n \n recognized,\n \n the \n asset is written down in accordance with the criteria outlined in the Impairment of non-financial assets principle.\n
\n
\n Lease\n \n term\n \n is\n \n calculated\n \n by\n \n considering\n \n the\n \n \u201cnon-cancellable\u201d\n \n period,\n \n together\n \n with\n \n periods\n \n covered\n \n by\n \n an\n \n extension\n \n or\n \n early\n \n termination\n \n option,\n \n whose \n exercise\n \n is\n \n deemed\n \n reasonably\n \n certain\n \n using\n \n information\n \n available\n \n at\n \n the\n \n inception\n \n date.\n \n In\n \n significant\n \n changes\n \n occur\n \n in\n \n facts\n \n and\n \n circumstances\n \n under\n \n the \n Group\u2019s control that would modify the assessment of the reasonable certainty of exercising the options, the Group will reassess the lease term.\n
\n
\n As\n \n permitted\n \n by\n \n IFRS\n \n 16,\n \n the\n \n Group\n \n has\n \n applied\n \n the\n \n exemptions\n \n for\n \n short-term\n \n leases,\n \n i.e.\n \n leases\n \n with\n \n a\n \n duration\n \n of\n \n less\n \n than\n \n 12\n \n months,\n \n and\n \n for\n \n leases \n related to assets of low value.\n
\n \n \n
\n Depreciation of property, plant and equipment\n
\n
\n Property,\n \n plant\n \n and\n \n equipment\n \n are\n \n systematically\n \n depreciated\n \n on\n \n a\n \n straight-line\n \n basis\n \n over\n \n their\n \n useful\n \n life,\n \n defined\n \n as\n \n the\n \n period\n \n during\n \n which\n \n the\n \n asset\n \n is \n expected to be usable by the entity. Depreciation begins when the asset is available and ready for use.\n
\n
\n The\n \n depreciable\n \n amount\n \n is\n \n represented\n \n by\n \n the\n \n carrying\n \n amount,\n \n reduced\n \n by\n \n the\n \n estimated\n \n net\n \n realisable\n \n value\n \n at\n \n the\n \n end\n \n of\n \n its\n \n useful\n \n life,\n \n if\n \n significant\n \n and \n reasonably determinable. \n
\n
\n The table below shows the annual depreciation rates used for the current year, unchanged from the comparative year:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Annual depreciation rate (%) \n

\n
\n

\n Land and building\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Industrial buildings\n

\n 		\n

\n 2%\n

\n
\n

\n - Civil buildings \n

\n 		\n

\n 3%\n

\n
\n

\n Plant and equipment\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other plant and equipment \n

\n 		\n

\n 4% - 8.3%\n

\n
\n

\n Industrial and commercial equipment\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Office furniture and machinery\n

\n 		\n

\n 10% - 33.3%\n

\n
\n

\n - Vehicles\n

\n 		\n

\n 20% - 25%\n

\n
\n

\n Rights of use\n

\n 		\n

\n Depending on the term \n

\n

\n of the lease agreements\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n When\n \n an\n \n item\n \n included\n \n in\n \n \u201cProperty,\n \n plant\n \n and\n \n equipment\u201d\n \n consists\n \n of\n \n several\n \n significant\n \n components\n \n with\n \n different\n \n useful\n \n lives,\n \n depreciation\n \n is\n \n applied\n \n to \n each component separately (\u201ccomponent approach\u201d). \n
\n
\n Land,\n \n even\n \n when\n \n purchased\n \n together\n \n with\n \n a\n \n building,\n \n construction\n \n in\n \n progress,\n \n advances\n \n and\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not\n \n depreciated\n \n (for\n \n more\n \n details,\n \n refer \n to section \u201cAssets held for sale\u201d).\n
\n
\n Depreciation\n \n rates\n \n are\n \n reviewed\n \n annually\n \n and\n \n adjusted\n \n if\n \n no\n \n longer\n \n appropriately\n \n reflect\n \n the\n \n expected\n \n future\n \n benefits.\n \n Any\n \n changes\n \n to\n \n the\n \n depreciation\n \n plan, \n resulting\n \n in\n \n a\n \n revision\n \n of\n \n the\n \n asset\u2019s\n \n useful\n \n life,\n \n its\n \n residual\n \n value\n \n or\n \n the\n \n method\n \n of\n \n obtaining\n \n economic\n \n benefits\n \n from\n \n the\n \n asset\n \n is\n \n recognised\n \n for\n \n prospectively.\n
\n
\n Assets that can be freely transferred are depreciated over the term of the concession or the asset\u2019s useful life, if shorter.\n
\n \n
\n \n
\n \n Intangible assets\n
\n Intangible\n \n assets\n \n are\n \n assets\n \n without\n \n identifiable\n \n physical\n \n substance,\n \n but\n \n are\n \n identifiable,\n \n controlled\n \n by\n \n the \n company\n \n and\n \n capable\n \n of\n \n producing\n \n future\n \n economic\n \n benefits,\n \n as\n \n well\n \n as\n \n goodwill,\n \n when\n \n acquired\n \n for \n consideration.\n \n Intangible\n \n assets\n \n are\n \n recognised\n \n at\n \n the\n \n cost\n \n of\n \n purchase\n \n or\n \n internal\n \n production,\n \n when\n \n its \n probable that their use will generate future economic benefits and their cost can be reliably determined. \n
\n
\n Revaluations are not permitted, even under specific laws.\n
\n \n
\n Development\n \n costs\n \n are\n \n recognised\n \n as\n \n intangible\n \n assets\n \n only\n \n when\n \n the\n \n Group\n \n can\n \n prove\n \n the\n \n technical\n \n feasibility \n of\n \n completing\n \n the\n \n intangible\n \n asset,\n \n as\n \n well\n \n as\n \n the\n \n ability,\n \n intention\n \n and\n \n availability\n \n of\n \n resources\n \n to\n \n complete\n \n the \n asset for use or sale. Research costs are recognised in the income statement.\n
\n \n
\n Intangible\n \n assets\n \n with\n \n a\n \n defined\n \n useful\n \n life\n \n are\n \n measured\n \n at\n \n cost,\n \n net\n \n of\n \n accumulated\n \n amortisation\n \n and \n impairment losses. \n
\n
\n Goodwill\n \n and\n \n other\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n are\n \n not\n \n amortised\n \n but\n \n are\n \n tested\n \n for \n impairment\n \n at\n \n each\n \n reporting\n \n date,\n \n as\n \n required\n \n by\n \n IAS\n \n 36,\n \n to\n \n determine\n \n if\n \n any\n \n impairment\n \n losses\n \n need\n \n to\n \n be \n reflected in the financial statements.\n
\n
\n Intangible\n \n assets\n \n are\n \n derecognised\n \n when\n \n the\n \n disposal\n \n of\n \n or\n \n when\n \n no\n \n future\n \n economic\n \n benefit\n \n is\n \n expected\n \n from \n their use; the related gain or loss is recognised in the income statement.\n
\n \n \n
\n Service concession arrangements \n
\n \n
\n Intangible\n \n assets\n \n include\n \n service\n \n concession\n \n agreements\n \n between\n \n the\n \n public\n \n and\n \n private\n \n sectors\n \n for\n \n the \n development,\n \n financing,\n \n management\n \n and\n \n maintenance\n \n of\n \n infrastructures\n \n under\n \n concession\n \n where\n \n the\n \n grantor: \n (i)\n \n controls\n \n or\n \n regulates\n \n the\n \n services\n \n provided\n \n by\n \n the\n \n operator\n \n through\n \n the\n \n infrastructure\n \n and\n \n the\n \n applicable \n price;\n \n and\n \n (ii)\n \n controls,\n \n through\n \n ownership,\n \n entitlement\n \n to\n \n benefits,\n \n or\n \n otherwise,\n \n any\n \n significant\n \n residual\n \n interest \n in\n \n the\n \n infrastructure\n \n at\n \n the\n \n end\n \n of\n \n the\n \n concession.\n \n The\n \n accounting\n \n provisions\n \n for\n \n the\n \n service\n \n concession \n agreements\n \n are\n \n applicable\n \n for\n \n the\n \n Italgas\n \n Group\n \n as\n \n a\n \n public\n \n service\n \n distributor\n \n of\n \n natural\n \n gas\n \n and\n \n other\n \n gases \n and\n \n the\n \n integrated\n \n water\n \n service\n \n or\n \n where\n \n Italgas\n \n Group\n \n is\n \n committed\n \n to\n \n providing\n \n the\n \n public\n \n service\n \n distribution \n of\n \n natural\n \n gas\n \n or\n \n the\n \n public\n \n water\n \n transport\n \n and\n \n distribution\n \n service\n \n at\n \n the\n \n tariff\n \n established\n \n in\n \n Italy\n \n by\n \n the\n \n Italian \n Regulatory\n \n Authority\n \n for\n \n Energy,\n \n Networks\n \n and\n \n Environment\n \n (ARERA)\n \n and\n \n in\n \n Greece\n \n by\n \n the\n \n Regulatory \n Authority\n \n for\n \n Energy\n \n Waste\n \n and\n \n Water\n \n (RAEWW\n \n or\n \n \u03a1\u0391AEY,\n \n each\n \n separately\n \n or\n \n jointly\n \n \u201cAuthority\u201d),\n \n holding\n \n the \n right to use the infrastructure, controlled by the grantor, to deliver the public service. \n
\n
\n The\n \n Group\n \n applies\n \n the\n \n intangible\n \n asset\n \n model\n \n as\n \n provided\n \n by\n \n IFRIC\n \n 12\n \n for\n \n accounting\n \n service\n \n concession \n agreements.\n \n The\n \n intangible\n \n asset\n \n is\n \n recognised\n \n at\n \n cost\n \n both\n \n at\n \n initial\n \n recognition\n \n and\n \n for\n \n subsequent \n recognition.\n \n Construction\n \n and\n \n improvements\n \n activities\n \n of\n \n network\n \n and\n \n other\n \n services\n \n are\n \n recognised\n \n and \n measured by applying IFRS 15.\n
\n \n \n \n
\n Amortisation of intangible assets\n
\n
\n Intangible\n \n assets\n \n with\n \n a\n \n defined\n \n useful\n \n life\n \n are\n \n amortised\n \n systematically\n \n over\n \n their\n \n useful\n \n life,\n \n defined\n \n as\n \n the \n period\n \n in\n \n which\n \n the\n \n asset\n \n is\n \n expected\n \n to\n \n be\n \n usable\n \n by\n \n the\n \n entity.\n \n Amortisation\n \n begins\n \n when\n \n the\n \n intangible\n \n asset \n is available for use.\n
\n
\n The\n \n amount\n \n to\n \n be\n \n amortised\n \n is\n \n the\n \n carrying\n \n value,\n \n reduced\n \n by\n \n the\n \n estimated\n \n net\n \n realisable\n \n value\n \n at\n \n the\n \n end\n \n of \n its useful life if significant and reasonably determined.\n
\n
\n The\n \n table\n \n below\n \n shows\n \n the\n \n annual\n \n amortisation\n \n rates\n \n used\n \n for\n \n the\n \n current\n \n year,\n \n unchanged\n \n from\n \n the \n comparative year:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Annual depreciation rate (%) \n

\n
\n

\n Patent rights and intellectual property rights\n

\n 		\n

\n 20% - 33.3%\n

\n
\n

\n Concession expenses\n

\n 		\n

\n Depending on the term\n

\n

\n of the agreement\n

\n
\n

\n Land and buildings (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Industrial buildings\n

\n 		\n

\n 1.67% - 5%\n

\n
\n

\n - Other constructions\n

\n 		\n

\n 9% - 10%\n

\n
\n

\n Plant and equipment (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Network\n

\n 		\n

\n 1.67% - 5%\n

\n
\n

\n - Principal and secondary facilities \n

\n 		\n

\n 4% - 6%\n

\n
\n

\n - Derivation plants\n

\n 		\n

\n 2% - 10%\n

\n
\n
\n \n
\n \n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Industrial and commercial equipment (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Metering and control equipment\n

\n 		\n

\n 6.7% - 20%\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n
\n Grants\n
\n
\n Capital\n \n grants\n \n granted\n \n by\n \n public\n \n authorities\n \n are\n \n recognised\n \n when\n \n there\n \n is\n \n reasonable\n \n certainty\n \n that\n \n the \n conditions\n \n set\n \n by\n \n the\n \n granting\n \n government\n \n agencies\n \n for\n \n their\n \n allocation\n \n will\n \n be\n \n met,\n \n and\n \n they\n \n are\n \n recognised\n \n as \n a reduction in the purchase price, contribution or production cost of the related assets. \n
\n
\n Operating\n \n grants\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n on\n \n an\n \n accrual\n \n basis,\n \n consistent\n \n with\n \n the\n \n relative\n \n costs \n incurred.\n
\n \n \n
\n Impairment of non-financial assets\n
\n
\n Impairment of property, plant and equipment and intangible assets with a finite useful life\n
\n
\n At\n \n least\n \n annually,\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n intangible\n \n assets\n \n with\n \n a\n \n finite\n \n useful\n \n life\n \n are\n \n assessed\n \n to \n verify the existence of internal and external indicators of potential impairment.\n
\n
\n If\n \n these\n \n indicators\n \n are\n \n present,\n \n recoverability\n \n is\n \n tested\n \n by\n \n comparing\n \n the\n \n carrying\n \n amount\n \n with\n \n its\n \n recoverable \n amount,\n \n as\n \n the\n \n higher\n \n of\n \n the\n \n fair\n \n value\n \n less\n \n costs\n \n to\n \n sell\n \n (see\n \n section\n \n \u201cFair\n \n value\n \n measurement\u201d)\n \n and\n \n the\n \n value \n in use.\n
\n
\n The\n \n assessment\n \n is\n \n carried\n \n out\n \n for\n \n each\n \n individual\n \n asset\n \n or\n \n for\n \n the\n \n smallest\n \n identifiable\n \n group\n \n of\n \n assets\n \n which, \n through\n \n continuous\n \n use,\n \n generate\n \n cash\n \n inflows\n \n largely\n \n independent\n \n of\n \n those\n \n of\n \n other\n \n assets\n \n or\n \n groups\n \n of\n \n assets \n (\u201c\n Cash-Generating Units\n \u201d or \u201c\n CGUs\n \u201d).\n
\n
\n The\n \n CGUs\n \n identified\n \n by\n \n the\n \n Group\u2019s\n \n are\n \n as\n \n follows:\n \n Distribution\n \n and\n \n metering\n \n of\n \n natural\n \n and\n \n other\n \n gases \n (regulated\n \n activity),\n \n Distribution\n \n and\n \n metering\n \n of\n \n natural\n \n gas\n \n abroad\n \n (regulated\n \n activity),\n \n Integrated\n \n water \n service (regulated activity), Other activities (ESCos).\n
\n
\n The\n \n recoverable\n \n amount\n \n of\n \n non-current\n \n non-financial\n \n assets\n \n that\n \n fall\n \n under\n \n the\n \n scope\n \n of\n \n regulated\n \n activities\n \n is \n determined\n \n by\n \n considering:\n \n (i)\n \n the\n \n amount\n \n quantified\n \n by\n \n the\n \n Authority\n \n based\n \n on\n \n the\n \n rules\n \n that\n \n define\n \n the\n \n tariffs \n for\n \n the\n \n provision\n \n of\n \n the\n \n services\n \n for\n \n which\n \n they\n \n are\n \n intended;\n \n (ii)\n \n the\n \n possible\n \n value\n \n that\n \n the\n \n Group\n \n expects\n \n to \n recover\n \n from\n \n their\n \n sale\n \n or\n \n at\n \n the\n \n end\n \n of\n \n the\n \n concession\n \n regulating\n \n the\n \n service;\n \n (iii)\n \n the\n \n value\n \n of\n \n the\n \n expected \n cash\n \n flows\n \n deriving\n \n from\n \n the\n \n use\n \n of\n \n the\n \n asset\n \n and,\n \n if\n \n significant\n \n and\n \n reasonably\n \n determined,\n \n from\n \n its\n \n sale\n \n at\n \n the \n end\n \n of\n \n its\n \n useful\n \n life,\n \n net\n \n of\n \n any\n \n disposal\n \n costs;\n \n these\n \n cash\n \n flows\n \n are\n \n discounted\n \n at\n \n a\n \n rate\n \n that\n \n reflects\n \n the\n \n current \n market\n \n conditions\n \n for\n \n the\n \n time\n \n value\n \n of\n \n money\n \n and\n \n specific\n \n risks\n \n of\n \n the\n \n asset\n \n not\n \n reflected\n \n in\n \n the\n \n estimated \n cash flows.\n
\n
\n Similarly\n \n to\n \n what\n \n happens\n \n for\n \n the\n \n quantification\n \n of\n \n tariffs,\n \n the\n \n quantification\n \n of\n \n the\n \n recoverable\n \n amount\n \n of\n \n the \n assets within the scope of regulated activities is also based on the applicable current regulatory provisions. \n
\n
\n The\n \n value\n \n in\n \n use\n \n of\n \n non-current\n \n non-financial\n \n assets\n \n not\n \n within\n \n the\n \n scope\n \n of\n \n the\n \n regulated\n \n activities\n \n is \n determined\n \n by\n \n discounting\n \n the\n \n expected\n \n cash\n \n flows\n \n resulting\n \n from\n \n the\n \n use\n \n of\n \n the\n \n asset\n \n and,\n \n if\n \n significant\n \n and \n reasonably\n \n determined,\n \n from\n \n its\n \n sale\n \n at\n \n the\n \n end\n \n of\n \n its\n \n useful\n \n life,\n \n net\n \n of\n \n any\n \n disposal\n \n costs.\n \n Cash\n \n flows\n \n are \n determined\n \n based\n \n on\n \n reasonable,\n \n documentable\n \n assumptions\n \n representing\n \n the\n \n best\n \n estimate\n \n of\n \n future \n economic\n \n conditions\n \n expected\n \n to\n \n occur\n \n during\n \n the\n \n remaining\n \n useful\n \n life\n \n of\n \n the\n \n asset,\n \n with\n \n a\n \n greater\n \n emphasis \n on\n \n outside\n \n information.\n \n Discounting\n \n is\n \n done\n \n using\n \n a\n \n rate\n \n reflecting\n \n current\n \n market\n \n conditions\n \n for\n \n the\n \n time\n \n value \n of money and specific risks of the asset not reflected in the estimated cash flows.\n
\n
\n If\n \n the\n \n reasons\n \n for\n \n impairment\n \n no\n \n longer\n \n exist,\n \n assets\n \n are\n \n revised\n \n and\n \n the\n \n adjustment\n \n is\n \n recognised\n \n to\n \n the \n income\n \n statement.\n \n The\n \n adjustment\n \n is\n \n made\n \n at\n \n the\n \n lower\n \n of\n \n the\n \n recoverable\n \n amount\n \n and\n \n the\n \n carrying\n \n amount, \n gross\n \n of\n \n any\n \n previous\n \n impairments,\n \n reduced\n \n by\n \n the\n \n depreciation\n \n that\n \n would\n \n have\n \n been\n \n recognised\n \n if\n \n an \n impairment loss had not been recorded for the asset. \n
\n
\n Impairment\n \n of\n \n goodwill,\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n and\n \n intangible\n \n assets\n \n under\n \n construction\n
\n \n
\n \n
\n \n The\n \n recoverability\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n goodwill,\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n and \n intangible\n \n assets\n \n under\n \n construction\n \n is\n \n tested\n \n at\n \n least\n \n annually\n \n and\n \n whenever\n \n events\n \n occur\n \n that\n \n suggest\n \n a \n reduction\n \n in\n \n value.\n \n For\n \n goodwill,\n \n the\n \n test\n \n is\n \n performed\n \n at\n \n the\n \n level\n \n of\n \n the\n \n smallest\n \n group\n \n based\n \n on\n \n which\n \n the \n management\n \n evaluates,\n \n directly\n \n or\n \n indirectly,\n \n the\n \n return\n \n on\n \n investment,\n \n including\n \n goodwill\n \n itself.\n \n When\n \n the \n carrying\n \n amount\n \n of\n \n the\n \n CGU,\n \n including\n \n the\n \n goodwill\n \n allocated\n \n to\n \n it,\n \n exceeds\n \n the\n \n recoverable\n \n amount,\n \n the \n difference\n \n is\n \n the\n \n impairment,\n \n which\n \n is\n \n first\n \n allocated\n \n to\n \n goodwill\n \n up\n \n to\n \n its\n \n amount;\n \n any\n \n excess\n \n of\n \n the\n \n impairment \n over\n \n goodwill\n \n is\n \n allocated\n \n proportionally\n \n to\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n assets\n \n which\n \n constitute\n \n the\n \n CGU. \n Goodwill impairment losses cannot be reversed.\n \n \n
\n Investments accounted for using the equity method\n
\n
\n Investments in joint ventures and associates are accounted for using the equity method.\n
\n
\n Under\n \n the\n \n equity\n \n method,\n \n investments\n \n in\n \n joint\n \n ventures\n \n and\n \n associates\n \n are\n \n initially\n \n recognised\n \n at\n \n cost\n \n and\n \n subsequently\n \n adjusted\n \n to\n \n account\n \n for:\n \n (i)\n \n the \n participant\u2019s\n \n share\n \n of\n \n the\n \n investee\u2019s\n \n profits\n \n or\n \n losses\n \n after\n \n the\n \n acquisition\n \n date,\n \n and\n \n (ii)\n \n the\n \n participant\u2019s\n \n share\n \n of\n \n other\n \n comprehensive\n \n income\n \n of\n \n the\n \n investee. \n Dividends\n \n paid\n \n out\n \n by\n \n the\n \n investee\n \n are\n \n recognised\n \n as\n \n a\n \n reduction\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n investment.\n \n For\n \n the\n \n application\n \n of\n \n the\n \n equity\n \n method, \n adjustments required for consolidation purposes are considered (see also the \u201cConsolidation principles\u201d section). \n
\n
\n In\n \n the\n \n case\n \n of\n \n acquiring\n \n a\n \n joint\n \n control\n \n in\n \n successive\n \n stages,\n \n the\n \n cost\n \n of\n \n the\n \n equity\n \n investment\n \n is\n \n measured\n \n as\n \n the\n \n sum\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n previously\n \n held \n interests\n \n and\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n consideration\n \n transferred\n \n at\n \n the\n \n date\n \n the\n \n equity\n \n investment\n \n is\n \n qualified\n \n as\n \n associated\n \n (or\n \n under\n \n joint\n \n control).\n \n The\n \n effect\n \n of \n revaluing\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n interest\n \n held\n \n before\n \n assuming\n \n the\n \n joint\n \n control\n \n (or\n \n significant\n \n influence)\n \n is\n \n recognized\n \n in\n \n the\n \n income\n \n statement, \n including\n \n any\n \n components\n \n recognised\n \n in\n \n other\n \n comprehensive\n \n income.\n \n The\n \n sale\n \n of\n \n equity\n \n investments\n \n resulting\n \n in\n \n the\n \n loss\n \n of\n \n joint\n \n control\n \n or\n \n significant \n influence\n \n over\n \n the\n \n investee\n \n results\n \n in\n \n the\n \n recognition\n \n in\n \n the\n \n income\n \n statement:\n \n (i)\n \n any\n \n gains\n \n or\n \n losses\n \n calculated\n \n as\n \n the\n \n difference\n \n between\n \n the\n \n consideration \n received\n \n and\n \n the\n \n corresponding\n \n portion\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n disposed\n \n interest;\n \n (ii)\n \n the\n \n effect\n \n of\n \n revaluating\n \n any\n \n residual\n \n equity\n \n investment\n \n maintained, \n to\n \n align\n \n it\n \n with\n \n the\n \n relative\n \n fair\n \n value;\n \n and\n \n (iii)\n \n any\n \n amounts\n \n recognized\n \n in\n \n other\n \n comprehensive\n \n income\n \n relating\n \n to\n \n the\n \n equity\n \n investee\n \n that\n \n are\n \n required\n \n to\n \n be \n reclassified\n \n to\n \n the\n \n income\n \n statement.\n \n The\n \n value\n \n of\n \n any\n \n equity\n \n investment\n \n maintained,\n \n aligned\n \n with\n \n its\n \n fair\n \n value\n \n at\n \n the\n \n date\n \n of\n \n loss\n \n of\n \n joint\n \n control\n \n or\n \n significant \n influence, represents the new carrying amount and, therefore, the value for subsequent valuation according to the applicable valuation criteria.\n
\n
\n If\n \n there\n \n is\n \n objective\n \n evidence\n \n of\n \n impairment,\n \n the\n \n recoverability\n \n of\n \n the\n \n amount\n \n recognised\n \n is\n \n tested\n \n by\n \n comparing\n \n the\n \n carrying\n \n amount\n \n with\n \n the\n \n related \n recoverable value determined using the criteria indicated in the section \u201cImpairment of non-financial assets\u201d.\n
\n
\n When\n \n the\n \n reasons\n \n for\n \n the\n \n impairment\n \n losses\n \n no\n \n longer\n \n exist,\n \n equity\n \n investments\n \n are\n \n revalued\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n impairment\n \n losses\n \n entered\n \n with\n \n the \n effect posted to the income statement under \u201cIncome (expense) from equity investments\u201d.\n
\n
\n The\n \n parent\n \n company\u2019s\n \n share\n \n of\n \n any\n \n losses\n \n of\n \n the\n \n investee,\n \n exceeding\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n investment,\n \n is\n \n recognised\n \n in\n \n a\n \n special\n \n provision\n \n to \n the extent that the parent company is committed to fulfilling its legal or constructive obligations of the investee or, otherwise, covering its losses.\n
\n \n \n \n
\n Other minor equity investments\n
\n \n
\n Financial\n \n assets\n \n representing\n \n other\n \n minor\n \n equity\n \n investments,\n \n not\n \n held\n \n for\n \n trading,\n \n are\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income \n statement.\n
\n \n \n
\n Inventories\n
\n
\n Inventories,\n \n including\n \n meters,\n \n are\n \n recorded\n \n at\n \n the\n \n lower\n \n of\n \n cost\n \n or\n \n production\n \n cost\n \n and\n \n net\n \n realisable\n \n value, \n which is the amount that the entity expects to receive from their sale in the ordinary course of business. \n
\n
\n The cost of inventories is determined using the weighted average cost method. \n
\n
\n The\n \n value\n \n of\n \n obsolete\n \n and\n \n slow-moving\n \n inventories\n \n is\n \n written\n \n down\n \n in\n \n relation\n \n to\n \n the\n \n possibility\n \n of\n \n use\n \n or \n realisation, through the allocation of a specific obsolescence fund.\n
\n \n \n
\n Cash and cash equivalents \n
\n
\n Cash\n \n and\n \n cash\n \n equivalents\n \n include\n \n cash\n \n on\n \n hand,\n \n on\n \n demand\n \n deposits,\n \n as\n \n well\n \n as\n \n other\n \n short-term\n \n financial \n assets\n \n with\n \n a\n \n maturity\n \n of\n \n no\n \n more\n \n than\n \n three\n \n months,\n \n readily\n \n convertible\n \n into\n \n cash\n \n and\n \n subject\n \n to\n \n a\n \n negligible \n risk of a change in their value.\n
\n
\n They are recorded at their nominal value, which corresponds to the \n fair value\n .\n
\n \n \n
\n Financial instruments\n
\n
\n Financial\n \n instruments\n \n refer\n \n to\n \n any\n \n contracts\n \n that\n \n give\n \n rise\n \n to\n \n a\n \n financial\n \n asset\n \n for\n \n one\n \n entity\n \n and\n \n a\n \n financial \n liability\n \n or\n \n an\n \n equity\n \n instrument\n \n for\n \n another\n \n entity;\n \n they\n \n are\n \n recognised\n \n and\n \n measured\n \n in\n \n accordance\n \n with\n \n IAS \n 32 and IFRS 9.\n
\n \n \n
\n Financial assets - debt instruments\n
\n \n
\n \n \n Depending\n \n \n \n \n on\n \n the\n \n characteristics\n \n of\n \n the\n \n instrument\n \n and\n \n the\n \n business\n \n model\n \n adopted\n \n for\n \n its\n \n management, \n financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n are\n \n classified\n \n in\n \n the\n \n following\n \n three\n \n categories:\n \n (i)\n \n financial \n \n
\n \n \n
\n \n \n
\n \n \n assets\n \n measured\n \n at\n \n amortised\n \n cost;\n \n (ii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in \n the\n \n other\n \n comprehensive\n \n income\n \n (\u201cOCI\u201d);\n \n (iii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised \n in the income statement.\n
\n Initial\n \n recognition\n \n is\n \n at\n \n fair\n \n value\n ;\n \n for\n \n trade\n \n receivables\n \n without\n \n a\n \n significant\n \n financial\n \n component,\n \n the\n \n initial \n carrying amount is represented by the transaction price. \n
\n
\n Following\n \n initial\n \n recognition,\n \n financial\n \n assets\n \n that\n \n generate\n \n cash\n \n flows\n \n representing\n \n only\n \n payments\n \n of\n \n capital \n and\n \n interest\n \n are\n \n measured\n \n at\n \n amortised\n \n cost\n \n if\n \n held\n \n with\n \n the\n \n aim\n \n of\n \n collecting\n \n the\n \n contractual\n \n cash\n \n flows\n \n (so-\n called\n \n \u201c\n hold-to-collect\n \u201d\n \n business\n \n model).\n \n Based\n \n on\n \n the\n \n amortised\n \n cost\n \n method,\n \n the\n \n initial\n \n carrying\n \n amount\n \n is \n then\n \n adjusted\n \n to\n \n account\n \n for\n \n principal\n \n repayments,\n \n any\n \n impairment\n \n losses\n \n and\n \n the\n \n amortisation\n \n of\n \n the\n \n difference \n between the repayment amount and the initial carrying amount. \n
\n
\n Amortisation\n \n is\n \n carried\n \n out\n \n using\n \n the\n \n effective\n \n internal\n \n interest\n \n rate,\n \n which\n \n represents\n \n the\n \n rate\n \n that\n \n would\n \n make \n equal, at initial recording, the present value of expected cash flows and the initial carrying amount. \n
\n
\n Receivables\n \n and\n \n other\n \n financial\n \n assets\n \n measured\n \n at\n \n amortised\n \n cost\n \n are\n \n presented\n \n in\n \n the\n \n statement\n \n of\n \n financial \n position net of any provision for impairment losses. \n
\n
\n Financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n where\n \n the\n \n business\n \n model\n \n provides\n \n both\n \n the\n \n possibility\n \n to \n collect\n \n contractual\n \n cash\n \n flows\n \n and\n \n realise\n \n capital\n \n gains\n \n through\n \n sales\n \n (so-called\n \n \u201chold-to-collect-and-sell\u201d \n business model) are measured at \n fair value\n with the effects recorded on OCI (\u201cFVTOCI\u201d). \n
\n
\n In\n \n this\n \n case,\n \n the\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n instrument\n \n are\n \n recognised\n \n in\n \n equity\n \n under\n \n other\n \n comprehensive \n income.\n \n The\n \n cumulative\n \n amount\n \n of\n \n the\n \n fair\n \n value\n \n changes,\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve\n \n for\n \n other \n comprehensive\n \n income,\n \n is\n \n reversed\n \n to\n \n the\n \n income\n \n statement\n \n upon\n \n the\n \n derecognition\n \n of\n \n the\n \n instrument.\n \n Interest \n income,\n \n calculated\n \n using\n \n the\n \n effective\n \n interest\n \n rate,\n \n exchange\n \n rate\n \n differences\n \n and\n \n impairment\n \n losses\n \n are \n recognised on the income statement.\n
\n
\n A\n \n financial\n \n asset\n \n representing\n \n a\n \n debt\n \n instrument\n \n that\n \n is\n \n not\n \n measured\n \n at\n \n amortised\n \n cost\n \n or\n \n at\n \n FVTOCI\n \n is \n measured at \n fair value\n with the effects recognised in the income statement (FVTPL). \n
\n
\n When\n \n the\n \n purchase\n \n or\n \n sale\n \n of\n \n financial\n \n assets\n \n is\n \n executed\n \n according\n \n to\n \n a\n \n contract\n \n that\n \n requires\n \n settlement\n \n and \n delivery\n \n of\n \n the\n \n asset\n \n within\n \n a\n \n certain\n \n number\n \n of\n \n days,\n \n set\n \n by\n \n the\n \n market\n \n control\n \n authorities\n \n or\n \n market \n agreements\n \n (e.g.\n \n purchase\n \n of\n \n securities\n \n on\n \n regulated\n \n markets),\n \n the\n \n transaction\n \n is\n \n recognised\n \n on\n \n the\n \n settlement \n date.\n
\n
\n Disposals\n \n of\n \n financial\n \n assets\n \n are\n \n derecognised\n \n from\n \n the\n \n financial\n \n position\n \n when\n \n the\n \n contractual\n \n rights\n \n to\n \n receive \n the associated cash flows from the financial instrument expire or are transferred to third parties.\n
\n \n \n \n
\n Impairment of financial assets\n
\n
\n Recoverability\n \n of\n \n financial\n \n assets\n \n representing\n \n debt\n \n instruments,\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n effects\n \n on\n \n the \n income statement, is measured on the basis of the so-called \u201c\n expected credit loss\n \u201d model. \n
\n
\n In\n \n particular,\n \n expected\n \n losses\n \n are\n \n generally\n \n determined\n \n based\n \n on\n \n the\n \n product\n \n between:\n \n (i)\n \n the\n \n exposure\n \n to\n \n the \n counterparty\n \n net\n \n of\n \n the\n \n relevant\n \n guarantees\n \n (\u201cExposure\n \n At\n \n Default\u201d\n \n or\n \n \u201cEAD\u201d);\n \n (ii)\n \n the\n \n probability\n \n that\n \n the \n counterparty\n \n does\n \n not\n \n meet\n \n its\n \n payment\n \n obligation\n \n (\u201cProbability\n \n of\n \n Default\u201d\n \n or\n \n \u201cPD\u201d);\n \n (iii)\n \n the\n \n estimated \n percentage\n \n of\n \n credit\n \n loss\n \n that\n \n will\n \n not\n \n be\n \n recovered\n \n in\n \n the\n \n event\n \n of\n \n default\n \n (\u201cLoss\n \n Given\n \n Default\u201d\n \n or\n \n \u201cLGD\u201d), \n defined\n \n based\n \n on\n \n past\n \n experience\n \n and\n \n potential\n \n recovery\n \n actions\n \n (e.g.\n \n out-of-court\n \n actions,\n \n legal\n \n disputes, \n etc.). \n
\n
\n In\n \n this\n \n regard,\n \n in\n \n order\n \n to\n \n determine\n \n the\n \n probability\n \n of\n \n default\n \n of\n \n the\n \n counterparties,\n \n internal\n \n ratings\n \n already\n \n used \n for concession purposes have been adopted. \n
\n
\n For\n \n retail\n \n customers,\n \n who\n \n do\n \n not\n \n have\n \n internal\n \n ratings,\n \n the\n \n expected\n \n losses\n \n are\n \n based\n \n on\n \n a\n \n provision\n \n matrix, \n grouping\n \n credits,\n \n where\n \n appropriate,\n \n into\n \n relevant\n \n clusters\n \n and\n \n applying\n \n impairment\n \n percentages\n \n defined\n \n based \n on past experience, adjusted, when necessary, for forward-looking credit risk information.\n
\n \n
\n \n \n \n
\n \n \n Financial liabilities \n \n
\n \n Financial\n \n \n liabilities,\n \n other\n \n than\n \n derivative\n \n instruments,\n \n including\n \n financial\n \n debts,\n \n trade\n \n payables,\n \n other\n \n payables \n and\n \n other\n \n liabilities,\n \n are\n \n initially\n \n recognised\n \n at\n \n fair\n \n value\n \n less\n \n any\n \n transaction-related\n \n costs;\n \n they\n \n are \n subsequently\n \n recognised\n \n at\n \n amortised\n \n cost\n \n using\n \n the\n \n effective\n \n interest\n \n rate\n \n method,\n \n as\n \n described\n \n in\n \n \u201cFinancial \n assets\u201d section above. \n
\n
\n Financial\n \n liabilities\n \n are\n \n derecognised\n \n upon\n \n extinguishment\n \n or\n \n when\n \n the\n \n obligation\n \n specified\n \n in\n \n the\n \n contract\n \n is \n fulfilled, cancelled, or expired.\n
\n \n \n
\n Offsetting of financial assets and liabilities\n
\n
\n Financial\n \n assets\n \n and\n \n liabilities\n \n are\n \n offset\n \n in\n \n the\n \n financial\n \n position\n \n when\n \n there\n \n is\n \n a\n \n legally\n \n enforceable\n \n right\n \n to \n offset\n \n and\n \n there\n \n is\n \n an\n \n intention\n \n to\n \n settle\n \n on\n \n a\n \n net\n \n basis\n \n (i.e.\n \n to\n \n realise\n \n the\n \n asset\n \n and\n \n at\n \n the\n \n same\n \n time\n \n extinguish \n the liability).\n
\n \n \n \n
\n Derivative financial instruments and hedge accounting\n
\n \n \n
\n \n Derivative\n \n \n financial\n \n instruments,\n \n including\n \n \u201cembedded\n \n derivatives\u201d,\n \n are\n \n initially\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n line \n with\n \n IFRS\n \n 13\n \n and\n \n IFRS\n \n 9,\n \n and\n \n any\n \n attributable\n \n transaction\n \n costs\n \n are\n \n recognised\n \n in\n \n the\n \n Income\n \n statement\n \n when \n incurred.\n \n After\n \n initial\n \n recognition,\n \n the\n \n financial\n \n instruments\n \n are\n \n remeasured\n \n at\n \n fair\n \n value\n \n at\n \n each\n \n reporting\n \n date \n (for further details, refer to \u201cFair value measurement\u201d section).\n
\n
\n As\n \n part\n \n of\n \n the\n \n risk\n \n management\n \n strategy\n \n and\n \n objectives,\n \n the\n \n qualification\n \n of\n \n transactions\n \n as\n \n hedging\n \n requires: \n (i)\n \n verification\n \n of\n \n the\n \n existence\n \n of\n \n an\n \n economic\n \n relationship\n \n between\n \n hedged\n \n item\n \n and\n \n hedging\n \n instrument,\n \n such \n that\n \n their\n \n value\n \n changes\n \n offset\n \n each\n \n other\n \n and\n \n this\n \n offsetting\n \n ability\n \n is\n \n not\n \n impaired\n \n by\n \n the\n \n counterparty\u2019s\n \n level \n of\n \n credit\n \n risk;\n \n (ii)\n \n the\n \n definition\n \n of\n \n a\n \n hedge\n \n ratio\n \n consistent\n \n with\n \n the\n \n risk\n \n management\n \n objectives,\n \n within\n \n the \n defined\n \n risk\n \n management\n \n strategy,\n \n including\n \n the\n \n appropriate\n \n rebalancing\n \n actions,\n \n if\n \n needed.\n \n Changes\n \n in\n \n risk \n management\n \n objectives,\n \n the\n \n cessation\n \n of\n \n conditions\n \n for\n \n hedge\n \n qualification,\n \n or\n \n implementation\n \n of\n \n rebalancing \n transactions will result in prospective total or partial discontinuation of the hedge. \n
\n
\n When\n \n derivatives\n \n hedge\n \n the\n \n fair\n \n value\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201c\n fair\n \n value\n \n hedge\n \u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n fixed\n \n rate\n \n asset/liability),\n \n derivatives\n \n are\n \n recognised\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement;\n \n consistently,\n \n the\n \n hedged\n \n items\n \n are\n \n adjusted\n \n for\n \n fair\n \n value\n \n changes\n \n associated\n \n with\n \n the\n \n hedged\n \n risk\n \n in\n \n the\n \n income\n \n statement,\n \n regardless\n \n of\n \n the\n \n normal\n \n measurement \n criteria generally applied to the instrument. \n
\n
\n When\n \n the\n \n derivatives\n \n hedge\n \n the\n \n cash\n \n flow\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201ccash\n \n flow\n \n hedge\u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n cash\n \n flows\n \n of\n \n the\n \n asset/liability\n \n due\n \n to\n \n interest\n \n rates\n \n or\n \n exchange\n \n rate\n \n fluctuations), \n the\n \n changes\n \n in\n \n fair\n \n value\n \n of\n \n the\n \n derivatives\n \n considered\n \n effective\n \n are\n \n initially\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve \n under\n \n other\n \n comprehensive\n \n income\n \n and\n \n afterwards\n \n reclassified\n \n in\n \n the\n \n income\n \n statement\n \n in\n \n line\n \n with\n \n the \n economic\n \n effects\n \n of\n \n the\n \n hedged\n \n transaction.\n \n In\n \n the\n \n case\n \n of\n \n hedging\n \n future\n \n transactions\n \n involving\n \n the\n \n recognition \n of\n \n a\n \n non-financial\n \n asset\n \n or\n \n liability,\n \n the\n \n cumulative\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n hedge\n \n derivatives\n \n recognised\n \n in \n equity\n \n are\n \n reclassified\n \n to\n \n adjust\n \n the\n \n initial\n \n carrying\n \n amount\n \n of\n \n the\n \n non-financial\n \n item\n \n hedged\n \n (the\n \n \u201c\n basis \n adjustment\n \u201d).\n
\n \n
\n Fair\n \n value\n \n changes\n \n of\n \n derivatives\n \n that\n \n do\n \n not\n \n meet\n \n the\n \n hedging\n \n criteria,\n \n including\n \n any\n \n ineffective\n \n components \n of\n \n hedging\n \n derivatives,\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cGain/(loss)\n \n on\n \n derivative\n \n financial \n instruments measured at fair value\u201d. \n
\n \n
\n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n assets\n \n are\n \n no\n \n longer\n \n separated\n \n in\n \n accounting;\n \n in\n \n these\n \n cases, \n the\n \n entire\n \n hybrid\n \n instrument\n \n is\n \n classified\n \n based\n \n on\n \n the\n \n general\n \n classification\n \n criteria\n \n for\n \n financial\n \n asset. \n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n liabilities\n \n and/or\n \n non-financial\n \n assets\n \n are\n \n separated\n \n from\n \n the \n main\n \n contract\n \n and\n \n accounted\n \n for\n \n separately\n \n if\n \n the\n \n embedded\n \n instrument:\n \n (i)\n \n meets\n \n the\n \n definition\n \n of\n \n derivative; \n (ii)\n \n as\n \n a\n \n whole\n \n is\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n (FVTPL);\n \n (iii) \n the\n \n characteristics\n \n and\n \n risks\n \n of\n \n the\n \n derivative\n \n are\n \n not\n \n closely\n \n related\n \n to\n \n those\n \n of\n \n the\n \n main\n \n contract.\n \n The\n \n existence \n of\n \n embedded\n \n derivatives\n \n to\n \n separate\n \n and\n \n measure\n \n separately\n \n is\n \n checked\n \n when\n \n the\n \n company\n \n joins\n \n the\n \n contract \n
\n \n \n
\n \n \n \n
\n \n \n and\n \n afterwards\n \n when\n \n there\n \n are\n \n amendments\n \n to\n \n the\n \n conditions\n \n of\n \n the\n \n contract\n \n that\n \n bring\n \n about\n \n significant \n changes in the cash flows it generates. \n \n \n \n
\n Fair value measurement\n
\n
\n Fair\n \n value\n \n is\n \n the\n \n amount\n \n that\n \n would\n \n be\n \n received\n \n to\n \n sell\n \n an\n \n asset\n \n or\n \n paid\n \n to\n \n transfer\n \n a\n \n liability\n \n in\n \n an\n \n regular \n transaction between market participants at the measurement date (i.e. exit price). \n
\n
\n Fair\n \n value\n \n of\n \n an\n \n asset\n \n or\n \n liability\n \n is\n \n determined\n \n using\n \n the\n \n valuations\n \n that\n \n market\n \n participants\n \n would\n \n use\n \n in \n determining\n \n the\n \n price\n \n of\n \n the\n \n asset\n \n or\n \n liability.\n \n The\n \n fair\n \n value\n \n measurement\n \n assumes\n \n that\n \n the\n \n asset\n \n or\n \n liability \n would\n \n be\n \n traded\n \n on\n \n the\n \n main\n \n market\n \n or,\n \n failing\n \n that,\n \n on\n \n the\n \n most\n \n advantageous\n \n market\n \n accessible\n \n to\n \n the\n \n entity. \n
\n
\n The\n \n fair\n \n value\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n determined\n \n by\n \n considering\n \n the\n \n market\n \n participants\u2019\n \n ability\n \n to\n \n generate \n economic\n \n benefits\n \n by\n \n using\n \n the\n \n asset\n \n in\n \n its\n \n highest\n \n and\n \n best\n \n use\n \n or\n \n selling\n \n it\n \n to\n \n another\n \n market\n \n participant\n \n that \n would\n \n maximise\n \n its\n \n value.\n \n The\n \n determination\n \n of\n \n the\n \n highest\n \n and\n \n best\n \n use\n \n of\n \n the\n \n asset\n \n is\n \n determined\n \n from\n \n the \n perspective\n \n of\n \n market\n \n participants,\n \n even\n \n if\n \n the\n \n entity\n \n intends\n \n to\n \n use\n \n it\n \n differently;\n \n it\n \n is\n \n assumed\n \n that\n \n the\n \n entity\u2019s \n current\n \n use\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n its\n \n highest\n \n and\n \n best\n \n use,\n \n unless\n \n the\n \n market\n \n conditions\n \n or\n \n other\n \n factors \n suggest otherwise.\n
\n
\n The\n \n fair-value\n \n measurement\n \n of\n \n a\n \n financial\n \n or\n \n non-financial\n \n liability,\n \n or\n \n of\n \n an\n \n equity\n \n instrument,\n \n considers\n \n the \n quoted\n \n price\n \n for\n \n transferring\n \n an\n \n identical\n \n or\n \n similar\n \n liability\n \n or\n \n equity\n \n instrument;\n \n if\n \n such\n \n quoted\n \n price\n \n is\n \n not \n available,\n \n the\n \n valuation\n \n of\n \n a\n \n corresponding\n \n asset\n \n held\n \n by\n \n a\n \n market\n \n participant\n \n as\n \n at\n \n the\n \n measurement\n \n date\n \n is \n considered.\n \n The\n \n fair\n \n value\n \n of\n \n the\n \n financial\n \n instruments\n \n considers\n \n the\n \n credit\n \n risk\n \n of\n \n the\n \n counterparty\n \n of\n \n a\n \n financial \n asset\n \n (\u201cCredit\n \n Valuation\n \n Adjustment\u201d\n \n or\n \n \u201cCVA\u201d)\n \n and\n \n the\n \n entity\u2019s\n \n own\n \n default\n \n risk\n \n related\n \n to\n \n a\n \n financial\n \n liability \n (\u201cDebit Valuation Adjustment\u201d or \u201cDVA\u201d).\n
\n
\n When\n \n determining\n \n fair\n \n value\n ,\n \n a\n \n hierarchy\n \n of\n \n inputs\n \n based\n \n on\n \n the\n \n origin,\n \n type\n \n and\n \n quality\n \n of\n \n the\n \n information\n \n used \n in\n \n the\n \n calculation\n \n is\n \n defined.\n \n This\n \n classification\n \n aims\n \n to\n \n establish\n \n a\n \n hierarchy\n \n in\n \n terms\n \n of\n \n the\n \n reliability\n \n in\n \n fair \n value\n ,\n \n prioritizing\n \n the\n \n use\n \n of\n \n observable\n \n market\n \n parameters\n \n that\n \n reflect\n \n assumptions\n \n that\n \n market\n \n participants \n would use when in measuring the asset/liability. The \n fair value\n hierarchy includes the following levels:\n
\n
\n \u2022\n level\n \n 1:\n \n inputs\n \n represented\n \n by\n \n quoted\n \n prices\n \n (unadjusted)\n \n in\n \n active\n \n markets\n \n for\n \n identical\n \n assets\n \n or\n \n liabilities \n that are accessible as at the measurement date; \n
\n
\n \u2022\n level\n \n 2:\n \n inputs,\n \n other\n \n than\n \n quoted\n \n prices\n \n included\n \n in\n \n Level\n \n 1,\n \n that\n \n are\n \n observable,\n \n directly\n \n or\n \n indirectly,\n \n for \n the assets or liabilities to be measured; \n
\n
\n \u2022\n level 3: unobservable inputs for the asset or liability. \n
\n
\n In\n \n the\n \n absence\n \n of\n \n available\n \n market\n \n quotes,\n \n fair\n \n value\n \n is\n \n determined\n \n by\n \n using\n \n valuation\n \n techniques\n \n appropriate \n for\n \n each\n \n situation,\n \n maximising\n \n the\n \n use\n \n of\n \n relevant\n \n observable\n \n inputs\n \n and\n \n minimising\n \n the\n \n use\n \n of\n \n unobservable \n inputs.\n
\n \n \n \n
\n Assets held for sale\n
\n
\n Non-current\n \n assets\n \n and\n \n current\n \n and\n \n non-current\n \n assets\n \n of\n \n disposal\n \n groups\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale,\n \n if \n their\n \n carrying\n \n amount\n \n will\n \n be\n \n recovered\n \n mainly\n \n by\n \n their\n \n sale\n \n rather\n \n than\n \n through\n \n their\n \n continued\n \n use.\n \n This \n condition\n \n is\n \n regarded\n \n as\n \n fulfilled\n \n when\n \n the\n \n sale\n \n is\n \n highly\n \n probable,\n \n and\n \n the\n \n asset\n \n or\n \n discontinued\n \n operations \n are\n \n available\n \n for\n \n immediate\n \n sale\n \n in\n \n their\n \n current\n \n condition.\n \n In\n \n the\n \n case\n \n of\n \n a\n \n programme\n \n for\n \n the\n \n sale\n \n of\n \n a \n subsidiary\n \n that\n \n results\n \n in\n \n loss\n \n of\n \n control,\n \n all\n \n assets\n \n and\n \n liabilities\n \n of\n \n that\n \n affiliate\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale, \n regardless\n \n of\n \n whether\n \n a\n \n non-controlling\n \n investment\n \n is\n \n maintained\n \n following\n \n the\n \n sale.\n \n Checking\n \n that\n \n the \n conditions\n \n required\n \n to\n \n classify\n \n an\n \n item\n \n as\n \n held\n \n for\n \n sale\n \n requires\n \n that\n \n the\n \n management\n \n made\n \n subjective \n assessments and formulate reasonable and realistic assumptions based on the information available.\n
\n
\n Assets\n \n held\n \n for\n \n sale,\n \n current\n \n and\n \n non-current\n \n assets\n \n related\n \n to\n \n disposal\n \n groups\n \n and\n \n directly\n \n associated\n \n liabilities \n are recognised in the Statement of Financial Position separately from other assets and liabilities. \n
\n
\n Assets\n \n and\n \n liabilities\n \n falling\n \n within\n \n a\n \n disposal\n \n group\n \n are\n \n measured\n \n according\n \n to\n \n the\n \n accounting\n \n standards \n applicable\n \n to\n \n them\n \n right\n \n before\n \n being\n \n classified\n \n as\n \n held\n \n for\n \n sale.\n \n Afterwards,\n \n the\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not \n
\n \n \n
\n \n \n
\n \n \n \n amortised\n \n or\n \n depreciated\n \n and\n \n are\n \n measured\n \n at\n \n the\n \n lower\n \n between\n \n the\n \n carrying\n \n amount\n \n and\n \n its\n \n fair\n \n value\n ,\n \n less \n costs to sell (see section \u201cFair value measurement\u201d). \n
\n The\n \n classification\n \n as\n \n \u201cheld\n \n for\n \n sale\u201d\n \n of\n \n equity\n \n investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n \n implies \n suspended\n \n application\n \n of\n \n this\n \n measurement\n \n criteria.\n \n Therefore,\n \n in\n \n this\n \n case,\n \n the\n \n carrying\n \n amount\n \n is\n \n equal\n \n to \n the value resulting from the application of the equity method at the date of reclassification. \n
\n \n
\n \n Any\n \n negative\n \n difference\n \n between\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n non-current\n \n assets\n \n and\n \n the\n \n fair\n \n value\n \n less\n \n costs \n to\n \n sell\n \n is\n \n recognise\n \n to\n \n the\n \n income\n \n statement\n \n as\n \n an\n \n impairment;\n \n any\n \n subsequent\n \n reversal\n \n of\n \n impairment\n \n losses \n is\n \n recognised\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n previously\n \n recognised\n \n impairment\n \n losses,\n \n including\n \n those\n \n recognised \n prior to the asset being classified as held for sale\n \n . \n
\n \n \n \n
\n Provisions for risks and charges\n
\n
\n Provisions\n \n for\n \n risks\n \n and\n \n charges\n \n relate\n \n to\n \n costs\n \n and\n \n charges\n \n of\n \n a\n \n specific\n \n nature\n \n and\n \n of\n \n certain\n \n or\n \n probable \n existence, which, at the end of the year, are uncertain in terms of amount or date of occurrence. \n
\n
\n Provisions\n \n are\n \n recognised\n \n when:\n \n (i)\n \n it\n \n is\n \n probable\n \n that\n \n there\n \n is\n \n a\n \n current\n \n legal\n \n or\n \n constructive\n \n obligation,\n \n arising \n from\n \n a\n \n past\n \n event;\n \n (ii)\n \n it\n \n is\n \n probable\n \n that\n \n fulfilling\n \n the\n \n obligation\n \n will\n \n be\n \n onerous;\n \n and\n \n (iii)\n \n the\n \n amount\n \n of\n \n the \n obligation\n \n can\n \n be\n \n reliably\n \n determined.\n \n Provisions\n \n are\n \n recorded\n \n at\n \n the\n \n value\n \n that\n \n represents\n \n the\n \n best\n \n estimate \n of\n \n the\n \n amount\n \n that\n \n the\n \n entity\n \n would\n \n reasonably\n \n pay\n \n to\n \n extinguish\n \n the\n \n obligation\n \n or\n \n transfer\n \n it\n \n to\n \n third\n \n parties\n \n at \n the\n \n closing\n \n date\n \n of\n \n the\n \n financial\n \n year.\n \n Provisions\n \n related\n \n to\n \n onerous\n \n contracts\n \n are\n \n recorded\n \n at\n \n the\n \n lower\n \n of\n \n the \n cost\n \n necessary\n \n to\n \n fulfil\n \n the\n \n obligation,\n \n less\n \n the\n \n expected\n \n economic\n \n benefits\n \n deriving\n \n from\n \n the\n \n contract,\n \n and\n \n the \n cost to terminate the contract. \n
\n
\n When\n \n the\n \n financial\n \n effect\n \n of\n \n time\n \n is\n \n significant\n \n and\n \n the\n \n payment\n \n dates\n \n of\n \n the\n \n obligations\n \n can\n \n be\n \n reliably \n estimated,\n \n the\n \n provision\n \n is\n \n calculated\n \n by\n \n discounting,\n \n at\n \n a\n \n rate\n \n reflecting\n \n the\n \n present\n \n market\n \n evaluations\n \n of\n \n the \n time\n \n value\n \n of\n \n money,\n \n the\n \n expected\n \n cash\n \n flows\n \n in\n \n consideration\n \n of\n \n the\n \n risks\n \n associated\n \n with\n \n the\n \n obligation;\n \n the \n increase\n \n in\n \n the\n \n provision\n \n due\n \n to\n \n the\n \n passing\n \n of\n \n time\n \n is\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cFinancial \n income (expense)\u201d.\n
\n
\n When\n \n the\n \n liability\n \n relates\n \n to\n \n property,\n \n plant\n \n and\n \n equipment\n \n (e.g.\n \n site\n \n dismantlement\n \n and\n \n restoration),\n \n the \n provision\n \n is\n \n recognised\n \n against\n \n the\n \n related\n \n asset\n \n and\n \n the\n \n charge\n \n to\n \n the\n \n income\n \n statement\n \n occurs\n \n through \n depreciation.\n \n The\n \n costs\n \n that\n \n Company\n \n expects\n \n to\n \n incur\n \n for\n \n implementing\n \n restructuring\n \n programmes\n \n are \n recognised\n \n in\n \n the\n \n period\n \n in\n \n which\n \n the\n \n programme\n \n is\n \n formally\n \n defined,\n \n and\n \n a\n \n valid\n \n expectation\n \n has\n \n been \n generated among the affected parties that the restructuring will take place.\n
\n
\n Provisions\n \n are\n \n periodically\n \n updated\n \n to\n \n reflect\n \n changes\n \n in\n \n cost\n \n estimates,\n \n selling\n \n periods\n \n and\n \n the\n \n discount\n \n rate; \n revisions\n \n of\n \n provisions\n \n are\n \n recorded\n \n to\n \n the\n \n same\n \n income\n \n statement\n \n item\n \n that\n \n previously\n \n recognised\n \n the \n provision\n \n or,\n \n when\n \n the\n \n liability\n \n is\n \n related\n \n to\n \n property,\n \n plant\n \n and\n \n equipment\n \n (e.g.\n \n site\n \n dismantling\n \n and\n \n restoration), \n against the related asset, up to the carrying amount; any excess is recognised in the income statement.\n
\n
\n The\n \n notes\n \n to\n \n the\n \n financial\n \n statements\n \n describe\n \n contingent\n \n liabilities\n \n represented\n \n by:\n \n (i)\n \n possible\n \n (but\n \n not \n probable)\n \n obligations\n \n arising\n \n from\n \n past\n \n events,\n \n whose\n \n existence\n \n will\n \n be\n \n confirmed\n \n only\n \n if\n \n one\n \n or\n \n more\n \n future \n uncertain\n \n events\n \n occur\n \n not\n \n entirely\n \n under\n \n the\n \n Company\u2019s\n \n control;\n \n and\n \n (ii)\n \n current\n \n obligations\n \n resulting\n \n from\n \n past \n events, whose amount cannot be reliably estimated, or whose fulfilment is likely to be not onerous.\n
\n \n \n
\n Provisions for employee benefits\n
\n \n
\n Post-employment benefits\n
\n
\n Post-employment benefits are grouped into \u201cdefined-benefit\u201d plans and \u201cdefined-contribution\u201d plans. \n
\n
\n \u2022\n Defined-benefit\n \n plans.\n \n The\n \n liability\n \n associated\n \n with\n \n defined-benefit\n \n plans\n \n is\n \n determined\n \n by\n \n estimating\n \n the \n present\n \n value\n \n of\n \n the\n \n future\n \n benefits\n \n accrued\n \n by\n \n the\n \n employees\n \n during\n \n the\n \n current\n \n year\n \n and\n \n in\n \n previous \n years,\n \n and\n \n by\n \n calculating\n \n the\n \n fair\n \n value\n \n of\n \n any\n \n assets\n \n servicing\n \n the\n \n plan.\n \n The\n \n present\n \n value\n \n of\n \n the\n \n obligations \n is\n \n determined\n \n based\n \n on\n \n actuarial\n \n assumptions\n \n and\n \n is\n \n recognised\n \n on\n \n an\n \n accrual\n \n basis\n \n consistent\n \n with\n \n the \n employment\n \n period\n \n necessary\n \n to\n \n obtain\n \n the\n \n benefits.\n \n Actuarial\n \n gains\n \n and\n \n losses\n \n relating\n \n to\n \n defined-benefit \n plans\n \n arising\n \n from\n \n changes\n \n in\n \n actuarial\n \n assumptions\n \n or\n \n experience\n \n adjustments\n \n are\n \n recognised\n \n in\n \n other \n
\n \n \n
\n \n
\n \n \n
\n comprehensive\n \n income\n \n when\n \n occurred\n \n and\n \n are\n \n not\n \n subsequently\n \n recognised\n \n in\n \n the\n \n income\n \n statement. \n When\n \n a\n \n plan\n \n is\n \n changed,\n \n reduced\n \n or\n \n extinguished,\n \n its\n \n effects\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Net \n financial\n \n expense\n \n represents\n \n the\n \n change\n \n that\n \n the\n \n net\n \n liability\n \n undergoes\n \n during\n \n the\n \n year\n \n due\n \n to\n \n the\n \n passing \n of\n \n time.\n \n Net\n \n interest\n \n is\n \n determined\n \n by\n \n applying\n \n the\n \n discount\n \n rate\n \n to\n \n the\n \n liabilities,\n \n net\n \n of\n \n any\n \n assets\n \n servicing \n the\n \n plan.\n \n The\n \n net\n \n financial\n \n expense\n \n of\n \n defined-benefit\n \n plans\n \n is\n \n recognised\n \n in\n \n \u201cFinancial\n \n income\n \n (expense)\u201d.\n
\n
\n \u2022\n Defined-contribution\n \n plans.\n \n In\n \n defined-contribution\n \n plans,\n \n the\n \n Company\u2019s\n \n obligation\n \n is\n \n calculated,\n \n limited \n to\n \n the\n \n payment\n \n of\n \n state\n \n contributions\n \n or\n \n to\n \n equity\n \n or\n \n a\n \n legally\n \n separate\n \n entity\n \n (fund),\n \n based\n \n on\n \n contributions \n due. Costs arising from defined-contribution plans are expensed as incurred.\n
\n
\n Other long-term plans\n
\n
\n Obligations\n \n relating\n \n to\n \n other\n \n long-term\n \n benefits\n \n are\n \n calculated\n \n using\n \n actuarial\n \n assumptions;\n \n the\n \n effects\n \n arising \n from\n \n the\n \n amendments\n \n to\n \n the\n \n actuarial\n \n assumptions\n \n or\n \n the\n \n characteristics\n \n of\n \n the\n \n benefits\n \n are\n \n recognised\n \n entirely \n in the income statement.\n
\n \n \n \n
\n Dividends payments\n
\n
\n Dividends\n \n payments\n \n to\n \n Company\u2019s\n \n shareholders\n \n entails\n \n the\n \n recording\n \n of\n \n a\n \n payable\n \n in\n \n the\n \n financial\n \n statements \n for\n \n the\n \n period\n \n in\n \n which\n \n distribution\n \n was\n \n approved\n \n by\n \n the\n \n Company\u2019s\n \n Shareholders\n \n or,\n \n in\n \n the\n \n case\n \n of\n \n interim \n dividends, by the Board of Directors.\n
\n \n \n
\n Revenues\n
\n
\n The Group recognises revenues when it transfers the control of a product or service to a customer. \n
\n
\n The\n \n recognition\n \n of\n \n revenues\n \n from\n \n contracts\n \n with\n \n customers\n \n is\n \n based\n \n on\n \n the\n \n following\n \n five\n \n steps:\n \n (i)\n \n identification \n of\n \n the\n \n contract\n \n with\n \n the\n \n customer;\n \n (ii)\n \n identification\n \n of\n \n the\n \n performance\n \n obligations\n \n represented\n \n by\n \n the \n contractual\n \n promises\n \n to\n \n transfer\n \n goods\n \n and/or\n \n services\n \n to\n \n a\n \n customer;\n \n (iii)\n \n determination\n \n of\n \n the\n \n price\n \n of\n \n the \n transaction;\n \n (iv)\n \n allocation\n \n of\n \n the\n \n price\n \n of\n \n the\n \n transactions\n \n to\n \n the\n \n performance\n \n obligations\n \n identified\n \n based\n \n on \n the\n \n standalone\n \n selling\n \n price\n \n of\n \n each\n \n good\n \n or\n \n service;\n \n (v)\n \n recognition\n \n of\n \n the\n \n revenue\n \n when\n \n its\n \n performance \n obligation\n \n has\n \n been\n \n met,\n \n or\n \n when\n \n the\n \n promised\n \n good\n \n or\n \n service\n \n is\n \n transferred\n \n to\n \n the\n \n customer;\n \n the\n \n transfer\n \n is \n considered\n \n completed\n \n when\n \n the\n \n customer\n \n gains\n \n control\n \n of\n \n the\n \n good\n \n or\n \n service,\n \n which\n \n can\n \n occur\n \n over\n \n time\n \n or \n at a specific point in time.\n
\n
\n Furthermore,\n \n in\n \n the\n \n presence\n \n of\n \n a\n \n third\n \n party\n \n involved\n \n in\n \n the\n \n supply\n \n of\n \n goods\n \n or\n \n services\n \n to\n \n a\n \n customer,\n \n the \n correct\n \n recognition\n \n of\n \n revenues\n \n envisaged\n \n by\n \n IFRS\n \n 15\n \n is\n \n connected\n \n to\n \n the\n \n fact\n \n that\n \n the\n \n company\n \n acts\n \n as\n \n a \n principal or as an agent of the counterparty.\n
\n
\n Revenue\n \n is\n \n recognized\n \n net\n \n of\n \n returns,\n \n discounts,\n \n allowances,\n \n and\n \n premiums,\n \n as\n \n well\n \n as\n \n taxes\n \n directly\n \n related \n to the revenue.\n
\n
\n Exchanges\n \n of\n \n goods\n \n or\n \n services\n \n of\n \n similar\n \n nature\n \n and\n \n value,\n \n as\n \n they\n \n do\n \n not\n \n represent\n \n sales\n \n transactions,\n \n do \n not result in the recognition of revenue and costs.\n
\n
\n Revenue from Gas Distribution and Integrated Water Services\n
\n
\n For the gas distribution services and integrated water services performed by Italgas Group, the moment of\n
\n
\n recognition of revenues occurs at the time the service is provided (over time) to customers.\n
\n
\n The\n \n tariffs\n \n (transaction\n \n prices)\n \n to\n \n be\n \n applied\n \n to\n \n customers\n \n for\n \n the\n \n services\n \n provided,\n \n based\n \n on\n \n the\n \n volumes \n consumed\n \n or\n \n the\n \n type\n \n of\n \n service\n \n provided,\n \n are\n \n defined\n \n by\n \n the\n \n Authority\n \n based\n \n on\n \n a\n \n predefined\n \n amount\n \n of\n \n annual \n recognised revenues (\"Revenue Cap\") by ARERA in Italy and RAEWW in Greece.\n
\n
\n In\n \n particular,\n \n gas\n \n distribution\n \n and\n \n metering\n \n services\n \n and\n \n integrated\n \n water\n \n services\n \n are\n \n subject\n \n to\n \n regulation\n \n by \n ARERA and by RAEWW, which define, among other things, the frameworks for the remuneration of services. \n
\n \n
\n \n \n Specifically,\n \n the\n \n Revenue\n \n Cap\n \n includes\n \n a\n \n predefined\n \n return\n \n on\n \n the\n \n net\n \n invested\n \n capital,\n \n recognised\n \n for \n regulatory\n \n purpose\n \n (Regulatory\n \n Asset\n \n Base\n \n or\n \n \u201cRAB\u201d),\n \n related\n \n amortisation/depreciation,\n \n and\n \n some\n \n operating \n costs.\n
\n The\n \n distribution\n \n of\n \n gas\n \n to\n \n the\n \n delivery\n \n point\n \n and\n \n the\n \n water\n \n service\n \n activities\n \n are\n \n considered\n \n a\n \n single\n \n performance \n obligation,\n \n therefore\n \n Revenue\n \n Cap\n \n is\n \n recognised\n \n on\n \n a\n \n straight-line\n \n basis,\n \n since\n \n the\n \n services\n \n provided\n \n are \n continuous and uniform over time, consisting mainly in the continuous provision of infrastructure.\n
\n
\n In\n \n the\n \n case\n \n of\n \n natural\n \n gas\n \n distribution\n \n in\n \n Italy,\n \n the\n \n difference\n \n between\n \n the\n \n Revenue\n \n cap\n \n and\n \n the\n \n revenue\n \n charged \n to\n \n customers\n \n for\n \n services\n \n actually\n \n rendered\n \n is\n \n recorded,\n \n if\n \n positive,\n \n under\n \n \"Trade\n \n receivables\n \n and\n \n other \n receivables\"\n \n and,\n \n if\n \n negative,\n \n under\n \n \"Trade\n \n payables\n \n and\n \n other\n \n payables,\"\n \n as\n \n it\n \n will\n \n be\n \n subject\n \n to\n \n financial \n settlement\n \n by\n \n the\n \n Cassa\n \n per\n \n i\n \n Servizi\n \n Energetici\n \n e\n \n Ambienti\n \n (\u201cCSEA\u201d).\n \n Additionally,\n \n with\n \n respect\n \n to\n \n the \n \u201cMunicipalities\n \n in\n \n Start-Up\n \n 150\n \u201d\n \n in\n \n Italy,\n \n the\n \n recognition\n \n of\n \n revenue\n \n for\n \n gas\n \n distribution\n \n service\n \n is\n \n based\n \n on\n \n a \n prospective\n \n evaluation\n \n of\n \n the\n \n expected\n \n delivery\n \n points\n \n at\n \n the\n \n end\n \n of\n \n the\n \n regulated\n \n start-up\n \n period\n \n as\n \n defined\n \n by \n ARERA,\n \n where\n \n there\n \n is\n \n considered\n \n to\n \n be\n \n a\n \n high\n \n probability\n \n of\n \n not\n \n encountering\n \n a\n \n significant\n \n reversal\n \n of\n \n the \n accumulated\n \n revenue.\n \n Revenue\n \n is\n \n reported\n \n net\n \n of\n \n items\n \n related\n \n to\n \n additional\n \n tariff\n \n components,\n \n above\n \n the \n Italian\n \n tariff,\n \n intended\n \n to\n \n cover\n \n the\n \n general\n \n costs\n \n of\n \n the\n \n gas\n \n system.\n \n The\n \n amounts\n \n collected/charged\n \n by\n \n Italgas \n are passed back in equal amounts to the CSEA.\n
\n
\n In\n \n relation\n \n to\n \n natural\n \n gas\n \n distribution\n \n in\n \n Greece\n \n and\n \n integrated\n \n water\n \n services,\n \n the\n \n difference\n \n (\u201cRecoverable \n Difference\u201d)\n \n between\n \n the\n \n Revenue\n \n cap\n \n and\n \n the\n \n revenue\n \n charged\n \n to\n \n customers\n \n for\n \n services\n \n actually\n \n rendered \n is\n \n recorded,\n \n if\n \n positive,\n \n under\n \n \u201cOther\n \n current\n \n and\n \n non-current\n \n non-financial\n \n assets,\u201d\n \n and\n \n if\n \n negative,\n \n under \n \u201cOther\n \n current\n \n and\n \n non-current\n \n non-financial\n \n liabilities,\u201d\n \n since\n \n Italgas\n \n has\n \n met\n \n the\n \n corresponding\n \n performance \n obligation\n \n and\n \n is\n \n entitled\n \n to\n \n recover\n \n or\n \n obliged\n \n to\n \n return\n \n any\n \n amounts\n \n not\n \n charged\n \n or\n \n excessively\n \n charged\n \n to \n customers during the year in subsequent regulatory periods or at the end of the concession.\n
\n
\n Revenue from Construction and Infrastructure Improvements\n
\n
\n Revenue\n \n from\n \n construction\n \n and\n \n infrastructure\n \n improvements\n \n provided\n \n under\n \n concession\n \n service\n \n agreements, \n gas\n \n distribution\n \n activities\n \n and\n \n integrated\n \n water\n \n services\n \n is\n \n recognized\n \n over-time\n \n as\n \n work\n \n in\n \n progress\n \n based\n \n on \n the\n \n progress\n \n of\n \n the\n \n work,\n \n deduced\n \n from\n \n the\n \n total\n \n estimated\n \n costs\n \n incurred.\n \n Revenues\n \n are\n \n determined\n \n equal\n \n to \n costs actually incurred.\n
\n
\n Revenue from Energy Efficiency Interventions\n
\n
\n Within\n \n the\n \n energy\n \n efficiency\n \n activities,\n \n the\n \n Group,\n \n through\n \n its\n \n subsidiary\n \n Geoside,\n \n deals\n \n with\n \n the\n \n renovation \n and\n \n recovery\n \n of\n \n residential\n \n building\n \n heritage,\n \n allowing\n \n customers\n \n to\n \n access\n \n tax\n \n deductions\n \n provided\n \n by\n \n the \n relevant\n \n regulations,\n \n such\n \n as\n \n the\n \n so-called\n \n Superbonus,\n \n introduced\n \n by\n \n Articles\n \n 119\n \n and\n \n following\n \n of\n \n DL \n 34/2020, as amended, as well as other minor bonuses (e.g., Sismabonus, Ecobonus, etc.).\n
\n
\n Revenue\n \n is\n \n recognized\n \n over\n \n the\n \n contract\n \n period\n \n (\"over-time\u201c),\n \n for\n \n an\n \n amount\n \n equal\n \n to\n \n the\n \n sum\n \n that\n \n the\n \n Group \n expects\n \n to\n \n receive\n \n for\n \n the\n \n operation\n \n based\n \n on\n \n the\n \n progress\n \n of\n \n the\n \n works,\n \n deduced\n \n from\n \n the\n \n total\n \n estimated \n costs incurred.\n
\n
\n Revenue\n \n allocations\n \n for\n \n partially\n \n rendered\n \n services\n \n are\n \n recognized\n \n for\n \n the\n \n amount\n \n earned,\n \n provided\n \n it\n \n is \n possible\n \n to\n \n reliably\n \n determine\n \n the\n \n stage\n \n of\n \n completion\n \n and\n \n there\n \n are\n \n no\n \n significant\n \n uncertainties\n \n about\n \n the \n amount\n \n and\n \n existence\n \n of\n \n the\n \n revenue\n \n and\n \n related\n \n costs;\n \n otherwise,\n \n they\n \n are\n \n recognized\n \n up\n \n to\n \n the\n \n recoverable \n costs incurred.\n
\n \n \n
\n \n Technical assistance, engineering, IT and various services\n \n
\n Regarding\n \n technical\n \n assistance,\n \n engineering,\n \n IT\n \n and\n \n various\n \n services,\n \n Italgas\n \n Group\n \n recognises\n \n revenues\n \n at \n the\n \n time\n \n of\n \n the\n \n delivery\n \n of\n \n service\n \n (point\n \n in\n \n time)\n \n to\n \n customers.\n \n \n The\n \n services\n \n are\n \n invoiced\n \n to\n \n customers\n \n based \n on\n \n the\n \n contractually\n \n agreed\n \n prices\n \n for\n \n regulated\n \n activities\n \n or\n \n the\n \n prices\n \n defined\n \n by\n \n the\n \n Network\n \n Code, \n concerning ancillary activities to the gas distribution service.\n \n
\n \n
\n Dividends received\n
\n
\n Dividends\n \n are\n \n recognised\n \n at\n \n the\n \n date\n \n of\n \n the\n \n resolution\n \n passed\n \n by\n \n the\n \n Shareholders\u2019\n \n Meeting,\n \n unless\n \n it\n \n is\n \n not \n reasonably certain that the shares will be sold before the ex-dividend date.\n
\n \n \n
\n Costs\n
\n
\n Costs\n \n are\n \n recognised\n \n in\n \n the\n \n period\n \n when\n \n they\n \n relate\n \n to\n \n goods\n \n and\n \n services\n \n sold\n \n or\n \n consumed\n \n during\n \n the\n \n same \n period or when it is not possible to identify their future use.\n
\n
\n Costs sustained for share capital increases are recorded as a reduction of equity, net of taxes.\n
\n \n \n \n
\n Energy efficiency certificates\n
\n \n
\n The\n \n Energy\n \n Efficiency\n \n Certificates\n \n purchased\n \n during\n \n the\n \n year\n \n are\n \n entered\n \n in\n \n the\n \n income\n \n statement\n \n at\n \n the\n \n cost \n borne.\n \n The\n \n relevant\n \n contribution\n \n that\n \n CSEA\n \n will\n \n pay\n \n at\n \n the\n \n time\n \n the\n \n certificates\n \n are\n \n cancelled\n \n is\n \n booked\n \n as\n \n a \n reduction\n \n of\n \n the\n \n cost\n \n borne\n \n and\n \n is\n \n calculated\n \n based\n \n on\n \n the\n \n repayment\n \n price\n \n scheduled\n \n at\n \n year-end.\n \n A\n \n special \n risk\n \n provision\n \n is\n \n allocated\n \n to\n \n cover\n \n the\n \n future\n \n expected\n \n charges\n \n to\n \n fulfil\n \n the\n \n year\u2019s\n \n objective\n \n calculated\n \n as\n \n the \n difference between the cost to be borne and its cancellation contribution. \n
\n \n \n
\n Income taxes\n
\n \n
\n Current\n \n income\n \n taxes\n \n are\n \n calculated\n \n by\n \n estimating\n \n the\n \n taxable\n \n income.\n \n Receivables\n \n and\n \n payables\n \n for\n \n current \n income\n \n taxes\n \n are\n \n recognised\n \n based\n \n on\n \n the\n \n amount\n \n which\n \n is\n \n expected\n \n to\n \n be\n \n paid/recovered\n \n to/from\n \n the\n \n tax \n authorities under the prevailing tax regulations and rates or those essentially approved at the reporting date.\n
\n
\n Regarding\n \n Italian\n \n corporation\n \n tax\n \n (\u201cIRES\u201d),\n \n Italgas\n \n has\n \n exercised\n \n the\n \n option\n \n to\n \n join\n \n the\n \n national\n \n tax\n \n consolidation \n scheme,\n \n to\n \n which\n \n the\n \n consolidated\n \n companies\n \n Italgas,\n \n Italgas\n \n Reti,\n \n Italgas\n \n Newco,\n \n Bludigit,\n \n Nepta,\n \n Geoside, \n Acqua,\n \n Idrolatina\n \n and\n \n Idrosicilia\n \n have\n \n officially\n \n signed\n \n up.\n \n The\n \n projected\n \n payable\n \n is\n \n recognised\n \n under\n \n \u201cCurrent \n income tax liabilities\u201d.\n
\n
\n The\n \n regulations\n \n governing\n \n Italgas\n \n Group\n \n companies\u2019\n \n participation\n \n in\n \n the\n \n national\n \n tax\n \n consolidation\n \n scheme \n stipulates that:\n
\n
\n \u2022\n subsidiaries\n \n with\n \n positive\n \n taxable\n \n income\n \n pay\n \n the\n \n amount\n \n due\n \n to\n \n Italgas.\n \n The\n \n taxable\n \n income\n \n of\n \n the\n \n subsidiary, \n used\n \n to\n \n determine\n \n the\n \n tax,\n \n is\n \n adjusted\n \n to\n \n account\n \n for\n \n the\n \n recovery\n \n of\n \n negative\n \n components\n \n that\n \n would\n \n have\n \n been \n non-deductible\n \n without\n \n the\n \n consolidation\n \n scheme\n \n (e.g.\n \n interest\n \n expense),\n \n and\n \n any\n \n negative\n \n taxable\n \n income \n relating to the subsidiary\u2019s equity investments in consolidated companies;\n
\n
\n \u2022\n subsidiaries\n \n with\n \n negative\n \n taxable\n \n income,\n \n if\n \n and\n \n insofar\n \n as\n \n they\n \n have\n \n prospective\n \n profitability\n \n which,\n \n without \n the\n \n national\n \n tax\n \n consolidation\n \n scheme,\n \n would\n \n have\n \n enabled\n \n them\n \n to\n \n recognise\n \n deferred\n \n tax\n \n assets\n \n related\n \n to\n \n the \n negative\n \n taxable\n \n income\n \n on\n \n the\n \n separate\n \n financial\n \n statements,\n \n receive\n \n from\n \n their\n \n shareholders\n \n \u2013\n \n in\n \n the\n \n event\n \n that \n these\n \n are\n \n companies\n \n with\n \n a\n \n positive\n \n taxable\n \n income\n \n or\n \n a\n \n negative\n \n taxable\n \n income\n \n with\n \n prospective\n \n profitability \n \u2013\n \n or\n \n from\n \n Italgas\n \n in\n \n other\n \n cases,\n \n compensation\n \n amounting\n \n to\n \n the\n \n lower\n \n of\n \n the\n \n tax\n \n saving\n \n realised\n \n by\n \n the\n \n Group \n and the aforementioned deferred tax assets.\n
\n \n
\n Tax\n \n receivables\n \n and\n \n tax\n \n payables\n \n on\n \n Italian\n \n regional\n \n production\n \n tax\n \n (\u201cIRAP\u201d)\n \n are\n \n recognised\n \n under\n \n the\n \n item \n \u201cCurrent tax liabilities\u201d and \u201cCurrent tax receivables\u201d, respectively.\n
\n \n
\n As for Greece, corporate income tax is calculated according to the tax laws in force in the country. \n
\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n liabilities\n \n are\n \n calculated\n \n on\n \n the\n \n timing\n \n differences\n \n between\n \n the\n \n values\n \n of\n \n the\n \n assets \n and\n \n liabilities\n \n entered\n \n in\n \n the\n \n balance\n \n sheet\n \n and\n \n the\n \n corresponding\n \n values\n \n recognised\n \n for\n \n tax\n \n purposes,\n \n based \n on\n \n the\n \n prevailing\n \n tax\n \n regulations\n \n and\n \n rates\n \n or\n \n those\n \n essentially\n \n approved\n \n for\n \n future\n \n years.\n \n Deferred\n \n tax\n \n assets \n are\n \n recognised\n \n when\n \n their\n \n recovery\n \n is\n \n considered\n \n probable;\n \n specifically,\n \n the\n \n recoverability\n \n of\n \n deferred\n \n tax \n
\n \n \n
\n \n
\n \n \n assets\n \n is\n \n considered\n \n probable\n \n when\n \n taxable\n \n income\n \n is\n \n expected\n \n to\n \n be\n \n available\n \n in\n \n the\n \n period\n \n in\n \n which\n \n the \n temporary\n \n difference\n \n is\n \n cancelled,\n \n allowing\n \n the\n \n activation\n \n of\n \n the\n \n tax\n \n deduction.\n \n Similarly,\n \n unused\n \n tax\n \n receivables \n and\n \n deferred\n \n tax\n \n assets\n \n on\n \n tax\n \n losses\n \n are\n \n recognised\n \n up\n \n to\n \n the\n \n limit\n \n of\n \n recoverability;\n \n with\n \n reference\n \n to\n \n deferred \n tax assets, their recoverability is verified at least annually.\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n deferred\n \n tax\n \n liabilities\n \n are\n \n classified\n \n under\n \n non-current\n \n assets\n \n and\n \n liabilities\n \n and\n \n are \n offset\n \n at\n \n individual\n \n company\n \n level,\n \n if\n \n they\n \n refer\n \n to\n \n taxes\n \n that\n \n can\n \n be\n \n offset\n \n and/or\n \n at\n \n the\n \n level\n \n of\n \n the\n \n consolidating \n company\n \n in\n \n the\n \n presence\n \n of\n \n the\n \n taxation\n \n regime\n \n provided\n \n by\n \n the\n \n National\n \n Tax\n \n Consolidation.\n \n The\n \n balance\n \n of \n the\n \n offsetting,\n \n if\n \n it\n \n results\n \n in\n \n an\n \n asset,\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n assets\u201d;\n \n if\n \n it\n \n results\n \n in\n \n a\n \n liability, \n it\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n liabilities\u201d.\n \n When\n \n the\n \n results\n \n of\n \n transactions\n \n are\n \n recognised\n \n directly \n in equity, deferred tax assets and liabilities, and current taxes are also recognised to equity.\n
\n
\n In\n \n the\n \n presence\n \n of\n \n uncertainties\n \n in\n \n the\n \n application\n \n of\n \n tax\n \n regulations:\n \n (i)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n likely \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the\n \n uncertain\n \n tax\n \n treatment,\n \n income\n \n taxes\n \n (current\n \n and/or\n \n deferred)\n \n to\n \n be \n recognized\n \n in\n \n the\n \n financial\n \n statements\n \n are\n \n determined\n \n based\n \n on\n \n the\n \n tax\n \n treatment\n \n applied\n \n or\n \n expected\n \n to\n \n be \n applied\n \n in\n \n the\n \n tax\n \n return;\n \n (ii)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n unlikely\n \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the \n uncertain\n \n tax\n \n treatment,\n \n the\n \n uncertainty\n \n is\n \n reflected\n \n in\n \n the\n \n determination\n \n of\n \n income\n \n taxes\n \n (current\n \n and/or \n deferred) to be recognized in the financial statements.\n
\n \n \n \n \n
\n Operating segments\n
\n \n \n
\n The\n \n segment\n \n reporting\n \n was\n \n prepared\n \n in\n \n accordance\n \n with\n \n the\n \n provisions\n \n of\n \n IFRS\n \n 8,\n \n therefore,\n \n the\n \n identification \n of\n \n operating\n \n segments\n \n and\n \n the\n \n information\n \n presented\n \n is\n \n defined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n internal\n \n reporting\n \n used\n \n by \n management\n \n for\n \n the\n \n purposes\n \n of\n \n allocating\n \n resources\n \n to\n \n the\n \n various\n \n segments\n \n and\n \n analysing\n \n their \n performance. \n
\n
\n An\n \n operating\n \n segment\n \n is\n \n defined\n \n by\n \n IFRS\n \n 8\n \n as\n \n a\n \n component\n \n of\n \n an\n \n entity\n \n that:\n \n (i)\n \n engages\n \n in\n \n revenue-\n \n and\n \n cost- \n generating\n \n business\n \n activities\n \n (including\n \n revenues\n \n and\n \n expenses\n \n relating\n \n to\n \n transactions\n \n with\n \n other \n components\n \n of\n \n the\n \n same\n \n entity);\n \n (ii)\n \n whose\n \n operating\n \n results\n \n are\n \n reviewed\n \n periodically\n \n at\n \n the\n \n entity's\n \n highest \n operational\n \n decision-making\n \n level\n \n for\n \n the\n \n purpose\n \n of\n \n making\n \n decisions\n \n about\n \n resources\n \n to\n \n be\n \n allocated\n \n to\n \n the \n segment and assessing performance; and (iii) for which separate financial statement information is available. \n
\n
\n With respect to the 2025 financial year, the reportable segments in accordance with IFRS 8 are: \n
\n
\n - \n Gas distribution; \n
\n
\n - \n Water service; \n
\n
\n - \n Energy efficiency; \n
\n
\n - \n Corporate. \n
\n
\n The\n \n Group\n \n operates\n \n mainly\n \n in\n \n Gas\n \n distribution\n \n and\n \n metering\n \n services,\n \n and\n \n residually\n \n active\n \n in\n \n water\n \n service \n and\n \n energy\n \n service\n \n company\n \n (ESCo)\n \n business.\n \n Corporate\n \n segment\n \n refers\n \n to\n \n services\n \n carried\n \n out\n \n exclusively \n in support of the other business (i.e.: administrative, tax and legal services, HR management, IT services). \n
\n
\n Gas\n \n Distribution\n \n segment\n \n aggregates\n \n the\n \n activities\n \n carried\n \n out\n \n in\n \n Italy\n \n and\n \n Greece,\n \n reflecting\n \n the\n \n structure\n \n of \n the\n \n internal\n \n reporting\n \n that\n \n is\n \n periodically\n \n analyzed\n \n by\n \n the\n \n management\n \n to\n \n manage\n \n and\n \n plan\n \n the\n \n Group's \n business.\n \n The\n \n management\n \n has,\n \n in\n \n fact,\n \n considered\n \n that\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n Greece\n \n shares \n similar\n \n characteristics,\n \n both\n \n from\n \n an\n \n economic\n \n and\n \n regulatory\n \n perspective,\n \n taking\n \n into\n \n account\n \n the\n \n following \n aspects: \n
\n
\n a) \n nature of the products and services, i.e. gas distribution and metering; \n
\n
\n b) \n nature\n \n of\n \n the\n \n production\n \n processes,\n \n i.e.\n \n the\n \n development\n \n and\n \n maintenance\n \n of\n \n assets\n \n related\n \n to\n \n the\n \n gas \n distribution service under concession; \n
\n
\n c) \n type or class of customer according to their products or services, i.e. sales companies; \n
\n \n \n
\n \n \n \n
\n d) \n methods\n \n used\n \n to\n \n distribute\n \n its\n \n products\n \n or\n \n provide\n \n its\n \n services;\n \n i.e.\n \n the\n \n transport\n \n of\n \n gas\n \n through\n \n local \n pipeline networks; \n
\n
\n e) \n nature\n \n of\n \n the\n \n regulatory\n \n environment,\n \n i.e.\n \n the\n \n operation\n \n of\n \n a\n \n regulated\n \n business\n \n that\n \n is\n \n essentially \n based\n \n on\n \n the\n \n return\n \n on\n \n invested\n \n capital\n \n and\n \n the\n \n coverage\n \n of\n \n costs\n \n incurred\n \n by\n \n the\n \n operator.\n \n In\n \n fact, \n both\n \n regulatory\n \n systems\n \n guarantee\n \n a\n \n return\n \n on\n \n investment\n \n and\n \n coverage\n \n of\n \n the\n \n management\n \n costs \n regardless\n \n of\n \n volumes\n \n and\n \n the\n \n WACC\n \n formulas.\n \n They\n \n are\n \n entirely\n \n similar\n \n and\n \n essentially\n \n able\n \n to \n neutralise differences in risk between the two countries; \n
\n
\n Therefore,\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n in\n \n Greece\n \n are\n \n combined\n \n in\n \n the\n \n \u201cGas\n \n distribution\u201d\n \n operating \n segment.\n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact474": { "value": "\n
\n Property, plant and equipment\n
\n
\n Property,\n \n plant\n \n and\n \n equipment\n \n are\n \n recognised\n \n at\n \n the\n \n purchase\n \n or\n \n production\n \n cost,\n \n including\n \n directly\n \n attributable\n \n ancillary\n \n costs\n \n needed\n \n to\n \n make\n \n the\n \n assets \n available for use. \n
\n
\n Property, plant and equipment may not be revalued, even through the application of specific laws.\n
\n \n Costs\n \n for\n \n improvements,\n \n upgrades\n \n and\n \n transformations\n \n that\n \n increase\n \n the\n \n value\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n are\n \n recognized\n \n as\n \n assets\n \n when\n \n it\n \n is\n \n probable \n that\n \n they\n \n will\n \n increase\n \n the\n \n future\n \n expected\n \n economic\n \n benefits.\n \n Replacement\n \n costs\n \n of\n \n identifiable\n \n components\n \n of\n \n complex\n \n assets\n \n are\n \n recognized\n \n as\n \n assets\n \n and \n depreciated\n \n over\n \n their\n \n useful\n \n life.\n \n The\n \n residual\n \n carrying\n \n amount\n \n of\n \n the\n \n replaced\n \n component\n \n is\n \n charged\n \n to\n \n the\n \n income\n \n statement.\n \n \n Ordinary\n \n maintenance\n \n and \n repair expenses are recognized to the income statement in the period when they are incurred.\n \n
\n If\n \n impairment\n \n indicators\n \n are\n \n present,\n \n the\n \n carrying\n \n amount\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n is\n \n tested\n \n for\n \n potential\n \n impairment\n \n (refer\n \n to\n \n the\n \n section\n \n \u201cImpairment \n of property, plant and equipment and intangible assets with a finite useful life\u201d for further details).\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact515": { "value": "\n Ordinary\n \n maintenance\n \n and \n repair expenses are recognized to the income statement in the period when they are incurred.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact475": { "value": "\n
\n Rights of use \n
\n
\n A\n \n contract\n \n is,\n \n or\n \n contains,\n \n a\n \n lease\n \n if\n \n it\n \n grants\n \n an\n \n entity\n \n the\n \n right\n \n to\n \n control\n \n the\n \n use\n \n of\n \n an\n \n identified\n \n asset\n \n for\n \n a\n \n certain\n \n period\n \n of\n \n time\n \n in\n \n exchange\n \n for\n \n a\n \n consideration.\n
\n
\n For\n \n leases\n \n with\n \n a\n \n term\n \n over\n \n 12\n \n months,\n \n (i)\n \n an\n \n asset,\n \n within\n \n the\n \n \u201cProperty,\n \n plant\n \n and\n \n equipment\u201d,\n \n as\n \n the\n \n right\n \n of\n \n use\n \n of\n \n the\n \n asset\n \n and\n \n (ii)\n \n a\n \n financial\n \n liability, \n representing\n \n the\n \n obligation\n \n to\n \n make\n \n the\n \n lease\n \n payments\n \n envisaged\n \n by\n \n the\n \n contract,\n \n are\n \n recognised\n \n to\n \n the\n \n financial\n \n statements\n \n at\n \n the\n \n commencement\n \n date, \n when the asset is made available for use.\n
\n
\n The cost of the asset consisting of right of use includes:\n
\n
\n a)\n the amount of the initial measurement of the lease liability; \n
\n
\n b)\n lease payments due on or before the commencement date, net of any lease incentives received; \n
\n
\n c)\n initial direct costs incurred;\n
\n
\n d)\n costs for dismantling and restoring the site.\n
\n
\n Lease\n \n liabilities\n \n include\n \n the\n \n following\n \n payments\n \n for\n \n the\n \n right\n \n to\n \n use\n \n the\n \n underlying\n \n asset\n \n over\n \n the\n \n lease\n \n term\n \n that\n \n remain\n \n unpaid\n \n as\n \n at\n \n the\n \n commencement\n \n date: \n
\n
\n a)\n fixed payments, net of any lease incentives receivable;\n
\n
\n b)\n variable payments due for the lease that depend on an index or rate;\n
\n
\n c)\n amounts payable as residual value guarantees; \n
\n
\n d)\n the exercise price of the purchase option when it is the reasonably certain the option will be exercised; \n
\n
\n e)\n termination penalties when the lease is expected to be terminated. \n
\n
\n The\n \n discount\n \n rate\n \n used\n \n is\n \n the\n \n implicit\n \n interest\n \n rate\n \n of\n \n the\n \n lease\n \n for\n \n the\n \n lease\n \n term.\n \n If\n \n this\n \n rate\n \n cannot\n \n be\n \n easily\n \n determined,\n \n the\n \n Group\u2019s\n \n incremental\n \n borrowing \n rate, taking into account the frequency and payments under the lease agreement, is used.\n
\n
\n After\n \n initial\n \n recognition,\n \n the\n \n right-of-use\n \n asset\n \n is\n \n systematically\n \n amortised\n \n over\n \n each\n \n period,\n \n at\n \n the\n \n lower\n \n of\n \n the\n \n lease\n \n term\n \n and\n \n the\n \n residual\n \n useful\n \n life\n \n of\n \n the \n underlying\n \n asset.\n \n Amortisation\n \n begins\n \n on\n \n the\n \n lease\n \n commencement\n \n date.\n \n In\n \n the\n \n event\n \n of\n \n impairment,\n \n regardless\n \n of\n \n the\n \n amortisation\n \n already\n \n recognized,\n \n the \n asset is written down in accordance with the criteria outlined in the Impairment of non-financial assets principle.\n
\n
\n Lease\n \n term\n \n is\n \n calculated\n \n by\n \n considering\n \n the\n \n \u201cnon-cancellable\u201d\n \n period,\n \n together\n \n with\n \n periods\n \n covered\n \n by\n \n an\n \n extension\n \n or\n \n early\n \n termination\n \n option,\n \n whose \n exercise\n \n is\n \n deemed\n \n reasonably\n \n certain\n \n using\n \n information\n \n available\n \n at\n \n the\n \n inception\n \n date.\n \n In\n \n significant\n \n changes\n \n occur\n \n in\n \n facts\n \n and\n \n circumstances\n \n under\n \n the \n Group\u2019s control that would modify the assessment of the reasonable certainty of exercising the options, the Group will reassess the lease term.\n
\n
\n As\n \n permitted\n \n by\n \n IFRS\n \n 16,\n \n the\n \n Group\n \n has\n \n applied\n \n the\n \n exemptions\n \n for\n \n short-term\n \n leases,\n \n i.e.\n \n leases\n \n with\n \n a\n \n duration\n \n of\n \n less\n \n than\n \n 12\n \n months,\n \n and\n \n for\n \n leases \n related to assets of low value.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact501": { "value": "\n
\n Depreciation of property, plant and equipment\n
\n
\n Property,\n \n plant\n \n and\n \n equipment\n \n are\n \n systematically\n \n depreciated\n \n on\n \n a\n \n straight-line\n \n basis\n \n over\n \n their\n \n useful\n \n life,\n \n defined\n \n as\n \n the\n \n period\n \n during\n \n which\n \n the\n \n asset\n \n is \n expected to be usable by the entity. Depreciation begins when the asset is available and ready for use.\n
\n
\n The\n \n depreciable\n \n amount\n \n is\n \n represented\n \n by\n \n the\n \n carrying\n \n amount,\n \n reduced\n \n by\n \n the\n \n estimated\n \n net\n \n realisable\n \n value\n \n at\n \n the\n \n end\n \n of\n \n its\n \n useful\n \n life,\n \n if\n \n significant\n \n and \n reasonably determinable. \n
\n
\n The table below shows the annual depreciation rates used for the current year, unchanged from the comparative year:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Annual depreciation rate (%) \n

\n
\n

\n Land and building\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Industrial buildings\n

\n 		\n

\n 2%\n

\n
\n

\n - Civil buildings \n

\n 		\n

\n 3%\n

\n
\n

\n Plant and equipment\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other plant and equipment \n

\n 		\n

\n 4% - 8.3%\n

\n
\n

\n Industrial and commercial equipment\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Office furniture and machinery\n

\n 		\n

\n 10% - 33.3%\n

\n
\n

\n - Vehicles\n

\n 		\n

\n 20% - 25%\n

\n
\n

\n Rights of use\n

\n 		\n

\n Depending on the term \n

\n

\n of the lease agreements\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n When\n \n an\n \n item\n \n included\n \n in\n \n \u201cProperty,\n \n plant\n \n and\n \n equipment\u201d\n \n consists\n \n of\n \n several\n \n significant\n \n components\n \n with\n \n different\n \n useful\n \n lives,\n \n depreciation\n \n is\n \n applied\n \n to \n each component separately (\u201ccomponent approach\u201d). \n
\n
\n Land,\n \n even\n \n when\n \n purchased\n \n together\n \n with\n \n a\n \n building,\n \n construction\n \n in\n \n progress,\n \n advances\n \n and\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not\n \n depreciated\n \n (for\n \n more\n \n details,\n \n refer \n to section \u201cAssets held for sale\u201d).\n
\n
\n Depreciation\n \n rates\n \n are\n \n reviewed\n \n annually\n \n and\n \n adjusted\n \n if\n \n no\n \n longer\n \n appropriately\n \n reflect\n \n the\n \n expected\n \n future\n \n benefits.\n \n Any\n \n changes\n \n to\n \n the\n \n depreciation\n \n plan, \n resulting\n \n in\n \n a\n \n revision\n \n of\n \n the\n \n asset\u2019s\n \n useful\n \n life,\n \n its\n \n residual\n \n value\n \n or\n \n the\n \n method\n \n of\n \n obtaining\n \n economic\n \n benefits\n \n from\n \n the\n \n asset\n \n is\n \n recognised\n \n for\n \n prospectively.\n
\n
\n Assets that can be freely transferred are depreciated over the term of the concession or the asset\u2019s useful life, if shorter.\n
\n \n
\n Amortisation of intangible assets\n
\n
\n Intangible\n \n assets\n \n with\n \n a\n \n defined\n \n useful\n \n life\n \n are\n \n amortised\n \n systematically\n \n over\n \n their\n \n useful\n \n life,\n \n defined\n \n as\n \n the \n period\n \n in\n \n which\n \n the\n \n asset\n \n is\n \n expected\n \n to\n \n be\n \n usable\n \n by\n \n the\n \n entity.\n \n Amortisation\n \n begins\n \n when\n \n the\n \n intangible\n \n asset \n is available for use.\n
\n
\n The\n \n amount\n \n to\n \n be\n \n amortised\n \n is\n \n the\n \n carrying\n \n value,\n \n reduced\n \n by\n \n the\n \n estimated\n \n net\n \n realisable\n \n value\n \n at\n \n the\n \n end\n \n of \n its useful life if significant and reasonably determined.\n
\n
\n The\n \n table\n \n below\n \n shows\n \n the\n \n annual\n \n amortisation\n \n rates\n \n used\n \n for\n \n the\n \n current\n \n year,\n \n unchanged\n \n from\n \n the \n comparative year:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Annual depreciation rate (%) \n

\n
\n

\n Patent rights and intellectual property rights\n

\n 		\n

\n 20% - 33.3%\n

\n
\n

\n Concession expenses\n

\n 		\n

\n Depending on the term\n

\n

\n of the agreement\n

\n
\n

\n Land and buildings (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Industrial buildings\n

\n 		\n

\n 1.67% - 5%\n

\n
\n

\n - Other constructions\n

\n 		\n

\n 9% - 10%\n

\n
\n

\n Plant and equipment (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Network\n

\n 		\n

\n 1.67% - 5%\n

\n
\n

\n - Principal and secondary facilities \n

\n 		\n

\n 4% - 6%\n

\n
\n

\n - Derivation plants\n

\n 		\n

\n 2% - 10%\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Industrial and commercial equipment (concession agreements)\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Metering and control equipment\n

\n 		\n

\n 6.7% - 20%\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact498": { "value": "\n Intangible assets\n
\n Intangible\n \n assets\n \n are\n \n assets\n \n without\n \n identifiable\n \n physical\n \n substance,\n \n but\n \n are\n \n identifiable,\n \n controlled\n \n by\n \n the \n company\n \n and\n \n capable\n \n of\n \n producing\n \n future\n \n economic\n \n benefits,\n \n as\n \n well\n \n as\n \n goodwill,\n \n when\n \n acquired\n \n for \n consideration.\n \n Intangible\n \n assets\n \n are\n \n recognised\n \n at\n \n the\n \n cost\n \n of\n \n purchase\n \n or\n \n internal\n \n production,\n \n when\n \n its \n probable that their use will generate future economic benefits and their cost can be reliably determined. \n
\n
\n Revaluations are not permitted, even under specific laws.\n
\n \n
\n Development\n \n costs\n \n are\n \n recognised\n \n as\n \n intangible\n \n assets\n \n only\n \n when\n \n the\n \n Group\n \n can\n \n prove\n \n the\n \n technical\n \n feasibility \n of\n \n completing\n \n the\n \n intangible\n \n asset,\n \n as\n \n well\n \n as\n \n the\n \n ability,\n \n intention\n \n and\n \n availability\n \n of\n \n resources\n \n to\n \n complete\n \n the \n asset for use or sale. Research costs are recognised in the income statement.\n
\n \n
\n Intangible\n \n assets\n \n with\n \n a\n \n defined\n \n useful\n \n life\n \n are\n \n measured\n \n at\n \n cost,\n \n net\n \n of\n \n accumulated\n \n amortisation\n \n and \n impairment losses. \n
\n
\n Goodwill\n \n and\n \n other\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n are\n \n not\n \n amortised\n \n but\n \n are\n \n tested\n \n for \n impairment\n \n at\n \n each\n \n reporting\n \n date,\n \n as\n \n required\n \n by\n \n IAS\n \n 36,\n \n to\n \n determine\n \n if\n \n any\n \n impairment\n \n losses\n \n need\n \n to\n \n be \n reflected in the financial statements.\n
\n
\n Intangible\n \n assets\n \n are\n \n derecognised\n \n when\n \n the\n \n disposal\n \n of\n \n or\n \n when\n \n no\n \n future\n \n economic\n \n benefit\n \n is\n \n expected\n \n from \n their use; the related gain or loss is recognised in the income statement.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact514": { "value": "\n
\n Development\n \n costs\n \n are\n \n recognised\n \n as\n \n intangible\n \n assets\n \n only\n \n when\n \n the\n \n Group\n \n can\n \n prove\n \n the\n \n technical\n \n feasibility \n of\n \n completing\n \n the\n \n intangible\n \n asset,\n \n as\n \n well\n \n as\n \n the\n \n ability,\n \n intention\n \n and\n \n availability\n \n of\n \n resources\n \n to\n \n complete\n \n the \n asset for use or sale. Research costs are recognised in the income statement.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact476": { "value": "\n
\n Service concession arrangements \n
\n \n
\n Intangible\n \n assets\n \n include\n \n service\n \n concession\n \n agreements\n \n between\n \n the\n \n public\n \n and\n \n private\n \n sectors\n \n for\n \n the \n development,\n \n financing,\n \n management\n \n and\n \n maintenance\n \n of\n \n infrastructures\n \n under\n \n concession\n \n where\n \n the\n \n grantor: \n (i)\n \n controls\n \n or\n \n regulates\n \n the\n \n services\n \n provided\n \n by\n \n the\n \n operator\n \n through\n \n the\n \n infrastructure\n \n and\n \n the\n \n applicable \n price;\n \n and\n \n (ii)\n \n controls,\n \n through\n \n ownership,\n \n entitlement\n \n to\n \n benefits,\n \n or\n \n otherwise,\n \n any\n \n significant\n \n residual\n \n interest \n in\n \n the\n \n infrastructure\n \n at\n \n the\n \n end\n \n of\n \n the\n \n concession.\n \n The\n \n accounting\n \n provisions\n \n for\n \n the\n \n service\n \n concession \n agreements\n \n are\n \n applicable\n \n for\n \n the\n \n Italgas\n \n Group\n \n as\n \n a\n \n public\n \n service\n \n distributor\n \n of\n \n natural\n \n gas\n \n and\n \n other\n \n gases \n and\n \n the\n \n integrated\n \n water\n \n service\n \n or\n \n where\n \n Italgas\n \n Group\n \n is\n \n committed\n \n to\n \n providing\n \n the\n \n public\n \n service\n \n distribution \n of\n \n natural\n \n gas\n \n or\n \n the\n \n public\n \n water\n \n transport\n \n and\n \n distribution\n \n service\n \n at\n \n the\n \n tariff\n \n established\n \n in\n \n Italy\n \n by\n \n the\n \n Italian \n Regulatory\n \n Authority\n \n for\n \n Energy,\n \n Networks\n \n and\n \n Environment\n \n (ARERA)\n \n and\n \n in\n \n Greece\n \n by\n \n the\n \n Regulatory \n Authority\n \n for\n \n Energy\n \n Waste\n \n and\n \n Water\n \n (RAEWW\n \n or\n \n \u03a1\u0391AEY,\n \n each\n \n separately\n \n or\n \n jointly\n \n \u201cAuthority\u201d),\n \n holding\n \n the \n right to use the infrastructure, controlled by the grantor, to deliver the public service. \n
\n
\n The\n \n Group\n \n applies\n \n the\n \n intangible\n \n asset\n \n model\n \n as\n \n provided\n \n by\n \n IFRIC\n \n 12\n \n for\n \n accounting\n \n service\n \n concession \n agreements.\n \n The\n \n intangible\n \n asset\n \n is\n \n recognised\n \n at\n \n cost\n \n both\n \n at\n \n initial\n \n recognition\n \n and\n \n for\n \n subsequent \n recognition.\n \n Construction\n \n and\n \n improvements\n \n activities\n \n of\n \n network\n \n and\n \n other\n \n services\n \n are\n \n recognised\n \n and \n measured by applying IFRS 15.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact523": { "value": "\n
\n Intangible\n \n assets\n \n include\n \n service\n \n concession\n \n agreements\n \n between\n \n the\n \n public\n \n and\n \n private\n \n sectors\n \n for\n \n the \n development,\n \n financing,\n \n management\n \n and\n \n maintenance\n \n of\n \n infrastructures\n \n under\n \n concession\n \n where\n \n the\n \n grantor: \n (i)\n \n controls\n \n or\n \n regulates\n \n the\n \n services\n \n provided\n \n by\n \n the\n \n operator\n \n through\n \n the\n \n infrastructure\n \n and\n \n the\n \n applicable \n price;\n \n and\n \n (ii)\n \n controls,\n \n through\n \n ownership,\n \n entitlement\n \n to\n \n benefits,\n \n or\n \n otherwise,\n \n any\n \n significant\n \n residual\n \n interest \n in\n \n the\n \n infrastructure\n \n at\n \n the\n \n end\n \n of\n \n the\n \n concession.\n \n The\n \n accounting\n \n provisions\n \n for\n \n the\n \n service\n \n concession \n agreements\n \n are\n \n applicable\n \n for\n \n the\n \n Italgas\n \n Group\n \n as\n \n a\n \n public\n \n service\n \n distributor\n \n of\n \n natural\n \n gas\n \n and\n \n other\n \n gases \n and\n \n the\n \n integrated\n \n water\n \n service\n \n or\n \n where\n \n Italgas\n \n Group\n \n is\n \n committed\n \n to\n \n providing\n \n the\n \n public\n \n service\n \n distribution \n of\n \n natural\n \n gas\n \n or\n \n the\n \n public\n \n water\n \n transport\n \n and\n \n distribution\n \n service\n \n at\n \n the\n \n tariff\n \n established\n \n in\n \n Italy\n \n by\n \n the\n \n Italian \n Regulatory\n \n Authority\n \n for\n \n Energy,\n \n Networks\n \n and\n \n Environment\n \n (ARERA)\n \n and\n \n in\n \n Greece\n \n by\n \n the\n \n Regulatory \n Authority\n \n for\n \n Energy\n \n Waste\n \n and\n \n Water\n \n (RAEWW\n \n or\n \n \u03a1\u0391AEY,\n \n each\n \n separately\n \n or\n \n jointly\n \n \u201cAuthority\u201d),\n \n holding\n \n the \n right to use the infrastructure, controlled by the grantor, to deliver the public service. \n
\n
\n The\n \n Group\n \n applies\n \n the\n \n intangible\n \n asset\n \n model\n \n as\n \n provided\n \n by\n \n IFRIC\n \n 12\n \n for\n \n accounting\n \n service\n \n concession \n agreements.\n \n The\n \n intangible\n \n asset\n \n is\n \n recognised\n \n at\n \n cost\n \n both\n \n at\n \n initial\n \n recognition\n \n and\n \n for\n \n subsequent \n recognition.\n \n Construction\n \n and\n \n improvements\n \n activities\n \n of\n \n network\n \n and\n \n other\n \n services\n \n are\n \n recognised\n \n and \n measured by applying IFRS 15.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact477": { "value": "\n
\n Grants\n
\n
\n Capital\n \n grants\n \n granted\n \n by\n \n public\n \n authorities\n \n are\n \n recognised\n \n when\n \n there\n \n is\n \n reasonable\n \n certainty\n \n that\n \n the \n conditions\n \n set\n \n by\n \n the\n \n granting\n \n government\n \n agencies\n \n for\n \n their\n \n allocation\n \n will\n \n be\n \n met,\n \n and\n \n they\n \n are\n \n recognised\n \n as \n a reduction in the purchase price, contribution or production cost of the related assets. \n
\n
\n Operating\n \n grants\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n on\n \n an\n \n accrual\n \n basis,\n \n consistent\n \n with\n \n the\n \n relative\n \n costs \n incurred.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact467": { "value": "\n
\n Impairment of non-financial assets\n
\n
\n Impairment of property, plant and equipment and intangible assets with a finite useful life\n
\n
\n At\n \n least\n \n annually,\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n intangible\n \n assets\n \n with\n \n a\n \n finite\n \n useful\n \n life\n \n are\n \n assessed\n \n to \n verify the existence of internal and external indicators of potential impairment.\n
\n
\n If\n \n these\n \n indicators\n \n are\n \n present,\n \n recoverability\n \n is\n \n tested\n \n by\n \n comparing\n \n the\n \n carrying\n \n amount\n \n with\n \n its\n \n recoverable \n amount,\n \n as\n \n the\n \n higher\n \n of\n \n the\n \n fair\n \n value\n \n less\n \n costs\n \n to\n \n sell\n \n (see\n \n section\n \n \u201cFair\n \n value\n \n measurement\u201d)\n \n and\n \n the\n \n value \n in use.\n
\n
\n The\n \n assessment\n \n is\n \n carried\n \n out\n \n for\n \n each\n \n individual\n \n asset\n \n or\n \n for\n \n the\n \n smallest\n \n identifiable\n \n group\n \n of\n \n assets\n \n which, \n through\n \n continuous\n \n use,\n \n generate\n \n cash\n \n inflows\n \n largely\n \n independent\n \n of\n \n those\n \n of\n \n other\n \n assets\n \n or\n \n groups\n \n of\n \n assets \n (\u201c\n Cash-Generating Units\n \u201d or \u201c\n CGUs\n \u201d).\n
\n
\n The\n \n CGUs\n \n identified\n \n by\n \n the\n \n Group\u2019s\n \n are\n \n as\n \n follows:\n \n Distribution\n \n and\n \n metering\n \n of\n \n natural\n \n and\n \n other\n \n gases \n (regulated\n \n activity),\n \n Distribution\n \n and\n \n metering\n \n of\n \n natural\n \n gas\n \n abroad\n \n (regulated\n \n activity),\n \n Integrated\n \n water \n service (regulated activity), Other activities (ESCos).\n
\n
\n The\n \n recoverable\n \n amount\n \n of\n \n non-current\n \n non-financial\n \n assets\n \n that\n \n fall\n \n under\n \n the\n \n scope\n \n of\n \n regulated\n \n activities\n \n is \n determined\n \n by\n \n considering:\n \n (i)\n \n the\n \n amount\n \n quantified\n \n by\n \n the\n \n Authority\n \n based\n \n on\n \n the\n \n rules\n \n that\n \n define\n \n the\n \n tariffs \n for\n \n the\n \n provision\n \n of\n \n the\n \n services\n \n for\n \n which\n \n they\n \n are\n \n intended;\n \n (ii)\n \n the\n \n possible\n \n value\n \n that\n \n the\n \n Group\n \n expects\n \n to \n recover\n \n from\n \n their\n \n sale\n \n or\n \n at\n \n the\n \n end\n \n of\n \n the\n \n concession\n \n regulating\n \n the\n \n service;\n \n (iii)\n \n the\n \n value\n \n of\n \n the\n \n expected \n cash\n \n flows\n \n deriving\n \n from\n \n the\n \n use\n \n of\n \n the\n \n asset\n \n and,\n \n if\n \n significant\n \n and\n \n reasonably\n \n determined,\n \n from\n \n its\n \n sale\n \n at\n \n the \n end\n \n of\n \n its\n \n useful\n \n life,\n \n net\n \n of\n \n any\n \n disposal\n \n costs;\n \n these\n \n cash\n \n flows\n \n are\n \n discounted\n \n at\n \n a\n \n rate\n \n that\n \n reflects\n \n the\n \n current \n market\n \n conditions\n \n for\n \n the\n \n time\n \n value\n \n of\n \n money\n \n and\n \n specific\n \n risks\n \n of\n \n the\n \n asset\n \n not\n \n reflected\n \n in\n \n the\n \n estimated \n cash flows.\n
\n
\n Similarly\n \n to\n \n what\n \n happens\n \n for\n \n the\n \n quantification\n \n of\n \n tariffs,\n \n the\n \n quantification\n \n of\n \n the\n \n recoverable\n \n amount\n \n of\n \n the \n assets within the scope of regulated activities is also based on the applicable current regulatory provisions. \n
\n
\n The\n \n value\n \n in\n \n use\n \n of\n \n non-current\n \n non-financial\n \n assets\n \n not\n \n within\n \n the\n \n scope\n \n of\n \n the\n \n regulated\n \n activities\n \n is \n determined\n \n by\n \n discounting\n \n the\n \n expected\n \n cash\n \n flows\n \n resulting\n \n from\n \n the\n \n use\n \n of\n \n the\n \n asset\n \n and,\n \n if\n \n significant\n \n and \n reasonably\n \n determined,\n \n from\n \n its\n \n sale\n \n at\n \n the\n \n end\n \n of\n \n its\n \n useful\n \n life,\n \n net\n \n of\n \n any\n \n disposal\n \n costs.\n \n Cash\n \n flows\n \n are \n determined\n \n based\n \n on\n \n reasonable,\n \n documentable\n \n assumptions\n \n representing\n \n the\n \n best\n \n estimate\n \n of\n \n future \n economic\n \n conditions\n \n expected\n \n to\n \n occur\n \n during\n \n the\n \n remaining\n \n useful\n \n life\n \n of\n \n the\n \n asset,\n \n with\n \n a\n \n greater\n \n emphasis \n on\n \n outside\n \n information.\n \n Discounting\n \n is\n \n done\n \n using\n \n a\n \n rate\n \n reflecting\n \n current\n \n market\n \n conditions\n \n for\n \n the\n \n time\n \n value \n of money and specific risks of the asset not reflected in the estimated cash flows.\n
\n
\n If\n \n the\n \n reasons\n \n for\n \n impairment\n \n no\n \n longer\n \n exist,\n \n assets\n \n are\n \n revised\n \n and\n \n the\n \n adjustment\n \n is\n \n recognised\n \n to\n \n the \n income\n \n statement.\n \n The\n \n adjustment\n \n is\n \n made\n \n at\n \n the\n \n lower\n \n of\n \n the\n \n recoverable\n \n amount\n \n and\n \n the\n \n carrying\n \n amount, \n gross\n \n of\n \n any\n \n previous\n \n impairments,\n \n reduced\n \n by\n \n the\n \n depreciation\n \n that\n \n would\n \n have\n \n been\n \n recognised\n \n if\n \n an \n impairment loss had not been recorded for the asset. \n
\n
\n Impairment\n \n of\n \n goodwill,\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n and\n \n intangible\n \n assets\n \n under\n \n construction\n
\n \n The\n \n recoverability\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n goodwill,\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n and \n intangible\n \n assets\n \n under\n \n construction\n \n is\n \n tested\n \n at\n \n least\n \n annually\n \n and\n \n whenever\n \n events\n \n occur\n \n that\n \n suggest\n \n a \n reduction\n \n in\n \n value.\n \n For\n \n goodwill,\n \n the\n \n test\n \n is\n \n performed\n \n at\n \n the\n \n level\n \n of\n \n the\n \n smallest\n \n group\n \n based\n \n on\n \n which\n \n the \n management\n \n evaluates,\n \n directly\n \n or\n \n indirectly,\n \n the\n \n return\n \n on\n \n investment,\n \n including\n \n goodwill\n \n itself.\n \n When\n \n the \n carrying\n \n amount\n \n of\n \n the\n \n CGU,\n \n including\n \n the\n \n goodwill\n \n allocated\n \n to\n \n it,\n \n exceeds\n \n the\n \n recoverable\n \n amount,\n \n the \n difference\n \n is\n \n the\n \n impairment,\n \n which\n \n is\n \n first\n \n allocated\n \n to\n \n goodwill\n \n up\n \n to\n \n its\n \n amount;\n \n any\n \n excess\n \n of\n \n the\n \n impairment \n over\n \n goodwill\n \n is\n \n allocated\n \n proportionally\n \n to\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n assets\n \n which\n \n constitute\n \n the\n \n CGU. \n Goodwill impairment losses cannot be reversed.\n \n

\n Impairment of non-financial assets\n

\n \n \n

\n Measurement of tangible and intangible assets, including goodwill, requires recording of these in the financial statements for a value no higher than their recoverable value (so-called \n Impairment test\n ). \n

\n

\n Recoverable amount is the higher of the \n fair value\n \n less cost to sell\n criteria and the value in use criteria. Having regard to the assets of regulated sectors, the \n fair value\n may be represented as follows: \n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the estimated value of net invested Capital updated to the reference date attributed to these assets for tariff purposes (RAB - Regulatory Asset Base) by the Authority. RAB is the reference basis for determining the service tariffs and, therefore, the cash flows generated from assets. The RAB value is defined using the revalued historical cost method for Fixed Capital net of capital grants and contributions received from users, and on a flat-rate basis for Working Capital and employee severance pay;\n
    2. \n
  2. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Greece, the estimated value of net invested capital updated to the reference date attributed to these assets for tariff purposes (RAB \u2013 Regulatory Asset Base) by the Authority, including the flat-rate value of the net working capital, where positive;\n
    3. \n
  3. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the reimbursement value (RV) valid for ATEM (Minimum Territorial Areas) tenders, which is the value to be paid to the operator selling the infrastructure after the tender procedure. In Greece, the reimbursement value is calculated as the value of the RAB at the date of interruption/expiry of the licence, increased by at least 15%;\n
    4. \n
  4. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n for the integrated water service, the estimated value of the Net Invested Capital recognized for tariff purposes by the Authority (CIN) adjusted for tariff adjustments (RC component of the Revenue Cap for the Operator, also called \u201cRecoverable difference\u201c).\n
    5. \n
\n

\n Value in use refers to:\n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n the present value of the future cash flows expected to be derived from the asset being measured. These flows are determined in line with the most recent business plan approved by management, which is based not only on developments in the regulations, but also on estimates relating to reference market trends and investment and divestment decisions. In the process of determining the recoverable value, flows are discounted at a discount rate (WACC post-tax) that reflects current market conditions, the time value of money and the specific risks of the asset\n \n .\n \n
    2. \n
\n

\n \u00a0\n

\n

\n More information on the impairment test carried out by the Group Management on property, Plant and equipment and on intangible Assets can be found in the \u201cImpairment of non-current non-financial assets\u201d section.\n

\n

\n The recoverable value is sensitive to the estimates and assumptions used to determine the total invested capital, cash flows and discount rates applied. Therefore, possible variations in the estimation of the factors on which the calculation of the aforesaid recoverable values is based could result in different measurements. \n

\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact478": { "value": "\n
\n Investments accounted for using the equity method\n
\n
\n Investments in joint ventures and associates are accounted for using the equity method.\n
\n
\n Under\n \n the\n \n equity\n \n method,\n \n investments\n \n in\n \n joint\n \n ventures\n \n and\n \n associates\n \n are\n \n initially\n \n recognised\n \n at\n \n cost\n \n and\n \n subsequently\n \n adjusted\n \n to\n \n account\n \n for:\n \n (i)\n \n the \n participant\u2019s\n \n share\n \n of\n \n the\n \n investee\u2019s\n \n profits\n \n or\n \n losses\n \n after\n \n the\n \n acquisition\n \n date,\n \n and\n \n (ii)\n \n the\n \n participant\u2019s\n \n share\n \n of\n \n other\n \n comprehensive\n \n income\n \n of\n \n the\n \n investee. \n Dividends\n \n paid\n \n out\n \n by\n \n the\n \n investee\n \n are\n \n recognised\n \n as\n \n a\n \n reduction\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n investment.\n \n For\n \n the\n \n application\n \n of\n \n the\n \n equity\n \n method, \n adjustments required for consolidation purposes are considered (see also the \u201cConsolidation principles\u201d section). \n
\n
\n In\n \n the\n \n case\n \n of\n \n acquiring\n \n a\n \n joint\n \n control\n \n in\n \n successive\n \n stages,\n \n the\n \n cost\n \n of\n \n the\n \n equity\n \n investment\n \n is\n \n measured\n \n as\n \n the\n \n sum\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n previously\n \n held \n interests\n \n and\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n consideration\n \n transferred\n \n at\n \n the\n \n date\n \n the\n \n equity\n \n investment\n \n is\n \n qualified\n \n as\n \n associated\n \n (or\n \n under\n \n joint\n \n control).\n \n The\n \n effect\n \n of \n revaluing\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n interest\n \n held\n \n before\n \n assuming\n \n the\n \n joint\n \n control\n \n (or\n \n significant\n \n influence)\n \n is\n \n recognized\n \n in\n \n the\n \n income\n \n statement, \n including\n \n any\n \n components\n \n recognised\n \n in\n \n other\n \n comprehensive\n \n income.\n \n The\n \n sale\n \n of\n \n equity\n \n investments\n \n resulting\n \n in\n \n the\n \n loss\n \n of\n \n joint\n \n control\n \n or\n \n significant \n influence\n \n over\n \n the\n \n investee\n \n results\n \n in\n \n the\n \n recognition\n \n in\n \n the\n \n income\n \n statement:\n \n (i)\n \n any\n \n gains\n \n or\n \n losses\n \n calculated\n \n as\n \n the\n \n difference\n \n between\n \n the\n \n consideration \n received\n \n and\n \n the\n \n corresponding\n \n portion\n \n of\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n disposed\n \n interest;\n \n (ii)\n \n the\n \n effect\n \n of\n \n revaluating\n \n any\n \n residual\n \n equity\n \n investment\n \n maintained, \n to\n \n align\n \n it\n \n with\n \n the\n \n relative\n \n fair\n \n value;\n \n and\n \n (iii)\n \n any\n \n amounts\n \n recognized\n \n in\n \n other\n \n comprehensive\n \n income\n \n relating\n \n to\n \n the\n \n equity\n \n investee\n \n that\n \n are\n \n required\n \n to\n \n be \n reclassified\n \n to\n \n the\n \n income\n \n statement.\n \n The\n \n value\n \n of\n \n any\n \n equity\n \n investment\n \n maintained,\n \n aligned\n \n with\n \n its\n \n fair\n \n value\n \n at\n \n the\n \n date\n \n of\n \n loss\n \n of\n \n joint\n \n control\n \n or\n \n significant \n influence, represents the new carrying amount and, therefore, the value for subsequent valuation according to the applicable valuation criteria.\n
\n
\n If\n \n there\n \n is\n \n objective\n \n evidence\n \n of\n \n impairment,\n \n the\n \n recoverability\n \n of\n \n the\n \n amount\n \n recognised\n \n is\n \n tested\n \n by\n \n comparing\n \n the\n \n carrying\n \n amount\n \n with\n \n the\n \n related \n recoverable value determined using the criteria indicated in the section \u201cImpairment of non-financial assets\u201d.\n
\n
\n When\n \n the\n \n reasons\n \n for\n \n the\n \n impairment\n \n losses\n \n no\n \n longer\n \n exist,\n \n equity\n \n investments\n \n are\n \n revalued\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n impairment\n \n losses\n \n entered\n \n with\n \n the \n effect posted to the income statement under \u201cIncome (expense) from equity investments\u201d.\n
\n
\n The\n \n parent\n \n company\u2019s\n \n share\n \n of\n \n any\n \n losses\n \n of\n \n the\n \n investee,\n \n exceeding\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n equity\n \n investment,\n \n is\n \n recognised\n \n in\n \n a\n \n special\n \n provision\n \n to \n the extent that the parent company is committed to fulfilling its legal or constructive obligations of the investee or, otherwise, covering its losses.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact457": { "value": "\n \n
\n Other minor equity investments\n
\n \n
\n Financial\n \n assets\n \n representing\n \n other\n \n minor\n \n equity\n \n investments,\n \n not\n \n held\n \n for\n \n trading,\n \n are\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income \n statement.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact480": { "value": "\n
\n Other minor equity investments\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact481": { "value": "\n
\n Inventories\n
\n
\n Inventories,\n \n including\n \n meters,\n \n are\n \n recorded\n \n at\n \n the\n \n lower\n \n of\n \n cost\n \n or\n \n production\n \n cost\n \n and\n \n net\n \n realisable\n \n value, \n which is the amount that the entity expects to receive from their sale in the ordinary course of business. \n
\n
\n The cost of inventories is determined using the weighted average cost method. \n
\n
\n The\n \n value\n \n of\n \n obsolete\n \n and\n \n slow-moving\n \n inventories\n \n is\n \n written\n \n down\n \n in\n \n relation\n \n to\n \n the\n \n possibility\n \n of\n \n use\n \n or \n realisation, through the allocation of a specific obsolescence fund.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact482": { "value": "\n
\n Cash and cash equivalents \n
\n
\n Cash\n \n and\n \n cash\n \n equivalents\n \n include\n \n cash\n \n on\n \n hand,\n \n on\n \n demand\n \n deposits,\n \n as\n \n well\n \n as\n \n other\n \n short-term\n \n financial \n assets\n \n with\n \n a\n \n maturity\n \n of\n \n no\n \n more\n \n than\n \n three\n \n months,\n \n readily\n \n convertible\n \n into\n \n cash\n \n and\n \n subject\n \n to\n \n a\n \n negligible \n risk of a change in their value.\n
\n
\n They are recorded at their nominal value, which corresponds to the \n fair value\n .\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact488": { "value": "\n
\n Financial instruments\n
\n
\n Financial\n \n instruments\n \n refer\n \n to\n \n any\n \n contracts\n \n that\n \n give\n \n rise\n \n to\n \n a\n \n financial\n \n asset\n \n for\n \n one\n \n entity\n \n and\n \n a\n \n financial \n liability\n \n or\n \n an\n \n equity\n \n instrument\n \n for\n \n another\n \n entity;\n \n they\n \n are\n \n recognised\n \n and\n \n measured\n \n in\n \n accordance\n \n with\n \n IAS \n 32 and IFRS 9.\n
\n \n \n
\n Financial assets - debt instruments\n
\n \n
\n \n \n Depending\n \n \n \n \n on\n \n the\n \n characteristics\n \n of\n \n the\n \n instrument\n \n and\n \n the\n \n business\n \n model\n \n adopted\n \n for\n \n its\n \n management, \n financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n are\n \n classified\n \n in\n \n the\n \n following\n \n three\n \n categories:\n \n (i)\n \n financial \n \n
\n \n \n
\n \n \n assets\n \n measured\n \n at\n \n amortised\n \n cost;\n \n (ii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in \n the\n \n other\n \n comprehensive\n \n income\n \n (\u201cOCI\u201d);\n \n (iii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised \n in the income statement.\n
\n Initial\n \n recognition\n \n is\n \n at\n \n fair\n \n value\n ;\n \n for\n \n trade\n \n receivables\n \n without\n \n a\n \n significant\n \n financial\n \n component,\n \n the\n \n initial \n carrying amount is represented by the transaction price. \n
\n
\n Following\n \n initial\n \n recognition,\n \n financial\n \n assets\n \n that\n \n generate\n \n cash\n \n flows\n \n representing\n \n only\n \n payments\n \n of\n \n capital \n and\n \n interest\n \n are\n \n measured\n \n at\n \n amortised\n \n cost\n \n if\n \n held\n \n with\n \n the\n \n aim\n \n of\n \n collecting\n \n the\n \n contractual\n \n cash\n \n flows\n \n (so-\n called\n \n \u201c\n hold-to-collect\n \u201d\n \n business\n \n model).\n \n Based\n \n on\n \n the\n \n amortised\n \n cost\n \n method,\n \n the\n \n initial\n \n carrying\n \n amount\n \n is \n then\n \n adjusted\n \n to\n \n account\n \n for\n \n principal\n \n repayments,\n \n any\n \n impairment\n \n losses\n \n and\n \n the\n \n amortisation\n \n of\n \n the\n \n difference \n between the repayment amount and the initial carrying amount. \n
\n
\n Amortisation\n \n is\n \n carried\n \n out\n \n using\n \n the\n \n effective\n \n internal\n \n interest\n \n rate,\n \n which\n \n represents\n \n the\n \n rate\n \n that\n \n would\n \n make \n equal, at initial recording, the present value of expected cash flows and the initial carrying amount. \n
\n
\n Receivables\n \n and\n \n other\n \n financial\n \n assets\n \n measured\n \n at\n \n amortised\n \n cost\n \n are\n \n presented\n \n in\n \n the\n \n statement\n \n of\n \n financial \n position net of any provision for impairment losses. \n
\n
\n Financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n where\n \n the\n \n business\n \n model\n \n provides\n \n both\n \n the\n \n possibility\n \n to \n collect\n \n contractual\n \n cash\n \n flows\n \n and\n \n realise\n \n capital\n \n gains\n \n through\n \n sales\n \n (so-called\n \n \u201chold-to-collect-and-sell\u201d \n business model) are measured at \n fair value\n with the effects recorded on OCI (\u201cFVTOCI\u201d). \n
\n
\n In\n \n this\n \n case,\n \n the\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n instrument\n \n are\n \n recognised\n \n in\n \n equity\n \n under\n \n other\n \n comprehensive \n income.\n \n The\n \n cumulative\n \n amount\n \n of\n \n the\n \n fair\n \n value\n \n changes,\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve\n \n for\n \n other \n comprehensive\n \n income,\n \n is\n \n reversed\n \n to\n \n the\n \n income\n \n statement\n \n upon\n \n the\n \n derecognition\n \n of\n \n the\n \n instrument.\n \n Interest \n income,\n \n calculated\n \n using\n \n the\n \n effective\n \n interest\n \n rate,\n \n exchange\n \n rate\n \n differences\n \n and\n \n impairment\n \n losses\n \n are \n recognised on the income statement.\n
\n
\n A\n \n financial\n \n asset\n \n representing\n \n a\n \n debt\n \n instrument\n \n that\n \n is\n \n not\n \n measured\n \n at\n \n amortised\n \n cost\n \n or\n \n at\n \n FVTOCI\n \n is \n measured at \n fair value\n with the effects recognised in the income statement (FVTPL). \n
\n
\n When\n \n the\n \n purchase\n \n or\n \n sale\n \n of\n \n financial\n \n assets\n \n is\n \n executed\n \n according\n \n to\n \n a\n \n contract\n \n that\n \n requires\n \n settlement\n \n and \n delivery\n \n of\n \n the\n \n asset\n \n within\n \n a\n \n certain\n \n number\n \n of\n \n days,\n \n set\n \n by\n \n the\n \n market\n \n control\n \n authorities\n \n or\n \n market \n agreements\n \n (e.g.\n \n purchase\n \n of\n \n securities\n \n on\n \n regulated\n \n markets),\n \n the\n \n transaction\n \n is\n \n recognised\n \n on\n \n the\n \n settlement \n date.\n
\n
\n Disposals\n \n of\n \n financial\n \n assets\n \n are\n \n derecognised\n \n from\n \n the\n \n financial\n \n position\n \n when\n \n the\n \n contractual\n \n rights\n \n to\n \n receive \n the associated cash flows from the financial instrument expire or are transferred to third parties.\n
\n \n \n \n
\n Impairment of financial assets\n
\n
\n Recoverability\n \n of\n \n financial\n \n assets\n \n representing\n \n debt\n \n instruments,\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n effects\n \n on\n \n the \n income statement, is measured on the basis of the so-called \u201c\n expected credit loss\n \u201d model. \n
\n
\n In\n \n particular,\n \n expected\n \n losses\n \n are\n \n generally\n \n determined\n \n based\n \n on\n \n the\n \n product\n \n between:\n \n (i)\n \n the\n \n exposure\n \n to\n \n the \n counterparty\n \n net\n \n of\n \n the\n \n relevant\n \n guarantees\n \n (\u201cExposure\n \n At\n \n Default\u201d\n \n or\n \n \u201cEAD\u201d);\n \n (ii)\n \n the\n \n probability\n \n that\n \n the \n counterparty\n \n does\n \n not\n \n meet\n \n its\n \n payment\n \n obligation\n \n (\u201cProbability\n \n of\n \n Default\u201d\n \n or\n \n \u201cPD\u201d);\n \n (iii)\n \n the\n \n estimated \n percentage\n \n of\n \n credit\n \n loss\n \n that\n \n will\n \n not\n \n be\n \n recovered\n \n in\n \n the\n \n event\n \n of\n \n default\n \n (\u201cLoss\n \n Given\n \n Default\u201d\n \n or\n \n \u201cLGD\u201d), \n defined\n \n based\n \n on\n \n past\n \n experience\n \n and\n \n potential\n \n recovery\n \n actions\n \n (e.g.\n \n out-of-court\n \n actions,\n \n legal\n \n disputes, \n etc.). \n
\n
\n In\n \n this\n \n regard,\n \n in\n \n order\n \n to\n \n determine\n \n the\n \n probability\n \n of\n \n default\n \n of\n \n the\n \n counterparties,\n \n internal\n \n ratings\n \n already\n \n used \n for concession purposes have been adopted. \n
\n
\n For\n \n retail\n \n customers,\n \n who\n \n do\n \n not\n \n have\n \n internal\n \n ratings,\n \n the\n \n expected\n \n losses\n \n are\n \n based\n \n on\n \n a\n \n provision\n \n matrix, \n grouping\n \n credits,\n \n where\n \n appropriate,\n \n into\n \n relevant\n \n clusters\n \n and\n \n applying\n \n impairment\n \n percentages\n \n defined\n \n based \n on past experience, adjusted, when necessary, for forward-looking credit risk information.\n
\n \n
\n \n
\n \n \n Financial liabilities \n \n
\n \n Financial\n \n \n liabilities,\n \n other\n \n than\n \n derivative\n \n instruments,\n \n including\n \n financial\n \n debts,\n \n trade\n \n payables,\n \n other\n \n payables \n and\n \n other\n \n liabilities,\n \n are\n \n initially\n \n recognised\n \n at\n \n fair\n \n value\n \n less\n \n any\n \n transaction-related\n \n costs;\n \n they\n \n are \n subsequently\n \n recognised\n \n at\n \n amortised\n \n cost\n \n using\n \n the\n \n effective\n \n interest\n \n rate\n \n method,\n \n as\n \n described\n \n in\n \n \u201cFinancial \n assets\u201d section above. \n
\n
\n Financial\n \n liabilities\n \n are\n \n derecognised\n \n upon\n \n extinguishment\n \n or\n \n when\n \n the\n \n obligation\n \n specified\n \n in\n \n the\n \n contract\n \n is \n fulfilled, cancelled, or expired.\n
\n \n \n
\n Offsetting of financial assets and liabilities\n
\n
\n Financial\n \n assets\n \n and\n \n liabilities\n \n are\n \n offset\n \n in\n \n the\n \n financial\n \n position\n \n when\n \n there\n \n is\n \n a\n \n legally\n \n enforceable\n \n right\n \n to \n offset\n \n and\n \n there\n \n is\n \n an\n \n intention\n \n to\n \n settle\n \n on\n \n a\n \n net\n \n basis\n \n (i.e.\n \n to\n \n realise\n \n the\n \n asset\n \n and\n \n at\n \n the\n \n same\n \n time\n \n extinguish \n the liability).\n
\n \n \n \n
\n Derivative financial instruments and hedge accounting\n
\n \n \n
\n \n Derivative\n \n \n financial\n \n instruments,\n \n including\n \n \u201cembedded\n \n derivatives\u201d,\n \n are\n \n initially\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n line \n with\n \n IFRS\n \n 13\n \n and\n \n IFRS\n \n 9,\n \n and\n \n any\n \n attributable\n \n transaction\n \n costs\n \n are\n \n recognised\n \n in\n \n the\n \n Income\n \n statement\n \n when \n incurred.\n \n After\n \n initial\n \n recognition,\n \n the\n \n financial\n \n instruments\n \n are\n \n remeasured\n \n at\n \n fair\n \n value\n \n at\n \n each\n \n reporting\n \n date \n (for further details, refer to \u201cFair value measurement\u201d section).\n
\n
\n As\n \n part\n \n of\n \n the\n \n risk\n \n management\n \n strategy\n \n and\n \n objectives,\n \n the\n \n qualification\n \n of\n \n transactions\n \n as\n \n hedging\n \n requires: \n (i)\n \n verification\n \n of\n \n the\n \n existence\n \n of\n \n an\n \n economic\n \n relationship\n \n between\n \n hedged\n \n item\n \n and\n \n hedging\n \n instrument,\n \n such \n that\n \n their\n \n value\n \n changes\n \n offset\n \n each\n \n other\n \n and\n \n this\n \n offsetting\n \n ability\n \n is\n \n not\n \n impaired\n \n by\n \n the\n \n counterparty\u2019s\n \n level \n of\n \n credit\n \n risk;\n \n (ii)\n \n the\n \n definition\n \n of\n \n a\n \n hedge\n \n ratio\n \n consistent\n \n with\n \n the\n \n risk\n \n management\n \n objectives,\n \n within\n \n the \n defined\n \n risk\n \n management\n \n strategy,\n \n including\n \n the\n \n appropriate\n \n rebalancing\n \n actions,\n \n if\n \n needed.\n \n Changes\n \n in\n \n risk \n management\n \n objectives,\n \n the\n \n cessation\n \n of\n \n conditions\n \n for\n \n hedge\n \n qualification,\n \n or\n \n implementation\n \n of\n \n rebalancing \n transactions will result in prospective total or partial discontinuation of the hedge. \n
\n
\n When\n \n derivatives\n \n hedge\n \n the\n \n fair\n \n value\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201c\n fair\n \n value\n \n hedge\n \u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n fixed\n \n rate\n \n asset/liability),\n \n derivatives\n \n are\n \n recognised\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement;\n \n consistently,\n \n the\n \n hedged\n \n items\n \n are\n \n adjusted\n \n for\n \n fair\n \n value\n \n changes\n \n associated\n \n with\n \n the\n \n hedged\n \n risk\n \n in\n \n the\n \n income\n \n statement,\n \n regardless\n \n of\n \n the\n \n normal\n \n measurement \n criteria generally applied to the instrument. \n
\n
\n When\n \n the\n \n derivatives\n \n hedge\n \n the\n \n cash\n \n flow\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201ccash\n \n flow\n \n hedge\u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n cash\n \n flows\n \n of\n \n the\n \n asset/liability\n \n due\n \n to\n \n interest\n \n rates\n \n or\n \n exchange\n \n rate\n \n fluctuations), \n the\n \n changes\n \n in\n \n fair\n \n value\n \n of\n \n the\n \n derivatives\n \n considered\n \n effective\n \n are\n \n initially\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve \n under\n \n other\n \n comprehensive\n \n income\n \n and\n \n afterwards\n \n reclassified\n \n in\n \n the\n \n income\n \n statement\n \n in\n \n line\n \n with\n \n the \n economic\n \n effects\n \n of\n \n the\n \n hedged\n \n transaction.\n \n In\n \n the\n \n case\n \n of\n \n hedging\n \n future\n \n transactions\n \n involving\n \n the\n \n recognition \n of\n \n a\n \n non-financial\n \n asset\n \n or\n \n liability,\n \n the\n \n cumulative\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n hedge\n \n derivatives\n \n recognised\n \n in \n equity\n \n are\n \n reclassified\n \n to\n \n adjust\n \n the\n \n initial\n \n carrying\n \n amount\n \n of\n \n the\n \n non-financial\n \n item\n \n hedged\n \n (the\n \n \u201c\n basis \n adjustment\n \u201d).\n
\n \n
\n Fair\n \n value\n \n changes\n \n of\n \n derivatives\n \n that\n \n do\n \n not\n \n meet\n \n the\n \n hedging\n \n criteria,\n \n including\n \n any\n \n ineffective\n \n components \n of\n \n hedging\n \n derivatives,\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cGain/(loss)\n \n on\n \n derivative\n \n financial \n instruments measured at fair value\u201d. \n
\n \n
\n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n assets\n \n are\n \n no\n \n longer\n \n separated\n \n in\n \n accounting;\n \n in\n \n these\n \n cases, \n the\n \n entire\n \n hybrid\n \n instrument\n \n is\n \n classified\n \n based\n \n on\n \n the\n \n general\n \n classification\n \n criteria\n \n for\n \n financial\n \n asset. \n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n liabilities\n \n and/or\n \n non-financial\n \n assets\n \n are\n \n separated\n \n from\n \n the \n main\n \n contract\n \n and\n \n accounted\n \n for\n \n separately\n \n if\n \n the\n \n embedded\n \n instrument:\n \n (i)\n \n meets\n \n the\n \n definition\n \n of\n \n derivative; \n (ii)\n \n as\n \n a\n \n whole\n \n is\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n (FVTPL);\n \n (iii) \n the\n \n characteristics\n \n and\n \n risks\n \n of\n \n the\n \n derivative\n \n are\n \n not\n \n closely\n \n related\n \n to\n \n those\n \n of\n \n the\n \n main\n \n contract.\n \n The\n \n existence \n of\n \n embedded\n \n derivatives\n \n to\n \n separate\n \n and\n \n measure\n \n separately\n \n is\n \n checked\n \n when\n \n the\n \n company\n \n joins\n \n the\n \n contract \n
\n \n \n
\n \n
\n \n \n and\n \n afterwards\n \n when\n \n there\n \n are\n \n amendments\n \n to\n \n the\n \n conditions\n \n of\n \n the\n \n contract\n \n that\n \n bring\n \n about\n \n significant \n changes in the cash flows it generates. \n \n \n \n
\n Fair value measurement\n
\n
\n Fair\n \n value\n \n is\n \n the\n \n amount\n \n that\n \n would\n \n be\n \n received\n \n to\n \n sell\n \n an\n \n asset\n \n or\n \n paid\n \n to\n \n transfer\n \n a\n \n liability\n \n in\n \n an\n \n regular \n transaction between market participants at the measurement date (i.e. exit price). \n
\n
\n Fair\n \n value\n \n of\n \n an\n \n asset\n \n or\n \n liability\n \n is\n \n determined\n \n using\n \n the\n \n valuations\n \n that\n \n market\n \n participants\n \n would\n \n use\n \n in \n determining\n \n the\n \n price\n \n of\n \n the\n \n asset\n \n or\n \n liability.\n \n The\n \n fair\n \n value\n \n measurement\n \n assumes\n \n that\n \n the\n \n asset\n \n or\n \n liability \n would\n \n be\n \n traded\n \n on\n \n the\n \n main\n \n market\n \n or,\n \n failing\n \n that,\n \n on\n \n the\n \n most\n \n advantageous\n \n market\n \n accessible\n \n to\n \n the\n \n entity. \n
\n
\n The\n \n fair\n \n value\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n determined\n \n by\n \n considering\n \n the\n \n market\n \n participants\u2019\n \n ability\n \n to\n \n generate \n economic\n \n benefits\n \n by\n \n using\n \n the\n \n asset\n \n in\n \n its\n \n highest\n \n and\n \n best\n \n use\n \n or\n \n selling\n \n it\n \n to\n \n another\n \n market\n \n participant\n \n that \n would\n \n maximise\n \n its\n \n value.\n \n The\n \n determination\n \n of\n \n the\n \n highest\n \n and\n \n best\n \n use\n \n of\n \n the\n \n asset\n \n is\n \n determined\n \n from\n \n the \n perspective\n \n of\n \n market\n \n participants,\n \n even\n \n if\n \n the\n \n entity\n \n intends\n \n to\n \n use\n \n it\n \n differently;\n \n it\n \n is\n \n assumed\n \n that\n \n the\n \n entity\u2019s \n current\n \n use\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n its\n \n highest\n \n and\n \n best\n \n use,\n \n unless\n \n the\n \n market\n \n conditions\n \n or\n \n other\n \n factors \n suggest otherwise.\n
\n
\n The\n \n fair-value\n \n measurement\n \n of\n \n a\n \n financial\n \n or\n \n non-financial\n \n liability,\n \n or\n \n of\n \n an\n \n equity\n \n instrument,\n \n considers\n \n the \n quoted\n \n price\n \n for\n \n transferring\n \n an\n \n identical\n \n or\n \n similar\n \n liability\n \n or\n \n equity\n \n instrument;\n \n if\n \n such\n \n quoted\n \n price\n \n is\n \n not \n available,\n \n the\n \n valuation\n \n of\n \n a\n \n corresponding\n \n asset\n \n held\n \n by\n \n a\n \n market\n \n participant\n \n as\n \n at\n \n the\n \n measurement\n \n date\n \n is \n considered.\n \n The\n \n fair\n \n value\n \n of\n \n the\n \n financial\n \n instruments\n \n considers\n \n the\n \n credit\n \n risk\n \n of\n \n the\n \n counterparty\n \n of\n \n a\n \n financial \n asset\n \n (\u201cCredit\n \n Valuation\n \n Adjustment\u201d\n \n or\n \n \u201cCVA\u201d)\n \n and\n \n the\n \n entity\u2019s\n \n own\n \n default\n \n risk\n \n related\n \n to\n \n a\n \n financial\n \n liability \n (\u201cDebit Valuation Adjustment\u201d or \u201cDVA\u201d).\n
\n
\n When\n \n determining\n \n fair\n \n value\n ,\n \n a\n \n hierarchy\n \n of\n \n inputs\n \n based\n \n on\n \n the\n \n origin,\n \n type\n \n and\n \n quality\n \n of\n \n the\n \n information\n \n used \n in\n \n the\n \n calculation\n \n is\n \n defined.\n \n This\n \n classification\n \n aims\n \n to\n \n establish\n \n a\n \n hierarchy\n \n in\n \n terms\n \n of\n \n the\n \n reliability\n \n in\n \n fair \n value\n ,\n \n prioritizing\n \n the\n \n use\n \n of\n \n observable\n \n market\n \n parameters\n \n that\n \n reflect\n \n assumptions\n \n that\n \n market\n \n participants \n would use when in measuring the asset/liability. The \n fair value\n hierarchy includes the following levels:\n
\n
\n \u2022\n level\n \n 1:\n \n inputs\n \n represented\n \n by\n \n quoted\n \n prices\n \n (unadjusted)\n \n in\n \n active\n \n markets\n \n for\n \n identical\n \n assets\n \n or\n \n liabilities \n that are accessible as at the measurement date; \n
\n
\n \u2022\n level\n \n 2:\n \n inputs,\n \n other\n \n than\n \n quoted\n \n prices\n \n included\n \n in\n \n Level\n \n 1,\n \n that\n \n are\n \n observable,\n \n directly\n \n or\n \n indirectly,\n \n for \n the assets or liabilities to be measured; \n
\n
\n \u2022\n level 3: unobservable inputs for the asset or liability. \n
\n
\n In\n \n the\n \n absence\n \n of\n \n available\n \n market\n \n quotes,\n \n fair\n \n value\n \n is\n \n determined\n \n by\n \n using\n \n valuation\n \n techniques\n \n appropriate \n for\n \n each\n \n situation,\n \n maximising\n \n the\n \n use\n \n of\n \n relevant\n \n observable\n \n inputs\n \n and\n \n minimising\n \n the\n \n use\n \n of\n \n unobservable \n inputs.\n
\n \n \n \n
\n Assets held for sale\n
\n
\n Non-current\n \n assets\n \n and\n \n current\n \n and\n \n non-current\n \n assets\n \n of\n \n disposal\n \n groups\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale,\n \n if \n their\n \n carrying\n \n amount\n \n will\n \n be\n \n recovered\n \n mainly\n \n by\n \n their\n \n sale\n \n rather\n \n than\n \n through\n \n their\n \n continued\n \n use.\n \n This \n condition\n \n is\n \n regarded\n \n as\n \n fulfilled\n \n when\n \n the\n \n sale\n \n is\n \n highly\n \n probable,\n \n and\n \n the\n \n asset\n \n or\n \n discontinued\n \n operations \n are\n \n available\n \n for\n \n immediate\n \n sale\n \n in\n \n their\n \n current\n \n condition.\n \n In\n \n the\n \n case\n \n of\n \n a\n \n programme\n \n for\n \n the\n \n sale\n \n of\n \n a \n subsidiary\n \n that\n \n results\n \n in\n \n loss\n \n of\n \n control,\n \n all\n \n assets\n \n and\n \n liabilities\n \n of\n \n that\n \n affiliate\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale, \n regardless\n \n of\n \n whether\n \n a\n \n non-controlling\n \n investment\n \n is\n \n maintained\n \n following\n \n the\n \n sale.\n \n Checking\n \n that\n \n the \n conditions\n \n required\n \n to\n \n classify\n \n an\n \n item\n \n as\n \n held\n \n for\n \n sale\n \n requires\n \n that\n \n the\n \n management\n \n made\n \n subjective \n assessments and formulate reasonable and realistic assumptions based on the information available.\n
\n
\n Assets\n \n held\n \n for\n \n sale,\n \n current\n \n and\n \n non-current\n \n assets\n \n related\n \n to\n \n disposal\n \n groups\n \n and\n \n directly\n \n associated\n \n liabilities \n are recognised in the Statement of Financial Position separately from other assets and liabilities. \n
\n
\n Assets\n \n and\n \n liabilities\n \n falling\n \n within\n \n a\n \n disposal\n \n group\n \n are\n \n measured\n \n according\n \n to\n \n the\n \n accounting\n \n standards \n applicable\n \n to\n \n them\n \n right\n \n before\n \n being\n \n classified\n \n as\n \n held\n \n for\n \n sale.\n \n Afterwards,\n \n the\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not \n
\n \n \n
\n \n \n \n amortised\n \n or\n \n depreciated\n \n and\n \n are\n \n measured\n \n at\n \n the\n \n lower\n \n between\n \n the\n \n carrying\n \n amount\n \n and\n \n its\n \n fair\n \n value\n ,\n \n less \n costs to sell (see section \u201cFair value measurement\u201d). \n
\n The\n \n classification\n \n as\n \n \u201cheld\n \n for\n \n sale\u201d\n \n of\n \n equity\n \n investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n \n implies \n suspended\n \n application\n \n of\n \n this\n \n measurement\n \n criteria.\n \n Therefore,\n \n in\n \n this\n \n case,\n \n the\n \n carrying\n \n amount\n \n is\n \n equal\n \n to \n the value resulting from the application of the equity method at the date of reclassification. \n
\n \n
\n \n Any\n \n negative\n \n difference\n \n between\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n non-current\n \n assets\n \n and\n \n the\n \n fair\n \n value\n \n less\n \n costs \n to\n \n sell\n \n is\n \n recognise\n \n to\n \n the\n \n income\n \n statement\n \n as\n \n an\n \n impairment;\n \n any\n \n subsequent\n \n reversal\n \n of\n \n impairment\n \n losses \n is\n \n recognised\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n previously\n \n recognised\n \n impairment\n \n losses,\n \n including\n \n those\n \n recognised \n prior to the asset being classified as held for sale\n \n . \n
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact483": { "value": "\n \n
\n Financial assets - debt instruments\n
\n \n
\n \n \n Depending\n \n \n \n \n on\n \n the\n \n characteristics\n \n of\n \n the\n \n instrument\n \n and\n \n the\n \n business\n \n model\n \n adopted\n \n for\n \n its\n \n management, \n financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n are\n \n classified\n \n in\n \n the\n \n following\n \n three\n \n categories:\n \n (i)\n \n financial \n \n
\n \n \n assets\n \n measured\n \n at\n \n amortised\n \n cost;\n \n (ii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in \n the\n \n other\n \n comprehensive\n \n income\n \n (\u201cOCI\u201d);\n \n (iii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised \n in the income statement.\n
\n Initial\n \n recognition\n \n is\n \n at\n \n fair\n \n value\n ;\n \n for\n \n trade\n \n receivables\n \n without\n \n a\n \n significant\n \n financial\n \n component,\n \n the\n \n initial \n carrying amount is represented by the transaction price. \n
\n
\n Following\n \n initial\n \n recognition,\n \n financial\n \n assets\n \n that\n \n generate\n \n cash\n \n flows\n \n representing\n \n only\n \n payments\n \n of\n \n capital \n and\n \n interest\n \n are\n \n measured\n \n at\n \n amortised\n \n cost\n \n if\n \n held\n \n with\n \n the\n \n aim\n \n of\n \n collecting\n \n the\n \n contractual\n \n cash\n \n flows\n \n (so-\n called\n \n \u201c\n hold-to-collect\n \u201d\n \n business\n \n model).\n \n Based\n \n on\n \n the\n \n amortised\n \n cost\n \n method,\n \n the\n \n initial\n \n carrying\n \n amount\n \n is \n then\n \n adjusted\n \n to\n \n account\n \n for\n \n principal\n \n repayments,\n \n any\n \n impairment\n \n losses\n \n and\n \n the\n \n amortisation\n \n of\n \n the\n \n difference \n between the repayment amount and the initial carrying amount. \n
\n
\n Amortisation\n \n is\n \n carried\n \n out\n \n using\n \n the\n \n effective\n \n internal\n \n interest\n \n rate,\n \n which\n \n represents\n \n the\n \n rate\n \n that\n \n would\n \n make \n equal, at initial recording, the present value of expected cash flows and the initial carrying amount. \n
\n
\n Receivables\n \n and\n \n other\n \n financial\n \n assets\n \n measured\n \n at\n \n amortised\n \n cost\n \n are\n \n presented\n \n in\n \n the\n \n statement\n \n of\n \n financial \n position net of any provision for impairment losses. \n
\n
\n Financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n where\n \n the\n \n business\n \n model\n \n provides\n \n both\n \n the\n \n possibility\n \n to \n collect\n \n contractual\n \n cash\n \n flows\n \n and\n \n realise\n \n capital\n \n gains\n \n through\n \n sales\n \n (so-called\n \n \u201chold-to-collect-and-sell\u201d \n business model) are measured at \n fair value\n with the effects recorded on OCI (\u201cFVTOCI\u201d). \n
\n
\n In\n \n this\n \n case,\n \n the\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n instrument\n \n are\n \n recognised\n \n in\n \n equity\n \n under\n \n other\n \n comprehensive \n income.\n \n The\n \n cumulative\n \n amount\n \n of\n \n the\n \n fair\n \n value\n \n changes,\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve\n \n for\n \n other \n comprehensive\n \n income,\n \n is\n \n reversed\n \n to\n \n the\n \n income\n \n statement\n \n upon\n \n the\n \n derecognition\n \n of\n \n the\n \n instrument.\n \n Interest \n income,\n \n calculated\n \n using\n \n the\n \n effective\n \n interest\n \n rate,\n \n exchange\n \n rate\n \n differences\n \n and\n \n impairment\n \n losses\n \n are \n recognised on the income statement.\n
\n
\n A\n \n financial\n \n asset\n \n representing\n \n a\n \n debt\n \n instrument\n \n that\n \n is\n \n not\n \n measured\n \n at\n \n amortised\n \n cost\n \n or\n \n at\n \n FVTOCI\n \n is \n measured at \n fair value\n with the effects recognised in the income statement (FVTPL). \n
\n
\n When\n \n the\n \n purchase\n \n or\n \n sale\n \n of\n \n financial\n \n assets\n \n is\n \n executed\n \n according\n \n to\n \n a\n \n contract\n \n that\n \n requires\n \n settlement\n \n and \n delivery\n \n of\n \n the\n \n asset\n \n within\n \n a\n \n certain\n \n number\n \n of\n \n days,\n \n set\n \n by\n \n the\n \n market\n \n control\n \n authorities\n \n or\n \n market \n agreements\n \n (e.g.\n \n purchase\n \n of\n \n securities\n \n on\n \n regulated\n \n markets),\n \n the\n \n transaction\n \n is\n \n recognised\n \n on\n \n the\n \n settlement \n date.\n
\n
\n Disposals\n \n of\n \n financial\n \n assets\n \n are\n \n derecognised\n \n from\n \n the\n \n financial\n \n position\n \n when\n \n the\n \n contractual\n \n rights\n \n to\n \n receive \n the associated cash flows from the financial instrument expire or are transferred to third parties.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact502": { "value": "\n
\n Financial assets - debt instruments\n
\n \n \n Depending\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact470": { "value": "\n Depending\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact479": { "value": "\n on\n \n the\n \n characteristics\n \n of\n \n the\n \n instrument\n \n and\n \n the\n \n business\n \n model\n \n adopted\n \n for\n \n its\n \n management, \n financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n are\n \n classified\n \n in\n \n the\n \n following\n \n three\n \n categories:\n \n (i)\n \n financial \n \n assets\n \n measured\n \n at\n \n amortised\n \n cost;\n \n (ii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in \n the\n \n other\n \n comprehensive\n \n income\n \n (\u201cOCI\u201d);\n \n (iii)\n \n financial\n \n assets\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised \n in the income statement.\n
\n Initial\n \n recognition\n \n is\n \n at\n \n fair\n \n value\n ;\n \n for\n \n trade\n \n receivables\n \n without\n \n a\n \n significant\n \n financial\n \n component,\n \n the\n \n initial \n carrying amount is represented by the transaction price. \n
\n
\n Following\n \n initial\n \n recognition,\n \n financial\n \n assets\n \n that\n \n generate\n \n cash\n \n flows\n \n representing\n \n only\n \n payments\n \n of\n \n capital \n and\n \n interest\n \n are\n \n measured\n \n at\n \n amortised\n \n cost\n \n if\n \n held\n \n with\n \n the\n \n aim\n \n of\n \n collecting\n \n the\n \n contractual\n \n cash\n \n flows\n \n (so-\n called\n \n \u201c\n hold-to-collect\n \u201d\n \n business\n \n model).\n \n Based\n \n on\n \n the\n \n amortised\n \n cost\n \n method,\n \n the\n \n initial\n \n carrying\n \n amount\n \n is \n then\n \n adjusted\n \n to\n \n account\n \n for\n \n principal\n \n repayments,\n \n any\n \n impairment\n \n losses\n \n and\n \n the\n \n amortisation\n \n of\n \n the\n \n difference \n between the repayment amount and the initial carrying amount. \n
\n
\n Amortisation\n \n is\n \n carried\n \n out\n \n using\n \n the\n \n effective\n \n internal\n \n interest\n \n rate,\n \n which\n \n represents\n \n the\n \n rate\n \n that\n \n would\n \n make \n equal, at initial recording, the present value of expected cash flows and the initial carrying amount. \n
\n
\n Receivables\n \n and\n \n other\n \n financial\n \n assets\n \n measured\n \n at\n \n amortised\n \n cost\n \n are\n \n presented\n \n in\n \n the\n \n statement\n \n of\n \n financial \n position net of any provision for impairment losses. \n
\n
\n Financial\n \n assets\n \n representing\n \n debt\n \n instruments\n \n where\n \n the\n \n business\n \n model\n \n provides\n \n both\n \n the\n \n possibility\n \n to \n collect\n \n contractual\n \n cash\n \n flows\n \n and\n \n realise\n \n capital\n \n gains\n \n through\n \n sales\n \n (so-called\n \n \u201chold-to-collect-and-sell\u201d \n business model) are measured at \n fair value\n with the effects recorded on OCI (\u201cFVTOCI\u201d). \n
\n
\n In\n \n this\n \n case,\n \n the\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n instrument\n \n are\n \n recognised\n \n in\n \n equity\n \n under\n \n other\n \n comprehensive \n income.\n \n The\n \n cumulative\n \n amount\n \n of\n \n the\n \n fair\n \n value\n \n changes,\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve\n \n for\n \n other \n comprehensive\n \n income,\n \n is\n \n reversed\n \n to\n \n the\n \n income\n \n statement\n \n upon\n \n the\n \n derecognition\n \n of\n \n the\n \n instrument.\n \n Interest \n income,\n \n calculated\n \n using\n \n the\n \n effective\n \n interest\n \n rate,\n \n exchange\n \n rate\n \n differences\n \n and\n \n impairment\n \n losses\n \n are \n recognised on the income statement.\n
\n
\n A\n \n financial\n \n asset\n \n representing\n \n a\n \n debt\n \n instrument\n \n that\n \n is\n \n not\n \n measured\n \n at\n \n amortised\n \n cost\n \n or\n \n at\n \n FVTOCI\n \n is \n measured at \n fair value\n with the effects recognised in the income statement (FVTPL). \n
\n
\n When\n \n the\n \n purchase\n \n or\n \n sale\n \n of\n \n financial\n \n assets\n \n is\n \n executed\n \n according\n \n to\n \n a\n \n contract\n \n that\n \n requires\n \n settlement\n \n and \n delivery\n \n of\n \n the\n \n asset\n \n within\n \n a\n \n certain\n \n number\n \n of\n \n days,\n \n set\n \n by\n \n the\n \n market\n \n control\n \n authorities\n \n or\n \n market \n agreements\n \n (e.g.\n \n purchase\n \n of\n \n securities\n \n on\n \n regulated\n \n markets),\n \n the\n \n transaction\n \n is\n \n recognised\n \n on\n \n the\n \n settlement \n date.\n
\n
\n Disposals\n \n of\n \n financial\n \n assets\n \n are\n \n derecognised\n \n from\n \n the\n \n financial\n \n position\n \n when\n \n the\n \n contractual\n \n rights\n \n to\n \n receive \n the associated cash flows from the financial instrument expire or are transferred to third parties.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact486": { "value": "\n
\n Impairment of financial assets\n
\n
\n Recoverability\n \n of\n \n financial\n \n assets\n \n representing\n \n debt\n \n instruments,\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n effects\n \n on\n \n the \n income statement, is measured on the basis of the so-called \u201c\n expected credit loss\n \u201d model. \n
\n
\n In\n \n particular,\n \n expected\n \n losses\n \n are\n \n generally\n \n determined\n \n based\n \n on\n \n the\n \n product\n \n between:\n \n (i)\n \n the\n \n exposure\n \n to\n \n the \n counterparty\n \n net\n \n of\n \n the\n \n relevant\n \n guarantees\n \n (\u201cExposure\n \n At\n \n Default\u201d\n \n or\n \n \u201cEAD\u201d);\n \n (ii)\n \n the\n \n probability\n \n that\n \n the \n counterparty\n \n does\n \n not\n \n meet\n \n its\n \n payment\n \n obligation\n \n (\u201cProbability\n \n of\n \n Default\u201d\n \n or\n \n \u201cPD\u201d);\n \n (iii)\n \n the\n \n estimated \n percentage\n \n of\n \n credit\n \n loss\n \n that\n \n will\n \n not\n \n be\n \n recovered\n \n in\n \n the\n \n event\n \n of\n \n default\n \n (\u201cLoss\n \n Given\n \n Default\u201d\n \n or\n \n \u201cLGD\u201d), \n defined\n \n based\n \n on\n \n past\n \n experience\n \n and\n \n potential\n \n recovery\n \n actions\n \n (e.g.\n \n out-of-court\n \n actions,\n \n legal\n \n disputes, \n etc.). \n
\n
\n In\n \n this\n \n regard,\n \n in\n \n order\n \n to\n \n determine\n \n the\n \n probability\n \n of\n \n default\n \n of\n \n the\n \n counterparties,\n \n internal\n \n ratings\n \n already\n \n used \n for concession purposes have been adopted. \n
\n
\n For\n \n retail\n \n customers,\n \n who\n \n do\n \n not\n \n have\n \n internal\n \n ratings,\n \n the\n \n expected\n \n losses\n \n are\n \n based\n \n on\n \n a\n \n provision\n \n matrix, \n grouping\n \n credits,\n \n where\n \n appropriate,\n \n into\n \n relevant\n \n clusters\n \n and\n \n applying\n \n impairment\n \n percentages\n \n defined\n \n based \n on past experience, adjusted, when necessary, for forward-looking credit risk information.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact469": { "value": "\n \n Financial liabilities \n \n
\n \n Financial\n \n \n liabilities,\n \n other\n \n than\n \n derivative\n \n instruments,\n \n including\n \n financial\n \n debts,\n \n trade\n \n payables,\n \n other\n \n payables \n and\n \n other\n \n liabilities,\n \n are\n \n initially\n \n recognised\n \n at\n \n fair\n \n value\n \n less\n \n any\n \n transaction-related\n \n costs;\n \n they\n \n are \n subsequently\n \n recognised\n \n at\n \n amortised\n \n cost\n \n using\n \n the\n \n effective\n \n interest\n \n rate\n \n method,\n \n as\n \n described\n \n in\n \n \u201cFinancial \n assets\u201d section above. \n
\n
\n Financial\n \n liabilities\n \n are\n \n derecognised\n \n upon\n \n extinguishment\n \n or\n \n when\n \n the\n \n obligation\n \n specified\n \n in\n \n the\n \n contract\n \n is \n fulfilled, cancelled, or expired.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact487": { "value": "\n Financial liabilities \n \n Financial\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact458": { "value": "\n
\n Offsetting of financial assets and liabilities\n
\n
\n Financial\n \n assets\n \n and\n \n liabilities\n \n are\n \n offset\n \n in\n \n the\n \n financial\n \n position\n \n when\n \n there\n \n is\n \n a\n \n legally\n \n enforceable\n \n right\n \n to \n offset\n \n and\n \n there\n \n is\n \n an\n \n intention\n \n to\n \n settle\n \n on\n \n a\n \n net\n \n basis\n \n (i.e.\n \n to\n \n realise\n \n the\n \n asset\n \n and\n \n at\n \n the\n \n same\n \n time\n \n extinguish \n the liability).\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact485": { "value": "\n \n
\n Derivative financial instruments and hedge accounting\n
\n \n \n
\n \n Derivative\n \n \n financial\n \n instruments,\n \n including\n \n \u201cembedded\n \n derivatives\u201d,\n \n are\n \n initially\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n line \n with\n \n IFRS\n \n 13\n \n and\n \n IFRS\n \n 9,\n \n and\n \n any\n \n attributable\n \n transaction\n \n costs\n \n are\n \n recognised\n \n in\n \n the\n \n Income\n \n statement\n \n when \n incurred.\n \n After\n \n initial\n \n recognition,\n \n the\n \n financial\n \n instruments\n \n are\n \n remeasured\n \n at\n \n fair\n \n value\n \n at\n \n each\n \n reporting\n \n date \n (for further details, refer to \u201cFair value measurement\u201d section).\n
\n
\n As\n \n part\n \n of\n \n the\n \n risk\n \n management\n \n strategy\n \n and\n \n objectives,\n \n the\n \n qualification\n \n of\n \n transactions\n \n as\n \n hedging\n \n requires: \n (i)\n \n verification\n \n of\n \n the\n \n existence\n \n of\n \n an\n \n economic\n \n relationship\n \n between\n \n hedged\n \n item\n \n and\n \n hedging\n \n instrument,\n \n such \n that\n \n their\n \n value\n \n changes\n \n offset\n \n each\n \n other\n \n and\n \n this\n \n offsetting\n \n ability\n \n is\n \n not\n \n impaired\n \n by\n \n the\n \n counterparty\u2019s\n \n level \n of\n \n credit\n \n risk;\n \n (ii)\n \n the\n \n definition\n \n of\n \n a\n \n hedge\n \n ratio\n \n consistent\n \n with\n \n the\n \n risk\n \n management\n \n objectives,\n \n within\n \n the \n defined\n \n risk\n \n management\n \n strategy,\n \n including\n \n the\n \n appropriate\n \n rebalancing\n \n actions,\n \n if\n \n needed.\n \n Changes\n \n in\n \n risk \n management\n \n objectives,\n \n the\n \n cessation\n \n of\n \n conditions\n \n for\n \n hedge\n \n qualification,\n \n or\n \n implementation\n \n of\n \n rebalancing \n transactions will result in prospective total or partial discontinuation of the hedge. \n
\n
\n When\n \n derivatives\n \n hedge\n \n the\n \n fair\n \n value\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201c\n fair\n \n value\n \n hedge\n \u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n fixed\n \n rate\n \n asset/liability),\n \n derivatives\n \n are\n \n recognised\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement;\n \n consistently,\n \n the\n \n hedged\n \n items\n \n are\n \n adjusted\n \n for\n \n fair\n \n value\n \n changes\n \n associated\n \n with\n \n the\n \n hedged\n \n risk\n \n in\n \n the\n \n income\n \n statement,\n \n regardless\n \n of\n \n the\n \n normal\n \n measurement \n criteria generally applied to the instrument. \n
\n
\n When\n \n the\n \n derivatives\n \n hedge\n \n the\n \n cash\n \n flow\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201ccash\n \n flow\n \n hedge\u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n cash\n \n flows\n \n of\n \n the\n \n asset/liability\n \n due\n \n to\n \n interest\n \n rates\n \n or\n \n exchange\n \n rate\n \n fluctuations), \n the\n \n changes\n \n in\n \n fair\n \n value\n \n of\n \n the\n \n derivatives\n \n considered\n \n effective\n \n are\n \n initially\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve \n under\n \n other\n \n comprehensive\n \n income\n \n and\n \n afterwards\n \n reclassified\n \n in\n \n the\n \n income\n \n statement\n \n in\n \n line\n \n with\n \n the \n economic\n \n effects\n \n of\n \n the\n \n hedged\n \n transaction.\n \n In\n \n the\n \n case\n \n of\n \n hedging\n \n future\n \n transactions\n \n involving\n \n the\n \n recognition \n of\n \n a\n \n non-financial\n \n asset\n \n or\n \n liability,\n \n the\n \n cumulative\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n hedge\n \n derivatives\n \n recognised\n \n in \n equity\n \n are\n \n reclassified\n \n to\n \n adjust\n \n the\n \n initial\n \n carrying\n \n amount\n \n of\n \n the\n \n non-financial\n \n item\n \n hedged\n \n (the\n \n \u201c\n basis \n adjustment\n \u201d).\n
\n \n
\n Fair\n \n value\n \n changes\n \n of\n \n derivatives\n \n that\n \n do\n \n not\n \n meet\n \n the\n \n hedging\n \n criteria,\n \n including\n \n any\n \n ineffective\n \n components \n of\n \n hedging\n \n derivatives,\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cGain/(loss)\n \n on\n \n derivative\n \n financial \n instruments measured at fair value\u201d. \n
\n \n
\n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n assets\n \n are\n \n no\n \n longer\n \n separated\n \n in\n \n accounting;\n \n in\n \n these\n \n cases, \n the\n \n entire\n \n hybrid\n \n instrument\n \n is\n \n classified\n \n based\n \n on\n \n the\n \n general\n \n classification\n \n criteria\n \n for\n \n financial\n \n asset. \n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n liabilities\n \n and/or\n \n non-financial\n \n assets\n \n are\n \n separated\n \n from\n \n the \n main\n \n contract\n \n and\n \n accounted\n \n for\n \n separately\n \n if\n \n the\n \n embedded\n \n instrument:\n \n (i)\n \n meets\n \n the\n \n definition\n \n of\n \n derivative; \n (ii)\n \n as\n \n a\n \n whole\n \n is\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n (FVTPL);\n \n (iii) \n the\n \n characteristics\n \n and\n \n risks\n \n of\n \n the\n \n derivative\n \n are\n \n not\n \n closely\n \n related\n \n to\n \n those\n \n of\n \n the\n \n main\n \n contract.\n \n The\n \n existence \n of\n \n embedded\n \n derivatives\n \n to\n \n separate\n \n and\n \n measure\n \n separately\n \n is\n \n checked\n \n when\n \n the\n \n company\n \n joins\n \n the\n \n contract \n
\n \n \n \n and\n \n afterwards\n \n when\n \n there\n \n are\n \n amendments\n \n to\n \n the\n \n conditions\n \n of\n \n the\n \n contract\n \n that\n \n bring\n \n about\n \n significant \n changes in the cash flows it generates. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact489": { "value": "\n
\n Derivative financial instruments and hedge accounting\n
\n \n Derivative\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact484": { "value": "\n
\n \n Derivative\n \n \n financial\n \n instruments,\n \n including\n \n \u201cembedded\n \n derivatives\u201d,\n \n are\n \n initially\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n line \n with\n \n IFRS\n \n 13\n \n and\n \n IFRS\n \n 9,\n \n and\n \n any\n \n attributable\n \n transaction\n \n costs\n \n are\n \n recognised\n \n in\n \n the\n \n Income\n \n statement\n \n when \n incurred.\n \n After\n \n initial\n \n recognition,\n \n the\n \n financial\n \n instruments\n \n are\n \n remeasured\n \n at\n \n fair\n \n value\n \n at\n \n each\n \n reporting\n \n date \n (for further details, refer to \u201cFair value measurement\u201d section).\n
\n
\n As\n \n part\n \n of\n \n the\n \n risk\n \n management\n \n strategy\n \n and\n \n objectives,\n \n the\n \n qualification\n \n of\n \n transactions\n \n as\n \n hedging\n \n requires: \n (i)\n \n verification\n \n of\n \n the\n \n existence\n \n of\n \n an\n \n economic\n \n relationship\n \n between\n \n hedged\n \n item\n \n and\n \n hedging\n \n instrument,\n \n such \n that\n \n their\n \n value\n \n changes\n \n offset\n \n each\n \n other\n \n and\n \n this\n \n offsetting\n \n ability\n \n is\n \n not\n \n impaired\n \n by\n \n the\n \n counterparty\u2019s\n \n level \n of\n \n credit\n \n risk;\n \n (ii)\n \n the\n \n definition\n \n of\n \n a\n \n hedge\n \n ratio\n \n consistent\n \n with\n \n the\n \n risk\n \n management\n \n objectives,\n \n within\n \n the \n defined\n \n risk\n \n management\n \n strategy,\n \n including\n \n the\n \n appropriate\n \n rebalancing\n \n actions,\n \n if\n \n needed.\n \n Changes\n \n in\n \n risk \n management\n \n objectives,\n \n the\n \n cessation\n \n of\n \n conditions\n \n for\n \n hedge\n \n qualification,\n \n or\n \n implementation\n \n of\n \n rebalancing \n transactions will result in prospective total or partial discontinuation of the hedge. \n
\n
\n When\n \n derivatives\n \n hedge\n \n the\n \n fair\n \n value\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201c\n fair\n \n value\n \n hedge\n \u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n the\n \n fair\n \n value\n \n of\n \n fixed\n \n rate\n \n asset/liability),\n \n derivatives\n \n are\n \n recognised\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement;\n \n consistently,\n \n the\n \n hedged\n \n items\n \n are\n \n adjusted\n \n for\n \n fair\n \n value\n \n changes\n \n associated\n \n with\n \n the\n \n hedged\n \n risk\n \n in\n \n the\n \n income\n \n statement,\n \n regardless\n \n of\n \n the\n \n normal\n \n measurement \n criteria generally applied to the instrument. \n
\n
\n When\n \n the\n \n derivatives\n \n hedge\n \n the\n \n cash\n \n flow\n \n risk\n \n of\n \n the\n \n hedged\n \n items\n \n (\u201ccash\n \n flow\n \n hedge\u201d,\n \n including,\n \n but\n \n not\n \n limited \n to,\n \n hedging\n \n the\n \n variability\n \n of\n \n cash\n \n flows\n \n of\n \n the\n \n asset/liability\n \n due\n \n to\n \n interest\n \n rates\n \n or\n \n exchange\n \n rate\n \n fluctuations), \n the\n \n changes\n \n in\n \n fair\n \n value\n \n of\n \n the\n \n derivatives\n \n considered\n \n effective\n \n are\n \n initially\n \n recognised\n \n in\n \n the\n \n equity\n \n reserve \n under\n \n other\n \n comprehensive\n \n income\n \n and\n \n afterwards\n \n reclassified\n \n in\n \n the\n \n income\n \n statement\n \n in\n \n line\n \n with\n \n the \n economic\n \n effects\n \n of\n \n the\n \n hedged\n \n transaction.\n \n In\n \n the\n \n case\n \n of\n \n hedging\n \n future\n \n transactions\n \n involving\n \n the\n \n recognition \n of\n \n a\n \n non-financial\n \n asset\n \n or\n \n liability,\n \n the\n \n cumulative\n \n fair\n \n value\n \n changes\n \n of\n \n the\n \n hedge\n \n derivatives\n \n recognised\n \n in \n equity\n \n are\n \n reclassified\n \n to\n \n adjust\n \n the\n \n initial\n \n carrying\n \n amount\n \n of\n \n the\n \n non-financial\n \n item\n \n hedged\n \n (the\n \n \u201c\n basis \n adjustment\n \u201d).\n
\n \n
\n Fair\n \n value\n \n changes\n \n of\n \n derivatives\n \n that\n \n do\n \n not\n \n meet\n \n the\n \n hedging\n \n criteria,\n \n including\n \n any\n \n ineffective\n \n components \n of\n \n hedging\n \n derivatives,\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cGain/(loss)\n \n on\n \n derivative\n \n financial \n instruments measured at fair value\u201d. \n
\n \n
\n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n assets\n \n are\n \n no\n \n longer\n \n separated\n \n in\n \n accounting;\n \n in\n \n these\n \n cases, \n the\n \n entire\n \n hybrid\n \n instrument\n \n is\n \n classified\n \n based\n \n on\n \n the\n \n general\n \n classification\n \n criteria\n \n for\n \n financial\n \n asset. \n Embedded\n \n derivatives\n \n incorporated\n \n in\n \n financial\n \n liabilities\n \n and/or\n \n non-financial\n \n assets\n \n are\n \n separated\n \n from\n \n the \n main\n \n contract\n \n and\n \n accounted\n \n for\n \n separately\n \n if\n \n the\n \n embedded\n \n instrument:\n \n (i)\n \n meets\n \n the\n \n definition\n \n of\n \n derivative; \n (ii)\n \n as\n \n a\n \n whole\n \n is\n \n not\n \n measured\n \n at\n \n fair\n \n value\n \n with\n \n the\n \n effects\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n (FVTPL);\n \n (iii) \n the\n \n characteristics\n \n and\n \n risks\n \n of\n \n the\n \n derivative\n \n are\n \n not\n \n closely\n \n related\n \n to\n \n those\n \n of\n \n the\n \n main\n \n contract.\n \n The\n \n existence \n of\n \n embedded\n \n derivatives\n \n to\n \n separate\n \n and\n \n measure\n \n separately\n \n is\n \n checked\n \n when\n \n the\n \n company\n \n joins\n \n the\n \n contract \n
\n \n and\n \n afterwards\n \n when\n \n there\n \n are\n \n amendments\n \n to\n \n the\n \n conditions\n \n of\n \n the\n \n contract\n \n that\n \n bring\n \n about\n \n significant \n changes in the cash flows it generates. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact513": { "value": "\n
\n Fair\n \n value\n \n changes\n \n of\n \n derivatives\n \n that\n \n do\n \n not\n \n meet\n \n the\n \n hedging\n \n criteria,\n \n including\n \n any\n \n ineffective\n \n components \n of\n \n hedging\n \n derivatives,\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cGain/(loss)\n \n on\n \n derivative\n \n financial \n instruments measured at fair value\u201d. \n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact459": { "value": "\n
\n Fair value measurement\n
\n
\n Fair\n \n value\n \n is\n \n the\n \n amount\n \n that\n \n would\n \n be\n \n received\n \n to\n \n sell\n \n an\n \n asset\n \n or\n \n paid\n \n to\n \n transfer\n \n a\n \n liability\n \n in\n \n an\n \n regular \n transaction between market participants at the measurement date (i.e. exit price). \n
\n
\n Fair\n \n value\n \n of\n \n an\n \n asset\n \n or\n \n liability\n \n is\n \n determined\n \n using\n \n the\n \n valuations\n \n that\n \n market\n \n participants\n \n would\n \n use\n \n in \n determining\n \n the\n \n price\n \n of\n \n the\n \n asset\n \n or\n \n liability.\n \n The\n \n fair\n \n value\n \n measurement\n \n assumes\n \n that\n \n the\n \n asset\n \n or\n \n liability \n would\n \n be\n \n traded\n \n on\n \n the\n \n main\n \n market\n \n or,\n \n failing\n \n that,\n \n on\n \n the\n \n most\n \n advantageous\n \n market\n \n accessible\n \n to\n \n the\n \n entity. \n
\n
\n The\n \n fair\n \n value\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n determined\n \n by\n \n considering\n \n the\n \n market\n \n participants\u2019\n \n ability\n \n to\n \n generate \n economic\n \n benefits\n \n by\n \n using\n \n the\n \n asset\n \n in\n \n its\n \n highest\n \n and\n \n best\n \n use\n \n or\n \n selling\n \n it\n \n to\n \n another\n \n market\n \n participant\n \n that \n would\n \n maximise\n \n its\n \n value.\n \n The\n \n determination\n \n of\n \n the\n \n highest\n \n and\n \n best\n \n use\n \n of\n \n the\n \n asset\n \n is\n \n determined\n \n from\n \n the \n perspective\n \n of\n \n market\n \n participants,\n \n even\n \n if\n \n the\n \n entity\n \n intends\n \n to\n \n use\n \n it\n \n differently;\n \n it\n \n is\n \n assumed\n \n that\n \n the\n \n entity\u2019s \n current\n \n use\n \n of\n \n a\n \n non-financial\n \n asset\n \n is\n \n its\n \n highest\n \n and\n \n best\n \n use,\n \n unless\n \n the\n \n market\n \n conditions\n \n or\n \n other\n \n factors \n suggest otherwise.\n
\n
\n The\n \n fair-value\n \n measurement\n \n of\n \n a\n \n financial\n \n or\n \n non-financial\n \n liability,\n \n or\n \n of\n \n an\n \n equity\n \n instrument,\n \n considers\n \n the \n quoted\n \n price\n \n for\n \n transferring\n \n an\n \n identical\n \n or\n \n similar\n \n liability\n \n or\n \n equity\n \n instrument;\n \n if\n \n such\n \n quoted\n \n price\n \n is\n \n not \n available,\n \n the\n \n valuation\n \n of\n \n a\n \n corresponding\n \n asset\n \n held\n \n by\n \n a\n \n market\n \n participant\n \n as\n \n at\n \n the\n \n measurement\n \n date\n \n is \n considered.\n \n The\n \n fair\n \n value\n \n of\n \n the\n \n financial\n \n instruments\n \n considers\n \n the\n \n credit\n \n risk\n \n of\n \n the\n \n counterparty\n \n of\n \n a\n \n financial \n asset\n \n (\u201cCredit\n \n Valuation\n \n Adjustment\u201d\n \n or\n \n \u201cCVA\u201d)\n \n and\n \n the\n \n entity\u2019s\n \n own\n \n default\n \n risk\n \n related\n \n to\n \n a\n \n financial\n \n liability \n (\u201cDebit Valuation Adjustment\u201d or \u201cDVA\u201d).\n
\n
\n When\n \n determining\n \n fair\n \n value\n ,\n \n a\n \n hierarchy\n \n of\n \n inputs\n \n based\n \n on\n \n the\n \n origin,\n \n type\n \n and\n \n quality\n \n of\n \n the\n \n information\n \n used \n in\n \n the\n \n calculation\n \n is\n \n defined.\n \n This\n \n classification\n \n aims\n \n to\n \n establish\n \n a\n \n hierarchy\n \n in\n \n terms\n \n of\n \n the\n \n reliability\n \n in\n \n fair \n value\n ,\n \n prioritizing\n \n the\n \n use\n \n of\n \n observable\n \n market\n \n parameters\n \n that\n \n reflect\n \n assumptions\n \n that\n \n market\n \n participants \n would use when in measuring the asset/liability. The \n fair value\n hierarchy includes the following levels:\n
\n
\n \u2022\n level\n \n 1:\n \n inputs\n \n represented\n \n by\n \n quoted\n \n prices\n \n (unadjusted)\n \n in\n \n active\n \n markets\n \n for\n \n identical\n \n assets\n \n or\n \n liabilities \n that are accessible as at the measurement date; \n
\n
\n \u2022\n level\n \n 2:\n \n inputs,\n \n other\n \n than\n \n quoted\n \n prices\n \n included\n \n in\n \n Level\n \n 1,\n \n that\n \n are\n \n observable,\n \n directly\n \n or\n \n indirectly,\n \n for \n the assets or liabilities to be measured; \n
\n
\n \u2022\n level 3: unobservable inputs for the asset or liability. \n
\n
\n In\n \n the\n \n absence\n \n of\n \n available\n \n market\n \n quotes,\n \n fair\n \n value\n \n is\n \n determined\n \n by\n \n using\n \n valuation\n \n techniques\n \n appropriate \n for\n \n each\n \n situation,\n \n maximising\n \n the\n \n use\n \n of\n \n relevant\n \n observable\n \n inputs\n \n and\n \n minimising\n \n the\n \n use\n \n of\n \n unobservable \n inputs.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact525": { "value": "\n \n
\n Assets held for sale\n
\n
\n Non-current\n \n assets\n \n and\n \n current\n \n and\n \n non-current\n \n assets\n \n of\n \n disposal\n \n groups\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale,\n \n if \n their\n \n carrying\n \n amount\n \n will\n \n be\n \n recovered\n \n mainly\n \n by\n \n their\n \n sale\n \n rather\n \n than\n \n through\n \n their\n \n continued\n \n use.\n \n This \n condition\n \n is\n \n regarded\n \n as\n \n fulfilled\n \n when\n \n the\n \n sale\n \n is\n \n highly\n \n probable,\n \n and\n \n the\n \n asset\n \n or\n \n discontinued\n \n operations \n are\n \n available\n \n for\n \n immediate\n \n sale\n \n in\n \n their\n \n current\n \n condition.\n \n In\n \n the\n \n case\n \n of\n \n a\n \n programme\n \n for\n \n the\n \n sale\n \n of\n \n a \n subsidiary\n \n that\n \n results\n \n in\n \n loss\n \n of\n \n control,\n \n all\n \n assets\n \n and\n \n liabilities\n \n of\n \n that\n \n affiliate\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale, \n regardless\n \n of\n \n whether\n \n a\n \n non-controlling\n \n investment\n \n is\n \n maintained\n \n following\n \n the\n \n sale.\n \n Checking\n \n that\n \n the \n conditions\n \n required\n \n to\n \n classify\n \n an\n \n item\n \n as\n \n held\n \n for\n \n sale\n \n requires\n \n that\n \n the\n \n management\n \n made\n \n subjective \n assessments and formulate reasonable and realistic assumptions based on the information available.\n
\n
\n Assets\n \n held\n \n for\n \n sale,\n \n current\n \n and\n \n non-current\n \n assets\n \n related\n \n to\n \n disposal\n \n groups\n \n and\n \n directly\n \n associated\n \n liabilities \n are recognised in the Statement of Financial Position separately from other assets and liabilities. \n
\n
\n Assets\n \n and\n \n liabilities\n \n falling\n \n within\n \n a\n \n disposal\n \n group\n \n are\n \n measured\n \n according\n \n to\n \n the\n \n accounting\n \n standards \n applicable\n \n to\n \n them\n \n right\n \n before\n \n being\n \n classified\n \n as\n \n held\n \n for\n \n sale.\n \n Afterwards,\n \n the\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not \n
\n \n \n amortised\n \n or\n \n depreciated\n \n and\n \n are\n \n measured\n \n at\n \n the\n \n lower\n \n between\n \n the\n \n carrying\n \n amount\n \n and\n \n its\n \n fair\n \n value\n ,\n \n less \n costs to sell (see section \u201cFair value measurement\u201d). \n
\n The\n \n classification\n \n as\n \n \u201cheld\n \n for\n \n sale\u201d\n \n of\n \n equity\n \n investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n \n implies \n suspended\n \n application\n \n of\n \n this\n \n measurement\n \n criteria.\n \n Therefore,\n \n in\n \n this\n \n case,\n \n the\n \n carrying\n \n amount\n \n is\n \n equal\n \n to \n the value resulting from the application of the equity method at the date of reclassification. \n
\n \n Any\n \n negative\n \n difference\n \n between\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n non-current\n \n assets\n \n and\n \n the\n \n fair\n \n value\n \n less\n \n costs \n to\n \n sell\n \n is\n \n recognise\n \n to\n \n the\n \n income\n \n statement\n \n as\n \n an\n \n impairment;\n \n any\n \n subsequent\n \n reversal\n \n of\n \n impairment\n \n losses \n is\n \n recognised\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n previously\n \n recognised\n \n impairment\n \n losses,\n \n including\n \n those\n \n recognised \n prior to the asset being classified as held for sale\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact460": { "value": "\n
\n Assets held for sale\n
\n
\n Non-current\n \n assets\n \n and\n \n current\n \n and\n \n non-current\n \n assets\n \n of\n \n disposal\n \n groups\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale,\n \n if \n their\n \n carrying\n \n amount\n \n will\n \n be\n \n recovered\n \n mainly\n \n by\n \n their\n \n sale\n \n rather\n \n than\n \n through\n \n their\n \n continued\n \n use.\n \n This \n condition\n \n is\n \n regarded\n \n as\n \n fulfilled\n \n when\n \n the\n \n sale\n \n is\n \n highly\n \n probable,\n \n and\n \n the\n \n asset\n \n or\n \n discontinued\n \n operations \n are\n \n available\n \n for\n \n immediate\n \n sale\n \n in\n \n their\n \n current\n \n condition.\n \n In\n \n the\n \n case\n \n of\n \n a\n \n programme\n \n for\n \n the\n \n sale\n \n of\n \n a \n subsidiary\n \n that\n \n results\n \n in\n \n loss\n \n of\n \n control,\n \n all\n \n assets\n \n and\n \n liabilities\n \n of\n \n that\n \n affiliate\n \n are\n \n classified\n \n as\n \n held\n \n for\n \n sale, \n regardless\n \n of\n \n whether\n \n a\n \n non-controlling\n \n investment\n \n is\n \n maintained\n \n following\n \n the\n \n sale.\n \n Checking\n \n that\n \n the \n conditions\n \n required\n \n to\n \n classify\n \n an\n \n item\n \n as\n \n held\n \n for\n \n sale\n \n requires\n \n that\n \n the\n \n management\n \n made\n \n subjective \n assessments and formulate reasonable and realistic assumptions based on the information available.\n
\n
\n Assets\n \n held\n \n for\n \n sale,\n \n current\n \n and\n \n non-current\n \n assets\n \n related\n \n to\n \n disposal\n \n groups\n \n and\n \n directly\n \n associated\n \n liabilities \n are recognised in the Statement of Financial Position separately from other assets and liabilities. \n
\n
\n Assets\n \n and\n \n liabilities\n \n falling\n \n within\n \n a\n \n disposal\n \n group\n \n are\n \n measured\n \n according\n \n to\n \n the\n \n accounting\n \n standards \n applicable\n \n to\n \n them\n \n right\n \n before\n \n being\n \n classified\n \n as\n \n held\n \n for\n \n sale.\n \n Afterwards,\n \n the\n \n assets\n \n held\n \n for\n \n sale\n \n are\n \n not \n
\n \n \n amortised\n \n or\n \n depreciated\n \n and\n \n are\n \n measured\n \n at\n \n the\n \n lower\n \n between\n \n the\n \n carrying\n \n amount\n \n and\n \n its\n \n fair\n \n value\n ,\n \n less \n costs to sell (see section \u201cFair value measurement\u201d). \n
\n The\n \n classification\n \n as\n \n \u201cheld\n \n for\n \n sale\u201d\n \n of\n \n equity\n \n investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n \n implies \n suspended\n \n application\n \n of\n \n this\n \n measurement\n \n criteria.\n \n Therefore,\n \n in\n \n this\n \n case,\n \n the\n \n carrying\n \n amount\n \n is\n \n equal\n \n to \n the value resulting from the application of the equity method at the date of reclassification. \n
\n \n
\n \n Any\n \n negative\n \n difference\n \n between\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n non-current\n \n assets\n \n and\n \n the\n \n fair\n \n value\n \n less\n \n costs \n to\n \n sell\n \n is\n \n recognise\n \n to\n \n the\n \n income\n \n statement\n \n as\n \n an\n \n impairment;\n \n any\n \n subsequent\n \n reversal\n \n of\n \n impairment\n \n losses \n is\n \n recognised\n \n up\n \n to\n \n the\n \n amount\n \n of\n \n the\n \n previously\n \n recognised\n \n impairment\n \n losses,\n \n including\n \n those\n \n recognised \n prior to the asset being classified as held for sale\n \n . \n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact491": { "value": "\n
\n Provisions for risks and charges\n
\n
\n Provisions\n \n for\n \n risks\n \n and\n \n charges\n \n relate\n \n to\n \n costs\n \n and\n \n charges\n \n of\n \n a\n \n specific\n \n nature\n \n and\n \n of\n \n certain\n \n or\n \n probable \n existence, which, at the end of the year, are uncertain in terms of amount or date of occurrence. \n
\n
\n Provisions\n \n are\n \n recognised\n \n when:\n \n (i)\n \n it\n \n is\n \n probable\n \n that\n \n there\n \n is\n \n a\n \n current\n \n legal\n \n or\n \n constructive\n \n obligation,\n \n arising \n from\n \n a\n \n past\n \n event;\n \n (ii)\n \n it\n \n is\n \n probable\n \n that\n \n fulfilling\n \n the\n \n obligation\n \n will\n \n be\n \n onerous;\n \n and\n \n (iii)\n \n the\n \n amount\n \n of\n \n the \n obligation\n \n can\n \n be\n \n reliably\n \n determined.\n \n Provisions\n \n are\n \n recorded\n \n at\n \n the\n \n value\n \n that\n \n represents\n \n the\n \n best\n \n estimate \n of\n \n the\n \n amount\n \n that\n \n the\n \n entity\n \n would\n \n reasonably\n \n pay\n \n to\n \n extinguish\n \n the\n \n obligation\n \n or\n \n transfer\n \n it\n \n to\n \n third\n \n parties\n \n at \n the\n \n closing\n \n date\n \n of\n \n the\n \n financial\n \n year.\n \n Provisions\n \n related\n \n to\n \n onerous\n \n contracts\n \n are\n \n recorded\n \n at\n \n the\n \n lower\n \n of\n \n the \n cost\n \n necessary\n \n to\n \n fulfil\n \n the\n \n obligation,\n \n less\n \n the\n \n expected\n \n economic\n \n benefits\n \n deriving\n \n from\n \n the\n \n contract,\n \n and\n \n the \n cost to terminate the contract. \n
\n
\n When\n \n the\n \n financial\n \n effect\n \n of\n \n time\n \n is\n \n significant\n \n and\n \n the\n \n payment\n \n dates\n \n of\n \n the\n \n obligations\n \n can\n \n be\n \n reliably \n estimated,\n \n the\n \n provision\n \n is\n \n calculated\n \n by\n \n discounting,\n \n at\n \n a\n \n rate\n \n reflecting\n \n the\n \n present\n \n market\n \n evaluations\n \n of\n \n the \n time\n \n value\n \n of\n \n money,\n \n the\n \n expected\n \n cash\n \n flows\n \n in\n \n consideration\n \n of\n \n the\n \n risks\n \n associated\n \n with\n \n the\n \n obligation;\n \n the \n increase\n \n in\n \n the\n \n provision\n \n due\n \n to\n \n the\n \n passing\n \n of\n \n time\n \n is\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n under\n \n \u201cFinancial \n income (expense)\u201d.\n
\n
\n When\n \n the\n \n liability\n \n relates\n \n to\n \n property,\n \n plant\n \n and\n \n equipment\n \n (e.g.\n \n site\n \n dismantlement\n \n and\n \n restoration),\n \n the \n provision\n \n is\n \n recognised\n \n against\n \n the\n \n related\n \n asset\n \n and\n \n the\n \n charge\n \n to\n \n the\n \n income\n \n statement\n \n occurs\n \n through \n depreciation.\n \n The\n \n costs\n \n that\n \n Company\n \n expects\n \n to\n \n incur\n \n for\n \n implementing\n \n restructuring\n \n programmes\n \n are \n recognised\n \n in\n \n the\n \n period\n \n in\n \n which\n \n the\n \n programme\n \n is\n \n formally\n \n defined,\n \n and\n \n a\n \n valid\n \n expectation\n \n has\n \n been \n generated among the affected parties that the restructuring will take place.\n
\n
\n Provisions\n \n are\n \n periodically\n \n updated\n \n to\n \n reflect\n \n changes\n \n in\n \n cost\n \n estimates,\n \n selling\n \n periods\n \n and\n \n the\n \n discount\n \n rate; \n revisions\n \n of\n \n provisions\n \n are\n \n recorded\n \n to\n \n the\n \n same\n \n income\n \n statement\n \n item\n \n that\n \n previously\n \n recognised\n \n the \n provision\n \n or,\n \n when\n \n the\n \n liability\n \n is\n \n related\n \n to\n \n property,\n \n plant\n \n and\n \n equipment\n \n (e.g.\n \n site\n \n dismantling\n \n and\n \n restoration), \n against the related asset, up to the carrying amount; any excess is recognised in the income statement.\n
\n
\n The\n \n notes\n \n to\n \n the\n \n financial\n \n statements\n \n describe\n \n contingent\n \n liabilities\n \n represented\n \n by:\n \n (i)\n \n possible\n \n (but\n \n not \n probable)\n \n obligations\n \n arising\n \n from\n \n past\n \n events,\n \n whose\n \n existence\n \n will\n \n be\n \n confirmed\n \n only\n \n if\n \n one\n \n or\n \n more\n \n future \n uncertain\n \n events\n \n occur\n \n not\n \n entirely\n \n under\n \n the\n \n Company\u2019s\n \n control;\n \n and\n \n (ii)\n \n current\n \n obligations\n \n resulting\n \n from\n \n past \n events, whose amount cannot be reliably estimated, or whose fulfilment is likely to be not onerous.\n
\n \n
\n Energy efficiency certificates\n
\n \n

\n Provisions for risks and charges\n \u00a0 \n

\n \n \n

\n In addition to the amounts allocated to the provisions for environmental liabilities, Italgas recorded provisions mainly relating to the following in the financial statements: (i) legal and tax disputes; (ii) staff leaving incentives; (iii) expenses related to meeting the Energy Efficiency Certificates targets (EEC) set by the Authority; (iv) provision for contractual risks.\n

\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact464": { "value": "\n
\n Provisions for employee benefits\n
\n \n
\n Post-employment benefits\n
\n
\n Post-employment benefits are grouped into \u201cdefined-benefit\u201d plans and \u201cdefined-contribution\u201d plans. \n
\n
\n \u2022\n Defined-benefit\n \n plans.\n \n The\n \n liability\n \n associated\n \n with\n \n defined-benefit\n \n plans\n \n is\n \n determined\n \n by\n \n estimating\n \n the \n present\n \n value\n \n of\n \n the\n \n future\n \n benefits\n \n accrued\n \n by\n \n the\n \n employees\n \n during\n \n the\n \n current\n \n year\n \n and\n \n in\n \n previous \n years,\n \n and\n \n by\n \n calculating\n \n the\n \n fair\n \n value\n \n of\n \n any\n \n assets\n \n servicing\n \n the\n \n plan.\n \n The\n \n present\n \n value\n \n of\n \n the\n \n obligations \n is\n \n determined\n \n based\n \n on\n \n actuarial\n \n assumptions\n \n and\n \n is\n \n recognised\n \n on\n \n an\n \n accrual\n \n basis\n \n consistent\n \n with\n \n the \n employment\n \n period\n \n necessary\n \n to\n \n obtain\n \n the\n \n benefits.\n \n Actuarial\n \n gains\n \n and\n \n losses\n \n relating\n \n to\n \n defined-benefit \n plans\n \n arising\n \n from\n \n changes\n \n in\n \n actuarial\n \n assumptions\n \n or\n \n experience\n \n adjustments\n \n are\n \n recognised\n \n in\n \n other \n
\n \n \n \n
\n comprehensive\n \n income\n \n when\n \n occurred\n \n and\n \n are\n \n not\n \n subsequently\n \n recognised\n \n in\n \n the\n \n income\n \n statement. \n When\n \n a\n \n plan\n \n is\n \n changed,\n \n reduced\n \n or\n \n extinguished,\n \n its\n \n effects\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Net \n financial\n \n expense\n \n represents\n \n the\n \n change\n \n that\n \n the\n \n net\n \n liability\n \n undergoes\n \n during\n \n the\n \n year\n \n due\n \n to\n \n the\n \n passing \n of\n \n time.\n \n Net\n \n interest\n \n is\n \n determined\n \n by\n \n applying\n \n the\n \n discount\n \n rate\n \n to\n \n the\n \n liabilities,\n \n net\n \n of\n \n any\n \n assets\n \n servicing \n the\n \n plan.\n \n The\n \n net\n \n financial\n \n expense\n \n of\n \n defined-benefit\n \n plans\n \n is\n \n recognised\n \n in\n \n \u201cFinancial\n \n income\n \n (expense)\u201d.\n
\n
\n \u2022\n Defined-contribution\n \n plans.\n \n In\n \n defined-contribution\n \n plans,\n \n the\n \n Company\u2019s\n \n obligation\n \n is\n \n calculated,\n \n limited \n to\n \n the\n \n payment\n \n of\n \n state\n \n contributions\n \n or\n \n to\n \n equity\n \n or\n \n a\n \n legally\n \n separate\n \n entity\n \n (fund),\n \n based\n \n on\n \n contributions \n due. Costs arising from defined-contribution plans are expensed as incurred.\n
\n
\n Other long-term plans\n
\n
\n Obligations\n \n relating\n \n to\n \n other\n \n long-term\n \n benefits\n \n are\n \n calculated\n \n using\n \n actuarial\n \n assumptions;\n \n the\n \n effects\n \n arising \n from\n \n the\n \n amendments\n \n to\n \n the\n \n actuarial\n \n assumptions\n \n or\n \n the\n \n characteristics\n \n of\n \n the\n \n benefits\n \n are\n \n recognised\n \n entirely \n in the income statement.\n
\n \n Provisions for employee benefits\n

\n Defined-benefit plans are valued on the basis of uncertain events and actuarial assumptions which include, inter alia, the discount rates, the expected returns on the assets servicing the plans (where they exist), the level of future remuneration, mortality rates, the retirement age and future trends in the healthcare expenses covered.\n

\n

\n The main assumptions used to quantify defined-benefit plans are determined as follows: (i) the discount and inflation rates representing the base rates at which the obligation to employees might actually be fulfilled are based on the rates which mature on high-quality bonds and on inflation expectations; (ii) the level of future remuneration is determined on the basis of elements such as inflation expectations, productivity, career advancement and seniority; (iii) the future cost of healthcare services is determined on the basis of elements such as present and past trends in healthcare costs, including assumptions regarding the inflationary growth of costs, and changes in the health of the participating employees; and (iv) the demographic assumptions reflect the best estimates of trends in variables such as mortality, turnover, invalidity and others in relation to the population of the participating employees. \n

\n

\n Differences in the value of net liabilities relating to employee benefit plans, arising due to changes in the actuarial assumptions used and the difference between the actuarial assumptions previously adopted and actual events, occur routinely and are called actuarial gains and losses. Actuarial gains and losses relating to defined-benefit plans are recognised in the statement of comprehensive income. Actuarial assumptions are also used to determine other long-term employee benefit obligations; to this end, the effects arising from changes to the actuarial assumptions or the characteristics of the benefit are fully recognised in the income statement.\n \u00a0\u00a0 \n

\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact463": { "value": "\n
\n Post-employment benefits\n
\n
\n Post-employment benefits are grouped into \u201cdefined-benefit\u201d plans and \u201cdefined-contribution\u201d plans. \n
\n
\n \u2022\n Defined-benefit\n \n plans.\n \n The\n \n liability\n \n associated\n \n with\n \n defined-benefit\n \n plans\n \n is\n \n determined\n \n by\n \n estimating\n \n the \n present\n \n value\n \n of\n \n the\n \n future\n \n benefits\n \n accrued\n \n by\n \n the\n \n employees\n \n during\n \n the\n \n current\n \n year\n \n and\n \n in\n \n previous \n years,\n \n and\n \n by\n \n calculating\n \n the\n \n fair\n \n value\n \n of\n \n any\n \n assets\n \n servicing\n \n the\n \n plan.\n \n The\n \n present\n \n value\n \n of\n \n the\n \n obligations \n is\n \n determined\n \n based\n \n on\n \n actuarial\n \n assumptions\n \n and\n \n is\n \n recognised\n \n on\n \n an\n \n accrual\n \n basis\n \n consistent\n \n with\n \n the \n employment\n \n period\n \n necessary\n \n to\n \n obtain\n \n the\n \n benefits.\n \n Actuarial\n \n gains\n \n and\n \n losses\n \n relating\n \n to\n \n defined-benefit \n plans\n \n arising\n \n from\n \n changes\n \n in\n \n actuarial\n \n assumptions\n \n or\n \n experience\n \n adjustments\n \n are\n \n recognised\n \n in\n \n other \n
\n \n
\n comprehensive\n \n income\n \n when\n \n occurred\n \n and\n \n are\n \n not\n \n subsequently\n \n recognised\n \n in\n \n the\n \n income\n \n statement. \n When\n \n a\n \n plan\n \n is\n \n changed,\n \n reduced\n \n or\n \n extinguished,\n \n its\n \n effects\n \n are\n \n recognised\n \n in\n \n the\n \n income\n \n statement.\n \n Net \n financial\n \n expense\n \n represents\n \n the\n \n change\n \n that\n \n the\n \n net\n \n liability\n \n undergoes\n \n during\n \n the\n \n year\n \n due\n \n to\n \n the\n \n passing \n of\n \n time.\n \n Net\n \n interest\n \n is\n \n determined\n \n by\n \n applying\n \n the\n \n discount\n \n rate\n \n to\n \n the\n \n liabilities,\n \n net\n \n of\n \n any\n \n assets\n \n servicing \n the\n \n plan.\n \n The\n \n net\n \n financial\n \n expense\n \n of\n \n defined-benefit\n \n plans\n \n is\n \n recognised\n \n in\n \n \u201cFinancial\n \n income\n \n (expense)\u201d.\n
\n
\n \u2022\n Defined-contribution\n \n plans.\n \n In\n \n defined-contribution\n \n plans,\n \n the\n \n Company\u2019s\n \n obligation\n \n is\n \n calculated,\n \n limited \n to\n \n the\n \n payment\n \n of\n \n state\n \n contributions\n \n or\n \n to\n \n equity\n \n or\n \n a\n \n legally\n \n separate\n \n entity\n \n (fund),\n \n based\n \n on\n \n contributions \n due. Costs arising from defined-contribution plans are expensed as incurred.\n
\n
\n Other long-term plans\n
\n
\n Obligations\n \n relating\n \n to\n \n other\n \n long-term\n \n benefits\n \n are\n \n calculated\n \n using\n \n actuarial\n \n assumptions;\n \n the\n \n effects\n \n arising \n from\n \n the\n \n amendments\n \n to\n \n the\n \n actuarial\n \n assumptions\n \n or\n \n the\n \n characteristics\n \n of\n \n the\n \n benefits\n \n are\n \n recognised\n \n entirely \n in the income statement.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact490": { "value": "\n
\n Dividends payments\n
\n
\n Dividends\n \n payments\n \n to\n \n Company\u2019s\n \n shareholders\n \n entails\n \n the\n \n recording\n \n of\n \n a\n \n payable\n \n in\n \n the\n \n financial\n \n statements \n for\n \n the\n \n period\n \n in\n \n which\n \n distribution\n \n was\n \n approved\n \n by\n \n the\n \n Company\u2019s\n \n Shareholders\n \n or,\n \n in\n \n the\n \n case\n \n of\n \n interim \n dividends, by the Board of Directors.\n
\n \n
\n Dividends received\n
\n
\n Dividends\n \n are\n \n recognised\n \n at\n \n the\n \n date\n \n of\n \n the\n \n resolution\n \n passed\n \n by\n \n the\n \n Shareholders\u2019\n \n Meeting,\n \n unless\n \n it\n \n is\n \n not \n reasonably certain that the shares will be sold before the ex-dividend date.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact516": { "value": "\n
\n Revenues\n
\n
\n The Group recognises revenues when it transfers the control of a product or service to a customer. \n
\n
\n The\n \n recognition\n \n of\n \n revenues\n \n from\n \n contracts\n \n with\n \n customers\n \n is\n \n based\n \n on\n \n the\n \n following\n \n five\n \n steps:\n \n (i)\n \n identification \n of\n \n the\n \n contract\n \n with\n \n the\n \n customer;\n \n (ii)\n \n identification\n \n of\n \n the\n \n performance\n \n obligations\n \n represented\n \n by\n \n the \n contractual\n \n promises\n \n to\n \n transfer\n \n goods\n \n and/or\n \n services\n \n to\n \n a\n \n customer;\n \n (iii)\n \n determination\n \n of\n \n the\n \n price\n \n of\n \n the \n transaction;\n \n (iv)\n \n allocation\n \n of\n \n the\n \n price\n \n of\n \n the\n \n transactions\n \n to\n \n the\n \n performance\n \n obligations\n \n identified\n \n based\n \n on \n the\n \n standalone\n \n selling\n \n price\n \n of\n \n each\n \n good\n \n or\n \n service;\n \n (v)\n \n recognition\n \n of\n \n the\n \n revenue\n \n when\n \n its\n \n performance \n obligation\n \n has\n \n been\n \n met,\n \n or\n \n when\n \n the\n \n promised\n \n good\n \n or\n \n service\n \n is\n \n transferred\n \n to\n \n the\n \n customer;\n \n the\n \n transfer\n \n is \n considered\n \n completed\n \n when\n \n the\n \n customer\n \n gains\n \n control\n \n of\n \n the\n \n good\n \n or\n \n service,\n \n which\n \n can\n \n occur\n \n over\n \n time\n \n or \n at a specific point in time.\n
\n
\n Furthermore,\n \n in\n \n the\n \n presence\n \n of\n \n a\n \n third\n \n party\n \n involved\n \n in\n \n the\n \n supply\n \n of\n \n goods\n \n or\n \n services\n \n to\n \n a\n \n customer,\n \n the \n correct\n \n recognition\n \n of\n \n revenues\n \n envisaged\n \n by\n \n IFRS\n \n 15\n \n is\n \n connected\n \n to\n \n the\n \n fact\n \n that\n \n the\n \n company\n \n acts\n \n as\n \n a \n principal or as an agent of the counterparty.\n
\n
\n Revenue\n \n is\n \n recognized\n \n net\n \n of\n \n returns,\n \n discounts,\n \n allowances,\n \n and\n \n premiums,\n \n as\n \n well\n \n as\n \n taxes\n \n directly\n \n related \n to the revenue.\n
\n
\n Exchanges\n \n of\n \n goods\n \n or\n \n services\n \n of\n \n similar\n \n nature\n \n and\n \n value,\n \n as\n \n they\n \n do\n \n not\n \n represent\n \n sales\n \n transactions,\n \n do \n not result in the recognition of revenue and costs.\n
\n
\n Revenue from Gas Distribution and Integrated Water Services\n
\n
\n For the gas distribution services and integrated water services performed by Italgas Group, the moment of\n
\n
\n recognition of revenues occurs at the time the service is provided (over time) to customers.\n
\n
\n The\n \n tariffs\n \n (transaction\n \n prices)\n \n to\n \n be\n \n applied\n \n to\n \n customers\n \n for\n \n the\n \n services\n \n provided,\n \n based\n \n on\n \n the\n \n volumes \n consumed\n \n or\n \n the\n \n type\n \n of\n \n service\n \n provided,\n \n are\n \n defined\n \n by\n \n the\n \n Authority\n \n based\n \n on\n \n a\n \n predefined\n \n amount\n \n of\n \n annual \n recognised revenues (\"Revenue Cap\") by ARERA in Italy and RAEWW in Greece.\n
\n
\n In\n \n particular,\n \n gas\n \n distribution\n \n and\n \n metering\n \n services\n \n and\n \n integrated\n \n water\n \n services\n \n are\n \n subject\n \n to\n \n regulation\n \n by \n ARERA and by RAEWW, which define, among other things, the frameworks for the remuneration of services. \n
\n \n Specifically,\n \n the\n \n Revenue\n \n Cap\n \n includes\n \n a\n \n predefined\n \n return\n \n on\n \n the\n \n net\n \n invested\n \n capital,\n \n recognised\n \n for \n regulatory\n \n purpose\n \n (Regulatory\n \n Asset\n \n Base\n \n or\n \n \u201cRAB\u201d),\n \n related\n \n amortisation/depreciation,\n \n and\n \n some\n \n operating \n costs.\n
\n The\n \n distribution\n \n of\n \n gas\n \n to\n \n the\n \n delivery\n \n point\n \n and\n \n the\n \n water\n \n service\n \n activities\n \n are\n \n considered\n \n a\n \n single\n \n performance \n obligation,\n \n therefore\n \n Revenue\n \n Cap\n \n is\n \n recognised\n \n on\n \n a\n \n straight-line\n \n basis,\n \n since\n \n the\n \n services\n \n provided\n \n are \n continuous and uniform over time, consisting mainly in the continuous provision of infrastructure.\n
\n
\n In\n \n the\n \n case\n \n of\n \n natural\n \n gas\n \n distribution\n \n in\n \n Italy,\n \n the\n \n difference\n \n between\n \n the\n \n Revenue\n \n cap\n \n and\n \n the\n \n revenue\n \n charged \n to\n \n customers\n \n for\n \n services\n \n actually\n \n rendered\n \n is\n \n recorded,\n \n if\n \n positive,\n \n under\n \n \"Trade\n \n receivables\n \n and\n \n other \n receivables\"\n \n and,\n \n if\n \n negative,\n \n under\n \n \"Trade\n \n payables\n \n and\n \n other\n \n payables,\"\n \n as\n \n it\n \n will\n \n be\n \n subject\n \n to\n \n financial \n settlement\n \n by\n \n the\n \n Cassa\n \n per\n \n i\n \n Servizi\n \n Energetici\n \n e\n \n Ambienti\n \n (\u201cCSEA\u201d).\n \n Additionally,\n \n with\n \n respect\n \n to\n \n the \n \u201cMunicipalities\n \n in\n \n Start-Up\n \n 150\n \u201d\n \n in\n \n Italy,\n \n the\n \n recognition\n \n of\n \n revenue\n \n for\n \n gas\n \n distribution\n \n service\n \n is\n \n based\n \n on\n \n a \n prospective\n \n evaluation\n \n of\n \n the\n \n expected\n \n delivery\n \n points\n \n at\n \n the\n \n end\n \n of\n \n the\n \n regulated\n \n start-up\n \n period\n \n as\n \n defined\n \n by \n ARERA,\n \n where\n \n there\n \n is\n \n considered\n \n to\n \n be\n \n a\n \n high\n \n probability\n \n of\n \n not\n \n encountering\n \n a\n \n significant\n \n reversal\n \n of\n \n the \n accumulated\n \n revenue.\n \n Revenue\n \n is\n \n reported\n \n net\n \n of\n \n items\n \n related\n \n to\n \n additional\n \n tariff\n \n components,\n \n above\n \n the \n Italian\n \n tariff,\n \n intended\n \n to\n \n cover\n \n the\n \n general\n \n costs\n \n of\n \n the\n \n gas\n \n system.\n \n The\n \n amounts\n \n collected/charged\n \n by\n \n Italgas \n are passed back in equal amounts to the CSEA.\n
\n
\n In\n \n relation\n \n to\n \n natural\n \n gas\n \n distribution\n \n in\n \n Greece\n \n and\n \n integrated\n \n water\n \n services,\n \n the\n \n difference\n \n (\u201cRecoverable \n Difference\u201d)\n \n between\n \n the\n \n Revenue\n \n cap\n \n and\n \n the\n \n revenue\n \n charged\n \n to\n \n customers\n \n for\n \n services\n \n actually\n \n rendered \n is\n \n recorded,\n \n if\n \n positive,\n \n under\n \n \u201cOther\n \n current\n \n and\n \n non-current\n \n non-financial\n \n assets,\u201d\n \n and\n \n if\n \n negative,\n \n under \n \u201cOther\n \n current\n \n and\n \n non-current\n \n non-financial\n \n liabilities,\u201d\n \n since\n \n Italgas\n \n has\n \n met\n \n the\n \n corresponding\n \n performance \n obligation\n \n and\n \n is\n \n entitled\n \n to\n \n recover\n \n or\n \n obliged\n \n to\n \n return\n \n any\n \n amounts\n \n not\n \n charged\n \n or\n \n excessively\n \n charged\n \n to \n customers during the year in subsequent regulatory periods or at the end of the concession.\n
\n
\n Revenue from Construction and Infrastructure Improvements\n
\n
\n Revenue\n \n from\n \n construction\n \n and\n \n infrastructure\n \n improvements\n \n provided\n \n under\n \n concession\n \n service\n \n agreements, \n gas\n \n distribution\n \n activities\n \n and\n \n integrated\n \n water\n \n services\n \n is\n \n recognized\n \n over-time\n \n as\n \n work\n \n in\n \n progress\n \n based\n \n on \n the\n \n progress\n \n of\n \n the\n \n work,\n \n deduced\n \n from\n \n the\n \n total\n \n estimated\n \n costs\n \n incurred.\n \n Revenues\n \n are\n \n determined\n \n equal\n \n to \n costs actually incurred.\n
\n
\n Revenue from Energy Efficiency Interventions\n
\n
\n Within\n \n the\n \n energy\n \n efficiency\n \n activities,\n \n the\n \n Group,\n \n through\n \n its\n \n subsidiary\n \n Geoside,\n \n deals\n \n with\n \n the\n \n renovation \n and\n \n recovery\n \n of\n \n residential\n \n building\n \n heritage,\n \n allowing\n \n customers\n \n to\n \n access\n \n tax\n \n deductions\n \n provided\n \n by\n \n the \n relevant\n \n regulations,\n \n such\n \n as\n \n the\n \n so-called\n \n Superbonus,\n \n introduced\n \n by\n \n Articles\n \n 119\n \n and\n \n following\n \n of\n \n DL \n 34/2020, as amended, as well as other minor bonuses (e.g., Sismabonus, Ecobonus, etc.).\n
\n
\n Revenue\n \n is\n \n recognized\n \n over\n \n the\n \n contract\n \n period\n \n (\"over-time\u201c),\n \n for\n \n an\n \n amount\n \n equal\n \n to\n \n the\n \n sum\n \n that\n \n the\n \n Group \n expects\n \n to\n \n receive\n \n for\n \n the\n \n operation\n \n based\n \n on\n \n the\n \n progress\n \n of\n \n the\n \n works,\n \n deduced\n \n from\n \n the\n \n total\n \n estimated \n costs incurred.\n
\n
\n Revenue\n \n allocations\n \n for\n \n partially\n \n rendered\n \n services\n \n are\n \n recognized\n \n for\n \n the\n \n amount\n \n earned,\n \n provided\n \n it\n \n is \n possible\n \n to\n \n reliably\n \n determine\n \n the\n \n stage\n \n of\n \n completion\n \n and\n \n there\n \n are\n \n no\n \n significant\n \n uncertainties\n \n about\n \n the \n amount\n \n and\n \n existence\n \n of\n \n the\n \n revenue\n \n and\n \n related\n \n costs;\n \n otherwise,\n \n they\n \n are\n \n recognized\n \n up\n \n to\n \n the\n \n recoverable \n costs incurred.\n
\n \n Technical assistance, engineering, IT and various services\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact517": { "value": "\n The\n \n services\n \n are\n \n invoiced\n \n to\n \n customers\n \n based \n on\n \n the\n \n contractually\n \n agreed\n \n prices\n \n for\n \n regulated\n \n activities\n \n or\n \n the\n \n prices\n \n defined\n \n by\n \n the\n \n Network\n \n Code, \n concerning ancillary activities to the gas distribution service.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact461": { "value": "\n
\n Costs\n
\n
\n Costs\n \n are\n \n recognised\n \n in\n \n the\n \n period\n \n when\n \n they\n \n relate\n \n to\n \n goods\n \n and\n \n services\n \n sold\n \n or\n \n consumed\n \n during\n \n the\n \n same \n period or when it is not possible to identify their future use.\n
\n
\n Costs sustained for share capital increases are recorded as a reduction of equity, net of taxes.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact468": { "value": "\n \n
\n Energy efficiency certificates\n
\n \n
\n The\n \n Energy\n \n Efficiency\n \n Certificates\n \n purchased\n \n during\n \n the\n \n year\n \n are\n \n entered\n \n in\n \n the\n \n income\n \n statement\n \n at\n \n the\n \n cost \n borne.\n \n The\n \n relevant\n \n contribution\n \n that\n \n CSEA\n \n will\n \n pay\n \n at\n \n the\n \n time\n \n the\n \n certificates\n \n are\n \n cancelled\n \n is\n \n booked\n \n as\n \n a \n reduction\n \n of\n \n the\n \n cost\n \n borne\n \n and\n \n is\n \n calculated\n \n based\n \n on\n \n the\n \n repayment\n \n price\n \n scheduled\n \n at\n \n year-end.\n \n A\n \n special \n risk\n \n provision\n \n is\n \n allocated\n \n to\n \n cover\n \n the\n \n future\n \n expected\n \n charges\n \n to\n \n fulfil\n \n the\n \n year\u2019s\n \n objective\n \n calculated\n \n as\n \n the \n difference between the cost to be borne and its cancellation contribution. \n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact492": { "value": "\n
\n Income taxes\n
\n \n
\n Current\n \n income\n \n taxes\n \n are\n \n calculated\n \n by\n \n estimating\n \n the\n \n taxable\n \n income.\n \n Receivables\n \n and\n \n payables\n \n for\n \n current \n income\n \n taxes\n \n are\n \n recognised\n \n based\n \n on\n \n the\n \n amount\n \n which\n \n is\n \n expected\n \n to\n \n be\n \n paid/recovered\n \n to/from\n \n the\n \n tax \n authorities under the prevailing tax regulations and rates or those essentially approved at the reporting date.\n
\n
\n Regarding\n \n Italian\n \n corporation\n \n tax\n \n (\u201cIRES\u201d),\n \n Italgas\n \n has\n \n exercised\n \n the\n \n option\n \n to\n \n join\n \n the\n \n national\n \n tax\n \n consolidation \n scheme,\n \n to\n \n which\n \n the\n \n consolidated\n \n companies\n \n Italgas,\n \n Italgas\n \n Reti,\n \n Italgas\n \n Newco,\n \n Bludigit,\n \n Nepta,\n \n Geoside, \n Acqua,\n \n Idrolatina\n \n and\n \n Idrosicilia\n \n have\n \n officially\n \n signed\n \n up.\n \n The\n \n projected\n \n payable\n \n is\n \n recognised\n \n under\n \n \u201cCurrent \n income tax liabilities\u201d.\n
\n
\n The\n \n regulations\n \n governing\n \n Italgas\n \n Group\n \n companies\u2019\n \n participation\n \n in\n \n the\n \n national\n \n tax\n \n consolidation\n \n scheme \n stipulates that:\n
\n
\n \u2022\n subsidiaries\n \n with\n \n positive\n \n taxable\n \n income\n \n pay\n \n the\n \n amount\n \n due\n \n to\n \n Italgas.\n \n The\n \n taxable\n \n income\n \n of\n \n the\n \n subsidiary, \n used\n \n to\n \n determine\n \n the\n \n tax,\n \n is\n \n adjusted\n \n to\n \n account\n \n for\n \n the\n \n recovery\n \n of\n \n negative\n \n components\n \n that\n \n would\n \n have\n \n been \n non-deductible\n \n without\n \n the\n \n consolidation\n \n scheme\n \n (e.g.\n \n interest\n \n expense),\n \n and\n \n any\n \n negative\n \n taxable\n \n income \n relating to the subsidiary\u2019s equity investments in consolidated companies;\n
\n
\n \u2022\n subsidiaries\n \n with\n \n negative\n \n taxable\n \n income,\n \n if\n \n and\n \n insofar\n \n as\n \n they\n \n have\n \n prospective\n \n profitability\n \n which,\n \n without \n the\n \n national\n \n tax\n \n consolidation\n \n scheme,\n \n would\n \n have\n \n enabled\n \n them\n \n to\n \n recognise\n \n deferred\n \n tax\n \n assets\n \n related\n \n to\n \n the \n negative\n \n taxable\n \n income\n \n on\n \n the\n \n separate\n \n financial\n \n statements,\n \n receive\n \n from\n \n their\n \n shareholders\n \n \u2013\n \n in\n \n the\n \n event\n \n that \n these\n \n are\n \n companies\n \n with\n \n a\n \n positive\n \n taxable\n \n income\n \n or\n \n a\n \n negative\n \n taxable\n \n income\n \n with\n \n prospective\n \n profitability \n \u2013\n \n or\n \n from\n \n Italgas\n \n in\n \n other\n \n cases,\n \n compensation\n \n amounting\n \n to\n \n the\n \n lower\n \n of\n \n the\n \n tax\n \n saving\n \n realised\n \n by\n \n the\n \n Group \n and the aforementioned deferred tax assets.\n
\n \n
\n Tax\n \n receivables\n \n and\n \n tax\n \n payables\n \n on\n \n Italian\n \n regional\n \n production\n \n tax\n \n (\u201cIRAP\u201d)\n \n are\n \n recognised\n \n under\n \n the\n \n item \n \u201cCurrent tax liabilities\u201d and \u201cCurrent tax receivables\u201d, respectively.\n
\n \n
\n As for Greece, corporate income tax is calculated according to the tax laws in force in the country. \n
\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n liabilities\n \n are\n \n calculated\n \n on\n \n the\n \n timing\n \n differences\n \n between\n \n the\n \n values\n \n of\n \n the\n \n assets \n and\n \n liabilities\n \n entered\n \n in\n \n the\n \n balance\n \n sheet\n \n and\n \n the\n \n corresponding\n \n values\n \n recognised\n \n for\n \n tax\n \n purposes,\n \n based \n on\n \n the\n \n prevailing\n \n tax\n \n regulations\n \n and\n \n rates\n \n or\n \n those\n \n essentially\n \n approved\n \n for\n \n future\n \n years.\n \n Deferred\n \n tax\n \n assets \n are\n \n recognised\n \n when\n \n their\n \n recovery\n \n is\n \n considered\n \n probable;\n \n specifically,\n \n the\n \n recoverability\n \n of\n \n deferred\n \n tax \n
\n \n \n assets\n \n is\n \n considered\n \n probable\n \n when\n \n taxable\n \n income\n \n is\n \n expected\n \n to\n \n be\n \n available\n \n in\n \n the\n \n period\n \n in\n \n which\n \n the \n temporary\n \n difference\n \n is\n \n cancelled,\n \n allowing\n \n the\n \n activation\n \n of\n \n the\n \n tax\n \n deduction.\n \n Similarly,\n \n unused\n \n tax\n \n receivables \n and\n \n deferred\n \n tax\n \n assets\n \n on\n \n tax\n \n losses\n \n are\n \n recognised\n \n up\n \n to\n \n the\n \n limit\n \n of\n \n recoverability;\n \n with\n \n reference\n \n to\n \n deferred \n tax assets, their recoverability is verified at least annually.\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n deferred\n \n tax\n \n liabilities\n \n are\n \n classified\n \n under\n \n non-current\n \n assets\n \n and\n \n liabilities\n \n and\n \n are \n offset\n \n at\n \n individual\n \n company\n \n level,\n \n if\n \n they\n \n refer\n \n to\n \n taxes\n \n that\n \n can\n \n be\n \n offset\n \n and/or\n \n at\n \n the\n \n level\n \n of\n \n the\n \n consolidating \n company\n \n in\n \n the\n \n presence\n \n of\n \n the\n \n taxation\n \n regime\n \n provided\n \n by\n \n the\n \n National\n \n Tax\n \n Consolidation.\n \n The\n \n balance\n \n of \n the\n \n offsetting,\n \n if\n \n it\n \n results\n \n in\n \n an\n \n asset,\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n assets\u201d;\n \n if\n \n it\n \n results\n \n in\n \n a\n \n liability, \n it\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n liabilities\u201d.\n \n When\n \n the\n \n results\n \n of\n \n transactions\n \n are\n \n recognised\n \n directly \n in equity, deferred tax assets and liabilities, and current taxes are also recognised to equity.\n
\n
\n In\n \n the\n \n presence\n \n of\n \n uncertainties\n \n in\n \n the\n \n application\n \n of\n \n tax\n \n regulations:\n \n (i)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n likely \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the\n \n uncertain\n \n tax\n \n treatment,\n \n income\n \n taxes\n \n (current\n \n and/or\n \n deferred)\n \n to\n \n be \n recognized\n \n in\n \n the\n \n financial\n \n statements\n \n are\n \n determined\n \n based\n \n on\n \n the\n \n tax\n \n treatment\n \n applied\n \n or\n \n expected\n \n to\n \n be \n applied\n \n in\n \n the\n \n tax\n \n return;\n \n (ii)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n unlikely\n \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the \n uncertain\n \n tax\n \n treatment,\n \n the\n \n uncertainty\n \n is\n \n reflected\n \n in\n \n the\n \n determination\n \n of\n \n income\n \n taxes\n \n (current\n \n and/or \n deferred) to be recognized in the financial statements.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact518": { "value": "\n
\n Current\n \n income\n \n taxes\n \n are\n \n calculated\n \n by\n \n estimating\n \n the\n \n taxable\n \n income.\n \n Receivables\n \n and\n \n payables\n \n for\n \n current \n income\n \n taxes\n \n are\n \n recognised\n \n based\n \n on\n \n the\n \n amount\n \n which\n \n is\n \n expected\n \n to\n \n be\n \n paid/recovered\n \n to/from\n \n the\n \n tax \n authorities under the prevailing tax regulations and rates or those essentially approved at the reporting date.\n
\n
\n Regarding\n \n Italian\n \n corporation\n \n tax\n \n (\u201cIRES\u201d),\n \n Italgas\n \n has\n \n exercised\n \n the\n \n option\n \n to\n \n join\n \n the\n \n national\n \n tax\n \n consolidation \n scheme,\n \n to\n \n which\n \n the\n \n consolidated\n \n companies\n \n Italgas,\n \n Italgas\n \n Reti,\n \n Italgas\n \n Newco,\n \n Bludigit,\n \n Nepta,\n \n Geoside, \n Acqua,\n \n Idrolatina\n \n and\n \n Idrosicilia\n \n have\n \n officially\n \n signed\n \n up.\n \n The\n \n projected\n \n payable\n \n is\n \n recognised\n \n under\n \n \u201cCurrent \n income tax liabilities\u201d.\n
\n
\n The\n \n regulations\n \n governing\n \n Italgas\n \n Group\n \n companies\u2019\n \n participation\n \n in\n \n the\n \n national\n \n tax\n \n consolidation\n \n scheme \n stipulates that:\n
\n
\n \u2022\n subsidiaries\n \n with\n \n positive\n \n taxable\n \n income\n \n pay\n \n the\n \n amount\n \n due\n \n to\n \n Italgas.\n \n The\n \n taxable\n \n income\n \n of\n \n the\n \n subsidiary, \n used\n \n to\n \n determine\n \n the\n \n tax,\n \n is\n \n adjusted\n \n to\n \n account\n \n for\n \n the\n \n recovery\n \n of\n \n negative\n \n components\n \n that\n \n would\n \n have\n \n been \n non-deductible\n \n without\n \n the\n \n consolidation\n \n scheme\n \n (e.g.\n \n interest\n \n expense),\n \n and\n \n any\n \n negative\n \n taxable\n \n income \n relating to the subsidiary\u2019s equity investments in consolidated companies;\n
\n
\n \u2022\n subsidiaries\n \n with\n \n negative\n \n taxable\n \n income,\n \n if\n \n and\n \n insofar\n \n as\n \n they\n \n have\n \n prospective\n \n profitability\n \n which,\n \n without \n the\n \n national\n \n tax\n \n consolidation\n \n scheme,\n \n would\n \n have\n \n enabled\n \n them\n \n to\n \n recognise\n \n deferred\n \n tax\n \n assets\n \n related\n \n to\n \n the \n negative\n \n taxable\n \n income\n \n on\n \n the\n \n separate\n \n financial\n \n statements,\n \n receive\n \n from\n \n their\n \n shareholders\n \n \u2013\n \n in\n \n the\n \n event\n \n that \n these\n \n are\n \n companies\n \n with\n \n a\n \n positive\n \n taxable\n \n income\n \n or\n \n a\n \n negative\n \n taxable\n \n income\n \n with\n \n prospective\n \n profitability \n \u2013\n \n or\n \n from\n \n Italgas\n \n in\n \n other\n \n cases,\n \n compensation\n \n amounting\n \n to\n \n the\n \n lower\n \n of\n \n the\n \n tax\n \n saving\n \n realised\n \n by\n \n the\n \n Group \n and the aforementioned deferred tax assets.\n
\n \n
\n Tax\n \n receivables\n \n and\n \n tax\n \n payables\n \n on\n \n Italian\n \n regional\n \n production\n \n tax\n \n (\u201cIRAP\u201d)\n \n are\n \n recognised\n \n under\n \n the\n \n item \n \u201cCurrent tax liabilities\u201d and \u201cCurrent tax receivables\u201d, respectively.\n
\n \n
\n As for Greece, corporate income tax is calculated according to the tax laws in force in the country. \n
\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n liabilities\n \n are\n \n calculated\n \n on\n \n the\n \n timing\n \n differences\n \n between\n \n the\n \n values\n \n of\n \n the\n \n assets \n and\n \n liabilities\n \n entered\n \n in\n \n the\n \n balance\n \n sheet\n \n and\n \n the\n \n corresponding\n \n values\n \n recognised\n \n for\n \n tax\n \n purposes,\n \n based \n on\n \n the\n \n prevailing\n \n tax\n \n regulations\n \n and\n \n rates\n \n or\n \n those\n \n essentially\n \n approved\n \n for\n \n future\n \n years.\n \n Deferred\n \n tax\n \n assets \n are\n \n recognised\n \n when\n \n their\n \n recovery\n \n is\n \n considered\n \n probable;\n \n specifically,\n \n the\n \n recoverability\n \n of\n \n deferred\n \n tax \n
\n \n \n assets\n \n is\n \n considered\n \n probable\n \n when\n \n taxable\n \n income\n \n is\n \n expected\n \n to\n \n be\n \n available\n \n in\n \n the\n \n period\n \n in\n \n which\n \n the \n temporary\n \n difference\n \n is\n \n cancelled,\n \n allowing\n \n the\n \n activation\n \n of\n \n the\n \n tax\n \n deduction.\n \n Similarly,\n \n unused\n \n tax\n \n receivables \n and\n \n deferred\n \n tax\n \n assets\n \n on\n \n tax\n \n losses\n \n are\n \n recognised\n \n up\n \n to\n \n the\n \n limit\n \n of\n \n recoverability;\n \n with\n \n reference\n \n to\n \n deferred \n tax assets, their recoverability is verified at least annually.\n
\n Deferred\n \n tax\n \n assets\n \n and\n \n deferred\n \n tax\n \n liabilities\n \n are\n \n classified\n \n under\n \n non-current\n \n assets\n \n and\n \n liabilities\n \n and\n \n are \n offset\n \n at\n \n individual\n \n company\n \n level,\n \n if\n \n they\n \n refer\n \n to\n \n taxes\n \n that\n \n can\n \n be\n \n offset\n \n and/or\n \n at\n \n the\n \n level\n \n of\n \n the\n \n consolidating \n company\n \n in\n \n the\n \n presence\n \n of\n \n the\n \n taxation\n \n regime\n \n provided\n \n by\n \n the\n \n National\n \n Tax\n \n Consolidation.\n \n The\n \n balance\n \n of \n the\n \n offsetting,\n \n if\n \n it\n \n results\n \n in\n \n an\n \n asset,\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n assets\u201d;\n \n if\n \n it\n \n results\n \n in\n \n a\n \n liability, \n it\n \n is\n \n recognised\n \n under\n \n the\n \n item\n \n \u201cDeferred\n \n tax\n \n liabilities\u201d.\n \n When\n \n the\n \n results\n \n of\n \n transactions\n \n are\n \n recognised\n \n directly \n in equity, deferred tax assets and liabilities, and current taxes are also recognised to equity.\n
\n
\n In\n \n the\n \n presence\n \n of\n \n uncertainties\n \n in\n \n the\n \n application\n \n of\n \n tax\n \n regulations:\n \n (i)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n likely \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the\n \n uncertain\n \n tax\n \n treatment,\n \n income\n \n taxes\n \n (current\n \n and/or\n \n deferred)\n \n to\n \n be \n recognized\n \n in\n \n the\n \n financial\n \n statements\n \n are\n \n determined\n \n based\n \n on\n \n the\n \n tax\n \n treatment\n \n applied\n \n or\n \n expected\n \n to\n \n be \n applied\n \n in\n \n the\n \n tax\n \n return;\n \n (ii)\n \n in\n \n cases\n \n where\n \n it\n \n is\n \n considered\n \n unlikely\n \n that\n \n the\n \n tax\n \n authority\n \n will\n \n accept\n \n the \n uncertain\n \n tax\n \n treatment,\n \n the\n \n uncertainty\n \n is\n \n reflected\n \n in\n \n the\n \n determination\n \n of\n \n income\n \n taxes\n \n (current\n \n and/or \n deferred) to be recognized in the financial statements.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact462": { "value": "\n
\n Tax\n \n receivables\n \n and\n \n tax\n \n payables\n \n on\n \n Italian\n \n regional\n \n production\n \n tax\n \n (\u201cIRAP\u201d)\n \n are\n \n recognised\n \n under\n \n the\n \n item \n \u201cCurrent tax liabilities\u201d and \u201cCurrent tax receivables\u201d, respectively.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact466": { "value": "\n \n
\n Operating segments\n
\n \n \n
\n The\n \n segment\n \n reporting\n \n was\n \n prepared\n \n in\n \n accordance\n \n with\n \n the\n \n provisions\n \n of\n \n IFRS\n \n 8,\n \n therefore,\n \n the\n \n identification \n of\n \n operating\n \n segments\n \n and\n \n the\n \n information\n \n presented\n \n is\n \n defined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n internal\n \n reporting\n \n used\n \n by \n management\n \n for\n \n the\n \n purposes\n \n of\n \n allocating\n \n resources\n \n to\n \n the\n \n various\n \n segments\n \n and\n \n analysing\n \n their \n performance. \n
\n
\n An\n \n operating\n \n segment\n \n is\n \n defined\n \n by\n \n IFRS\n \n 8\n \n as\n \n a\n \n component\n \n of\n \n an\n \n entity\n \n that:\n \n (i)\n \n engages\n \n in\n \n revenue-\n \n and\n \n cost- \n generating\n \n business\n \n activities\n \n (including\n \n revenues\n \n and\n \n expenses\n \n relating\n \n to\n \n transactions\n \n with\n \n other \n components\n \n of\n \n the\n \n same\n \n entity);\n \n (ii)\n \n whose\n \n operating\n \n results\n \n are\n \n reviewed\n \n periodically\n \n at\n \n the\n \n entity's\n \n highest \n operational\n \n decision-making\n \n level\n \n for\n \n the\n \n purpose\n \n of\n \n making\n \n decisions\n \n about\n \n resources\n \n to\n \n be\n \n allocated\n \n to\n \n the \n segment and assessing performance; and (iii) for which separate financial statement information is available. \n
\n
\n With respect to the 2025 financial year, the reportable segments in accordance with IFRS 8 are: \n
\n
\n - \n Gas distribution; \n
\n
\n - \n Water service; \n
\n
\n - \n Energy efficiency; \n
\n
\n - \n Corporate. \n
\n
\n The\n \n Group\n \n operates\n \n mainly\n \n in\n \n Gas\n \n distribution\n \n and\n \n metering\n \n services,\n \n and\n \n residually\n \n active\n \n in\n \n water\n \n service \n and\n \n energy\n \n service\n \n company\n \n (ESCo)\n \n business.\n \n Corporate\n \n segment\n \n refers\n \n to\n \n services\n \n carried\n \n out\n \n exclusively \n in support of the other business (i.e.: administrative, tax and legal services, HR management, IT services). \n
\n
\n Gas\n \n Distribution\n \n segment\n \n aggregates\n \n the\n \n activities\n \n carried\n \n out\n \n in\n \n Italy\n \n and\n \n Greece,\n \n reflecting\n \n the\n \n structure\n \n of \n the\n \n internal\n \n reporting\n \n that\n \n is\n \n periodically\n \n analyzed\n \n by\n \n the\n \n management\n \n to\n \n manage\n \n and\n \n plan\n \n the\n \n Group's \n business.\n \n The\n \n management\n \n has,\n \n in\n \n fact,\n \n considered\n \n that\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n Greece\n \n shares \n similar\n \n characteristics,\n \n both\n \n from\n \n an\n \n economic\n \n and\n \n regulatory\n \n perspective,\n \n taking\n \n into\n \n account\n \n the\n \n following \n aspects: \n
\n
\n a) \n nature of the products and services, i.e. gas distribution and metering; \n
\n
\n b) \n nature\n \n of\n \n the\n \n production\n \n processes,\n \n i.e.\n \n the\n \n development\n \n and\n \n maintenance\n \n of\n \n assets\n \n related\n \n to\n \n the\n \n gas \n distribution service under concession; \n
\n
\n c) \n type or class of customer according to their products or services, i.e. sales companies; \n
\n \n \n
\n d) \n methods\n \n used\n \n to\n \n distribute\n \n its\n \n products\n \n or\n \n provide\n \n its\n \n services;\n \n i.e.\n \n the\n \n transport\n \n of\n \n gas\n \n through\n \n local \n pipeline networks; \n
\n
\n e) \n nature\n \n of\n \n the\n \n regulatory\n \n environment,\n \n i.e.\n \n the\n \n operation\n \n of\n \n a\n \n regulated\n \n business\n \n that\n \n is\n \n essentially \n based\n \n on\n \n the\n \n return\n \n on\n \n invested\n \n capital\n \n and\n \n the\n \n coverage\n \n of\n \n costs\n \n incurred\n \n by\n \n the\n \n operator.\n \n In\n \n fact, \n both\n \n regulatory\n \n systems\n \n guarantee\n \n a\n \n return\n \n on\n \n investment\n \n and\n \n coverage\n \n of\n \n the\n \n management\n \n costs \n regardless\n \n of\n \n volumes\n \n and\n \n the\n \n WACC\n \n formulas.\n \n They\n \n are\n \n entirely\n \n similar\n \n and\n \n essentially\n \n able\n \n to \n neutralise differences in risk between the two countries; \n
\n
\n Therefore,\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n in\n \n Greece\n \n are\n \n combined\n \n in\n \n the\n \n \u201cGas\n \n distribution\u201d\n \n operating \n segment.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact471": { "value": "\n
\n Operating segments\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact493": { "value": "\n \n The\n \n segment\n \n reporting\n \n was\n \n prepared\n \n in\n \n accordance\n \n with\n \n the\n \n provisions\n \n of\n \n IFRS\n \n 8,\n \n therefore,\n \n the\n \n identification \n of\n \n operating\n \n segments\n \n and\n \n the\n \n information\n \n presented\n \n is\n \n defined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n internal\n \n reporting\n \n used\n \n by \n management\n \n for\n \n the\n \n purposes\n \n of\n \n allocating\n \n resources\n \n to\n \n the\n \n various\n \n segments\n \n and\n \n analysing\n \n their \n performance. \n \n \n An\n \n operating\n \n segment\n \n is\n \n defined\n \n by\n \n IFRS\n \n 8\n \n as\n \n a\n \n component\n \n of\n \n an\n \n entity\n \n that:\n \n (i)\n \n engages\n \n in\n \n revenue-\n \n and\n \n cost- \n generating\n \n business\n \n activities\n \n (including\n \n revenues\n \n and\n \n expenses\n \n relating\n \n to\n \n transactions\n \n with\n \n other \n components\n \n of\n \n the\n \n same\n \n entity);\n \n (ii)\n \n whose\n \n operating\n \n results\n \n are\n \n reviewed\n \n periodically\n \n at\n \n the\n \n entity's\n \n highest \n operational\n \n decision-making\n \n level\n \n for\n \n the\n \n purpose\n \n of\n \n making\n \n decisions\n \n about\n \n resources\n \n to\n \n be\n \n allocated\n \n to\n \n the \n segment and assessing performance; and (iii) for which separate financial statement information is available. \n \n \n With respect to the 2025 financial year, the reportable segments in accordance with IFRS 8 are: \n \n \n - \n Gas distribution; \n \n \n - \n Water service; \n \n \n - \n Energy efficiency; \n \n \n - \n Corporate. \n \n \n The\n \n Group\n \n operates\n \n mainly\n \n in\n \n Gas\n \n distribution\n \n and\n \n metering\n \n services,\n \n and\n \n residually\n \n active\n \n in\n \n water\n \n service \n and\n \n energy\n \n service\n \n company\n \n (ESCo)\n \n business.\n \n Corporate\n \n segment\n \n refers\n \n to\n \n services\n \n carried\n \n out\n \n exclusively \n in support of the other business (i.e.: administrative, tax and legal services, HR management, IT services). \n \n \n Gas\n \n Distribution\n \n segment\n \n aggregates\n \n the\n \n activities\n \n carried\n \n out\n \n in\n \n Italy\n \n and\n \n Greece,\n \n reflecting\n \n the\n \n structure\n \n of \n the\n \n internal\n \n reporting\n \n that\n \n is\n \n periodically\n \n analyzed\n \n by\n \n the\n \n management\n \n to\n \n manage\n \n and\n \n plan\n \n the\n \n Group's \n business.\n \n The\n \n management\n \n has,\n \n in\n \n fact,\n \n considered\n \n that\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n Greece\n \n shares \n similar\n \n characteristics,\n \n both\n \n from\n \n an\n \n economic\n \n and\n \n regulatory\n \n perspective,\n \n taking\n \n into\n \n account\n \n the\n \n following \n aspects: \n \n \n a) \n nature of the products and services, i.e. gas distribution and metering; \n \n \n b) \n nature\n \n of\n \n the\n \n production\n \n processes,\n \n i.e.\n \n the\n \n development\n \n and\n \n maintenance\n \n of\n \n assets\n \n related\n \n to\n \n the\n \n gas \n distribution service under concession; \n \n \n c) \n type or class of customer according to their products or services, i.e. sales companies; \n \n \n \n \n d) \n methods\n \n used\n \n to\n \n distribute\n \n its\n \n products\n \n or\n \n provide\n \n its\n \n services;\n \n i.e.\n \n the\n \n transport\n \n of\n \n gas\n \n through\n \n local \n pipeline networks; \n \n \n e) \n nature\n \n of\n \n the\n \n regulatory\n \n environment,\n \n i.e.\n \n the\n \n operation\n \n of\n \n a\n \n regulated\n \n business\n \n that\n \n is\n \n essentially \n based\n \n on\n \n the\n \n return\n \n on\n \n invested\n \n capital\n \n and\n \n the\n \n coverage\n \n of\n \n costs\n \n incurred\n \n by\n \n the\n \n operator.\n \n In\n \n fact, \n both\n \n regulatory\n \n systems\n \n guarantee\n \n a\n \n return\n \n on\n \n investment\n \n and\n \n coverage\n \n of\n \n the\n \n management\n \n costs \n regardless\n \n of\n \n volumes\n \n and\n \n the\n \n WACC\n \n formulas.\n \n They\n \n are\n \n entirely\n \n similar\n \n and\n \n essentially\n \n able\n \n to \n neutralise differences in risk between the two countries; \n \n \n Therefore,\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n and\n \n in\n \n Greece\n \n are\n \n combined\n \n in\n \n the\n \n \u201cGas\n \n distribution\u201d\n \n operating \n segment.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact499": { "value": "\n
\n 5)\n Use of estimates \n
\n
\n The\n \n application\n \n of\n \n generally\n \n accepted\n \n accounting\n \n principles\n \n for\n \n the\n \n preparation\n \n of\n \n financial\n \n statements\n \n involves \n management\n \n making\n \n accounting\n \n estimates\n \n based\n \n on\n \n complex\n \n and/or\n \n subjective\n \n judgements,\n \n estimates\n \n based \n on\n \n past\n \n experience\n \n and\n \n assumptions\n \n regarded\n \n as\n \n reasonable\n \n and\n \n realistic\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n information \n known\n \n at\n \n the\n \n time\n \n of\n \n the\n \n estimate.\n \n The\n \n use\n \n of\n \n these\n \n accounting\n \n estimates\n \n has\n \n an\n \n influence\n \n on\n \n the\n \n carrying \n amount\n \n of\n \n assets\n \n and\n \n liabilities\n \n and\n \n on\n \n the\n \n information\n \n about\n \n potential\n \n assets\n \n and\n \n liabilities\n \n at\n \n the\n \n reporting \n date,\n \n as\n \n well\n \n as\n \n the\n \n amount\n \n of\n \n revenues\n \n and\n \n costs\n \n in\n \n the\n \n reference\n \n period.\n \n The\n \n actual\n \n results\n \n may\n \n differ\n \n from \n the\n \n estimated\n \n results\n \n owing\n \n to\n \n the\n \n uncertainty\n \n that\n \n characterises\n \n the\n \n assumptions\n \n and\n \n the\n \n conditions\n \n on\n \n which \n the estimates are based. \n
\n
\n Details\n \n are\n \n given\n \n below\n \n about\n \n the\n \n main\n \n accounting\n \n estimates\n \n involved\n \n in\n \n the\n \n process\n \n of\n \n preparing\n \n the\n \n financial \n statements\n \n and\n \n interim\n \n reports,\n \n since\n \n they\n \n involve\n \n a\n \n high\n \n degree\n \n of\n \n recourse\n \n to\n \n subjective\n \n judgements, \n assumptions\n \n and\n \n estimates\n \n regarding\n \n matters\n \n that\n \n are\n \n by\n \n nature\n \n uncertain.\n \n Any\n \n change\n \n in\n \n the\n \n conditions \n forming\n \n the\n \n basis\n \n of\n \n the\n \n judgements,\n \n assumptions\n \n and\n \n estimates\n \n used\n \n could\n \n have\n \n a\n \n significant\n \n impact\n \n on \n results of subsequent years.\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n
\n \n

\n Impairment of non-financial assets\n

\n \n 		\n

\n \n Analysis of each of the groups of non-financial assets is unique and requires use by the Group Management of estimates and assumptions considered prudent and reasonable in relation to the specific circumstances\n \n .\n

\n \n \n

\n Measurement of tangible and intangible assets, including goodwill, requires recording of these in the financial statements for a value no higher than their recoverable value (so-called \n Impairment test\n ). \n

\n

\n Recoverable amount is the higher of the \n fair value\n \n less cost to sell\n criteria and the value in use criteria. Having regard to the assets of regulated sectors, the \n fair value\n may be represented as follows: \n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the estimated value of net invested Capital updated to the reference date attributed to these assets for tariff purposes (RAB - Regulatory Asset Base) by the Authority. RAB is the reference basis for determining the service tariffs and, therefore, the cash flows generated from assets. The RAB value is defined using the revalued historical cost method for Fixed Capital net of capital grants and contributions received from users, and on a flat-rate basis for Working Capital and employee severance pay;\n
    2. \n
  2. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Greece, the estimated value of net invested capital updated to the reference date attributed to these assets for tariff purposes (RAB \u2013 Regulatory Asset Base) by the Authority, including the flat-rate value of the net working capital, where positive;\n
    3. \n
  3. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the reimbursement value (RV) valid for ATEM (Minimum Territorial Areas) tenders, which is the value to be paid to the operator selling the infrastructure after the tender procedure. In Greece, the reimbursement value is calculated as the value of the RAB at the date of interruption/expiry of the licence, increased by at least 15%;\n
    4. \n
  4. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n for the integrated water service, the estimated value of the Net Invested Capital recognized for tariff purposes by the Authority (CIN) adjusted for tariff adjustments (RC component of the Revenue Cap for the Operator, also called \u201cRecoverable difference\u201c).\n
    5. \n
\n

\n Value in use refers to:\n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n the present value of the future cash flows expected to be derived from the asset being measured. These flows are determined in line with the most recent business plan approved by management, which is based not only on developments in the regulations, but also on estimates relating to reference market trends and investment and divestment decisions. In the process of determining the recoverable value, flows are discounted at a discount rate (WACC post-tax) that reflects current market conditions, the time value of money and the specific risks of the asset\n \n .\n \n
    2. \n
\n

\n \u00a0\n

\n

\n More information on the impairment test carried out by the Group Management on property, Plant and equipment and on intangible Assets can be found in the \u201cImpairment of non-current non-financial assets\u201d section.\n

\n

\n The recoverable value is sensitive to the estimates and assumptions used to determine the total invested capital, cash flows and discount rates applied. Therefore, possible variations in the estimation of the factors on which the calculation of the aforesaid recoverable values is based could result in different measurements. \n

\n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n \n

\n Business combinations\n

\n \n 		\n

\n Determination of the fair value of assets and liabilities acquired is subject to estimates and measurements by the Group Management. Possible variations in the estimation of the factors on which determination of the fair value is based could generate different measurements. \n

\n

\n Analysis of each business combination transaction is unique and requires use by the Group Management of estimates and assumptions considered prudent and reasonable in relation to the specific circumstances.\n

\n

\n \u00a0\n

\n \n

\n Recognition of business combination transactions requires determination of the fair value of any assets and liabilities acquired as a result of obtaining control of the business. With the help of independent professionals, the Group Management measured the fair value of assets, liabilities and potential liabilities, on the basis of information on facts and circumstances available at the acquisition date.\n

\n \n
\n

\n Environmental liabilities\n

\n

\n \u00a0\n

\n 		\n \n

\n \n \n The \n \n \n Italgas Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. \n

\n

\n The measurement of future liabilities in connection with reclamation and restoration obligations in relation to sites and/or land on which the company carries out its business is a complex process based on technical and financial assumptions made by the Group Management and supported by independent experts where necessary.\n

\n

\n The restoration cost estimate is discounted using a risk-free rate in accordance with IAS 37. The estimate is made using a principle of prudence based on the known market, legislative and technological conditions at the time of measurement. \n

\n

\n The estimates are reviewed at each balance sheet date to verify that the amounts recorded are the best reflection of the costs the Group will face. If any significant variations are found, the amounts are adjusted. The key factors for revising cost estimates are the revision of the timeframes for implementing the site reclamation and restoration plan, developments in the technologies and environmental regulations and discount rate trends.\n

\n

\n Measurement of environmental liabilities recorded in the financial statements takes into account the environmental legislation currently in force. However, this measurement could be subject to variations, even to a significant extent, in relation to: (i) the possibility of further contamination arising; (ii) the results of current and future refurbishment and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental cleansing; and (v) the possibility of disputes concerning the environmental liability for specific sites and the difficulty of determining the potential consequences of this, including in relation to the liability of other parties and any indemnity.\n

\n \n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \n Provisions for employee benefits\n \n

\n

\n \u00a0\n

\n 		\n \n

\n Defined-benefit plans are valued on the basis of uncertain events and actuarial assumptions which include, inter alia, the discount rates, the expected returns on the assets servicing the plans (where they exist), the level of future remuneration, mortality rates, the retirement age and future trends in the healthcare expenses covered.\n

\n

\n The main assumptions used to quantify defined-benefit plans are determined as follows: (i) the discount and inflation rates representing the base rates at which the obligation to employees might actually be fulfilled are based on the rates which mature on high-quality bonds and on inflation expectations; (ii) the level of future remuneration is determined on the basis of elements such as inflation expectations, productivity, career advancement and seniority; (iii) the future cost of healthcare services is determined on the basis of elements such as present and past trends in healthcare costs, including assumptions regarding the inflationary growth of costs, and changes in the health of the participating employees; and (iv) the demographic assumptions reflect the best estimates of trends in variables such as mortality, turnover, invalidity and others in relation to the population of the participating employees. \n

\n

\n Differences in the value of net liabilities relating to employee benefit plans, arising due to changes in the actuarial assumptions used and the difference between the actuarial assumptions previously adopted and actual events, occur routinely and are called actuarial gains and losses. Actuarial gains and losses relating to defined-benefit plans are recognised in the statement of comprehensive income. Actuarial assumptions are also used to determine other long-term employee benefit obligations; to this end, the effects arising from changes to the actuarial assumptions or the characteristics of the benefit are fully recognised in the income statement.\n \u00a0\u00a0 \n

\n \n

\n \u00a0\n

\n
\n \n

\n Provisions for risks and charges\n \u00a0 \n

\n \n 		\n

\n \n Provisions are made to cover the risk of future outlay for the cases set out above. The value of the provisions recorded in the financial statements for such risks reflects the best estimate made by the company\u2019s management with the support of independent professionals at the preparation date of this document. This estimate involves making assumptions based on factors that may vary over time, which could, therefore, produce a significantly different outcome with respect to the current estimates made by the company\u2019s management for the preparation of the Group\u2019s financial statements\n \n .\n

\n \n \n

\n In addition to the amounts allocated to the provisions for environmental liabilities, Italgas recorded provisions mainly relating to the following in the financial statements: (i) legal and tax disputes; (ii) staff leaving incentives; (iii) expenses related to meeting the Energy Efficiency Certificates targets (EEC) set by the Authority; (iv) provision for contractual risks.\n

\n \n \n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact494": { "value": "\n

\n Measurement of tangible and intangible assets, including goodwill, requires recording of these in the financial statements for a value no higher than their recoverable value (so-called \n Impairment test\n ). \n

\n

\n Recoverable amount is the higher of the \n fair value\n \n less cost to sell\n criteria and the value in use criteria. Having regard to the assets of regulated sectors, the \n fair value\n may be represented as follows: \n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the estimated value of net invested Capital updated to the reference date attributed to these assets for tariff purposes (RAB - Regulatory Asset Base) by the Authority. RAB is the reference basis for determining the service tariffs and, therefore, the cash flows generated from assets. The RAB value is defined using the revalued historical cost method for Fixed Capital net of capital grants and contributions received from users, and on a flat-rate basis for Working Capital and employee severance pay;\n
    2. \n
  2. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Greece, the estimated value of net invested capital updated to the reference date attributed to these assets for tariff purposes (RAB \u2013 Regulatory Asset Base) by the Authority, including the flat-rate value of the net working capital, where positive;\n
    3. \n
  3. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n in relation to gas distribution services in Italy, the reimbursement value (RV) valid for ATEM (Minimum Territorial Areas) tenders, which is the value to be paid to the operator selling the infrastructure after the tender procedure. In Greece, the reimbursement value is calculated as the value of the RAB at the date of interruption/expiry of the licence, increased by at least 15%;\n
    4. \n
  4. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n for the integrated water service, the estimated value of the Net Invested Capital recognized for tariff purposes by the Authority (CIN) adjusted for tariff adjustments (RC component of the Revenue Cap for the Operator, also called \u201cRecoverable difference\u201c).\n
    5. \n
\n

\n Value in use refers to:\n

\n
    \n
  1. \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n the present value of the future cash flows expected to be derived from the asset being measured. These flows are determined in line with the most recent business plan approved by management, which is based not only on developments in the regulations, but also on estimates relating to reference market trends and investment and divestment decisions. In the process of determining the recoverable value, flows are discounted at a discount rate (WACC post-tax) that reflects current market conditions, the time value of money and the specific risks of the asset\n \n .\n \n
    2. \n
\n

\n \u00a0\n

\n

\n More information on the impairment test carried out by the Group Management on property, Plant and equipment and on intangible Assets can be found in the \u201cImpairment of non-current non-financial assets\u201d section.\n

\n

\n The recoverable value is sensitive to the estimates and assumptions used to determine the total invested capital, cash flows and discount rates applied. Therefore, possible variations in the estimation of the factors on which the calculation of the aforesaid recoverable values is based could result in different measurements. \n

\n \n Analysis of each of the groups of non-financial assets is unique and requires use by the Group Management of estimates and assumptions considered prudent and reasonable in relation to the specific circumstances\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact497": { "value": ".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact528": { "value": "\n

\n \n \n The \n \n \n Italgas Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. \n

\n

\n The measurement of future liabilities in connection with reclamation and restoration obligations in relation to sites and/or land on which the company carries out its business is a complex process based on technical and financial assumptions made by the Group Management and supported by independent experts where necessary.\n

\n

\n The restoration cost estimate is discounted using a risk-free rate in accordance with IAS 37. The estimate is made using a principle of prudence based on the known market, legislative and technological conditions at the time of measurement. \n

\n

\n The estimates are reviewed at each balance sheet date to verify that the amounts recorded are the best reflection of the costs the Group will face. If any significant variations are found, the amounts are adjusted. The key factors for revising cost estimates are the revision of the timeframes for implementing the site reclamation and restoration plan, developments in the technologies and environmental regulations and discount rate trends.\n

\n

\n Measurement of environmental liabilities recorded in the financial statements takes into account the environmental legislation currently in force. However, this measurement could be subject to variations, even to a significant extent, in relation to: (i) the possibility of further contamination arising; (ii) the results of current and future refurbishment and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental cleansing; and (v) the possibility of disputes concerning the environmental liability for specific sites and the difficulty of determining the potential consequences of this, including in relation to the liability of other parties and any indemnity.\n

\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact496": { "value": "\n \n The \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact495": { "value": "\n The \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact527": { "value": "\n

\n In addition to the amounts allocated to the provisions for environmental liabilities, Italgas recorded provisions mainly relating to the following in the financial statements: (i) legal and tax disputes; (ii) staff leaving incentives; (iii) expenses related to meeting the Energy Efficiency Certificates targets (EEC) set by the Authority; (iv) provision for contractual risks.\n

\n \n Provisions are made to cover the risk of future outlay for the cases set out above. The value of the provisions recorded in the financial statements for such risks reflects the best estimate made by the company\u2019s management with the support of independent professionals at the preparation date of this document. This estimate involves making assumptions based on factors that may vary over time, which could, therefore, produce a significantly different outcome with respect to the current estimates made by the company\u2019s management for the preparation of the Group\u2019s financial statements\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact506": { "value": "\n
\n 6)\n Business combination transactions\n
\n \n
\n As\n \n part\n \n of\n \n the\n \n Group\u2019s\n \n development,\n \n on\n \n 1\n \n April\n \n 2025\n \n Italgas\n \n completed\n \n the\n \n acquisition\n \n of\n \n 99.94%\n \n of\n \n the\n \n share \n capital\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n S.p.A.\n \n from\n \n the\n \n sellers\n \n F2i\n \n SGR\n \n S.p.A.\n \n and\n \n Finavias\n \n S.\u00e0\n \n r.l.\n \n for\n \n a\n \n total\n \n consideration\n \n of \n 2,071,935,000\n \n euros.\n \n The\n \n acquisition,\n \n disclosed\n \n to\n \n the\n \n market\n \n on\n \n 5\n \n October\n \n 2024,\n \n was\n \n completed\n \n following \n the\n \n receipt\n \n of\n \n the\n \n Golden\n \n Power\n \n Authorisations,\n \n Foreign\n \n Subsidies\n \n Regulation\n \n approval,\n \n and\n \n clearance\n \n from \n the Italian Competition Authority.\n
\n
\n At\n \n the\n \n acquisition\n \n date,\n \n 2i\n \n Rete\n \n Gas\n \n S.p.A.\n \n held\n \n 60%\n \n of\n \n Cilento\n \n Reti\n \n Gas\n \n S.r.l.\n \n and\n \n 100%\n \n of\n \n IG\n \n Rete\n \n Dati\n \n S.r.l. \n (formerly 2i Rete Dati S.r.l.) \u2013 hereinafter the \u201c2i Rete Gas Group\u201d.\n
\n
\n Thereafter,\n \n on\n \n 16\n \n April,\n \n the\n \n reverse\n \n stock\n \n split\n \n became\n \n effective,\n \n aimed\n \n at\n \n reducing\n \n administrative\n \n and \n management\n \n costs\n \n for\n \n the\n \n company,\n \n as\n \n well\n \n as\n \n facilitating\n \n the\n \n post-acquisition\n \n reorganisation\n \n of\n \n the\n \n Group.\n \n As \n a\n \n result\n \n of\n \n this\n \n reverse\n \n stock\n \n split,\n \n Italgas\n \n now\n \n holds\n \n 100%\n \n of\n \n the\n \n share\n \n capital\n \n of\n \n 2i\n \n Rete\n \n Gas.\n \n On\n \n 1\n \n July,\n \n the \n merger by incorporation of 2i Rete Gas into Italgas Reti was also completed.\n
\n
\n The\n \n acquisition\n \n is\n \n classed\n \n as\n \n a\n \n business\n \n combination\n \n pursuant\n \n to\n \n IFRS\n \n 3\n \n \u2013\n \n Business\n \n Combinations.\n \n The \n transaction\n \n was\n \n recognised\n \n by\n \n applying\n \n the\n \n acquisition\n \n method\n \n of\n \n accounting,\n \n which\n \n involves\n \n the\n \n recognition \n of\n \n the\n \n identifiable\n \n assets\n \n and\n \n liabilities\n \n acquired\n \n at\n \n their\n \n fair\n \n value\n \n on\n \n the\n \n acquisition\n \n date,\n \n including\n \n with\n \n the \n
\n \n \n assistance\n \n of\n \n independent\n \n experts,\n \n in\n \n addition\n \n to\n \n the\n \n determination\n \n of\n \n goodwill\n \n as\n \n the\n \n excess\n \n between\n \n the \n consideration transferred and the portion attributable to the Group in the fair value of the net assets acquired.\n
\n The\n \n main\n \n identifiable\n \n net\n \n assets\n \n acquired\n \n are\n \n represented\n \n by\n \n concessions\n \n for\n \n the\n \n natural\n \n gas\n \n distribution \n service,\n \n which\n \n fall\n \n under\n \n the\n \n scope\n \n of\n \n application\n \n of\n \n IFRIC\n \n 12\n \n \u2013\n \n Service\n \n Concession\n \n Arrangements\n \n (Intangible \n Assets), and the related user charges received (Other non-current liabilities).\n
\n
\n For\n \n the\n \n purposes\n \n of\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA),\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n concessions\n \n was\n \n determined\n \n by \n assuming\n \n a\n \n value\n \n equal\n \n to\n \n the\n \n local\n \n regulatory\n \n asset\n \n base\n \n (RAB)\n 151\n \n at\n \n the\n \n acquisition\n \n date,\n \n a\n \n method\n \n generally \n accepted within regulated utility sectors for the purpose of estimating fair value.\n
\n
\n The\n \n chosen\n \n methodology\n \n reflects\n \n the\n \n regulated\n \n nature\n \n of\n \n the\n \n business\n \n and\n \n the\n \n absence,\n \n for\n \n most\n \n of\n \n the \n concessions acquired, of an exclusive long-term right.\n
\n
\n At\n \n the\n \n acquisition\n \n date,\n \n the\n \n acquired\n \n group\n \n held\n \n nearly\n \n all\n \n of\n \n the\n \n concessions\n \n under\n \n the\n \n prorogatio\n \n system, \n pending\n \n completion\n \n of\n \n the\n \n new\n \n ATEM\n \n (Minimum\n \n Territorial\n \n Level)\n \n tenders,\n \n as\n \n envisaged\n \n by\n \n industry \n regulations.\n
\n
\n This\n \n context\n \n was\n \n carefully\n \n considered\n \n in\n \n the\n \n fair\n \n value\n \n measurements\n \n and\n \n in\n \n the\n \n assumptions\n \n used\n \n in\n \n the\n \n PPA, \n in\n \n that\n \n it\n \n is\n \n characterised\n \n by\n \n limited\n \n visibility\n \n over\n \n the\n \n residual\n \n duration\n \n of\n \n the\n \n concessions,\n \n uncertainty\n \n of\n \n the \n outcome of future tenders and regulatory mechanisms to protect the residual value of the assets.\n
\n
\n Where\n \n current\n \n and\n \n non\n \n current\n \n financial\n \n liabilities\n \n are\n \n concerned,\n \n an\n \n analysis\n \n was\n \n conducted\n \n of\n \n the\n \n fixed-rate \n bonds,\n \n which\n \n were\n \n measured\n \n at\n \n fair\n \n value\n \n at\n \n the\n \n acquisition\n \n date,\n \n so\n \n as\n \n to\n \n reflect\n \n the\n \n precise\n \n market\n \n conditions.\n
\n
\n The\n \n measurement\n \n of\n \n assets\n \n and\n \n liabilities\n \n at\n \n fair\n \n value\n \n has\n \n resulted,\n \n in\n \n accordance\n \n with\n \n applicable\n \n tax \n legislation,\n \n in\n \n the\n \n recognition\n \n of\n \n deferred\n \n tax\n \n liabilities\n \n on\n \n temporary\n \n differences\n \n between\n \n the\n \n carrying\n \n amounts \n and the tax bases of these items. \n
\n
\n The\n \n difference\n \n between\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n net\n \n assets\n \n acquired\n \n and\n \n the\n \n consideration\n \n paid\n \n has\n \n been \n recognised\n \n as\n \n goodwill,\n \n since\n \n it\n \n is\n \n attributable\n \n to\n \n future\n \n economic\n \n benefits\n \n that\n \n are\n \n not\n \n separately\n \n identifiable \n and\n \n are\n \n not\n \n autonomously\n \n transferable,\n \n such\n \n as\n \n the\n \n business\n \n and\n \n operational\n \n expertise\n \n of\n \n management\n \n and \n the technical structure.\n
\n
\n The\n \n goodwill\n \n recognised\n \n is\n \n not\n \n amortised\n \n and\n \n undergoes\n \n an\n \n annual\n \n impairment\n \n test\n \n pursuant\n \n to\n \n IAS\n \n 36,\n \n or \n more frequently in the presence of impairment indicators.\n
\n
\n The analysis of the transaction is given below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Acquisition of companies\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n 2i Rete Gas\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n Fair values at the acquisition date\n

\n
\n

\n Cash and cash equivalents\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 9,134\n

\n
\n

\n Trade and other receivables\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 471,604\n

\n
\n

\n Inventories\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 14,986\n

\n
\n

\n Other current assets \n

\n 		\n

\n 28,711\n

\n
\n

\n Current assets\n

\n 		\n

\n 524,435\n

\n
\n

\n Property, plant and equipment \n

\n 		\n

\n 57,398\n

\n
\n

\n Intangible assets \n

\n 		\n

\n 5,294,015\n

\n
\n

\n Equity investments\n

\n 		\n

\n 3,475\n

\n
\n

\n Financial assets\n

\n 		\n

\n 1,992\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n 285,804\n

\n
\n

\n Other non-current assets\n

\n 		\n

\n 53,895\n

\n
\n

\n Assets held for sale\n

\n 		\n

\n 268\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 5,696,847\n

\n
\n

\n TOTAL ASSETS\n

\n 		\n

\n 6,221,282\n

\n
\n

\n Current financial liabilities\n

\n 		\n

\n 564,077\n

\n
\n

\n Trade and other payables\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 410,613\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Tax liabilities\n

\n 		\n

\n 44,776\n

\n
\n

\n Other current liabilities\n

\n 		\n

\n 32,056\n

\n
\n

\n Current liabilities\n

\n 		\n

\n 1,051,522\n

\n
\n

\n Long-term financial liabilities\n

\n 		\n

\n 2,513,673\n

\n
\n

\n Provisions for risks and charges \n

\n 		\n

\n 67,498\n

\n
\n

\n Provisions for employee benefits \n

\n 		\n

\n 28,113\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 290,308\n

\n
\n

\n Other non-current liabilities \n

\n 		\n

\n 718,067\n

\n
\n

\n Liabilities held for sale\n

\n 		\n

\n 33\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n 3,617,692\n

\n
\n

\n TOTAL LIABILITIES\n

\n 		\n

\n 4,669,214\n

\n
\n

\n VALUE OF NET ASSETS ACQUIRED\n

\n 		\n

\n 1,552,068\n

\n
\n

\n MINORITIES\n

\n 		\n

\n 1,734\n

\n
\n

\n NET ASSETS ACQUIRED (100%)\n

\n 		\n

\n 1,550,334\n

\n
\n

\n NET ASSETS ACQUIRED (99.94%)\n

\n 		\n

\n 1,549,404\n

\n
\n

\n CONSIDERATION RECEIVED (paid in full)\n

\n 		\n

\n 2,071,935\n

\n
\n

\n GOODWILL\n

\n 		\n

\n 522,531\n

\n
\n
\n
\n The\n \n transaction\n \n costs\n \n incurred\n \n in\n \n connection\n \n with\n \n the\n \n acquisition\n \n were\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n as \n operating expenses, in accordance with IFRS 3, and were not included in the consideration transferred.\n
\n
\n At\n \n the\n \n approval\n \n of\n \n this\n \n Consolidated\n \n Financial\n \n Statements,\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA)\n \n process\n \n was \n completed.\n \n Nevertheless,\n \n the\n \n Group\n \n reserves\n \n the\n \n right\n \n to\n \n definitively\n \n report\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n within\n \n 12 \n months from the acquisition date, namely by 31 March 2026.\n
\n
\n Any\n \n adjustments\n \n arising\n \n from\n \n the\n \n final\n \n recognition\n \n of\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n will\n \n be\n \n accounted\n \n for\n \n retrospectively, \n restating comparative data where necessary.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact519": { "value": "\n
\n As\n \n part\n \n of\n \n the\n \n Group\u2019s\n \n development,\n \n on\n \n 1\n \n April\n \n 2025\n \n Italgas\n \n completed\n \n the\n \n acquisition\n \n of\n \n 99.94%\n \n of\n \n the\n \n share \n capital\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n S.p.A.\n \n from\n \n the\n \n sellers\n \n F2i\n \n SGR\n \n S.p.A.\n \n and\n \n Finavias\n \n S.\u00e0\n \n r.l.\n \n for\n \n a\n \n total\n \n consideration\n \n of \n 2,071,935,000\n \n euros.\n \n The\n \n acquisition,\n \n disclosed\n \n to\n \n the\n \n market\n \n on\n \n 5\n \n October\n \n 2024,\n \n was\n \n completed\n \n following \n the\n \n receipt\n \n of\n \n the\n \n Golden\n \n Power\n \n Authorisations,\n \n Foreign\n \n Subsidies\n \n Regulation\n \n approval,\n \n and\n \n clearance\n \n from \n the Italian Competition Authority.\n
\n
\n At\n \n the\n \n acquisition\n \n date,\n \n 2i\n \n Rete\n \n Gas\n \n S.p.A.\n \n held\n \n 60%\n \n of\n \n Cilento\n \n Reti\n \n Gas\n \n S.r.l.\n \n and\n \n 100%\n \n of\n \n IG\n \n Rete\n \n Dati\n \n S.r.l. \n (formerly 2i Rete Dati S.r.l.) \u2013 hereinafter the \u201c2i Rete Gas Group\u201d.\n
\n
\n Thereafter,\n \n on\n \n 16\n \n April,\n \n the\n \n reverse\n \n stock\n \n split\n \n became\n \n effective,\n \n aimed\n \n at\n \n reducing\n \n administrative\n \n and \n management\n \n costs\n \n for\n \n the\n \n company,\n \n as\n \n well\n \n as\n \n facilitating\n \n the\n \n post-acquisition\n \n reorganisation\n \n of\n \n the\n \n Group.\n \n As \n a\n \n result\n \n of\n \n this\n \n reverse\n \n stock\n \n split,\n \n Italgas\n \n now\n \n holds\n \n 100%\n \n of\n \n the\n \n share\n \n capital\n \n of\n \n 2i\n \n Rete\n \n Gas.\n \n On\n \n 1\n \n July,\n \n the \n merger by incorporation of 2i Rete Gas into Italgas Reti was also completed.\n
\n
\n The\n \n acquisition\n \n is\n \n classed\n \n as\n \n a\n \n business\n \n combination\n \n pursuant\n \n to\n \n IFRS\n \n 3\n \n \u2013\n \n Business\n \n Combinations.\n \n The \n transaction\n \n was\n \n recognised\n \n by\n \n applying\n \n the\n \n acquisition\n \n method\n \n of\n \n accounting,\n \n which\n \n involves\n \n the\n \n recognition \n of\n \n the\n \n identifiable\n \n assets\n \n and\n \n liabilities\n \n acquired\n \n at\n \n their\n \n fair\n \n value\n \n on\n \n the\n \n acquisition\n \n date,\n \n including\n \n with\n \n the \n
\n \n \n assistance\n \n of\n \n independent\n \n experts,\n \n in\n \n addition\n \n to\n \n the\n \n determination\n \n of\n \n goodwill\n \n as\n \n the\n \n excess\n \n between\n \n the \n consideration transferred and the portion attributable to the Group in the fair value of the net assets acquired.\n
\n The\n \n main\n \n identifiable\n \n net\n \n assets\n \n acquired\n \n are\n \n represented\n \n by\n \n concessions\n \n for\n \n the\n \n natural\n \n gas\n \n distribution \n service,\n \n which\n \n fall\n \n under\n \n the\n \n scope\n \n of\n \n application\n \n of\n \n IFRIC\n \n 12\n \n \u2013\n \n Service\n \n Concession\n \n Arrangements\n \n (Intangible \n Assets), and the related user charges received (Other non-current liabilities).\n
\n
\n For\n \n the\n \n purposes\n \n of\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA),\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n concessions\n \n was\n \n determined\n \n by \n assuming\n \n a\n \n value\n \n equal\n \n to\n \n the\n \n local\n \n regulatory\n \n asset\n \n base\n \n (RAB)\n 151\n \n at\n \n the\n \n acquisition\n \n date,\n \n a\n \n method\n \n generally \n accepted within regulated utility sectors for the purpose of estimating fair value.\n
\n
\n The\n \n chosen\n \n methodology\n \n reflects\n \n the\n \n regulated\n \n nature\n \n of\n \n the\n \n business\n \n and\n \n the\n \n absence,\n \n for\n \n most\n \n of\n \n the \n concessions acquired, of an exclusive long-term right.\n
\n
\n At\n \n the\n \n acquisition\n \n date,\n \n the\n \n acquired\n \n group\n \n held\n \n nearly\n \n all\n \n of\n \n the\n \n concessions\n \n under\n \n the\n \n prorogatio\n \n system, \n pending\n \n completion\n \n of\n \n the\n \n new\n \n ATEM\n \n (Minimum\n \n Territorial\n \n Level)\n \n tenders,\n \n as\n \n envisaged\n \n by\n \n industry \n regulations.\n
\n
\n This\n \n context\n \n was\n \n carefully\n \n considered\n \n in\n \n the\n \n fair\n \n value\n \n measurements\n \n and\n \n in\n \n the\n \n assumptions\n \n used\n \n in\n \n the\n \n PPA, \n in\n \n that\n \n it\n \n is\n \n characterised\n \n by\n \n limited\n \n visibility\n \n over\n \n the\n \n residual\n \n duration\n \n of\n \n the\n \n concessions,\n \n uncertainty\n \n of\n \n the \n outcome of future tenders and regulatory mechanisms to protect the residual value of the assets.\n
\n
\n Where\n \n current\n \n and\n \n non\n \n current\n \n financial\n \n liabilities\n \n are\n \n concerned,\n \n an\n \n analysis\n \n was\n \n conducted\n \n of\n \n the\n \n fixed-rate \n bonds,\n \n which\n \n were\n \n measured\n \n at\n \n fair\n \n value\n \n at\n \n the\n \n acquisition\n \n date,\n \n so\n \n as\n \n to\n \n reflect\n \n the\n \n precise\n \n market\n \n conditions.\n
\n
\n The\n \n measurement\n \n of\n \n assets\n \n and\n \n liabilities\n \n at\n \n fair\n \n value\n \n has\n \n resulted,\n \n in\n \n accordance\n \n with\n \n applicable\n \n tax \n legislation,\n \n in\n \n the\n \n recognition\n \n of\n \n deferred\n \n tax\n \n liabilities\n \n on\n \n temporary\n \n differences\n \n between\n \n the\n \n carrying\n \n amounts \n and the tax bases of these items. \n
\n
\n The\n \n difference\n \n between\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n net\n \n assets\n \n acquired\n \n and\n \n the\n \n consideration\n \n paid\n \n has\n \n been \n recognised\n \n as\n \n goodwill,\n \n since\n \n it\n \n is\n \n attributable\n \n to\n \n future\n \n economic\n \n benefits\n \n that\n \n are\n \n not\n \n separately\n \n identifiable \n and\n \n are\n \n not\n \n autonomously\n \n transferable,\n \n such\n \n as\n \n the\n \n business\n \n and\n \n operational\n \n expertise\n \n of\n \n management\n \n and \n the technical structure.\n
\n
\n The\n \n goodwill\n \n recognised\n \n is\n \n not\n \n amortised\n \n and\n \n undergoes\n \n an\n \n annual\n \n impairment\n \n test\n \n pursuant\n \n to\n \n IAS\n \n 36,\n \n or \n more frequently in the presence of impairment indicators.\n
\n
\n The analysis of the transaction is given below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Acquisition of companies\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n 2i Rete Gas\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n Fair values at the acquisition date\n

\n
\n

\n Cash and cash equivalents\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 9,134\n

\n
\n

\n Trade and other receivables\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 471,604\n

\n
\n

\n Inventories\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 14,986\n

\n
\n

\n Other current assets \n

\n 		\n

\n 28,711\n

\n
\n

\n Current assets\n

\n 		\n

\n 524,435\n

\n
\n

\n Property, plant and equipment \n

\n 		\n

\n 57,398\n

\n
\n

\n Intangible assets \n

\n 		\n

\n 5,294,015\n

\n
\n

\n Equity investments\n

\n 		\n

\n 3,475\n

\n
\n

\n Financial assets\n

\n 		\n

\n 1,992\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n 285,804\n

\n
\n

\n Other non-current assets\n

\n 		\n

\n 53,895\n

\n
\n

\n Assets held for sale\n

\n 		\n

\n 268\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 5,696,847\n

\n
\n

\n TOTAL ASSETS\n

\n 		\n

\n 6,221,282\n

\n
\n

\n Current financial liabilities\n

\n 		\n

\n 564,077\n

\n
\n

\n Trade and other payables\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \u00a0\n \n

\n 		\n

\n 410,613\n

\n
\n
\n \n \n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Tax liabilities\n

\n 		\n

\n 44,776\n

\n
\n

\n Other current liabilities\n

\n 		\n

\n 32,056\n

\n
\n

\n Current liabilities\n

\n 		\n

\n 1,051,522\n

\n
\n

\n Long-term financial liabilities\n

\n 		\n

\n 2,513,673\n

\n
\n

\n Provisions for risks and charges \n

\n 		\n

\n 67,498\n

\n
\n

\n Provisions for employee benefits \n

\n 		\n

\n 28,113\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 290,308\n

\n
\n

\n Other non-current liabilities \n

\n 		\n

\n 718,067\n

\n
\n

\n Liabilities held for sale\n

\n 		\n

\n 33\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n 3,617,692\n

\n
\n

\n TOTAL LIABILITIES\n

\n 		\n

\n 4,669,214\n

\n
\n

\n VALUE OF NET ASSETS ACQUIRED\n

\n 		\n

\n 1,552,068\n

\n
\n

\n MINORITIES\n

\n 		\n

\n 1,734\n

\n
\n

\n NET ASSETS ACQUIRED (100%)\n

\n 		\n

\n 1,550,334\n

\n
\n

\n NET ASSETS ACQUIRED (99.94%)\n

\n 		\n

\n 1,549,404\n

\n
\n

\n CONSIDERATION RECEIVED (paid in full)\n

\n 		\n

\n 2,071,935\n

\n
\n

\n GOODWILL\n

\n 		\n

\n 522,531\n

\n
\n
\n
\n The\n \n transaction\n \n costs\n \n incurred\n \n in\n \n connection\n \n with\n \n the\n \n acquisition\n \n were\n \n recognised\n \n in\n \n the\n \n income\n \n statement\n \n as \n operating expenses, in accordance with IFRS 3, and were not included in the consideration transferred.\n
\n
\n At\n \n the\n \n approval\n \n of\n \n this\n \n Consolidated\n \n Financial\n \n Statements,\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA)\n \n process\n \n was \n completed.\n \n Nevertheless,\n \n the\n \n Group\n \n reserves\n \n the\n \n right\n \n to\n \n definitively\n \n report\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n within\n \n 12 \n months from the acquisition date, namely by 31 March 2026.\n
\n
\n Any\n \n adjustments\n \n arising\n \n from\n \n the\n \n final\n \n recognition\n \n of\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n will\n \n be\n \n accounted\n \n for\n \n retrospectively, \n restating comparative data where necessary.\n
\n \n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact530": { "value": "\n 7)\n Cash and cash equivalents\n
\n Cash\n \n and\n \n cash\n \n equivalents,\n \n equal\n \n to\n \n 531,933\n \n thousand\n \n euro\n \n (402,662\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), refer to current account deposits held at banks.\n
\n
\n Cash\n \n and\n \n cash\n \n equivalents\n \n are\n \n not\n \n subject\n \n to\n \n any\n \n usage\n \n restrictions,\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n amount\n \n of \n 44,555\n \n thousand\n \n euro\n \n (43,400\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n related\n \n to\n \n the\n \n subsidiary\n \n Acqua \n Campania,\n \n relating\n \n to\n \n collections\n \n on\n \n behalf\n \n of\n \n the\n \n Campania\n \n Region\n \n for\n \n water\n \n monitoring\n \n activities\n \n and\n \n not\n \n yet \n paid at the end of the financial year.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact552": { "value": "\n
\n 8)\n Current financial assets\n
\n
\n Current\n \n financial\n \n assets\n ,\n \n amounting\n \n to\n \n 4,004\n \n thousand\n \n euro\n \n (3,592\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024) \n mainly relate to financial receivables from credit institutions, that are convertible in cash in the short term.\n
\n ", "dimensions": { "concept": "italgas:DisclosureOfCurrentFinancialAssetsExcludingOtherCurrentFinancialAssets", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact543": { "value": "\n
\n 9)\n Trade receivables and other receivables\n
\n
\n Trade\n \n receivables\n \n and\n \n other\n \n receivables,\n \n amounting\n \n to\n \n 1,407,264\n \n thousand\n \n euro\n \n (905,092\n \n thousand\n \n euro\n \n as \n at 31 December 2024) include the following: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Trade receivables \n

\n 		\n

\n \u00a0\n

\n 		\n

\n 751,969\n

\n 		\n

\n 1,217,511\n

\n
\n

\n Receivables from investment/divestment activities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,278\n

\n 		\n

\n 4,300\n

\n
\n

\n Other receivables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 147,845\n

\n 		\n

\n 185,453\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 905,092\n

\n 		\n

\n 1,407,264\n

\n
\n
\n
\n Trade\n \n receivables\n \n (1,217,511\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 751,969\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n include\n \n the\n \n items\n \n arising\n \n from\n \n the\n \n companies\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n and\n \n increased\n \n by\n \n 465,542 \n thousand\n \n euro\n \n mainly\n \n due\n \n to\n \n the\n \n increase\n \n in\n \n (i)\n \n receivables\n \n from\n \n the\n \n sales\n \n companies\n \n for\n \n the\n \n gas\n \n distribution \n service\n \n in\n \n Italy\n \n (346,786\n \n thousand\n \n euro),\n \n (ii)\n \n receivables\n \n from\n \n the\n \n CSEA\n \n for\n \n the\n \n equalisation\n \n of\n \n the\n \n gas \n distribution\n \n service\n \n in\n \n Italy\n \n (42,357\n \n thousand\n \n euro)\n \n and\n \n (iii)\n \n the\n \n Superbonus\n \n receivables\n \n of\n \n 67,136\n \n thousand \n euro\n \n related\n \n to\n \n residential\n \n regulatory\n \n changes\n \n (extension\n \n of\n \n the\n \n 110%\n \n bonus\n \n for\n \n non-profit\n \n organisations\n \n and \n buildings in seismic areas), which made it possible to launch new projects during the year.\n
\n
\n Receivables\n \n from\n \n investment/divestment\n \n activities\n \n (4,300\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 5,278\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n refer \n to the sale of property, plant and equipment and intangible assets.\n
\n
\n Other receivables (185,453 thousand euro as at 31 December 2025 and 147,845 thousand euro as at 31 December 2024) break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n IRES receivables for the national tax consolidation scheme\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,154\n

\n 		\n

\n 1,014\n

\n
\n

\n Receivables due from CSEA\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 68,152\n

\n 		\n

\n 108,030\n

\n
\n

\n Receivables from the Public administration\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,833\n

\n 		\n

\n 2,801\n

\n
\n

\n Advances to suppliers\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,386\n

\n 		\n

\n 44,750\n

\n
\n

\n Receivables from personnel\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,633\n

\n 		\n

\n 4,997\n

\n
\n

\n Receivables \n

\n

\n from ex Casmez users\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,668\n

\n 		\n

\n 9,512\n

\n
\n

\n Sundry other\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 7,019\n

\n 		\n

\n 14,349\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 147,845\n

\n 		\n

\n 185,453\n

\n
\n
\n
\n IRES\n \n receivables\n \n for\n \n the\n \n national\n \n tax\n \n consolidation\n \n regime\n \n amounted\n \n to\n \n 1,014\n \n thousand\n \n euro\n \n (5,154\n \n thousand \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n The\n \n item\n \n decreased\n \n during\n \n the\n \n financial\n \n year\n \n mainly\n \n following\n \n the\n \n collection\n \n of \n a\n \n receivable\n \n from\n \n the\n \n former\n \n parent\n \n company\n \n Eni,\n \n in\n \n connection\n \n with\n \n a\n \n reimbursement\n \n claim\n \n for\n \n IRES \n amounting to 4,096 thousand euro. \n
\n \n
\n Receivables\n \n esigible\n \n from\n \n CSEA\n \n (108,030\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 68,152\n \n thousand\n \n euro \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n refer\n \n to\n \n additional\n \n gas\n \n distribution\n \n tariff\n \n components\n \n and\n \n premiums\n \n relating \n to\n \n safety\n \n recoveries\n \n of\n \n the\n \n gas\n \n distribution\n \n service.\n \n The\n \n increase\n \n stems\n \n mainly\n \n from\n \n the\n \n entry\n \n of\n \n 2i\n \n Rete\n \n Gas \n into the scope of consolidation. \n
\n Receivables\n \n from\n \n public\n \n Administrations\n \n (2,801\n \n thousand\n \n euro\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 2,833\n \n thousand\n \n euro \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relate\n \n to\n \n receivables\n \n from\n \n Municipalities,\n \n mainly\n \n for\n \n the\n \n public\n \n space\n \n occupation\n \n fee \n (the so-called \u201cCanone per l\u2019occupazione di spazi e aree pubbliche\" or \u201cCOSAP\u201c).\n
\n
\n Receivables\n \n from\n \n the\n \n customers\n \n of\n \n the\n \n Campania\n \n aqueduct\n \n (previously\n \n \u201cCasmez\u201d\n \n or\n \n \u201cCassa\n \n del \n Mezzogiorno\u201d),\n \n amounting\n \n to\n \n 9,512\n \n thousand\n \n euro\n \n (18,668\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n relate\n \n to \n the\n \n metering\n \n service\n \n (a\n \n system\n \n for\n \n accounting\n \n potable\n \n water\n \n consumption)\n \n managed\n \n in\n \n the\n \n name\n \n and\n \n on\n \n behalf \n of the Campania Region.\n
\n
\n With\n \n the\n \n exception\n \n to\n \n receivables\n \n arising\n \n from\n \n energy\n \n efficiency\n \n services\n \n provided\n \n as\n \n part\n \n of\n \n the\n \n so-called \n Superbonus,\n \n the\n \n amortised\n \n cost\n \n method\n \n has\n \n not\n \n been\n \n applied\n \n to\n \n \u201cTrade\n \n receivables\n \n and\n \n other\n \n receivables\u201d, \n as\n \n collection\n \n is\n \n reasonably\n \n expected\n \n within\n \n the\n \n following\n \n 12\n \n months\n \n and\n \n any\n \n costs,\n \n fees\n \n and\n \n any\n \n other \n differences\n \n between\n \n the\n \n initial\n \n value\n \n and\n \n the\n \n maturity\n \n value\n \n are\n \n immaterial.\n \n The\n \n effects\n \n arising\n \n from\n \n the \n application of the amortised cost criterion are therefore insignificant. \n
\n
\n Trade\n \n and\n \n other\n \n receivables\n \n are\n \n reported\n \n net\n \n of\n \n the\n \n bad\n \n debt\n \n provision\n \n (25,737\n \n thousand\n \n euro\n \n at\n \n 31\n \n December \n 2025\n \n and\n \n 18,674\n \n thousand\n \n euro\n \n at\n \n 31\n \n December\n \n 2024).\n \n Changes\n \n during\n \n the\n \n current\n \n and\n \n previous\n \n year\n \n are \n shown below\n :\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2023\n

\n 		\n

\n Assets acquired through business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Trade receivables\n

\n 		\n

\n 15,147\n

\n 		\n

\n 3,211\n

\n 		\n

\n 257\n

\n 		\n

\n (1,079)\n

\n 		\n

\n (225)\n

\n 		\n

\n 17,311\n

\n
\n

\n Other receivables\n

\n 		\n

\n 1,360\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 3\n

\n 		\n

\n 1,363\n

\n
\n

\n \u00a0\n

\n 		\n

\n 16,507\n

\n 		\n

\n 3,211\n

\n 		\n

\n 257\n

\n 		\n

\n (1,079)\n

\n 		\n

\n (222)\n

\n 		\n

\n 18,674\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n Assets acquired through business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Trade receivables\n

\n 		\n

\n 17,311\n

\n 		\n

\n 4,826\n

\n 		\n

\n 2,810\n

\n 		\n

\n (205)\n

\n 		\n

\n (276)\n

\n 		\n

\n 24,466\n

\n
\n

\n Other receivables\n

\n 		\n

\n 1,363\n

\n 		\n

\n 1,074\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (1,166)\n

\n 		\n

\n 1,271\n

\n
\n

\n \u00a0\n

\n 		\n

\n 18,674\n

\n 		\n

\n 5,900\n

\n 		\n

\n 2,810\n

\n 		\n

\n (205)\n

\n 		\n

\n (1,442)\n

\n 		\n

\n 25,737\n

\n
\n
\n
\n Bad\n \n debt\n \n provision\n \n reflects\n \n estimated\n \n losses\n \n in\n \n connection\n \n with\n \n the\n \n Group\u2019s\n \n credit\n \n portfolio.\n \n Impairment\n \n is\n \n made\n \n for\n \n expected\n \n losses\n \n on\n \n receivables,\n \n estimated \n both\n \n on\n \n the\n \n basis\n \n of\n \n past\n \n experience\n \n with\n \n receivables\n \n with\n \n similar\n \n credit\n \n risk\n \n and\n \n on\n \n the\n \n basis\n \n of\n \n future\n \n expected\n \n loss\n \n on\n \n open\n \n positions\n \n as\n \n at\n \n the\n \n reference \n date, as well as careful monitoring of the quality of credit portfolios.\n
\n
\n The following table provides the aging of Trade and other receivables:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n \u00a0\n (\u20ac thousands)\n

\n 		\n

\n Trade receivables\n

\n 		\n

\n Other receivables and receivables from inv/divest activities\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Trade receivables\n

\n 		\n

\n Other receivables and receivables from inv/divest activities\n

\n 		\n

\n Total\n

\n
\n

\n Receivables not overdue\n

\n 		\n

\n 684,109\n

\n 		\n

\n 153,123\n

\n 		\n

\n 837,232\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,145,892\n

\n 		\n

\n 189,753\n

\n 		\n

\n 1,335,645\n

\n
\n

\n Receivables overdue:\n

\n 		\n

\n 67,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 67,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 71,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 71,620\n

\n
\n

\n \u00a0\u00a0 \n - from 0 to 3 months\n

\n 		\n

\n 25,440\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,440\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,171\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,171\n

\n
\n

\n \u00a0\u00a0 \n - from 3 to 6 months\n

\n 		\n

\n 3,240\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,240\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 7,769\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 7,769\n

\n
\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\u00a0 \n - from 6 to 12 months\n

\n 		\n

\n 10,323\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 10,323\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,334\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,334\n

\n
\n

\n \u00a0\u00a0 \n - over 12 months\n

\n 		\n

\n 28,857\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 28,857\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,345\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,345\n

\n
\n

\n \u00a0\n

\n 		\n

\n 751,969\n

\n 		\n

\n 153,123\n

\n 		\n

\n 905,092\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,217,511\n

\n 		\n

\n 189,753\n

\n 		\n

\n 1,407,264\n

\n
\n
\n
\n Receivables\n \n overdue,\n \n amounting\n \n to\n \n 71,620\n \n thousand\n \n euro,\n \n mainly\n \n relate\n \n to\n \n receivables\n \n in\n \n the\n \n gas\n \n and\n \n water \n sectors (65,110 thousand euro) and ESCo service customers (6,510 thousand euro).\n
\n
\n Receivables from related parties are described in section \u201cRelated party transactions\u201d. \n
\n
\n Specific\n \n information\n \n on\n \n credit\n \n risk\n \n is\n \n provided\n \n in\n \n section\n \n \u201cGuarantees,\n \n commitments\n \n and\n \n risks\n \n -\n \n Financial\n \n risk \n management - Credit risk\u201d. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact545": { "value": "\n
\n 10)\n Inventories\n
\n
\n Inventories\n ,\n \n amounting\n \n to\n \n 74,719\n \n thousand\n \n euro\n \n (57,232\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n are \n analysed in the table below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gross value\n

\n 		\n

\n Provision for impairment losses\n

\n 		\n

\n Net value\n

\n 		\n

\n Gross value\n

\n 		\n

\n Provision for impairment losses\n

\n 		\n

\n Net value\n

\n
\n

\n Raw materials, consumables and supplies\n

\n 		\n

\n 64,426\n

\n 		\n

\n (7,194)\n

\n 		\n

\n 57,232\n

\n 		\n

\n 82,404\n

\n 		\n

\n (7,685)\n

\n 		\n

\n 74,719\n

\n
\n

\n \u00a0\n

\n 		\n

\n 64,426\n

\n 		\n

\n (7,194)\n

\n 		\n

\n 57,232\n

\n 		\n

\n 82,404\n

\n 		\n

\n (7,685)\n

\n 		\n

\n 74,719\n

\n
\n
\n
\n Inventories\n \n of\n \n Raw\n \n materials,\n \n consumables\n \n and\n \n supplies,\n \n amounting\n \n to\n \n 74,719\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025,\n \n mainly\n \n include\n \n smart\n \n meters\n \n (38,936 \n thousand\n \n euro),\n \n odorant\n \n (6,026\n \n thousand\n \n euro)\n \n and\n \n assets\n \n arising\n \n from\n \n contracts\n \n for\n \n works\n \n on\n \n behalf\n \n of\n \n the\n \n Campania\n \n Region\n \n relating\n \n to\n \n the\n \n Western \n Campania Aqueduct (1,187 thousand euro).\n
\n
\n Provision\n \n for\n \n for\n \n impairment\n \n losses\n \n amounted\n \n to\n \n 7,685\n \n thousand\n \n euro\n \n (7,194\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n essentially\n \n relates\n \n to\n \n defective\n \n or \n malfunctioning\n \n gas\n \n meters.\n \n The\n \n increase\n \n in\n \n this\n \n item\n \n is\n \n mainly\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation\n \n of\n \n the\n \n companies\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n and\n \n the \n provision for 1,642 thousand euro, partially offset by the use in the financial year for 4,871 thousand euro. \n
\n
\n Inventories are not collateralised. Inventories do not secure liabilities, nor are recognised at net realisable value. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact554": { "value": "\n
\n 11)\n Current and non-current tax receivables/liabilities\n
\n
\n Current and non-current tax receivables/liabilities \n break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n - IRES\n

\n 		\n

\n 0\n

\n 		\n

\n 17,612\n

\n 		\n

\n 17,612\n

\n 		\n

\n 566\n

\n 		\n

\n 20,360\n

\n 		\n

\n 20,926\n

\n
\n

\n - Foreign Taxes\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 23\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 23\n

\n
\n

\n Tax liabilities\n

\n 		\n

\n 25,562\n

\n 		\n

\n 0\n

\n 		\n

\n 25,562\n

\n 		\n

\n 2,569\n

\n 		\n

\n 0\n

\n 		\n

\n 2,569\n

\n
\n

\n - IRES\n

\n 		\n

\n 6,449\n

\n 		\n

\n 0\n

\n 		\n

\n 6,449\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - IRAP\n

\n 		\n

\n 14,822\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 14,822\n

\n 		\n

\n 2,569\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,569\n

\n
\n

\n - Foreign Taxes\n

\n 		\n

\n 4,291\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,291\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n
\n
\n Taxes pertaining to current year are shown in section \u201cIncome taxes\u201d.\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Impacts recorded in equity\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n 		\n

\n of which: IRES\n

\n 		\n

\n of which: IRAP\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 335,469\n

\n 		\n

\n 3,981\n

\n 		\n

\n 9,278\n

\n 		\n

\n (17,566)\n

\n 		\n

\n (8,417)\n

\n 		\n

\n 5,805\n

\n 		\n

\n 328,550\n

\n 		\n

\n 301,441\n

\n 		\n

\n 27,109\n

\n
\n

\n Amortisation and depreciation exclusively for tax purposes\n

\n 		\n

\n 166,777\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,411\n

\n 		\n

\n (7,895)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,667\n

\n 		\n

\n 167,960\n

\n 		\n

\n 158,930\n

\n 		\n

\n 9,030\n

\n
\n

\n Revaluations of property, plant and equipment\n

\n 		\n

\n 73,644\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (5,243)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 42,359\n

\n 		\n

\n 110,760\n

\n 		\n

\n 94,205\n

\n 		\n

\n 16,555\n

\n
\n

\n Capital gains subject to deferred taxation\n

\n 		\n

\n 4,614\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,075)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 117\n

\n 		\n

\n 2,656\n

\n 		\n

\n 2,656\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Employee benefits\n

\n 		\n

\n 12,200\n

\n 		\n

\n 8\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38)\n

\n 		\n

\n 1\n

\n 		\n

\n (10,942)\n

\n 		\n

\n 1,229\n

\n 		\n

\n 1,229\n

\n 		\n

\n \u00a0\n

\n
\n

\n Capitalisation of financial expense \n

\n 		\n

\n 2,090\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (123)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,967\n

\n 		\n

\n 1,674\n

\n 		\n

\n 293\n

\n
\n

\n Impairment losses on receivables in excess of tax deductibility\n

\n 		\n

\n 298\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 374\n

\n 		\n

\n (99)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 995\n

\n 		\n

\n 1,568\n

\n 		\n

\n 1,564\n

\n 		\n

\n 4\n

\n
\n

\n Other temporary differences\n

\n 		\n

\n 75,846\n

\n 		\n

\n 3,973\n

\n 		\n

\n 3,493\n

\n 		\n

\n (2,093)\n

\n 		\n

\n (8,418)\n

\n 		\n

\n (30,391)\n

\n 		\n

\n 42,410\n

\n 		\n

\n 41,183\n

\n 		\n

\n 1,227\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (287,689)\n

\n 		\n

\n (1,196)\n

\n 		\n

\n (25,826)\n

\n 		\n

\n 26,836\n

\n 		\n

\n 4,996\n

\n 		\n

\n 2,674\n

\n 		\n

\n (280,205)\n

\n 		\n

\n (262,765)\n

\n 		\n

\n (17,440)\n

\n
\n

\n Provisions for risks and charges and other non-deductible provisions\n

\n 		\n

\n (30,786)\n

\n 		\n

\n (260)\n

\n 		\n

\n (1,589)\n

\n 		\n

\n 11,100\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (12,601)\n

\n 		\n

\n (34,136)\n

\n 		\n

\n (29,543)\n

\n 		\n

\n (4,593)\n

\n
\n

\n Non-repayable and contractual grants\n

\n 		\n

\n (50,024)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,684\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (28,933)\n

\n 		\n

\n (76,273)\n

\n 		\n

\n (65,903)\n

\n 		\n

\n (10,370)\n

\n
\n

\n Non-deductible amortisation and depreciation\n

\n 		\n

\n (171,009)\n

\n 		\n

\n (450)\n

\n 		\n

\n (22,773)\n

\n 		\n

\n 8,852\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 36,345\n

\n 		\n

\n (149,035)\n

\n 		\n

\n (148,184)\n

\n 		\n

\n (851)\n

\n
\n

\n Employee benefits\n

\n 		\n

\n (6,069)\n

\n 		\n

\n (6)\n

\n 		\n

\n (1,185)\n

\n 		\n

\n 632\n

\n 		\n

\n 249\n

\n 		\n

\n (3,024)\n

\n 		\n

\n (9,403)\n

\n 		\n

\n (8,043)\n

\n 		\n

\n (1,360)\n

\n
\n

\n Other temporary differences\n

\n 		\n

\n (29,801)\n

\n 		\n

\n (480)\n

\n 		\n

\n (279)\n

\n 		\n

\n 3,568\n

\n 		\n

\n 4,747\n

\n 		\n

\n 10,887\n

\n 		\n

\n (11,358)\n

\n 		\n

\n (11,092)\n

\n 		\n

\n (266)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 47,780\n

\n 		\n

\n 2,785\n

\n 		\n

\n (16,548)\n

\n 		\n

\n 9,270\n

\n 		\n

\n (3,421)\n

\n 		\n

\n 8,479\n

\n 		\n

\n 48,345\n

\n 		\n

\n 38,676\n

\n 		\n

\n 9,669\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Impacts recorded in equity\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n 		\n

\n of which: IRES\n

\n 		\n

\n of which: IRAP\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 328,550\n

\n 		\n

\n 290,308\n

\n 		\n

\n 25,747\n

\n 		\n

\n (47,836)\n

\n 		\n

\n (2,948)\n

\n 		\n

\n (13,227)\n

\n 		\n

\n 580,594\n

\n 		\n

\n 521,551\n

\n 		\n

\n 59,043\n

\n
\n

\n Amortisation and depreciation exclusively for tax purposes\n

\n 		\n

\n 167,960\n

\n 		\n

\n 18,170\n

\n 		\n

\n 10,582\n

\n 		\n

\n (9,497)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,954)\n

\n 		\n

\n 148,261\n

\n 		\n

\n 139,701\n

\n 		\n

\n 8,559\n

\n
\n

\n Revaluations of property, plant and equipment\n

\n 		\n

\n 110,760\n

\n 		\n

\n 157,315\n

\n 		\n

\n 654\n

\n 		\n

\n (15,436)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (10,982)\n

\n 		\n

\n 242,311\n

\n 		\n

\n 204,452\n

\n 		\n

\n 37,860\n

\n
\n

\n Capital gains subject to deferred taxation\n

\n 		\n

\n 2,656\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 349\n

\n 		\n

\n (1,509)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (15)\n

\n 		\n

\n 1,481\n

\n 		\n

\n 1,481\n

\n 		\n

\n -\n

\n
\n

\n Employee benefits\n

\n 		\n

\n 1,229\n

\n 		\n

\n 837\n

\n 		\n

\n 134\n

\n 		\n

\n (81)\n

\n 		\n

\n (1,183)\n

\n 		\n

\n 1,351\n

\n 		\n

\n 2,287\n

\n 		\n

\n 2,282\n

\n 		\n

\n 5\n

\n
\n

\n Capitalisation of financial expense \n

\n 		\n

\n 1,967\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (121)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,846\n

\n 		\n

\n 1,571\n

\n 		\n

\n 275\n

\n
\n

\n Impairment losses on receivables in excess of tax deductibility\n

\n 		\n

\n 1,568\n

\n 		\n

\n 5,390\n

\n 		\n

\n 1,188\n

\n 		\n

\n (6,223)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 122,427\n

\n 		\n

\n 124,350\n

\n 		\n

\n 112,905\n

\n 		\n

\n 11,445\n

\n
\n

\n Other temporary differences \n

\n 		\n

\n 42,410\n

\n 		\n

\n 108,596\n

\n 		\n

\n 12,840\n

\n 		\n

\n (14,969)\n

\n 		\n

\n (1,765)\n

\n 		\n

\n (87,054)\n

\n 		\n

\n 60,058\n

\n 		\n

\n 59,159\n

\n 		\n

\n 899\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (280,205)\n

\n 		\n

\n (285,804)\n

\n 		\n

\n (46,010)\n

\n 		\n

\n 37,063\n

\n 		\n

\n (721)\n

\n 		\n

\n 7,326\n

\n 		\n

\n (568,351)\n

\n 		\n

\n (534,816)\n

\n 		\n

\n (33,535)\n

\n
\n

\n Provisions for risks and charges and other non-deductible provisions\n

\n 		\n

\n (34,136)\n

\n 		\n

\n (30,947)\n

\n 		\n

\n (3,184)\n

\n 		\n

\n 21,368\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,899)\n

\n 		\n

\n (68,798)\n

\n 		\n

\n (59,534)\n

\n 		\n

\n (10,004)\n

\n
\n

\n Non-repayable and contractual grants\n

\n 		\n

\n (76,273)\n

\n 		\n

\n (20,314)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,755\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,923)\n

\n 		\n

\n (98,755)\n

\n 		\n

\n (86,080)\n

\n 		\n

\n (12,673)\n

\n
\n

\n Non-deductible amortisation and depreciation\n

\n 		\n

\n (149,035)\n

\n 		\n

\n (156,763)\n

\n 		\n

\n (34,681)\n

\n 		\n

\n 9,402\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (37,142)\n

\n 		\n

\n (368,219)\n

\n 		\n

\n (360,427)\n

\n 		\n

\n (8,142)\n

\n
\n

\n Employee benefits\n

\n 		\n

\n (9,403)\n

\n 		\n

\n (7,140)\n

\n 		\n

\n (1,215)\n

\n 		\n

\n 1,045\n

\n 		\n

\n (261)\n

\n 		\n

\n 819\n

\n 		\n

\n (16,155)\n

\n 		\n

\n (13,852)\n

\n 		\n

\n (2,304)\n

\n
\n

\n Other temporary differences \n

\n 		\n

\n (11,358)\n

\n 		\n

\n (70,640)\n

\n 		\n

\n (6,930)\n

\n 		\n

\n 2,494\n

\n 		\n

\n (460)\n

\n 		\n

\n 70,471\n

\n 		\n

\n (16,424)\n

\n 		\n

\n (14,923)\n

\n 		\n

\n (412)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 48,345\n

\n 		\n

\n 4,504\n

\n 		\n

\n (20,263)\n

\n 		\n

\n (10,773)\n

\n 		\n

\n (3,669)\n

\n 		\n

\n (5,901)\n

\n 		\n

\n 12,243\n

\n 		\n

\n (13,265)\n

\n 		\n

\n 25,508\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact532": { "value": "\n \n
\n 12)\n Other current and non-current non-financial assets\n
\n \n
\n Other\n \n current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 284,674\n \n thousand\n \n euro\n \n (232,559\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 546,613\n \n thousand\n \n euro\n \n (619,322 \n thousand euro as at 31 December 2024), break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n
\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Other assets\n

\n 		\n

\n 179,173\n

\n 		\n

\n 226,394\n

\n 		\n

\n 405,567\n

\n 		\n

\n 212,928\n

\n 		\n

\n 105,331\n

\n 		\n

\n 318,259\n

\n
\n

\n - Other current taxes\n

\n 		\n

\n 37,885\n

\n 		\n

\n 0\n

\n 		\n

\n 37,885\n

\n 		\n

\n 53,094\n

\n 		\n

\n 0\n

\n 		\n

\n 53,094\n

\n
\n

\n - Accrued income and deferrals(*)\n

\n 		\n

\n 10,468\n

\n 		\n

\n 785\n

\n 		\n

\n 11,253\n

\n 		\n

\n 17,939\n

\n 		\n

\n 943\n

\n 		\n

\n 18,882\n

\n
\n

\n - Security deposits\n

\n 		\n

\n 0\n

\n 		\n

\n 3,970\n

\n 		\n

\n 3,970\n

\n 		\n

\n 0\n

\n 		\n

\n 6,740\n

\n 		\n

\n 6,740\n

\n
\n

\n - Super/Ecobonus(*)\n

\n 		\n

\n 128,910\n

\n 		\n

\n 219,760\n

\n 		\n

\n 348,670\n

\n 		\n

\n 141,895\n

\n 		\n

\n 95,630\n

\n 		\n

\n 237,525\n

\n
\n

\n - Other(*)\n

\n 		\n

\n 1,910\n

\n 		\n

\n 1,879\n

\n 		\n

\n 3,789\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,018\n

\n 		\n

\n 2,018\n

\n
\n

\n \u00a0\n

\n 		\n

\n 232,559\n

\n 		\n

\n 619,322\n

\n 		\n

\n 851,881\n

\n 		\n

\n 284,674\n

\n 		\n

\n 546,613\n

\n 		\n

\n 831,287\n

\n
\n
\n \n Other\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact531": { "value": "\n
\n 12)\n Other current and non-current non-financial assets\n
\n \n
\n Other\n \n current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 284,674\n \n thousand\n \n euro\n \n (232,559\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 546,613\n \n thousand\n \n euro\n \n (619,322 \n thousand euro as at 31 December 2024), break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n
\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Other assets\n

\n 		\n

\n 179,173\n

\n 		\n

\n 226,394\n

\n 		\n

\n 405,567\n

\n 		\n

\n 212,928\n

\n 		\n

\n 105,331\n

\n 		\n

\n 318,259\n

\n
\n

\n - Other current taxes\n

\n 		\n

\n 37,885\n

\n 		\n

\n 0\n

\n 		\n

\n 37,885\n

\n 		\n

\n 53,094\n

\n 		\n

\n 0\n

\n 		\n

\n 53,094\n

\n
\n

\n - Accrued income and deferrals(*)\n

\n 		\n

\n 10,468\n

\n 		\n

\n 785\n

\n 		\n

\n 11,253\n

\n 		\n

\n 17,939\n

\n 		\n

\n 943\n

\n 		\n

\n 18,882\n

\n
\n

\n - Security deposits\n

\n 		\n

\n 0\n

\n 		\n

\n 3,970\n

\n 		\n

\n 3,970\n

\n 		\n

\n 0\n

\n 		\n

\n 6,740\n

\n 		\n

\n 6,740\n

\n
\n

\n - Super/Ecobonus(*)\n

\n 		\n

\n 128,910\n

\n 		\n

\n 219,760\n

\n 		\n

\n 348,670\n

\n 		\n

\n 141,895\n

\n 		\n

\n 95,630\n

\n 		\n

\n 237,525\n

\n
\n

\n - Other(*)\n

\n 		\n

\n 1,910\n

\n 		\n

\n 1,879\n

\n 		\n

\n 3,789\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,018\n

\n 		\n

\n 2,018\n

\n
\n

\n \u00a0\n

\n 		\n

\n 232,559\n

\n 		\n

\n 619,322\n

\n 		\n

\n 851,881\n

\n 		\n

\n 284,674\n

\n 		\n

\n 546,613\n

\n 		\n

\n 831,287\n

\n
\n
\n \n
\n \n Other\n \n \n regulated\n \n activities\n \n (513,027\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 446,314\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n include\n \n (i)\n \n receivables \n from\n \n the\n \n gas\n \n distribution\n \n tariff\n \n in\n \n Greece\n \n (so-called\n \n \u201cRecoverable\n \n Difference\u201d)\n \n for\n \n 183,099\n \n thousand\n \n euro\n \n (154,972\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024); \n (ii)\n \n receivables\n \n from\n \n the\n \n water\n \n service\n \n in\n \n Italy\n \n (so-called\n \n \u201cTariff\n \n Adjustments\u201d)\n \n for\n \n 148,993\n \n thousand\n \n euro\n \n (135,677\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024); \n (iii)\n \n receivables\n \n from\n \n gas\n \n distribution\n \n in\n \n Italy\n \n for\n \n 180,936\n \n thousand\n \n euro\n \n (111,110\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relating\n \n to\n \n the\n \n tariff\n \n recognition\n \n by \n the\n \n Authority\n \n as\n \n a\n \n result\n \n of\n \n the\n \n plan\n \n to\n \n replace\n \n traditional\n \n meters\n \n with\n \n electronic\n \n ones\n \n pursuant\n \n to\n \n Article\n \n 57\n \n of\n \n ARERA\n \n Resolution\n \n no.\n \n 367/14\n \n as\n \n amended\n \n and \n the\n \n recovery\n \n of\n \n the\n \n residual\n \n non-depreciated\n \n costs\n \n (so-called\n \n IRMA)\n \n pursuant\n \n to\n \n DCO\n \n 545/2020/R/gas,\n \n Resolution\n \n no.\n \n 570/2019/R/gas\n \n and\n \n Determination \n no.\n \n 3/2021,\n \n and\n \n the\n \n tariff\n \n recognition\n \n pursuant\n \n to\n \n Resolution\n \n no.\n \n 737/2022/R/gas\n \n and\n \n Determination\n \n no.\n \n 1/2023\n \n of\n \n 11\n \n October\n \n 2023\n \n -\n \n DINE\n \n of\n \n the\n \n residual \n unamortised\n \n costs\n \n of\n \n the\n \n smart\n \n meters\n \n installed\n \n in\n \n the\n \n first\n \n roll-out\n \n phase\n \n of\n \n the\n \n installation\n \n plans\n \n provided\n \n for\n \n by\n \n the\n \n Gas\n \n Smart\n \n Meter\n \n Directives,\n \n which\n \n had \n to\n \n be\n \n decommissioned\n \n earlier\n \n than\n \n the\n \n end\n \n of\n \n their\n \n useful\n \n life\n \n \u2013\n \n this\n \n recognition\n \n concerned\n \n the\n \n smart\n \n meters\n \n decommissioned\n \n early,\n \n of\n \n a\n \n class\n \n not\n \n exceeding \n G6 produced up to the year 2016 and installed by the year 2018. \n
\n
\n Super/Ecobonus\n \n receivables\n \n (237,525\n \n thousand\n \n euro,\n \n 348,670\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n includes\n \n the\n \n receivables\n \n recognised\n \n by\n \n the\n \n Italian \n Revenue\n \n Agency\n \n mainly\n \n for\n \n the\n \n energy\n \n efficiency\n \n interventions\n \n falling\n \n under\n \n the\n \n provision\n \n of\n \n Decree\n \n 34/2020,\n \n as\n \n amended,\n \n used\n \n to\n \n offset\n \n taxes\n \n payables\n \n by \n the\n \n Group.\n \n The\n \n Group\n \n t\n \n has\n \n assessed\n \n the\n \n recoverability\n \n of\n \n the\n \n Super/Ecobonus\n \n receivables\n \n based\n \n on\n \n the\n \n expected\n \n overall\n \n tax\n \n contribution\n \n in\n \n the\n \n following \n years\n \n in\n \n accordance\n \n with\n \n regulatory\n \n requirements\n \n and,\n \n after\n \n its\n \n assessments,\n \n it\n \n is\n \n believed\n \n that\n \n the\n \n recoverability\n \n of\n \n the\n \n receivable\n \n is\n \n adequately\n \n guaranteed \n by the Group's ample tax capacity.\n
\n
\n Other current tax assets, which amount to 53,094 thousand euro (37,884 thousand euro as at 31 December 2024) mainly refer to VAT receivables.\n
\n
\n It\n \n should\n \n be\n \n noted\n \n that\n \n the\n \n Group\n \n finalised\n \n a\n \n factoring\n \n agreement\n \n with\n \n a\n \n financial\n \n counterparty,\n \n on\n \n the\n \n basis\n \n of\n \n which\n \n receivables\n \n were\n \n factored\n \n without \n recourse for Energy Efficiency Certificates (EECs) for an amount of 2.2 million euro.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact533": { "value": "\n
\n Other\n \n current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 284,674\n \n thousand\n \n euro\n \n (232,559\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial\n \n assets\n ,\n \n amounting\n \n to\n \n 546,613\n \n thousand\n \n euro\n \n (619,322 \n thousand euro as at 31 December 2024), break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n
\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Other assets\n

\n 		\n

\n 179,173\n

\n 		\n

\n 226,394\n

\n 		\n

\n 405,567\n

\n 		\n

\n 212,928\n

\n 		\n

\n 105,331\n

\n 		\n

\n 318,259\n

\n
\n

\n - Other current taxes\n

\n 		\n

\n 37,885\n

\n 		\n

\n 0\n

\n 		\n

\n 37,885\n

\n 		\n

\n 53,094\n

\n 		\n

\n 0\n

\n 		\n

\n 53,094\n

\n
\n

\n - Accrued income and deferrals(*)\n

\n 		\n

\n 10,468\n

\n 		\n

\n 785\n

\n 		\n

\n 11,253\n

\n 		\n

\n 17,939\n

\n 		\n

\n 943\n

\n 		\n

\n 18,882\n

\n
\n

\n - Security deposits\n

\n 		\n

\n 0\n

\n 		\n

\n 3,970\n

\n 		\n

\n 3,970\n

\n 		\n

\n 0\n

\n 		\n

\n 6,740\n

\n 		\n

\n 6,740\n

\n
\n

\n - Super/Ecobonus(*)\n

\n 		\n

\n 128,910\n

\n 		\n

\n 219,760\n

\n 		\n

\n 348,670\n

\n 		\n

\n 141,895\n

\n 		\n

\n 95,630\n

\n 		\n

\n 237,525\n

\n
\n

\n - Other(*)\n

\n 		\n

\n 1,910\n

\n 		\n

\n 1,879\n

\n 		\n

\n 3,789\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,018\n

\n 		\n

\n 2,018\n

\n
\n

\n \u00a0\n

\n 		\n

\n 232,559\n

\n 		\n

\n 619,322\n

\n 		\n

\n 851,881\n

\n 		\n

\n 284,674\n

\n 		\n

\n 546,613\n

\n 		\n

\n 831,287\n

\n
\n
\n \n
\n \n Other\n \n \n regulated\n \n activities\n \n (513,027\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 446,314\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n include\n \n (i)\n \n receivables \n from\n \n the\n \n gas\n \n distribution\n \n tariff\n \n in\n \n Greece\n \n (so-called\n \n \u201cRecoverable\n \n Difference\u201d)\n \n for\n \n 183,099\n \n thousand\n \n euro\n \n (154,972\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024); \n (ii)\n \n receivables\n \n from\n \n the\n \n water\n \n service\n \n in\n \n Italy\n \n (so-called\n \n \u201cTariff\n \n Adjustments\u201d)\n \n for\n \n 148,993\n \n thousand\n \n euro\n \n (135,677\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024); \n (iii)\n \n receivables\n \n from\n \n gas\n \n distribution\n \n in\n \n Italy\n \n for\n \n 180,936\n \n thousand\n \n euro\n \n (111,110\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relating\n \n to\n \n the\n \n tariff\n \n recognition\n \n by \n the\n \n Authority\n \n as\n \n a\n \n result\n \n of\n \n the\n \n plan\n \n to\n \n replace\n \n traditional\n \n meters\n \n with\n \n electronic\n \n ones\n \n pursuant\n \n to\n \n Article\n \n 57\n \n of\n \n ARERA\n \n Resolution\n \n no.\n \n 367/14\n \n as\n \n amended\n \n and \n the\n \n recovery\n \n of\n \n the\n \n residual\n \n non-depreciated\n \n costs\n \n (so-called\n \n IRMA)\n \n pursuant\n \n to\n \n DCO\n \n 545/2020/R/gas,\n \n Resolution\n \n no.\n \n 570/2019/R/gas\n \n and\n \n Determination \n no.\n \n 3/2021,\n \n and\n \n the\n \n tariff\n \n recognition\n \n pursuant\n \n to\n \n Resolution\n \n no.\n \n 737/2022/R/gas\n \n and\n \n Determination\n \n no.\n \n 1/2023\n \n of\n \n 11\n \n October\n \n 2023\n \n -\n \n DINE\n \n of\n \n the\n \n residual \n unamortised\n \n costs\n \n of\n \n the\n \n smart\n \n meters\n \n installed\n \n in\n \n the\n \n first\n \n roll-out\n \n phase\n \n of\n \n the\n \n installation\n \n plans\n \n provided\n \n for\n \n by\n \n the\n \n Gas\n \n Smart\n \n Meter\n \n Directives,\n \n which\n \n had \n to\n \n be\n \n decommissioned\n \n earlier\n \n than\n \n the\n \n end\n \n of\n \n their\n \n useful\n \n life\n \n \u2013\n \n this\n \n recognition\n \n concerned\n \n the\n \n smart\n \n meters\n \n decommissioned\n \n early,\n \n of\n \n a\n \n class\n \n not\n \n exceeding \n G6 produced up to the year 2016 and installed by the year 2018. \n
\n
\n Super/Ecobonus\n \n receivables\n \n (237,525\n \n thousand\n \n euro,\n \n 348,670\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n includes\n \n the\n \n receivables\n \n recognised\n \n by\n \n the\n \n Italian \n Revenue\n \n Agency\n \n mainly\n \n for\n \n the\n \n energy\n \n efficiency\n \n interventions\n \n falling\n \n under\n \n the\n \n provision\n \n of\n \n Decree\n \n 34/2020,\n \n as\n \n amended,\n \n used\n \n to\n \n offset\n \n taxes\n \n payables\n \n by \n the\n \n Group.\n \n The\n \n Group\n \n t\n \n has\n \n assessed\n \n the\n \n recoverability\n \n of\n \n the\n \n Super/Ecobonus\n \n receivables\n \n based\n \n on\n \n the\n \n expected\n \n overall\n \n tax\n \n contribution\n \n in\n \n the\n \n following \n years\n \n in\n \n accordance\n \n with\n \n regulatory\n \n requirements\n \n and,\n \n after\n \n its\n \n assessments,\n \n it\n \n is\n \n believed\n \n that\n \n the\n \n recoverability\n \n of\n \n the\n \n receivable\n \n is\n \n adequately\n \n guaranteed \n by the Group's ample tax capacity.\n
\n
\n Other current tax assets, which amount to 53,094 thousand euro (37,884 thousand euro as at 31 December 2024) mainly refer to VAT receivables.\n
\n
\n It\n \n should\n \n be\n \n noted\n \n that\n \n the\n \n Group\n \n finalised\n \n a\n \n factoring\n \n agreement\n \n with\n \n a\n \n financial\n \n counterparty,\n \n on\n \n the\n \n basis\n \n of\n \n which\n \n receivables\n \n were\n \n factored\n \n without \n recourse for Energy Efficiency Certificates (EECs) for an amount of 2.2 million euro.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact534": { "value": "\n
\n 13)\n Property, plant and equipment\n
\n \n
\n Property,\n \n plant\n \n and\n \n equipment\n ,\n \n amounting\n \n to\n \n 488,059\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (383,327 \n thousand euro at 31 December 2024), breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Land\n

\n 		\n

\n Buildings\n

\n 		\n

\n Plant and equipment\n

\n 		\n

\n Industrial and commercial equipment\n

\n 		\n

\n Other assets\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Total\n

\n
\n

\n Cost at 31.12.2023\n

\n 		\n

\n 18,838\n

\n 		\n

\n 531,552\n

\n 		\n

\n 40,953\n

\n 		\n

\n 176,937\n

\n 		\n

\n 87,466\n

\n 		\n

\n 12,325\n

\n 		\n

\n 868,071\n

\n
\n

\n Right of Use as at 31.12.2023\n

\n 		\n

\n 4,398\n

\n 		\n

\n 68,293\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 58,944\n

\n 		\n

\n 59,648\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 191,283\n

\n
\n

\n Additions\n

\n 		\n

\n 36\n

\n 		\n

\n 8,439\n

\n 		\n

\n 4,225\n

\n 		\n

\n 5,802\n

\n 		\n

\n 853\n

\n 		\n

\n 14,135\n

\n 		\n

\n 33,489\n

\n
\n

\n Right of Use additions\n

\n 		\n

\n 707\n

\n 		\n

\n 6,885\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,695\n

\n 		\n

\n 7,691\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 21,978\n

\n
\n

\n Disposals\n

\n 		\n

\n (163)\n

\n 		\n

\n (5,668)\n

\n 		\n

\n (983)\n

\n 		\n

\n (2,387)\n

\n 		\n

\n (530)\n

\n 		\n

\n (4)\n

\n 		\n

\n (9,735)\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n 0\n

\n 		\n

\n (6,746)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,949)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (11,695)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 5\n

\n 		\n

\n 2,527\n

\n 		\n

\n 29\n

\n 		\n

\n 745\n

\n 		\n

\n 0\n

\n 		\n

\n (3,306)\n

\n 		\n

\n 0\n

\n
\n

\n Reclassifications of rights of use\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,806\n

\n 		\n

\n (1,806)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Change in scope of consolidation\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 297\n

\n 		\n

\n 11,102\n

\n 		\n

\n 937\n

\n 		\n

\n 106\n

\n 		\n

\n 12,442\n

\n
\n

\n Change in scope of consolidation right of use\n

\n 		\n

\n 0\n

\n 		\n

\n 288\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 288\n

\n
\n

\n Cost at 31.12.2024\n

\n 		\n

\n 19,424\n

\n 		\n

\n 537,276\n

\n 		\n

\n 44,521\n

\n 		\n

\n 195,751\n

\n 		\n

\n 94,610\n

\n 		\n

\n 23,256\n

\n 		\n

\n 914,838\n

\n
\n

\n Accumulated depreciation at 31.12.2023\n

\n 		\n

\n (274)\n

\n 		\n

\n (257,656)\n

\n 		\n

\n (22,541)\n

\n 		\n

\n (144,496)\n

\n 		\n

\n (56,962)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (481,929)\n

\n
\n

\n Amortisation of Right of Use as of 31.12.2023\n

\n 		\n

\n (274)\n

\n 		\n

\n (31,712)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (44,523)\n

\n 		\n

\n (31,871)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (108,380)\n

\n
\n

\n Depreciation\n

\n 		\n

\n 0\n

\n 		\n

\n (9,974)\n

\n 		\n

\n (2,651)\n

\n 		\n

\n (5,363)\n

\n 		\n

\n (2,559)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (20,547)\n

\n
\n

\n Amortisation of Right of Use\n

\n 		\n

\n (553)\n

\n 		\n

\n (9,678)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,978)\n

\n 		\n

\n (12,253)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (32,462)\n

\n
\n

\n Disposals\n

\n 		\n

\n 0\n

\n 		\n

\n 3,643\n

\n 		\n

\n 68\n

\n 		\n

\n 719\n

\n 		\n

\n 1,721\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,151\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n 0\n

\n 		\n

\n 3,659\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,749\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,408\n

\n
\n

\n Change in scope of consolidation\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (297)\n

\n 		\n

\n (10,735)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (11,032)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (617)\n

\n 		\n

\n 617\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other change in rights of use\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,517)\n

\n 		\n

\n 2,517\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Accumulated depreciation at 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (270,006)\n

\n 		\n

\n (25,421)\n

\n 		\n

\n (168,238)\n

\n 		\n

\n (66,919)\n

\n 		\n

\n 0\n

\n 		\n

\n (531,411)\n

\n
\n

\n Provision for impairment of asset at 31.12.2023\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (2)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (100)\n

\n 		\n

\n (102)\n

\n
\n

\n Disposals\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (3)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 5\n

\n 		\n

\n 2\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (5)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (95)\n

\n 		\n

\n (100)\n

\n
\n

\n Net balance at 31.12.2023\n

\n 		\n

\n 18,564\n

\n 		\n

\n 273,896\n

\n 		\n

\n 18,410\n

\n 		\n

\n 32,441\n

\n 		\n

\n 30,504\n

\n 		\n

\n 12,225\n

\n 		\n

\n 386,040\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 18,597\n

\n 		\n

\n 267,270\n

\n 		\n

\n 19,095\n

\n 		\n

\n 27,513\n

\n 		\n

\n 27,691\n

\n 		\n

\n 23,161\n

\n 		\n

\n 383,327\n

\n
\n

\n - of which Right of Use\n

\n 		\n

\n 4,278\n

\n 		\n

\n 30,989\n

\n 		\n

\n 0\n

\n 		\n

\n 10,227\n

\n 		\n

\n 23,926\n

\n 		\n

\n 0\n

\n 		\n

\n 69,420\n

\n
\n
\n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Land\n

\n 		\n

\n Buildings\n

\n 		\n

\n Plant and equipment\n

\n 		\n

\n Industrial and commercial equipment\n

\n 		\n

\n Other assets\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Total\n

\n
\n

\n Cost at 31.12.2024\n

\n 		\n

\n 19,424\n

\n 		\n

\n 537,276\n

\n 		\n

\n 44,521\n

\n 		\n

\n 195,751\n

\n 		\n

\n 94,610\n

\n 		\n

\n 23,256\n

\n 		\n

\n 914,838\n

\n
\n

\n Right of Use as at 31.12.2024\n

\n 		\n

\n 5,105\n

\n 		\n

\n 68,720\n

\n 		\n

\n -\n

\n 		\n

\n 62,496\n

\n 		\n

\n 65,533\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 201,854\n

\n
\n

\n Additions\n

\n 		\n

\n 55\n

\n 		\n

\n 1,204\n

\n 		\n

\n 2,769\n

\n 		\n

\n 8,589\n

\n 		\n

\n 2,295\n

\n 		\n

\n 28,115\n

\n 		\n

\n 43,027\n

\n
\n

\n Right of Use additions\n

\n 		\n

\n 443\n

\n 		\n

\n 17,552\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 51,340\n

\n 		\n

\n 24,304\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 93,639\n

\n
\n

\n Disposals\n

\n 		\n

\n (118)\n

\n 		\n

\n (1,868)\n

\n 		\n

\n (80)\n

\n 		\n

\n (24)\n

\n 		\n

\n (895)\n

\n 		\n

\n -\n

\n 		\n

\n (2,985)\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n (2,371)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (5,480)\n

\n 		\n

\n (1,527)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,378)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (4,399)\n

\n 		\n

\n (18,883)\n

\n 		\n

\n 9,843\n

\n 		\n

\n 35,982\n

\n 		\n

\n (30,372)\n

\n 		\n

\n (3,021)\n

\n 		\n

\n (10,850)\n

\n
\n

\n Reclassifications of rights of use\n

\n 		\n

\n (9)\n

\n 		\n

\n (40,917)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (22,206)\n

\n 		\n

\n (4,093)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (67,225)\n

\n
\n

\n Assets acquired through business combination consolidation\n

\n 		\n

\n 6,356\n

\n 		\n

\n 40,415\n

\n 		\n

\n 17,553\n

\n 		\n

\n 28,241\n

\n 		\n

\n 30,136\n

\n 		\n

\n (265)\n

\n 		\n

\n 122,436\n

\n
\n

\n Right of use acquired through business\n

\n 		\n

\n -\n

\n 		\n

\n 38,485\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 17,626\n

\n 		\n

\n 5,555\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 61,666\n

\n
\n

\n Other changes\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,238)\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (1,238)\n

\n
\n

\n Cost at 31.12.2025\n

\n 		\n

\n 21,752\n

\n 		\n

\n 570,893\n

\n 		\n

\n 74,606\n

\n 		\n

\n 308,581\n

\n 		\n

\n 120,013\n

\n 		\n

\n 48,085\n

\n 		\n

\n 1,143,930\n

\n
\n

\n Accumulated depreciation at 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (270,006)\n

\n 		\n

\n (25,421)\n

\n 		\n

\n (168,238)\n

\n 		\n

\n (66,919)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (531,411)\n

\n
\n

\n Amortisation of Right of Use as at of 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (37,731)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (52,269)\n

\n 		\n

\n (41,607)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (132,434)\n

\n
\n

\n Depreciation\n

\n 		\n

\n -\n

\n 		\n

\n (10,995)\n

\n 		\n

\n (4,005)\n

\n 		\n

\n (7,689)\n

\n 		\n

\n (2,450)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (25,139)\n

\n
\n

\n Amortisation of Right of Use\n

\n 		\n

\n (535)\n

\n 		\n

\n (13,107)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (14,922)\n

\n 		\n

\n (16,036)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (44,600)\n

\n
\n

\n Disposals\n

\n 		\n

\n -\n

\n 		\n

\n 1,839\n

\n 		\n

\n 74\n

\n 		\n

\n 9\n

\n 		\n

\n 403\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,325\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n 1,093\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,383\n

\n 		\n

\n 137\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,613\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n -\n

\n 		\n

\n (29,165)\n

\n 		\n

\n (6,449)\n

\n 		\n

\n (26,233)\n

\n 		\n

\n (26,442)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (88,289)\n

\n
\n

\n Assets acquired through business combination\n \u00a0 \n of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n (27,950)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,180)\n

\n 		\n

\n (930)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,060)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,993\n

\n 		\n

\n (355)\n

\n 		\n

\n (27,984)\n

\n 		\n

\n 27,950\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,604\n

\n
\n

\n Reclassifications\n \u00a0 \n of Right of Use\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 27,950\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 11,140\n

\n 		\n

\n 1,576\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 40,666\n

\n
\n

\n Other changes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 86\n

\n 		\n

\n 492\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 578\n

\n
\n

\n Accumulated depreciation at 31.12.2025\n

\n 		\n

\n (1,362)\n

\n 		\n

\n (297,348)\n

\n 		\n

\n (36,070)\n

\n 		\n

\n (237,222)\n

\n 		\n

\n (82,711)\n

\n 		\n

\n -\n

\n 		\n

\n (654,713)\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (5)\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (95)\n

\n 		\n

\n (100)\n

\n
\n

\n (Write-down)/Value restorations \n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (125)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (125)\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (353)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (353)\n

\n
\n

\n Other changes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (86)\n

\n 		\n

\n (492)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (578)\n

\n
\n

\n Provision for impairment of asset at 31.12.2025\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (569)\n

\n 		\n

\n (492)\n

\n 		\n

\n -\n

\n 		\n

\n (95)\n

\n 		\n

\n (1,156)\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 18,597\n

\n 		\n

\n 267,270\n

\n 		\n

\n 19,095\n

\n 		\n

\n 27,513\n

\n 		\n

\n 27,691\n

\n 		\n

\n 23,161\n

\n 		\n

\n 383,327\n

\n
\n

\n Net balance at 31.12.2025\n

\n 		\n

\n 20,390\n

\n 		\n

\n 273,545\n

\n 		\n

\n 37,967\n

\n 		\n

\n 70,866\n

\n 		\n

\n 37,301\n

\n 		\n

\n 47,990\n

\n 		\n

\n 488,059\n

\n
\n

\n - of which Right of Use\n

\n 		\n

\n 4,177\n

\n 		\n

\n 31,723\n

\n 		\n

\n -\n

\n 		\n

\n 42,689\n

\n 		\n

\n 32,912\n

\n 		\n

\n -\n

\n 		\n

\n 111,501\n

\n
\n
\n \n
\n Additions\n \n (136,666\n \n thousand\n \n euro)\n \n mainly\n \n refer\n \n to\n \n industrial\n \n and\n \n commercial\n \n equipment\n \n (5,889\n \n thousand\n \n euro),\n \n work\n \n in\n \n progress\n \n and\n \n payments\n \n on\n \n account \n (28,115 thousand euro) and leased assets (93,639 thousand euro). \n
\n
\n Depreciation\n \n (69,738\n \n thousand\n \n euro)\n \n refers\n \n to\n \n economic\n \n and\n \n technical\n \n depreciation\n \n determined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n useful\n \n life\n \n of\n \n the\n \n assets\n \n or\n \n their\n \n remaining \n possible use by the Group. Amortisation related to right of use amounted to 44,599 thousand euro.\n
\n
\n The\n \n provision\n \n for\n \n impairment\n \n losses\n \n for\n \n 664\n \n thousand\n \n euro\n \n increased\n \n mainly\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation\n \n of\n \n the\n \n companies\n \n of\n \n 2i\n \n Rete\n \n Gas.\n
\n
\n Rights of use are detailed in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n Depreciation\n

\n 		\n

\n Business combination\n

\n 		\n

\n Increases\n

\n 		\n

\n Decreases\n

\n 		\n

\n Reclassifications\n

\n 		\n

\n other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Land\n

\n 		\n

\n 4,278\n

\n 		\n

\n (535)\n

\n 		\n

\n 0\n

\n 		\n

\n 443\n

\n 		\n

\n 0\n

\n 		\n

\n (9)\n

\n 		\n

\n 0\n

\n 		\n

\n 4,177\n

\n
\n

\n Buildings\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n - operating properties\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n Industrial and commercial equipment\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n - cars and ICT\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n Other assets\n

\n 		\n

\n 23,926\n

\n 		\n

\n (16,036)\n

\n 		\n

\n 4,625\n

\n 		\n

\n 24,304\n

\n 		\n

\n (1,390)\n

\n 		\n

\n (2,517)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 32,912\n

\n
\n

\n \u00a0\n

\n 		\n

\n 69,420\n

\n 		\n

\n (44,600)\n

\n 		\n

\n 23,604\n

\n 		\n

\n 93,639\n

\n 		\n

\n (2,766)\n

\n 		\n

\n (26,558)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 111,501\n

\n
\n

\n Interest expense (included in financial expense)\n

\n 		\n

\n 1,376\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n
\n
\n \n
\n \n \n \n Land\n \n \n \n and\n \n buildings,\n \n equal\n \n to\n \n 293,944\n \n thousand\n \n euro\n \n (285,867\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n mainly\n \n include\n \n buildings\n \n for\n \n office\n \n use,\n \n workshops, \n warehouses and depots used in the corporate business, of which rights of use for 35,908 thousand euro.\n
\n Plant\n \n and\n \n machinery\n \n (37,967\n \n thousand\n \n euro\n \n and\n \n 19,095\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n relates\n \n to\n \n photovoltaic\n \n plants\n \n and\n \n electric\n \n car \n charging points. \n
\n
\n Industrial\n \n and\n \n commercial\n \n equipment\n \n (70,857\n \n thousand\n \n euro\n \n and\n \n 27,513\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n include\n \n rights\n \n of\n \n use\n \n for\n \n 42,689\n \n thousand \n euro relating to IT infrastructures and leased vehicles.\n
\n
\n During\n \n the\n \n year,\n \n there\n \n were\n \n no\n \n changes\n \n in\n \n the\n \n estimated\n \n useful\n \n life\n \n of\n \n assets\n \n or\n \n in\n \n the\n \n depreciation\n \n rates\n \n applied\n \n and\n \n explained\n \n by\n \n category\n \n in\n \n section\n \n - \n \u201cMeasurement criteria - Property, plant and equipment\u201d.\n
\n \n
\n Property, plant and equipment are not collateralised and there are no restrictions on ownership and property.\n
\n \n
\n Contractual\n \n commitments\n \n to\n \n purchase\n \n property,\n \n plant\n \n and\n \n equipment,\n \n and\n \n to\n \n provide\n \n services\n \n related\n \n to\n \n the\n \n construction\n \n thereof,\n \n are\n \n reported\n \n in\n \n section \n \u201cGuarantees,\n \n commitments\n \n and\n \n risks\u201d.\n \n During\n \n the\n \n year,\n \n no\n \n impairment\n \n indicators\n \n were\n \n observed,\n \n nor\n \n any\n \n significant\n \n variations\n \n to\n \n the\n \n measurement\n \n of\n \n the \n recoverability of the value recognised in the financial statements for Property, plant and equipment.\n
\n \n \n
\n 13.1 Property, plant and equipment by business segment\n
\n
\n Property, plant and equipment by operating segment are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Historical cost\n

\n 		\n

\n 914,839\n

\n 		\n

\n 1,143,929\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 836,656\n

\n 		\n

\n 1,060,698\n

\n
\n

\n Water service\n

\n 		\n

\n 13,875\n

\n 		\n

\n 15,461\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 38,714\n

\n 		\n

\n 42,351\n

\n
\n

\n Corporate\n

\n 		\n

\n 25,594\n

\n 		\n

\n 25,419\n

\n
\n

\n Depreciation, amortisation and impairment of asset\n

\n 		\n

\n (531,511)\n

\n 		\n

\n (655,870)\n

\n
\n

\n Gas distribution\n

\n 		\n

\n (485,393)\n

\n 		\n

\n (604,647)\n

\n
\n

\n Water service\n

\n 		\n

\n (11,960)\n

\n 		\n

\n (13,106)\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n (20,853)\n

\n 		\n

\n (23,166)\n

\n
\n

\n Corporate\n

\n 		\n

\n (13,305)\n

\n 		\n

\n (14,951)\n

\n
\n

\n Net book value\n

\n 		\n

\n 383,328\n

\n 		\n

\n 488,059\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 351,263\n

\n 		\n

\n 456,051\n

\n
\n

\n Water service\n

\n 		\n

\n 1,915\n

\n 		\n

\n 2,355\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 17,861\n

\n 		\n

\n 19,185\n

\n
\n

\n Corporate\n

\n 		\n

\n 12,289\n

\n 		\n

\n 10,468\n

\n
\n
\n
\n \n \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact548": { "value": "\n
\n Property,\n \n plant\n \n and\n \n equipment\n ,\n \n amounting\n \n to\n \n 488,059\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (383,327 \n thousand euro at 31 December 2024), breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Land\n

\n 		\n

\n Buildings\n

\n 		\n

\n Plant and equipment\n

\n 		\n

\n Industrial and commercial equipment\n

\n 		\n

\n Other assets\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Total\n

\n
\n

\n Cost at 31.12.2023\n

\n 		\n

\n 18,838\n

\n 		\n

\n 531,552\n

\n 		\n

\n 40,953\n

\n 		\n

\n 176,937\n

\n 		\n

\n 87,466\n

\n 		\n

\n 12,325\n

\n 		\n

\n 868,071\n

\n
\n

\n Right of Use as at 31.12.2023\n

\n 		\n

\n 4,398\n

\n 		\n

\n 68,293\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 58,944\n

\n 		\n

\n 59,648\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 191,283\n

\n
\n

\n Additions\n

\n 		\n

\n 36\n

\n 		\n

\n 8,439\n

\n 		\n

\n 4,225\n

\n 		\n

\n 5,802\n

\n 		\n

\n 853\n

\n 		\n

\n 14,135\n

\n 		\n

\n 33,489\n

\n
\n

\n Right of Use additions\n

\n 		\n

\n 707\n

\n 		\n

\n 6,885\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,695\n

\n 		\n

\n 7,691\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 21,978\n

\n
\n

\n Disposals\n

\n 		\n

\n (163)\n

\n 		\n

\n (5,668)\n

\n 		\n

\n (983)\n

\n 		\n

\n (2,387)\n

\n 		\n

\n (530)\n

\n 		\n

\n (4)\n

\n 		\n

\n (9,735)\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n 0\n

\n 		\n

\n (6,746)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,949)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (11,695)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 5\n

\n 		\n

\n 2,527\n

\n 		\n

\n 29\n

\n 		\n

\n 745\n

\n 		\n

\n 0\n

\n 		\n

\n (3,306)\n

\n 		\n

\n 0\n

\n
\n

\n Reclassifications of rights of use\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,806\n

\n 		\n

\n (1,806)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Change in scope of consolidation\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 297\n

\n 		\n

\n 11,102\n

\n 		\n

\n 937\n

\n 		\n

\n 106\n

\n 		\n

\n 12,442\n

\n
\n

\n Change in scope of consolidation right of use\n

\n 		\n

\n 0\n

\n 		\n

\n 288\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 288\n

\n
\n

\n Cost at 31.12.2024\n

\n 		\n

\n 19,424\n

\n 		\n

\n 537,276\n

\n 		\n

\n 44,521\n

\n 		\n

\n 195,751\n

\n 		\n

\n 94,610\n

\n 		\n

\n 23,256\n

\n 		\n

\n 914,838\n

\n
\n

\n Accumulated depreciation at 31.12.2023\n

\n 		\n

\n (274)\n

\n 		\n

\n (257,656)\n

\n 		\n

\n (22,541)\n

\n 		\n

\n (144,496)\n

\n 		\n

\n (56,962)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (481,929)\n

\n
\n

\n Amortisation of Right of Use as of 31.12.2023\n

\n 		\n

\n (274)\n

\n 		\n

\n (31,712)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (44,523)\n

\n 		\n

\n (31,871)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (108,380)\n

\n
\n

\n Depreciation\n

\n 		\n

\n 0\n

\n 		\n

\n (9,974)\n

\n 		\n

\n (2,651)\n

\n 		\n

\n (5,363)\n

\n 		\n

\n (2,559)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (20,547)\n

\n
\n

\n Amortisation of Right of Use\n

\n 		\n

\n (553)\n

\n 		\n

\n (9,678)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,978)\n

\n 		\n

\n (12,253)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (32,462)\n

\n
\n

\n Disposals\n

\n 		\n

\n 0\n

\n 		\n

\n 3,643\n

\n 		\n

\n 68\n

\n 		\n

\n 719\n

\n 		\n

\n 1,721\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,151\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n 0\n

\n 		\n

\n 3,659\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,749\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,408\n

\n
\n

\n Change in scope of consolidation\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (297)\n

\n 		\n

\n (10,735)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (11,032)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (617)\n

\n 		\n

\n 617\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other change in rights of use\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,517)\n

\n 		\n

\n 2,517\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Accumulated depreciation at 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (270,006)\n

\n 		\n

\n (25,421)\n

\n 		\n

\n (168,238)\n

\n 		\n

\n (66,919)\n

\n 		\n

\n 0\n

\n 		\n

\n (531,411)\n

\n
\n

\n Provision for impairment of asset at 31.12.2023\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (2)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (100)\n

\n 		\n

\n (102)\n

\n
\n

\n Disposals\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (3)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 5\n

\n 		\n

\n 2\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (5)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (95)\n

\n 		\n

\n (100)\n

\n
\n

\n Net balance at 31.12.2023\n

\n 		\n

\n 18,564\n

\n 		\n

\n 273,896\n

\n 		\n

\n 18,410\n

\n 		\n

\n 32,441\n

\n 		\n

\n 30,504\n

\n 		\n

\n 12,225\n

\n 		\n

\n 386,040\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 18,597\n

\n 		\n

\n 267,270\n

\n 		\n

\n 19,095\n

\n 		\n

\n 27,513\n

\n 		\n

\n 27,691\n

\n 		\n

\n 23,161\n

\n 		\n

\n 383,327\n

\n
\n

\n - of which Right of Use\n

\n 		\n

\n 4,278\n

\n 		\n

\n 30,989\n

\n 		\n

\n 0\n

\n 		\n

\n 10,227\n

\n 		\n

\n 23,926\n

\n 		\n

\n 0\n

\n 		\n

\n 69,420\n

\n
\n
\n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Land\n

\n 		\n

\n Buildings\n

\n 		\n

\n Plant and equipment\n

\n 		\n

\n Industrial and commercial equipment\n

\n 		\n

\n Other assets\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Total\n

\n
\n

\n Cost at 31.12.2024\n

\n 		\n

\n 19,424\n

\n 		\n

\n 537,276\n

\n 		\n

\n 44,521\n

\n 		\n

\n 195,751\n

\n 		\n

\n 94,610\n

\n 		\n

\n 23,256\n

\n 		\n

\n 914,838\n

\n
\n

\n Right of Use as at 31.12.2024\n

\n 		\n

\n 5,105\n

\n 		\n

\n 68,720\n

\n 		\n

\n -\n

\n 		\n

\n 62,496\n

\n 		\n

\n 65,533\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 201,854\n

\n
\n

\n Additions\n

\n 		\n

\n 55\n

\n 		\n

\n 1,204\n

\n 		\n

\n 2,769\n

\n 		\n

\n 8,589\n

\n 		\n

\n 2,295\n

\n 		\n

\n 28,115\n

\n 		\n

\n 43,027\n

\n
\n

\n Right of Use additions\n

\n 		\n

\n 443\n

\n 		\n

\n 17,552\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 51,340\n

\n 		\n

\n 24,304\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 93,639\n

\n
\n

\n Disposals\n

\n 		\n

\n (118)\n

\n 		\n

\n (1,868)\n

\n 		\n

\n (80)\n

\n 		\n

\n (24)\n

\n 		\n

\n (895)\n

\n 		\n

\n -\n

\n 		\n

\n (2,985)\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n (2,371)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (5,480)\n

\n 		\n

\n (1,527)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,378)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (4,399)\n

\n 		\n

\n (18,883)\n

\n 		\n

\n 9,843\n

\n 		\n

\n 35,982\n

\n 		\n

\n (30,372)\n

\n 		\n

\n (3,021)\n

\n 		\n

\n (10,850)\n

\n
\n

\n Reclassifications of rights of use\n

\n 		\n

\n (9)\n

\n 		\n

\n (40,917)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (22,206)\n

\n 		\n

\n (4,093)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (67,225)\n

\n
\n

\n Assets acquired through business combination consolidation\n

\n 		\n

\n 6,356\n

\n 		\n

\n 40,415\n

\n 		\n

\n 17,553\n

\n 		\n

\n 28,241\n

\n 		\n

\n 30,136\n

\n 		\n

\n (265)\n

\n 		\n

\n 122,436\n

\n
\n

\n Right of use acquired through business\n

\n 		\n

\n -\n

\n 		\n

\n 38,485\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 17,626\n

\n 		\n

\n 5,555\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 61,666\n

\n
\n

\n Other changes\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,238)\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (1,238)\n

\n
\n

\n Cost at 31.12.2025\n

\n 		\n

\n 21,752\n

\n 		\n

\n 570,893\n

\n 		\n

\n 74,606\n

\n 		\n

\n 308,581\n

\n 		\n

\n 120,013\n

\n 		\n

\n 48,085\n

\n 		\n

\n 1,143,930\n

\n
\n

\n Accumulated depreciation at 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (270,006)\n

\n 		\n

\n (25,421)\n

\n 		\n

\n (168,238)\n

\n 		\n

\n (66,919)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (531,411)\n

\n
\n

\n Amortisation of Right of Use as at of 31.12.2024\n

\n 		\n

\n (827)\n

\n 		\n

\n (37,731)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (52,269)\n

\n 		\n

\n (41,607)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (132,434)\n

\n
\n

\n Depreciation\n

\n 		\n

\n -\n

\n 		\n

\n (10,995)\n

\n 		\n

\n (4,005)\n

\n 		\n

\n (7,689)\n

\n 		\n

\n (2,450)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (25,139)\n

\n
\n

\n Amortisation of Right of Use\n

\n 		\n

\n (535)\n

\n 		\n

\n (13,107)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (14,922)\n

\n 		\n

\n (16,036)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (44,600)\n

\n
\n

\n Disposals\n

\n 		\n

\n -\n

\n 		\n

\n 1,839\n

\n 		\n

\n 74\n

\n 		\n

\n 9\n

\n 		\n

\n 403\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,325\n

\n
\n

\n Disposals of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n 1,093\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,383\n

\n 		\n

\n 137\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,613\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n -\n

\n 		\n

\n (29,165)\n

\n 		\n

\n (6,449)\n

\n 		\n

\n (26,233)\n

\n 		\n

\n (26,442)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (88,289)\n

\n
\n

\n Assets acquired through business combination\n \u00a0 \n of Right of Use\n

\n 		\n

\n -\n

\n 		\n

\n (27,950)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,180)\n

\n 		\n

\n (930)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,060)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,993\n

\n 		\n

\n (355)\n

\n 		\n

\n (27,984)\n

\n 		\n

\n 27,950\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22,604\n

\n
\n

\n Reclassifications\n \u00a0 \n of Right of Use\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 27,950\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 11,140\n

\n 		\n

\n 1,576\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 40,666\n

\n
\n

\n Other changes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 86\n

\n 		\n

\n 492\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 578\n

\n
\n

\n Accumulated depreciation at 31.12.2025\n

\n 		\n

\n (1,362)\n

\n 		\n

\n (297,348)\n

\n 		\n

\n (36,070)\n

\n 		\n

\n (237,222)\n

\n 		\n

\n (82,711)\n

\n 		\n

\n -\n

\n 		\n

\n (654,713)\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (5)\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (95)\n

\n 		\n

\n (100)\n

\n
\n

\n (Write-down)/Value restorations \n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (125)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (125)\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (353)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (353)\n

\n
\n

\n Other changes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (86)\n

\n 		\n

\n (492)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (578)\n

\n
\n

\n Provision for impairment of asset at 31.12.2025\n

\n 		\n

\n -\n

\n 		\n

\n -\n

\n 		\n

\n (569)\n

\n 		\n

\n (492)\n

\n 		\n

\n -\n

\n 		\n

\n (95)\n

\n 		\n

\n (1,156)\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 18,597\n

\n 		\n

\n 267,270\n

\n 		\n

\n 19,095\n

\n 		\n

\n 27,513\n

\n 		\n

\n 27,691\n

\n 		\n

\n 23,161\n

\n 		\n

\n 383,327\n

\n
\n

\n Net balance at 31.12.2025\n

\n 		\n

\n 20,390\n

\n 		\n

\n 273,545\n

\n 		\n

\n 37,967\n

\n 		\n

\n 70,866\n

\n 		\n

\n 37,301\n

\n 		\n

\n 47,990\n

\n 		\n

\n 488,059\n

\n
\n

\n - of which Right of Use\n

\n 		\n

\n 4,177\n

\n 		\n

\n 31,723\n

\n 		\n

\n -\n

\n 		\n

\n 42,689\n

\n 		\n

\n 32,912\n

\n 		\n

\n -\n

\n 		\n

\n 111,501\n

\n
\n
\n \n
\n Additions\n \n (136,666\n \n thousand\n \n euro)\n \n mainly\n \n refer\n \n to\n \n industrial\n \n and\n \n commercial\n \n equipment\n \n (5,889\n \n thousand\n \n euro),\n \n work\n \n in\n \n progress\n \n and\n \n payments\n \n on\n \n account \n (28,115 thousand euro) and leased assets (93,639 thousand euro). \n
\n
\n Depreciation\n \n (69,738\n \n thousand\n \n euro)\n \n refers\n \n to\n \n economic\n \n and\n \n technical\n \n depreciation\n \n determined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n useful\n \n life\n \n of\n \n the\n \n assets\n \n or\n \n their\n \n remaining \n possible use by the Group. Amortisation related to right of use amounted to 44,599 thousand euro.\n
\n
\n The\n \n provision\n \n for\n \n impairment\n \n losses\n \n for\n \n 664\n \n thousand\n \n euro\n \n increased\n \n mainly\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation\n \n of\n \n the\n \n companies\n \n of\n \n 2i\n \n Rete\n \n Gas.\n
\n
\n Rights of use are detailed in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n Depreciation\n

\n 		\n

\n Business combination\n

\n 		\n

\n Increases\n

\n 		\n

\n Decreases\n

\n 		\n

\n Reclassifications\n

\n 		\n

\n other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Land\n

\n 		\n

\n 4,278\n

\n 		\n

\n (535)\n

\n 		\n

\n 0\n

\n 		\n

\n 443\n

\n 		\n

\n 0\n

\n 		\n

\n (9)\n

\n 		\n

\n 0\n

\n 		\n

\n 4,177\n

\n
\n

\n Buildings\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n - operating properties\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n Industrial and commercial equipment\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n - cars and ICT\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n Other assets\n

\n 		\n

\n 23,926\n

\n 		\n

\n (16,036)\n

\n 		\n

\n 4,625\n

\n 		\n

\n 24,304\n

\n 		\n

\n (1,390)\n

\n 		\n

\n (2,517)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 32,912\n

\n
\n

\n \u00a0\n

\n 		\n

\n 69,420\n

\n 		\n

\n (44,600)\n

\n 		\n

\n 23,604\n

\n 		\n

\n 93,639\n

\n 		\n

\n (2,766)\n

\n 		\n

\n (26,558)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 111,501\n

\n
\n

\n Interest expense (included in financial expense)\n

\n 		\n

\n 1,376\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n
\n
\n \n
\n \n \n \n Land\n \n \n \n and\n \n buildings,\n \n equal\n \n to\n \n 293,944\n \n thousand\n \n euro\n \n (285,867\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n mainly\n \n include\n \n buildings\n \n for\n \n office\n \n use,\n \n workshops, \n warehouses and depots used in the corporate business, of which rights of use for 35,908 thousand euro.\n
\n Plant\n \n and\n \n machinery\n \n (37,967\n \n thousand\n \n euro\n \n and\n \n 19,095\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n relates\n \n to\n \n photovoltaic\n \n plants\n \n and\n \n electric\n \n car \n charging points. \n
\n
\n Industrial\n \n and\n \n commercial\n \n equipment\n \n (70,857\n \n thousand\n \n euro\n \n and\n \n 27,513\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n include\n \n rights\n \n of\n \n use\n \n for\n \n 42,689\n \n thousand \n euro relating to IT infrastructures and leased vehicles.\n
\n
\n During\n \n the\n \n year,\n \n there\n \n were\n \n no\n \n changes\n \n in\n \n the\n \n estimated\n \n useful\n \n life\n \n of\n \n assets\n \n or\n \n in\n \n the\n \n depreciation\n \n rates\n \n applied\n \n and\n \n explained\n \n by\n \n category\n \n in\n \n section\n \n - \n \u201cMeasurement criteria - Property, plant and equipment\u201d.\n
\n \n
\n Property, plant and equipment are not collateralised and there are no restrictions on ownership and property.\n
\n \n
\n Contractual\n \n commitments\n \n to\n \n purchase\n \n property,\n \n plant\n \n and\n \n equipment,\n \n and\n \n to\n \n provide\n \n services\n \n related\n \n to\n \n the\n \n construction\n \n thereof,\n \n are\n \n reported\n \n in\n \n section \n \u201cGuarantees,\n \n commitments\n \n and\n \n risks\u201d.\n \n During\n \n the\n \n year,\n \n no\n \n impairment\n \n indicators\n \n were\n \n observed,\n \n nor\n \n any\n \n significant\n \n variations\n \n to\n \n the\n \n measurement\n \n of\n \n the \n recoverability of the value recognised in the financial statements for Property, plant and equipment.\n
\n \n \n
\n 13.1 Property, plant and equipment by business segment\n
\n
\n Property, plant and equipment by operating segment are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Historical cost\n

\n 		\n

\n 914,839\n

\n 		\n

\n 1,143,929\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 836,656\n

\n 		\n

\n 1,060,698\n

\n
\n

\n Water service\n

\n 		\n

\n 13,875\n

\n 		\n

\n 15,461\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 38,714\n

\n 		\n

\n 42,351\n

\n
\n

\n Corporate\n

\n 		\n

\n 25,594\n

\n 		\n

\n 25,419\n

\n
\n

\n Depreciation, amortisation and impairment of asset\n

\n 		\n

\n (531,511)\n

\n 		\n

\n (655,870)\n

\n
\n

\n Gas distribution\n

\n 		\n

\n (485,393)\n

\n 		\n

\n (604,647)\n

\n
\n

\n Water service\n

\n 		\n

\n (11,960)\n

\n 		\n

\n (13,106)\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n (20,853)\n

\n 		\n

\n (23,166)\n

\n
\n

\n Corporate\n

\n 		\n

\n (13,305)\n

\n 		\n

\n (14,951)\n

\n
\n

\n Net book value\n

\n 		\n

\n 383,328\n

\n 		\n

\n 488,059\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 351,263\n

\n 		\n

\n 456,051\n

\n
\n

\n Water service\n

\n 		\n

\n 1,915\n

\n 		\n

\n 2,355\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 17,861\n

\n 		\n

\n 19,185\n

\n
\n

\n Corporate\n

\n 		\n

\n 12,289\n

\n 		\n

\n 10,468\n

\n
\n
\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact535": { "value": "\n
\n Additions\n \n (136,666\n \n thousand\n \n euro)\n \n mainly\n \n refer\n \n to\n \n industrial\n \n and\n \n commercial\n \n equipment\n \n (5,889\n \n thousand\n \n euro),\n \n work\n \n in\n \n progress\n \n and\n \n payments\n \n on\n \n account \n (28,115 thousand euro) and leased assets (93,639 thousand euro). \n
\n
\n Depreciation\n \n (69,738\n \n thousand\n \n euro)\n \n refers\n \n to\n \n economic\n \n and\n \n technical\n \n depreciation\n \n determined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n useful\n \n life\n \n of\n \n the\n \n assets\n \n or\n \n their\n \n remaining \n possible use by the Group. Amortisation related to right of use amounted to 44,599 thousand euro.\n
\n
\n The\n \n provision\n \n for\n \n impairment\n \n losses\n \n for\n \n 664\n \n thousand\n \n euro\n \n increased\n \n mainly\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation\n \n of\n \n the\n \n companies\n \n of\n \n 2i\n \n Rete\n \n Gas.\n
\n
\n Rights of use are detailed in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n Depreciation\n

\n 		\n

\n Business combination\n

\n 		\n

\n Increases\n

\n 		\n

\n Decreases\n

\n 		\n

\n Reclassifications\n

\n 		\n

\n other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Land\n

\n 		\n

\n 4,278\n

\n 		\n

\n (535)\n

\n 		\n

\n 0\n

\n 		\n

\n 443\n

\n 		\n

\n 0\n

\n 		\n

\n (9)\n

\n 		\n

\n 0\n

\n 		\n

\n 4,177\n

\n
\n

\n Buildings\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n - operating properties\n

\n 		\n

\n 30,989\n

\n 		\n

\n (13,107)\n

\n 		\n

\n 10,533\n

\n 		\n

\n 17,552\n

\n 		\n

\n (1,278)\n

\n 		\n

\n (12,966)\n

\n 		\n

\n 0\n

\n 		\n

\n 31,723\n

\n
\n

\n Industrial and commercial equipment\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n - cars and ICT\n

\n 		\n

\n 10,227\n

\n 		\n

\n (14,922)\n

\n 		\n

\n 8,446\n

\n 		\n

\n 51,340\n

\n 		\n

\n (98)\n

\n 		\n

\n (11,066)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 42,689\n

\n
\n

\n Other assets\n

\n 		\n

\n 23,926\n

\n 		\n

\n (16,036)\n

\n 		\n

\n 4,625\n

\n 		\n

\n 24,304\n

\n 		\n

\n (1,390)\n

\n 		\n

\n (2,517)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 32,912\n

\n
\n

\n \u00a0\n

\n 		\n

\n 69,420\n

\n 		\n

\n (44,600)\n

\n 		\n

\n 23,604\n

\n 		\n

\n 93,639\n

\n 		\n

\n (2,766)\n

\n 		\n

\n (26,558)\n

\n 		\n

\n (1,238)\n

\n 		\n

\n 111,501\n

\n
\n

\n Interest expense (included in financial expense)\n

\n 		\n

\n 1,376\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n
\n
\n \n Land\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 250,334\n

\n 		\n

\n 70,744\n

\n 		\n

\n 321,078\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 429,099\n

\n 		\n

\n 483,548\n

\n 		\n

\n 912,647\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 569,817\n

\n 		\n

\n 569,817\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,111,521\n

\n 		\n

\n 2,136,922\n

\n 		\n

\n 5,248,443\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 21,649\n

\n 		\n

\n 46,274\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 34,940\n

\n 		\n

\n 9,269\n

\n 		\n

\n 44,209\n

\n
\n

\n Other shareholders\n

\n 		\n

\n 43,376\n

\n 		\n

\n 24\n

\n 		\n

\n 43,400\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 318,335\n

\n 		\n

\n 662,234\n

\n 		\n

\n 980,569\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,575,560\n

\n 		\n

\n 2,629,739\n

\n 		\n

\n 6,205,299\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 2,069\n

\n 		\n

\n 322,847\n

\n 		\n

\n 324,916\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,915,784\n

\n 		\n

\n 389,723\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 550,864\n

\n 		\n

\n 550,864\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,980,920\n

\n 		\n

\n 3,076,111\n

\n 		\n

\n 8,057,031\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 30,297\n

\n 		\n

\n 54,922\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 61,241\n

\n 		\n

\n 16,541\n

\n 		\n

\n 77,782\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 44,596\n

\n 		\n

\n 24\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 71,290\n

\n 		\n

\n 904,032\n

\n 		\n

\n 975,322\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,957,945\n

\n 		\n

\n 3,482,375\n

\n 		\n

\n 10,440,320\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n 31 December 2024\n

\n 		\n

\n Cash flow\n

\n 		\n

\n Other changes\n

\n 		\n

\n Business combinations\n

\n 		\n

\n 31 December 2025\n

\n
\n

\n Bank loans\n

\n 		\n

\n 1,233,725\n

\n 		\n

\n 1,073,071\n

\n 		\n

\n (12,798)\n

\n 		\n

\n 336,425\n

\n 		\n

\n 2,630,423\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n of which current\n

\n 		\n

\n 321,078\n

\n 		\n

\n (324,539)\n

\n 		\n

\n 307,861\n

\n 		\n

\n 20,516\n

\n 		\n

\n 324,916\n

\n
\n

\n of which non-current\n

\n 		\n

\n 912,647\n

\n 		\n

\n 1,397,610\n

\n 		\n

\n (320,659)\n

\n 		\n

\n 315,909\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n (2,500)\n

\n 		\n

\n 73,998\n

\n 		\n

\n 2,718,137\n

\n 		\n

\n 8,607,895\n

\n
\n

\n of which current\n

\n 		\n

\n 569,817\n

\n 		\n

\n (1,000,000)\n

\n 		\n

\n 445,381\n

\n 		\n

\n 535,384\n

\n 		\n

\n 550,582\n

\n
\n

\n of which non-current\n

\n 		\n

\n 5,248,443\n

\n 		\n

\n 997,500\n

\n 		\n

\n (371,383)\n

\n 		\n

\n 2,182,753\n

\n 		\n

\n 8,057,313\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRIC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 65,738\n

\n 		\n

\n 23,188\n

\n 		\n

\n 132,704\n

\n
\n

\n of which current\n

\n 		\n

\n 46,274\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 47,458\n

\n 		\n

\n 7,895\n

\n 		\n

\n 54,922\n

\n
\n

\n of which non-current\n

\n 		\n

\n 44,209\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,280\n

\n 		\n

\n 15,293\n

\n 		\n

\n 77,782\n

\n
\n

\n Other loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which current\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which non-current\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 7,185,868\n

\n 		\n

\n 1,025,086\n

\n 		\n

\n 126,938\n

\n 		\n

\n 3,077,750\n

\n 		\n

\n 11,415,642\n

\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact546": { "value": "\n and\n \n buildings,\n \n equal\n \n to\n \n 293,944\n \n thousand\n \n euro\n \n (285,867\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n mainly\n \n include\n \n buildings\n \n for\n \n office\n \n use,\n \n workshops, \n warehouses and depots used in the corporate business, of which rights of use for 35,908 thousand euro.\n
\n Plant\n \n and\n \n machinery\n \n (37,967\n \n thousand\n \n euro\n \n and\n \n 19,095\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n relates\n \n to\n \n photovoltaic\n \n plants\n \n and\n \n electric\n \n car \n charging points. \n
\n
\n Industrial\n \n and\n \n commercial\n \n equipment\n \n (70,857\n \n thousand\n \n euro\n \n and\n \n 27,513\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n include\n \n rights\n \n of\n \n use\n \n for\n \n 42,689\n \n thousand \n euro relating to IT infrastructures and leased vehicles.\n
\n
\n During\n \n the\n \n year,\n \n there\n \n were\n \n no\n \n changes\n \n in\n \n the\n \n estimated\n \n useful\n \n life\n \n of\n \n assets\n \n or\n \n in\n \n the\n \n depreciation\n \n rates\n \n applied\n \n and\n \n explained\n \n by\n \n category\n \n in\n \n section\n \n - \n \u201cMeasurement criteria - Property, plant and equipment\u201d.\n
\n \n
\n Property, plant and equipment are not collateralised and there are no restrictions on ownership and property.\n
\n \n
\n Contractual\n \n commitments\n \n to\n \n purchase\n \n property,\n \n plant\n \n and\n \n equipment,\n \n and\n \n to\n \n provide\n \n services\n \n related\n \n to\n \n the\n \n construction\n \n thereof,\n \n are\n \n reported\n \n in\n \n section \n \u201cGuarantees,\n \n commitments\n \n and\n \n risks\u201d.\n \n During\n \n the\n \n year,\n \n no\n \n impairment\n \n indicators\n \n were\n \n observed,\n \n nor\n \n any\n \n significant\n \n variations\n \n to\n \n the\n \n measurement\n \n of\n \n the \n recoverability of the value recognised in the financial statements for Property, plant and equipment.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact551": { "value": "\n
\n Property, plant and equipment are not collateralised and there are no restrictions on ownership and property.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact547": { "value": "\n
\n 13.1 Property, plant and equipment by business segment\n
\n
\n Property, plant and equipment by operating segment are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Historical cost\n

\n 		\n

\n 914,839\n

\n 		\n

\n 1,143,929\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 836,656\n

\n 		\n

\n 1,060,698\n

\n
\n

\n Water service\n

\n 		\n

\n 13,875\n

\n 		\n

\n 15,461\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 38,714\n

\n 		\n

\n 42,351\n

\n
\n

\n Corporate\n

\n 		\n

\n 25,594\n

\n 		\n

\n 25,419\n

\n
\n

\n Depreciation, amortisation and impairment of asset\n

\n 		\n

\n (531,511)\n

\n 		\n

\n (655,870)\n

\n
\n

\n Gas distribution\n

\n 		\n

\n (485,393)\n

\n 		\n

\n (604,647)\n

\n
\n

\n Water service\n

\n 		\n

\n (11,960)\n

\n 		\n

\n (13,106)\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n (20,853)\n

\n 		\n

\n (23,166)\n

\n
\n

\n Corporate\n

\n 		\n

\n (13,305)\n

\n 		\n

\n (14,951)\n

\n
\n

\n Net book value\n

\n 		\n

\n 383,328\n

\n 		\n

\n 488,059\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 351,263\n

\n 		\n

\n 456,051\n

\n
\n

\n Water service\n

\n 		\n

\n 1,915\n

\n 		\n

\n 2,355\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 17,861\n

\n 		\n

\n 19,185\n

\n
\n

\n Corporate\n

\n 		\n

\n 12,289\n

\n 		\n

\n 10,468\n

\n
\n
\n
\n \n
\n 34)\n Information by operating segment\n
\n
\n In\n \n accordance\n \n with\n \n IFRS\n \n 8\n \n \"Operating\n \n Segments\",\n \n the\n \n Group's\n \n identified\n \n segments\n \n as\n \n at\n \n 31\n \n December\n \n 2025 \n are as follows:\n
\n
\n -\n Gas distribution;\n
\n
\n - Water service;\n
\n
\n -\n Energy efficiency;\n
\n
\n - \n Corporate.\n
\n \n Operating\n \n result\n \n (EBIT)\n \n is\n \n the\n \n key\n \n profit\n \n measure\n \n used\n \n by\n \n Group\n \n Management\n \n to\n \n assess\n \n performance\n \n and \n allocate\n \n resources\n \n to\n \n the\n \n Group\u2019s\n \n operating\n \n segments,\n \n as\n \n well\n \n as\n \n to\n \n analyse\n \n operating\n \n trends,\n \n perform \n analytical\n \n comparisons\n \n and\n \n benchmark\n \n performance\n \n between\n \n periods\n \n and\n \n among\n \n the\n \n segments.\n \n Operating \n result\n \n (EBIT)\n \n is\n \n defined\n \n as\n \n the\n \n net\n \n profit\n \n (or\n \n loss)\n \n for\n \n the\n \n financial\n \n year,\n \n before\n \n income\n \n taxes,\n \n net\n \n financial \n expense and net income from equity investments.\n
\n Investments\n \n in\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n Investments\n \n in\n \n intangible\n \n assets\n \n are\n \n the\n \n key\n \n measure\n \n used \n by the Group Management to allocate resources to the Group\u2019s operating segments.\n
\n
\n The\n \n following\n \n tables\n \n summarise\n \n selected\n \n financial\n \n information\n \n by\n \n sector\n \n for\n \n the\n \n financial\n \n years\n \n ended\n \n 31 \n December 2024 and 2025.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution\n

\n 		\n

\n Water service\n

\n 		\n

\n Energy\n

\n

\n efficiency\n

\n 		\n

\n Corporate\n

\n 		\n

\n Total\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Total revenues and others revenues\n

\n 		\n

\n 2,408,448\n

\n 		\n

\n 99,093\n

\n 		\n

\n 48,608\n

\n 		\n

\n 85,293\n

\n 		\n

\n 2,641,442\n

\n
\n

\n to be deducted: inter-sector others revenues\n

\n 		\n

\n (16,707)\n

\n 		\n

\n (47)\n

\n 		\n

\n (2,022)\n

\n 		\n

\n (83,230)\n

\n 		\n

\n (102,006)\n

\n
\n

\n Total revenues and other revenues and income from third parties\n

\n 		\n

\n 2,391,741\n

\n 		\n

\n 99,046\n

\n 		\n

\n 46,586\n

\n 		\n

\n 2,063\n

\n 		\n

\n 2,539,436\n

\n
\n

\n EBITDA\n

\n 		\n

\n 1,862,945\n

\n 		\n

\n 37,343\n

\n 		\n

\n 14,329\n

\n 		\n

\n (10,379)\n

\n 		\n

\n 1,904,238\n

\n
\n

\n Operating result\n

\n 		\n

\n 1,206,938\n

\n 		\n

\n 7,430\n

\n 		\n

\n 10,336\n

\n 		\n

\n (13,553)\n

\n 		\n

\n 1,211,151\n

\n
\n

\n Total net financial expense\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n
\n

\n Total net income from equity investments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 11,209\n

\n
\n

\n Profit before tax\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,101,694\n

\n
\n

\n Investments in property, plant and equipment\n

\n 		\n

\n 46,477\n

\n 		\n

\n 2,751\n

\n 		\n

\n 3,770\n

\n 		\n

\n 2,469\n

\n 		\n

\n 55,467\n

\n
\n

\n Investments in intangible assets\n

\n 		\n

\n 851,102\n

\n 		\n

\n 26,958\n

\n 		\n

\n 577\n

\n 		\n

\n 50\n

\n 		\n

\n 878,687\n

\n
\n

\n Total investments in property, plant and equipment and intangible assets\n

\n 		\n

\n 897,579\n

\n 		\n

\n 29,709\n

\n 		\n

\n 4,347\n

\n 		\n

\n 2,519\n

\n 		\n

\n 934,154\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution\n

\n 		\n

\n Water service\n

\n 		\n

\n Energy\n

\n

\n efficiency\n

\n 		\n

\n Corporate\n

\n 		\n

\n Total\n

\n
\n

\n For the year ended 31 December 2025\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Total revenues and others revenues\n

\n 		\n

\n 3,391,811\n

\n 		\n

\n 100,469\n

\n 		\n

\n 92,951\n

\n 		\n

\n 126,672\n

\n 		\n

\n 3,711,903\n

\n
\n

\n to be deducted: inter-sector others revenues\n

\n 		\n

\n (27,856)\n

\n 		\n

\n (4)\n

\n 		\n

\n (2,588)\n

\n 		\n

\n (123,758)\n

\n 		\n

\n (154,206)\n

\n
\n

\n Total revenues and other revenues and income from third parties\n

\n 		\n

\n 3,363,955\n

\n 		\n

\n 100,465\n

\n 		\n

\n 90,363\n

\n 		\n

\n 2,914\n

\n 		\n

\n 3,557,697\n

\n
\n

\n Operating result\n

\n 		\n

\n 1,206,938\n

\n 		\n

\n 7,430\n

\n 		\n

\n 10,336\n

\n 		\n

\n (13,553)\n

\n 		\n

\n 1,211,151\n

\n
\n

\n Total net financial expense\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (236,378)\n

\n
\n

\n Total net income from equity investments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 10,889\n

\n
\n

\n Profit before tax\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 985,662\n

\n
\n

\n Investments in property, plant and equipment\n

\n 		\n

\n 102,925\n

\n 		\n

\n 3,372\n

\n 		\n

\n 3,851\n

\n 		\n

\n 1,893\n

\n 		\n

\n 112,041\n

\n
\n

\n Investments in intangible assets\n

\n 		\n

\n 1,062,033\n

\n 		\n

\n 28,993\n

\n 		\n

\n 436\n

\n 		\n

\n 120\n

\n 		\n

\n 1,091,582\n

\n
\n

\n Total investments in property, plant and equipment and intangible assets\n

\n 		\n

\n 1,164,958\n

\n 		\n

\n 32,365\n

\n 		\n

\n 4,287\n

\n 		\n

\n 2,013\n

\n 		\n

\n 1,203,623\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact556": { "value": "\n
\n 14)\n Intangible assets\n
\n \n
\n Intangible\n \n assets\n ,\n \n aamounting\n \n to\n \n 14,723,294\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (8,883,270\n \n thousand \n euro as at 31 December 2024) break down as follows.\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2023\n

\n 		\n

\n 14,262,509\n

\n 		\n

\n 604,240\n

\n 		\n

\n 225,165\n

\n 		\n

\n 25,837\n

\n 		\n

\n 182,611\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,490,825\n

\n
\n

\n Additions\n

\n 		\n

\n 638,950\n

\n 		\n

\n 15,500\n

\n 		\n

\n 182,870\n

\n 		\n

\n 14,062\n

\n 		\n

\n 27,305\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 878,687\n

\n
\n

\n Government grants\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (21,424)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,424)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 37,476\n

\n 		\n

\n 5\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 37,481\n

\n
\n

\n Disposals\n

\n 		\n

\n (80,340)\n

\n 		\n

\n (595)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (80,980)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 169,475\n

\n 		\n

\n 36,976\n

\n 		\n

\n (171,973)\n

\n 		\n

\n (13,539)\n

\n 		\n

\n (20,939)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (874,964)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (874,964)\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Accumulated amortisation at 31.12.2023\n

\n 		\n

\n (6,002,778)\n

\n 		\n

\n (507,691)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (155,508)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,665,977)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (454,151)\n

\n 		\n

\n (38,305)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,655)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (496,111)\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n (2,037)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,037)\n

\n
\n

\n Disposals\n

\n 		\n

\n 31,061\n

\n 		\n

\n 135\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 31,240\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 3,234\n

\n 		\n

\n (1,532)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,702)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 575,364\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 575,364\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Provision for impairment of asset at 31.12.2023\n

\n 		\n

\n (48,251)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,686)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,292)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (52,239)\n

\n
\n

\n Uses\n

\n 		\n

\n 12,565\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 12,565\n

\n
\n
\n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Disposals\n

\n 		\n

\n 839\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 1\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 840\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (238)\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Net balance at 31.12.2023\n

\n 		\n

\n 8,211,480\n

\n 		\n

\n 96,539\n

\n 		\n

\n 222,479\n

\n 		\n

\n 25,837\n

\n 		\n

\n 25,811\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,772,609\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Additions\n

\n 		\n

\n 771,859\n

\n 		\n

\n 584\n

\n 		\n

\n 223,840\n

\n 		\n

\n 68,895\n

\n 		\n

\n 1,778\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,066,956\n

\n
\n

\n Government grants\n

\n 		\n

\n (25,505)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (25,505)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 8,853,080\n

\n 		\n

\n 297,116\n

\n 		\n

\n 63,530\n

\n 		\n

\n 583\n

\n 		\n

\n 9,910\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 522,531\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 9,746,751\n

\n
\n

\n Disposals\n

\n 		\n

\n (95,246)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (95,246)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 228,078\n

\n 		\n

\n 30,617\n

\n 		\n

\n (150,183)\n

\n 		\n

\n (30,616)\n

\n 		\n

\n (77,896)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (523,723)\n

\n 		\n

\n 1,991\n

\n 		\n

\n (35,342)\n

\n 		\n

\n (4,980)\n

\n 		\n

\n (16,936)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,950)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (600,940)\n

\n
\n

\n Hisorical cost at 31.12.2025\n

\n 		\n

\n 23,361,649\n

\n 		\n

\n 986,434\n

\n 		\n

\n 316,483\n

\n 		\n

\n 60,242\n

\n 		\n

\n 105,788\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,521,641\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (580,485)\n

\n 		\n

\n (57,216)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,906)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (642,606)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (3,580,149)\n

\n 		\n

\n (248,226)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,654)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,838,029)\n

\n
\n

\n Disposals\n

\n 		\n

\n 52,058\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 52,058\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (93,940)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 93,940\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 290,579\n

\n 		\n

\n 3,557\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,779\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 295,915\n

\n
\n

\n Accumulated amortisation at 31.12.2025\n

\n 		\n

\n (9,761,244)\n

\n 		\n

\n (849,277)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (79,662)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (10,690,183)\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Uses\n

\n 		\n

\n 20,883\n

\n 		\n

\n 0\n

\n 		\n

\n (1,500)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 19,383\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 6,232\n

\n 		\n

\n (361)\n

\n 		\n

\n (5,871)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (92,513)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 336\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (92,177)\n

\n
\n

\n Other changes\n

\n 		\n

\n 3,800\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (336)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,464\n

\n
\n

\n Provision for impairment of asset at 31.12.2025\n

\n 		\n

\n (96,683)\n

\n 		\n

\n (371)\n

\n 		\n

\n (9,819)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (108,164)\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n

\n Net balance at 31.12.2025\n

\n 		\n

\n 13,503,722\n

\n 		\n

\n 136,786\n

\n 		\n

\n 306,664\n

\n 		\n

\n 60,242\n

\n 		\n

\n 24,835\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 14,723,294\n

\n
\n
\n \n
\n The\n \n investments,\n \n amounting\n \n to\n \n 1,066,956\n \n thousand\n \n euro,\n \n includes\n \n technical\n \n investments\n \n made\n \n during\n \n the\n \n year\n \n (995,699\n \n thousand\n \n euro,\n \n mainly\n \n relating\n \n to \n network\n \n extension\n \n and\n \n extraordinary\n \n maintenance\n \n and\n \n the\n \n replacement\n \n of\n \n meters)\n \n and\n \n investments\n \n in\n \n other\n \n intangible\n \n assets\n \n amounting\n \n to\n \n 71,257\n \n thousand \n euro.\n
\n
\n Service\n \n concession\n \n Agreements\n \n (including\n \n the\n \n related\n \n work\n \n in\n \n progress),\n \n amounting\n \n to\n \n 13,810,386\n \n thousand\n \n euro\n \n (8,480,904\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n refer\n \n to\n \n agreements\n \n between\n \n the\n \n public\n \n and\n \n private\n \n sectors\n \n on\n \n the\n \n development,\n \n financing,\n \n management\n \n and\n \n maintenance\n \n of\n \n infrastructure \n under\n \n concession\n \n by\n \n a\n \n contracting\n \n party.\n \n The\n \n provisions\n \n relating\n \n to\n \n the\n \n service\n \n concession\n \n Agreements\n \n are\n \n applicable\n \n for\n \n Italgas\n \n in\n \n its\n \n role\n \n as\n \n a\n \n public\n \n service \n natural\n \n gas\n \n distributor\n \n in\n \n Italy\n \n and\n \n Greece\n \n and\n \n in\n \n water\n \n service\n \n management,\n \n i.e.\n \n they\n \n are\n \n applicable\n \n to\n \n the\n \n agreements\n \n under\n \n which\n \n the\n \n operator\n \n is\n \n committed \n to\n \n providing\n \n the\n \n public\n \n natural\n \n gas\n \n distribution\n \n and\n \n water\n \n service\n \n at\n \n the\n \n tariff\n \n established\n \n by\n \n the\n \n Authority,\n \n holding\n \n the\n \n right\n \n to\n \n use\n \n the\n \n infrastructure\n \n and\n \n for\n \n the \n purposes\n \n of\n \n providing\n \n the\n \n public\n \n service.\n \n This\n \n item\n \n also\n \n includes\n \n for\n \n 99,893\n \n thousand\n \n euro\n \n the\n \n residual\n \n value\n \n of\n \n the\n \n intangible\n \n asset\n \n \u201clicences\u201d\n \n measured \n during\n \n the\n \n purchase\n \n price\n \n allocation\n \n of\n \n the\n \n Enaon\n \n Group\n \n relating\n \n to\n \n the\n \n licences\n \n for\n \n gas\n \n distribution\n \n in\n \n Greece\n \n expiring\n \n in\n \n 2043.\n \n The\n \n change\n \n resulting\n \n from\n \n the \n inclusion\n \n of\n \n the\n \n companies\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n Group\n \n in\n \n the\n \n scope\n \n of\n \n consolidation\n \n in\n \n FY\n \n 2025\n \n amounts\n \n to\n \n 5,243,\n \n thousand\n \n euro.\n \n Other\n \n changes\n \n to\n \n Service \n concession\n \n arrangements\n \n mainly\n \n include\n \n assets\n \n held\n \n for\n \n sale\n \n amounting\n \n to\n \n 250,781\n \n thousand\n \n euro\n \n (historical\n \n cost\n \n of\n \n 480,192\n \n thousand\n \n euro\n \n and\n \n accumulated \n amortisation of 229,411 thousand euro). For more details, see Note 17) Assets and liabilities held for sale. \n
\n
\n Changes\n \n to\n \n the\n \n scope\n \n of\n \n consolidation\n \n in\n \n 2025\n \n refer\n \n to\n \n the\n \n business\n \n combination\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n whereas\n \n those\n \n in\n \n 2024\n \n referred\n \n to\n \n the\n \n business\n \n combination \n of Acqua Campania, which manages the Acquedotto della Campania Occidentale (ACO) under a concession contract.\n
\n
\n Work\n \n in\n \n progress\n \n and\n \n payments\n \n on\n \n account\n \n IFRIC\n \n 12\n \n for\n \n 306,664\n \n thousand\n \n euro\n \n (212,190\n \n thousand\n \n euro\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n refers\n \n to\n \n new\n \n networks \n under\n \n construction\n \n and\n \n digitisation\n \n of\n \n natural\n \n gas\n \n distribution\n \n networks.\n \n The\n \n change\n \n resulting\n \n from\n \n the\n \n inclusion\n \n of\n \n the\n \n companies\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n Group \n in the scope of consolidation amounts to 63,530 thousand euro.\n
\n
\n Industrial\n \n patent\n \n rights\n \n and\n \n intellectual\n \n property\n \n rights\n \n of\n \n 136,786\n \n thousand\n \n euro\n \n (108,723\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n concern\n \n information \n systems and applications in support of operating activities. \n
\n
\n Other\n \n intangible\n \n assets\n \n of\n \n 24,835\n \n thousand\n \n euro\n \n (26,820\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n concern\n \n mainly\n \n the\n \n customer\n \n lists\n \n relating\n \n to\n \n the\n \n acquisition \n of an ESCo business.\n
\n
\n \n \n
\n \n Intangible\n \n assets\n \n with\n \n an\n \n undefined\n \n useful\n \n life\n \n of\n \n 691,044\n \n thousand\n \n euro\n \n (190,463\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n refer\n \n to\n \n goodwill\n \n arising\n \n in \n relation\n \n to\n \n the\n \n process\n \n of\n \n allocation\n \n of\n \n prices\n \n paid\n \n for\n \n the\n \n companies\n \n acquired\n \n in\n \n previous\n \n financial\n \n years.\n \n The\n \n increase\n \n of\n \n 500,581\n \n thousand\n \n euro\n \n is\n \n attributable \n to\n \n the\n \n aforementioned\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas.\n \n In\n \n particular,\n \n the\n \n change\n \n to\n \n the\n \n initial\n \n scope\n \n of\n \n consolidation\n \n amounted\n \n to\n \n 522,531\n \n thousand\n \n euro,\n \n before\n \n it \n was\n \n reduced\n \n by\n \n 21,950\n \n thousand\n \n euro\n \n following\n \n the\n \n reclassification\n \n to\n \n Non-current\n \n assets\n \n held\n \n for\n \n sale\n \n in\n \n compliance\n \n with\n \n the\n \n measure\n \n of\n \n the\n \n Italian \n Competition Authority (AGCM). For further clarification, see the note on \u201cAssets and liabilities held for sale\u201d.\n
\n At\n \n the\n \n date\n \n of\n \n approval\n \n of\n \n this\n \n document,\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA)\n \n process\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n transaction\n \n was\n \n completed.\n \n Nevertheless,\n \n the\n \n Group \n reserves\n \n the\n \n right\n \n to\n \n definitively\n \n report\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n within\n \n 12\n \n months\n \n from\n \n the\n \n acquisition\n \n date,\n \n namely\n \n by\n \n 31\n \n March\n \n 2026,\n \n as\n \n provided\n \n for\n \n by\n \n IFRS \n 3. Any adjustments arising from the finalisation of the PPA will be accounted for retrospectively, restating comparative data where necessary.\n
\n
\n The\n \n provision\n \n for\n \n impairment\n \n losses,\n \n amounting\n \n to\n \n 108,164\n \n thousand\n \n euro\n \n (38,834\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2023),\n \n increased\n \n by\n \n 92,513\n \n thousand \n euro\n \n following\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n and\n \n mainly\n \n relates\n \n to\n \n service\n \n concession\n \n arrangements\n \n and\n \n metering\n \n instruments,\n \n in\n \n relation\n \n to\n \n the\n \n disposals \n made during the financial year of metering instruments that were not working, in advance of their useful life.\n
\n \n
\n Research\n \n and\n \n development\n \n costs\n \n for\n \n the\n \n period\n \n are\n \n included\n \n in\n \n the\n \n item\n \n Work\n \n in\n \n progress\n \n and\n \n include\n \n the\n \n costs\n \n incurred\n \n for\n \n the\n \n in-house\n \n development\n \n of\n \n the \n Nimbus meter.\n
\n \n
\n Contractual\n \n commitments\n \n to\n \n purchase\n \n intangible\n \n assets,\n \n and\n \n to\n \n provide\n \n services\n \n related\n \n to\n \n the\n \n development\n \n thereof,\n \n are\n \n reported\n \n in\n \n section\n \n \u201cGuarantees, \n commitments and risks\u201d. \n
\n \n
\n Impairment test\n
\n
\n The\n \n carrying\n \n amount\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n intangible\n \n assets\n \n is\n \n periodically\n \n revised\n \n as\n \n per\n \n IAS\n \n 36,\n \n which\n \n requires\n \n that\n \n the\n \n existence\n \n of \n impairment\n \n indicators\n \n be\n \n assessed.\n \n In\n \n the\n \n case\n \n of\n \n goodwill,\n \n intangible\n \n assets\n \n with\n \n an\n \n indefinite\n \n useful\n \n life\n \n or\n \n intangible\n \n assets\n \n not\n \n yet\n \n available\n \n for\n \n use,\n \n this \n assessment\n \n is\n \n done\n \n at\n \n least\n \n once\n \n a\n \n year\n \n and\n \n whenever\n \n there\n \n is\n \n an\n \n indication\n \n of\n \n possible\n \n impairment.\n \n In\n \n 2025,\n \n the\n \n impairment\n \n test\n \n was\n \n performed\n \n for\n \n all\n \n of \n the following cash generating units (CGUs):\n
\n
\n -\n Distribution and metering of natural and other gases;\n
\n
\n -\n Distribution and metering of natural gas abroad;\n
\n
\n -\n Integrated water service;\n
\n
\n -\n Other activities (ESCos).\n
\n
\n As\n \n envisaged\n \n by\n \n IAS\n \n 36,\n \n the\n \n recoverability\n \n of\n \n the\n \n values\n \n recognised\n \n is\n \n verified\n \n by\n \n comparing\n \n the\n \n carrying\n \n amount\n \n of\n \n the\n \n net\n \n invested\n \n capital\n \n recognised\n \n in\n \n the \n financial\n \n statements\n \n referring\n \n to\n \n each\n \n CGU,\n \n including\n \n goodwill\n \n where\n \n present,\n \n with\n \n the\n \n recoverable\n \n amount,\n \n determined\n \n as\n \n the\n \n higher\n \n of\n \n value\n \n in\n \n use\n \n of\n \n the \n asset in its current condition and the value obtainable from selling the asset (fair value), less costs of sell. \n
\n
\n The\n \n goodwill\n \n recognised\n \n following\n \n the\n \n business\n \n combination\n \n is\n \n attributable\n \n to\n \n the\n \n CGUs\n \n that\n \n benefit\n \n from\n \n the\n \n synergies\n \n arising\n \n from\n \n the\n \n acquisition,\n \n and \n allocated as follows:\n
\n
\n -\n Distribution\n \n and\n \n metering\n \n of\n \n natural\n \n and\n \n other\n \n gases:\n \n 566.8\n \n million\n \n euro\n \n (increased\n \n compared\n \n to\n \n the\n \n comparative\n \n financial\n \n year\n \n following\n \n the \n acquisition of 2i Rete Gas);\n
\n
\n -\n Distribution and metering of natural gas abroad: 115.8 million euro (unchanged compared from previous year);\n
\n
\n -\n Other activities (ESCo - Energy Service Company): 8.4 million euro (unchanged from previous year).\n
\n
\n With\n \n reference\n \n to\n \n the\n \n \u201cDistribution\n \n and\n \n metering\n \n of\n \n natural\n \n and\n \n other\n \n gases\u201d\n \n CGU,\n \n the\n \n recoverable\n \n value\n \n was\n \n estimated\n \n as\n \n the\n \n value\n \n of\n \n the\n \n Net\n \n invested \n capital\n \n attributed\n \n for\n \n tariff\n \n purposes\n \n (RAB\n \n \u2013\n \n Regulatory\n \n Asset\n \n Base)\n \n by\n \n the\n \n Authority.\n \n The\n \n use\n \n of\n \n the\n \n RAB\n \n for\n \n estimating\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally \n accepted method in regulated utility sectors.\n
\n
\n No impairment was found as a result of the test carried out. \n
\n
\n With\n \n reference\n \n to\n \n the\n \n CGU\n \n \u201cDistribution\n \n and\n \n metering\n \n of\n \n natural\n \n gas\n \n abroad\u201d,\n \n the\n \n recoverable\n \n amount\n \n was\n \n estimated\n \n according\n \n to\n \n the\n \n value\n \n in\n \n use\n \n method \n determined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n Discounted\n \n Cash\n \n Flow\n \n (DCF)\n \n method.\n \n The\n \n expected\n \n cash\n \n flows\n \n for\n \n the\n \n explicit\n \n period\n \n 2025-2031\n \n are\n \n taken\n \n from\n \n the\n \n 2025-\n 2031\n \n Strategic\n \n Plan\n \n approved\n \n by\n \n Italgas\u2019\n \n Board\n \n of\n \n Directors\n \n on\n \n 29\n \n October\n \n 2025\n \n (\u201c2025-2031\n \n Strategic\n \n Plan\u201d)\n \n and\n \n the\n \n terminal\n \n value\n \n was\n \n estimated\n \n as\n \n equal \n to\n \n the\n \n RAB\n \n at\n \n the\n \n end\n \n of\n \n the\n \n plan\n \n period\n \n increased\n \n by\n \n 15%\n \n (as\n \n predicted\n \n by\n \n the\n \n regulation\n \n applicable\n \n in\n \n Greece).\n \n Cash\n \n flows\n \n were\n \n discounted\n \n at\n \n a\n \n WACC \n post-tax of 4.7% (unchanged compared to 31 December 2024).\n
\n
\n The\n \n main\n \n assumptions\n \n underlying\n \n the\n \n expected\n \n cash\n \n flows\n \n for\n \n the\n \n explicit\n \n period\n \n concerned:\n \n (i)\n \n the\n \n amount\n \n and\n \n the\n \n timing\n \n of\n \n the\n \n investments\n \n for\n \n the\n \n expansion, \n digitisation\n \n of\n \n the\n \n distribution\n \n network\n \n and\n \n replacement\n \n of\n \n traditional\n \n meters\n \n with\n \n smart\n \n meters;\n \n (ii)\n \n the\n \n number\n \n of\n \n re-delivery\n \n points\n \n to\n \n be\n \n acquired\n \n over\n \n the \n duration\n \n of\n \n the\n \n plan\n \n with\n \n a\n \n compound\n \n annual\n \n growth\n \n rate\n \n (CAGR)\n \n of\n \n 6.5%,\n \n and\n \n (iii)\n \n the\n \n assumptions\n \n related\n \n to\n \n the\n \n volumes\n \n of\n \n gas\n \n distributed\n \n over\n \n the\n \n duration \n of\n \n the\n \n plan\n \n (an\n \n increase\n \n in\n \n consumption\n \n with\n \n a\n \n CAGR\n \n of\n \n +7.5%\n \n was\n \n estimated),\n \n relevant\n \n for\n \n the\n \n generation\n \n of\n \n cash,\n \n including\n \n the\n \n timing\n \n of\n \n the\n \n collection\n \n of \n the Recoverable Difference. These assumptions are based on historical data and public reports on gas market trends and related consumption.\n
\n
\n No\n \n impairment\n \n was\n \n found\n \n as\n \n a\n \n result\n \n of\n \n the\n \n test\n \n carried\n \n out.\n \n A\n \n sensitivity\n \n analysis\n \n was\n \n conducted\n \n on\n \n the\n \n recovery\n \n of\n \n 50%\n \n of\n \n the\n \n Recoverable\n \n Difference \n beyond the timeframe of the plan (2030) and this analysis did not detect any impairment either. The headroom of the baseline \u2013 terminal value RAB +15% \u2013 \n is\n \n approximately\n \n 93\n \n million\n \n euro\n \n (86\n \n million\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n is\n \n zeroed\n \n in\n \n the\n \n case\n \n of\n \n a\n \n 1.4-percentage-point\n \n increase\n \n in\n \n the\n \n post-tax\n \n WACC.\n
\n
\n With\n \n reference\n \n to\n \n the\n \n \u201cIntegrated\n \n water\n \n service\u201d\n \n CGU,\n \n the\n \n recoverable\n \n amount\n \n was\n \n estimated\n \n as\n \n the\n \n value\n \n of\n \n the\n \n net\n \n invested\n \n capital\n \n recognised\n \n for\n \n tariff \n purposes\n \n by\n \n the\n \n Authority\n \n (NIC)\n \n taking\n \n into\n \n account\n \n the\n \n Recoverable\n \n Difference\n \n (Rc\n \n component\n \n of\n \n the\n \n constraint\n \n on\n \n the\n \n operator\u2019s\n \n revenues).\n \n The\n \n use\n \n of\n \n the \n tariff\n \n NIC\n \n including\n \n adjustments\n \n for\n \n estimating\n \n the\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally\n \n accepted\n \n method\n \n in\n \n the\n \n sector.\n \n The\n \n value\n \n of\n \n the\n \n CIN\n \n is\n \n estimated\n \n by \n updating\n \n the\n \n latest\n \n data\n \n approved\n \n by\n \n the\n \n designated\n \n authorities\n \n with\n \n the\n \n variations\n \n that\n \n occurred\n \n up\n \n to\n \n the\n \n balance\n \n sheet\n \n date;\n \n the\n \n estimate\n \n includes\n \n the \n variations\n \n of\n \n the\n \n CIN\n \n (increments,\n \n disposals,\n \n contributions\n \n and\n \n amortizations)\n \n and\n \n the\n \n revaluation\n \n rate.\n \n No\n \n impairment\n \n was\n \n found\n \n as\n \n a\n \n result\n \n of\n \n the\n \n test\n \n carried \n out.\n
\n
\n With\n \n reference\n \n to\n \n the\n \n \u201cOther\n \n activities\n \n (ESCos)\u201d\n \n CGU,\n \n the\n \n recoverable\n \n value\n \n was\n \n determined,\n \n as\n \n value\n \n in\n \n use,\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n cash\n \n flows\n \n deriving\n \n from \n the 2025-2031 Strategic Plan approved by management using the Discounted Cash Flow (DCF) method.\n
\n
\n Cash\n \n flows\n \n were\n \n discounted\n \n at\n \n a\n \n WACC\n \n post-tax\n \n of\n \n 4.7%\n \n and\n \n 6.0%\n \n (the\n \n range\n \n as\n \n at\n \n 31\n \n December\n \n 2024\n \n was\n \n 4.7%\n \n \u2013\n \n 8.1%),\n \n for\n \n photovoltaic\n \n activities\n \n and \n energy\n \n efficiency\n \n services,\n \n respectively.\n \n The\n \n terminal\n \n value\n \n was\n \n estimated\n \n for\n \n the\n \n business\n \n of\n \n energy\n \n efficiency\n \n interventions\n \n as\n \n perpetuity\n \n at\n \n the\n \n end\n \n of\n \n the \n plan\n \n (2031)\n \n taking\n \n into\n \n account\n \n a\n \n growth\n \n rate\n \n (g)\n \n of\n \n 2%,\n \n in\n \n line\n \n with\n \n expected\n \n inflation.\n \n For\n \n the\n \n photovoltaic\n \n business\n \n portion,\n \n flows\n \n for\n \n the\n \n period\n \n of\n \n the\n \n plan \n were extended along the period of residual life of the plants.\n
\n
\n \n The\n \n value\n \n in\n \n use\n \n determined\n \n according\n \n to\n \n the\n \n methods\n \n described\n \n above\n \n is\n \n higher\n \n than\n \n the\n \n value\n \n of\n \n the\n \n net\n \n invested\n \n capital\n \n of\n \n the\n \n CGU.\n \n Therefore,\n \n no \n impairment losses were found.\n
\n The\n \n recoverability\n \n of\n \n the\n \n value\n \n of\n \n the\n \n invested\n \n capital\n \n of\n \n the\n \n CGU\n \n was\n \n also\n \n confirmed\n \n by\n \n a\n \n sensitivity\n \n analysis,\n \n providing\n \n for\n \n a\n \n terminal\n \n value\n \n based\n \n on\n \n an \n EBITDA\n \n 2031\n \n multiple\n \n of\n \n 7x.\n \n The\n \n headroom\n \n of\n \n the\n \n baseline\n \n with\n \n TV\n \n perpetuity\n \n is\n \n approximately\n \n 75\n \n million\n \n euro\n \n (39\n \n million\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n In \n order\n \n for\n \n the\n \n fair\n \n value\n \n to\n \n be\n \n equal\n \n to\n \n the\n \n carrying\n \n amount,\n \n is\n \n necessary\n \n an\n \n increase\n \n in\n \n the\n \n discount\n \n rate\n \n of\n \n 1.1\n \n percentage\n \n point\n \n for\n \n energy\n \n efficiency\n \n services \n and 7.0 percentage point for photovoltaic. \n
\n
\n 14.1 Intangible assets by business segment\n
\n
\n Intangible assets by operating segment are analysed as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Historical cost\n

\n 		\n

\n 15,429,624\n

\n 		\n

\n 25,521,642\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 15,272,145\n

\n 		\n

\n 25,384,924\n

\n
\n

\n Water service\n

\n 		\n

\n 117,935\n

\n 		\n

\n 96,088\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 36,643\n

\n 		\n

\n 37,079\n

\n
\n

\n Corporate\n

\n 		\n

\n 2,901\n

\n 		\n

\n 3,551\n

\n
\n

\n Depreciation, amortisation and impairment of asset\n

\n 		\n

\n (6,596,354)\n

\n 		\n

\n (10,798,348)\n

\n
\n

\n Gas distribution\n

\n 		\n

\n (6,515,969)\n

\n 		\n

\n (10,739,888)\n

\n
\n

\n Water service\n

\n 		\n

\n (66,335)\n

\n 		\n

\n (42,131)\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n (13,007)\n

\n 		\n

\n (14,634)\n

\n
\n

\n Corporate\n

\n 		\n

\n (1,043)\n

\n 		\n

\n (1,695)\n

\n
\n

\n Ne book value\n

\n 		\n

\n 8,833,270\n

\n 		\n

\n 14,723,294\n

\n
\n

\n Gas distribution\n

\n 		\n

\n 8,756,176\n

\n 		\n

\n 14,645,036\n

\n
\n

\n Water service\n

\n 		\n

\n 51,600\n

\n 		\n

\n 53,957\n

\n
\n

\n Energy efficiency\n

\n 		\n

\n 23,636\n

\n 		\n

\n 22,445\n

\n
\n

\n Corporate\n

\n 		\n

\n 1,858\n

\n 		\n

\n 1,856\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact555": { "value": "\n
\n Intangible\n \n assets\n ,\n \n aamounting\n \n to\n \n 14,723,294\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (8,883,270\n \n thousand \n euro as at 31 December 2024) break down as follows.\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2023\n

\n 		\n

\n 14,262,509\n

\n 		\n

\n 604,240\n

\n 		\n

\n 225,165\n

\n 		\n

\n 25,837\n

\n 		\n

\n 182,611\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,490,825\n

\n
\n

\n Additions\n

\n 		\n

\n 638,950\n

\n 		\n

\n 15,500\n

\n 		\n

\n 182,870\n

\n 		\n

\n 14,062\n

\n 		\n

\n 27,305\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 878,687\n

\n
\n

\n Government grants\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (21,424)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,424)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 37,476\n

\n 		\n

\n 5\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 37,481\n

\n
\n

\n Disposals\n

\n 		\n

\n (80,340)\n

\n 		\n

\n (595)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (80,980)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 169,475\n

\n 		\n

\n 36,976\n

\n 		\n

\n (171,973)\n

\n 		\n

\n (13,539)\n

\n 		\n

\n (20,939)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (874,964)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (874,964)\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Accumulated amortisation at 31.12.2023\n

\n 		\n

\n (6,002,778)\n

\n 		\n

\n (507,691)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (155,508)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,665,977)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (454,151)\n

\n 		\n

\n (38,305)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,655)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (496,111)\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n (2,037)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,037)\n

\n
\n

\n Disposals\n

\n 		\n

\n 31,061\n

\n 		\n

\n 135\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 31,240\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 3,234\n

\n 		\n

\n (1,532)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,702)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 575,364\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 575,364\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Provision for impairment of asset at 31.12.2023\n

\n 		\n

\n (48,251)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,686)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,292)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (52,239)\n

\n
\n

\n Uses\n

\n 		\n

\n 12,565\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 12,565\n

\n
\n
\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Disposals\n

\n 		\n

\n 839\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 1\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 840\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (238)\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Net balance at 31.12.2023\n

\n 		\n

\n 8,211,480\n

\n 		\n

\n 96,539\n

\n 		\n

\n 222,479\n

\n 		\n

\n 25,837\n

\n 		\n

\n 25,811\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,772,609\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Additions\n

\n 		\n

\n 771,859\n

\n 		\n

\n 584\n

\n 		\n

\n 223,840\n

\n 		\n

\n 68,895\n

\n 		\n

\n 1,778\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,066,956\n

\n
\n

\n Government grants\n

\n 		\n

\n (25,505)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (25,505)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 8,853,080\n

\n 		\n

\n 297,116\n

\n 		\n

\n 63,530\n

\n 		\n

\n 583\n

\n 		\n

\n 9,910\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 522,531\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 9,746,751\n

\n
\n

\n Disposals\n

\n 		\n

\n (95,246)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (95,246)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 228,078\n

\n 		\n

\n 30,617\n

\n 		\n

\n (150,183)\n

\n 		\n

\n (30,616)\n

\n 		\n

\n (77,896)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (523,723)\n

\n 		\n

\n 1,991\n

\n 		\n

\n (35,342)\n

\n 		\n

\n (4,980)\n

\n 		\n

\n (16,936)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,950)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (600,940)\n

\n
\n

\n Hisorical cost at 31.12.2025\n

\n 		\n

\n 23,361,649\n

\n 		\n

\n 986,434\n

\n 		\n

\n 316,483\n

\n 		\n

\n 60,242\n

\n 		\n

\n 105,788\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,521,641\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (580,485)\n

\n 		\n

\n (57,216)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,906)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (642,606)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (3,580,149)\n

\n 		\n

\n (248,226)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,654)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,838,029)\n

\n
\n

\n Disposals\n

\n 		\n

\n 52,058\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 52,058\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (93,940)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 93,940\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 290,579\n

\n 		\n

\n 3,557\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,779\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 295,915\n

\n
\n

\n Accumulated amortisation at 31.12.2025\n

\n 		\n

\n (9,761,244)\n

\n 		\n

\n (849,277)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (79,662)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (10,690,183)\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Uses\n

\n 		\n

\n 20,883\n

\n 		\n

\n 0\n

\n 		\n

\n (1,500)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 19,383\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 6,232\n

\n 		\n

\n (361)\n

\n 		\n

\n (5,871)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (92,513)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 336\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (92,177)\n

\n
\n

\n Other changes\n

\n 		\n

\n 3,800\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (336)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,464\n

\n
\n

\n Provision for impairment of asset at 31.12.2025\n

\n 		\n

\n (96,683)\n

\n 		\n

\n (371)\n

\n 		\n

\n (9,819)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (108,164)\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n

\n Net balance at 31.12.2025\n

\n 		\n

\n 13,503,722\n

\n 		\n

\n 136,786\n

\n 		\n

\n 306,664\n

\n 		\n

\n 60,242\n

\n 		\n

\n 24,835\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 14,723,294\n

\n
\n
\n \n
\n The\n \n investments,\n \n amounting\n \n to\n \n 1,066,956\n \n thousand\n \n euro,\n \n includes\n \n technical\n \n investments\n \n made\n \n during\n \n the\n \n year\n \n (995,699\n \n thousand\n \n euro,\n \n mainly\n \n relating\n \n to \n network\n \n extension\n \n and\n \n extraordinary\n \n maintenance\n \n and\n \n the\n \n replacement\n \n of\n \n meters)\n \n and\n \n investments\n \n in\n \n other\n \n intangible\n \n assets\n \n amounting\n \n to\n \n 71,257\n \n thousand \n euro.\n
\n
\n Service\n \n concession\n \n Agreements\n \n (including\n \n the\n \n related\n \n work\n \n in\n \n progress),\n \n amounting\n \n to\n \n 13,810,386\n \n thousand\n \n euro\n \n (8,480,904\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n refer\n \n to\n \n agreements\n \n between\n \n the\n \n public\n \n and\n \n private\n \n sectors\n \n on\n \n the\n \n development,\n \n financing,\n \n management\n \n and\n \n maintenance\n \n of\n \n infrastructure \n under\n \n concession\n \n by\n \n a\n \n contracting\n \n party.\n \n The\n \n provisions\n \n relating\n \n to\n \n the\n \n service\n \n concession\n \n Agreements\n \n are\n \n applicable\n \n for\n \n Italgas\n \n in\n \n its\n \n role\n \n as\n \n a\n \n public\n \n service \n natural\n \n gas\n \n distributor\n \n in\n \n Italy\n \n and\n \n Greece\n \n and\n \n in\n \n water\n \n service\n \n management,\n \n i.e.\n \n they\n \n are\n \n applicable\n \n to\n \n the\n \n agreements\n \n under\n \n which\n \n the\n \n operator\n \n is\n \n committed \n to\n \n providing\n \n the\n \n public\n \n natural\n \n gas\n \n distribution\n \n and\n \n water\n \n service\n \n at\n \n the\n \n tariff\n \n established\n \n by\n \n the\n \n Authority,\n \n holding\n \n the\n \n right\n \n to\n \n use\n \n the\n \n infrastructure\n \n and\n \n for\n \n the \n purposes\n \n of\n \n providing\n \n the\n \n public\n \n service.\n \n This\n \n item\n \n also\n \n includes\n \n for\n \n 99,893\n \n thousand\n \n euro\n \n the\n \n residual\n \n value\n \n of\n \n the\n \n intangible\n \n asset\n \n \u201clicences\u201d\n \n measured \n during\n \n the\n \n purchase\n \n price\n \n allocation\n \n of\n \n the\n \n Enaon\n \n Group\n \n relating\n \n to\n \n the\n \n licences\n \n for\n \n gas\n \n distribution\n \n in\n \n Greece\n \n expiring\n \n in\n \n 2043.\n \n The\n \n change\n \n resulting\n \n from\n \n the \n inclusion\n \n of\n \n the\n \n companies\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n Group\n \n in\n \n the\n \n scope\n \n of\n \n consolidation\n \n in\n \n FY\n \n 2025\n \n amounts\n \n to\n \n 5,243,\n \n thousand\n \n euro.\n \n Other\n \n changes\n \n to\n \n Service \n concession\n \n arrangements\n \n mainly\n \n include\n \n assets\n \n held\n \n for\n \n sale\n \n amounting\n \n to\n \n 250,781\n \n thousand\n \n euro\n \n (historical\n \n cost\n \n of\n \n 480,192\n \n thousand\n \n euro\n \n and\n \n accumulated \n amortisation of 229,411 thousand euro). For more details, see Note 17) Assets and liabilities held for sale. \n
\n
\n Changes\n \n to\n \n the\n \n scope\n \n of\n \n consolidation\n \n in\n \n 2025\n \n refer\n \n to\n \n the\n \n business\n \n combination\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n whereas\n \n those\n \n in\n \n 2024\n \n referred\n \n to\n \n the\n \n business\n \n combination \n of Acqua Campania, which manages the Acquedotto della Campania Occidentale (ACO) under a concession contract.\n
\n
\n Work\n \n in\n \n progress\n \n and\n \n payments\n \n on\n \n account\n \n IFRIC\n \n 12\n \n for\n \n 306,664\n \n thousand\n \n euro\n \n (212,190\n \n thousand\n \n euro\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n refers\n \n to\n \n new\n \n networks \n under\n \n construction\n \n and\n \n digitisation\n \n of\n \n natural\n \n gas\n \n distribution\n \n networks.\n \n The\n \n change\n \n resulting\n \n from\n \n the\n \n inclusion\n \n of\n \n the\n \n companies\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n Group \n in the scope of consolidation amounts to 63,530 thousand euro.\n
\n
\n Industrial\n \n patent\n \n rights\n \n and\n \n intellectual\n \n property\n \n rights\n \n of\n \n 136,786\n \n thousand\n \n euro\n \n (108,723\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n concern\n \n information \n systems and applications in support of operating activities. \n
\n
\n Other\n \n intangible\n \n assets\n \n of\n \n 24,835\n \n thousand\n \n euro\n \n (26,820\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n concern\n \n mainly\n \n the\n \n customer\n \n lists\n \n relating\n \n to\n \n the\n \n acquisition \n of an ESCo business.\n
\n
\n \n Intangible\n \n assets\n \n with\n \n an\n \n undefined\n \n useful\n \n life\n \n of\n \n 691,044\n \n thousand\n \n euro\n \n (190,463\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n refer\n \n to\n \n goodwill\n \n arising\n \n in \n relation\n \n to\n \n the\n \n process\n \n of\n \n allocation\n \n of\n \n prices\n \n paid\n \n for\n \n the\n \n companies\n \n acquired\n \n in\n \n previous\n \n financial\n \n years.\n \n The\n \n increase\n \n of\n \n 500,581\n \n thousand\n \n euro\n \n is\n \n attributable \n to\n \n the\n \n aforementioned\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas.\n \n In\n \n particular,\n \n the\n \n change\n \n to\n \n the\n \n initial\n \n scope\n \n of\n \n consolidation\n \n amounted\n \n to\n \n 522,531\n \n thousand\n \n euro,\n \n before\n \n it \n was\n \n reduced\n \n by\n \n 21,950\n \n thousand\n \n euro\n \n following\n \n the\n \n reclassification\n \n to\n \n Non-current\n \n assets\n \n held\n \n for\n \n sale\n \n in\n \n compliance\n \n with\n \n the\n \n measure\n \n of\n \n the\n \n Italian \n Competition Authority (AGCM). For further clarification, see the note on \u201cAssets and liabilities held for sale\u201d.\n
\n At\n \n the\n \n date\n \n of\n \n approval\n \n of\n \n this\n \n document,\n \n the\n \n purchase\n \n price\n \n allocation\n \n (PPA)\n \n process\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas\n \n transaction\n \n was\n \n completed.\n \n Nevertheless,\n \n the\n \n Group \n reserves\n \n the\n \n right\n \n to\n \n definitively\n \n report\n \n the\n \n effects\n \n of\n \n the\n \n PPA\n \n within\n \n 12\n \n months\n \n from\n \n the\n \n acquisition\n \n date,\n \n namely\n \n by\n \n 31\n \n March\n \n 2026,\n \n as\n \n provided\n \n for\n \n by\n \n IFRS \n 3. Any adjustments arising from the finalisation of the PPA will be accounted for retrospectively, restating comparative data where necessary.\n
\n
\n The\n \n provision\n \n for\n \n impairment\n \n losses,\n \n amounting\n \n to\n \n 108,164\n \n thousand\n \n euro\n \n (38,834\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2023),\n \n increased\n \n by\n \n 92,513\n \n thousand \n euro\n \n following\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n and\n \n mainly\n \n relates\n \n to\n \n service\n \n concession\n \n arrangements\n \n and\n \n metering\n \n instruments,\n \n in\n \n relation\n \n to\n \n the\n \n disposals \n made during the financial year of metering instruments that were not working, in advance of their useful life.\n
\n \n
\n Research\n \n and\n \n development\n \n costs\n \n for\n \n the\n \n period\n \n are\n \n included\n \n in\n \n the\n \n item\n \n Work\n \n in\n \n progress\n \n and\n \n include\n \n the\n \n costs\n \n incurred\n \n for\n \n the\n \n in-house\n \n development\n \n of\n \n the \n Nimbus meter.\n
\n \n
\n Contractual\n \n commitments\n \n to\n \n purchase\n \n intangible\n \n assets,\n \n and\n \n to\n \n provide\n \n services\n \n related\n \n to\n \n the\n \n development\n \n thereof,\n \n are\n \n reported\n \n in\n \n section\n \n \u201cGuarantees, \n commitments and risks\u201d. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact549": { "value": "\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2023\n

\n 		\n

\n 14,262,509\n

\n 		\n

\n 604,240\n

\n 		\n

\n 225,165\n

\n 		\n

\n 25,837\n

\n 		\n

\n 182,611\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,490,825\n

\n
\n

\n Additions\n

\n 		\n

\n 638,950\n

\n 		\n

\n 15,500\n

\n 		\n

\n 182,870\n

\n 		\n

\n 14,062\n

\n 		\n

\n 27,305\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 878,687\n

\n
\n

\n Government grants\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (21,424)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,424)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 37,476\n

\n 		\n

\n 5\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 37,481\n

\n
\n

\n Disposals\n

\n 		\n

\n (80,340)\n

\n 		\n

\n (595)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (80,980)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 169,475\n

\n 		\n

\n 36,976\n

\n 		\n

\n (171,973)\n

\n 		\n

\n (13,539)\n

\n 		\n

\n (20,939)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (874,964)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (874,964)\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Accumulated amortisation at 31.12.2023\n

\n 		\n

\n (6,002,778)\n

\n 		\n

\n (507,691)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (155,508)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,665,977)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (454,151)\n

\n 		\n

\n (38,305)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,655)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (496,111)\n

\n
\n

\n Assets acquired through business combination\n

\n 		\n

\n (2,037)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,037)\n

\n
\n

\n Disposals\n

\n 		\n

\n 31,061\n

\n 		\n

\n 135\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 31,240\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 3,234\n

\n 		\n

\n (1,532)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,702)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 575,364\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 575,364\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Provision for impairment of asset at 31.12.2023\n

\n 		\n

\n (48,251)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,686)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,292)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (52,239)\n

\n
\n

\n Uses\n

\n 		\n

\n 12,565\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 12,565\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Disposals\n

\n 		\n

\n 839\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 1\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 840\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (238)\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Net balance at 31.12.2023\n

\n 		\n

\n 8,211,480\n

\n 		\n

\n 96,539\n

\n 		\n

\n 222,479\n

\n 		\n

\n 25,837\n

\n 		\n

\n 25,811\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,772,609\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n \u00a0\n

\n 		\n

\n Finite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Indefinite useful life\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Service concession arrangements\n

\n 		\n

\n Industrial patent rights and intellectual property rights\n

\n 		\n

\n Work in progress and payments on account IFRC 12\n

\n 		\n

\n Work in progress and payments on account\n

\n 		\n

\n Other Intangible Assets\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Goodwill\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n
\n

\n Historical cost at 31.12.2024\n

\n 		\n

\n 14,153,106\n

\n 		\n

\n 656,126\n

\n 		\n

\n 214,638\n

\n 		\n

\n 26,360\n

\n 		\n

\n 188,932\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,429,625\n

\n
\n

\n Additions\n

\n 		\n

\n 771,859\n

\n 		\n

\n 584\n

\n 		\n

\n 223,840\n

\n 		\n

\n 68,895\n

\n 		\n

\n 1,778\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,066,956\n

\n
\n

\n Government grants\n

\n 		\n

\n (25,505)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (25,505)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n 8,853,080\n

\n 		\n

\n 297,116\n

\n 		\n

\n 63,530\n

\n 		\n

\n 583\n

\n 		\n

\n 9,910\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 522,531\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 9,746,751\n

\n
\n

\n Disposals\n

\n 		\n

\n (95,246)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (95,246)\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 228,078\n

\n 		\n

\n 30,617\n

\n 		\n

\n (150,183)\n

\n 		\n

\n (30,616)\n

\n 		\n

\n (77,896)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n (523,723)\n

\n 		\n

\n 1,991\n

\n 		\n

\n (35,342)\n

\n 		\n

\n (4,980)\n

\n 		\n

\n (16,936)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,950)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (600,940)\n

\n
\n

\n Hisorical cost at 31.12.2025\n

\n 		\n

\n 23,361,649\n

\n 		\n

\n 986,434\n

\n 		\n

\n 316,483\n

\n 		\n

\n 60,242\n

\n 		\n

\n 105,788\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,521,641\n

\n
\n

\n Accumulated amortisation at 31.12.2024\n

\n 		\n

\n (5,849,307)\n

\n 		\n

\n (547,393)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (160,821)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (6,557,521)\n

\n
\n

\n Amortisation\n

\n 		\n

\n (580,485)\n

\n 		\n

\n (57,216)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,906)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (642,606)\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (3,580,149)\n

\n 		\n

\n (248,226)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (9,654)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,838,029)\n

\n
\n

\n Disposals\n

\n 		\n

\n 52,058\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 52,058\n

\n
\n

\n Reclassifications\n

\n 		\n

\n (93,940)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 93,940\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Other changes\n

\n 		\n

\n 290,579\n

\n 		\n

\n 3,557\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,779\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 295,915\n

\n
\n

\n Accumulated amortisation at 31.12.2025\n

\n 		\n

\n (9,761,244)\n

\n 		\n

\n (849,277)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (79,662)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (10,690,183)\n

\n
\n

\n Provision for impairment of asset at 31.12.2024\n

\n 		\n

\n (35,085)\n

\n 		\n

\n (10)\n

\n 		\n

\n (2,448)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,834)\n

\n
\n

\n Uses\n

\n 		\n

\n 20,883\n

\n 		\n

\n 0\n

\n 		\n

\n (1,500)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 19,383\n

\n
\n

\n Reclassifications\n

\n 		\n

\n 6,232\n

\n 		\n

\n (361)\n

\n 		\n

\n (5,871)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n Assets acquired through business combination \n

\n 		\n

\n (92,513)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 336\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (92,177)\n

\n
\n

\n Other changes\n

\n 		\n

\n 3,800\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (336)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,464\n

\n
\n

\n Provision for impairment of asset at 31.12.2025\n

\n 		\n

\n (96,683)\n

\n 		\n

\n (371)\n

\n 		\n

\n (9,819)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,291)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (108,164)\n

\n
\n

\n Net balance at 31.12.2024\n

\n 		\n

\n 8,268,714\n

\n 		\n

\n 108,723\n

\n 		\n

\n 212,190\n

\n 		\n

\n 26,360\n

\n 		\n

\n 26,820\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,463\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,833,270\n

\n
\n

\n Net balance at 31.12.2025\n

\n 		\n

\n 13,503,722\n

\n 		\n

\n 136,786\n

\n 		\n

\n 306,664\n

\n 		\n

\n 60,242\n

\n 		\n

\n 24,835\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 691,044\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 14,723,294\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact550": { "value": "\n
\n Research\n \n and\n \n development\n \n costs\n \n for\n \n the\n \n period\n \n are\n \n included\n \n in\n \n the\n \n item\n \n Work\n \n in\n \n progress\n \n and\n \n include\n \n the\n \n costs\n \n incurred\n \n for\n \n the\n \n in-house\n \n development\n \n of\n \n the \n Nimbus meter.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact537": { "value": "\n \n
\n 15)\n Investments accounted for using the equity method\n
\n
\n Investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n ,\n \n amounting\n \n to\n \n 166,778\n \n thousand\n \n euro\n \n (155,715\n \n thousand \n euro at 31 December 2024) break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2023\n

\n 		\n

\n \u00a0\n Investment\n

\n 		\n

\n Share of the profit of investments in associates/joint ventures (*)\n

\n 		\n

\n Dividends paid\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Umbria Distribuzione Gas S.p.A.\n

\n 		\n

\n 1,467\n

\n 		\n

\n 0\n

\n 		\n

\n (418)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 1,049\n

\n
\n

\n Metano Sant'Angelo Lodigiano S.p.A.\n

\n 		\n

\n 1,077\n

\n 		\n

\n 0\n

\n 		\n

\n 73\n

\n 		\n

\n (93)\n

\n 		\n

\n 0\n

\n 		\n

\n 1,057\n

\n
\n

\n Gesam Reti S.p.A.\n

\n 		\n

\n 21,417\n

\n 		\n

\n 0\n

\n 		\n

\n 1,556\n

\n 		\n

\n (868)\n

\n 		\n

\n 0\n

\n 		\n

\n 22,105\n

\n
\n

\n Enerpaper S.r.l.\n

\n 		\n

\n 488\n

\n 		\n

\n 0\n

\n 		\n

\n (488)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Energie Rete Gas S.r.l.\n

\n 		\n

\n 21,896\n

\n 		\n

\n 0\n

\n 		\n

\n (268)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 21,628\n

\n
\n

\n Siciliacque S.p.A.\n

\n 		\n

\n 52,828\n

\n 		\n

\n 15,000\n

\n 		\n

\n 4,292\n

\n 		\n

\n 0\n

\n 		\n

\n (40)\n

\n 		\n

\n 72,080\n

\n
\n

\n Acqualatina S.p.A.\n

\n 		\n

\n 32,598\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,198\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 37,796\n

\n
\n

\n \u00a0\n

\n 		\n

\n 131,771\n

\n 		\n

\n 15,000\n

\n 		\n

\n 9,945\n

\n 		\n

\n (961)\n

\n 		\n

\n (40)\n

\n 		\n

\n 155,715\n

\n
\n

\n (*) The values reported are integrated with the adjustments made in application of the equity valuation criterion\n

\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n Investment\n

\n 		\n

\n Share of the profit of investments in associates/joint ventures (*)\n

\n 		\n

\n Dividends paid\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Umbria Distribuzione Gas SpA\n

\n 		\n

\n 1,049\n

\n 		\n

\n 0\n

\n 		\n

\n 1,733\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 2,782\n

\n
\n

\n Metano Sant'Angelo Lodigiano S.p.A.\n

\n 		\n

\n 1,057\n

\n 		\n

\n 0\n

\n 		\n

\n 237\n

\n 		\n

\n (130)\n

\n 		\n

\n 0\n

\n 		\n

\n 1,164\n

\n
\n

\n Gesam Reti S.p.A.\n

\n 		\n

\n 22,105\n

\n 		\n

\n 0\n

\n 		\n

\n 1,303\n

\n 		\n

\n (975)\n

\n 		\n

\n 0\n

\n 		\n

\n 22,433\n

\n
\n

\n Energie Rete Gas S.r.l.\n

\n 		\n

\n 21,628\n

\n 		\n

\n 0\n

\n 		\n

\n (142)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 21,486\n

\n
\n

\n Siciliacque S.p.A.\n

\n 		\n

\n 72,080\n

\n 		\n

\n 0\n

\n 		\n

\n 1,303\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 73,383\n

\n
\n

\n Acqualatina S.p.A.\n

\n 		\n

\n 37,796\n

\n 		\n

\n 0\n

\n 		\n

\n 4,258\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 42,054\n

\n
\n

\n Melegnano Energia Ambiente\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 47\n

\n 		\n

\n (45)\n

\n 		\n

\n 3,475\n

\n 		\n

\n 3,477\n

\n
\n

\n \u00a0\n

\n 		\n

\n 155,715\n

\n 		\n

\n 0\n

\n 		\n

\n 8,738\n

\n 		\n

\n (1,150)\n

\n 		\n

\n 3,475\n

\n 		\n

\n 166,778\n

\n
\n
\n \n \n \n
\n
\n \n \n \n \n \n \n
\n

\n \u00a0\n

\n
\n
\n
\n \"[IMAGE]\"\n
\n
\n Equity\n \n investments\n \n are\n \n not\n \n collateralised,\n \n with\n \n the\n \n exception\n \n of\n \n (i)\n \n shares\n \n in\n \n Acqualatina\n \n S.p.A.,\n \n which\n \n are \n encumbered\n \n by\n \n a\n \n pledge\n \n in\n \n favour\n \n of\n \n Banco\n \n BPM\n \n to\n \n guarantee\n \n a\n \n project\n \n finance;\n \n (ii)\n \n shares\n \n held\n \n in\n \n Siciliacque \n S.p.A.,\n \n which\n \n are\n \n encumbered\n \n by\n \n a\n \n pledge\n \n in\n \n favour\n \n of\n \n the\n \n financing\n \n banks\n \n Unicredit\n \n S.p.A.\n \n and\n \n Intesa \n Sanpaolo S.p.A. to guarantee the non-recourse project finance granted to the affiliate. \n
\n
\n The\n \n Group\n \n verified\n \n the\n \n recoverable\n \n amount\n \n for\n \n all\n \n equity\n \n investments\n \n held,\n \n regardless\n \n of\n \n the\n \n existence\n \n of \n impairment indicators.\n
\n
\n With\n \n reference\n \n to\n \n the\n \n Gesam\n \n Reti\n \n S.p.A.,\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n and\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano \n S.p.A.\n \n equity\n \n investments,\n \n the\n \n recoverable\n \n amount\n \n was\n \n estimated\n \n as\n \n the\n \n value\n \n of\n \n the\n \n net\n \n invested\n \n capital \n attributed\n \n for\n \n tariff\n \n purposes\n \n (RAB\n \n \u2013\n \n Regulatory\n \n Asset\n \n Base)\n \n by\n \n the\n \n Authority\n \n net\n \n of\n \n the\n \n net\n \n financial\n \n position. \n The\n \n use\n \n of\n \n the\n \n RAB\n \n for\n \n estimating\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally\n \n accepted\n \n method\n \n in\n \n regulated\n \n utility \n sectors. No impairment was found as a result of the test carried out.\n
\n
\n The\n \n recoverable\n \n value\n \n of\n \n Energie\n \n Rete\n \n Gas\n \n was\n \n determined,\n \n as\n \n value\n \n in\n \n use,\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n cash\n \n flows \n deriving\n \n from\n \n the\n \n 2026-2040\n \n Plan,\n \n developed\n \n by\n \n the\n \n Group's\n \n management,\n \n approved\n \n by\n \n Company \n Management\n \n using\n \n the\n \n Discounted\n \n Cash\n \n Flow\n \n (DCF)\n \n method.\n \n Furthermore,\n \n the\n \n terminal\n \n value\n \n was\n \n estimated \n to\n \n be\n \n equal\n \n to\n \n the\n \n value\n \n of\n \n the\n \n RAB\n \n at\n \n the\n \n end\n \n of\n \n the\n \n plan\n \n period,\n \n plus\n \n 10%.\n \n The\n \n cash\n \n flows\n \n were\n \n discounted \n at\n \n a\n \n rate\n \n representative\n \n of\n \n the\n \n weighted\n \n average\n \n cost\n \n of\n \n capital\n \n (WACC)\n \n equal\n \n to\n \n 4.44%.\n \n The\n \n value\n \n in\n \n use \n determined\n \n according\n \n to\n \n the\n \n methods\n \n described\n \n above\n \n was\n \n higher\n \n than\n \n the\n \n value\n \n of\n \n the\n \n equity\n \n investment. \n Therefore, no impairment losses were found.\n
\n
\n recoverable\n \n amount\n \n of\n \n the\n \n equity\n \n investments\n \n in\n \n Siciliacque\n \n S.p.A.\n \n and\n \n Acqualatina\n \n S.p.A.\n \n was\n \n estimated\n \n as \n the\n \n value\n \n of\n \n the\n \n Net\n \n Invested\n \n Capital\n \n attributed\n \n for\n \n tariff\n \n purposes\n \n taking\n \n into\n \n account\n \n the\n \n tariff\n \n adjustments\n \n (Rc \n component\n \n of\n \n the\n \n constraint\n \n on\n \n the\n \n operator\u2019s\n \n revenue)\n \n net\n \n of\n \n the\n \n net\n \n invested\n \n position.\n \n The\n \n use\n \n of\n \n the\n \n tariff \n NIC\n \n including\n \n adjustments\n \n for\n \n estimating\n \n the\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally\n \n accepted\n \n method\n \n in\n \n the\n \n sector. \n No\n \n impairment\n \n was\n \n found\n \n as\n \n a\n \n result\n \n of\n \n the\n \n test\n \n carried\n \n out.\n \n It\n \n should\n \n be\n \n noted\n \n that\n \n Siciliacque\n \n S.p.A.\n \n submitted \n its tariff proposal to the competent authorities and is awaiting formal approval. \n
\n
\n Consolidated\n \n companies,\n \n joint\n \n ventures,\n \n associates\n \n and\n \n other\n \n significant\n \n equity\n \n investments\n \n are\n \n indicated \n separately\n \n in\n \n the\n \n Appendix\n \n \u201cSubsidiaries,\n \n associates\n \n and\n \n equity\n \n investments\n \n of\n \n Italgas\n \n S.p.A.\n \n at\n \n 31\n \n December \n 2025\u201d, which is an integral part of these notes.\n
\n \n \n
\n Other information on equity investments\n
\n
\n In\n \n accordance\n \n with\n \n the\n \n provisions\n \n of\n \n IFRS\n \n 12\n \n -\n \n \u201cDisclosure\n \n of\n \n interests\n \n in\n \n other\n \n entities\u201d,\n \n the\n \n economic\n \n and \n financial\n \n data\n \n for\n \n joint\n \n ventures\n \n and\n \n associates\n \n are\n \n provided\n \n below.\n \n The\n \n aggregated\n \n presentation\n \n does\n \n not \n obscure relevant information and gives a clearer overview of the equity investments in similar entities.\n
\n \n
\n Equity investments in joint ventures\n
\n \n
\n The\n \n IFRS-compliant\n \n economic\n \n and\n \n financial\n \n data\n \n on\n \n equity\n \n investments\n \n in\n \n joint\n \n ventures\n \n operating\n \n in\n \n the \n distribution of natural gas\n 155\n are reported below according to their relevance: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,125\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 865\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,751\n

\n
\n

\n Total assets\n

\n 		\n

\n 7,876\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (2,895)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (2,606)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,867)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n 0\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (5,762)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,114\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,057\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,057\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Revenues\n

\n 		\n

\n 1,619\n

\n
\n

\n Operating costs\n

\n 		\n

\n (909)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (299)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 411\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (129)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (79)\n

\n
\n

\n Net profit\n

\n 		\n

\n 203\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 203\n

\n
\n

\n Group interest\n

\n 		\n

\n 102\n

\n
\n
\n (*) Includes equity investment in Energie Rete Gas reclassified as at 31 December 2024 from joint ventures to Equity investments in associates.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,790\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 843\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,640\n

\n
\n

\n Total assets\n

\n 		\n

\n 8,430\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (3,506)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n \u00a0\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,597)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (2,500)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (6,103)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,327\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,064\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,064\n

\n
\n

\n Revenues\n

\n 		\n

\n 1,892\n

\n
\n

\n Operating costs\n

\n 		\n

\n (872)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (326)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 694\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (112)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (166)\n

\n
\n

\n Net profit\n

\n 		\n

\n 416\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 416\n

\n
\n

\n Group interest\n

\n 		\n

\n 208\n

\n
\n
\n \n
\n Metano Sant\u2019Angelo Lodigiano S.p.A. \n
\n
\n
\n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n sector\n \n in\n \n the\n \n municipalities\n \n of \n Sant\u2019Angelo\n \n Lodigiano\n \n (LO),\n \n Villanova\n \n del\n \n Sillaro,\n \n Bargano\n \n (LO),\n \n Castiraga\n \n Vidardo\n \n (LO),\n \n Marudo\n \n (LO)\n \n and \n Villanterio (PV).\n
\n
\n The\n \n share\n \n capital\n \n of\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (50%)\n \n and\n \n by\n \n Comune\n \n di \n Sant\u2019Angelo\n \n Lodigiano\n \n (50%).\n \n The\n \n corporate\n \n governance\n \n rules\n \n establish\n \n that\n \n the\n \n decisions\n \n on\n \n the\n \n significant \n activities\n \n have\n \n to\n \n be\n \n taken\n \n with\n \n the\n \n unanimous\n \n consent\n \n of\n \n the\n \n private\n \n partner\n \n (Italgas\n \n S.p.A.)\n \n and\n \n the\n \n Public \n Partner (Municipalities).\n
\n \n \n
\n Equity investments in associates\n
\n
\n Some\n \n economic\n \n and\n \n financial\n \n data\n \n for\n \n each\n \n significant\n \n associate\n 156\n ,\n \n considered\n \n material\n \n and\n \n accounted\n \n for \n using the equity method as required by IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Water service \n

\n 		\n

\n ESCo companies\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 5,643\n

\n 		\n

\n 4,420\n

\n 		\n

\n 63,624\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 71,274\n

\n 		\n

\n 119,880\n

\n 		\n

\n 391,156\n

\n
\n

\n Total assets\n

\n 		\n

\n 94,360\n

\n 		\n

\n 145,496\n

\n 		\n

\n 766,361\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (29,378)\n

\n 		\n

\n (11,128)\n

\n 		\n

\n (346,260)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (7,238)\n

\n 		\n

\n (1,721)\n

\n 		\n

\n (36,139)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (21,977)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (181,517)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (10,814)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (88,786)\n

\n
\n
\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Total liabilities\n

\n 		\n

\n (51,355)\n

\n 		\n

\n (111,060)\n

\n 		\n

\n (527,777)\n

\n
\n

\n Equity\n

\n 		\n

\n 43,005\n

\n 		\n

\n 34,436\n

\n 		\n

\n 238,584\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 18,616\n

\n 		\n

\n 16,874\n

\n 		\n

\n 144,795\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,538\n

\n 		\n

\n 4,755\n

\n 		\n

\n (34,918)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 23,154\n

\n 		\n

\n 21,629\n

\n 		\n

\n 109,877\n

\n
\n

\n Revenues\n

\n 		\n

\n 21,936\n

\n 		\n

\n 15,859\n

\n 		\n

\n 203,578\n

\n
\n

\n Operating costs\n

\n 		\n

\n (12,381)\n

\n 		\n

\n (3,693)\n

\n 		\n

\n (134,534)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (3,979)\n

\n 		\n

\n (5,316)\n

\n 		\n

\n (47,257)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 5,576\n

\n 		\n

\n 6,850\n

\n 		\n

\n 21,787\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (723)\n

\n 		\n

\n (6,405)\n

\n 		\n

\n 827\n

\n
\n

\n Income taxes\n

\n 		\n

\n (1,614)\n

\n 		\n

\n (929)\n

\n 		\n

\n (6,049)\n

\n
\n

\n Net profit\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Group interest\n

\n 		\n

\n 1,378\n

\n 		\n

\n (237)\n

\n 		\n

\n 9,529\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Gas transmission \n

\n 		\n

\n Water service \n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 8,883\n

\n 		\n

\n 983\n

\n 		\n

\n 61,313\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 75,764\n

\n 		\n

\n 125,369\n

\n 		\n

\n 539,308\n

\n
\n

\n Total assets\n

\n 		\n

\n 103,575\n

\n 		\n

\n 149,206\n

\n 		\n

\n 877,519\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (25,456)\n

\n 		\n

\n (4,332)\n

\n 		\n

\n (334,867)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (4,413)\n

\n 		\n

\n 0\n

\n 		\n

\n (5,600)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (20,951)\n

\n 		\n

\n (110,434)\n

\n 		\n

\n (293,291)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (11,420)\n

\n 		\n

\n (109,198)\n

\n 		\n

\n (97,087)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (46,407)\n

\n 		\n

\n (114,766)\n

\n 		\n

\n (628,158)\n

\n
\n

\n Equity\n

\n 		\n

\n 57,168\n

\n 		\n

\n 34,440\n

\n 		\n

\n 249,361\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 24,419\n

\n 		\n

\n 16,876\n

\n 		\n

\n 150,525\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,273\n

\n 		\n

\n 4,610\n

\n 		\n

\n (35,088)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 28,692\n

\n 		\n

\n 21,486\n

\n 		\n

\n 115,437\n

\n
\n

\n Revenues\n

\n 		\n

\n 25,223\n

\n 		\n

\n 15,754\n

\n 		\n

\n 188,472\n

\n
\n

\n Operating costs\n

\n 		\n

\n (9,488)\n

\n 		\n

\n (4,040)\n

\n 		\n

\n (132,834)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (4,272)\n

\n 		\n

\n (5,851)\n

\n 		\n

\n (33,702)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 11,463\n

\n 		\n

\n 5,863\n

\n 		\n

\n 21,936\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (804)\n

\n 		\n

\n (5,956)\n

\n 		\n

\n (6,176)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (3,384)\n

\n 		\n

\n (401)\n

\n 		\n

\n (5,239)\n

\n
\n

\n Net profit\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Group interest\n

\n 		\n

\n 3,195\n

\n 		\n

\n (242)\n

\n 		\n

\n 5,638\n

\n
\n
\n
\n Umbria Distribuzione Gas S.p.A. \n
\n
\n
\n Umbria Distribuzione Gas S.p.A. operates in the natural gas distribution segment in Umbria. \n
\n
\n The\n \n share\n \n capital\n \n of\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (45%),\n \n by\n \n A.S.M.\n \n Terni\n \n S.p.A. \n (40%) and by Acea S.p.A. (15%).\n
\n
\n Umbria\n \n Distribuzione\n \n Gas\n \n manages\n \n the\n \n natural\n \n gas\n \n distribution\n \n service\n \n in\n \n the\n \n Municipality\n \n of\n \n Terni,\n \n using\n \n an \n integrated\n \n system\n \n of\n \n infrastructure,\n \n mostly\n \n owned\n \n by\n \n Terni\n \n Reti\n \n S.r.l.,\n \n a\n \n wholly-owned\n \n subsidiary\n \n of\n \n said \n Municipality.\n
\n
\n Gesam Reti S.p.A. \n
\n
\n
\n Gesam\n \n Reti\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n and\n \n network\n \n management\n \n sector\n \n (owned\n \n 42.96% \n by Toscana Energia S.p.A.) in the municipality of Lucca and in another 7 municipalities of the province.\n
\n
\n Energie Rete Gas S.r.l. \n
\n
\n
\n Energie\n \n Rete\n \n Gas\n \n S.r.l.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n gas\n \n transmission\n \n through\n \n a\n \n network\n \n of\n \n regional\n \n methane \n pipelines located in Valle D\u2019Aosta, Piedmont, Liguria, Tuscany and Sardinia.\n
\n
\n The share capital of the company is held by Energetica S.p.A. (51%) and Medea S.p.A. (49%).\n
\n
\n \n \n \n Siciliacque S.p.A.\n
\n
\n Siciliacque\n \n S.p.A.\n \n operates\n \n in\n \n Sicily,\n \n under\n \n concession,\n \n the\n \n services\n \n of\n \n water\n \n collection,\n \n storage,\n \n purification \n and\n \n water\n \n adduction\n \n at\n \n a\n \n supra-regional\n \n level.\n \n It\n \n is\n \n 75%\n \n owned\n \n by\n \n Idrosicilia\n \n S.r.l.\n \n and\n \n the\n \n remaining\n \n 25%\n \n by \n the Sicily Region, which exercises control.\n
\n
\n Acqualatina S.p.A.\n
\n
\n
\n Acqualatina\n \n S.p.A.\n \n is\n \n a\n \n joint\n \n publicly\n \n controlled\n \n company\n \n operating\n \n in\n \n the\n \n Water\n \n Service\n \n in\n \n the\n \n Province\n \n of \n Latina\n \n and\n \n lower\n \n Lazio\n \n (Optimal\n \n Territorial\n \n Areas\n \n (OTA)\n \n n.\n \n 4\n \n Lazio\n \n Meridionale\n \n or\n \n ATO\n \n 4).\n \n 51%\n \n of\n \n its\n \n capital\n \n is \n held by the municipalities in ATO 4 and the remaining 49% by Idrolatina S.r.l.\n
\n
\n Melegnano Energia Ambiente S.p.A. \n
\n
\n
\n Melegnano\n \n Energia\n \n Ambiente\n \n S.p.A.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n the\n \n provision\n \n of\n \n local\n \n public\n \n services,\n \n including \n gas and water distribution, in the Municipalities of Melegnano and Binasco.\n
\n
\n The\n \n company\u2019s\n \n share\n \n capital\n \n is\n \n held\n \n by\n \n the\n \n Municipality\n \n of\n \n Melegnano\n \n (60%)\n \n and\n \n by\n \n Italgas\n \n Reti\n \n S.p.A.\n \n (40%). \n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact536": { "value": "\n
\n 15)\n Investments accounted for using the equity method\n
\n
\n Investments\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n ,\n \n amounting\n \n to\n \n 166,778\n \n thousand\n \n euro\n \n (155,715\n \n thousand \n euro at 31 December 2024) break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2023\n

\n 		\n

\n \u00a0\n Investment\n

\n 		\n

\n Share of the profit of investments in associates/joint ventures (*)\n

\n 		\n

\n Dividends paid\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Umbria Distribuzione Gas S.p.A.\n

\n 		\n

\n 1,467\n

\n 		\n

\n 0\n

\n 		\n

\n (418)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 1,049\n

\n
\n

\n Metano Sant'Angelo Lodigiano S.p.A.\n

\n 		\n

\n 1,077\n

\n 		\n

\n 0\n

\n 		\n

\n 73\n

\n 		\n

\n (93)\n

\n 		\n

\n 0\n

\n 		\n

\n 1,057\n

\n
\n

\n Gesam Reti S.p.A.\n

\n 		\n

\n 21,417\n

\n 		\n

\n 0\n

\n 		\n

\n 1,556\n

\n 		\n

\n (868)\n

\n 		\n

\n 0\n

\n 		\n

\n 22,105\n

\n
\n

\n Enerpaper S.r.l.\n

\n 		\n

\n 488\n

\n 		\n

\n 0\n

\n 		\n

\n (488)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Energie Rete Gas S.r.l.\n

\n 		\n

\n 21,896\n

\n 		\n

\n 0\n

\n 		\n

\n (268)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 21,628\n

\n
\n

\n Siciliacque S.p.A.\n

\n 		\n

\n 52,828\n

\n 		\n

\n 15,000\n

\n 		\n

\n 4,292\n

\n 		\n

\n 0\n

\n 		\n

\n (40)\n

\n 		\n

\n 72,080\n

\n
\n

\n Acqualatina S.p.A.\n

\n 		\n

\n 32,598\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,198\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 37,796\n

\n
\n

\n \u00a0\n

\n 		\n

\n 131,771\n

\n 		\n

\n 15,000\n

\n 		\n

\n 9,945\n

\n 		\n

\n (961)\n

\n 		\n

\n (40)\n

\n 		\n

\n 155,715\n

\n
\n

\n (*) The values reported are integrated with the adjustments made in application of the equity valuation criterion\n

\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n Investment\n

\n 		\n

\n Share of the profit of investments in associates/joint ventures (*)\n

\n 		\n

\n Dividends paid\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Umbria Distribuzione Gas SpA\n

\n 		\n

\n 1,049\n

\n 		\n

\n 0\n

\n 		\n

\n 1,733\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 2,782\n

\n
\n

\n Metano Sant'Angelo Lodigiano S.p.A.\n

\n 		\n

\n 1,057\n

\n 		\n

\n 0\n

\n 		\n

\n 237\n

\n 		\n

\n (130)\n

\n 		\n

\n 0\n

\n 		\n

\n 1,164\n

\n
\n

\n Gesam Reti S.p.A.\n

\n 		\n

\n 22,105\n

\n 		\n

\n 0\n

\n 		\n

\n 1,303\n

\n 		\n

\n (975)\n

\n 		\n

\n 0\n

\n 		\n

\n 22,433\n

\n
\n

\n Energie Rete Gas S.r.l.\n

\n 		\n

\n 21,628\n

\n 		\n

\n 0\n

\n 		\n

\n (142)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 21,486\n

\n
\n

\n Siciliacque S.p.A.\n

\n 		\n

\n 72,080\n

\n 		\n

\n 0\n

\n 		\n

\n 1,303\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 73,383\n

\n
\n

\n Acqualatina S.p.A.\n

\n 		\n

\n 37,796\n

\n 		\n

\n 0\n

\n 		\n

\n 4,258\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 42,054\n

\n
\n

\n Melegnano Energia Ambiente\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 47\n

\n 		\n

\n (45)\n

\n 		\n

\n 3,475\n

\n 		\n

\n 3,477\n

\n
\n

\n \u00a0\n

\n 		\n

\n 155,715\n

\n 		\n

\n 0\n

\n 		\n

\n 8,738\n

\n 		\n

\n (1,150)\n

\n 		\n

\n 3,475\n

\n 		\n

\n 166,778\n

\n
\n
\n \n
\n
\n \n \n \n \n \n \n
\n

\n \u00a0\n

\n
\n
\n
\n \"[IMAGE]\"\n
\n
\n Equity\n \n investments\n \n are\n \n not\n \n collateralised,\n \n with\n \n the\n \n exception\n \n of\n \n (i)\n \n shares\n \n in\n \n Acqualatina\n \n S.p.A.,\n \n which\n \n are \n encumbered\n \n by\n \n a\n \n pledge\n \n in\n \n favour\n \n of\n \n Banco\n \n BPM\n \n to\n \n guarantee\n \n a\n \n project\n \n finance;\n \n (ii)\n \n shares\n \n held\n \n in\n \n Siciliacque \n S.p.A.,\n \n which\n \n are\n \n encumbered\n \n by\n \n a\n \n pledge\n \n in\n \n favour\n \n of\n \n the\n \n financing\n \n banks\n \n Unicredit\n \n S.p.A.\n \n and\n \n Intesa \n Sanpaolo S.p.A. to guarantee the non-recourse project finance granted to the affiliate. \n
\n
\n The\n \n Group\n \n verified\n \n the\n \n recoverable\n \n amount\n \n for\n \n all\n \n equity\n \n investments\n \n held,\n \n regardless\n \n of\n \n the\n \n existence\n \n of \n impairment indicators.\n
\n
\n With\n \n reference\n \n to\n \n the\n \n Gesam\n \n Reti\n \n S.p.A.,\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n and\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano \n S.p.A.\n \n equity\n \n investments,\n \n the\n \n recoverable\n \n amount\n \n was\n \n estimated\n \n as\n \n the\n \n value\n \n of\n \n the\n \n net\n \n invested\n \n capital \n attributed\n \n for\n \n tariff\n \n purposes\n \n (RAB\n \n \u2013\n \n Regulatory\n \n Asset\n \n Base)\n \n by\n \n the\n \n Authority\n \n net\n \n of\n \n the\n \n net\n \n financial\n \n position. \n The\n \n use\n \n of\n \n the\n \n RAB\n \n for\n \n estimating\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally\n \n accepted\n \n method\n \n in\n \n regulated\n \n utility \n sectors. No impairment was found as a result of the test carried out.\n
\n
\n The\n \n recoverable\n \n value\n \n of\n \n Energie\n \n Rete\n \n Gas\n \n was\n \n determined,\n \n as\n \n value\n \n in\n \n use,\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n cash\n \n flows \n deriving\n \n from\n \n the\n \n 2026-2040\n \n Plan,\n \n developed\n \n by\n \n the\n \n Group's\n \n management,\n \n approved\n \n by\n \n Company \n Management\n \n using\n \n the\n \n Discounted\n \n Cash\n \n Flow\n \n (DCF)\n \n method.\n \n Furthermore,\n \n the\n \n terminal\n \n value\n \n was\n \n estimated \n to\n \n be\n \n equal\n \n to\n \n the\n \n value\n \n of\n \n the\n \n RAB\n \n at\n \n the\n \n end\n \n of\n \n the\n \n plan\n \n period,\n \n plus\n \n 10%.\n \n The\n \n cash\n \n flows\n \n were\n \n discounted \n at\n \n a\n \n rate\n \n representative\n \n of\n \n the\n \n weighted\n \n average\n \n cost\n \n of\n \n capital\n \n (WACC)\n \n equal\n \n to\n \n 4.44%.\n \n The\n \n value\n \n in\n \n use \n determined\n \n according\n \n to\n \n the\n \n methods\n \n described\n \n above\n \n was\n \n higher\n \n than\n \n the\n \n value\n \n of\n \n the\n \n equity\n \n investment. \n Therefore, no impairment losses were found.\n
\n
\n recoverable\n \n amount\n \n of\n \n the\n \n equity\n \n investments\n \n in\n \n Siciliacque\n \n S.p.A.\n \n and\n \n Acqualatina\n \n S.p.A.\n \n was\n \n estimated\n \n as \n the\n \n value\n \n of\n \n the\n \n Net\n \n Invested\n \n Capital\n \n attributed\n \n for\n \n tariff\n \n purposes\n \n taking\n \n into\n \n account\n \n the\n \n tariff\n \n adjustments\n \n (Rc \n component\n \n of\n \n the\n \n constraint\n \n on\n \n the\n \n operator\u2019s\n \n revenue)\n \n net\n \n of\n \n the\n \n net\n \n invested\n \n position.\n \n The\n \n use\n \n of\n \n the\n \n tariff \n NIC\n \n including\n \n adjustments\n \n for\n \n estimating\n \n the\n \n recoverable\n \n amount\n \n is\n \n a\n \n generally\n \n accepted\n \n method\n \n in\n \n the\n \n sector. \n No\n \n impairment\n \n was\n \n found\n \n as\n \n a\n \n result\n \n of\n \n the\n \n test\n \n carried\n \n out.\n \n It\n \n should\n \n be\n \n noted\n \n that\n \n Siciliacque\n \n S.p.A.\n \n submitted \n its tariff proposal to the competent authorities and is awaiting formal approval. \n
\n
\n Consolidated\n \n companies,\n \n joint\n \n ventures,\n \n associates\n \n and\n \n other\n \n significant\n \n equity\n \n investments\n \n are\n \n indicated \n separately\n \n in\n \n the\n \n Appendix\n \n \u201cSubsidiaries,\n \n associates\n \n and\n \n equity\n \n investments\n \n of\n \n Italgas\n \n S.p.A.\n \n at\n \n 31\n \n December \n 2025\u201d, which is an integral part of these notes.\n
\n \n
\n Equity investments in associates\n
\n
\n Some\n \n economic\n \n and\n \n financial\n \n data\n \n for\n \n each\n \n significant\n \n associate\n 156\n ,\n \n considered\n \n material\n \n and\n \n accounted\n \n for \n using the equity method as required by IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Water service \n

\n 		\n

\n ESCo companies\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 5,643\n

\n 		\n

\n 4,420\n

\n 		\n

\n 63,624\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 71,274\n

\n 		\n

\n 119,880\n

\n 		\n

\n 391,156\n

\n
\n

\n Total assets\n

\n 		\n

\n 94,360\n

\n 		\n

\n 145,496\n

\n 		\n

\n 766,361\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (29,378)\n

\n 		\n

\n (11,128)\n

\n 		\n

\n (346,260)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (7,238)\n

\n 		\n

\n (1,721)\n

\n 		\n

\n (36,139)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (21,977)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (181,517)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (10,814)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (88,786)\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Total liabilities\n

\n 		\n

\n (51,355)\n

\n 		\n

\n (111,060)\n

\n 		\n

\n (527,777)\n

\n
\n

\n Equity\n

\n 		\n

\n 43,005\n

\n 		\n

\n 34,436\n

\n 		\n

\n 238,584\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 18,616\n

\n 		\n

\n 16,874\n

\n 		\n

\n 144,795\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,538\n

\n 		\n

\n 4,755\n

\n 		\n

\n (34,918)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 23,154\n

\n 		\n

\n 21,629\n

\n 		\n

\n 109,877\n

\n
\n

\n Revenues\n

\n 		\n

\n 21,936\n

\n 		\n

\n 15,859\n

\n 		\n

\n 203,578\n

\n
\n

\n Operating costs\n

\n 		\n

\n (12,381)\n

\n 		\n

\n (3,693)\n

\n 		\n

\n (134,534)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (3,979)\n

\n 		\n

\n (5,316)\n

\n 		\n

\n (47,257)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 5,576\n

\n 		\n

\n 6,850\n

\n 		\n

\n 21,787\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (723)\n

\n 		\n

\n (6,405)\n

\n 		\n

\n 827\n

\n
\n

\n Income taxes\n

\n 		\n

\n (1,614)\n

\n 		\n

\n (929)\n

\n 		\n

\n (6,049)\n

\n
\n

\n Net profit\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Group interest\n

\n 		\n

\n 1,378\n

\n 		\n

\n (237)\n

\n 		\n

\n 9,529\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Gas transmission \n

\n 		\n

\n Water service \n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 8,883\n

\n 		\n

\n 983\n

\n 		\n

\n 61,313\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 75,764\n

\n 		\n

\n 125,369\n

\n 		\n

\n 539,308\n

\n
\n

\n Total assets\n

\n 		\n

\n 103,575\n

\n 		\n

\n 149,206\n

\n 		\n

\n 877,519\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (25,456)\n

\n 		\n

\n (4,332)\n

\n 		\n

\n (334,867)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (4,413)\n

\n 		\n

\n 0\n

\n 		\n

\n (5,600)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (20,951)\n

\n 		\n

\n (110,434)\n

\n 		\n

\n (293,291)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (11,420)\n

\n 		\n

\n (109,198)\n

\n 		\n

\n (97,087)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (46,407)\n

\n 		\n

\n (114,766)\n

\n 		\n

\n (628,158)\n

\n
\n

\n Equity\n

\n 		\n

\n 57,168\n

\n 		\n

\n 34,440\n

\n 		\n

\n 249,361\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 24,419\n

\n 		\n

\n 16,876\n

\n 		\n

\n 150,525\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,273\n

\n 		\n

\n 4,610\n

\n 		\n

\n (35,088)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 28,692\n

\n 		\n

\n 21,486\n

\n 		\n

\n 115,437\n

\n
\n

\n Revenues\n

\n 		\n

\n 25,223\n

\n 		\n

\n 15,754\n

\n 		\n

\n 188,472\n

\n
\n

\n Operating costs\n

\n 		\n

\n (9,488)\n

\n 		\n

\n (4,040)\n

\n 		\n

\n (132,834)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (4,272)\n

\n 		\n

\n (5,851)\n

\n 		\n

\n (33,702)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 11,463\n

\n 		\n

\n 5,863\n

\n 		\n

\n 21,936\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (804)\n

\n 		\n

\n (5,956)\n

\n 		\n

\n (6,176)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (3,384)\n

\n 		\n

\n (401)\n

\n 		\n

\n (5,239)\n

\n
\n

\n Net profit\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Group interest\n

\n 		\n

\n 3,195\n

\n 		\n

\n (242)\n

\n 		\n

\n 5,638\n

\n
\n
\n
\n Umbria Distribuzione Gas S.p.A. \n
\n
\n
\n Umbria Distribuzione Gas S.p.A. operates in the natural gas distribution segment in Umbria. \n
\n
\n The\n \n share\n \n capital\n \n of\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (45%),\n \n by\n \n A.S.M.\n \n Terni\n \n S.p.A. \n (40%) and by Acea S.p.A. (15%).\n
\n
\n Umbria\n \n Distribuzione\n \n Gas\n \n manages\n \n the\n \n natural\n \n gas\n \n distribution\n \n service\n \n in\n \n the\n \n Municipality\n \n of\n \n Terni,\n \n using\n \n an \n integrated\n \n system\n \n of\n \n infrastructure,\n \n mostly\n \n owned\n \n by\n \n Terni\n \n Reti\n \n S.r.l.,\n \n a\n \n wholly-owned\n \n subsidiary\n \n of\n \n said \n Municipality.\n
\n
\n Gesam Reti S.p.A. \n
\n
\n
\n Gesam\n \n Reti\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n and\n \n network\n \n management\n \n sector\n \n (owned\n \n 42.96% \n by Toscana Energia S.p.A.) in the municipality of Lucca and in another 7 municipalities of the province.\n
\n
\n Energie Rete Gas S.r.l. \n
\n
\n
\n Energie\n \n Rete\n \n Gas\n \n S.r.l.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n gas\n \n transmission\n \n through\n \n a\n \n network\n \n of\n \n regional\n \n methane \n pipelines located in Valle D\u2019Aosta, Piedmont, Liguria, Tuscany and Sardinia.\n
\n
\n The share capital of the company is held by Energetica S.p.A. (51%) and Medea S.p.A. (49%).\n
\n
\n \n Siciliacque S.p.A.\n
\n
\n Siciliacque\n \n S.p.A.\n \n operates\n \n in\n \n Sicily,\n \n under\n \n concession,\n \n the\n \n services\n \n of\n \n water\n \n collection,\n \n storage,\n \n purification \n and\n \n water\n \n adduction\n \n at\n \n a\n \n supra-regional\n \n level.\n \n It\n \n is\n \n 75%\n \n owned\n \n by\n \n Idrosicilia\n \n S.r.l.\n \n and\n \n the\n \n remaining\n \n 25%\n \n by \n the Sicily Region, which exercises control.\n
\n
\n Acqualatina S.p.A.\n
\n
\n
\n Acqualatina\n \n S.p.A.\n \n is\n \n a\n \n joint\n \n publicly\n \n controlled\n \n company\n \n operating\n \n in\n \n the\n \n Water\n \n Service\n \n in\n \n the\n \n Province\n \n of \n Latina\n \n and\n \n lower\n \n Lazio\n \n (Optimal\n \n Territorial\n \n Areas\n \n (OTA)\n \n n.\n \n 4\n \n Lazio\n \n Meridionale\n \n or\n \n ATO\n \n 4).\n \n 51%\n \n of\n \n its\n \n capital\n \n is \n held by the municipalities in ATO 4 and the remaining 49% by Idrolatina S.r.l.\n
\n
\n Melegnano Energia Ambiente S.p.A. \n
\n
\n
\n Melegnano\n \n Energia\n \n Ambiente\n \n S.p.A.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n the\n \n provision\n \n of\n \n local\n \n public\n \n services,\n \n including \n gas and water distribution, in the Municipalities of Melegnano and Binasco.\n
\n
\n The\n \n company\u2019s\n \n share\n \n capital\n \n is\n \n held\n \n by\n \n the\n \n Municipality\n \n of\n \n Melegnano\n \n (60%)\n \n and\n \n by\n \n Italgas\n \n Reti\n \n S.p.A.\n \n (40%). \n
\n \n

\n ASSOCIATED AND JOINT CONTROL COMPANIES\n

\n \n

\n Name\n

\n \n

\n Registered office\n

\n \n

\n Currency\n

\n \n

\n Share capital\n

\n \n

\n Shareholders\n

\n \n

\n % ownership\n

\n \n

\n Consolidation method or measurement criterion \n

\n \n

\n Metano Sant'Angelo Lodigiano S.p.A. (a)\n

\n \n

\n Sant'Angelo Lodigiano (LO)\n

\n \n

\n Eur\n

\n \n

\n 200,000\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 50.00%\n

\n \n

\n equity measurement\n

\n \n

\n Umbria Distribuzione Gas S.p.A.\n

\n \n

\n Terni\n

\n \n

\n Eur\n

\n \n

\n 2,120,000\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 45.00%\n

\n \n

\n equity measurement\n

\n \n

\n Energie Rete Gas S.r.l.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 11,000,000\n

\n \n

\n Medea S.p.A.\n

\n \n

\n 49.00%\n

\n \n

\n equity measurement\n

\n \n

\n Gesam Reti S.p.A.\n

\n \n

\n Lucca\n

\n \n

\n Eur\n

\n \n

\n 20,626,657\n

\n \n

\n Toscana Energia S.p.A.\n

\n \n

\n 42.96%\n

\n \n

\n equity measurement\n

\n \n

\n Siciliacque S.p.A.\n

\n \n

\n Palermo\n

\n \n

\n Eur\n

\n \n

\n 20,400,000\n

\n \n

\n Idrosicilia S.p.A.\n

\n \n

\n 75.00%\n

\n \n

\n equity measurement\n

\n \n

\n Acqualatina S.p.A.\n

\n \n

\n Latina\n

\n \n

\n Eur\n

\n \n

\n 23,661,533\n

\n \n

\n Idrolatina S.r.l.\n

\n \n

\n 49.00%\n

\n \n

\n equity measurement\n

\n \n

\n Melegnano Energia Ambiente S.p.A.\n

\n \n

\n Melegnano (MI)\n

\n \n

\n Eur\n

\n \n

\n 4,800,000\n

\n \n

\n Italgas Reti S.p.A.\n

\n \n

\n 40.00%\n

\n \n

\n equity measurement\n

\n \n

\n Servizi Energetici IG S.r.l.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 10,000\n

\n \n

\n Italgas Reti S.p.A.\n

\n \n

\n 60.00%\n

\n \n

\n equity measurement\n

\n (a)Company subject to joint control", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact538": { "value": "\n
\n Other information on equity investments\n
\n
\n In\n \n accordance\n \n with\n \n the\n \n provisions\n \n of\n \n IFRS\n \n 12\n \n -\n \n \u201cDisclosure\n \n of\n \n interests\n \n in\n \n other\n \n entities\u201d,\n \n the\n \n economic\n \n and \n financial\n \n data\n \n for\n \n joint\n \n ventures\n \n and\n \n associates\n \n are\n \n provided\n \n below.\n \n The\n \n aggregated\n \n presentation\n \n does\n \n not \n obscure relevant information and gives a clearer overview of the equity investments in similar entities.\n
\n \n
\n Equity investments in joint ventures\n
\n \n
\n The\n \n IFRS-compliant\n \n economic\n \n and\n \n financial\n \n data\n \n on\n \n equity\n \n investments\n \n in\n \n joint\n \n ventures\n \n operating\n \n in\n \n the \n distribution of natural gas\n 155\n are reported below according to their relevance: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,125\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 865\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,751\n

\n
\n

\n Total assets\n

\n 		\n

\n 7,876\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (2,895)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (2,606)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,867)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n 0\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (5,762)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,114\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,057\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,057\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Revenues\n

\n 		\n

\n 1,619\n

\n
\n

\n Operating costs\n

\n 		\n

\n (909)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (299)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 411\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (129)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (79)\n

\n
\n

\n Net profit\n

\n 		\n

\n 203\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 203\n

\n
\n

\n Group interest\n

\n 		\n

\n 102\n

\n
\n
\n (*) Includes equity investment in Energie Rete Gas reclassified as at 31 December 2024 from joint ventures to Equity investments in associates.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,790\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 843\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,640\n

\n
\n

\n Total assets\n

\n 		\n

\n 8,430\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (3,506)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n \u00a0\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,597)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (2,500)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (6,103)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,327\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,064\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,064\n

\n
\n

\n Revenues\n

\n 		\n

\n 1,892\n

\n
\n

\n Operating costs\n

\n 		\n

\n (872)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (326)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 694\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (112)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (166)\n

\n
\n

\n Net profit\n

\n 		\n

\n 416\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 416\n

\n
\n

\n Group interest\n

\n 		\n

\n 208\n

\n
\n
\n \n
\n Metano Sant\u2019Angelo Lodigiano S.p.A. \n
\n
\n
\n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n sector\n \n in\n \n the\n \n municipalities\n \n of \n Sant\u2019Angelo\n \n Lodigiano\n \n (LO),\n \n Villanova\n \n del\n \n Sillaro,\n \n Bargano\n \n (LO),\n \n Castiraga\n \n Vidardo\n \n (LO),\n \n Marudo\n \n (LO)\n \n and \n Villanterio (PV).\n
\n
\n The\n \n share\n \n capital\n \n of\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (50%)\n \n and\n \n by\n \n Comune\n \n di \n Sant\u2019Angelo\n \n Lodigiano\n \n (50%).\n \n The\n \n corporate\n \n governance\n \n rules\n \n establish\n \n that\n \n the\n \n decisions\n \n on\n \n the\n \n significant \n activities\n \n have\n \n to\n \n be\n \n taken\n \n with\n \n the\n \n unanimous\n \n consent\n \n of\n \n the\n \n private\n \n partner\n \n (Italgas\n \n S.p.A.)\n \n and\n \n the\n \n Public \n Partner (Municipalities).\n
\n \n \n
\n Equity investments in associates\n
\n
\n Some\n \n economic\n \n and\n \n financial\n \n data\n \n for\n \n each\n \n significant\n \n associate\n 156\n ,\n \n considered\n \n material\n \n and\n \n accounted\n \n for \n using the equity method as required by IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Water service \n

\n 		\n

\n ESCo companies\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 5,643\n

\n 		\n

\n 4,420\n

\n 		\n

\n 63,624\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 71,274\n

\n 		\n

\n 119,880\n

\n 		\n

\n 391,156\n

\n
\n

\n Total assets\n

\n 		\n

\n 94,360\n

\n 		\n

\n 145,496\n

\n 		\n

\n 766,361\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (29,378)\n

\n 		\n

\n (11,128)\n

\n 		\n

\n (346,260)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (7,238)\n

\n 		\n

\n (1,721)\n

\n 		\n

\n (36,139)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (21,977)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (181,517)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (10,814)\n

\n 		\n

\n (99,932)\n

\n 		\n

\n (88,786)\n

\n
\n
\n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Total liabilities\n

\n 		\n

\n (51,355)\n

\n 		\n

\n (111,060)\n

\n 		\n

\n (527,777)\n

\n
\n

\n Equity\n

\n 		\n

\n 43,005\n

\n 		\n

\n 34,436\n

\n 		\n

\n 238,584\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 18,616\n

\n 		\n

\n 16,874\n

\n 		\n

\n 144,795\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,538\n

\n 		\n

\n 4,755\n

\n 		\n

\n (34,918)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 23,154\n

\n 		\n

\n 21,629\n

\n 		\n

\n 109,877\n

\n
\n

\n Revenues\n

\n 		\n

\n 21,936\n

\n 		\n

\n 15,859\n

\n 		\n

\n 203,578\n

\n
\n

\n Operating costs\n

\n 		\n

\n (12,381)\n

\n 		\n

\n (3,693)\n

\n 		\n

\n (134,534)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (3,979)\n

\n 		\n

\n (5,316)\n

\n 		\n

\n (47,257)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 5,576\n

\n 		\n

\n 6,850\n

\n 		\n

\n 21,787\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (723)\n

\n 		\n

\n (6,405)\n

\n 		\n

\n 827\n

\n
\n

\n Income taxes\n

\n 		\n

\n (1,614)\n

\n 		\n

\n (929)\n

\n 		\n

\n (6,049)\n

\n
\n

\n Net profit\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 3,239\n

\n 		\n

\n (484)\n

\n 		\n

\n 16,565\n

\n
\n

\n Group interest\n

\n 		\n

\n 1,378\n

\n 		\n

\n (237)\n

\n 		\n

\n 9,529\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n 		\n

\n Gas transmission \n

\n 		\n

\n Water service \n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 8,883\n

\n 		\n

\n 983\n

\n 		\n

\n 61,313\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 75,764\n

\n 		\n

\n 125,369\n

\n 		\n

\n 539,308\n

\n
\n

\n Total assets\n

\n 		\n

\n 103,575\n

\n 		\n

\n 149,206\n

\n 		\n

\n 877,519\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (25,456)\n

\n 		\n

\n (4,332)\n

\n 		\n

\n (334,867)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (4,413)\n

\n 		\n

\n 0\n

\n 		\n

\n (5,600)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (20,951)\n

\n 		\n

\n (110,434)\n

\n 		\n

\n (293,291)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (11,420)\n

\n 		\n

\n (109,198)\n

\n 		\n

\n (97,087)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (46,407)\n

\n 		\n

\n (114,766)\n

\n 		\n

\n (628,158)\n

\n
\n

\n Equity\n

\n 		\n

\n 57,168\n

\n 		\n

\n 34,440\n

\n 		\n

\n 249,361\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 24,419\n

\n 		\n

\n 16,876\n

\n 		\n

\n 150,525\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 4,273\n

\n 		\n

\n 4,610\n

\n 		\n

\n (35,088)\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 28,692\n

\n 		\n

\n 21,486\n

\n 		\n

\n 115,437\n

\n
\n

\n Revenues\n

\n 		\n

\n 25,223\n

\n 		\n

\n 15,754\n

\n 		\n

\n 188,472\n

\n
\n

\n Operating costs\n

\n 		\n

\n (9,488)\n

\n 		\n

\n (4,040)\n

\n 		\n

\n (132,834)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (4,272)\n

\n 		\n

\n (5,851)\n

\n 		\n

\n (33,702)\n

\n
\n

\n Operating Result \n

\n 		\n

\n 11,463\n

\n 		\n

\n 5,863\n

\n 		\n

\n 21,936\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (804)\n

\n 		\n

\n (5,956)\n

\n 		\n

\n (6,176)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (3,384)\n

\n 		\n

\n (401)\n

\n 		\n

\n (5,239)\n

\n
\n

\n Net profit\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 7,275\n

\n 		\n

\n (494)\n

\n 		\n

\n 10,521\n

\n
\n

\n Group interest\n

\n 		\n

\n 3,195\n

\n 		\n

\n (242)\n

\n 		\n

\n 5,638\n

\n
\n
\n
\n Umbria Distribuzione Gas S.p.A. \n
\n
\n
\n Umbria Distribuzione Gas S.p.A. operates in the natural gas distribution segment in Umbria. \n
\n
\n The\n \n share\n \n capital\n \n of\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (45%),\n \n by\n \n A.S.M.\n \n Terni\n \n S.p.A. \n (40%) and by Acea S.p.A. (15%).\n
\n
\n Umbria\n \n Distribuzione\n \n Gas\n \n manages\n \n the\n \n natural\n \n gas\n \n distribution\n \n service\n \n in\n \n the\n \n Municipality\n \n of\n \n Terni,\n \n using\n \n an \n integrated\n \n system\n \n of\n \n infrastructure,\n \n mostly\n \n owned\n \n by\n \n Terni\n \n Reti\n \n S.r.l.,\n \n a\n \n wholly-owned\n \n subsidiary\n \n of\n \n said \n Municipality.\n
\n
\n Gesam Reti S.p.A. \n
\n
\n
\n Gesam\n \n Reti\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n and\n \n network\n \n management\n \n sector\n \n (owned\n \n 42.96% \n by Toscana Energia S.p.A.) in the municipality of Lucca and in another 7 municipalities of the province.\n
\n
\n Energie Rete Gas S.r.l. \n
\n
\n
\n Energie\n \n Rete\n \n Gas\n \n S.r.l.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n gas\n \n transmission\n \n through\n \n a\n \n network\n \n of\n \n regional\n \n methane \n pipelines located in Valle D\u2019Aosta, Piedmont, Liguria, Tuscany and Sardinia.\n
\n
\n The share capital of the company is held by Energetica S.p.A. (51%) and Medea S.p.A. (49%).\n
\n
\n \n \n \n \n \n Siciliacque S.p.A.\n
\n
\n Siciliacque\n \n S.p.A.\n \n operates\n \n in\n \n Sicily,\n \n under\n \n concession,\n \n the\n \n services\n \n of\n \n water\n \n collection,\n \n storage,\n \n purification \n and\n \n water\n \n adduction\n \n at\n \n a\n \n supra-regional\n \n level.\n \n It\n \n is\n \n 75%\n \n owned\n \n by\n \n Idrosicilia\n \n S.r.l.\n \n and\n \n the\n \n remaining\n \n 25%\n \n by \n the Sicily Region, which exercises control.\n
\n
\n Acqualatina S.p.A.\n
\n
\n
\n Acqualatina\n \n S.p.A.\n \n is\n \n a\n \n joint\n \n publicly\n \n controlled\n \n company\n \n operating\n \n in\n \n the\n \n Water\n \n Service\n \n in\n \n the\n \n Province\n \n of \n Latina\n \n and\n \n lower\n \n Lazio\n \n (Optimal\n \n Territorial\n \n Areas\n \n (OTA)\n \n n.\n \n 4\n \n Lazio\n \n Meridionale\n \n or\n \n ATO\n \n 4).\n \n 51%\n \n of\n \n its\n \n capital\n \n is \n held by the municipalities in ATO 4 and the remaining 49% by Idrolatina S.r.l.\n
\n
\n Melegnano Energia Ambiente S.p.A. \n
\n
\n
\n Melegnano\n \n Energia\n \n Ambiente\n \n S.p.A.\n \n is\n \n a\n \n company\n \n active\n \n in\n \n the\n \n provision\n \n of\n \n local\n \n public\n \n services,\n \n including \n gas and water distribution, in the Municipalities of Melegnano and Binasco.\n
\n
\n The\n \n company\u2019s\n \n share\n \n capital\n \n is\n \n held\n \n by\n \n the\n \n Municipality\n \n of\n \n Melegnano\n \n (60%)\n \n and\n \n by\n \n Italgas\n \n Reti\n \n S.p.A.\n \n (40%). \n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact544": { "value": "\n
\n Equity investments in joint ventures\n
\n \n
\n The\n \n IFRS-compliant\n \n economic\n \n and\n \n financial\n \n data\n \n on\n \n equity\n \n investments\n \n in\n \n joint\n \n ventures\n \n operating\n \n in\n \n the \n distribution of natural gas\n 155\n are reported below according to their relevance: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,125\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 865\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,751\n

\n
\n

\n Total assets\n

\n 		\n

\n 7,876\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (2,895)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (2,606)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,867)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n 0\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (5,762)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,114\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,057\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,057\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Revenues\n

\n 		\n

\n 1,619\n

\n
\n

\n Operating costs\n

\n 		\n

\n (909)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (299)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 411\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (129)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (79)\n

\n
\n

\n Net profit\n

\n 		\n

\n 203\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 203\n

\n
\n

\n Group interest\n

\n 		\n

\n 102\n

\n
\n
\n (*) Includes equity investment in Energie Rete Gas reclassified as at 31 December 2024 from joint ventures to Equity investments in associates.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,790\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 843\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,640\n

\n
\n

\n Total assets\n

\n 		\n

\n 8,430\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (3,506)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n \u00a0\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,597)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (2,500)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (6,103)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,327\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,064\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,064\n

\n
\n

\n Revenues\n

\n 		\n

\n 1,892\n

\n
\n

\n Operating costs\n

\n 		\n

\n (872)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (326)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 694\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (112)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (166)\n

\n
\n

\n Net profit\n

\n 		\n

\n 416\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 416\n

\n
\n

\n Group interest\n

\n 		\n

\n 208\n

\n
\n
\n \n
\n Metano Sant\u2019Angelo Lodigiano S.p.A. \n
\n
\n
\n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n operates\n \n in\n \n the\n \n natural\n \n gas\n \n distribution\n \n sector\n \n in\n \n the\n \n municipalities\n \n of \n Sant\u2019Angelo\n \n Lodigiano\n \n (LO),\n \n Villanova\n \n del\n \n Sillaro,\n \n Bargano\n \n (LO),\n \n Castiraga\n \n Vidardo\n \n (LO),\n \n Marudo\n \n (LO)\n \n and \n Villanterio (PV).\n
\n
\n The\n \n share\n \n capital\n \n of\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.\n \n is\n \n held\n \n by\n \n Italgas\n \n S.p.A.\n \n (50%)\n \n and\n \n by\n \n Comune\n \n di \n Sant\u2019Angelo\n \n Lodigiano\n \n (50%).\n \n The\n \n corporate\n \n governance\n \n rules\n \n establish\n \n that\n \n the\n \n decisions\n \n on\n \n the\n \n significant \n activities\n \n have\n \n to\n \n be\n \n taken\n \n with\n \n the\n \n unanimous\n \n consent\n \n of\n \n the\n \n private\n \n partner\n \n (Italgas\n \n S.p.A.)\n \n and\n \n the\n \n Public \n Partner (Municipalities).\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact557": { "value": "\n
\n The\n \n IFRS-compliant\n \n economic\n \n and\n \n financial\n \n data\n \n on\n \n equity\n \n investments\n \n in\n \n joint\n \n ventures\n \n operating\n \n in\n \n the \n distribution of natural gas\n 155\n are reported below according to their relevance: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,125\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 865\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,751\n

\n
\n

\n Total assets\n

\n 		\n

\n 7,876\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (2,895)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n (2,606)\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,867)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n 0\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (5,762)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,114\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,057\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,057\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Revenues\n

\n 		\n

\n 1,619\n

\n
\n

\n Operating costs\n

\n 		\n

\n (909)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (299)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 411\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (129)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (79)\n

\n
\n

\n Net profit\n

\n 		\n

\n 203\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 203\n

\n
\n

\n Group interest\n

\n 		\n

\n 102\n

\n
\n
\n (*) Includes equity investment in Energie Rete Gas reclassified as at 31 December 2024 from joint ventures to Equity investments in associates.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n \u00a0 \n 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gas distribution \n

\n
\n

\n Current assets\n

\n 		\n

\n 1,790\n

\n
\n

\n - of which Cash and Cash equivalents\n

\n 		\n

\n 843\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 6,640\n

\n
\n

\n Total assets\n

\n 		\n

\n 8,430\n

\n
\n

\n Current liabilities\n

\n 		\n

\n (3,506)\n

\n
\n

\n - of which Current financial liabilities\n

\n 		\n

\n \u00a0\n

\n
\n

\n Non-current liabilities\n

\n 		\n

\n (2,597)\n

\n
\n

\n - of which Non-current financial liabilities\n

\n 		\n

\n (2,500)\n

\n
\n

\n Total liabilities\n

\n 		\n

\n (6,103)\n

\n
\n

\n Equity\n

\n 		\n

\n 2,327\n

\n
\n

\n Equity attributable to the Group\n

\n 		\n

\n 1,064\n

\n
\n

\n Other adjustments\n

\n 		\n

\n 0\n

\n
\n

\n Carrying amount\n

\n 		\n

\n 1,064\n

\n
\n

\n Revenues\n

\n 		\n

\n 1,892\n

\n
\n

\n Operating costs\n

\n 		\n

\n (872)\n

\n
\n

\n Amortisation, depreciation and impairment of asset\n

\n 		\n

\n (326)\n

\n
\n

\n Operatin result\n

\n 		\n

\n 694\n

\n
\n

\n Financial Income (Expense)\n

\n 		\n

\n (112)\n

\n
\n

\n Income taxes\n

\n 		\n

\n (166)\n

\n
\n

\n Net profit\n

\n 		\n

\n 416\n

\n
\n

\n Total comprehensive income\n

\n 		\n

\n 416\n

\n
\n

\n Group interest\n

\n 		\n

\n 208\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact541": { "value": "\n \n \n
\n 16)\n Non-current financial assets\n
\n \n
\n Non-current\n \n financial\n \n assets\n ,\n \n amounting\n \n to\n \n 349,295\n \n thousand\n \n euro\n \n (339,747\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Financial receivables\n

\n 		\n

\n 319,388\n

\n 		\n

\n 324,027\n

\n
\n

\n Other equity investments\n

\n 		\n

\n 20,359\n

\n 		\n

\n 25,268\n

\n
\n

\n \u00a0\n

\n 		\n

\n 339,747\n

\n 		\n

\n 349,295\n

\n
\n
\n \n \n \n \n \n
\n \n The\n \n \n item\n \n Financial\n \n receivables\n \n for\n \n 324,027\n \n thousand\n \n euro\n \n mainly\n \n includes\n \n the\n \n residual\n \n value\n \n of\n \n the\n \n gas \n distribution\n \n concession\n \n in\n \n Rome\n \n (entered\n \n into\n \n in\n \n 2012\n \n and\n \n expired\n \n in\n \n November\n \n 2024)\n \n amounting\n \n to\n \n 299.6 \n million\n \n euro.\n \n The\n \n concession\n \n established\n \n that\n \n the\n \n operator\n \n (Italgas\n \n Reti\n \n S.p.A.)\n \n had\n \n the\n \n unconditional\n \n right\n \n to \n receive such amount upon expiry.\n
\n \n
\n \n Other\n \n equity\n \n investments\n \n for\n \n 25,268\n \n thousand\n \n euro\n \n relates\n \n to\n \n the\n \n fair\n \n value\n \n measurement\n \n of\n \n the\n \n investments \n in Picarro Inc. (16,637 thousand euro) and Reti Distribuzione S.p.A. (8,400 thousand euro)\n \n .\n \n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact553": { "value": "\n \n
\n 16)\n Non-current financial assets\n
\n \n
\n Non-current\n \n financial\n \n assets\n ,\n \n amounting\n \n to\n \n 349,295\n \n thousand\n \n euro\n \n (339,747\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Financial receivables\n

\n 		\n

\n 319,388\n

\n 		\n

\n 324,027\n

\n
\n

\n Other equity investments\n

\n 		\n

\n 20,359\n

\n 		\n

\n 25,268\n

\n
\n

\n \u00a0\n

\n 		\n

\n 339,747\n

\n 		\n

\n 349,295\n

\n
\n
\n \n \n \n
\n \n The\n \n \n item\n \n Financial\n \n receivables\n \n for\n \n 324,027\n \n thousand\n \n euro\n \n mainly\n \n includes\n \n the\n \n residual\n \n value\n \n of\n \n the\n \n gas \n distribution\n \n concession\n \n in\n \n Rome\n \n (entered\n \n into\n \n in\n \n 2012\n \n and\n \n expired\n \n in\n \n November\n \n 2024)\n \n amounting\n \n to\n \n 299.6 \n million\n \n euro.\n \n The\n \n concession\n \n established\n \n that\n \n the\n \n operator\n \n (Italgas\n \n Reti\n \n S.p.A.)\n \n had\n \n the\n \n unconditional\n \n right\n \n to \n receive such amount upon expiry.\n
\n \n Other\n \n equity\n \n investments\n \n for\n \n 25,268\n \n thousand\n \n euro\n \n relates\n \n to\n \n the\n \n fair\n \n value\n \n measurement\n \n of\n \n the\n \n investments \n in Picarro Inc. (16,637 thousand euro) and Reti Distribuzione S.p.A. (8,400 thousand euro)\n ", "dimensions": { "concept": "italgas:DisclosureOfNoncurrentFinancialAssets", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact540": { "value": "\n
\n 16)\n Non-current financial assets\n
\n \n
\n Non-current\n \n financial\n \n assets\n ,\n \n amounting\n \n to\n \n 349,295\n \n thousand\n \n euro\n \n (339,747\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Financial receivables\n

\n 		\n

\n 319,388\n

\n 		\n

\n 324,027\n

\n
\n

\n Other equity investments\n

\n 		\n

\n 20,359\n

\n 		\n

\n 25,268\n

\n
\n

\n \u00a0\n

\n 		\n

\n 339,747\n

\n 		\n

\n 349,295\n

\n
\n
\n \n \n The\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact542": { "value": "\n
\n Non-current\n \n financial\n \n assets\n ,\n \n amounting\n \n to\n \n 349,295\n \n thousand\n \n euro\n \n (339,747\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Financial receivables\n

\n 		\n

\n 319,388\n

\n 		\n

\n 324,027\n

\n
\n

\n Other equity investments\n

\n 		\n

\n 20,359\n

\n 		\n

\n 25,268\n

\n
\n

\n \u00a0\n

\n 		\n

\n 339,747\n

\n 		\n

\n 349,295\n

\n
\n
\n \n \n
\n \n The\n \n \n item\n \n Financial\n \n receivables\n \n for\n \n 324,027\n \n thousand\n \n euro\n \n mainly\n \n includes\n \n the\n \n residual\n \n value\n \n of\n \n the\n \n gas \n distribution\n \n concession\n \n in\n \n Rome\n \n (entered\n \n into\n \n in\n \n 2012\n \n and\n \n expired\n \n in\n \n November\n \n 2024)\n \n amounting\n \n to\n \n 299.6 \n million\n \n euro.\n \n The\n \n concession\n \n established\n \n that\n \n the\n \n operator\n \n (Italgas\n \n Reti\n \n S.p.A.)\n \n had\n \n the\n \n unconditional\n \n right\n \n to \n receive such amount upon expiry.\n
\n \n
\n \n Other\n \n equity\n \n investments\n \n for\n \n 25,268\n \n thousand\n \n euro\n \n relates\n \n to\n \n the\n \n fair\n \n value\n \n measurement\n \n of\n \n the\n \n investments \n in Picarro Inc. (16,637 thousand euro) and Reti Distribuzione S.p.A. (8,400 thousand euro)\n \n .\n \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact539": { "value": "\n
\n 17)\n Assets held for sale\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact561": { "value": "\n \n
\n 18)\n Current and non-current financial liabilities\n
\n Current\n \n financial\n \n liabilities,\n \n amounting\n \n to\n \n 975,322\n \n thousand\n \n euro\n \n (980,569\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n and\n \n non-current\n \n financial\n \n liabilities,\n \n amounting\n \n to\n \n 10,440,320\n \n thousand\n \n euro\n \n (6,205,299\n \n thousand\n \n euro \n as at 31 December 2024), break down as follows:\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 250,334\n

\n 		\n

\n 70,744\n

\n 		\n

\n 321,078\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 429,099\n

\n 		\n

\n 483,548\n

\n 		\n

\n 912,647\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 569,817\n

\n 		\n

\n 569,817\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,111,521\n

\n 		\n

\n 2,136,922\n

\n 		\n

\n 5,248,443\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 21,649\n

\n 		\n

\n 46,274\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 34,940\n

\n 		\n

\n 9,269\n

\n 		\n

\n 44,209\n

\n
\n

\n Other shareholders\n

\n 		\n

\n 43,376\n

\n 		\n

\n 24\n

\n 		\n

\n 43,400\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 318,335\n

\n 		\n

\n 662,234\n

\n 		\n

\n 980,569\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,575,560\n

\n 		\n

\n 2,629,739\n

\n 		\n

\n 6,205,299\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 2,069\n

\n 		\n

\n 322,847\n

\n 		\n

\n 324,916\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,915,784\n

\n 		\n

\n 389,723\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 550,864\n

\n 		\n

\n 550,864\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,980,920\n

\n 		\n

\n 3,076,111\n

\n 		\n

\n 8,057,031\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 30,297\n

\n 		\n

\n 54,922\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 61,241\n

\n 		\n

\n 16,541\n

\n 		\n

\n 77,782\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 44,596\n

\n 		\n

\n 24\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 71,290\n

\n 		\n

\n 904,032\n

\n 		\n

\n 975,322\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,957,945\n

\n 		\n

\n 3,482,375\n

\n 		\n

\n 10,440,320\n

\n
\n
\n \n
\n On\n \n 6\n \n March\n \n 2025,\n \n under\n \n the\n \n EMTN\n \n Programme,\n \n Italgas\n \n placed\n \n a\n \n \"dual-tranche\"\n \n note\n \n with\n \n fixed\n \n rates\n \n and \n maturities\n \n of\n \n 5\n \n and\n \n 9\n \n years,\n \n maturing\n \n on\n \n 6\n \n March\n \n 2030\n \n and\n \n 2034,\n \n respectively,\n \n with\n \n each\n \n tranche\n \n amounting \n to 500 million euro and annual coupons of 2.875% and 3.500%, respectively.\n
\n
\n On\n \n 31\n \n March\n \n 2025,\n \n Italgas\n \n drew\n \n on\n \n the\n \n so-called\n \n Bridge\n \n credit\n \n line\n \n of\n \n 1,000\n \n million\n \n euro,\n \n granted\n \n under\n \n the \n financing\n \n agreement\n \n signed\n \n on\n \n 5\n \n October\n \n 2024\n \n with\n \n J.P.\n \n Morgan\n \n Chase\n \n Bank,\n \n N.A.\n \n \u2013\n \n Milan\n \n Branch,\n \n Banco \n BPM\n \n S.p.A.,\n \n Bank\n \n of\n \n America\n \n Europe\n \n Designated\n \n Activity\n \n Company\n \n \u2013\n \n Milan\n \n Branch,\n \n Citibank\n \n N.A.\n \n \u2013\n \n Milan \n Branch,\n \n Morgan\n \n Stanley\n \n Bank\n \n AG,\n \n and\n \n Soci\u00e9t\u00e9\n \n G\u00e9n\u00e9rale\n \n \u2013\n \n Milan\n \n Branch,\n \n as\n \n the\n \n financing\n \n banks.\n \n This\n \n facility \n was fully repaid on 20 June thanks to the capital increase.\n
\n
\n On\n \n 16\n \n May\n \n 2025,\n \n Italgas\n \n entered\n \n into\n \n two\n \n floating-rate\n \n bank\n \n loans\n \n with\n \n leading\n \n credit\n \n institutions,\n \n each \n amounting to 300 million euro (for a total amount of 600 million euro) and with a duration of three years.\n
\n
\n On\n \n 17\n \n June\n \n 2025\n \n Italgas\n \n took\n \n out\n \n a\n \n floating-rate\n \n bank\n \n loan\n \n with\n \n a\n \n leading\n \n bank.\n \n The\n \n loan\n \n was\n \n for\n \n a\n \n total\n \n amount \n of\n \n 300\n \n million\n \n euro\n \n and\n \n for\n \n a\n \n duration\n \n of\n \n three\n \n years.\n \n In\n \n addition,\n \n in\n \n September,\n \n Italgas\n \n obtained\n \n two\n \n floating-\n rate\n \n bank\n \n loans\n \n for\n \n a\n \n total\n \n amount\n \n of\n \n 500\n \n million\n \n euro,\n \n with\n \n a\n \n three-year\n \n maturity,\n \n used\n \n for\n \n the\n \n reimbursement \n of a note maturing on 11 September.\n
\n
\n On\n \n 10\n \n July\n \n 2025,\n \n Consob\n \n approved\n \n the\n \n new\n \n EMTN\n \n (Euro\n \n Medium\n \n Term\n \n Notes)\n \n Programme\n \n with\n \n a\n \n maximum \n nominal\n \n amount\n \n of\n \n 5\n \n billion\n \n euro,\n \n providing\n \n for\n \n the\n \n issuance\n \n of\n \n one\n \n or\n \n more\n \n non-convertible\n \n notes\n \n to\n \n be \n executed\n \n within\n \n one\n \n year\n \n and\n \n placed\n \n exclusively\n \n with\n \n institutional\n \n investors.\n \n The\n \n new\n \n Italgas\n \n EMTN \n Programme\n \n is\n \n the\n \n first\n \n EMTN\n \n programme\n \n of\n \n its\n \n kind\n \n for\n \n companies\n \n in\n \n Italy\n \n that\n \n provides\n \n for\n \n the\n \n issuance\n \n of \n securities\n \n in\n \n dematerialised\n \n form,\n \n with\n \n listing\n \n on\n \n the\n \n Mercato\n \n Telematico\n \n delle\n \n Obbligazioni\n \n (\u201cMOT\u201d, \n Government Bond and Securities Electronic Market), operated by Borsa Italiana S.p.A..\n
\n
\n As\n \n required\n \n by\n \n IAS\n \n 7\n \n (\u00a744A),\n \n below\n \n is\n \n the\n \n statement\n \n showing\n \n the\n \n reconciliation\n \n of\n \n the\n \n changes\n \n in\n \n financing \n liabilities, distinguishing between changes arising from cash flow and other non-monetary changes changes.\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n 31 December 2024\n

\n 		\n

\n Cash flow\n

\n 		\n

\n Other changes\n

\n 		\n

\n Business combinations\n

\n 		\n

\n 31 December 2025\n

\n
\n

\n Bank loans\n

\n 		\n

\n 1,233,725\n

\n 		\n

\n 1,073,071\n

\n 		\n

\n (12,798)\n

\n 		\n

\n 336,425\n

\n 		\n

\n 2,630,423\n

\n
\n
\n \n
\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n of which current\n

\n 		\n

\n 321,078\n

\n 		\n

\n (324,539)\n

\n 		\n

\n 307,861\n

\n 		\n

\n 20,516\n

\n 		\n

\n 324,916\n

\n
\n

\n of which non-current\n

\n 		\n

\n 912,647\n

\n 		\n

\n 1,397,610\n

\n 		\n

\n (320,659)\n

\n 		\n

\n 315,909\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n (2,500)\n

\n 		\n

\n 73,998\n

\n 		\n

\n 2,718,137\n

\n 		\n

\n 8,607,895\n

\n
\n

\n of which current\n

\n 		\n

\n 569,817\n

\n 		\n

\n (1,000,000)\n

\n 		\n

\n 445,381\n

\n 		\n

\n 535,384\n

\n 		\n

\n 550,582\n

\n
\n

\n of which non-current\n

\n 		\n

\n 5,248,443\n

\n 		\n

\n 997,500\n

\n 		\n

\n (371,383)\n

\n 		\n

\n 2,182,753\n

\n 		\n

\n 8,057,313\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRIC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 65,738\n

\n 		\n

\n 23,188\n

\n 		\n

\n 132,704\n

\n
\n

\n of which current\n

\n 		\n

\n 46,274\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 47,458\n

\n 		\n

\n 7,895\n

\n 		\n

\n 54,922\n

\n
\n

\n of which non-current\n

\n 		\n

\n 44,209\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,280\n

\n 		\n

\n 15,293\n

\n 		\n

\n 77,782\n

\n
\n

\n Other loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which current\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which non-current\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 7,185,868\n

\n 		\n

\n 1,025,086\n

\n 		\n

\n 126,938\n

\n 		\n

\n 3,077,750\n

\n 		\n

\n 11,415,642\n

\n
\n \n \n
\n Current financial liabilities\n
\n
\n Current\n \n financial\n \n liabilities\n \n amounting\n \n to\n \n 975,314\n \n thousand\n \n euro\n \n (980,569\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n are\n \n mainly\n \n related\n \n to\n \n the\n \n current\n \n portion \n of\n \n non-current\n \n liabilities.\n \n The\n \n decrease\n \n of\n \n 5,255\n \n thousand\n \n euro\n \n is\n \n attributable\n \n to\n \n the\n \n combined\n \n effect\n \n of\n \n (i)\n \n the\n \n reduction\n \n in\n \n bank\n \n loans\n \n maturing\n \n in\n \n 2025 \n compared\n \n to\n \n 2024,\n \n (ii)\n \n the\n \n decrease\n \n in\n \n the\n \n notes\n \n and\n \n related\n \n interest\n \n to\n \n be\n \n paid\n \n in\n \n 2025,\n \n (iii)\n \n the\n \n increase\n \n in\n \n the\n \n short-term\n \n portion\n \n of\n \n long-term\n \n bank\n \n loans, \n (iv) the increase in other items, such as IFRS 16 financial debt.\n
\n
\n There are no current financial liabilities in currencies other than Euro.\n
\n \n
\n Non-current financial liabilities \n
\n
\n Non-current financial liabilities amount to 10,440,328 thousand euro (6,205,299 thousand euro as at 31 December 2024).\n
\n
\n Net\n \n of\n \n lease\n \n liabilities,\n \n the\n \n increase\n \n is\n \n mainly\n \n attributable\n \n to\n \n the\n \n increase\n \n of\n \n notes\n \n for\n \n 2,808,588\n \n thousand\n \n euro\n \n (especially\n \n deriving\n \n from\n \n the\n \n merger\n \n of\n \n 2i\n \n Rete \n Gas) and bank loans for 1,392,861 thousand euro.\n
\n
\n The\n \n breakdown\n \n of\n \n the\n \n notes\n \n for\n \n 8,607,895\n \n thousand\n \n euro,\n \n with\n \n the\n \n issuing\n \n company,\n \n year\n \n of\n \n issue,\n \n currency,\n \n average\n \n interest\n \n rate\n \n and\n \n due\n \n date,\n \n is\n \n provided \n in the following table.\n
\n
\n Notes issued by Italgas S.p.A and Italgas Reti S.p.A.:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Issuing company\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Fair value bond\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n Euro Medium Term Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 750,000\n

\n 		\n

\n (1,340)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 748,660\n

\n 		\n

\n 11,552\n

\n 		\n

\n 760,212\n

\n 		\n

\n 1.63%\n

\n 		\n

\n 19/01/2027\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 750,000\n

\n 		\n

\n (1,315)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 748,685\n

\n 		\n

\n 11,585\n

\n 		\n

\n 760,270\n

\n 		\n

\n 1.63%\n

\n 		\n

\n 18/01/2029\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2019\n

\n 		\n

\n euro\n

\n 		\n

\n 600,000\n

\n 		\n

\n (3,652)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 596,348\n

\n 		\n

\n 3,609\n

\n 		\n

\n 599,957\n

\n 		\n

\n 0.88%\n

\n 		\n

\n 20/04/2030\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2019\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (2,736)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 497,264\n

\n 		\n

\n 272\n

\n 		\n

\n 497,536\n

\n 		\n

\n 1.00%\n

\n 		\n

\n 11/12/2031\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (2,459)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 497,541\n

\n 		\n

\n 0\n

\n 		\n

\n 497,541\n

\n 		\n

\n 0.00%\n

\n 		\n

\n 16/02/2028\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (4,319)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 495,681\n

\n 		\n

\n 2,177\n

\n 		\n

\n 497,858\n

\n 		\n

\n 0.50%\n

\n 		\n

\n 16/02/2033\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (6,178)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 493,822\n

\n 		\n

\n 11,639\n

\n 		\n

\n 505,461\n

\n 		\n

\n 4.13%\n

\n 		\n

\n 08/06/2032\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 1,000,000\n

\n 		\n

\n (6,988)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 993,012\n

\n 		\n

\n 26,780\n

\n 		\n

\n 1,019,792\n

\n 		\n

\n 3.13%\n

\n 		\n

\n 08/02/2029\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (3,620)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 496,380\n

\n 		\n

\n 11,814\n

\n 		\n

\n 508,194\n

\n 		\n

\n 2.88%\n

\n 		\n

\n 06/03/2030\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (1,492)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 498,508\n

\n 		\n

\n 14,382\n

\n 		\n

\n 512,890\n

\n 		\n

\n 3.50%\n

\n 		\n

\n 06/03/2034\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 435,000\n

\n 		\n

\n (1,786)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 433,214\n

\n 		\n

\n 2,586\n

\n 		\n

\n 435,800\n

\n 		\n

\n 1.75%\n

\n 		\n

\n 28/08/2026\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 730,000\n

\n 		\n

\n (1,448)\n

\n 		\n

\n (8,594)\n

\n 		\n

\n 719,958\n

\n 		\n

\n 2,665\n

\n 		\n

\n 722,623\n

\n 		\n

\n 1.61%\n

\n 		\n

\n 31/10/2027\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (5,154)\n

\n 		\n

\n (38,000)\n

\n 		\n

\n 456,846\n

\n 		\n

\n 13,713\n

\n 		\n

\n 470,559\n

\n 		\n

\n 0.58%\n

\n 		\n

\n 29/01/2031\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 550,000\n

\n 		\n

\n (195)\n

\n 		\n

\n 29,800\n

\n 		\n

\n 579,605\n

\n 		\n

\n 1,985\n

\n 		\n

\n 581,590\n

\n 		\n

\n 4.38%\n

\n 		\n

\n 06/06/2033\n

\n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,315,000\n

\n 		\n

\n (42,682)\n

\n 		\n

\n (16,794)\n

\n 		\n

\n 8,255,524\n

\n 		\n

\n 114,759\n

\n 		\n

\n 8,370,283\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n During\n \n the\n \n purchase\n \n price\n \n allocation\n \n envisaged\n \n by\n \n IFRS\n \n 3\n \n and\n \n resulting\n \n from\n \n the\n \n acquisition\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas \n Group,\n \n the\n \n fair\n \n value\n \n measurement\n \n of\n \n the\n \n fixed-rate\n \n bonds\n \n listed\n \n on\n \n the\n \n Irish\n \n market\n \n was\n \n carried\n \n out.\n \n The \n impact of this measurement is shown in the column \u201cFV bond\u201d.\n
\n
\n Bond loans by the subsidiary Enaon:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Issuing company\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 130,000\n

\n 		\n

\n (573)\n

\n 		\n

\n 129,427\n

\n 		\n

\n 603\n

\n 		\n

\n 130,030\n

\n 		\n

\n 1,70% + 3M Euribor\n

\n 		\n

\n 2029\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 61,500\n

\n 		\n

\n (5,637)\n

\n 		\n

\n 55,863\n

\n 		\n

\n 285\n

\n 		\n

\n 56,148\n

\n 		\n

\n 1,90% + 3M Euribor\n

\n 		\n

\n 2034\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 52,000\n

\n 		\n

\n (807)\n

\n 		\n

\n 51,193\n

\n 		\n

\n 241\n

\n 		\n

\n 51,434\n

\n 		\n

\n 1,90% + 3M Euribor\n

\n 		\n

\n 2027\n

\n
\n
\n \n
\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 243,500\n

\n 		\n

\n (7,017)\n

\n 		\n

\n 236,483\n

\n 		\n

\n 1,129\n

\n 		\n

\n 237,612\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n The breakdown of bank loans, amounting to 2,630,423 thousand euro is provided in the table below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Type\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n ITALGAS S.p.A. - EIB \n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 288,000\n

\n 		\n

\n (97)\n

\n 		\n

\n 287,903\n

\n 		\n

\n 417\n

\n 		\n

\n 288,167\n

\n 		\n

\n 0,35+Euribor 6M\n

\n 		\n

\n 15.12.2037\n

\n
\n

\n ITALGAS S.p.A. - EIB \n

\n 		\n

\n 2015\n

\n 		\n

\n euro\n

\n 		\n

\n 82,667\n

\n 		\n

\n (128)\n

\n 		\n

\n 82,539\n

\n 		\n

\n 322\n

\n 		\n

\n 82,860\n

\n 		\n

\n 0,14+Euribor 6M\n

\n 		\n

\n 22.10.2035\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 175,000\n

\n 		\n

\n (38)\n

\n 		\n

\n 174,962\n

\n 		\n

\n 402\n

\n 		\n

\n 175,364\n

\n 		\n

\n 0,47+Euribor 6M\n

\n 		\n

\n 30.11.2032\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2022\n

\n 		\n

\n euro\n

\n 		\n

\n 150,000\n

\n 		\n

\n (83)\n

\n 		\n

\n 149,917\n

\n 		\n

\n 223\n

\n 		\n

\n 150,141\n

\n 		\n

\n 3.180%\n

\n 		\n

\n 15.12.2037\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 12,000\n

\n 		\n

\n (105)\n

\n 		\n

\n 11,895\n

\n 		\n

\n 180\n

\n 		\n

\n 12,075\n

\n 		\n

\n 2.770%\n

\n 		\n

\n 04.07.2042\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 36,000\n

\n 		\n

\n (89)\n

\n 		\n

\n 35,911\n

\n 		\n

\n 89\n

\n 		\n

\n 36,000\n

\n 		\n

\n 0,829+Euribor 6M\n

\n 		\n

\n 05.12.2044\n

\n
\n

\n TOSCANA ENERGIA S.p.A - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 45,000\n

\n 		\n

\n 0\n

\n 		\n

\n 45,000\n

\n 		\n

\n 0\n

\n 		\n

\n 45,000\n

\n 		\n

\n 1.050%\n

\n 		\n

\n 30.06.2031\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2015\n

\n 		\n

\n euro\n

\n 		\n

\n 90,909\n

\n 		\n

\n 0\n

\n 		\n

\n 90,909\n

\n 		\n

\n 13\n

\n 		\n

\n 90,922\n

\n 		\n

\n 0,59+Euribor 6M\n

\n 		\n

\n 29.12.2030\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 70,000\n

\n 		\n

\n 0\n

\n 		\n

\n 70,000\n

\n 		\n

\n 5\n

\n 		\n

\n 70,005\n

\n 		\n

\n 1.392%\n

\n 		\n

\n 29.12.2026\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 155,000\n

\n 		\n

\n 0\n

\n 		\n

\n 155,000\n

\n 		\n

\n 12\n

\n 		\n

\n 155,012\n

\n 		\n

\n 1.398%\n

\n 		\n

\n 29.12.2026\n

\n
\n

\n ITALGAS S.p.A. - TL MEDIOBANCA\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 125,000\n

\n 		\n

\n (124)\n

\n 		\n

\n 124,876\n

\n 		\n

\n 0\n

\n 		\n

\n 124,876\n

\n 		\n

\n 0,65+Euribor 6M\n

\n 		\n

\n 18.10.2027\n

\n
\n

\n ITALGAS S.p.A. - INTESA SANPAOLO\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (371)\n

\n 		\n

\n 299,629\n

\n 		\n

\n 0\n

\n 		\n

\n 299,629\n

\n 		\n

\n 0,70+Euribor 3M\n

\n 		\n

\n 16.05.2028\n

\n
\n

\n ITALGAS S.p.A. - CAIXA BANK\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (443)\n

\n 		\n

\n 299,557\n

\n 		\n

\n 0\n

\n 		\n

\n 299,557\n

\n 		\n

\n 0,67+Euribor 3M\n

\n 		\n

\n 16.05.2028\n

\n
\n

\n ITALGAS S.p.A. - BBVA\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (383)\n

\n 		\n

\n 299,617\n

\n 		\n

\n 0\n

\n 		\n

\n 299,617\n

\n 		\n

\n 0,70+Euribor 3M\n

\n 		\n

\n 17.06.2028\n

\n
\n

\n ITALGAS S.p.A. - BNL\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 250,000\n

\n 		\n

\n (346)\n

\n 		\n

\n 249,654\n

\n 		\n

\n 0\n

\n 		\n

\n 249,654\n

\n 		\n

\n 0,67+Euribor 3M\n

\n 		\n

\n 28.07.2028\n

\n
\n

\n ITALGAS S.p.A. - CACIB\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 250,000\n

\n 		\n

\n (525)\n

\n 		\n

\n 249,475\n

\n 		\n

\n 0\n

\n 		\n

\n 249,475\n

\n 		\n

\n 0,60+Euribor 3M\n

\n 		\n

\n 28.07.2028\n

\n
\n

\n ITALGAS RETI (ex 2iretegas). - RCF\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 61\n

\n 		\n

\n 61\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 05.03.2027\n

\n
\n

\n Loans due to other banks\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,008\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,629,576\n

\n 		\n

\n (2,732)\n

\n 		\n

\n 1,228,912\n

\n 		\n

\n 1,724\n

\n 		\n

\n 2,630,423\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n There are no non-current financial liabilities in currencies other than Euro.\n
\n
\n There were no breaches of loan agreements as at the reporting date. \n
\n
\n Other\n \n shareholders\n \n loans\n \n amounting\n \n to\n \n 44,620\n \n thousand\n \n euro\n \n refer\n \n to\n \n amounts\n \n due\n \n for\n \n collections\n \n to\n \n be \n transferred\n \n in\n \n relation\n \n to\n \n the\n \n metering\n \n service\n \n carried\n \n out\n \n in\n \n the\n \n name\n \n and\n \n on\n \n behalf\n \n of\n \n the\n \n Regione\n \n Campania.\n
\n
\n There\n \n were\n \n no\n \n breaches\n \n of\n \n loan\n \n agreements\n \n as\n \n at\n \n the\n \n reporting\n \n date.\n \n For\n \n more\n \n information,\n \n see\n \n \u201cFinancial \n covenants and negative pledge contractual clauses\u201d below.\n
\n
\n Breakdown of total financial liabilities by interest rate type\n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025,\n \n fixed-rate\n \n debt\n \n accounted\n \n for\n \n 79.8%\n \n of\n \n total\n \n financial\n \n liabilities\n \n (85.4%\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n while\n \n floating-rate\n \n debt\n \n stood\n \n at\n \n 20.2%\n \n (14.6%\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n The\n \n increase\n \n in \n floating-rate\n \n liabilities\n \n is\n \n due\n \n to\n \n the\n \n signing\n \n of\n \n new\n \n bank\n \n loans\n \n concluded\n \n during\n \n the\n \n year\n \n and\n \n the\n \n maturity\n \n of \n two fixed-rate bonds, partially offset by the consolidation of the debt formerly held by 2i Rete Gas S.p.A..\n
\n
\n Financial covenant and negative pledge contractual clauses \n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025\n \n Italgas\n \n had\n \n unsecured\n \n bilateral\n \n and\n \n syndicated\n \n loan\n \n agreements\n \n in\n \n place\n \n with\n \n banks\n \n and\n \n other\n \n financial\n \n institutions.\n \n There\n \n are\n \n no \n loan\n \n agreements\n \n containing\n \n financial\n \n covenants,\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n EIB\n \n loan\n \n signed\n \n by\n \n Toscana\n \n Energia\n \n which\n \n provides\n \n for\n \n compliance\n \n with\n \n certain \n financial covenants. \n
\n
\n In\n \n particular,\n \n the\n \n loan\n \n agreement\n \n with\n \n the\n \n EIB\n \n requires\n \n compliance\n \n with\n \n financial\n \n covenants,\n \n such\n \n as\n \n the\n \n ratio\n \n between\n \n (i)\n \n net\n \n financial\n \n position\n \n (calculated\n \n on \n an\n \n aggregate\n \n basis\n \n for\n \n the\n \n entire\n \n Italgas\n \n Group)\n \n and\n \n EBITDA,\n \n as\n \n defined\n \n in\n \n the\n \n contractual\n \n documentation,\n \n (ii)\n \n the\n \n sum\n \n of\n \n FFO\n \n and\n \n financial\n \n charges\n \n and\n \n the \n sum\n \n of\n \n repayments\n \n of\n \n the\n \n principal\n \n portion\n \n of\n \n financial\n \n debt\n \n over\n \n the\n \n last\n \n 12\n \n months,\n \n as\n \n defined\n \n in\n \n the\n \n contractual\n \n documentation,\n \n and\n \n (iii)\n \n net\n \n financial\n \n position \n and RAB, as defined in the contractual documentation. As at 31 December 2025, these financial covenants were respected.\n
\n
\n Some\n \n of\n \n the\n \n loan\n \n agreements\n \n provide,\n \n inter\n \n alia,\n \n for\n \n the\n \n following:\n \n (i)\n \n negative\n \n pledge\n \n undertakings,\n \n pursuant\n \n to\n \n which\n \n Italgas\n \n and\n \n the\n \n subsidiaries\n \n are\n \n subject \n to\n \n limitations\n \n regarding\n \n the\n \n creation\n \n of\n \n real\n \n rights\n \n of\n \n guarantee\n \n or\n \n other\n \n restrictions\n \n concerning\n \n all\n \n or\n \n part\n \n of\n \n the\n \n respective\n \n assets,\n \n shares\n \n or\n \n goods;\n \n (ii)\n \n pari \n passu\n and change of control clauses; (iii) limitations on some extraordinary transactions that the Company and its subsidiaries may carry out. \n
\n
\n \n \n \n Furthermore,\n \n limited\n \n to\n \n the\n \n EIB\n \n loans\n \n subscribed\n \n by\n \n the\n \n Italgas\n \n Group,\n \n the\n \n lender\n \n has\n \n the\n \n option\n \n to\n \n request\n \n additional\n \n guarantees\n \n if\n \n the\n \n credit\n \n rating\n \n assigned \n to\n \n Italgas\n \n is\n \n below\n \n BBB-\n \n (Fitch\n \n Ratings\n \n Limited)\n \n or\n \n Baa3\n \n (Moody\u2019s)\n \n or\n \n in\n \n the\n \n event\n \n of\n \n the\n \n loss\n \n of\n \n any\n \n rating.\n \n If\n \n these\n \n additional\n \n guarantees\n \n are\n \n not\n \n deemed \n satisfactory, the European Investment Bank would have the right to request the immediate early repayment of the loans it has provided.\n
\n Failure\n \n to\n \n comply\n \n with\n \n the\n \n commitments\n \n established\n \n for\n \n these\n \n loans\n \n -\n \n in\n \n some\n \n cases\n \n only\n \n when\n \n this\n \n non-compliance\n \n is\n \n not\n \n remedied\n \n within\n \n a\n \n set\n \n time\n \n period \n -\n \n and\n \n the\n \n occurrence\n \n of\n \n other\n \n events,\n \n such\n \n as\n \n cross-default\n \n events,\n \n some\n \n of\n \n which\n \n are\n \n subject\n \n to\n \n specific\n \n threshold\n \n values,\n \n may\n \n result\n \n in\n \n Italgas\n \n and\n \n Toscana \n Energia failure to comply and could trigger the early repayment of the relative loan.\n
\n
\n As at 31 December 2025, these covenants and commitments were respected.\n
\n
\n Notes\n \n issued\n \n by\n \n Italgas\n \n S.p.A.\n \n and\n \n Italgas\n \n Reti\n \n S.p.A.\n \n mainly\n \n referred\n \n to\n \n securities\n \n issued\n \n under\n \n the\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n programme.\n \n The\n \n covenants \n established for the programme's securities are typical of international market practice and consist of, inter alia, negative pledge and pari passu clauses.\n
\n
\n Analysis of net financial debt\n
\n
\n An analysis of net financial debt with evidence of related party transactions is shown in the table below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n A. Cash\n

\n 		\n

\n 401,610\n

\n 		\n

\n 530,881\n

\n
\n

\n B. Cash equivalents\n

\n 		\n

\n 1,051\n

\n 		\n

\n 1,051\n

\n
\n

\n C. Other current financial assets\n

\n 		\n

\n 9,470\n

\n 		\n

\n 8,551\n

\n
\n

\n D. Liquidity (A+B+C) \n

\n 		\n

\n 412,131\n

\n 		\n

\n 540,483\n

\n
\n

\n E. Current financial debt\n

\n 		\n

\n 317,144\n

\n 		\n

\n 71,377\n

\n
\n

\n F. Current portion of non-current financial debt\n

\n 		\n

\n 663,425\n

\n 		\n

\n 904,283\n

\n
\n

\n G. Current financial debt (E+F)\n

\n 		\n

\n 980,569\n

\n 		\n

\n 975,660\n

\n
\n

\n of which, related parties\n

\n 		\n

\n 4,580\n

\n 		\n

\n 4,227\n

\n
\n

\n H. Net current financial debt (G-D)\n

\n 		\n

\n 568,438\n

\n 		\n

\n 435,177\n

\n
\n

\n I. Non-current financial debt (excluding the current portion and debt instruments)\n

\n 		\n

\n 945,873\n

\n 		\n

\n 2,374,560\n

\n
\n

\n J. Debt instruments\n

\n 		\n

\n 5,248,443\n

\n 		\n

\n 8,057,031\n

\n
\n

\n K. Trade and other non-current payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n L. Non-current financial debt (I+J+K)\n

\n 		\n

\n 6,194,316\n

\n 		\n

\n 10,431,591\n

\n
\n

\n of which, related parties\n

\n 		\n

\n 141,566\n

\n 		\n

\n 266,442\n

\n
\n

\n M. Net financial debt (H+L)\n

\n 		\n

\n 6,762,754\n

\n 		\n

\n 10,866,768\n

\n
\n
\n
\n (*)\n \n Including\n \n lease\n \n liabilities\n \n (IFRS\n \n 16\n \n and\n \n IFRIC\n \n 12)\n \n of\n \n which\n \n 78,789\n \n thousand\n \n euro\n \n non-current,\n \n of\n \n which\n \n 1,000\n \n thousand\n \n euro\n \n reclassified\n \n to\n \n liabilities\n \n held\n \n for\n \n sale\n \n (44,209\n \n thousand \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n 30,297\n \n thousand\n \n euro\n \n current\n \n portions\n \n of\n \n non-current\n \n financial\n \n debt,\n \n of\n \n which\n \n 251\n \n thousand\n \n euro\n \n reclassified\n \n to\n \n liabilities\n \n held\n \n for\n \n sale\n \n (21,649\n \n thousand \n euro as at 31 December 2024) and 24,625 thousand euro current portions of lease liabilities (IFRIC 12).\n
\n
\n Cash,\n \n amounting\n \n to\n \n 531,933\n \n thousand\n \n euro,\n \n is\n \n held\n \n in\n \n current\n \n accounts\n \n and\n \n fixed-term\n \n deposits\n \n that\n \n can\n \n be \n immediately\n \n liquidated\n \n with\n \n leading\n \n Banks.\n \n With\n \n the\n \n exception\n \n of\n \n 44,555\n \n thousand\n \n euro,\n \n cash\n \n and\n \n cash \n equivalents are not subject to any usage restrictions. \n
\n
\n Net\n \n financial\n \n debt\n \n does\n \n not\n \n include\n \n payables\n \n for\n \n dividends\n \n resolved\n \n and\n \n yet\n \n to\n \n be\n \n distributed\n \n and\n \n payables\n \n for \n investing activity for contractually agreed earn-out.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact560": { "value": "\n
\n 18)\n Current and non-current financial liabilities\n
\n Current\n \n financial\n \n liabilities,\n \n amounting\n \n to\n \n 975,322\n \n thousand\n \n euro\n \n (980,569\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n and\n \n non-current\n \n financial\n \n liabilities,\n \n amounting\n \n to\n \n 10,440,320\n \n thousand\n \n euro\n \n (6,205,299\n \n thousand\n \n euro \n as at 31 December 2024), break down as follows:\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 250,334\n

\n 		\n

\n 70,744\n

\n 		\n

\n 321,078\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 429,099\n

\n 		\n

\n 483,548\n

\n 		\n

\n 912,647\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 569,817\n

\n 		\n

\n 569,817\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,111,521\n

\n 		\n

\n 2,136,922\n

\n 		\n

\n 5,248,443\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 21,649\n

\n 		\n

\n 46,274\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 34,940\n

\n 		\n

\n 9,269\n

\n 		\n

\n 44,209\n

\n
\n

\n Other shareholders\n

\n 		\n

\n 43,376\n

\n 		\n

\n 24\n

\n 		\n

\n 43,400\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 318,335\n

\n 		\n

\n 662,234\n

\n 		\n

\n 980,569\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,575,560\n

\n 		\n

\n 2,629,739\n

\n 		\n

\n 6,205,299\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current liabilities\n

\n
\n

\n Current liabilities\n

\n 		\n

\n Current portion of long-term liabilities\n

\n 		\n

\n Total current liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Non-current portion due within 5 years\n

\n 		\n

\n Non-current portion due beyond 5 years\n

\n 		\n

\n Total non-current\n \u00a0 \n liabilities\n

\n
\n

\n Bank loans\n

\n 		\n

\n 2,069\n

\n 		\n

\n 322,847\n

\n 		\n

\n 324,916\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,915,784\n

\n 		\n

\n 389,723\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 550,864\n

\n 		\n

\n 550,864\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,980,920\n

\n 		\n

\n 3,076,111\n

\n 		\n

\n 8,057,031\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 24,625\n

\n 		\n

\n 30,297\n

\n 		\n

\n 54,922\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 61,241\n

\n 		\n

\n 16,541\n

\n 		\n

\n 77,782\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 44,596\n

\n 		\n

\n 24\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 71,290\n

\n 		\n

\n 904,032\n

\n 		\n

\n 975,322\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,957,945\n

\n 		\n

\n 3,482,375\n

\n 		\n

\n 10,440,320\n

\n
\n
\n \n
\n On\n \n 6\n \n March\n \n 2025,\n \n under\n \n the\n \n EMTN\n \n Programme,\n \n Italgas\n \n placed\n \n a\n \n \"dual-tranche\"\n \n note\n \n with\n \n fixed\n \n rates\n \n and \n maturities\n \n of\n \n 5\n \n and\n \n 9\n \n years,\n \n maturing\n \n on\n \n 6\n \n March\n \n 2030\n \n and\n \n 2034,\n \n respectively,\n \n with\n \n each\n \n tranche\n \n amounting \n to 500 million euro and annual coupons of 2.875% and 3.500%, respectively.\n
\n
\n On\n \n 31\n \n March\n \n 2025,\n \n Italgas\n \n drew\n \n on\n \n the\n \n so-called\n \n Bridge\n \n credit\n \n line\n \n of\n \n 1,000\n \n million\n \n euro,\n \n granted\n \n under\n \n the \n financing\n \n agreement\n \n signed\n \n on\n \n 5\n \n October\n \n 2024\n \n with\n \n J.P.\n \n Morgan\n \n Chase\n \n Bank,\n \n N.A.\n \n \u2013\n \n Milan\n \n Branch,\n \n Banco \n BPM\n \n S.p.A.,\n \n Bank\n \n of\n \n America\n \n Europe\n \n Designated\n \n Activity\n \n Company\n \n \u2013\n \n Milan\n \n Branch,\n \n Citibank\n \n N.A.\n \n \u2013\n \n Milan \n Branch,\n \n Morgan\n \n Stanley\n \n Bank\n \n AG,\n \n and\n \n Soci\u00e9t\u00e9\n \n G\u00e9n\u00e9rale\n \n \u2013\n \n Milan\n \n Branch,\n \n as\n \n the\n \n financing\n \n banks.\n \n This\n \n facility \n was fully repaid on 20 June thanks to the capital increase.\n
\n
\n On\n \n 16\n \n May\n \n 2025,\n \n Italgas\n \n entered\n \n into\n \n two\n \n floating-rate\n \n bank\n \n loans\n \n with\n \n leading\n \n credit\n \n institutions,\n \n each \n amounting to 300 million euro (for a total amount of 600 million euro) and with a duration of three years.\n
\n
\n On\n \n 17\n \n June\n \n 2025\n \n Italgas\n \n took\n \n out\n \n a\n \n floating-rate\n \n bank\n \n loan\n \n with\n \n a\n \n leading\n \n bank.\n \n The\n \n loan\n \n was\n \n for\n \n a\n \n total\n \n amount \n of\n \n 300\n \n million\n \n euro\n \n and\n \n for\n \n a\n \n duration\n \n of\n \n three\n \n years.\n \n In\n \n addition,\n \n in\n \n September,\n \n Italgas\n \n obtained\n \n two\n \n floating-\n rate\n \n bank\n \n loans\n \n for\n \n a\n \n total\n \n amount\n \n of\n \n 500\n \n million\n \n euro,\n \n with\n \n a\n \n three-year\n \n maturity,\n \n used\n \n for\n \n the\n \n reimbursement \n of a note maturing on 11 September.\n
\n
\n On\n \n 10\n \n July\n \n 2025,\n \n Consob\n \n approved\n \n the\n \n new\n \n EMTN\n \n (Euro\n \n Medium\n \n Term\n \n Notes)\n \n Programme\n \n with\n \n a\n \n maximum \n nominal\n \n amount\n \n of\n \n 5\n \n billion\n \n euro,\n \n providing\n \n for\n \n the\n \n issuance\n \n of\n \n one\n \n or\n \n more\n \n non-convertible\n \n notes\n \n to\n \n be \n executed\n \n within\n \n one\n \n year\n \n and\n \n placed\n \n exclusively\n \n with\n \n institutional\n \n investors.\n \n The\n \n new\n \n Italgas\n \n EMTN \n Programme\n \n is\n \n the\n \n first\n \n EMTN\n \n programme\n \n of\n \n its\n \n kind\n \n for\n \n companies\n \n in\n \n Italy\n \n that\n \n provides\n \n for\n \n the\n \n issuance\n \n of \n securities\n \n in\n \n dematerialised\n \n form,\n \n with\n \n listing\n \n on\n \n the\n \n Mercato\n \n Telematico\n \n delle\n \n Obbligazioni\n \n (\u201cMOT\u201d, \n Government Bond and Securities Electronic Market), operated by Borsa Italiana S.p.A..\n
\n
\n As\n \n required\n \n by\n \n IAS\n \n 7\n \n (\u00a744A),\n \n below\n \n is\n \n the\n \n statement\n \n showing\n \n the\n \n reconciliation\n \n of\n \n the\n \n changes\n \n in\n \n financing \n liabilities, distinguishing between changes arising from cash flow and other non-monetary changes changes.\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n 31 December 2024\n

\n 		\n

\n Cash flow\n

\n 		\n

\n Other changes\n

\n 		\n

\n Business combinations\n

\n 		\n

\n 31 December 2025\n

\n
\n

\n Bank loans\n

\n 		\n

\n 1,233,725\n

\n 		\n

\n 1,073,071\n

\n 		\n

\n (12,798)\n

\n 		\n

\n 336,425\n

\n 		\n

\n 2,630,423\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n of which current\n

\n 		\n

\n 321,078\n

\n 		\n

\n (324,539)\n

\n 		\n

\n 307,861\n

\n 		\n

\n 20,516\n

\n 		\n

\n 324,916\n

\n
\n

\n of which non-current\n

\n 		\n

\n 912,647\n

\n 		\n

\n 1,397,610\n

\n 		\n

\n (320,659)\n

\n 		\n

\n 315,909\n

\n 		\n

\n 2,305,507\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n (2,500)\n

\n 		\n

\n 73,998\n

\n 		\n

\n 2,718,137\n

\n 		\n

\n 8,607,895\n

\n
\n

\n of which current\n

\n 		\n

\n 569,817\n

\n 		\n

\n (1,000,000)\n

\n 		\n

\n 445,381\n

\n 		\n

\n 535,384\n

\n 		\n

\n 550,582\n

\n
\n

\n of which non-current\n

\n 		\n

\n 5,248,443\n

\n 		\n

\n 997,500\n

\n 		\n

\n (371,383)\n

\n 		\n

\n 2,182,753\n

\n 		\n

\n 8,057,313\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRIC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 65,738\n

\n 		\n

\n 23,188\n

\n 		\n

\n 132,704\n

\n
\n

\n of which current\n

\n 		\n

\n 46,274\n

\n 		\n

\n (46,705)\n

\n 		\n

\n 47,458\n

\n 		\n

\n 7,895\n

\n 		\n

\n 54,922\n

\n
\n

\n of which non-current\n

\n 		\n

\n 44,209\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,280\n

\n 		\n

\n 15,293\n

\n 		\n

\n 77,782\n

\n
\n

\n Other loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which current\n

\n 		\n

\n 43,400\n

\n 		\n

\n 1,220\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 44,620\n

\n
\n

\n of which non-current\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 7,185,868\n

\n 		\n

\n 1,025,086\n

\n 		\n

\n 126,938\n

\n 		\n

\n 3,077,750\n

\n 		\n

\n 11,415,642\n

\n
\n \n \n
\n Non-current financial liabilities \n
\n
\n Non-current financial liabilities amount to 10,440,328 thousand euro (6,205,299 thousand euro as at 31 December 2024).\n
\n
\n Net\n \n of\n \n lease\n \n liabilities,\n \n the\n \n increase\n \n is\n \n mainly\n \n attributable\n \n to\n \n the\n \n increase\n \n of\n \n notes\n \n for\n \n 2,808,588\n \n thousand\n \n euro\n \n (especially\n \n deriving\n \n from\n \n the\n \n merger\n \n of\n \n 2i\n \n Rete \n Gas) and bank loans for 1,392,861 thousand euro.\n
\n
\n The\n \n breakdown\n \n of\n \n the\n \n notes\n \n for\n \n 8,607,895\n \n thousand\n \n euro,\n \n with\n \n the\n \n issuing\n \n company,\n \n year\n \n of\n \n issue,\n \n currency,\n \n average\n \n interest\n \n rate\n \n and\n \n due\n \n date,\n \n is\n \n provided \n in the following table.\n
\n
\n Notes issued by Italgas S.p.A and Italgas Reti S.p.A.:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Issuing company\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Fair value bond\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n Euro Medium Term Notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 750,000\n

\n 		\n

\n (1,340)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 748,660\n

\n 		\n

\n 11,552\n

\n 		\n

\n 760,212\n

\n 		\n

\n 1.63%\n

\n 		\n

\n 19/01/2027\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 750,000\n

\n 		\n

\n (1,315)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 748,685\n

\n 		\n

\n 11,585\n

\n 		\n

\n 760,270\n

\n 		\n

\n 1.63%\n

\n 		\n

\n 18/01/2029\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2019\n

\n 		\n

\n euro\n

\n 		\n

\n 600,000\n

\n 		\n

\n (3,652)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 596,348\n

\n 		\n

\n 3,609\n

\n 		\n

\n 599,957\n

\n 		\n

\n 0.88%\n

\n 		\n

\n 20/04/2030\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2019\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (2,736)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 497,264\n

\n 		\n

\n 272\n

\n 		\n

\n 497,536\n

\n 		\n

\n 1.00%\n

\n 		\n

\n 11/12/2031\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (2,459)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 497,541\n

\n 		\n

\n 0\n

\n 		\n

\n 497,541\n

\n 		\n

\n 0.00%\n

\n 		\n

\n 16/02/2028\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (4,319)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 495,681\n

\n 		\n

\n 2,177\n

\n 		\n

\n 497,858\n

\n 		\n

\n 0.50%\n

\n 		\n

\n 16/02/2033\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (6,178)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 493,822\n

\n 		\n

\n 11,639\n

\n 		\n

\n 505,461\n

\n 		\n

\n 4.13%\n

\n 		\n

\n 08/06/2032\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 1,000,000\n

\n 		\n

\n (6,988)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 993,012\n

\n 		\n

\n 26,780\n

\n 		\n

\n 1,019,792\n

\n 		\n

\n 3.13%\n

\n 		\n

\n 08/02/2029\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (3,620)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 496,380\n

\n 		\n

\n 11,814\n

\n 		\n

\n 508,194\n

\n 		\n

\n 2.88%\n

\n 		\n

\n 06/03/2030\n

\n
\n

\n ITALGAS S.p.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (1,492)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 498,508\n

\n 		\n

\n 14,382\n

\n 		\n

\n 512,890\n

\n 		\n

\n 3.50%\n

\n 		\n

\n 06/03/2034\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 435,000\n

\n 		\n

\n (1,786)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 433,214\n

\n 		\n

\n 2,586\n

\n 		\n

\n 435,800\n

\n 		\n

\n 1.75%\n

\n 		\n

\n 28/08/2026\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 730,000\n

\n 		\n

\n (1,448)\n

\n 		\n

\n (8,594)\n

\n 		\n

\n 719,958\n

\n 		\n

\n 2,665\n

\n 		\n

\n 722,623\n

\n 		\n

\n 1.61%\n

\n 		\n

\n 31/10/2027\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2021\n

\n 		\n

\n euro\n

\n 		\n

\n 500,000\n

\n 		\n

\n (5,154)\n

\n 		\n

\n (38,000)\n

\n 		\n

\n 456,846\n

\n 		\n

\n 13,713\n

\n 		\n

\n 470,559\n

\n 		\n

\n 0.58%\n

\n 		\n

\n 29/01/2031\n

\n
\n

\n ITG RETI (ex 2iretegas)\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 550,000\n

\n 		\n

\n (195)\n

\n 		\n

\n 29,800\n

\n 		\n

\n 579,605\n

\n 		\n

\n 1,985\n

\n 		\n

\n 581,590\n

\n 		\n

\n 4.38%\n

\n 		\n

\n 06/06/2033\n

\n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,315,000\n

\n 		\n

\n (42,682)\n

\n 		\n

\n (16,794)\n

\n 		\n

\n 8,255,524\n

\n 		\n

\n 114,759\n

\n 		\n

\n 8,370,283\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n During\n \n the\n \n purchase\n \n price\n \n allocation\n \n envisaged\n \n by\n \n IFRS\n \n 3\n \n and\n \n resulting\n \n from\n \n the\n \n acquisition\n \n of\n \n the\n \n 2i\n \n Rete\n \n Gas \n Group,\n \n the\n \n fair\n \n value\n \n measurement\n \n of\n \n the\n \n fixed-rate\n \n bonds\n \n listed\n \n on\n \n the\n \n Irish\n \n market\n \n was\n \n carried\n \n out.\n \n The \n impact of this measurement is shown in the column \u201cFV bond\u201d.\n
\n
\n Bond loans by the subsidiary Enaon:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Issuing company\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 130,000\n

\n 		\n

\n (573)\n

\n 		\n

\n 129,427\n

\n 		\n

\n 603\n

\n 		\n

\n 130,030\n

\n 		\n

\n 1,70% + 3M Euribor\n

\n 		\n

\n 2029\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 61,500\n

\n 		\n

\n (5,637)\n

\n 		\n

\n 55,863\n

\n 		\n

\n 285\n

\n 		\n

\n 56,148\n

\n 		\n

\n 1,90% + 3M Euribor\n

\n 		\n

\n 2034\n

\n
\n

\n ENAON S.A.\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 52,000\n

\n 		\n

\n (807)\n

\n 		\n

\n 51,193\n

\n 		\n

\n 241\n

\n 		\n

\n 51,434\n

\n 		\n

\n 1,90% + 3M Euribor\n

\n 		\n

\n 2027\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 243,500\n

\n 		\n

\n (7,017)\n

\n 		\n

\n 236,483\n

\n 		\n

\n 1,129\n

\n 		\n

\n 237,612\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n The breakdown of bank loans, amounting to 2,630,423 thousand euro is provided in the table below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Type\n

\n 		\n

\n Issue (year)\n

\n 		\n

\n Currency\n

\n 		\n

\n Nominal Value\n

\n 		\n

\n Adjustment to amortized cost\n

\n 		\n

\n Financing value as at 31.12.2025\n

\n 		\n

\n Interest accrual\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Rate (%)\n

\n 		\n

\n Due date (year)\n

\n
\n

\n ITALGAS S.p.A. - EIB \n

\n 		\n

\n 2017\n

\n 		\n

\n euro\n

\n 		\n

\n 288,000\n

\n 		\n

\n (97)\n

\n 		\n

\n 287,903\n

\n 		\n

\n 417\n

\n 		\n

\n 288,167\n

\n 		\n

\n 0,35+Euribor 6M\n

\n 		\n

\n 15.12.2037\n

\n
\n

\n ITALGAS S.p.A. - EIB \n

\n 		\n

\n 2015\n

\n 		\n

\n euro\n

\n 		\n

\n 82,667\n

\n 		\n

\n (128)\n

\n 		\n

\n 82,539\n

\n 		\n

\n 322\n

\n 		\n

\n 82,860\n

\n 		\n

\n 0,14+Euribor 6M\n

\n 		\n

\n 22.10.2035\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 175,000\n

\n 		\n

\n (38)\n

\n 		\n

\n 174,962\n

\n 		\n

\n 402\n

\n 		\n

\n 175,364\n

\n 		\n

\n 0,47+Euribor 6M\n

\n 		\n

\n 30.11.2032\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2022\n

\n 		\n

\n euro\n

\n 		\n

\n 150,000\n

\n 		\n

\n (83)\n

\n 		\n

\n 149,917\n

\n 		\n

\n 223\n

\n 		\n

\n 150,141\n

\n 		\n

\n 3.180%\n

\n 		\n

\n 15.12.2037\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2023\n

\n 		\n

\n euro\n

\n 		\n

\n 12,000\n

\n 		\n

\n (105)\n

\n 		\n

\n 11,895\n

\n 		\n

\n 180\n

\n 		\n

\n 12,075\n

\n 		\n

\n 2.770%\n

\n 		\n

\n 04.07.2042\n

\n
\n

\n ITALGAS S.p.A. - EIB\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 36,000\n

\n 		\n

\n (89)\n

\n 		\n

\n 35,911\n

\n 		\n

\n 89\n

\n 		\n

\n 36,000\n

\n 		\n

\n 0,829+Euribor 6M\n

\n 		\n

\n 05.12.2044\n

\n
\n

\n TOSCANA ENERGIA S.p.A - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 45,000\n

\n 		\n

\n 0\n

\n 		\n

\n 45,000\n

\n 		\n

\n 0\n

\n 		\n

\n 45,000\n

\n 		\n

\n 1.050%\n

\n 		\n

\n 30.06.2031\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2015\n

\n 		\n

\n euro\n

\n 		\n

\n 90,909\n

\n 		\n

\n 0\n

\n 		\n

\n 90,909\n

\n 		\n

\n 13\n

\n 		\n

\n 90,922\n

\n 		\n

\n 0,59+Euribor 6M\n

\n 		\n

\n 29.12.2030\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 70,000\n

\n 		\n

\n 0\n

\n 		\n

\n 70,000\n

\n 		\n

\n 5\n

\n 		\n

\n 70,005\n

\n 		\n

\n 1.392%\n

\n 		\n

\n 29.12.2026\n

\n
\n

\n ITALGAS RETI (ex 2iretegas) - EIB\n

\n 		\n

\n 2016\n

\n 		\n

\n euro\n

\n 		\n

\n 155,000\n

\n 		\n

\n 0\n

\n 		\n

\n 155,000\n

\n 		\n

\n 12\n

\n 		\n

\n 155,012\n

\n 		\n

\n 1.398%\n

\n 		\n

\n 29.12.2026\n

\n
\n

\n ITALGAS S.p.A. - TL MEDIOBANCA\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n 125,000\n

\n 		\n

\n (124)\n

\n 		\n

\n 124,876\n

\n 		\n

\n 0\n

\n 		\n

\n 124,876\n

\n 		\n

\n 0,65+Euribor 6M\n

\n 		\n

\n 18.10.2027\n

\n
\n

\n ITALGAS S.p.A. - INTESA SANPAOLO\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (371)\n

\n 		\n

\n 299,629\n

\n 		\n

\n 0\n

\n 		\n

\n 299,629\n

\n 		\n

\n 0,70+Euribor 3M\n

\n 		\n

\n 16.05.2028\n

\n
\n

\n ITALGAS S.p.A. - CAIXA BANK\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (443)\n

\n 		\n

\n 299,557\n

\n 		\n

\n 0\n

\n 		\n

\n 299,557\n

\n 		\n

\n 0,67+Euribor 3M\n

\n 		\n

\n 16.05.2028\n

\n
\n

\n ITALGAS S.p.A. - BBVA\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 300,000\n

\n 		\n

\n (383)\n

\n 		\n

\n 299,617\n

\n 		\n

\n 0\n

\n 		\n

\n 299,617\n

\n 		\n

\n 0,70+Euribor 3M\n

\n 		\n

\n 17.06.2028\n

\n
\n

\n ITALGAS S.p.A. - BNL\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 250,000\n

\n 		\n

\n (346)\n

\n 		\n

\n 249,654\n

\n 		\n

\n 0\n

\n 		\n

\n 249,654\n

\n 		\n

\n 0,67+Euribor 3M\n

\n 		\n

\n 28.07.2028\n

\n
\n

\n ITALGAS S.p.A. - CACIB\n

\n 		\n

\n 2025\n

\n 		\n

\n euro\n

\n 		\n

\n 250,000\n

\n 		\n

\n (525)\n

\n 		\n

\n 249,475\n

\n 		\n

\n 0\n

\n 		\n

\n 249,475\n

\n 		\n

\n 0,60+Euribor 3M\n

\n 		\n

\n 28.07.2028\n

\n
\n

\n ITALGAS RETI (ex 2iretegas). - RCF\n

\n 		\n

\n 2024\n

\n 		\n

\n euro\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 61\n

\n 		\n

\n 61\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 05.03.2027\n

\n
\n

\n Loans due to other banks\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,008\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,629,576\n

\n 		\n

\n (2,732)\n

\n 		\n

\n 1,228,912\n

\n 		\n

\n 1,724\n

\n 		\n

\n 2,630,423\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n There are no non-current financial liabilities in currencies other than Euro.\n
\n
\n There were no breaches of loan agreements as at the reporting date. \n
\n
\n Other\n \n shareholders\n \n loans\n \n amounting\n \n to\n \n 44,620\n \n thousand\n \n euro\n \n refer\n \n to\n \n amounts\n \n due\n \n for\n \n collections\n \n to\n \n be \n transferred\n \n in\n \n relation\n \n to\n \n the\n \n metering\n \n service\n \n carried\n \n out\n \n in\n \n the\n \n name\n \n and\n \n on\n \n behalf\n \n of\n \n the\n \n Regione\n \n Campania.\n
\n
\n There\n \n were\n \n no\n \n breaches\n \n of\n \n loan\n \n agreements\n \n as\n \n at\n \n the\n \n reporting\n \n date.\n \n For\n \n more\n \n information,\n \n see\n \n \u201cFinancial \n covenants and negative pledge contractual clauses\u201d below.\n
\n
\n Breakdown of total financial liabilities by interest rate type\n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025,\n \n fixed-rate\n \n debt\n \n accounted\n \n for\n \n 79.8%\n \n of\n \n total\n \n financial\n \n liabilities\n \n (85.4%\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n while\n \n floating-rate\n \n debt\n \n stood\n \n at\n \n 20.2%\n \n (14.6%\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n The\n \n increase\n \n in \n floating-rate\n \n liabilities\n \n is\n \n due\n \n to\n \n the\n \n signing\n \n of\n \n new\n \n bank\n \n loans\n \n concluded\n \n during\n \n the\n \n year\n \n and\n \n the\n \n maturity\n \n of \n two fixed-rate bonds, partially offset by the consolidation of the debt formerly held by 2i Rete Gas S.p.A..\n
\n
\n Financial covenant and negative pledge contractual clauses \n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025\n \n Italgas\n \n had\n \n unsecured\n \n bilateral\n \n and\n \n syndicated\n \n loan\n \n agreements\n \n in\n \n place\n \n with\n \n banks\n \n and\n \n other\n \n financial\n \n institutions.\n \n There\n \n are\n \n no \n loan\n \n agreements\n \n containing\n \n financial\n \n covenants,\n \n with\n \n the\n \n exception\n \n of\n \n the\n \n EIB\n \n loan\n \n signed\n \n by\n \n Toscana\n \n Energia\n \n which\n \n provides\n \n for\n \n compliance\n \n with\n \n certain \n financial covenants. \n
\n
\n In\n \n particular,\n \n the\n \n loan\n \n agreement\n \n with\n \n the\n \n EIB\n \n requires\n \n compliance\n \n with\n \n financial\n \n covenants,\n \n such\n \n as\n \n the\n \n ratio\n \n between\n \n (i)\n \n net\n \n financial\n \n position\n \n (calculated\n \n on \n an\n \n aggregate\n \n basis\n \n for\n \n the\n \n entire\n \n Italgas\n \n Group)\n \n and\n \n EBITDA,\n \n as\n \n defined\n \n in\n \n the\n \n contractual\n \n documentation,\n \n (ii)\n \n the\n \n sum\n \n of\n \n FFO\n \n and\n \n financial\n \n charges\n \n and\n \n the \n sum\n \n of\n \n repayments\n \n of\n \n the\n \n principal\n \n portion\n \n of\n \n financial\n \n debt\n \n over\n \n the\n \n last\n \n 12\n \n months,\n \n as\n \n defined\n \n in\n \n the\n \n contractual\n \n documentation,\n \n and\n \n (iii)\n \n net\n \n financial\n \n position \n and RAB, as defined in the contractual documentation. As at 31 December 2025, these financial covenants were respected.\n
\n
\n Some\n \n of\n \n the\n \n loan\n \n agreements\n \n provide,\n \n inter\n \n alia,\n \n for\n \n the\n \n following:\n \n (i)\n \n negative\n \n pledge\n \n undertakings,\n \n pursuant\n \n to\n \n which\n \n Italgas\n \n and\n \n the\n \n subsidiaries\n \n are\n \n subject \n to\n \n limitations\n \n regarding\n \n the\n \n creation\n \n of\n \n real\n \n rights\n \n of\n \n guarantee\n \n or\n \n other\n \n restrictions\n \n concerning\n \n all\n \n or\n \n part\n \n of\n \n the\n \n respective\n \n assets,\n \n shares\n \n or\n \n goods;\n \n (ii)\n \n pari \n passu\n and change of control clauses; (iii) limitations on some extraordinary transactions that the Company and its subsidiaries may carry out. \n
\n
\n \n Furthermore,\n \n limited\n \n to\n \n the\n \n EIB\n \n loans\n \n subscribed\n \n by\n \n the\n \n Italgas\n \n Group,\n \n the\n \n lender\n \n has\n \n the\n \n option\n \n to\n \n request\n \n additional\n \n guarantees\n \n if\n \n the\n \n credit\n \n rating\n \n assigned \n to\n \n Italgas\n \n is\n \n below\n \n BBB-\n \n (Fitch\n \n Ratings\n \n Limited)\n \n or\n \n Baa3\n \n (Moody\u2019s)\n \n or\n \n in\n \n the\n \n event\n \n of\n \n the\n \n loss\n \n of\n \n any\n \n rating.\n \n If\n \n these\n \n additional\n \n guarantees\n \n are\n \n not\n \n deemed \n satisfactory, the European Investment Bank would have the right to request the immediate early repayment of the loans it has provided.\n
\n Failure\n \n to\n \n comply\n \n with\n \n the\n \n commitments\n \n established\n \n for\n \n these\n \n loans\n \n -\n \n in\n \n some\n \n cases\n \n only\n \n when\n \n this\n \n non-compliance\n \n is\n \n not\n \n remedied\n \n within\n \n a\n \n set\n \n time\n \n period \n -\n \n and\n \n the\n \n occurrence\n \n of\n \n other\n \n events,\n \n such\n \n as\n \n cross-default\n \n events,\n \n some\n \n of\n \n which\n \n are\n \n subject\n \n to\n \n specific\n \n threshold\n \n values,\n \n may\n \n result\n \n in\n \n Italgas\n \n and\n \n Toscana \n Energia failure to comply and could trigger the early repayment of the relative loan.\n
\n
\n As at 31 December 2025, these covenants and commitments were respected.\n
\n
\n Notes\n \n issued\n \n by\n \n Italgas\n \n S.p.A.\n \n and\n \n Italgas\n \n Reti\n \n S.p.A.\n \n mainly\n \n referred\n \n to\n \n securities\n \n issued\n \n under\n \n the\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n programme.\n \n The\n \n covenants \n established for the programme's securities are typical of international market practice and consist of, inter alia, negative pledge and pari passu clauses.\n
\n
\n Analysis of net financial debt\n
\n
\n An analysis of net financial debt with evidence of related party transactions is shown in the table below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n A. Cash\n

\n 		\n

\n 401,610\n

\n 		\n

\n 530,881\n

\n
\n

\n B. Cash equivalents\n

\n 		\n

\n 1,051\n

\n 		\n

\n 1,051\n

\n
\n

\n C. Other current financial assets\n

\n 		\n

\n 9,470\n

\n 		\n

\n 8,551\n

\n
\n

\n D. Liquidity (A+B+C) \n

\n 		\n

\n 412,131\n

\n 		\n

\n 540,483\n

\n
\n

\n E. Current financial debt\n

\n 		\n

\n 317,144\n

\n 		\n

\n 71,377\n

\n
\n

\n F. Current portion of non-current financial debt\n

\n 		\n

\n 663,425\n

\n 		\n

\n 904,283\n

\n
\n

\n G. Current financial debt (E+F)\n

\n 		\n

\n 980,569\n

\n 		\n

\n 975,660\n

\n
\n

\n of which, related parties\n

\n 		\n

\n 4,580\n

\n 		\n

\n 4,227\n

\n
\n

\n H. Net current financial debt (G-D)\n

\n 		\n

\n 568,438\n

\n 		\n

\n 435,177\n

\n
\n

\n I. Non-current financial debt (excluding the current portion and debt instruments)\n

\n 		\n

\n 945,873\n

\n 		\n

\n 2,374,560\n

\n
\n

\n J. Debt instruments\n

\n 		\n

\n 5,248,443\n

\n 		\n

\n 8,057,031\n

\n
\n

\n K. Trade and other non-current payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n L. Non-current financial debt (I+J+K)\n

\n 		\n

\n 6,194,316\n

\n 		\n

\n 10,431,591\n

\n
\n

\n of which, related parties\n

\n 		\n

\n 141,566\n

\n 		\n

\n 266,442\n

\n
\n

\n M. Net financial debt (H+L)\n

\n 		\n

\n 6,762,754\n

\n 		\n

\n 10,866,768\n

\n
\n
\n
\n (*)\n \n Including\n \n lease\n \n liabilities\n \n (IFRS\n \n 16\n \n and\n \n IFRIC\n \n 12)\n \n of\n \n which\n \n 78,789\n \n thousand\n \n euro\n \n non-current,\n \n of\n \n which\n \n 1,000\n \n thousand\n \n euro\n \n reclassified\n \n to\n \n liabilities\n \n held\n \n for\n \n sale\n \n (44,209\n \n thousand \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n 30,297\n \n thousand\n \n euro\n \n current\n \n portions\n \n of\n \n non-current\n \n financial\n \n debt,\n \n of\n \n which\n \n 251\n \n thousand\n \n euro\n \n reclassified\n \n to\n \n liabilities\n \n held\n \n for\n \n sale\n \n (21,649\n \n thousand \n euro as at 31 December 2024) and 24,625 thousand euro current portions of lease liabilities (IFRIC 12).\n
\n
\n Cash,\n \n amounting\n \n to\n \n 531,933\n \n thousand\n \n euro,\n \n is\n \n held\n \n in\n \n current\n \n accounts\n \n and\n \n fixed-term\n \n deposits\n \n that\n \n can\n \n be \n immediately\n \n liquidated\n \n with\n \n leading\n \n Banks.\n \n With\n \n the\n \n exception\n \n of\n \n 44,555\n \n thousand\n \n euro,\n \n cash\n \n and\n \n cash \n equivalents are not subject to any usage restrictions. \n
\n
\n Net\n \n financial\n \n debt\n \n does\n \n not\n \n include\n \n payables\n \n for\n \n dividends\n \n resolved\n \n and\n \n yet\n \n to\n \n be\n \n distributed\n \n and\n \n payables\n \n for \n investing activity for contractually agreed earn-out.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact563": { "value": "\n \n
\n 19)\n Trade and other payables\n
\n
\n Trade\n \n and\n \n other\n \n payables,\n \n which\n \n amount\n \n to\n \n 1,775,822\n \n thousand\n \n euro\n \n (1,184,609\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December 2024), comprise the following:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Trade payables\n

\n 		\n

\n 249,659\n

\n 		\n

\n 377,072\n

\n
\n

\n Payments on account and prepayments\n

\n 		\n

\n 5,345\n

\n 		\n

\n 10,064\n

\n
\n

\n Other payables\n

\n 		\n

\n 929,605\n

\n 		\n

\n 1,388,686\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n
\n
\n \n
\n Trade\n \n payables\n \n of\n \n 377,072\n \n thousand\n \n euro\n \n (249,659\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025)\n \n relate\n \n to\n \n payables \n to\n \n suppliers\n \n for\n \n the\n \n purchase\n \n of\n \n goods\n \n and\n \n services.\n \n The\n \n increase\n \n of\n \n 127,413\n \n thousand\n \n euro\n \n is\n \n mainly \n attributable to the acquisition of the company 2i Rete Gas.\n
\n
\n Other\n \n payables\n \n (1,388,686\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 929,605\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December 2024) break down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Payables - shareholders for dividends\n

\n 		\n

\n 5,776\n

\n 		\n

\n 8,934\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Payables for investment activities\n

\n 		\n

\n 412,689\n

\n 		\n

\n 478,956\n

\n
\n

\n Payables to the Campania Region for ACO concession\n

\n 		\n

\n 241,566\n

\n 		\n

\n 255,439\n

\n
\n

\n Payables to the public administration\n

\n 		\n

\n 105,822\n

\n 		\n

\n 227,044\n

\n
\n

\n Payables to CSEA\n

\n 		\n

\n 92,300\n

\n 		\n

\n 296,584\n

\n
\n

\n Payables to personnel\n

\n 		\n

\n 32,304\n

\n 		\n

\n 54,484\n

\n
\n

\n Payables to social security institutions\n

\n 		\n

\n 17,949\n

\n 		\n

\n 24,101\n

\n
\n

\n Payables to consultants and professionals\n

\n 		\n

\n 5,187\n

\n 		\n

\n 6,762\n

\n
\n

\n Sundry other\n

\n 		\n

\n 16,012\n

\n 		\n

\n 36,382\n

\n
\n

\n Other payables\n

\n 		\n

\n 929,605\n

\n 		\n

\n 1,388,686\n

\n
\n
\n Payables\n \n for\n \n investment\n \n activities\n \n equal\n \n to\n \n 478,956\n \n thousand\n \n euro\n \n (412,689\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024) mainly relate to payables to suppliers for technical activities.\n
\n
\n Payables\n \n to\n \n the\n \n Campania\n \n Region\n \n for\n \n ACO\n \n concession,\n \n amounting\n \n to\n \n 255,439\n \n thousand\n \n euro\n \n (241,566 \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n relate\n \n to\n \n the\n \n fee\n \n for\n \n the\n \n concession\n \n to\n \n manage\n \n the\n \n Acquedotto\n \n della \n Campania\n \n Occidentale\n \n (ACO)\n \n and\n \n the\n \n system\n \n for\n \n metering\n \n (for\n \n drinking\n \n water\n \n consumption),\n \n arising\n \n from\n \n the \n entry of Acqua Campania S.p.A. into the consolidation area.\n
\n
\n Payables\n \n to\n \n the\n \n public\n \n administration\n \n (227,044\n \n thousand\n \n euro;\n \n 105,822\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024) primarily involve payables to municipalities for concession fees for the gas distribution business.\n
\n
\n Payables\n \n to\n \n the\n \n CSEA\n \n (296,584\n \n thousand\n \n euro;\n \n 92,300\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n relate \n to\n \n several\n \n ancillary\n \n components\n \n of\n \n tariffs\n \n for\n \n the\n \n gas\n \n distribution\n \n service\n \n to\n \n be\n \n paid\n \n to\n \n the\n \n Fund\n \n (RE,\n \n RS,\n \n UG1 \n and\n \n GS)\n 161\n \n for\n \n the\n \n remaining\n \n amount.\n \n The\n \n increase\n \n is\n \n due\n \n to\n \n the\n \n acquisition\n \n and\n \n subsequent\n \n merger\n \n of\n \n the \n company 2i Rete Gas. \n
\n
\n Amortised\n \n cost\n \n method\n \n was\n \n not\n \n applied\n \n considering\n \n that\n \n the\n \n effects\n \n arising\n \n from\n \n its\n \n application\n \n are\n \n irrelevant, \n because\n \n they\n \n are\n \n due\n \n within\n \n the\n \n next\n \n 12\n \n months\n \n and\n \n any\n \n costs,\n \n commissions\n \n and\n \n any\n \n other\n \n difference\n \n between \n the initial value and the maturity value are negligible.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact562": { "value": "\n
\n 19)\n Trade and other payables\n
\n
\n Trade\n \n and\n \n other\n \n payables,\n \n which\n \n amount\n \n to\n \n 1,775,822\n \n thousand\n \n euro\n \n (1,184,609\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December 2024), comprise the following:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Trade payables\n

\n 		\n

\n 249,659\n

\n 		\n

\n 377,072\n

\n
\n

\n Payments on account and prepayments\n

\n 		\n

\n 5,345\n

\n 		\n

\n 10,064\n

\n
\n

\n Other payables\n

\n 		\n

\n 929,605\n

\n 		\n

\n 1,388,686\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact582": { "value": "\n \n \n \n \n
\n 20)\n Other current and non-current financial assets/liabilities \n
\n
\n The market value of the derivative financial instruments as at 31 December 2025 is analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 10,982\n

\n 		\n

\n 16,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 8,730\n

\n 		\n

\n 13,277\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 4,727\n

\n 		\n

\n 10,436\n

\n 		\n

\n 15,163\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,708\n

\n 		\n

\n 8,277\n

\n 		\n

\n 11,985\n

\n
\n

\n Derivative financial instruments for foreign exchange risk\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value instruments for foreign exchange risk\n

\n 		\n

\n 1,151\n

\n 		\n

\n 546\n

\n 		\n

\n 1,697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 453\n

\n 		\n

\n 1,292\n

\n
\n

\n Other liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n
\n
\n Other\n \n current\n \n and\n \n non-current\n \n assets\n \n for\n \n 13,277\n \n thousand\n \n euro\n \n (16,860\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n is\n \n mainly\n \n related\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n to\n \n hedge\n \n the\n \n risk\n \n of\n \n fluctuations\n \n in \n interest rates accounting for according to IFRS 9 in hedge accounting. \n
\n
\n On\n \n 12\n \n December\n \n 2016\n \n Italgas\n \n entered\n \n into\n \n an\n \n EIB\n \n loan\n \n for\n \n 300\n \n million\n \n euro,\n \n expiring\n \n on\n \n 30\n \n November\n \n 2032. \n The\n \n loan\n \n involves\n \n the\n \n payment\n \n of\n \n half-yearly\n \n coupons\n \n at\n \n a\n \n variable\n \n rate\n \n of\n \n Euribor\n \n 6M\n \n +\n \n spread\n \n 0.47%.\n \n On\n \n 24 \n
\n \n \n \n \n \n \n July\n \n 2019\n \n Italgas\n \n also\n \n entered\n \n into\n \n an\n \n Interest\n \n Rate\n \n Swap\n \n (IRS),\n \n effective\n \n from\n \n 24\n \n July\n \n 2019,\n \n expiring\n \n in\n \n 2029 \n and with the same coupon frequency as the loans. \n
\n The IRS characteristics are summarised below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Amount\n

\n 		\n

\n ITG rate\n

\n 		\n

\n Bank rate\n

\n 		\n

\n Coupon\n

\n 		\n

\n Expiration date\n

\n
\n

\n IRS derivative\n

\n 		\n

\n 24.07.2019\n

\n 		\n

\n 175,000,000\n

\n 		\n

\n (0.06)%\n

\n 		\n

\n var EUR 6m\n

\n 		\n

\n half-yearly\n

\n 		\n

\n 30.11.2029\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n derivatives\n \n stipulated\n \n to\n \n hedge\n \n the\n \n interest\n \n rate\n \n are\n \n booked\n \n according\n \n to\n \n the\n \n rules\n \n of\n \n hedge\n \n accounting. \n The\n \n effectiveness\n \n testing\n \n carried\n \n out\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n did\n \n not\n \n show\n \n any\n \n impacts\n \n on\n \n the\n \n income \n statement in terms of ineffectiveness.\n
\n
\n The\n \n item\n \n also\n \n contains,\n \n for\n \n 1,292\n \n thousand\n \n euro,\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n used\n \n to\n \n hedge \n exchange\n \n rate\n \n risk\n \n on\n \n future\n \n USD-denominated\n \n payment\n \n flows\n \n related\n \n to\n \n Picarro\n \n invoices.\n \n The\n \n Group\n \n did\n \n not \n apply\n \n hedge\n \n accounting\n \n under\n \n IFRS\n \n 9\n \n for\n \n instruments\n \n to\n \n hedge\n \n payment\n \n flows\n \n in\n \n USD,\n \n as\n \n it\n \n is\n \n for\n \n operational \n hedging only.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Initial amount USD hedging\n

\n 		\n

\n Residual value as of 31.12.2025 USD\n

\n 		\n

\n Foreign exchange rate on the subscription date\n

\n 		\n

\n Expiry date (last hedge)\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 15.01.2021\n

\n 		\n

\n 16,300,000.00\n

\n 		\n

\n 1,380,000.00\n

\n 		\n

\n 1.2131\n

\n 		\n

\n 31.07.2026\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 20.05.2024\n

\n 		\n

\n 2,340,000.00\n

\n 		\n

\n 1,560,000.00\n

\n 		\n

\n 1.1161\n

\n 		\n

\n 15.07.2027\n

\n
\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact581": { "value": "\n \n \n \n
\n 20)\n Other current and non-current financial assets/liabilities \n
\n
\n The market value of the derivative financial instruments as at 31 December 2025 is analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 10,982\n

\n 		\n

\n 16,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 8,730\n

\n 		\n

\n 13,277\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 4,727\n

\n 		\n

\n 10,436\n

\n 		\n

\n 15,163\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,708\n

\n 		\n

\n 8,277\n

\n 		\n

\n 11,985\n

\n
\n

\n Derivative financial instruments for foreign exchange risk\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value instruments for foreign exchange risk\n

\n 		\n

\n 1,151\n

\n 		\n

\n 546\n

\n 		\n

\n 1,697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 453\n

\n 		\n

\n 1,292\n

\n
\n

\n Other liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n
\n
\n Other\n \n current\n \n and\n \n non-current\n \n assets\n \n for\n \n 13,277\n \n thousand\n \n euro\n \n (16,860\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n is\n \n mainly\n \n related\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n to\n \n hedge\n \n the\n \n risk\n \n of\n \n fluctuations\n \n in \n interest rates accounting for according to IFRS 9 in hedge accounting. \n
\n
\n On\n \n 12\n \n December\n \n 2016\n \n Italgas\n \n entered\n \n into\n \n an\n \n EIB\n \n loan\n \n for\n \n 300\n \n million\n \n euro,\n \n expiring\n \n on\n \n 30\n \n November\n \n 2032. \n The\n \n loan\n \n involves\n \n the\n \n payment\n \n of\n \n half-yearly\n \n coupons\n \n at\n \n a\n \n variable\n \n rate\n \n of\n \n Euribor\n \n 6M\n \n +\n \n spread\n \n 0.47%.\n \n On\n \n 24 \n
\n \n \n \n \n July\n \n 2019\n \n Italgas\n \n also\n \n entered\n \n into\n \n an\n \n Interest\n \n Rate\n \n Swap\n \n (IRS),\n \n effective\n \n from\n \n 24\n \n July\n \n 2019,\n \n expiring\n \n in\n \n 2029 \n and with the same coupon frequency as the loans. \n
\n The IRS characteristics are summarised below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Amount\n

\n 		\n

\n ITG rate\n

\n 		\n

\n Bank rate\n

\n 		\n

\n Coupon\n

\n 		\n

\n Expiration date\n

\n
\n

\n IRS derivative\n

\n 		\n

\n 24.07.2019\n

\n 		\n

\n 175,000,000\n

\n 		\n

\n (0.06)%\n

\n 		\n

\n var EUR 6m\n

\n 		\n

\n half-yearly\n

\n 		\n

\n 30.11.2029\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n derivatives\n \n stipulated\n \n to\n \n hedge\n \n the\n \n interest\n \n rate\n \n are\n \n booked\n \n according\n \n to\n \n the\n \n rules\n \n of\n \n hedge\n \n accounting. \n The\n \n effectiveness\n \n testing\n \n carried\n \n out\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n did\n \n not\n \n show\n \n any\n \n impacts\n \n on\n \n the\n \n income \n statement in terms of ineffectiveness.\n
\n
\n The\n \n item\n \n also\n \n contains,\n \n for\n \n 1,292\n \n thousand\n \n euro,\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n used\n \n to\n \n hedge \n exchange\n \n rate\n \n risk\n \n on\n \n future\n \n USD-denominated\n \n payment\n \n flows\n \n related\n \n to\n \n Picarro\n \n invoices.\n \n The\n \n Group\n \n did\n \n not \n apply\n \n hedge\n \n accounting\n \n under\n \n IFRS\n \n 9\n \n for\n \n instruments\n \n to\n \n hedge\n \n payment\n \n flows\n \n in\n \n USD,\n \n as\n \n it\n \n is\n \n for\n \n operational \n hedging only.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Initial amount USD hedging\n

\n 		\n

\n Residual value as of 31.12.2025 USD\n

\n 		\n

\n Foreign exchange rate on the subscription date\n

\n 		\n

\n Expiry date (last hedge)\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 15.01.2021\n

\n 		\n

\n 16,300,000.00\n

\n 		\n

\n 1,380,000.00\n

\n 		\n

\n 1.2131\n

\n 		\n

\n 31.07.2026\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 20.05.2024\n

\n 		\n

\n 2,340,000.00\n

\n 		\n

\n 1,560,000.00\n

\n 		\n

\n 1.1161\n

\n 		\n

\n 15.07.2027\n

\n
\n
\n \n
\n Other information on financial instruments\n
\n
\n With\n \n reference\n \n to\n \n the\n \n categories\n \n established\n \n by\n \n IFRS\n \n 9\n \n \u201cFinancial\n \n instruments\u201d,\n \n the\n \n carrying\n \n amount\n \n of\n \n financial \n instruments and their relative effects on results and on equity can be analysed as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Carrying amount\n

\n 		\n

\n Income / expense recognised\n

\n 		\n

\n Income / expense recognised\n

\n
\n

\n to income statement\n

\n 		\n

\n to shareholders\u2019 equity (a)\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Balance as at 31.12.2024\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Balance as at 31.12.2024\n

\n 		\n

\n Balance as at 31.12.2025\n

\n 		\n

\n Balance as at 31.12.2024\n

\n 		\n

\n Balance as at 31.12.2025\n

\n
\n

\n Financial instruments measured at amortised cost\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n - Cash\n

\n 		\n

\n 402,662\n

\n 		\n

\n 531,933\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Current financial assets\n

\n 		\n

\n 3,592\n

\n 		\n

\n 4,004\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Trade and other receivables\n

\n 		\n

\n 893,667\n

\n 		\n

\n 1,407,264\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Non-current financial assets\n

\n 		\n

\n 10,982\n

\n 		\n

\n 8,730\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other current and non-current non-financial assets\n

\n 		\n

\n 863,306\n

\n 		\n

\n 831,287\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Financial payables (a)\n

\n 		\n

\n 7,185,868\n

\n 		\n

\n 11,415,642\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (246,532)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other current and non-current non-financial liabilities\n

\n 		\n

\n 581,048\n

\n 		\n

\n 1,272,863\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Financial instruments measured at fair value\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other investments\n

\n 		\n

\n 20,359\n

\n 		\n

\n 25,268\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 468\n

\n 		\n

\n 763\n

\n
\n

\n - Financial assets (liabilities) for hedge derivative contracts\n

\n 		\n

\n 16,775\n

\n 		\n

\n 13,277\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,163\n

\n 		\n

\n (3,178)\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n (a) The effects on the income statement are recognized under the item \"Financial income/(charges)\"\n
\n
\n The table below provides a comparison between the book value of financial assets and liabilities and their \n respective fair value.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Balance as at 31.12.2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Balance as at 31.12.2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Carrying amount\n

\n 		\n

\n Market value\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Carrying amount\n

\n 		\n

\n Market value\n

\n
\n

\n Financial instruments measured at amortised cost\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Non-current financial debt\n

\n 		\n

\n 6,187,329\n

\n 		\n

\n 5,775,157\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 10,413,445\n

\n 		\n

\n 10,221,022\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n carrying\n \n amount\n \n of\n \n trade\n \n receivables,\n \n other\n \n receivables\n \n and\n \n financial\n \n payables\n \n is\n \n close\n \n to\n \n the\n \n related\n \n fair \n value\n \n measurement,\n \n given\n \n the\n \n short\n \n period\n \n of\n \n time\n \n between\n \n when\n \n the\n \n receivable\n \n or\n \n the\n \n financial\n \n payable\n \n arises \n and its due date.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact580": { "value": "\n \n \n
\n 20)\n Other current and non-current financial assets/liabilities \n
\n
\n The market value of the derivative financial instruments as at 31 December 2025 is analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 10,982\n

\n 		\n

\n 16,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 8,730\n

\n 		\n

\n 13,277\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 4,727\n

\n 		\n

\n 10,436\n

\n 		\n

\n 15,163\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,708\n

\n 		\n

\n 8,277\n

\n 		\n

\n 11,985\n

\n
\n

\n Derivative financial instruments for foreign exchange risk\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value instruments for foreign exchange risk\n

\n 		\n

\n 1,151\n

\n 		\n

\n 546\n

\n 		\n

\n 1,697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 453\n

\n 		\n

\n 1,292\n

\n
\n

\n Other liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n
\n
\n Other\n \n current\n \n and\n \n non-current\n \n assets\n \n for\n \n 13,277\n \n thousand\n \n euro\n \n (16,860\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n is\n \n mainly\n \n related\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n to\n \n hedge\n \n the\n \n risk\n \n of\n \n fluctuations\n \n in \n interest rates accounting for according to IFRS 9 in hedge accounting. \n
\n
\n On\n \n 12\n \n December\n \n 2016\n \n Italgas\n \n entered\n \n into\n \n an\n \n EIB\n \n loan\n \n for\n \n 300\n \n million\n \n euro,\n \n expiring\n \n on\n \n 30\n \n November\n \n 2032. \n The\n \n loan\n \n involves\n \n the\n \n payment\n \n of\n \n half-yearly\n \n coupons\n \n at\n \n a\n \n variable\n \n rate\n \n of\n \n Euribor\n \n 6M\n \n +\n \n spread\n \n 0.47%.\n \n On\n \n 24 \n
\n \n \n \n \n \n \n July\n \n 2019\n \n Italgas\n \n also\n \n entered\n \n into\n \n an\n \n Interest\n \n Rate\n \n Swap\n \n (IRS),\n \n effective\n \n from\n \n 24\n \n July\n \n 2019,\n \n expiring\n \n in\n \n 2029 \n and with the same coupon frequency as the loans. \n
\n The IRS characteristics are summarised below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Amount\n

\n 		\n

\n ITG rate\n

\n 		\n

\n Bank rate\n

\n 		\n

\n Coupon\n

\n 		\n

\n Expiration date\n

\n
\n

\n IRS derivative\n

\n 		\n

\n 24.07.2019\n

\n 		\n

\n 175,000,000\n

\n 		\n

\n (0.06)%\n

\n 		\n

\n var EUR 6m\n

\n 		\n

\n half-yearly\n

\n 		\n

\n 30.11.2029\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n derivatives\n \n stipulated\n \n to\n \n hedge\n \n the\n \n interest\n \n rate\n \n are\n \n booked\n \n according\n \n to\n \n the\n \n rules\n \n of\n \n hedge\n \n accounting. \n The\n \n effectiveness\n \n testing\n \n carried\n \n out\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n did\n \n not\n \n show\n \n any\n \n impacts\n \n on\n \n the\n \n income \n statement in terms of ineffectiveness.\n
\n
\n The\n \n item\n \n also\n \n contains,\n \n for\n \n 1,292\n \n thousand\n \n euro,\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n used\n \n to\n \n hedge \n exchange\n \n rate\n \n risk\n \n on\n \n future\n \n USD-denominated\n \n payment\n \n flows\n \n related\n \n to\n \n Picarro\n \n invoices.\n \n The\n \n Group\n \n did\n \n not \n apply\n \n hedge\n \n accounting\n \n under\n \n IFRS\n \n 9\n \n for\n \n instruments\n \n to\n \n hedge\n \n payment\n \n flows\n \n in\n \n USD,\n \n as\n \n it\n \n is\n \n for\n \n operational \n hedging only.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Initial amount USD hedging\n

\n 		\n

\n Residual value as of 31.12.2025 USD\n

\n 		\n

\n Foreign exchange rate on the subscription date\n

\n 		\n

\n Expiry date (last hedge)\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 15.01.2021\n

\n 		\n

\n 16,300,000.00\n

\n 		\n

\n 1,380,000.00\n

\n 		\n

\n 1.2131\n

\n 		\n

\n 31.07.2026\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 20.05.2024\n

\n 		\n

\n 2,340,000.00\n

\n 		\n

\n 1,560,000.00\n

\n 		\n

\n 1.1161\n

\n 		\n

\n 15.07.2027\n

\n
\n
\n \n \n \n
\n 21)\n Other current and non-current non-financial liabilites\n
\n
\n Other\n \n current\n \n non-financial\n \n liabilities,\n \n amounting\n \n to\n \n 45,653\n \n thousand\n \n euro\n \n (14,063\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial \n liabilities, amounting to 1,227,210 thousand euro (566,985 thousand euro as at 31 December 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other tax liabilities\n

\n 		\n

\n 13,630\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 13,630\n

\n 		\n

\n 41,642\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 41,642\n

\n
\n

\n Other liabilities related to connection fees\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 527,667\n

\n 		\n

\n 527,667\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,162,657\n

\n 		\n

\n 1,162,657\n

\n
\n

\n Other liabilities for works prepayments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,317\n

\n 		\n

\n 16,317\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,800\n

\n 		\n

\n 16,800\n

\n
\n

\n Liabilities for security deposits\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,689\n

\n 		\n

\n 15,689\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,515\n

\n 		\n

\n 43,515\n

\n
\n

\n Sundry other\n

\n 		\n

\n 433\n

\n 		\n

\n 7,312\n

\n 		\n

\n 7,745\n

\n 		\n

\n 4,011\n

\n 		\n

\n 4,238\n

\n 		\n

\n 8,249\n

\n
\n

\n Other current and non-current non-financial liabilites\n

\n 		\n

\n 14,063\n

\n 		\n

\n 566,985\n

\n 		\n

\n 581,048\n

\n 		\n

\n 45,653\n

\n 		\n

\n 1,227,210\n

\n 		\n

\n 1,272,863\n

\n
\n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact579": { "value": "\n \n
\n 20)\n Other current and non-current financial assets/liabilities \n
\n
\n The market value of the derivative financial instruments as at 31 December 2025 is analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 10,982\n

\n 		\n

\n 16,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 8,730\n

\n 		\n

\n 13,277\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 4,727\n

\n 		\n

\n 10,436\n

\n 		\n

\n 15,163\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,708\n

\n 		\n

\n 8,277\n

\n 		\n

\n 11,985\n

\n
\n

\n Derivative financial instruments for foreign exchange risk\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value instruments for foreign exchange risk\n

\n 		\n

\n 1,151\n

\n 		\n

\n 546\n

\n 		\n

\n 1,697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 453\n

\n 		\n

\n 1,292\n

\n
\n

\n Other liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n
\n
\n Other\n \n current\n \n and\n \n non-current\n \n assets\n \n for\n \n 13,277\n \n thousand\n \n euro\n \n (16,860\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n is\n \n mainly\n \n related\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n to\n \n hedge\n \n the\n \n risk\n \n of\n \n fluctuations\n \n in \n interest rates accounting for according to IFRS 9 in hedge accounting. \n
\n
\n On\n \n 12\n \n December\n \n 2016\n \n Italgas\n \n entered\n \n into\n \n an\n \n EIB\n \n loan\n \n for\n \n 300\n \n million\n \n euro,\n \n expiring\n \n on\n \n 30\n \n November\n \n 2032. \n The\n \n loan\n \n involves\n \n the\n \n payment\n \n of\n \n half-yearly\n \n coupons\n \n at\n \n a\n \n variable\n \n rate\n \n of\n \n Euribor\n \n 6M\n \n +\n \n spread\n \n 0.47%.\n \n On\n \n 24 \n
\n \n \n \n \n July\n \n 2019\n \n Italgas\n \n also\n \n entered\n \n into\n \n an\n \n Interest\n \n Rate\n \n Swap\n \n (IRS),\n \n effective\n \n from\n \n 24\n \n July\n \n 2019,\n \n expiring\n \n in\n \n 2029 \n and with the same coupon frequency as the loans. \n
\n The IRS characteristics are summarised below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Amount\n

\n 		\n

\n ITG rate\n

\n 		\n

\n Bank rate\n

\n 		\n

\n Coupon\n

\n 		\n

\n Expiration date\n

\n
\n

\n IRS derivative\n

\n 		\n

\n 24.07.2019\n

\n 		\n

\n 175,000,000\n

\n 		\n

\n (0.06)%\n

\n 		\n

\n var EUR 6m\n

\n 		\n

\n half-yearly\n

\n 		\n

\n 30.11.2029\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n derivatives\n \n stipulated\n \n to\n \n hedge\n \n the\n \n interest\n \n rate\n \n are\n \n booked\n \n according\n \n to\n \n the\n \n rules\n \n of\n \n hedge\n \n accounting. \n The\n \n effectiveness\n \n testing\n \n carried\n \n out\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n did\n \n not\n \n show\n \n any\n \n impacts\n \n on\n \n the\n \n income \n statement in terms of ineffectiveness.\n
\n
\n The\n \n item\n \n also\n \n contains,\n \n for\n \n 1,292\n \n thousand\n \n euro,\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n used\n \n to\n \n hedge \n exchange\n \n rate\n \n risk\n \n on\n \n future\n \n USD-denominated\n \n payment\n \n flows\n \n related\n \n to\n \n Picarro\n \n invoices.\n \n The\n \n Group\n \n did\n \n not \n apply\n \n hedge\n \n accounting\n \n under\n \n IFRS\n \n 9\n \n for\n \n instruments\n \n to\n \n hedge\n \n payment\n \n flows\n \n in\n \n USD,\n \n as\n \n it\n \n is\n \n for\n \n operational \n hedging only.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Initial amount USD hedging\n

\n 		\n

\n Residual value as of 31.12.2025 USD\n

\n 		\n

\n Foreign exchange rate on the subscription date\n

\n 		\n

\n Expiry date (last hedge)\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 15.01.2021\n

\n 		\n

\n 16,300,000.00\n

\n 		\n

\n 1,380,000.00\n

\n 		\n

\n 1.2131\n

\n 		\n

\n 31.07.2026\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 20.05.2024\n

\n 		\n

\n 2,340,000.00\n

\n 		\n

\n 1,560,000.00\n

\n 		\n

\n 1.1161\n

\n 		\n

\n 15.07.2027\n

\n
\n
\n \n \n \n
\n 21)\n Other current and non-current non-financial liabilites\n
\n
\n Other\n \n current\n \n non-financial\n \n liabilities,\n \n amounting\n \n to\n \n 45,653\n \n thousand\n \n euro\n \n (14,063\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial \n liabilities, amounting to 1,227,210 thousand euro (566,985 thousand euro as at 31 December 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other tax liabilities\n

\n 		\n

\n 13,630\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 13,630\n

\n 		\n

\n 41,642\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 41,642\n

\n
\n

\n Other liabilities related to connection fees\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 527,667\n

\n 		\n

\n 527,667\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,162,657\n

\n 		\n

\n 1,162,657\n

\n
\n

\n Other liabilities for works prepayments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,317\n

\n 		\n

\n 16,317\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,800\n

\n 		\n

\n 16,800\n

\n
\n

\n Liabilities for security deposits\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,689\n

\n 		\n

\n 15,689\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,515\n

\n 		\n

\n 43,515\n

\n
\n

\n Sundry other\n

\n 		\n

\n 433\n

\n 		\n

\n 7,312\n

\n 		\n

\n 7,745\n

\n 		\n

\n 4,011\n

\n 		\n

\n 4,238\n

\n 		\n

\n 8,249\n

\n
\n

\n Other current and non-current non-financial liabilites\n

\n 		\n

\n 14,063\n

\n 		\n

\n 566,985\n

\n 		\n

\n 581,048\n

\n 		\n

\n 45,653\n

\n 		\n

\n 1,227,210\n

\n 		\n

\n 1,272,863\n

\n
\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact578": { "value": "\n
\n 20)\n Other current and non-current financial assets/liabilities \n
\n
\n The market value of the derivative financial instruments as at 31 December 2025 is analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 10,982\n

\n 		\n

\n 16,860\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 8,730\n

\n 		\n

\n 13,277\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 4,727\n

\n 		\n

\n 10,436\n

\n 		\n

\n 15,163\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,708\n

\n 		\n

\n 8,277\n

\n 		\n

\n 11,985\n

\n
\n

\n Derivative financial instruments for foreign exchange risk\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value instruments for foreign exchange risk\n

\n 		\n

\n 1,151\n

\n 		\n

\n 546\n

\n 		\n

\n 1,697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 453\n

\n 		\n

\n 1,292\n

\n
\n

\n Other liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n

\n Derivative financial instruments Cash flow hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Fair value interest rate hedging instruments\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (87)\n

\n 		\n

\n 0\n

\n 		\n

\n (87)\n

\n
\n
\n
\n Other\n \n current\n \n and\n \n non-current\n \n assets\n \n for\n \n 13,277\n \n thousand\n \n euro\n \n (16,860\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n is\n \n mainly\n \n related\n \n to\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n to\n \n hedge\n \n the\n \n risk\n \n of\n \n fluctuations\n \n in \n interest rates accounting for according to IFRS 9 in hedge accounting. \n
\n
\n On\n \n 12\n \n December\n \n 2016\n \n Italgas\n \n entered\n \n into\n \n an\n \n EIB\n \n loan\n \n for\n \n 300\n \n million\n \n euro,\n \n expiring\n \n on\n \n 30\n \n November\n \n 2032. \n The\n \n loan\n \n involves\n \n the\n \n payment\n \n of\n \n half-yearly\n \n coupons\n \n at\n \n a\n \n variable\n \n rate\n \n of\n \n Euribor\n \n 6M\n \n +\n \n spread\n \n 0.47%.\n \n On\n \n 24 \n
\n \n \n \n \n \n July\n \n 2019\n \n Italgas\n \n also\n \n entered\n \n into\n \n an\n \n Interest\n \n Rate\n \n Swap\n \n (IRS),\n \n effective\n \n from\n \n 24\n \n July\n \n 2019,\n \n expiring\n \n in\n \n 2029 \n and with the same coupon frequency as the loans. \n
\n The IRS characteristics are summarised below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Amount\n

\n 		\n

\n ITG rate\n

\n 		\n

\n Bank rate\n

\n 		\n

\n Coupon\n

\n 		\n

\n Expiration date\n

\n
\n

\n IRS derivative\n

\n 		\n

\n 24.07.2019\n

\n 		\n

\n 175,000,000\n

\n 		\n

\n (0.06)%\n

\n 		\n

\n var EUR 6m\n

\n 		\n

\n half-yearly\n

\n 		\n

\n 30.11.2029\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The\n \n derivatives\n \n stipulated\n \n to\n \n hedge\n \n the\n \n interest\n \n rate\n \n are\n \n booked\n \n according\n \n to\n \n the\n \n rules\n \n of\n \n hedge\n \n accounting. \n The\n \n effectiveness\n \n testing\n \n carried\n \n out\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n did\n \n not\n \n show\n \n any\n \n impacts\n \n on\n \n the\n \n income \n statement in terms of ineffectiveness.\n
\n
\n The\n \n item\n \n also\n \n contains,\n \n for\n \n 1,292\n \n thousand\n \n euro,\n \n the\n \n fair\n \n value\n \n of\n \n derivative\n \n financial\n \n instruments\n \n used\n \n to\n \n hedge \n exchange\n \n rate\n \n risk\n \n on\n \n future\n \n USD-denominated\n \n payment\n \n flows\n \n related\n \n to\n \n Picarro\n \n invoices.\n \n The\n \n Group\n \n did\n \n not \n apply\n \n hedge\n \n accounting\n \n under\n \n IFRS\n \n 9\n \n for\n \n instruments\n \n to\n \n hedge\n \n payment\n \n flows\n \n in\n \n USD,\n \n as\n \n it\n \n is\n \n for\n \n operational \n hedging only.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n Date stipulated\n

\n 		\n

\n Initial amount USD hedging\n

\n 		\n

\n Residual value as of 31.12.2025 USD\n

\n 		\n

\n Foreign exchange rate on the subscription date\n

\n 		\n

\n Expiry date (last hedge)\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 15.01.2021\n

\n 		\n

\n 16,300,000.00\n

\n 		\n

\n 1,380,000.00\n

\n 		\n

\n 1.2131\n

\n 		\n

\n 31.07.2026\n

\n
\n

\n Foreign exchange risk derivative\n

\n 		\n

\n 20.05.2024\n

\n 		\n

\n 2,340,000.00\n

\n 		\n

\n 1,560,000.00\n

\n 		\n

\n 1.1161\n

\n 		\n

\n 15.07.2027\n

\n
\n
\n \n \n \n
\n 21)\n Other current and non-current non-financial liabilites\n
\n
\n Other\n \n current\n \n non-financial\n \n liabilities,\n \n amounting\n \n to\n \n 45,653\n \n thousand\n \n euro\n \n (14,063\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial \n liabilities, amounting to 1,227,210 thousand euro (566,985 thousand euro as at 31 December 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other tax liabilities\n

\n 		\n

\n 13,630\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 13,630\n

\n 		\n

\n 41,642\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 41,642\n

\n
\n

\n Other liabilities related to connection fees\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 527,667\n

\n 		\n

\n 527,667\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,162,657\n

\n 		\n

\n 1,162,657\n

\n
\n

\n Other liabilities for works prepayments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,317\n

\n 		\n

\n 16,317\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,800\n

\n 		\n

\n 16,800\n

\n
\n

\n Liabilities for security deposits\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,689\n

\n 		\n

\n 15,689\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,515\n

\n 		\n

\n 43,515\n

\n
\n

\n Sundry other\n

\n 		\n

\n 433\n

\n 		\n

\n 7,312\n

\n 		\n

\n 7,745\n

\n 		\n

\n 4,011\n

\n 		\n

\n 4,238\n

\n 		\n

\n 8,249\n

\n
\n

\n Other current and non-current non-financial liabilites\n

\n 		\n

\n 14,063\n

\n 		\n

\n 566,985\n

\n 		\n

\n 581,048\n

\n 		\n

\n 45,653\n

\n 		\n

\n 1,227,210\n

\n 		\n

\n 1,272,863\n

\n
\n
\n \n \n \n \n
\n Current indirect tax liabilities of 41,642 thousand euro mainly refer to payables to the tax authorities for IRPEF withholdings for employees.\n
\n
\n Other\n \n non-current\n \n liabilities,\n \n amounting\n \n to\n \n 1,227,210\n \n thousand\n \n euro,\n \n mainly\n \n refer\n \n to\n \n gas\n \n connection\n \n contributions\n \n (1,161,837\n \n thousand\n \n euro),\n \n water\n \n connection \n contributions\n \n (820\n \n thousand\n \n euro),\n \n liabilities\n \n for\n \n works\n \n prepayments\n \n for\n \n 16,800\n \n thousand\n \n euro\n \n related\n \n to\n \n Acquedotto\n \n della\n \n Campania\n \n Occidentale\n \n (ACO)\n \n and \n liabilities\n \n for\n \n security\n \n deposits\n \n for\n \n 43,515\n \n thousand\n \n euro.\n \n The\n \n increase\n \n in\n \n liabilities\n \n relating\n \n to\n \n connection\n \n fees\n \n is\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation \n of the companies of 2i Rete Gas.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact583": { "value": "\n
\n 21)\n Other current and non-current non-financial liabilites\n
\n
\n Other\n \n current\n \n non-financial\n \n liabilities,\n \n amounting\n \n to\n \n 45,653\n \n thousand\n \n euro\n \n (14,063\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n other\n \n non-current\n \n non-financial \n liabilities, amounting to 1,227,210 thousand euro (566,985 thousand euro as at 31 December 2024), are broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n 		\n

\n Current\n

\n 		\n

\n Non-current\n

\n 		\n

\n Total\n

\n
\n

\n Other tax liabilities\n

\n 		\n

\n 13,630\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 13,630\n

\n 		\n

\n 41,642\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 41,642\n

\n
\n

\n Other liabilities related to connection fees\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 527,667\n

\n 		\n

\n 527,667\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,162,657\n

\n 		\n

\n 1,162,657\n

\n
\n

\n Other liabilities for works prepayments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,317\n

\n 		\n

\n 16,317\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,800\n

\n 		\n

\n 16,800\n

\n
\n

\n Liabilities for security deposits\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 15,689\n

\n 		\n

\n 15,689\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,515\n

\n 		\n

\n 43,515\n

\n
\n

\n Sundry other\n

\n 		\n

\n 433\n

\n 		\n

\n 7,312\n

\n 		\n

\n 7,745\n

\n 		\n

\n 4,011\n

\n 		\n

\n 4,238\n

\n 		\n

\n 8,249\n

\n
\n

\n Other current and non-current non-financial liabilites\n

\n 		\n

\n 14,063\n

\n 		\n

\n 566,985\n

\n 		\n

\n 581,048\n

\n 		\n

\n 45,653\n

\n 		\n

\n 1,227,210\n

\n 		\n

\n 1,272,863\n

\n
\n
\n \n
\n Current indirect tax liabilities of 41,642 thousand euro mainly refer to payables to the tax authorities for IRPEF withholdings for employees.\n
\n
\n Other\n \n non-current\n \n liabilities,\n \n amounting\n \n to\n \n 1,227,210\n \n thousand\n \n euro,\n \n mainly\n \n refer\n \n to\n \n gas\n \n connection\n \n contributions\n \n (1,161,837\n \n thousand\n \n euro),\n \n water\n \n connection \n contributions\n \n (820\n \n thousand\n \n euro),\n \n liabilities\n \n for\n \n works\n \n prepayments\n \n for\n \n 16,800\n \n thousand\n \n euro\n \n related\n \n to\n \n Acquedotto\n \n della\n \n Campania\n \n Occidentale\n \n (ACO)\n \n and \n liabilities\n \n for\n \n security\n \n deposits\n \n for\n \n 43,515\n \n thousand\n \n euro.\n \n The\n \n increase\n \n in\n \n liabilities\n \n relating\n \n to\n \n connection\n \n fees\n \n is\n \n due\n \n to\n \n the\n \n entry\n \n into\n \n the\n \n scope\n \n of\n \n consolidation \n of the companies of 2i Rete Gas.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact585": { "value": "\n
\n 22)\n Provisions for risks and charges \n
\n
\n Provisions\n \n for\n \n risks\n \n and\n \n charges,\n \n amounting\n \n to\n \n 120,390\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (92,122 \n thousand euro as at 31 December 2024), comprise the following:\n
\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 42,896\n

\n 		\n

\n 8,053\n

\n 		\n

\n 3\n

\n 		\n

\n 41\n

\n 		\n

\n (11,106)\n

\n 		\n

\n 0\n

\n 		\n

\n 791\n

\n 		\n

\n 40,678\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,977\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n (375)\n

\n 		\n

\n 0\n

\n 		\n

\n (438)\n

\n 		\n

\n 4,402\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Risk provision for litigation\n

\n 		\n

\n 8,108\n

\n 		\n

\n 2,948\n

\n 		\n

\n 2,768\n

\n 		\n

\n 0\n

\n 		\n

\n (2,689)\n

\n 		\n

\n (2,113)\n

\n 		\n

\n 143\n

\n 		\n

\n 9,165\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 4,334\n

\n 		\n

\n 3,005\n

\n 		\n

\n 798\n

\n 		\n

\n 0\n

\n 		\n

\n (26)\n

\n 		\n

\n (6,906)\n

\n 		\n

\n 148\n

\n 		\n

\n 1,353\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n 12,993\n

\n 		\n

\n 100\n

\n 		\n

\n (1,749)\n

\n 		\n

\n 0\n

\n 		\n

\n (10,872)\n

\n 		\n

\n (2,368)\n

\n 		\n

\n (6,229)\n

\n 		\n

\n (8,125)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 283\n

\n 		\n

\n 319\n

\n 		\n

\n 70\n

\n 		\n

\n 0\n

\n 		\n

\n (10)\n

\n 		\n

\n 0\n

\n 		\n

\n (413)\n

\n 		\n

\n 249\n

\n
\n

\n Other provisions \n

\n 		\n

\n 18,531\n

\n 		\n

\n 40,829\n

\n 		\n

\n 2,732\n

\n 		\n

\n 0\n

\n 		\n

\n (2,724)\n

\n 		\n

\n (2,900)\n

\n 		\n

\n (89)\n

\n 		\n

\n 56,378\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 92,122\n

\n 		\n

\n 65,956\n

\n 		\n

\n 4,622\n

\n 		\n

\n 279\n

\n 		\n

\n (27,802)\n

\n 		\n

\n (14,287)\n

\n 		\n

\n (6,087)\n

\n 		\n

\n 104,100\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 40,678\n

\n 		\n

\n 0\n

\n 		\n

\n (3)\n

\n 		\n

\n 693\n

\n 		\n

\n 712\n

\n 		\n

\n 0\n

\n 		\n

\n (2,454)\n

\n 		\n

\n 39,626\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,402\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (200)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 200\n

\n 		\n

\n 4,402\n

\n
\n

\n Risk provision for litigation\n

\n 		\n

\n 9,165\n

\n 		\n

\n 100\n

\n 		\n

\n 1,303\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n (1,205)\n

\n 		\n

\n (129)\n

\n 		\n

\n 9,189\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 1,353\n

\n 		\n

\n 0\n

\n 		\n

\n 716\n

\n 		\n

\n 0\n

\n 		\n

\n (172)\n

\n 		\n

\n 497\n

\n 		\n

\n (148)\n

\n 		\n

\n 2,246\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n (8,125)\n

\n 		\n

\n (100)\n

\n 		\n

\n 516\n

\n 		\n

\n (100)\n

\n 		\n

\n (10,539)\n

\n 		\n

\n (1,750)\n

\n 		\n

\n 3,629\n

\n 		\n

\n (16,469)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 249\n

\n 		\n

\n (1)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (248)\n

\n 		\n

\n 0\n

\n 		\n

\n 224\n

\n 		\n

\n 224\n

\n
\n

\n Provision for risks on concessions\n

\n 		\n

\n 0\n

\n 		\n

\n 28,335\n

\n 		\n

\n 2,306\n

\n 		\n

\n 0\n

\n 		\n

\n (1,038)\n

\n 		\n

\n (1,353)\n

\n 		\n

\n 4,308\n

\n 		\n

\n 32,558\n

\n
\n

\n Other provisions \n

\n 		\n

\n 56,378\n

\n 		\n

\n (28,335)\n

\n 		\n

\n (1,610)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,855)\n

\n 		\n

\n 1,335\n

\n 		\n

\n (3,063)\n

\n 		\n

\n 22,850\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 104,100\n

\n 		\n

\n (1)\n

\n 		\n

\n 3,228\n

\n 		\n

\n 393\n

\n 		\n

\n (13,185)\n

\n 		\n

\n (2,476)\n

\n 		\n

\n 2,567\n

\n 		\n

\n 94,626\n

\n
\n \n
\n .\n
\n \n
\n Provision\n \n for\n \n environmental\n \n risks\n \n and\n \n charges\n \n of\n \n 40,679\n \n thousand\n \n euro\n \n (42,896\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n included\n \n costs\n \n for \n environmental\n \n soil\n \n reclamation,\n \n pursuant\n \n to\n \n Law\n \n no.\n \n 471/1999,\n \n as\n \n subsequently\n \n amended,\n \n primarily\n \n for\n \n the\n \n disposal\n \n of\n \n solid\n \n waste,\n \n in\n \n relation\n \n to\n \n the\n \n gas \n distribution\n \n business.\n \n The\n \n decrease\n \n of\n \n 2,217\n \n thousand\n \n euro\n \n is\n \n mainly\n \n due\n \n to\n \n uses\n \n against\n \n charges\n \n incurred\n \n during\n \n the\n \n financial\n \n year\n \n (9,662\n \n thousand\n \n euro), \n partially offset by the entry into the scope of consolidation of the companies of 2i Rete Gas (8,053 thousand euro).\n
\n
\n Discounting was carried out using a rates curve representative of the risk-free rate.\n
\n
\n Risk\n \n provision\n \n for\n \n litigation\n \n (9,165\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 8,107\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n included\n \n costs\n \n which\n \n the\n \n Group \n has estimated it will incur for existing lawsuits. For further information, please see subsection \u201cDisputes and other measures\u201d. \n
\n
\n Energy\n \n Efficiency\n \n Certificates\n \n (EEC)\n \n risk\n \n provision\n \n of\n \n 1,352\n \n thousand\n \n euro\n \n (4,334\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n represents\n \n the\n \n Group\u2019s\n \n estimated \n liability for fulfilling the obligations to deliver Energy Efficiency Certificates (EEC) arising from gas distribution activities in Italy.\n
\n
\n The\n \n Provision\n \n for\n \n personnel\n \n risks\n \n of\n \n 8,611\n \n thousand\n \n euro\n \n (13,138\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n involves\n \n personnel\n \n incentive\n \n and\n \n mobility\n \n schemes.\n
\n
\n Other\n \n provisions,\n \n amounting\n \n to\n \n 23,375\n \n thousand\n \n euro\n \n (18,387\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n include\n \n estimated\n \n charges\n \n for\n \n various\n \n disputes\n \n related \n to the gas distribution service. The increase is mainly due to the contribution of the companies of 2i Rete Gas (14,036 thousand euro).\n
\n
\n The\n \n effects\n \n on\n \n provisions\n \n of\n \n risks\n \n and\n \n charges\n \n arising\n \n from\n \n a\n \n reasonably\n \n possible\n \n change\n \n to\n \n the\n \n discount\n \n rate\n \n used\n \n at\n \n year-end\n \n are\n \n shown\n \n below.\n \n The \n sensitivity\n \n analysis\n \n on\n \n the\n \n discounting\n \n rates\n \n shows\n \n the\n \n change\n \n in\n \n value\n \n of\n \n the\n \n actuarial\n \n liabilities\n \n obtained\n \n with\n \n the\n \n year-end\n \n assessment\n \n data,\n \n by\n \n changing \n the discounting rate, without prejudice to other hypotheses.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n % change in discounting rates\n

\n
\n

\n Effect on net obligation at 31.12.2025\n

\n 		\n

\n 10% reduction\n

\n 		\n

\n 10% increase\n

\n
\n

\n Provision for site decommissioning risks and charges\n

\n 		\n

\n 160\n

\n 		\n

\n (153)\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 382\n

\n 		\n

\n (373)\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact577": { "value": "\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 42,896\n

\n 		\n

\n 8,053\n

\n 		\n

\n 3\n

\n 		\n

\n 41\n

\n 		\n

\n (11,106)\n

\n 		\n

\n 0\n

\n 		\n

\n 791\n

\n 		\n

\n 40,678\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,977\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n (375)\n

\n 		\n

\n 0\n

\n 		\n

\n (438)\n

\n 		\n

\n 4,402\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Risk provision for litigation\n

\n 		\n

\n 8,108\n

\n 		\n

\n 2,948\n

\n 		\n

\n 2,768\n

\n 		\n

\n 0\n

\n 		\n

\n (2,689)\n

\n 		\n

\n (2,113)\n

\n 		\n

\n 143\n

\n 		\n

\n 9,165\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 4,334\n

\n 		\n

\n 3,005\n

\n 		\n

\n 798\n

\n 		\n

\n 0\n

\n 		\n

\n (26)\n

\n 		\n

\n (6,906)\n

\n 		\n

\n 148\n

\n 		\n

\n 1,353\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n 12,993\n

\n 		\n

\n 100\n

\n 		\n

\n (1,749)\n

\n 		\n

\n 0\n

\n 		\n

\n (10,872)\n

\n 		\n

\n (2,368)\n

\n 		\n

\n (6,229)\n

\n 		\n

\n (8,125)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 283\n

\n 		\n

\n 319\n

\n 		\n

\n 70\n

\n 		\n

\n 0\n

\n 		\n

\n (10)\n

\n 		\n

\n 0\n

\n 		\n

\n (413)\n

\n 		\n

\n 249\n

\n
\n

\n Other provisions \n

\n 		\n

\n 18,531\n

\n 		\n

\n 40,829\n

\n 		\n

\n 2,732\n

\n 		\n

\n 0\n

\n 		\n

\n (2,724)\n

\n 		\n

\n (2,900)\n

\n 		\n

\n (89)\n

\n 		\n

\n 56,378\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 92,122\n

\n 		\n

\n 65,956\n

\n 		\n

\n 4,622\n

\n 		\n

\n 279\n

\n 		\n

\n (27,802)\n

\n 		\n

\n (14,287)\n

\n 		\n

\n (6,087)\n

\n 		\n

\n 104,100\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 40,678\n

\n 		\n

\n 0\n

\n 		\n

\n (3)\n

\n 		\n

\n 693\n

\n 		\n

\n 712\n

\n 		\n

\n 0\n

\n 		\n

\n (2,454)\n

\n 		\n

\n 39,626\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,402\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (200)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 200\n

\n 		\n

\n 4,402\n

\n
\n

\n Risk provision for litigation\n

\n 		\n

\n 9,165\n

\n 		\n

\n 100\n

\n 		\n

\n 1,303\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n (1,205)\n

\n 		\n

\n (129)\n

\n 		\n

\n 9,189\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 1,353\n

\n 		\n

\n 0\n

\n 		\n

\n 716\n

\n 		\n

\n 0\n

\n 		\n

\n (172)\n

\n 		\n

\n 497\n

\n 		\n

\n (148)\n

\n 		\n

\n 2,246\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n (8,125)\n

\n 		\n

\n (100)\n

\n 		\n

\n 516\n

\n 		\n

\n (100)\n

\n 		\n

\n (10,539)\n

\n 		\n

\n (1,750)\n

\n 		\n

\n 3,629\n

\n 		\n

\n (16,469)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 249\n

\n 		\n

\n (1)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (248)\n

\n 		\n

\n 0\n

\n 		\n

\n 224\n

\n 		\n

\n 224\n

\n
\n

\n Provision for risks on concessions\n

\n 		\n

\n 0\n

\n 		\n

\n 28,335\n

\n 		\n

\n 2,306\n

\n 		\n

\n 0\n

\n 		\n

\n (1,038)\n

\n 		\n

\n (1,353)\n

\n 		\n

\n 4,308\n

\n 		\n

\n 32,558\n

\n
\n

\n Other provisions \n

\n 		\n

\n 56,378\n

\n 		\n

\n (28,335)\n

\n 		\n

\n (1,610)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,855)\n

\n 		\n

\n 1,335\n

\n 		\n

\n (3,063)\n

\n 		\n

\n 22,850\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 104,100\n

\n 		\n

\n (1)\n

\n 		\n

\n 3,228\n

\n 		\n

\n 393\n

\n 		\n

\n (13,185)\n

\n 		\n

\n (2,476)\n

\n 		\n

\n 2,567\n

\n 		\n

\n 94,626\n

\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Purchase costs for raw materials, consumables, supplies and goods\n

\n 		\n

\n 168,459\n

\n 		\n

\n 190,307\n

\n
\n

\n Costs for services\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n Lease expenses\n

\n 		\n

\n 102,496\n

\n 		\n

\n 153,106\n

\n
\n

\n Personnel costs\n

\n 		\n

\n 291,004\n

\n 		\n

\n 405,385\n

\n
\n

\n Impairment of trade receivables net\n

\n 		\n

\n (822)\n

\n 		\n

\n 2,605\n

\n
\n

\n Other operating expenses\n

\n 		\n

\n 60,921\n

\n 		\n

\n 76,963\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (7,907)\n

\n 		\n

\n (12,846)\n

\n
\n

\n \u00a0\u00a0 \n - of which costs for services\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\u00a0 \n - of which labour costs\n

\n 		\n

\n (5,871)\n

\n 		\n

\n (4,304)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 1,220,732\n

\n 		\n

\n 1,684,911\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact576": { "value": "\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 42,896\n

\n 		\n

\n 8,053\n

\n 		\n

\n 3\n

\n 		\n

\n 41\n

\n 		\n

\n (11,106)\n

\n 		\n

\n 0\n

\n 		\n

\n 791\n

\n 		\n

\n 40,678\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,977\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 238\n

\n 		\n

\n (375)\n

\n 		\n

\n 0\n

\n 		\n

\n (438)\n

\n 		\n

\n 4,402\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Risk provision for litigation\n

\n 		\n

\n 8,108\n

\n 		\n

\n 2,948\n

\n 		\n

\n 2,768\n

\n 		\n

\n 0\n

\n 		\n

\n (2,689)\n

\n 		\n

\n (2,113)\n

\n 		\n

\n 143\n

\n 		\n

\n 9,165\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 4,334\n

\n 		\n

\n 3,005\n

\n 		\n

\n 798\n

\n 		\n

\n 0\n

\n 		\n

\n (26)\n

\n 		\n

\n (6,906)\n

\n 		\n

\n 148\n

\n 		\n

\n 1,353\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n 12,993\n

\n 		\n

\n 100\n

\n 		\n

\n (1,749)\n

\n 		\n

\n 0\n

\n 		\n

\n (10,872)\n

\n 		\n

\n (2,368)\n

\n 		\n

\n (6,229)\n

\n 		\n

\n (8,125)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 283\n

\n 		\n

\n 319\n

\n 		\n

\n 70\n

\n 		\n

\n 0\n

\n 		\n

\n (10)\n

\n 		\n

\n 0\n

\n 		\n

\n (413)\n

\n 		\n

\n 249\n

\n
\n

\n Other provisions \n

\n 		\n

\n 18,531\n

\n 		\n

\n 40,829\n

\n 		\n

\n 2,732\n

\n 		\n

\n 0\n

\n 		\n

\n (2,724)\n

\n 		\n

\n (2,900)\n

\n 		\n

\n (89)\n

\n 		\n

\n 56,378\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 92,122\n

\n 		\n

\n 65,956\n

\n 		\n

\n 4,622\n

\n 		\n

\n 279\n

\n 		\n

\n (27,802)\n

\n 		\n

\n (14,287)\n

\n 		\n

\n (6,087)\n

\n 		\n

\n 104,100\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousand)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Change in scope of consolidation\n

\n 		\n

\n Provisions\n

\n 		\n

\n Discounting\n

\n 		\n

\n Uses against charges\n

\n 		\n

\n Releases\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n
\n

\n Provisions for environmental risks and charges\n

\n 		\n

\n 40,678\n

\n 		\n

\n 0\n

\n 		\n

\n (3)\n

\n 		\n

\n 693\n

\n 		\n

\n 712\n

\n 		\n

\n 0\n

\n 		\n

\n (2,454)\n

\n 		\n

\n 39,626\n

\n
\n

\n Provisions for site decommissioning risks and charges\n

\n 		\n

\n 4,402\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (200)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 200\n

\n 		\n

\n 4,402\n

\n
\n

\n Risk provision for litigation\n

\n 		\n

\n 9,165\n

\n 		\n

\n 100\n

\n 		\n

\n 1,303\n

\n 		\n

\n 0\n

\n 		\n

\n (45)\n

\n 		\n

\n (1,205)\n

\n 		\n

\n (129)\n

\n 		\n

\n 9,189\n

\n
\n

\n Provisions for other risks - energy efficiency certificates\n

\n 		\n

\n 1,353\n

\n 		\n

\n 0\n

\n 		\n

\n 716\n

\n 		\n

\n 0\n

\n 		\n

\n (172)\n

\n 		\n

\n 497\n

\n 		\n

\n (148)\n

\n 		\n

\n 2,246\n

\n
\n

\n Other personnel risk provisions\n

\n 		\n

\n (8,125)\n

\n 		\n

\n (100)\n

\n 		\n

\n 516\n

\n 		\n

\n (100)\n

\n 		\n

\n (10,539)\n

\n 		\n

\n (1,750)\n

\n 		\n

\n 3,629\n

\n 		\n

\n (16,469)\n

\n
\n

\n Risk provision for tax disputes\n

\n 		\n

\n 249\n

\n 		\n

\n (1)\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n (248)\n

\n 		\n

\n 0\n

\n 		\n

\n 224\n

\n 		\n

\n 224\n

\n
\n

\n Provision for risks on concessions\n

\n 		\n

\n 0\n

\n 		\n

\n 28,335\n

\n 		\n

\n 2,306\n

\n 		\n

\n 0\n

\n 		\n

\n (1,038)\n

\n 		\n

\n (1,353)\n

\n 		\n

\n 4,308\n

\n 		\n

\n 32,558\n

\n
\n

\n Other provisions \n

\n 		\n

\n 56,378\n

\n 		\n

\n (28,335)\n

\n 		\n

\n (1,610)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,855)\n

\n 		\n

\n 1,335\n

\n 		\n

\n (3,063)\n

\n 		\n

\n 22,850\n

\n
\n

\n Provisions for risks and charges\n

\n 		\n

\n 104,100\n

\n 		\n

\n (1)\n

\n 		\n

\n 3,228\n

\n 		\n

\n 393\n

\n 		\n

\n (13,185)\n

\n 		\n

\n (2,476)\n

\n 		\n

\n 2,567\n

\n 		\n

\n 94,626\n

\n
\n \n
\n .\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact564": { "value": "\n
\n 23)\n Provisions for employee benefits\n
\n
\n Provisions\n \n for\n \n employee\n \n benefits\n ,\n \n amounting\n \n to\n \n 80,450\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (61,279 \n thousand euro as at 31 December 2024) comprise the following:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Employee severance pay (TFR)\n

\n 		\n

\n 43,153\n

\n 		\n

\n 56,832\n

\n
\n

\n Supplementary healthcare provision for company executives of Eni (FISDE)\n

\n 		\n

\n 6,179\n

\n 		\n

\n 7,044\n

\n
\n

\n Gas Fund\n

\n 		\n

\n 8,200\n

\n 		\n

\n 11,637\n

\n
\n

\n Other provisions for employee benefits\n

\n 		\n

\n 3,747\n

\n 		\n

\n 4,937\n

\n
\n

\n Provisions for employee benefits\n

\n 		\n

\n 61,279\n

\n 		\n

\n 80,450\n

\n
\n
\n
\n Employee\n \n severance\n \n fund\n \n (TFR)\n \n (56,832\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 43,153\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n governed\n \n by\n \n Article \n 2120\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code,\n \n represents\n \n the\n \n estimated\n \n liability\n \n determined\n \n on\n \n the\n \n basis\n \n of\n \n actuarial\n \n procedures\n \n for\n \n the\n \n amount\n \n to\n \n be\n \n paid\n \n to\n \n employees\n \n at \n the\n \n time\n \n that\n \n the\n \n employment\n \n is\n \n terminated.\n \n The\n \n principal\n \n amount\n \n of\n \n the\n \n benefit\n \n is\n \n equal\n \n to\n \n the\n \n sum\n \n of\n \n portions\n \n of\n \n the\n \n allocation\n \n calculated\n \n on\n \n compensation \n items\n \n paid\n \n during\n \n the\n \n employment\n \n and\n \n revalued\n \n until\n \n the\n \n time\n \n that\n \n such\n \n relationship\n \n is\n \n terminated.\n \n Due\n \n to\n \n the\n \n legislative\n \n changes\n \n introduced\n \n from\n \n 1\n \n January \n 2007\n \n for\n \n companies\n \n with\n \n more\n \n than\n \n 50\n \n employees,\n \n a\n \n significant\n \n part\n \n of\n \n severance\n \n pay\n \n to\n \n be\n \n accrued\n \n is\n \n classified\n \n as\n \n a\n \n defined-contribution\n \n plan\n \n since\n \n the \n company\u2019s only obligation is to pay the contributions to the pension funds or to INPS. \n
\n \n The\n \n supplementary\n \n healthcare\n \n provision\n \n (FISDE)\n \n (7,044\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 6,179\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n includes \n the estimate of costs (determined on an actuarial basis) related to contributions benefiting current\n 162\n and retired executives.\n
\n FISDE\n \n provides\n \n financial\n \n supplementary\n \n healthcare\n \n benefits\n \n to\n \n Eni\n \n Group\n 163\n \n executives\n \n and\n \n retired\n \n executives\n \n whose\n \n most\n \n recent\n \n contract\n \n of\n \n employment \n was\n \n as\n \n an\n \n executive\n \n with\n \n the\n \n Eni\n \n Group.\n \n FISDE\n \n is\n \n funded\n \n through\n \n the\n \n payment\n \n of:\n \n (i)\n \n contributions\n \n from\n \n member\n \n companies;\n \n (ii)\n \n contributions\n \n from\n \n individual \n members\n \n for\n \n themselves\n \n and\n \n their\n \n immediate\n \n family;\n \n and\n \n (iii)\n \n ad\n \n hoc\n \n contributions\n \n for\n \n specific\n \n benefits.\n \n The\n \n amount\n \n of\n \n the\n \n liability\n \n and\n \n the\n \n healthcare\n \n cost\n \n are \n determined\n \n on\n \n the\n \n basis,\n \n as\n \n an\n \n approximation\n \n of\n \n the\n \n estimated\n \n healthcare\n \n expenses\n \n paid\n \n by\n \n the\n \n fund,\n \n of\n \n the\n \n contributions\n \n paid\n \n by\n \n the\n \n company\n \n in\n \n favour\n \n of \n pensioners.\n
\n
\n The\n \n Gas\n \n Fund\n \n (11,637\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 8,200\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relates\n \n to\n \n the\n \n estimate,\n \n made\n \n on\n \n an \n actuarial\n \n basis,\n \n of\n \n the\n \n charges\n \n sustained\n \n by\n \n the\n \n employer\n \n due\n \n to\n \n the\n \n elimination,\n \n as\n \n at\n \n 1\n \n December\n \n 2015,\n \n of\n \n the\n \n fund\n \n pursuant\n \n to\n \n Law\n \n no.\n \n 125\n \n of\n \n 6\n \n August \n 2015.\n \n In\n \n particular,\n \n Articles\n \n 9-decies\n \n and\n \n 9-undecies\n \n of\n \n the\n \n Law\n \n stipulate\n \n that\n \n the\n \n employer\n \n must\n \n cover:\n \n (i)\n \n an\n \n extraordinary\n \n contribution\n \n to\n \n cover\n \n expenses \n related\n \n to\n \n supplementary\n \n pension\n \n benefits\n \n in\n \n place\n \n at\n \n the\n \n time\n \n of\n \n the\n \n elimination\n \n of\n \n the\n \n Gas\n \n Fund\n \n for\n \n the\n \n years\n \n 2015\n \n to\n \n 2020\n 164\n \n ;\n \n and\n \n (ii)\n \n a\n \n contribution\n \n in\n \n favour \n of\n \n those\n \n registered\n \n or\n \n in\n \n voluntary\n \n continuation\n \n of\n \n the\n \n contribution,\n \n that\n \n as\n \n at\n \n 30\n \n November\n \n 2015\n \n were\n \n not\n \n entitled\n \n to\n \n supplementary\n \n pension\n \n benefits\n \n from\n \n the \n eliminated\n \n Gas\n \n Fund,\n \n of\n \n 1%\n \n for\n \n each\n \n year\n \n of\n \n registration\n \n in\n \n the\n \n supplementary\n \n fund,\n \n multiplied\n \n by\n \n the\n \n social\n \n security\n \n tax\n \n base\n \n relating\n \n to\n \n the\n \n same \n supplementary fund for 2014, to be allocated through the employer or the supplementary pension scheme. \n
\n
\n At\n \n present,\n \n the\n \n criteria,\n \n procedures\n \n and\n \n time\n \n periods\n \n for\n \n payment\n \n of\n \n the\n \n extraordinary\n \n contribution\n \n have\n \n not\n \n yet\n \n been\n \n announced.\n \n Employee\n \n selection\n \n of\n \n where \n the amounts would be allocated (supplementary pension scheme or to the employer) were concluded, pursuant to the law, on 14 February 2016.\n
\n
\n The\n \n other\n \n provisions\n \n for\n \n employee\n \n benefits\n \n (4,937\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 3,747\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relate\n \n to \n seniority bonuses and the long-term incentive plans (LTI). \n
\n
\n Long-term\n \n incentive\n \n plans\n \n (IAS\n \n 19)\n \n envisage,\n \n after\n \n three\n \n years\n \n of\n \n assignment,\n \n the\n \n disbursement\n \n of\n \n a\n \n variable\n \n monetary\n \n benefit\n \n linked\n \n to\n \n a\n \n corporate \n performance\n \n parameter,\n \n not\n \n linked\n \n to\n \n the\n \n share\n \n price.\n \n Obtaining\n \n the\n \n benefit\n \n depends\n \n on\n \n the\n \n achievement\n \n of\n \n certain\n \n future\n \n performance\n \n levels\n \n and\n \n is\n \n conditional \n on\n \n the\n \n beneficiary\n \n remaining\n \n with\n \n the\n \n Company\n \n for\n \n the\n \n three-year\n \n period\n \n following\n \n the\n \n allocation\n \n (the\n \n \u201cvesting\n \n period\u201d).\n \n This\n \n benefit\n \n is\n \n allocated\n \n pro\n \n rata\n \n over \n the three-year period depending on the final performance parameters.\n
\n
\n Seniority bonuses are benefits paid upon reaching a minimum service period at the Company and are paid in kind. \n
\n
\n Deferred cash incentive plans, long-term cash incentive plans and seniority bonuses are classified as other long-term benefits pursuant to IAS 19.\n
\n
\n The composition of and changes in provisions for employee benefits, determined by applying actuarial methods, are as follows\n 165\n :\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n 		\n

\n Total\n

\n
\n

\n Current value of the obligation at the start of the year\n

\n 		\n

\n 46,233\n

\n 		\n

\n 6,556\n

\n 		\n

\n 8,487\n

\n 		\n

\n 4,054\n

\n 		\n

\n 65,330\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 43,153\n

\n 		\n

\n 6,179\n

\n 		\n

\n 8,200\n

\n 		\n

\n 3,747\n

\n 		\n

\n 61,279\n

\n
\n

\n Current cost\n

\n 		\n

\n 1,208\n

\n 		\n

\n 165\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,493\n

\n 		\n

\n 2,866\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,236\n

\n 		\n

\n 165\n

\n 		\n

\n 0\n

\n 		\n

\n 1,496\n

\n 		\n

\n 2,897\n

\n
\n

\n Cost for interest \n

\n 		\n

\n 1,250\n

\n 		\n

\n 209\n

\n 		\n

\n 321\n

\n 		\n

\n 93\n

\n 		\n

\n 1,873\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,249\n

\n 		\n

\n 202\n

\n 		\n

\n 279\n

\n 		\n

\n 77\n

\n 		\n

\n 1,807\n

\n
\n

\n Revaluations / (Impairment):\n

\n 		\n

\n 184\n

\n 		\n

\n (751)\n

\n 		\n

\n 999\n

\n 		\n

\n (280)\n

\n 		\n

\n 152\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 632\n

\n 		\n

\n (893)\n

\n 		\n

\n (66)\n

\n 		\n

\n (22)\n

\n 		\n

\n (349)\n

\n
\n

\n - Actuarial (Gains) / Losses resulting from changes in the demographic assumptions\n

\n 		\n

\n 157\n

\n 		\n

\n (119)\n

\n 		\n

\n 658\n

\n 		\n

\n 1\n

\n 		\n

\n 697\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Actuarial (Gains) / Losses resulting from changes in the financial assumptions\n

\n 		\n

\n 464\n

\n 		\n

\n (535)\n

\n 		\n

\n (71)\n

\n 		\n

\n 14\n

\n 		\n

\n (128)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (313)\n

\n 		\n

\n (382)\n

\n 		\n

\n (51)\n

\n 		\n

\n 2\n

\n 		\n

\n (744)\n

\n
\n

\n - Actuarial (Gains) / Losses from past experience adjustments\n

\n 		\n

\n (1,398)\n

\n 		\n

\n (97)\n

\n 		\n

\n 410\n

\n 		\n

\n (25)\n

\n 		\n

\n (1,110)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 945\n

\n 		\n

\n (511)\n

\n 		\n

\n (15)\n

\n 		\n

\n (24)\n

\n 		\n

\n 395\n

\n
\n

\n - Other changes\n

\n 		\n

\n 961\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2\n

\n 		\n

\n (270)\n

\n 		\n

\n 693\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Paid benefits\n

\n 		\n

\n (5,724)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,609)\n

\n 		\n

\n (1,613)\n

\n 		\n

\n (8,946)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (8,266)\n

\n 		\n

\n 0\n

\n 		\n

\n (1,629)\n

\n 		\n

\n (361)\n

\n 		\n

\n (10,256)\n

\n
\n

\n Effect of transfers\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,828\n

\n 		\n

\n 1,391\n

\n 		\n

\n 4,853\n

\n 		\n

\n 0\n

\n 		\n

\n 25,072\n

\n
\n

\n Current value of the obligation at the end of the year\n

\n 		\n

\n 43,153\n

\n 		\n

\n 6,179\n

\n 		\n

\n 8,200\n

\n 		\n

\n 3,747\n

\n 		\n

\n 61,279\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 56,832\n

\n 		\n

\n 7,044\n

\n 		\n

\n 11,637\n

\n 		\n

\n 4,937\n

\n 		\n

\n 80,450\n

\n
\n
\n
\n The\n \n main\n \n actuarial\n \n assumptions\n \n used\n \n to\n \n determine\n \n liabilities\n \n at\n \n the\n \n end\n \n of\n \n the\n \n year\n \n and\n \n to\n \n calculate\n \n the\n \n cost\n \n for\n \n the\n \n following\n \n year\n \n are\n \n indicated\n \n in\n \n the\n \n table \n below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n \u00a0\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n
\n

\n Discount rate (%)\n

\n 		\n

\n 2.67\n

\n 		\n

\n 3.26\n

\n 		\n

\n 2.63\n

\n 		\n

\n 2.83\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2.90\n

\n 		\n

\n 3.88\n

\n 		\n

\n 2.75\n

\n 		\n

\n 2.87\n

\n
\n

\n Inflation rate (%) (*)\n

\n 		\n

\n 1.60\n

\n 		\n

\n 1.70\n

\n 		\n

\n N/A\n

\n 		\n

\n 1.80\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1.60\n

\n 		\n

\n 1.70\n

\n 		\n

\n N/A\n

\n 		\n

\n 1.75\n

\n
\n

\n (*) With reference to the other provisions, the rate refers only to the seniority bonuses\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n The discount rate adopted was determined by considering the yields on corporate bonds issued by Eurozone companies with AA ratings.\n
\n The\n \n employee\n \n benefit\n \n plans\n \n recognised\n \n by\n \n Italgas\n \n are\n \n subject,\n \n in\n \n particular,\n \n to\n \n interest\n \n rate\n \n risk,\n \n in\n \n the\n \n sense\n \n that\n \n a\n \n change\n \n in\n \n the\n \n discount\n \n rate\n \n could\n \n result\n \n in \n a significant change in the liability.\n
\n
\n The\n \n table\n \n below\n \n illustrates\n \n the\n \n effects\n \n of\n \n a\n \n reasonably\n \n possible\n \n change\n 166\n \n in\n \n the\n \n discount\n \n rate\n \n at\n \n the\n \n end\n \n of\n \n the\n \n year.\n \n The\n \n sensitivity\n \n of\n \n the\n \n discount\n \n rate \n represents\n \n the\n \n change\n \n in\n \n the\n \n value\n \n of\n \n the\n \n actuarial\n \n liability\n \n obtained\n \n using\n \n the\n \n end-of-year\n \n valuation\n \n data,\n \n changing\n \n the\n \n discount\n \n rate\n \n by\n \n a\n \n certain\n \n number\n \n of \n basis points, without any change in the other assumptions.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Discount rate\n

\n
\n

\n Effect on net obligation at 31.12.2025\n

\n 		\n

\n reduction\n

\n 		\n

\n increase\n

\n
\n

\n %\n

\n 		\n

\n amount\n

\n 		\n

\n %\n

\n 		\n

\n amount\n

\n
\n

\n Employment severance pay\n

\n 		\n

\n 2.40\n

\n 		\n

\n 867\n

\n 		\n

\n 3.40\n

\n 		\n

\n (834)\n

\n
\n

\n FISDE\n

\n 		\n

\n 3.38\n

\n 		\n

\n 303\n

\n 		\n

\n 4.38\n

\n 		\n

\n (277)\n

\n
\n

\n Gas Fund\n

\n 		\n

\n 2.25\n

\n 		\n

\n 215\n

\n 		\n

\n 3.25\n

\n 		\n

\n (208)\n

\n
\n

\n Other provisions for employee benefits\n

\n 		\n

\n 2.37\n

\n 		\n

\n 92\n

\n 		\n

\n 3.37\n

\n 		\n

\n (87)\n

\n
\n

\n Effect on net obligation at 31.12.2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,477\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,406)\n

\n
\n
\n
\n The maturity profile of the obligations for employee benefit plans is shown in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n 		\n

\n Total\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Employee severance fund\n

\n 		\n

\n FISDE\n

\n 		\n

\n Gas Fund\n

\n 		\n

\n Other provisions\n

\n 		\n

\n Total\n

\n
\n

\n Within the next year\n

\n 		\n

\n 10,865\n

\n 		\n

\n 346\n

\n 		\n

\n 1,341\n

\n 		\n

\n 2,006\n

\n 		\n

\n 14,558\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 16,967\n

\n 		\n

\n 361\n

\n 		\n

\n 3,078\n

\n 		\n

\n 2,307\n

\n 		\n

\n 22,713\n

\n
\n

\n Within five years\n

\n 		\n

\n 19,988\n

\n 		\n

\n 1,139\n

\n 		\n

\n 5,267\n

\n 		\n

\n 1,111\n

\n 		\n

\n 27,505\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 25,761\n

\n 		\n

\n 1,195\n

\n 		\n

\n 6,218\n

\n 		\n

\n 2,079\n

\n 		\n

\n 35,253\n

\n
\n

\n Beyond five and up to ten years\n

\n 		\n

\n 9,233\n

\n 		\n

\n 1,050\n

\n 		\n

\n 1,523\n

\n 		\n

\n 554\n

\n 		\n

\n 12,360\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 12,266\n

\n 		\n

\n 1,087\n

\n 		\n

\n 2,341\n

\n 		\n

\n 508\n

\n 		\n

\n 16,202\n

\n
\n

\n Beyond ten years\n

\n 		\n

\n 3,067\n

\n 		\n

\n 3,644\n

\n 		\n

\n 69\n

\n 		\n

\n 76\n

\n 		\n

\n 6,856\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,838\n

\n 		\n

\n 4,401\n

\n 		\n

\n 0\n

\n 		\n

\n 43\n

\n 		\n

\n 6,282\n

\n
\n

\n \u00a0\n

\n 		\n

\n 43,153\n

\n 		\n

\n 6,179\n

\n 		\n

\n 8,200\n

\n 		\n

\n 3,747\n

\n 		\n

\n 61,279\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 56,832\n

\n 		\n

\n 7,044\n

\n 		\n

\n 11,637\n

\n 		\n

\n 4,937\n

\n 		\n

\n 80,450\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact565": { "value": "\n
\n 24)\n Deferred tax liabilities \n
\n
\n Net\n \n deferred\n \n tax\n \n liabilities\n \n of\n \n 12,243\n \n thousand\n \n euro\n \n (48,345\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n are\n \n stated\n \n net\n \n of\n \n offsettable\n \n prepaid\n \n taxes\n \n and\n \n are \n analysed in the tables below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2023\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 335,469\n

\n 		\n

\n 3,981\n

\n 		\n

\n 9,278\n

\n 		\n

\n (17,566)\n

\n 		\n

\n (2,612)\n

\n 		\n

\n 328,550\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (287,689)\n

\n 		\n

\n (1,196)\n

\n 		\n

\n (25,826)\n

\n 		\n

\n 26,836\n

\n 		\n

\n 7,670\n

\n 		\n

\n (280,205)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 47,780\n

\n 		\n

\n 2,785\n

\n 		\n

\n (16,548)\n

\n 		\n

\n 9,270\n

\n 		\n

\n 5,058\n

\n 		\n

\n 48,345\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Other changes\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 328,550\n

\n 		\n

\n 290,308\n

\n 		\n

\n 25,747\n

\n 		\n

\n (47,836)\n

\n 		\n

\n (16,175)\n

\n 		\n

\n 580,594\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (280,205)\n

\n 		\n

\n (285,804)\n

\n 		\n

\n (46,011)\n

\n 		\n

\n 37,064\n

\n 		\n

\n 6,605\n

\n 		\n

\n (568,351)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 48,345\n

\n 		\n

\n 4,504\n

\n 		\n

\n (20,264)\n

\n 		\n

\n (10,772)\n

\n 		\n

\n (9,570)\n

\n 		\n

\n 12,243\n

\n
\n
\n
\n There are no deferred taxes which cannot be offset.\n
\n
\n Deferred tax liabilities and deferred tax assets break down as follows, based on the most significant temporary differences:\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Impacts recorded in equity\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n 		\n

\n of which: IRES\n

\n 		\n

\n of which: IRAP\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 335,469\n

\n 		\n

\n 3,981\n

\n 		\n

\n 9,278\n

\n 		\n

\n (17,566)\n

\n 		\n

\n (8,417)\n

\n 		\n

\n 5,805\n

\n 		\n

\n 328,550\n

\n 		\n

\n 301,441\n

\n 		\n

\n 27,109\n

\n
\n

\n Amortisation and depreciation exclusively for tax purposes\n

\n 		\n

\n 166,777\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5,411\n

\n 		\n

\n (7,895)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,667\n

\n 		\n

\n 167,960\n

\n 		\n

\n 158,930\n

\n 		\n

\n 9,030\n

\n
\n

\n Revaluations of property, plant and equipment\n

\n 		\n

\n 73,644\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (5,243)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 42,359\n

\n 		\n

\n 110,760\n

\n 		\n

\n 94,205\n

\n 		\n

\n 16,555\n

\n
\n

\n Capital gains subject to deferred taxation\n

\n 		\n

\n 4,614\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2,075)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 117\n

\n 		\n

\n 2,656\n

\n 		\n

\n 2,656\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Employee benefits\n

\n 		\n

\n 12,200\n

\n 		\n

\n 8\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38)\n

\n 		\n

\n 1\n

\n 		\n

\n (10,942)\n

\n 		\n

\n 1,229\n

\n 		\n

\n 1,229\n

\n 		\n

\n \u00a0\n

\n
\n

\n Capitalisation of financial expense \n

\n 		\n

\n 2,090\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (123)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,967\n

\n 		\n

\n 1,674\n

\n 		\n

\n 293\n

\n
\n

\n Impairment losses on receivables in excess of tax deductibility\n

\n 		\n

\n 298\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 374\n

\n 		\n

\n (99)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 995\n

\n 		\n

\n 1,568\n

\n 		\n

\n 1,564\n

\n 		\n

\n 4\n

\n
\n

\n Other temporary differences\n

\n 		\n

\n 75,846\n

\n 		\n

\n 3,973\n

\n 		\n

\n 3,493\n

\n 		\n

\n (2,093)\n

\n 		\n

\n (8,418)\n

\n 		\n

\n (30,391)\n

\n 		\n

\n 42,410\n

\n 		\n

\n 41,183\n

\n 		\n

\n 1,227\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (287,689)\n

\n 		\n

\n (1,196)\n

\n 		\n

\n (25,826)\n

\n 		\n

\n 26,836\n

\n 		\n

\n 4,996\n

\n 		\n

\n 2,674\n

\n 		\n

\n (280,205)\n

\n 		\n

\n (262,765)\n

\n 		\n

\n (17,440)\n

\n
\n

\n Provisions for risks and charges and other non-deductible provisions\n

\n 		\n

\n (30,786)\n

\n 		\n

\n (260)\n

\n 		\n

\n (1,589)\n

\n 		\n

\n 11,100\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (12,601)\n

\n 		\n

\n (34,136)\n

\n 		\n

\n (29,543)\n

\n 		\n

\n (4,593)\n

\n
\n

\n Non-repayable and contractual grants\n

\n 		\n

\n (50,024)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,684\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (28,933)\n

\n 		\n

\n (76,273)\n

\n 		\n

\n (65,903)\n

\n 		\n

\n (10,370)\n

\n
\n

\n Non-deductible amortisation and depreciation\n

\n 		\n

\n (171,009)\n

\n 		\n

\n (450)\n

\n 		\n

\n (22,773)\n

\n 		\n

\n 8,852\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 36,345\n

\n 		\n

\n (149,035)\n

\n 		\n

\n (148,184)\n

\n 		\n

\n (851)\n

\n
\n

\n Employee benefits\n

\n 		\n

\n (6,069)\n

\n 		\n

\n (6)\n

\n 		\n

\n (1,185)\n

\n 		\n

\n 632\n

\n 		\n

\n 249\n

\n 		\n

\n (3,024)\n

\n 		\n

\n (9,403)\n

\n 		\n

\n (8,043)\n

\n 		\n

\n (1,360)\n

\n
\n

\n Other temporary differences\n

\n 		\n

\n (29,801)\n

\n 		\n

\n (480)\n

\n 		\n

\n (279)\n

\n 		\n

\n 3,568\n

\n 		\n

\n 4,747\n

\n 		\n

\n 10,887\n

\n 		\n

\n (11,358)\n

\n 		\n

\n (11,092)\n

\n 		\n

\n (266)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 47,780\n

\n 		\n

\n 2,785\n

\n 		\n

\n (16,548)\n

\n 		\n

\n 9,270\n

\n 		\n

\n (3,421)\n

\n 		\n

\n 8,479\n

\n 		\n

\n 48,345\n

\n 		\n

\n 38,676\n

\n 		\n

\n 9,669\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Opening balance\n

\n 		\n

\n Business combination\n

\n 		\n

\n Provisions\n

\n 		\n

\n Uses\n

\n 		\n

\n Impacts recorded in equity\n

\n 		\n

\n Other changes\n

\n 		\n

\n Closing balance\n

\n 		\n

\n of which: IRES\n

\n 		\n

\n of which: IRAP\n

\n
\n

\n Deferred tax liabilities\n

\n 		\n

\n 328,550\n

\n 		\n

\n 290,308\n

\n 		\n

\n 25,747\n

\n 		\n

\n (47,836)\n

\n 		\n

\n (2,948)\n

\n 		\n

\n (13,227)\n

\n 		\n

\n 580,594\n

\n 		\n

\n 521,551\n

\n 		\n

\n 59,043\n

\n
\n

\n Amortisation and depreciation exclusively for tax purposes\n

\n 		\n

\n 167,960\n

\n 		\n

\n 18,170\n

\n 		\n

\n 10,582\n

\n 		\n

\n (9,497)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (38,954)\n

\n 		\n

\n 148,261\n

\n 		\n

\n 139,701\n

\n 		\n

\n 8,559\n

\n
\n

\n Revaluations of property, plant and equipment\n

\n 		\n

\n 110,760\n

\n 		\n

\n 157,315\n

\n 		\n

\n 654\n

\n 		\n

\n (15,436)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (10,982)\n

\n 		\n

\n 242,311\n

\n 		\n

\n 204,452\n

\n 		\n

\n 37,860\n

\n
\n

\n Capital gains subject to deferred taxation\n

\n 		\n

\n 2,656\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 349\n

\n 		\n

\n (1,509)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (15)\n

\n 		\n

\n 1,481\n

\n 		\n

\n 1,481\n

\n 		\n

\n -\n

\n
\n

\n Employee benefits\n

\n 		\n

\n 1,229\n

\n 		\n

\n 837\n

\n 		\n

\n 134\n

\n 		\n

\n (81)\n

\n 		\n

\n (1,183)\n

\n 		\n

\n 1,351\n

\n 		\n

\n 2,287\n

\n 		\n

\n 2,282\n

\n 		\n

\n 5\n

\n
\n

\n Capitalisation of financial expense \n

\n 		\n

\n 1,967\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (121)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,846\n

\n 		\n

\n 1,571\n

\n 		\n

\n 275\n

\n
\n

\n Impairment losses on receivables in excess of tax deductibility\n

\n 		\n

\n 1,568\n

\n 		\n

\n 5,390\n

\n 		\n

\n 1,188\n

\n 		\n

\n (6,223)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 122,427\n

\n 		\n

\n 124,350\n

\n 		\n

\n 112,905\n

\n 		\n

\n 11,445\n

\n
\n

\n Other temporary differences \n

\n 		\n

\n 42,410\n

\n 		\n

\n 108,596\n

\n 		\n

\n 12,840\n

\n 		\n

\n (14,969)\n

\n 		\n

\n (1,765)\n

\n 		\n

\n (87,054)\n

\n 		\n

\n 60,058\n

\n 		\n

\n 59,159\n

\n 		\n

\n 899\n

\n
\n

\n Deferred tax assets\n

\n 		\n

\n (280,205)\n

\n 		\n

\n (285,804)\n

\n 		\n

\n (46,010)\n

\n 		\n

\n 37,063\n

\n 		\n

\n (721)\n

\n 		\n

\n 7,326\n

\n 		\n

\n (568,351)\n

\n 		\n

\n (534,816)\n

\n 		\n

\n (33,535)\n

\n
\n

\n Provisions for risks and charges and other non-deductible provisions\n

\n 		\n

\n (34,136)\n

\n 		\n

\n (30,947)\n

\n 		\n

\n (3,184)\n

\n 		\n

\n 21,368\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,899)\n

\n 		\n

\n (68,798)\n

\n 		\n

\n (59,534)\n

\n 		\n

\n (10,004)\n

\n
\n

\n Non-repayable and contractual grants\n

\n 		\n

\n (76,273)\n

\n 		\n

\n (20,314)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,755\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (4,923)\n

\n 		\n

\n (98,755)\n

\n 		\n

\n (86,080)\n

\n 		\n

\n (12,673)\n

\n
\n

\n Non-deductible amortisation and depreciation\n

\n 		\n

\n (149,035)\n

\n 		\n

\n (156,763)\n

\n 		\n

\n (34,681)\n

\n 		\n

\n 9,402\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (37,142)\n

\n 		\n

\n (368,219)\n

\n 		\n

\n (360,427)\n

\n 		\n

\n (8,142)\n

\n
\n

\n Employee benefits\n

\n 		\n

\n (9,403)\n

\n 		\n

\n (7,140)\n

\n 		\n

\n (1,215)\n

\n 		\n

\n 1,045\n

\n 		\n

\n (261)\n

\n 		\n

\n 819\n

\n 		\n

\n (16,155)\n

\n 		\n

\n (13,852)\n

\n 		\n

\n (2,304)\n

\n
\n

\n Other temporary differences \n

\n 		\n

\n (11,358)\n

\n 		\n

\n (70,640)\n

\n 		\n

\n (6,930)\n

\n 		\n

\n 2,494\n

\n 		\n

\n (460)\n

\n 		\n

\n 70,471\n

\n 		\n

\n (16,424)\n

\n 		\n

\n (14,923)\n

\n 		\n

\n (412)\n

\n
\n

\n Net deferred tax liabilities\n

\n 		\n

\n 48,345\n

\n 		\n

\n 4,504\n

\n 		\n

\n (20,263)\n

\n 		\n

\n (10,773)\n

\n 		\n

\n (3,669)\n

\n 		\n

\n (5,901)\n

\n 		\n

\n 12,243\n

\n 		\n

\n (13,265)\n

\n 		\n

\n 25,508\n

\n
\n
\n
\n \n
\n Deferred \n tax assets and deferred tax liabilities are classified as non-current.\n
\n
\n The\n \n Group\n \n has\n \n booked\n \n prepaid\n \n taxes\n \n on\n \n the\n \n timing\n \n differences\n \n at\n \n 31\n \n December\n \n 2025,\n \n insofar\n \n as\n \n it\n \n believes\n \n it\n \n is\n \n likely\n \n they\n \n will\n \n be\n \n recovered.\n \n As\n \n of\n \n 31 \n December\n \n 2025,\n \n based\n \n on\n \n the\n \n business\n \n plan,\n \n the\n \n Group\n \n Management\n \n has\n \n assessed\n \n the\n \n recoverability\n \n of\n \n prepaid\n \n taxes\n \n on\n \n tax\n \n losses\n \n attributable\n \n to\n \n the\n \n Enaon \n Group as reasonably certain. \n
\n
\n Section \u201cIncome taxes\u201d provides information about taxes for the year.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact586": { "value": "\n
\n 25)\n Equity \n
\n
\n Equity\n ,\n \n which\n \n amounts\n \n to\n \n 4,165,951\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (2,793,508\n \n thousand\n \n euro\n \n as\n \n at \n 31 December 2024) breaks down as follows:\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Equity attributable to the Owners of the parent company\n

\n 		\n

\n 2,457,917\n

\n 		\n

\n 3,818,913\n

\n
\n

\n Share capital\n

\n 		\n

\n 1,003,844\n

\n 		\n

\n 1,257,355\n

\n
\n

\n Legal reserve\n

\n 		\n

\n 200,769\n

\n 		\n

\n 200,896\n

\n
\n

\n Share premium reserve \n

\n 		\n

\n 628,395\n

\n 		\n

\n 1,387,572\n

\n
\n

\n Reserve Cash flow hedge on derivative contracts\n

\n 		\n

\n 11,524\n

\n 		\n

\n 9,109\n

\n
\n

\n First-time consolidation reserve\n

\n 		\n

\n (323,907)\n

\n 		\n

\n (323,907)\n

\n
\n

\n Reserve for business combinations under common control\n

\n 		\n

\n (349,839)\n

\n 		\n

\n (349,839)\n

\n
\n

\n Stock grant reserve\n

\n 		\n

\n 8,232\n

\n 		\n

\n 11,002\n

\n
\n

\n OCI Fair value valuation reserve for equity investments\n

\n 		\n

\n 319\n

\n 		\n

\n (660)\n

\n
\n

\n Other reserves\n

\n 		\n

\n 7,520\n

\n 		\n

\n 14,427\n

\n
\n
\n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Retained earnings\n

\n 		\n

\n 799,635\n

\n 		\n

\n 948,789\n

\n
\n

\n OCI Reserve for remeasurement of defined-benefit plans for employees\n

\n 		\n

\n (7,429)\n

\n 		\n

\n (8,151)\n

\n
\n

\n Net profit for the year\n

\n 		\n

\n 478,854\n

\n 		\n

\n 672,320\n

\n
\n

\n Equity attributable to non-controlling interests\n

\n 		\n

\n 335,591\n

\n 		\n

\n 347,038\n

\n
\n

\n Equity\n

\n 		\n

\n 2,793,508\n

\n 		\n

\n 4,165,951\n

\n
\n
\n \n \n
\n Share capital\n
\n
\n Share\n \n capital\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n consisted\n \n of\n \n 1,015,686,402\n \n shares\n \n without\n \n nominal\n \n value\n \n (811,242,309 \n as\n \n of\n \n 31\n \n December\n \n 2024),\n \n with\n \n a\n \n total\n \n value\n \n of\n \n 1,257,355\n \n thousand\n \n euro\n \n (1,003,844\n \n thousand\n \n euro\n \n as\n \n of\n \n 31 \n December 2024).\n
\n
\n On\n \n 6\n \n May\n \n 2024,\n \n the\n \n Italgas\n \n Shareholders\u2019\n \n Meeting\n \n approved\n \n the\n \n 2024-2025\n \n Co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2024-2025 \n Co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 3,720,000\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 3,000,000\n \n new\n \n ordinary\n \n shares.\n \n These\n \n shares\n \n are\n \n to\n \n be\n \n assigned,\n \n in\n \n accordance\n \n with\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian \n Civil\n \n Code,\n \n for\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n taken\n \n from\n \n retained\n \n earning\n \n reserves,\n \n to\n \n the\n \n beneficiaries \n of the Plan only; in other words, only to employees of the Company and/or of the companies in the Group.\n
\n
\n On\n \n 12\n \n February\n \n 2025,\n \n in\n \n execution\n \n of\n \n the\n \n 2021-2023\n \n Co-Investment\n \n Plan\n \n approved\n \n by\n \n the\n \n Ordinary\n \n and \n Extraordinary\n \n Shareholders\u2019\n \n Meeting\n \n of\n \n 20\n \n April\n \n 2021,\n \n the\n \n Board\n \n of\n \n Directors\n \n resolved\n \n on\n \n the\n \n free\n \n allocation\n \n of \n a\n \n total\n \n of\n \n 511,604\n \n new\n \n ordinary\n \n shares\n \n of\n \n the\n \n Company\n \n to\n \n the\n \n beneficiaries\n \n of\n \n said\n \n Plan\n \n (second\n \n cycle\n \n of\n \n the \n Plan)\n \n and\n \n executed\n \n the\n \n second\n \n tranche\n \n of\n \n the\n \n share\n \n capital\n \n increase\n \n resolved\n \n on\n \n by\n \n the\n \n aforesaid \n Shareholders\u2019 Meeting, for a nominal amount of 634,388.96 euro, taken from retained earning reserves.\n
\n
\n On\n \n 10\n \n April\n \n 2025,\n \n the\n \n Extraordinary\n \n Shareholders'\n \n Meeting\n \n of\n \n Italgas\n \n approved\n \n the\n \n proposal\n \n for\n \n a\n \n paid\n \n Rights \n Issue\n \n for\n \n a\n \n maximum\n \n total\n \n amount\n \n of\n \n 1.02\n \n billion\n \n euro.\n \n The\n \n rights\n \n issue\n \n was\n \n successfully\n \n completed\n \n in\n \n June \n 2025\n \n with\n \n the\n \n issue\n \n of\n \n 202,938,478\n \n new\n \n shares.\n \n Furthermore,\n \n the\n \n Extraordinary\n \n Shareholders\u2019\n \n Meeting \n approved\n \n a\n \n proposal\n \n for\n \n a\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount \n of\n \n 558,000\n \n euro.\n \n This\n \n increase\n \n will\n \n be\n \n funded\n \n through\n \n the\n \n allocation,\n \n pursuant\n \n to\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian\n \n Civil \n Code,\n \n of\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n from\n \n retained\n \n earnings\n \n reserves.\n \n The\n \n increase\n \n will\n \n involve\n \n the \n issuance\n \n of\n \n up\n \n to\n \n 450,000\n \n ordinary\n \n shares,\n \n which\n \n will\n \n be\n \n reserved\n \n for\n \n the\n \n beneficiaries\n \n of\n \n the\n \n Stock\n \n Grant\n \n Plan. \n At\n \n the\n \n Ordinary\n \n Shareholders\u2019\n \n Meeting\n \n of\n \n Italgas\n \n S.p.A.\n \n held\n \n on\n \n 10\n \n April\n \n 2025,\n \n the\n \n 2025-2027\n \n employee\n \n share \n ownership\n \n plan,\n \n called\n \n the\n \n \u201cIGrant\n \n 2025\u20132027\n \n Plan\u201d,\n \n was\n \n approved,\n \n which\n \n provides\n \n for\n \n the\n \n allocation\n \n of \n ordinary\n \n shares\n \n to\n \n Group\n \n employees,\n \n excluding\n \n senior\n \n management\n \n positions,\n \n using\n \n shares\n \n deriving\n \n from\n \n two \n related\n \n share\n \n capital\n \n increases\n \n pursuant\n \n to\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code.\n \n Starting\n \n in\n \n September\n \n 2025, \n Italgas\n \n executed\n \n the\n \n transactions\n \n envisaged\n \n by\n \n the\n \n Employee\n \n Share\n \n Ownership\n \n Plan\n \n (PAD),\n \n approved\n \n with \n the\n \n objective\n \n of\n \n fostering\n \n the\n \n direct\n \n engagement\n \n with\n \n the\n \n Group\u2019s\n \n people\n \n in\n \n the\n \n creation\n \n of\n \n medium/long-term \n value.\n \n Over\n \n 60%\n \n of\n \n eligible\n \n employees\n \n took\n \n part\n \n in\n \n this\n \n initiative\n \n and\n \n the\n \n plan\n \n aims\n \n to\n \n strengthen\n \n the\n \n alignment \n of\n \n employee\n \n and\n \n shareholder\n \n interests.\n \n To\n \n service\n \n the\n \n plan,\n \n new\n \n ordinary\n \n shares\n \n were\n \n issued\n \n in\n \n October\n \n and \n December through capital increases free of charge and against payment.\n
\n \n \n
\n Legal reserve\n
\n
\n The\n \n legal\n \n reserve\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n stood\n \n at\n \n 200,896\n \n thousand\n \n euro.\n \n The\n \n increase\n \n of\n \n 127\n \n thousand \n euro relates to the resolution of the Shareholders\u2019 Meeting of 13 May 2025. \n
\n
\n Share premium reserve\n
\n
\n The\n \n share\n \n premium\n \n reserve,\n \n amounting\n \n to\n \n 1,387,572\n \n thousand\n \n euro\n \n (628,395\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n was\n \n created\n \n following\n \n the\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n in\n \n Italgas\n \n Reti\n \n S.p.A.\n \n The \n increase\n \n of\n \n 759,177\n \n thousand\n \n euro\n \n compared\n \n with\n \n 31\n \n December\n \n 2024\n \n relates\n \n to\n \n the\n \n completion,\n \n in\n \n June\n \n 2025, \n of\n \n the\n \n 1.02\n \n billion\n \n euro\n \n capital\n \n increase\n \n (202,938,478\n \n shares\n \n at\n \n 3.786\n \n euro\n \n per\n \n share)\n \n for\n \n 768,325\n \n thousand \n euro,\n \n the\n \n implementation\n \n of\n \n the\n \n co-investment\n \n plans\n \n for\n \n 2,312\n \n thousand\n \n euro\n \n and\n \n the\n \n implementation\n \n of\n \n the \n employee\n \n share\n \n ownership\n \n plan\n \n for\n \n 6,703\n \n thousand\n \n euro.\n \n These\n \n effects\n \n were\n \n partially\n \n offset\n \n by\n \n the\n \n recognition, \n as\n \n required\n \n by\n \n IAS\n \n 32\n \n and\n \n IAS\n \n 38,\n \n of\n \n the\n \n net\n \n costs\n \n incurred\n \n in\n \n connection\n \n with\n \n the\n \n capital\n \n increase,\n \n net\n \n of\n \n the \n proceeds from the sale of unexercised option rights (-18,163 thousand euro).\n
\n \n
\n \n \n
\n OCI Reserve Cash Flow Hedge on derivative contracts \n
\n The\n \n reserve,\n \n amounting\n \n to\n \n 9,109\n \n thousand\n \n euro\n \n (11,524\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n includes \n the\n \n fair\n \n value\n \n of\n \n the\n \n IRS\n \n derivative\n \n net\n \n of\n \n the\n \n related\n \n tax\n \n effect.\n \n The\n \n reserve\n \n changes\n \n with\n \n the\n \n accounting\n \n of \n cash\n \n flows\n \n deriving\n \n from\n \n instruments\n \n which,\n \n for\n \n the\n \n purposes\n \n of\n \n IFRS\n \n 9,\n \n are\n \n designated\n \n as\n \n \u201ccash\n \n flow\n \n hedging \n instruments\u201d.\n \n The\n \n related\n \n tax\n \n effect\n \n is\n \n reported\n \n in\n \n the\n \n \u201ctax\n \n effect\u201d\n \n item\n \n of\n \n the\n \n \u201cComponents\n \n reclassifiable\n \n to\n \n the \n income statement\u201d in the Statement of Comprehensive Income.\n
\n
\n First-time consolidation reserve\n
\n
\n The\n \n first-time\n \n consolidation\n \n reserve,\n \n negative\n \n for\n \n 323,907\n \n thousand\n \n euro,\n \n was\n \n determined\n \n during\n \n the\n \n first-time \n consolidation\n \n (year\n \n 2016)\n \n following\n \n the\n \n sale\n \n by\n \n Snam\n \n S.p.A.\n \n to\n \n Italgas\n \n S.p.A.\n \n of\n \n 38.87%\n \n of\n \n the\n \n equity\n \n investment \n in\n \n Italgas\n \n Reti\n \n S.p.A.\n \n (include\n \n the\n \n difference\n \n between\n \n the\n \n purchase\n \n cost\n \n of\n \n the\n \n equity\n \n investment\n \n of\n \n Italgas\n \n Reti \n and the related shareholders' equity pertaining to the group). \n
\n
\n Reserve for business combinations under common control\n
\n
\n The\n \n reserve\n \n for\n \n business\n \n combinations\n \n under\n \n common\n \n control,\n \n negative\n \n for\n \n 349,839\n \n thousand\n \n euro,\n \n relates\n \n to \n the acquisition by Snam S.p.A. of 38.87% of the equity investment in Italgas Reti S.p.A. occured in 2016.\n
\n
\n To\n \n this\n \n regard\n \n it\n \n should\n \n be\n \n specified\n \n that\n \n the\n \n natural\n \n gas\n \n distribution\n \n activities\n \n were\n \n acquired\n \n through\n \n three \n simultaneous\n \n transactions\n \n (transfer,\n \n sale\n \n and\n \n demerger)\n \n of\n \n the\n \n equity\n \n investment\n \n held\n \n by\n \n Snam\n \n S.p.A.\n \n in \n Italgas\n \n Reti\n \n S.p.A.\n \n in\n \n favour\n \n of\n \n Italgas\n \n S.p.A.\n \n This\n \n transaction\n \n led\n \n to\n \n the\n \n deconsolidation\n \n of\n \n the\n \n natural\n \n gas \n distribution\n \n sector\n \n for\n \n Snam,\n \n and\n \n the\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n in\n \n Italgas\n \n Reti\n \n and,\n \n at\n \n consolidated \n level,\n \n of\n \n the\n \n net\n \n assets\n \n of\n \n the\n \n gas\n \n distribution\n \n sector\n \n for\n \n Italgas\n \n S.p.A.\n \n The\n \n reader\n \n is\n \n reminded\n \n that\n \n the \n shareholder\n \n of\n \n reference\n \n of\n \n Snam,\n \n CDP,\n \n is\n \n simultaneously\n \n the\n \n shareholder\n \n of\n \n reference\n \n of\n \n Italgas.\n \n The \n exposure\n \n described\n \n above\n \n reflects\n \n an\n \n approach\n \n based\n \n on\n \n the\n \n continuity\n \n of\n \n carrying\n \n amount\n \n (as\n \n regards\n \n Snam) \n since\n \n the\n \n transaction\n \n represents\n \n an\n \n \u201caggregation\n \n of\n \n corporate\n \n entities\n \n or\n \n activities\n \n under\n \n common\n \n control\u201d \n within\n \n the\n \n scope\n \n of\n \n the\n \n broader\n \n group\n \n of\n \n which\n \n Italgas\n \n is\n \n part.\n \n The\n \n companies\n \n taking\n \n part\n \n in\n \n the\n \n business \n combination\n \n (Snam,\n \n Italgas\n \n and\n \n Italgas\n \n Reti)\n \n remained\n \n subject\n \n to\n \n control\n \n because\n \n of\n \n the\n \n transactions\n \n and \n therefore they were fully consolidated by the same subject (CDP) pursuant to the IFRS 10.\n
\n \n \n
\n Stock grant reserve\n
\n \n
\n \n The\n \n reserve,\n \n \n amounting\n \n to\n \n 11,002\n \n thousand\n \n euro\n \n (8,232\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n includes \n the\n \n valuation\n \n pursuant\n \n to\n \n IFRS\n \n 2\n \n of\n \n the\n \n co-investment\n \n plans\n \n approved\n \n by\n \n the\n \n Italgas\n \n S.p.A.\n \n Shareholders' \n Meeting.\n
\n
\n Italgas\n \n Shareholders'\n \n Meeting\n \n held\n \n on\n \n 20\n \n April\n \n 2021\n \n approved\n \n the\n \n 2021-2023\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2021-2023 \n co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 5,580,000.00\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 4,500,000\n \n new\n \n ordinary\n \n shares\n \n to\n \n be\n \n assigned\n \n free\n \n of\n \n charge,\n \n by\n \n means\n \n of\n \n assignment\n \n pursuant\n \n to\n \n Article \n 2349 of the Italian Civil Code, for a corresponding maximum amount taken from retained earning reserves, to \n the\n \n beneficiaries\n \n of\n \n the\n \n Plan\n \n only;\n \n in\n \n other\n \n words,\n \n only\n \n to\n \n employees\n \n of\n \n the\n \n Company\n \n and/or\n \n of\n \n the\n \n companies \n in the Group.\n
\n
\n In\n \n connection\n \n with\n \n this\n \n plan,\n \n the\n \n Board\n \n of\n \n Directors\n \n attributed,\n \n upon\n \n the\n \n recommendation\n \n of\n \n the\n \n Appointments \n and\n \n Compensation\n \n Committee\n \n and\n \n in\n \n keeping\n \n with\n \n the\n \n 2021\n \n Remuneration\n \n Policy,\n \n rights\n \n to\n \n receive\n \n 254,765 \n Italgas shares for the 2021-2023 co-investment plan. The unitary fair value per share is 5.55 euro.\n
\n
\n On\n \n 6\n \n May\n \n 2024,\n \n the\n \n Italgas\n \n Shareholders'\n \n Meeting\n \n approved\n \n the\n \n 2024-2025\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2024-2025 \n Co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 3,720,000\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 3,000,000\n \n new\n \n ordinary\n \n shares.\n \n These\n \n shares\n \n are\n \n to\n \n be\n \n assigned,\n \n in\n \n accordance\n \n with\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian \n Civil\n \n Code,\n \n for\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n taken\n \n from\n \n retained\n \n earning\n \n reserves,\n \n to\n \n the\n \n beneficiaries \n of the Plan only; in other words, only to employees of the Company and/or of the companies in the Group. \n
\n \n
\n OCI Fair value valuation reserve for equity investments\n
\n
\n \n \n \n The\n \n fair\n \n value\n \n valuation\n \n reserve\n \n for\n \n -660\n \n thousand\n \n euro\n \n (319\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n includes \n the\n \n change\n \n in\n \n fair\n \n value,\n \n net\n \n of\n \n tax\n \n effects,\n \n of\n \n non-controlling\n \n interests\n \n which\n \n on\n \n initial\n \n recognition\n \n were \n designated\n \n as\n \n valued\n \n at\n \n FVTOCI\n \n (fair\n \n value\n \n recognised\n \n through\n \n other\n \n comprehensive\n \n income).\n \n For\n \n more \n details, see the note \u201cNon-current financial assets\u201d. \n
\n Other reserves\n
\n
\n The other reserves relate to the effects deriving from the valuation of equity investments.\n
\n
\n OCI Reserve for remeasurement of defined-benefit plans for employees\n
\n
\n The\n \n negative\n \n reserve\n \n for\n \n remeasurement\n \n of\n \n employee\n \n benefit\n \n plans\n \n for\n \n 8,151\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (negative\n \n for\n \n 7,429\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n included\n \n actuarial\n \n losses,\n \n net\n \n of\n \n the\n \n related\n \n tax\n \n effect,\n \n recognised\n \n under\n \n other\n \n components\n \n of\n \n comprehensive\n \n income\n \n pursuant\n \n to\n \n IAS\n \n 19.\n \n The\n \n changes \n in the reserve during the course of the year are shown below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gross reserve\n

\n 		\n

\n Tax effect\n

\n 		\n

\n Net reserve\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Reserve as of 31 December 2023\n

\n 		\n

\n (9,773)\n

\n 		\n

\n 2,749\n

\n 		\n

\n (7,024)\n

\n
\n

\n Changes of the year 2024\n

\n 		\n

\n (533)\n

\n 		\n

\n 128\n

\n 		\n

\n (405)\n

\n
\n

\n Reserve as of 31 December 2024\n

\n 		\n

\n (10,306)\n

\n 		\n

\n 2,877\n

\n 		\n

\n (7,429)\n

\n
\n

\n Changes of the year 2025\n

\n 		\n

\n (949)\n

\n 		\n

\n 227\n

\n 		\n

\n (722)\n

\n
\n

\n Reserve as of 31 December 2025\n

\n 		\n

\n (11,255)\n

\n 		\n

\n 3,104\n

\n 		\n

\n (8,151)\n

\n
\n
\n \n
\n Equity attributable to non-controlling interests\n
\n
\n The Equity attributable to non-controlling interests is broken down below: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Equity\n

\n

\n attributable to non-controlling interests as of 31 December 2024\n

\n 		\n

\n Equity\n

\n

\n attributable to non-controlling interests as of 31 December 2025\n

\n 		\n

\n Net income attributable to non-controlling interests as of 31 December 2024\n

\n 		\n

\n Net income attributable to non-controlling interests as of 31 December 2025\n

\n
\n

\n Toscana Energia S.p.A.\n

\n 		\n

\n 215,934\n

\n 		\n

\n 227,449\n

\n 		\n

\n 21,831\n

\n 		\n

\n 24,598\n

\n
\n

\n Medea S.p.A.\n

\n 		\n

\n 62,858\n

\n 		\n

\n 61,849\n

\n 		\n

\n 3,326\n

\n 		\n

\n 2,454\n

\n
\n

\n Geoside S.p.A.\n

\n 		\n

\n 18,859\n

\n 		\n

\n 19,845\n

\n 		\n

\n (758)\n

\n 		\n

\n 1,004\n

\n
\n

\n Italgas Newco subconsolidated\n

\n 		\n

\n 33,882\n

\n 		\n

\n 34,805\n

\n 		\n

\n 3,981\n

\n 		\n

\n 4,758\n

\n
\n

\n Immogas S.r.l.\n

\n 		\n

\n 2,396\n

\n 		\n

\n 0\n

\n 		\n

\n (92)\n

\n 		\n

\n 0\n

\n
\n

\n Idrosicilia S.p.A.\n

\n 		\n

\n 761\n

\n 		\n

\n 592\n

\n 		\n

\n 34\n

\n 		\n

\n 8\n

\n
\n

\n Acqua Campania S.p.A.\n

\n 		\n

\n 652\n

\n 		\n

\n 838\n

\n 		\n

\n 232\n

\n 		\n

\n 186\n

\n
\n

\n LAC S.r.l.\n

\n 		\n

\n 249\n

\n 		\n

\n 278\n

\n 		\n

\n 27\n

\n 		\n

\n 29\n

\n
\n

\n Cilento Reti Gas S.r.l.\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,078\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 438\n

\n
\n

\n 2i Rete Gas S.p.A.\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (696)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Total\n

\n 		\n

\n 335,591\n

\n 		\n

\n 347,038\n

\n 		\n

\n 28,581\n

\n 		\n

\n 33,475\n

\n
\n
\n
\n Dividends\n
\n \n In\n \n \n
\n Reconciliation\n \n statement\n \n of\n \n the\n \n result\n \n for\n \n the\n \n year\n \n and\n \n of\n \n the\n \n shareholders'\n \n equity\n \n of\n \n Italgas\n \n S.p.A.\n \n with \n the consolidated ones.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n

\n 		\n

\n Profit 2025\n

\n 		\n

\n Equity as of 31 December 2025\n

\n
\n

\n Financial statements Italgas S.p.A.\n

\n 		\n

\n 356,102\n

\n 		\n

\n 3,003,455\n

\n
\n

\n Profit of the companies included in the consolidation\n

\n 		\n

\n 796,193\n

\n 		\n

\n \u00a0\n

\n
\n

\n Difference between carrying amount of investments consolidated companies and shareholders\u2019 equity of the financial statements, including the result\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 875,486\n

\n
\n

\n Adjustments consolidation:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Dividends net of the tax effect\n

\n 		\n

\n (445,907)\n

\n 		\n

\n \u00a0\n

\n
\n

\n Income from valuation of equity investments with the equity method and other income from equity investments\n

\n 		\n

\n 7,541\n

\n 		\n

\n 70,580\n

\n
\n

\n Other consolidation adjustments net of the tax effect\n

\n 		\n

\n (8,134)\n

\n 		\n

\n 216,430\n

\n
\n

\n Attributable to non-controlling interests\n

\n 		\n

\n (33,475)\n

\n 		\n

\n (347,038)\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Adjustments consolidation\n

\n 		\n

\n 316,218\n

\n 		\n

\n 815,458\n

\n
\n

\n Consolidated financial statements Group\n

\n 		\n

\n 672,320\n

\n 		\n

\n 3,818,913\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact567": { "value": "\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Equity attributable to the Owners of the parent company\n

\n 		\n

\n 2,457,917\n

\n 		\n

\n 3,818,913\n

\n
\n

\n Share capital\n

\n 		\n

\n 1,003,844\n

\n 		\n

\n 1,257,355\n

\n
\n

\n Legal reserve\n

\n 		\n

\n 200,769\n

\n 		\n

\n 200,896\n

\n
\n

\n Share premium reserve \n

\n 		\n

\n 628,395\n

\n 		\n

\n 1,387,572\n

\n
\n

\n Reserve Cash flow hedge on derivative contracts\n

\n 		\n

\n 11,524\n

\n 		\n

\n 9,109\n

\n
\n

\n First-time consolidation reserve\n

\n 		\n

\n (323,907)\n

\n 		\n

\n (323,907)\n

\n
\n

\n Reserve for business combinations under common control\n

\n 		\n

\n (349,839)\n

\n 		\n

\n (349,839)\n

\n
\n

\n Stock grant reserve\n

\n 		\n

\n 8,232\n

\n 		\n

\n 11,002\n

\n
\n

\n OCI Fair value valuation reserve for equity investments\n

\n 		\n

\n 319\n

\n 		\n

\n (660)\n

\n
\n

\n Other reserves\n

\n 		\n

\n 7,520\n

\n 		\n

\n 14,427\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Retained earnings\n

\n 		\n

\n 799,635\n

\n 		\n

\n 948,789\n

\n
\n

\n OCI Reserve for remeasurement of defined-benefit plans for employees\n

\n 		\n

\n (7,429)\n

\n 		\n

\n (8,151)\n

\n
\n

\n Net profit for the year\n

\n 		\n

\n 478,854\n

\n 		\n

\n 672,320\n

\n
\n

\n Equity attributable to non-controlling interests\n

\n 		\n

\n 335,591\n

\n 		\n

\n 347,038\n

\n
\n

\n Equity\n

\n 		\n

\n 2,793,508\n

\n 		\n

\n 4,165,951\n

\n
\n
\n \n
\n Legal reserve\n
\n
\n The\n \n legal\n \n reserve\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n stood\n \n at\n \n 200,896\n \n thousand\n \n euro.\n \n The\n \n increase\n \n of\n \n 127\n \n thousand \n euro relates to the resolution of the Shareholders\u2019 Meeting of 13 May 2025. \n
\n
\n Share premium reserve\n
\n
\n The\n \n share\n \n premium\n \n reserve,\n \n amounting\n \n to\n \n 1,387,572\n \n thousand\n \n euro\n \n (628,395\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024),\n \n was\n \n created\n \n following\n \n the\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n in\n \n Italgas\n \n Reti\n \n S.p.A.\n \n The \n increase\n \n of\n \n 759,177\n \n thousand\n \n euro\n \n compared\n \n with\n \n 31\n \n December\n \n 2024\n \n relates\n \n to\n \n the\n \n completion,\n \n in\n \n June\n \n 2025, \n of\n \n the\n \n 1.02\n \n billion\n \n euro\n \n capital\n \n increase\n \n (202,938,478\n \n shares\n \n at\n \n 3.786\n \n euro\n \n per\n \n share)\n \n for\n \n 768,325\n \n thousand \n euro,\n \n the\n \n implementation\n \n of\n \n the\n \n co-investment\n \n plans\n \n for\n \n 2,312\n \n thousand\n \n euro\n \n and\n \n the\n \n implementation\n \n of\n \n the \n employee\n \n share\n \n ownership\n \n plan\n \n for\n \n 6,703\n \n thousand\n \n euro.\n \n These\n \n effects\n \n were\n \n partially\n \n offset\n \n by\n \n the\n \n recognition, \n as\n \n required\n \n by\n \n IAS\n \n 32\n \n and\n \n IAS\n \n 38,\n \n of\n \n the\n \n net\n \n costs\n \n incurred\n \n in\n \n connection\n \n with\n \n the\n \n capital\n \n increase,\n \n net\n \n of\n \n the \n proceeds from the sale of unexercised option rights (-18,163 thousand euro).\n
\n \n
\n OCI Reserve Cash Flow Hedge on derivative contracts \n
\n The\n \n reserve,\n \n amounting\n \n to\n \n 9,109\n \n thousand\n \n euro\n \n (11,524\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n includes \n the\n \n fair\n \n value\n \n of\n \n the\n \n IRS\n \n derivative\n \n net\n \n of\n \n the\n \n related\n \n tax\n \n effect.\n \n The\n \n reserve\n \n changes\n \n with\n \n the\n \n accounting\n \n of \n cash\n \n flows\n \n deriving\n \n from\n \n instruments\n \n which,\n \n for\n \n the\n \n purposes\n \n of\n \n IFRS\n \n 9,\n \n are\n \n designated\n \n as\n \n \u201ccash\n \n flow\n \n hedging \n instruments\u201d.\n \n The\n \n related\n \n tax\n \n effect\n \n is\n \n reported\n \n in\n \n the\n \n \u201ctax\n \n effect\u201d\n \n item\n \n of\n \n the\n \n \u201cComponents\n \n reclassifiable\n \n to\n \n the \n income statement\u201d in the Statement of Comprehensive Income.\n
\n
\n First-time consolidation reserve\n
\n
\n The\n \n first-time\n \n consolidation\n \n reserve,\n \n negative\n \n for\n \n 323,907\n \n thousand\n \n euro,\n \n was\n \n determined\n \n during\n \n the\n \n first-time \n consolidation\n \n (year\n \n 2016)\n \n following\n \n the\n \n sale\n \n by\n \n Snam\n \n S.p.A.\n \n to\n \n Italgas\n \n S.p.A.\n \n of\n \n 38.87%\n \n of\n \n the\n \n equity\n \n investment \n in\n \n Italgas\n \n Reti\n \n S.p.A.\n \n (include\n \n the\n \n difference\n \n between\n \n the\n \n purchase\n \n cost\n \n of\n \n the\n \n equity\n \n investment\n \n of\n \n Italgas\n \n Reti \n and the related shareholders' equity pertaining to the group). \n
\n
\n Reserve for business combinations under common control\n
\n
\n The\n \n reserve\n \n for\n \n business\n \n combinations\n \n under\n \n common\n \n control,\n \n negative\n \n for\n \n 349,839\n \n thousand\n \n euro,\n \n relates\n \n to \n the acquisition by Snam S.p.A. of 38.87% of the equity investment in Italgas Reti S.p.A. occured in 2016.\n
\n
\n To\n \n this\n \n regard\n \n it\n \n should\n \n be\n \n specified\n \n that\n \n the\n \n natural\n \n gas\n \n distribution\n \n activities\n \n were\n \n acquired\n \n through\n \n three \n simultaneous\n \n transactions\n \n (transfer,\n \n sale\n \n and\n \n demerger)\n \n of\n \n the\n \n equity\n \n investment\n \n held\n \n by\n \n Snam\n \n S.p.A.\n \n in \n Italgas\n \n Reti\n \n S.p.A.\n \n in\n \n favour\n \n of\n \n Italgas\n \n S.p.A.\n \n This\n \n transaction\n \n led\n \n to\n \n the\n \n deconsolidation\n \n of\n \n the\n \n natural\n \n gas \n distribution\n \n sector\n \n for\n \n Snam,\n \n and\n \n the\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n in\n \n Italgas\n \n Reti\n \n and,\n \n at\n \n consolidated \n level,\n \n of\n \n the\n \n net\n \n assets\n \n of\n \n the\n \n gas\n \n distribution\n \n sector\n \n for\n \n Italgas\n \n S.p.A.\n \n The\n \n reader\n \n is\n \n reminded\n \n that\n \n the \n shareholder\n \n of\n \n reference\n \n of\n \n Snam,\n \n CDP,\n \n is\n \n simultaneously\n \n the\n \n shareholder\n \n of\n \n reference\n \n of\n \n Italgas.\n \n The \n exposure\n \n described\n \n above\n \n reflects\n \n an\n \n approach\n \n based\n \n on\n \n the\n \n continuity\n \n of\n \n carrying\n \n amount\n \n (as\n \n regards\n \n Snam) \n since\n \n the\n \n transaction\n \n represents\n \n an\n \n \u201caggregation\n \n of\n \n corporate\n \n entities\n \n or\n \n activities\n \n under\n \n common\n \n control\u201d \n within\n \n the\n \n scope\n \n of\n \n the\n \n broader\n \n group\n \n of\n \n which\n \n Italgas\n \n is\n \n part.\n \n The\n \n companies\n \n taking\n \n part\n \n in\n \n the\n \n business \n combination\n \n (Snam,\n \n Italgas\n \n and\n \n Italgas\n \n Reti)\n \n remained\n \n subject\n \n to\n \n control\n \n because\n \n of\n \n the\n \n transactions\n \n and \n therefore they were fully consolidated by the same subject (CDP) pursuant to the IFRS 10.\n
\n \n \n
\n Stock grant reserve\n
\n \n
\n \n The\n \n reserve,\n \n \n amounting\n \n to\n \n 11,002\n \n thousand\n \n euro\n \n (8,232\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n includes \n the\n \n valuation\n \n pursuant\n \n to\n \n IFRS\n \n 2\n \n of\n \n the\n \n co-investment\n \n plans\n \n approved\n \n by\n \n the\n \n Italgas\n \n S.p.A.\n \n Shareholders' \n Meeting.\n
\n
\n Italgas\n \n Shareholders'\n \n Meeting\n \n held\n \n on\n \n 20\n \n April\n \n 2021\n \n approved\n \n the\n \n 2021-2023\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2021-2023 \n co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 5,580,000.00\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 4,500,000\n \n new\n \n ordinary\n \n shares\n \n to\n \n be\n \n assigned\n \n free\n \n of\n \n charge,\n \n by\n \n means\n \n of\n \n assignment\n \n pursuant\n \n to\n \n Article \n 2349 of the Italian Civil Code, for a corresponding maximum amount taken from retained earning reserves, to \n the\n \n beneficiaries\n \n of\n \n the\n \n Plan\n \n only;\n \n in\n \n other\n \n words,\n \n only\n \n to\n \n employees\n \n of\n \n the\n \n Company\n \n and/or\n \n of\n \n the\n \n companies \n in the Group.\n
\n
\n In\n \n connection\n \n with\n \n this\n \n plan,\n \n the\n \n Board\n \n of\n \n Directors\n \n attributed,\n \n upon\n \n the\n \n recommendation\n \n of\n \n the\n \n Appointments \n and\n \n Compensation\n \n Committee\n \n and\n \n in\n \n keeping\n \n with\n \n the\n \n 2021\n \n Remuneration\n \n Policy,\n \n rights\n \n to\n \n receive\n \n 254,765 \n Italgas shares for the 2021-2023 co-investment plan. The unitary fair value per share is 5.55 euro.\n
\n
\n On\n \n 6\n \n May\n \n 2024,\n \n the\n \n Italgas\n \n Shareholders'\n \n Meeting\n \n approved\n \n the\n \n 2024-2025\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2024-2025 \n Co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 3,720,000\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 3,000,000\n \n new\n \n ordinary\n \n shares.\n \n These\n \n shares\n \n are\n \n to\n \n be\n \n assigned,\n \n in\n \n accordance\n \n with\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian \n Civil\n \n Code,\n \n for\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n taken\n \n from\n \n retained\n \n earning\n \n reserves,\n \n to\n \n the\n \n beneficiaries \n of the Plan only; in other words, only to employees of the Company and/or of the companies in the Group. \n
\n \n
\n OCI Fair value valuation reserve for equity investments\n
\n
\n \n The\n \n fair\n \n value\n \n valuation\n \n reserve\n \n for\n \n -660\n \n thousand\n \n euro\n \n (319\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n includes \n the\n \n change\n \n in\n \n fair\n \n value,\n \n net\n \n of\n \n tax\n \n effects,\n \n of\n \n non-controlling\n \n interests\n \n which\n \n on\n \n initial\n \n recognition\n \n were \n designated\n \n as\n \n valued\n \n at\n \n FVTOCI\n \n (fair\n \n value\n \n recognised\n \n through\n \n other\n \n comprehensive\n \n income).\n \n For\n \n more \n details, see the note \u201cNon-current financial assets\u201d. \n
\n Other reserves\n
\n
\n The other reserves relate to the effects deriving from the valuation of equity investments.\n
\n
\n OCI Reserve for remeasurement of defined-benefit plans for employees\n
\n
\n The\n \n negative\n \n reserve\n \n for\n \n remeasurement\n \n of\n \n employee\n \n benefit\n \n plans\n \n for\n \n 8,151\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (negative\n \n for\n \n 7,429\n \n as\n \n at\n \n 31\n \n December \n 2024)\n \n included\n \n actuarial\n \n losses,\n \n net\n \n of\n \n the\n \n related\n \n tax\n \n effect,\n \n recognised\n \n under\n \n other\n \n components\n \n of\n \n comprehensive\n \n income\n \n pursuant\n \n to\n \n IAS\n \n 19.\n \n The\n \n changes \n in the reserve during the course of the year are shown below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Gross reserve\n

\n 		\n

\n Tax effect\n

\n 		\n

\n Net reserve\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Reserve as of 31 December 2023\n

\n 		\n

\n (9,773)\n

\n 		\n

\n 2,749\n

\n 		\n

\n (7,024)\n

\n
\n

\n Changes of the year 2024\n

\n 		\n

\n (533)\n

\n 		\n

\n 128\n

\n 		\n

\n (405)\n

\n
\n

\n Reserve as of 31 December 2024\n

\n 		\n

\n (10,306)\n

\n 		\n

\n 2,877\n

\n 		\n

\n (7,429)\n

\n
\n

\n Changes of the year 2025\n

\n 		\n

\n (949)\n

\n 		\n

\n 227\n

\n 		\n

\n (722)\n

\n
\n

\n Reserve as of 31 December 2025\n

\n 		\n

\n (11,255)\n

\n 		\n

\n 3,104\n

\n 		\n

\n (8,151)\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact566": { "value": "\n
\n Share capital\n
\n
\n Share\n \n capital\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n consisted\n \n of\n \n 1,015,686,402\n \n shares\n \n without\n \n nominal\n \n value\n \n (811,242,309 \n as\n \n of\n \n 31\n \n December\n \n 2024),\n \n with\n \n a\n \n total\n \n value\n \n of\n \n 1,257,355\n \n thousand\n \n euro\n \n (1,003,844\n \n thousand\n \n euro\n \n as\n \n of\n \n 31 \n December 2024).\n
\n
\n On\n \n 6\n \n May\n \n 2024,\n \n the\n \n Italgas\n \n Shareholders\u2019\n \n Meeting\n \n approved\n \n the\n \n 2024-2025\n \n Co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2024-2025 \n Co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 3,720,000\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 3,000,000\n \n new\n \n ordinary\n \n shares.\n \n These\n \n shares\n \n are\n \n to\n \n be\n \n assigned,\n \n in\n \n accordance\n \n with\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian \n Civil\n \n Code,\n \n for\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n taken\n \n from\n \n retained\n \n earning\n \n reserves,\n \n to\n \n the\n \n beneficiaries \n of the Plan only; in other words, only to employees of the Company and/or of the companies in the Group.\n
\n
\n On\n \n 12\n \n February\n \n 2025,\n \n in\n \n execution\n \n of\n \n the\n \n 2021-2023\n \n Co-Investment\n \n Plan\n \n approved\n \n by\n \n the\n \n Ordinary\n \n and \n Extraordinary\n \n Shareholders\u2019\n \n Meeting\n \n of\n \n 20\n \n April\n \n 2021,\n \n the\n \n Board\n \n of\n \n Directors\n \n resolved\n \n on\n \n the\n \n free\n \n allocation\n \n of \n a\n \n total\n \n of\n \n 511,604\n \n new\n \n ordinary\n \n shares\n \n of\n \n the\n \n Company\n \n to\n \n the\n \n beneficiaries\n \n of\n \n said\n \n Plan\n \n (second\n \n cycle\n \n of\n \n the \n Plan)\n \n and\n \n executed\n \n the\n \n second\n \n tranche\n \n of\n \n the\n \n share\n \n capital\n \n increase\n \n resolved\n \n on\n \n by\n \n the\n \n aforesaid \n Shareholders\u2019 Meeting, for a nominal amount of 634,388.96 euro, taken from retained earning reserves.\n
\n
\n On\n \n 10\n \n April\n \n 2025,\n \n the\n \n Extraordinary\n \n Shareholders'\n \n Meeting\n \n of\n \n Italgas\n \n approved\n \n the\n \n proposal\n \n for\n \n a\n \n paid\n \n Rights \n Issue\n \n for\n \n a\n \n maximum\n \n total\n \n amount\n \n of\n \n 1.02\n \n billion\n \n euro.\n \n The\n \n rights\n \n issue\n \n was\n \n successfully\n \n completed\n \n in\n \n June \n 2025\n \n with\n \n the\n \n issue\n \n of\n \n 202,938,478\n \n new\n \n shares.\n \n Furthermore,\n \n the\n \n Extraordinary\n \n Shareholders\u2019\n \n Meeting \n approved\n \n a\n \n proposal\n \n for\n \n a\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount \n of\n \n 558,000\n \n euro.\n \n This\n \n increase\n \n will\n \n be\n \n funded\n \n through\n \n the\n \n allocation,\n \n pursuant\n \n to\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian\n \n Civil \n Code,\n \n of\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n from\n \n retained\n \n earnings\n \n reserves.\n \n The\n \n increase\n \n will\n \n involve\n \n the \n issuance\n \n of\n \n up\n \n to\n \n 450,000\n \n ordinary\n \n shares,\n \n which\n \n will\n \n be\n \n reserved\n \n for\n \n the\n \n beneficiaries\n \n of\n \n the\n \n Stock\n \n Grant\n \n Plan. \n At\n \n the\n \n Ordinary\n \n Shareholders\u2019\n \n Meeting\n \n of\n \n Italgas\n \n S.p.A.\n \n held\n \n on\n \n 10\n \n April\n \n 2025,\n \n the\n \n 2025-2027\n \n employee\n \n share \n ownership\n \n plan,\n \n called\n \n the\n \n \u201cIGrant\n \n 2025\u20132027\n \n Plan\u201d,\n \n was\n \n approved,\n \n which\n \n provides\n \n for\n \n the\n \n allocation\n \n of \n ordinary\n \n shares\n \n to\n \n Group\n \n employees,\n \n excluding\n \n senior\n \n management\n \n positions,\n \n using\n \n shares\n \n deriving\n \n from\n \n two \n related\n \n share\n \n capital\n \n increases\n \n pursuant\n \n to\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code.\n \n Starting\n \n in\n \n September\n \n 2025, \n Italgas\n \n executed\n \n the\n \n transactions\n \n envisaged\n \n by\n \n the\n \n Employee\n \n Share\n \n Ownership\n \n Plan\n \n (PAD),\n \n approved\n \n with \n the\n \n objective\n \n of\n \n fostering\n \n the\n \n direct\n \n engagement\n \n with\n \n the\n \n Group\u2019s\n \n people\n \n in\n \n the\n \n creation\n \n of\n \n medium/long-term \n value.\n \n Over\n \n 60%\n \n of\n \n eligible\n \n employees\n \n took\n \n part\n \n in\n \n this\n \n initiative\n \n and\n \n the\n \n plan\n \n aims\n \n to\n \n strengthen\n \n the\n \n alignment \n of\n \n employee\n \n and\n \n shareholder\n \n interests.\n \n To\n \n service\n \n the\n \n plan,\n \n new\n \n ordinary\n \n shares\n \n were\n \n issued\n \n in\n \n October\n \n and \n December through capital increases free of charge and against payment.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact559": { "value": "\n \n
\n Stock grant reserve\n
\n \n
\n \n The\n \n reserve,\n \n \n amounting\n \n to\n \n 11,002\n \n thousand\n \n euro\n \n (8,232\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n includes \n the\n \n valuation\n \n pursuant\n \n to\n \n IFRS\n \n 2\n \n of\n \n the\n \n co-investment\n \n plans\n \n approved\n \n by\n \n the\n \n Italgas\n \n S.p.A.\n \n Shareholders' \n Meeting.\n
\n
\n Italgas\n \n Shareholders'\n \n Meeting\n \n held\n \n on\n \n 20\n \n April\n \n 2021\n \n approved\n \n the\n \n 2021-2023\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2021-2023 \n co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 5,580,000.00\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 4,500,000\n \n new\n \n ordinary\n \n shares\n \n to\n \n be\n \n assigned\n \n free\n \n of\n \n charge,\n \n by\n \n means\n \n of\n \n assignment\n \n pursuant\n \n to\n \n Article \n 2349 of the Italian Civil Code, for a corresponding maximum amount taken from retained earning reserves, to \n the\n \n beneficiaries\n \n of\n \n the\n \n Plan\n \n only;\n \n in\n \n other\n \n words,\n \n only\n \n to\n \n employees\n \n of\n \n the\n \n Company\n \n and/or\n \n of\n \n the\n \n companies \n in the Group.\n
\n
\n In\n \n connection\n \n with\n \n this\n \n plan,\n \n the\n \n Board\n \n of\n \n Directors\n \n attributed,\n \n upon\n \n the\n \n recommendation\n \n of\n \n the\n \n Appointments \n and\n \n Compensation\n \n Committee\n \n and\n \n in\n \n keeping\n \n with\n \n the\n \n 2021\n \n Remuneration\n \n Policy,\n \n rights\n \n to\n \n receive\n \n 254,765 \n Italgas shares for the 2021-2023 co-investment plan. The unitary fair value per share is 5.55 euro.\n
\n
\n On\n \n 6\n \n May\n \n 2024,\n \n the\n \n Italgas\n \n Shareholders'\n \n Meeting\n \n approved\n \n the\n \n 2024-2025\n \n co-investment\n \n Plan\n \n and\n \n the \n proposed\n \n free\n \n share\n \n capital\n \n increase,\n \n in\n \n one\n \n or\n \n more\n \n tranches,\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n aforesaid\n \n 2024-2025 \n Co-investment\n \n Plan\n \n for\n \n a\n \n maximum\n \n nominal\n \n amount\n \n of\n \n 3,720,000\n \n euro,\n \n by\n \n means\n \n of\n \n the\n \n issuance\n \n of\n \n up\n \n to \n 3,000,000\n \n new\n \n ordinary\n \n shares.\n \n These\n \n shares\n \n are\n \n to\n \n be\n \n assigned,\n \n in\n \n accordance\n \n with\n \n Article\n \n 2349\n \n of\n \n the\n \n Italian \n Civil\n \n Code,\n \n for\n \n a\n \n corresponding\n \n maximum\n \n amount\n \n taken\n \n from\n \n retained\n \n earning\n \n reserves,\n \n to\n \n the\n \n beneficiaries \n of the Plan only; in other words, only to employees of the Company and/or of the companies in the Group. \n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact584": { "value": "\n
\n Stock grant reserve\n
\n \n The\n \n reserve,\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact587": { "value": "\n
\n \n In\n \n \n its\n \n meeting\n \n of\n \n 3\n \n March\n \n 2026,\n \n the\n \n Board\n \n of\n \n Directors\n \n proposed\n \n to\n \n the\n \n Shareholders\u2019\n \n Meeting\n \n the\n \n payment\n \n of\n \n an\n \n ordinary\n \n dividend\n \n of\n \n \n 0.432\n \n \n euro\n \n per\n \n share. \n The dividend will be paid out as at 20 May 2026, with an ex-coupon date of 18 May 2026 and a record date of 19 May 2026.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact590": { "value": "0.432", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact589": { "value": "\n
\n 26)\n Guarantees, commitments and risks \n
\n
\n Guarantees,\n \n commitments\n \n and\n \n risks,\n \n amounting\n \n to\n \n 2,375,610\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025 \n (2,015,158 thousand euro as at 31 December 2024) comprise:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n Bank guarantees given in the interest of Group companies\n

\n 		\n

\n 505,240\n

\n 		\n

\n 579,645\n

\n
\n

\n Financial commitments and risks:\n

\n 		\n

\n 1,509,918\n

\n 		\n

\n 1,795,965\n

\n
\n

\n Commitments\n

\n 		\n

\n 1,275,737\n

\n 		\n

\n 1,570,004\n

\n
\n

\n Commitments for the purchase of goods and services\n

\n 		\n

\n 1,275,737\n

\n 		\n

\n 1,570,004\n

\n
\n

\n Risks\n

\n 		\n

\n 234,181\n

\n 		\n

\n 225,961\n

\n
\n

\n - for compensation and litigation\n

\n 		\n

\n 234,181\n

\n 		\n

\n 225,961\n

\n
\n

\n Total\n

\n 		\n

\n 2,015,158\n

\n 		\n

\n 2,375,610\n

\n
\n
\n
\n Guarantees \n
\n
\n Guarantees\n \n of\n \n 579,645\n \n thousand\n \n euro\n \n (505,240\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n refer\n \n mainly\n \n to\n \n guarantees\n \n issued\n \n with\n \n regard\n \n to\n \n sureties\n \n and\n \n other \n guarantees issued in the favour of subsidiaries.\n
\n
\n In\n \n addition,\n \n it\n \n should\n \n be\n \n noted\n \n that\n \n as\n \n part\n \n of\n \n the\n \n transaction\n \n for\n \n the\n \n acquisition\n \n of\n \n ERG\u2019s\n \n share\n \n capital\n \n and\n \n the\n \n sale\n \n of\n \n assets,\n \n Medea\n \n issued\n \n two\n \n guarantees \n of 66 million euro on the loan obtained by ERG in preparation for the transaction.\n
\n \n
\n Commitments \n
\n
\n As\n \n 31\n \n December\n \n 2025,\n \n commitments\n \n amounted\n \n to\n \n 1,570,004\n \n thousand\n \n euro\n \n (1,275,737\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n refer\n \n to\n \n commitments \n with\n \n suppliers\n \n to\n \n purchase\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n provide\n \n services\n \n relating\n \n to\n \n the\n \n purchase\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n intangible\n \n assets \n under construction. \n
\n
\n In\n \n addition,\n \n the\n \n residual\n \n commitments\n \n made\n \n by\n \n the\n \n Italgas\n \n Group\n \n with\n \n the\n \n Contracting\n \n Authorities\n \n for\n \n the\n \n implementation\n \n of\n \n investments\n \n arising\n \n from\n \n the \n awarding\n \n of\n \n gas\n \n distribution\n \n service\n \n area\n \n tenders\n \n amount\n \n to\n \n approximately\n \n 1,182.9\n \n million\n \n euro.\n \n Furthermore,\n \n the\n \n Italgas\n \n Group\n \n made\n \n commitments\n \n with\n \n the \n Municipalities\n \n with\n \n existing\n \n non-expired\n \n concessions,\n \n including\n \n new\n \n methane\n \n gasifications,\n \n and\n \n concessions\n \n assigned\n \n on\n \n the\n \n basis\n \n of\n \n Italian\n \n Legislative \n Decree no. 164/2000, known as the \u201cLetta Decree\u201d, for over 23.6 million euro.\n
\n
\n In\n \n Greece,\n \n with\n \n Decision\n \n E-22/2025\n \n published\n \n in\n \n the\n \n Official\n \n Gazette\n \n of\n \n the\n \n Greek\n \n government\n \n B\u2019\n \n 2042/28.04.2025,\n \n a\n \n Development\n \n Programme\n \n was\n \n approved \n for\n \n the\n \n company\n \n Enaon\n \n EDA\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n networks\n \n in\n \n the\n \n regions\n \n of\n \n Attica,\n \n Thessaloniki,\n \n Thessalia\n \n and\n \n remainder\n \n of\n \n Greece\n \n for\n \n the\n \n 2025-\n 2029\n \n period\n \n for\n \n a\n \n total\n \n of\n \n 627.2\n \n million\n \n euro\n \n in\n \n investments.\n \n As\n \n at\n \n 31\n \n December\n \n 2025,\n \n the\n \n residual\n \n investment\n \n commitment\n \n of\n \n the\n \n programme\n \n amounted\n \n to \n approximately\n \n 502\n \n million\n \n euro.\n \n In\n \n accordance\n \n with\n \n the\n \n time\n \n frames\n \n envisaged\n \n by\n \n Greek\n \n regulation,\n \n the\n \n process\n \n to\n \n define\n \n the\n \n Development\n \n Programme\n \n for \n the 2026-2030 period is ongoing. \n
\n
\n The investments will be predominantly allocated to the development and upgrading of the gas distribution network in Italy and Greece.\n
\n
\n Other unvalued commitments \n
\n
\n The\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n of\n \n Enerco\n \n Distribuzione\n \n by\n \n the\n \n subsidiary\n \n Italgas\n \n Reti,\n \n which\n \n took\n \n place\n \n in\n \n 2017,\n \n is\n \n subject\n \n to\n \n an\n \n ownership\n \n price \n adjustment (so-called \u201cearn-out\u201d) clause.\n
\n
\n The\n \n acquisition\n \n of\n \n the\n \n \u201cAlessandria\n \n 4\n \n ATEM\u201d\n \n business\n \n unit\n \n by\n \n the\n \n subsidiary\n \n Italgas\n \n Reti,\n \n which\n \n took\n \n place\n \n in\n \n 2020,\n \n is\n \n subject\n \n to\n \n a\n \n price\n \n adjustment\n \n (so-called \n \u201cearn-out\u201d)\n \n clause\n \n if\n \n the\n \n Alessandria\n \n 4\n \n ATEM\n \n tender\n \n is\n \n awarded\n \n within\n \n 10\n \n years\n \n of\n \n the\n \n signing\n \n date\n \n and\n \n if\n \n the\n \n contracting\n \n authority\n \n in\n \n the\n \n aforesaid\n \n tender \n procedure recognises a higher reimbursement value than the pro-forma value under the agreement, for the same year of reference.\n
\n
\n On\n \n 27\n \n December\n \n 2022,\n \n Alia\n \n Servizi\n \n Ambientali\n \n S.p.A.\n \n (\u201cAlia\u201d),\n \n Toscana\n \n Energia\n \n and\n \n Italgas\n \n signed\n \n a\n \n contract\n \n concerning,\n \n among\n \n other\n \n things,\n \n options,\n \n on \n the\n \n basis\n \n of\n \n which\n \n Italgas\n \n is\n \n entitled\n \n to\n \n purchase\n \n 30,134,618\n \n shares\n \n held\n \n in\n \n Toscana\n \n Energia\n \n by\n \n Alia,\n \n amounting\n \n to\n \n approximately\n \n 20.6099%\n \n of\n \n the\n \n share \n capital of Toscana Energia (\u201cAlia\u2019s TE Shares\u201d and \u201cToscana Energia Call Option\u201d).\n
\n
\n In\n \n accordance\n \n with\n \n the\n \n terms\n \n and\n \n conditions\n \n set\n \n out\n \n by\n \n the\n \n contract,\n \n on\n \n 14\n \n January\n \n 2025\n \n Italgas\n \n exercised\n \n the\n \n Toscana\n \n Energia\n \n Call\n \n Option\n \n by\n \n sending\n \n the \n relative\n \n notice\n \n to\n \n Alia.\n \n The\n \n envisaged\n \n contractual\n \n price\n \n to\n \n purchase\n \n Alia\u2019s\n \n TE\n \n shares\n \n is\n \n to\n \n be\n \n determined\n \n as\n \n the\n \n \u201cfair\n \n market\n \n value\u201d\n \n at\n \n the\n \n date\n \n of\n \n execution\n \n of \n the Toscana Energia Call Option, calculated by an international financial institution named jointly by the parties.\n
\n
\n As\n \n part\n \n of\n \n the\n \n investment\n \n agreement\n \n signed\n \n on\n \n 26\n \n July\n \n 2022,\n \n and\n \n subsequently\n \n amended,\n \n between\n \n Energetica\n \n S.p.A.\n \n and\n \n Medea\n \n S.p.A.\n \n related\n \n to\n \n the\n \n entry \n of\n \n the\n \n latter\n \n into\n \n the\n \n share\n \n capital\n \n of\n \n Energie\n \n Rete\n \n Gas\n \n S.r.l.\n \n (\u201cERG\u201d)\n \n for\n \n a\n \n 49%\n \n stake\n \n through\n \n the\n \n contribution\n \n and\n \n subsequent\n \n sale\n \n to\n \n Erg\n \n of\n \n assets\n \n and \n activities\n \n of\n \n Medea\n \n relating\n \n to\n \n gas\n \n transmission\n \n (\u201cMedea\n \n ERG\n \n Transaction\u201d),\n \n the\n \n Parties,\n \n inter\n \n alia\n ,\n \n agreed\n \n to\n \n restore\n \n the\n \n legal\n \n situation\n \n prior\n \n to\n \n the\n \n Medea \n ERG\n \n Transaction\n \n if\n \n ERG\n \n does\n \n not\n \n obtain,\n \n (i)\n \n recognition,\n \n from\n \n the\n \n competent\n \n ministry,\n \n among\n \n the\n \n infrastructure\n \n and/or\n \n regional\n \n transmission\n \n services\n \n of \n natural\n \n gas\n \n of\n \n ERG,\n \n and\n \n (ii)\n \n recognition,\n \n under\n \n the\n \n tariff\n \n regulatory\n \n profile,\n \n as\n \n regional\n \n transport\n \n service.\n \n In\n \n 2023,\n \n Medea\n \n and\n \n ERG\n \n signed\n \n a\n \n service\n \n agreement \n that\n \n provides\n \n that\n \n Medea\n \n will\n \n pay\n \n ERG\n \n a\n \n fee\n \n for\n \n the\n \n transport\n \n service\n \n provided\n \n by\n \n ERG.\n \n This\n \n agreement\n \n was\n \n necessary\n \n for\n \n the\n \n management\n \n of\n \n the\n \n transitional \n period; once ERG obtains the transport authorisation and tariff recognition, the agreement will be terminated.\n
\n
\n On\n \n 3\n \n November\n \n 2025,\n \n the\n \n Decree\n \n of\n \n the\n \n President\n \n of\n \n the\n \n Council\n \n of\n \n Ministers\n \n entitled\n \n \u201cIdentification\n \n of\n \n works\n \n and\n \n infrastructure\n \n necessary\n \n for\n \n the\n \n phase-out \n of\n \n coal\n \n use\n \n in\n \n Sardinia\n \n and\n \n for\n \n the\n \n decarbonisation\n \n of\n \n the\n \n island\u2019s\n \n industrial\n \n sectors\u201d\n \n (so-called\n \n Sardinia\n \n DPCM)\n \n was\n \n published\n \n in\n \n the\n \n Official\n \n Gazette.\n \n The \n measure,\n \n which\n \n has\n \n nationwide\n \n effect,\n \n confirms\n \n the\n \n tariff\n \n equalisation\n \n mechanism\n \n in\n \n favour\n \n of\n \n entities\n \n carrying\n \n out\n \n road\n \n transport\n \n activities\n \n for\n \n LNG\n \n and\n \n the \n related\n \n ancillary\n \n infrastructure.\n \n The\n \n Decree\n \n also\n \n provides\n \n that,\n \n within\n \n 180\n \n days\n \n of\n \n its\n \n entry\n \n into\n \n force,\n \n ARERA\n \n shall\n \n define\n \n the\n \n regulatory\n \n and\n \n tariff\n \n framework \n for\n \n the\n \n recognition\n \n of\n \n these\n \n activities\n \n as\n \n regional\n \n transport\n \n services. \n \n In\n \n light\n \n of\n \n the\n \n above,\n \n ERG\n \n may\n \n consider\n \n the\n \n \u201cTransport\n \n Authorisation\u201d\n \n for\n \n the\n \n activities \n carried\n \n out\n \n in\n \n Sardinia\n \n to\n \n have\n \n been\n \n obtained.\n \n Consistent\n \n with\n \n this\n \n framework,\n \n the\n \n pool\n \n of\n \n banks\n \n financing\n \n the\n \n ERG\n \n transaction\n \n approved\n \n an\n \n extension\n \n to\n \n 30 \n
\n \n \n \n June\n \n 2026\n \n of\n \n the\n \n deadline\n \n relating\n \n to\n \n tariff\n \n recognition\n \n and\n \n also\n \n authorised\n \n the\n \n use\n \n of\n \n the\n \n financing\n \n for\n \n the\n \n acquisition\n \n of\n \n LNG\n \n facilities\n \n already\n \n completed\n \n by \n that date. \n
\n The\n \n acquisition\n \n in\n \n 2023\n \n of\n \n the\n \n business\n \n unit\n \n to\n \n which\n \n the\n \n concessions\n \n held\n \n in\n \n Italy\n \n in\n \n the\n \n water\n \n sector\n \n belonged\n \n is\n \n subject\n \n to\n \n an\n \n ownership\n \n price\n \n adjustment \n (so-called\n \n \u201cearn-out\u201d)\n \n clause,\n \n to\n \n be\n \n determined\n \n for\n \n four\n \n years\n \n according\n \n to\n \n annual\n \n measurements\n \n based\n \n on\n \n net\n \n takings\n \n on\n \n certain\n \n receivables\n \n by\n \n the\n \n associated \n companies Siciliacque and Acqualatina..\n
\n \n \n
\n Risks\n
\n
\n Risks\n \n concerning\n \n compensation\n \n and\n \n litigation\n \n (225,961\n \n thousand\n \n euro)\n \n relate\n \n to\n \n possible\n \n claims\n \n for\n \n compensation\n \n arising\n \n from\n \n ongoing\n \n litigation,\n \n with\n \n a\n \n low \n probability that the pertinent economic risk will arise.\n
\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact588": { "value": "\n
\n Commitments \n
\n
\n As\n \n 31\n \n December\n \n 2025,\n \n commitments\n \n amounted\n \n to\n \n 1,570,004\n \n thousand\n \n euro\n \n (1,275,737\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n refer\n \n to\n \n commitments \n with\n \n suppliers\n \n to\n \n purchase\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n provide\n \n services\n \n relating\n \n to\n \n the\n \n purchase\n \n of\n \n property,\n \n plant\n \n and\n \n equipment\n \n and\n \n intangible\n \n assets \n under construction. \n
\n
\n In\n \n addition,\n \n the\n \n residual\n \n commitments\n \n made\n \n by\n \n the\n \n Italgas\n \n Group\n \n with\n \n the\n \n Contracting\n \n Authorities\n \n for\n \n the\n \n implementation\n \n of\n \n investments\n \n arising\n \n from\n \n the \n awarding\n \n of\n \n gas\n \n distribution\n \n service\n \n area\n \n tenders\n \n amount\n \n to\n \n approximately\n \n 1,182.9\n \n million\n \n euro.\n \n Furthermore,\n \n the\n \n Italgas\n \n Group\n \n made\n \n commitments\n \n with\n \n the \n Municipalities\n \n with\n \n existing\n \n non-expired\n \n concessions,\n \n including\n \n new\n \n methane\n \n gasifications,\n \n and\n \n concessions\n \n assigned\n \n on\n \n the\n \n basis\n \n of\n \n Italian\n \n Legislative \n Decree no. 164/2000, known as the \u201cLetta Decree\u201d, for over 23.6 million euro.\n
\n
\n In\n \n Greece,\n \n with\n \n Decision\n \n E-22/2025\n \n published\n \n in\n \n the\n \n Official\n \n Gazette\n \n of\n \n the\n \n Greek\n \n government\n \n B\u2019\n \n 2042/28.04.2025,\n \n a\n \n Development\n \n Programme\n \n was\n \n approved \n for\n \n the\n \n company\n \n Enaon\n \n EDA\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n networks\n \n in\n \n the\n \n regions\n \n of\n \n Attica,\n \n Thessaloniki,\n \n Thessalia\n \n and\n \n remainder\n \n of\n \n Greece\n \n for\n \n the\n \n 2025-\n 2029\n \n period\n \n for\n \n a\n \n total\n \n of\n \n 627.2\n \n million\n \n euro\n \n in\n \n investments.\n \n As\n \n at\n \n 31\n \n December\n \n 2025,\n \n the\n \n residual\n \n investment\n \n commitment\n \n of\n \n the\n \n programme\n \n amounted\n \n to \n approximately\n \n 502\n \n million\n \n euro.\n \n In\n \n accordance\n \n with\n \n the\n \n time\n \n frames\n \n envisaged\n \n by\n \n Greek\n \n regulation,\n \n the\n \n process\n \n to\n \n define\n \n the\n \n Development\n \n Programme\n \n for \n the 2026-2030 period is ongoing. \n
\n
\n The investments will be predominantly allocated to the development and upgrading of the gas distribution network in Italy and Greece.\n
\n
\n Other unvalued commitments \n
\n
\n The\n \n acquisition\n \n of\n \n the\n \n equity\n \n investment\n \n of\n \n Enerco\n \n Distribuzione\n \n by\n \n the\n \n subsidiary\n \n Italgas\n \n Reti,\n \n which\n \n took\n \n place\n \n in\n \n 2017,\n \n is\n \n subject\n \n to\n \n an\n \n ownership\n \n price \n adjustment (so-called \u201cearn-out\u201d) clause.\n
\n
\n The\n \n acquisition\n \n of\n \n the\n \n \u201cAlessandria\n \n 4\n \n ATEM\u201d\n \n business\n \n unit\n \n by\n \n the\n \n subsidiary\n \n Italgas\n \n Reti,\n \n which\n \n took\n \n place\n \n in\n \n 2020,\n \n is\n \n subject\n \n to\n \n a\n \n price\n \n adjustment\n \n (so-called \n \u201cearn-out\u201d)\n \n clause\n \n if\n \n the\n \n Alessandria\n \n 4\n \n ATEM\n \n tender\n \n is\n \n awarded\n \n within\n \n 10\n \n years\n \n of\n \n the\n \n signing\n \n date\n \n and\n \n if\n \n the\n \n contracting\n \n authority\n \n in\n \n the\n \n aforesaid\n \n tender \n procedure recognises a higher reimbursement value than the pro-forma value under the agreement, for the same year of reference.\n
\n
\n On\n \n 27\n \n December\n \n 2022,\n \n Alia\n \n Servizi\n \n Ambientali\n \n S.p.A.\n \n (\u201cAlia\u201d),\n \n Toscana\n \n Energia\n \n and\n \n Italgas\n \n signed\n \n a\n \n contract\n \n concerning,\n \n among\n \n other\n \n things,\n \n options,\n \n on \n the\n \n basis\n \n of\n \n which\n \n Italgas\n \n is\n \n entitled\n \n to\n \n purchase\n \n 30,134,618\n \n shares\n \n held\n \n in\n \n Toscana\n \n Energia\n \n by\n \n Alia,\n \n amounting\n \n to\n \n approximately\n \n 20.6099%\n \n of\n \n the\n \n share \n capital of Toscana Energia (\u201cAlia\u2019s TE Shares\u201d and \u201cToscana Energia Call Option\u201d).\n
\n
\n In\n \n accordance\n \n with\n \n the\n \n terms\n \n and\n \n conditions\n \n set\n \n out\n \n by\n \n the\n \n contract,\n \n on\n \n 14\n \n January\n \n 2025\n \n Italgas\n \n exercised\n \n the\n \n Toscana\n \n Energia\n \n Call\n \n Option\n \n by\n \n sending\n \n the \n relative\n \n notice\n \n to\n \n Alia.\n \n The\n \n envisaged\n \n contractual\n \n price\n \n to\n \n purchase\n \n Alia\u2019s\n \n TE\n \n shares\n \n is\n \n to\n \n be\n \n determined\n \n as\n \n the\n \n \u201cfair\n \n market\n \n value\u201d\n \n at\n \n the\n \n date\n \n of\n \n execution\n \n of \n the Toscana Energia Call Option, calculated by an international financial institution named jointly by the parties.\n
\n
\n As\n \n part\n \n of\n \n the\n \n investment\n \n agreement\n \n signed\n \n on\n \n 26\n \n July\n \n 2022,\n \n and\n \n subsequently\n \n amended,\n \n between\n \n Energetica\n \n S.p.A.\n \n and\n \n Medea\n \n S.p.A.\n \n related\n \n to\n \n the\n \n entry \n of\n \n the\n \n latter\n \n into\n \n the\n \n share\n \n capital\n \n of\n \n Energie\n \n Rete\n \n Gas\n \n S.r.l.\n \n (\u201cERG\u201d)\n \n for\n \n a\n \n 49%\n \n stake\n \n through\n \n the\n \n contribution\n \n and\n \n subsequent\n \n sale\n \n to\n \n Erg\n \n of\n \n assets\n \n and \n activities\n \n of\n \n Medea\n \n relating\n \n to\n \n gas\n \n transmission\n \n (\u201cMedea\n \n ERG\n \n Transaction\u201d),\n \n the\n \n Parties,\n \n inter\n \n alia\n ,\n \n agreed\n \n to\n \n restore\n \n the\n \n legal\n \n situation\n \n prior\n \n to\n \n the\n \n Medea \n ERG\n \n Transaction\n \n if\n \n ERG\n \n does\n \n not\n \n obtain,\n \n (i)\n \n recognition,\n \n from\n \n the\n \n competent\n \n ministry,\n \n among\n \n the\n \n infrastructure\n \n and/or\n \n regional\n \n transmission\n \n services\n \n of \n natural\n \n gas\n \n of\n \n ERG,\n \n and\n \n (ii)\n \n recognition,\n \n under\n \n the\n \n tariff\n \n regulatory\n \n profile,\n \n as\n \n regional\n \n transport\n \n service.\n \n In\n \n 2023,\n \n Medea\n \n and\n \n ERG\n \n signed\n \n a\n \n service\n \n agreement \n that\n \n provides\n \n that\n \n Medea\n \n will\n \n pay\n \n ERG\n \n a\n \n fee\n \n for\n \n the\n \n transport\n \n service\n \n provided\n \n by\n \n ERG.\n \n This\n \n agreement\n \n was\n \n necessary\n \n for\n \n the\n \n management\n \n of\n \n the\n \n transitional \n period; once ERG obtains the transport authorisation and tariff recognition, the agreement will be terminated.\n
\n
\n On\n \n 3\n \n November\n \n 2025,\n \n the\n \n Decree\n \n of\n \n the\n \n President\n \n of\n \n the\n \n Council\n \n of\n \n Ministers\n \n entitled\n \n \u201cIdentification\n \n of\n \n works\n \n and\n \n infrastructure\n \n necessary\n \n for\n \n the\n \n phase-out \n of\n \n coal\n \n use\n \n in\n \n Sardinia\n \n and\n \n for\n \n the\n \n decarbonisation\n \n of\n \n the\n \n island\u2019s\n \n industrial\n \n sectors\u201d\n \n (so-called\n \n Sardinia\n \n DPCM)\n \n was\n \n published\n \n in\n \n the\n \n Official\n \n Gazette.\n \n The \n measure,\n \n which\n \n has\n \n nationwide\n \n effect,\n \n confirms\n \n the\n \n tariff\n \n equalisation\n \n mechanism\n \n in\n \n favour\n \n of\n \n entities\n \n carrying\n \n out\n \n road\n \n transport\n \n activities\n \n for\n \n LNG\n \n and\n \n the \n related\n \n ancillary\n \n infrastructure.\n \n The\n \n Decree\n \n also\n \n provides\n \n that,\n \n within\n \n 180\n \n days\n \n of\n \n its\n \n entry\n \n into\n \n force,\n \n ARERA\n \n shall\n \n define\n \n the\n \n regulatory\n \n and\n \n tariff\n \n framework \n for\n \n the\n \n recognition\n \n of\n \n these\n \n activities\n \n as\n \n regional\n \n transport\n \n services. \n \n In\n \n light\n \n of\n \n the\n \n above,\n \n ERG\n \n may\n \n consider\n \n the\n \n \u201cTransport\n \n Authorisation\u201d\n \n for\n \n the\n \n activities \n carried\n \n out\n \n in\n \n Sardinia\n \n to\n \n have\n \n been\n \n obtained.\n \n Consistent\n \n with\n \n this\n \n framework,\n \n the\n \n pool\n \n of\n \n banks\n \n financing\n \n the\n \n ERG\n \n transaction\n \n approved\n \n an\n \n extension\n \n to\n \n 30 \n
\n \n June\n \n 2026\n \n of\n \n the\n \n deadline\n \n relating\n \n to\n \n tariff\n \n recognition\n \n and\n \n also\n \n authorised\n \n the\n \n use\n \n of\n \n the\n \n financing\n \n for\n \n the\n \n acquisition\n \n of\n \n LNG\n \n facilities\n \n already\n \n completed\n \n by \n that date. \n
\n The\n \n acquisition\n \n in\n \n 2023\n \n of\n \n the\n \n business\n \n unit\n \n to\n \n which\n \n the\n \n concessions\n \n held\n \n in\n \n Italy\n \n in\n \n the\n \n water\n \n sector\n \n belonged\n \n is\n \n subject\n \n to\n \n an\n \n ownership\n \n price\n \n adjustment \n (so-called\n \n \u201cearn-out\u201d)\n \n clause,\n \n to\n \n be\n \n determined\n \n for\n \n four\n \n years\n \n according\n \n to\n \n annual\n \n measurements\n \n based\n \n on\n \n net\n \n takings\n \n on\n \n certain\n \n receivables\n \n by\n \n the\n \n associated \n companies Siciliacque and Acqualatina..\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact568": { "value": "\n
\n Risks\n
\n
\n Risks\n \n concerning\n \n compensation\n \n and\n \n litigation\n \n (225,961\n \n thousand\n \n euro)\n \n relate\n \n to\n \n possible\n \n claims\n \n for\n \n compensation\n \n arising\n \n from\n \n ongoing\n \n litigation,\n \n with\n \n a\n \n low \n probability that the pertinent economic risk will arise.\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact570": { "value": "\n
\n FINANCIAL RISK MANAGEMENT\n
\n
\n Foreword\n
\n
\n Italgas\n \n has\n \n established\n \n the\n \n Enterprise\n \n Risk\n \n Management\n \n (ERM)\n \n unit,\n \n which\n \n reports\n \n directly\n \n to\n \n the\n \n CFO\n \n and \n oversees\n \n the\n \n integrated\n \n process\n \n of\n \n managing\n \n corporate\n \n risk\n \n for\n \n all\n \n Group\n \n companies.\n \n The\n \n main\n \n objectives\n \n of \n the\n \n ERM\n \n are\n \n to\n \n define\n \n a\n \n homogeneous\n \n and\n \n transversal\n \n risk\n \n assessment\n \n model,\n \n to\n \n identify\n \n priority\n \n risks\n \n and\n \n to \n guarantee the consolidation of mitigation actions and the development of a reporting system. \n
\n
\n The\n \n ERM\n \n methodology\n \n adopted\n \n by\n \n the\n \n Italgas\n \n Group\n \n is\n \n in\n \n line\n \n with\n \n the\n \n reference\n \n models\n \n and\n \n existing \n international best practices (COSO Framework and ISO 31000).\n
\n
\n The ERM unit operates as part of the wider Italgas' Internal Control and Risk Management System.\n
\n
\n The\n \n main\n \n corporate\n \n financial\n \n risks\n \n identified,\n \n monitored\n \n and,\n \n where\n \n specified\n \n below,\n \n managed\n \n by\n \n Italgas\n \n are \n as follows: \n
\n
\n -\n risk arising from exposure to fluctuations in interest rates;\n
\n
\n -\n credit risk arising from the possibility of counterparty default; \n
\n
\n -\n liquidity risk arising from not having sufficient funds to meet short-term financial commitments;\n
\n
\n -\n rating risk;\n
\n
\n -\n debt covenant and default risk.\n
\n
\n There\n \n follows\n \n a\n \n description\n \n of\n \n Italgas\u2019\n \n policies\n \n and\n \n principles\n \n for\n \n the\n \n management\n \n and\n \n control\n \n of\n \n the\n \n risks\n \n arising \n from\n \n the\n \n financial\n \n instruments\n \n listed\n \n above.\n \n In\n \n accordance\n \n with\n \n IFRS\n \n 7\n \n -\n \n \u201cFinancial\n \n instruments:\n \n Additional \n information\u201d, there are also descriptions of the nature and size of the risks resulting from such instruments. \n
\n
\n Information\n \n on\n \n other\n \n risks\n \n affecting\n \n the\n \n business\n \n (operational\n \n risk\n \n and\n \n risks\n \n specific\n \n to\n \n the\n \n segment\n \n in\n \n which \n Italgas operates) can be found in the \u201cElements of risk and uncertainty\u201d section of the Directors\u2019 Report. \n
\n \n
\n Interest rate risk\n
\n
\n Fluctuations\n \n in\n \n interest\n \n rates\n \n affect\n \n the\n \n market\n \n value\n \n of\n \n Italgas\u2019\n \n financial\n \n assets\n \n and\n \n liabilities\n \n and\n \n its\n \n net \n financial expense. \n
\n
\n An\n \n increase\n \n in\n \n interest\n \n rates,\n \n not\n \n implemented\n \n \u2013\n \n in\n \n full\n \n or\n \n in\n \n part\n \n \u2013\n \n in\n \n the\n \n regulatory\n \n WACC,\n \n could\n \n have\n \n negative \n effects\n \n on\n \n the\n \n assets\n \n and\n \n on\n \n the\n \n economic\n \n and\n \n financial\n \n situation\n \n of\n \n the\n \n Italgas\n \n Group\n \n for\n \n the\n \n variable \n component of the debt in place and for future loans.\n
\n
\n At\n \n full\n \n performance,\n \n Italgas\n \n aims\n \n to\n \n maintain\n \n a\n \n debt\n \n ratio\n \n between\n \n a\n \n fixed\n \n rate\n \n and\n \n floating\n \n rate\n \n to\n \n minimise\n \n the \n risk\n \n of\n \n rising\n \n interest\n \n rates.\n \n As\n \n at\n \n 31\n \n December\n \n 2025\n \n the\n \n financial\n \n debt\n \n at\n \n floating\n \n rate\n \n was\n \n 20.2%\n \n and\n \n at\n \n fixed \n rate\n \n was\n \n 79.8%.\n \n Please\n \n refer\n \n to\n \n the\n \n paragraph\n \n \u201cShort-term\n \n and\n \n long-term\n \n financial\n \n liabilities\u201d\n \n for\n \n further\n \n details.\n
\n
\n Below\n \n are\n \n the\n \n impacts\n \n on\n \n equity\n \n and\n \n the\n \n net\n \n period\n \n result\n \n at\n \n 31\n \n December\n \n 2025\n \n of\n \n a\n \n hypothetical\n \n positive\n \n and \n negative variation of 10 basis points (bps) of the interest rates effectively applied during the year.\n
\n \n \n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Result of the income statement\n

\n 		\n

\n Other items of the statement of comprehensive income\n

\n
\n

\n \u00a0\n

\n 		\n

\n interest +10 bps\n

\n 		\n

\n interest\n \u00a0 \n -10 bps\n

\n 		\n

\n interest +10 bps\n

\n 		\n

\n interest\n \u00a0 \n -10 bps\n

\n
\n

\n Variable-rate loans not hedged\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Effect of change in interest rate\n

\n 		\n

\n (2,150)\n

\n 		\n

\n 2,150\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Variable-rate loans converted into fixed-rate loans by means of IRSs\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Effect of change in interest rate on the fair value of the hedge derivative contracts - effective portion of hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 452\n

\n 		\n

\n (455)\n

\n
\n

\n Impacts gross of the tax effect\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Tax effect\n

\n 		\n

\n 516\n

\n 		\n

\n (516)\n

\n 		\n

\n (109)\n

\n 		\n

\n 109\n

\n
\n

\n Impacts net of the tax effect\n

\n 		\n

\n (1,634)\n

\n 		\n

\n 1,634\n

\n 		\n

\n 344\n

\n 		\n

\n (346)\n

\n
\n
\n \n \n
\n Credit risk \n
\n
\n Credit\n \n risk\n \n is\n \n the\n \n exposure\n \n to\n \n potential\n \n losses\n \n arising\n \n from\n \n counterparties\n \n failing\n \n to\n \n fulfil\n \n their\n \n obligations.\n \n Default \n or\n \n delayed\n \n payment\n \n of\n \n amounts\n \n owed\n \n may\n \n have\n \n a\n \n negative\n \n impact\n \n on\n \n the\n \n Italgas\n \n financial\n \n results\n \n and\n \n financial \n situation.\n
\n
\n The\n \n rules\n \n for\n \n customer\n \n access\n \n to\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n are\n \n established\n \n by\n \n the\n \n relevant\n \n regulatory \n Authority\n \n and\n \n set\n \n out\n \n in\n \n the\n \n Network\n \n Codes,\n \n namely,\n \n in\n \n documents\n \n that\n \n establish,\n \n for\n \n each\n \n type\n \n of\n \n service,\n \n the \n rules\n \n regulating\n \n the\n \n rights\n \n and\n \n obligations\n \n of\n \n the\n \n parties\n \n involved\n \n in\n \n the\n \n process\n \n of\n \n providing\n \n said\n \n services\n \n and \n contain\n \n contractual\n \n conditions\n \n that\n \n reduce\n \n the\n \n risk\n \n of\n \n non-compliance\n \n by\n \n customers,\n \n such\n \n as\n \n the\n \n provision\n \n of \n bank or insurance guarantees on first request.\n
\n
\n In\n \n addition\n \n to\n \n this,\n \n in\n \n order\n \n to\n \n manage\n \n credit\n \n risk,\n \n the\n \n Group\n \n has\n \n established\n \n procedures\n \n for\n \n monitoring\n \n and \n assessing its customer portfolio. The reference markets are the Italian and Greek markets.\n
\n
\n In\n \n the\n \n energy\n \n efficiency\n \n sector\n \n activities,\n \n credit\n \n risk\n \n is\n \n mitigated\n \n by\n \n the\n \n use\n \n of\n \n incentive\n \n instruments\n \n (mainly\n \n the \n Superbonus)\n \n \u2013\n \n the\n \n latter\n \n in\n \n any\n \n case\n \n being\n \n influenced\n \n by\n \n the\n \n risk\n \n of\n \n managing\n \n the\n \n obligations\n \n that\n \n allow\n \n for\n \n the \n tax\n \n recognition\n \n of\n \n the\n \n credits\n \n \u2013\n \n which\n \n guarantee\n \n the\n \n financial\n \n hedging\n \n of\n \n significant\n \n portions\n \n of\n \n the\n \n amounts\n \n of \n the\n \n interventions.\n \n In\n \n this\n \n context,\n \n the\n \n contracts\n \n entered\n \n into\n \n by\n \n the\n \n Group\n \n provide\n \n for\n \n clauses\n \n that\n \n guarantee \n the\n \n possibility\n \n of\n \n recourse\n \n against\n \n customers\n \n in\n \n the\n \n event\n \n that\n \n the\n \n incentive\n \n cannot\n \n be\n \n obtained/withdrawn. \n Recourse against customers, however, implies continued exposure to credit risk.\n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025\n \n there\n \n were\n \n no\n \n significant\n \n credit\n \n risks.\n \n Note\n \n that\n \n on\n \n average:\n \n (i)\n \n in\n \n Italy,\n \n 97.4%\n \n of\n \n trade \n receivables\n \n relating\n \n to\n \n gas\n \n distribution\n \n are\n \n settled\n \n by\n \n the\n \n due\n \n date\n \n and\n \n 99.6%\n \n within\n \n the\n \n next\n \n 4\n \n days;\n \n (ii)\n \n in \n Greece,\n \n an\n \n average\n \n of\n \n 95.0%\n \n of\n \n trade\n \n receivables\n \n relating\n \n to\n \n gas\n \n distribution\n \n are\n \n settled\n \n by\n \n the\n \n due\n \n date\n \n and \n almost all within the next 4 days, confirming the strong reliability of the customers.\n
\n
\n It\n \n cannot\n \n be\n \n ruled\n \n out\n \n that\n \n Italgas\n \n could\n \n incur\n \n liabilities\n \n and/or\n \n losses\n \n due\n \n to\n \n its\n \n customers\u2019\n \n failure\n \n to\n \n fulfil\n \n their \n payment obligations.\n
\n
\n Please refer to note \u201cTrade and other receivables\u201d for the breakdown of receivable by due date bracket.\n
\n \n \n
\n Liquidity risk\n
\n
\n Liquidity\n \n \n risk\n \n is\n \n the\n \n risk\n \n that\n \n new\n \n financial\n \n resources\n \n may\n \n not\n \n be\n \n available\n \n (funding\n \n liquidity\n \n risk)\n \n or\n \n that\n \n the \n company\n \n may\n \n be\n \n unable\n \n to\n \n convert\n \n assets\n \n into\n \n cash\n \n on\n \n the\n \n market\n \n (asset\n \n liquidity\n \n risk),\n \n meaning\n \n that\n \n it\n \n cannot \n meet\n \n its\n \n payment\n \n commitments.\n \n This\n \n may\n \n affect\n \n profit\n \n or\n \n loss\n \n should\n \n the\n \n company\n \n incur\n \n extra\n \n costs\n \n to\n \n meet\n \n its \n commitments or, in extreme cases, lead to insolvency and threaten the company\u2019s future as a going concern.\n \n
\n \n
\n Also\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n investment\n \n plans\n \n in\n \n place\n \n and\n \n the\n \n transactions\n \n contemplated\n \n in\n \n the\n \n short\n \n term,\n \n Italgas \n does\n \n not\n \n expect\n \n any\n \n significant\n \n negative\n \n impact\n \n on\n \n liquidity\n \n risk\n \n considering\n \n that:\n \n (i)\n \n the\n \n Company\n \n has\n \n liquidity \n deposited\n \n with\n \n primary\n \n credit\n \n institutions\n \n for\n \n an\n \n amount\n \n of\n \n 531,933\n \n million\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025;\n \n (ii) \n on\n \n 16\n \n May\n \n 2025,\n \n Italgas\n \n signed\n \n two\n \n floating-rate\n \n bank\n \n loans\n \n with\n \n leading\n \n credit\n \n institutions,\n \n each\n \n amounting\n \n to \n 300\n \n million\n \n euro\n \n (for\n \n a\n \n total\n \n of\n \n 600\n \n million\n \n euro)\n \n and\n \n with\n \n a\n \n duration\n \n of\n \n 3\n \n years;\n \n (iii)\n \n on\n \n 17\n \n June\n \n 2025,\n \n Italgas \n signed\n \n a\n \n floating-rate\n \n bank\n \n loan\n \n with\n \n a\n \n leading\n \n credit\n \n institution,\n \n for\n \n a\n \n total\n \n amount\n \n of\n \n 300\n \n million\n \n euro\n \n and\n \n a \n
\n \n \n
\n \n
\n \n \n duration\n \n of\n \n 3\n \n years;\n \n (iv)\n \n as\n \n at\n \n 31\n \n December\n \n 2025,\n \n Italgas\n \n had\n \n a\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n (EMTN)\n \n programme \n in\n \n place,\n \n in\n \n addition\n \n to\n \n funding\n \n from\n \n the\n \n banking\n \n system,\n \n which\n \n currently\n \n allow\n \n the\n \n issue\n \n of\n \n the\n \n remaining\n \n bonds \n worth a nominal 5.0 billion euro to be placed with institutional investors.\n
\n Italgas\n \n aims,\n \n in\n \n financial\n \n terms,\n \n at\n \n establishing\n \n a\n \n financial\n \n structure\n \n that,\n \n in\n \n line\n \n with\n \n its\n \n business\n \n objectives, \n ensures\n \n a\n \n level\n \n adequate\n \n for\n \n the\n \n group\n \n in\n \n terms\n \n of\n \n the\n \n duration\n \n and\n \n composition\n \n of\n \n the\n \n debt.\n \n The\n \n achievement \n of\n \n this\n \n financial\n \n structure\n \n will\n \n take\n \n place\n \n through\n \n the\n \n monitoring\n \n of\n \n certain\n \n key\n \n parameters,\n \n such\n \n as\n \n the\n \n ratio \n between\n \n debt\n \n and\n \n the\n \n RAB,\n \n the\n \n ratio\n \n between\n \n short-term\n \n and\n \n medium-/long-term\n \n debt,\n \n the\n \n ratio\n \n between\n \n fixed \n rate and floating rate debt and the ratio between bank credit granted and bank credit used.\n
\n
\n Although\n \n the\n \n Italgas\n \n Group\n \n has\n \n relationships\n \n with\n \n diversified\n \n counterparties\n \n with\n \n a\n \n high\n \n credit\n \n standing,\n \n based \n on\n \n a\n \n policy\n \n of\n \n managing\n \n and\n \n continuously\n \n monitoring\n \n their\n \n active\n \n credit\n \n risk,\n \n the\n \n default\n \n of\n \n an\n \n active \n counterparty\n \n or\n \n the\n \n difficulty\n \n of\n \n selling\n \n off\n \n assets\n \n on\n \n the\n \n market\n \n could\n \n have\n \n a\n \n negative\n \n impact\n \n on\n \n the\n \n Italgas \n Group's financial position and performance.\n
\n
\n Future payments for financial liabilities, trade and other payables\n
\n
\n The\n \n table\n \n below\n \n shows\n \n the\n \n repayment\n \n plan\n \n contractually\n \n established\n \n in\n \n relation\n \n to\n \n the\n \n financial\n \n debt,\n \n liabilities \n for leased assets and IFRIC12, including interest payments, trade and other payables: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Due date\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2024\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2025\n

\n 		\n

\n 2026\n

\n 		\n

\n 2027\n

\n 		\n

\n 2028\n

\n 		\n

\n 2029\n

\n 		\n

\n 2030\n

\n 		\n

\n Beyond\n

\n
\n

\n Bank loans\n

\n 		\n

\n 983,391\n

\n 		\n

\n 2,628,354\n

\n 		\n

\n 322,847\n

\n 		\n

\n 221,756\n

\n 		\n

\n 1,495,904\n

\n 		\n

\n 99,062\n

\n 		\n

\n 99,062\n

\n 		\n

\n 389,722\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n 8,607,895\n

\n 		\n

\n 550,864\n

\n 		\n

\n 1,520,051\n

\n 		\n

\n 497,541\n

\n 		\n

\n 1,870,600\n

\n 		\n

\n 1,092,728\n

\n 		\n

\n 3,076,111\n

\n
\n

\n Current liabilities\n

\n 		\n

\n 250,334\n

\n 		\n

\n 2,069\n

\n 		\n

\n 2,069\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Interest on notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167,436\n

\n 		\n

\n 159,823\n

\n 		\n

\n 135,845\n

\n 		\n

\n 135,845\n

\n 		\n

\n 92,320\n

\n 		\n

\n 198,970\n

\n
\n

\n Interest on bank loans\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 251,916\n

\n 		\n

\n 26,814\n

\n 		\n

\n 26,728\n

\n 		\n

\n 26,643\n

\n 		\n

\n 26,570\n

\n 		\n

\n 4,220\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n 132,704\n

\n 		\n

\n 54,922\n

\n 		\n

\n 20,397\n

\n 		\n

\n 17,362\n

\n 		\n

\n 14,504\n

\n 		\n

\n 8,970\n

\n 		\n

\n 16,549\n

\n
\n

\n Interest of lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n 		\n

\n 1,527\n

\n 		\n

\n 1,004\n

\n 		\n

\n 558\n

\n 		\n

\n 222\n

\n 		\n

\n 281\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 44,620\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 8,370,477\n

\n 		\n

\n 13,191,464\n

\n 		\n

\n 3,173,063\n

\n 		\n

\n 1,950,368\n

\n 		\n

\n 2,174,384\n

\n 		\n

\n 2,147,212\n

\n 		\n

\n 1,319,872\n

\n 		\n

\n 3,685,853\n

\n
\n
\n
\n As\n \n for\n \n the\n \n sensitivity\n \n on\n \n the\n \n interest\n \n rate,\n \n any\n \n changes\n \n in\n \n interest\n \n rates\n \n do\n \n not\n \n lead\n \n to\n \n significant\n \n effects\n \n in \n consideration of the fact that 79.8% of the Group\u2019s financial debt is at fixed rate.\n
\n \n \n
\n Rating risk\n
\n
\n Among\n \n the\n \n factors\n \n that\n \n define\n \n the\n \n risk\n \n perceived\n \n by\n \n the\n \n market,\n \n creditworthiness,\n \n assigned\n \n to\n \n Italgas\n \n by\n \n rating \n agencies,\n \n plays\n \n a\n \n decisive\n \n role\n \n since\n \n it\n \n influences\n \n the\n \n ability\n \n to\n \n access\n \n sources\n \n of\n \n financing\n \n and\n \n the\n \n related \n economic\n \n conditions. \n \n A\n \n worsening\n \n of\n \n this\n \n creditworthiness\n \n could,\n \n therefore,\n \n limit\n \n access\n \n to\n \n the\n \n capital\n \n market \n and/or\n \n increase\n \n the\n \n cost\n \n of\n \n financing\n \n sources,\n \n with\n \n consequent\n \n negative\n \n effects\n \n on\n \n the\n \n Group's\n \n financial \n position and performance.\n
\n
\n On\n \n 1\n \n July\n \n 2025,\n \n the\n \n rating\n \n agency\n \n S&P\n \n assigned\n \n a\n \n long-term\n \n credit\n \n rating\n \n of\n \n \"BBB+\",\n \n Stable\n \n Outlook,\n \n to\n \n both \n Italgas and Italgas Reti. \n
\n
\n On\n \n 4\n \n July\n \n 2025,\n \n the\n \n rating\n \n agency\n \n Moody\u2019s\n \n confirmed\n \n the\n \n long-term\n \n credit\n \n rating\n \n of\n \n Italgas\n \n as\n \n \u201cBaa2\u201d,\n \n with \n Stable outlook.\n
\n
\n On 16 December 2025 Fitch confirmed the long-term rating of Italgas S.p.A as BBB+, with Stable outlook.\n
\n
\n \n Based\n \n on\n \n the\n \n methodologies\n \n adopted\n \n by\n \n the\n \n rating\n \n agencies,\n \n the\n \n downgrade\n \n of\n \n one\n \n notch\n \n in\n \n the\n \n Italian \n Republic\u2019s\n \n current\n \n rating\n \n could\n \n trigger\n \n a\n \n downward\n \n adjustment\n \n in\n \n Italgas\u2019\n \n current\n \n rating,\n \n which\n \n in\n \n turn\n \n could \n have an impact on the cost of future debt.\n
\n Debt covenant and default risk\n
\n
\n There\n \n are\n \n no\n \n loan\n \n agreements\n \n containing\n \n financial\n \n covenants\n \n and\n \n /\n \n or\n \n secured\n \n by\n \n collateral,\n \n with\n \n the\n \n exception \n of\n \n the\n \n EIB\n \n loan\n \n signed\n \n by\n \n Toscana\n \n Energia\n \n which\n \n provides\n \n for\n \n compliance\n \n with\n \n certain\n \n financial\n \n covenants. \n Some\n \n of\n \n these\n \n contracts\n \n provide,\n \n inter\n \n alia,\n \n for\n \n the\n \n following:\n \n (i)\n \n negative\n \n pledge\n \n undertakings,\n \n pursuant\n \n to \n which\n \n Italgas\n \n and\n \n the\n \n subsidiaries\n \n are\n \n subject\n \n to\n \n limitations\n \n regarding\n \n the\n \n creation\n \n of\n \n real\n \n rights\n \n of\n \n guarantee \n or\n \n other\n \n restrictions\n \n concerning\n \n all\n \n or\n \n part\n \n of\n \n the\n \n respective\n \n assets,\n \n shares\n \n or\n \n goods;\n \n (ii)\n \n pari\n \n passu\n \n and\n \n change \n of\n \n control\n \n clauses;\n \n (iii)\n \n limitations\n \n on\n \n some\n \n extraordinary\n \n transactions\n \n that\n \n the\n \n company\n \n and\n \n its\n \n subsidiaries \n may carry out. As at 31 December 2025, these commitments were respected.\n
\n
\n The\n \n notes\n \n issued\n \n by\n \n Italgas\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n as\n \n part\n \n of\n \n the\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n programme \n provide\n \n for\n \n compliance\n \n with\n \n covenants\n \n that\n \n reflect\n \n international\n \n market\n \n practices\n \n regarding,\n \n inter\n \n alia,\n \n negative \n pledge and pari passu clauses.\n
\n
\n Failure\n \n to\n \n comply\n \n with\n \n the\n \n commitments\n \n established\n \n for\n \n these\n \n loans\n \n -\n \n in\n \n some\n \n cases\n \n only\n \n when\n \n this\n \n non-\n compliance\n \n is\n \n not\n \n remedied\n \n within\n \n a\n \n set\n \n time\n \n period\n \n -\n \n and\n \n the\n \n occurrence\n \n of\n \n other\n \n events,\n \n such\n \n as\n \n cross-default \n events,\n \n some\n \n of\n \n which\n \n are\n \n subject\n \n to\n \n specific\n \n threshold\n \n values,\n \n may\n \n result\n \n in\n \n Italgas\u2019\n \n failure\n \n to\n \n comply\n \n and \n could trigger the early repayment of the related loan.\n
\n
\n With\n \n reference\n \n to\n \n the\n \n EIB,\n \n the\n \n related\n \n contracts\n \n contain\n \n a\n \n clause\n \n whereby,\n \n in\n \n the\n \n event\n \n of\n \n a\n \n significant\n \n loss\n \n of \n concessions,\n \n there\n \n is\n \n a\n \n disclosure\n \n obligation\n \n to\n \n the\n \n EIB\n \n and\n \n a\n \n subsequent\n \n consultation\n \n period,\n \n after\n \n which\n \n the \n early repayment of the loan may be required.\n
\n
\n The Group monitors these cases closely in the context of financial management and business performance. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact569": { "value": "\n
\n Interest rate risk\n
\n
\n Fluctuations\n \n in\n \n interest\n \n rates\n \n affect\n \n the\n \n market\n \n value\n \n of\n \n Italgas\u2019\n \n financial\n \n assets\n \n and\n \n liabilities\n \n and\n \n its\n \n net \n financial expense. \n
\n
\n An\n \n increase\n \n in\n \n interest\n \n rates,\n \n not\n \n implemented\n \n \u2013\n \n in\n \n full\n \n or\n \n in\n \n part\n \n \u2013\n \n in\n \n the\n \n regulatory\n \n WACC,\n \n could\n \n have\n \n negative \n effects\n \n on\n \n the\n \n assets\n \n and\n \n on\n \n the\n \n economic\n \n and\n \n financial\n \n situation\n \n of\n \n the\n \n Italgas\n \n Group\n \n for\n \n the\n \n variable \n component of the debt in place and for future loans.\n
\n
\n At\n \n full\n \n performance,\n \n Italgas\n \n aims\n \n to\n \n maintain\n \n a\n \n debt\n \n ratio\n \n between\n \n a\n \n fixed\n \n rate\n \n and\n \n floating\n \n rate\n \n to\n \n minimise\n \n the \n risk\n \n of\n \n rising\n \n interest\n \n rates.\n \n As\n \n at\n \n 31\n \n December\n \n 2025\n \n the\n \n financial\n \n debt\n \n at\n \n floating\n \n rate\n \n was\n \n 20.2%\n \n and\n \n at\n \n fixed \n rate\n \n was\n \n 79.8%.\n \n Please\n \n refer\n \n to\n \n the\n \n paragraph\n \n \u201cShort-term\n \n and\n \n long-term\n \n financial\n \n liabilities\u201d\n \n for\n \n further\n \n details.\n
\n
\n Below\n \n are\n \n the\n \n impacts\n \n on\n \n equity\n \n and\n \n the\n \n net\n \n period\n \n result\n \n at\n \n 31\n \n December\n \n 2025\n \n of\n \n a\n \n hypothetical\n \n positive\n \n and \n negative variation of 10 basis points (bps) of the interest rates effectively applied during the year.\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Result of the income statement\n

\n 		\n

\n Other items of the statement of comprehensive income\n

\n
\n

\n \u00a0\n

\n 		\n

\n interest +10 bps\n

\n 		\n

\n interest\n \u00a0 \n -10 bps\n

\n 		\n

\n interest +10 bps\n

\n 		\n

\n interest\n \u00a0 \n -10 bps\n

\n
\n

\n Variable-rate loans not hedged\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Effect of change in interest rate\n

\n 		\n

\n (2,150)\n

\n 		\n

\n 2,150\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Variable-rate loans converted into fixed-rate loans by means of IRSs\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Effect of change in interest rate on the fair value of the hedge derivative contracts - effective portion of hedge\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 452\n

\n 		\n

\n (455)\n

\n
\n

\n Impacts gross of the tax effect\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Tax effect\n

\n 		\n

\n 516\n

\n 		\n

\n (516)\n

\n 		\n

\n (109)\n

\n 		\n

\n 109\n

\n
\n

\n Impacts net of the tax effect\n

\n 		\n

\n (1,634)\n

\n 		\n

\n 1,634\n

\n 		\n

\n 344\n

\n 		\n

\n (346)\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact572": { "value": "\n
\n Credit risk \n
\n
\n Credit\n \n risk\n \n is\n \n the\n \n exposure\n \n to\n \n potential\n \n losses\n \n arising\n \n from\n \n counterparties\n \n failing\n \n to\n \n fulfil\n \n their\n \n obligations.\n \n Default \n or\n \n delayed\n \n payment\n \n of\n \n amounts\n \n owed\n \n may\n \n have\n \n a\n \n negative\n \n impact\n \n on\n \n the\n \n Italgas\n \n financial\n \n results\n \n and\n \n financial \n situation.\n
\n
\n The\n \n rules\n \n for\n \n customer\n \n access\n \n to\n \n the\n \n gas\n \n distribution\n \n service\n \n in\n \n Italy\n \n are\n \n established\n \n by\n \n the\n \n relevant\n \n regulatory \n Authority\n \n and\n \n set\n \n out\n \n in\n \n the\n \n Network\n \n Codes,\n \n namely,\n \n in\n \n documents\n \n that\n \n establish,\n \n for\n \n each\n \n type\n \n of\n \n service,\n \n the \n rules\n \n regulating\n \n the\n \n rights\n \n and\n \n obligations\n \n of\n \n the\n \n parties\n \n involved\n \n in\n \n the\n \n process\n \n of\n \n providing\n \n said\n \n services\n \n and \n contain\n \n contractual\n \n conditions\n \n that\n \n reduce\n \n the\n \n risk\n \n of\n \n non-compliance\n \n by\n \n customers,\n \n such\n \n as\n \n the\n \n provision\n \n of \n bank or insurance guarantees on first request.\n
\n
\n In\n \n addition\n \n to\n \n this,\n \n in\n \n order\n \n to\n \n manage\n \n credit\n \n risk,\n \n the\n \n Group\n \n has\n \n established\n \n procedures\n \n for\n \n monitoring\n \n and \n assessing its customer portfolio. The reference markets are the Italian and Greek markets.\n
\n
\n In\n \n the\n \n energy\n \n efficiency\n \n sector\n \n activities,\n \n credit\n \n risk\n \n is\n \n mitigated\n \n by\n \n the\n \n use\n \n of\n \n incentive\n \n instruments\n \n (mainly\n \n the \n Superbonus)\n \n \u2013\n \n the\n \n latter\n \n in\n \n any\n \n case\n \n being\n \n influenced\n \n by\n \n the\n \n risk\n \n of\n \n managing\n \n the\n \n obligations\n \n that\n \n allow\n \n for\n \n the \n tax\n \n recognition\n \n of\n \n the\n \n credits\n \n \u2013\n \n which\n \n guarantee\n \n the\n \n financial\n \n hedging\n \n of\n \n significant\n \n portions\n \n of\n \n the\n \n amounts\n \n of \n the\n \n interventions.\n \n In\n \n this\n \n context,\n \n the\n \n contracts\n \n entered\n \n into\n \n by\n \n the\n \n Group\n \n provide\n \n for\n \n clauses\n \n that\n \n guarantee \n the\n \n possibility\n \n of\n \n recourse\n \n against\n \n customers\n \n in\n \n the\n \n event\n \n that\n \n the\n \n incentive\n \n cannot\n \n be\n \n obtained/withdrawn. \n Recourse against customers, however, implies continued exposure to credit risk.\n
\n
\n As\n \n at\n \n 31\n \n December\n \n 2025\n \n there\n \n were\n \n no\n \n significant\n \n credit\n \n risks.\n \n Note\n \n that\n \n on\n \n average:\n \n (i)\n \n in\n \n Italy,\n \n 97.4%\n \n of\n \n trade \n receivables\n \n relating\n \n to\n \n gas\n \n distribution\n \n are\n \n settled\n \n by\n \n the\n \n due\n \n date\n \n and\n \n 99.6%\n \n within\n \n the\n \n next\n \n 4\n \n days;\n \n (ii)\n \n in \n Greece,\n \n an\n \n average\n \n of\n \n 95.0%\n \n of\n \n trade\n \n receivables\n \n relating\n \n to\n \n gas\n \n distribution\n \n are\n \n settled\n \n by\n \n the\n \n due\n \n date\n \n and \n almost all within the next 4 days, confirming the strong reliability of the customers.\n
\n
\n It\n \n cannot\n \n be\n \n ruled\n \n out\n \n that\n \n Italgas\n \n could\n \n incur\n \n liabilities\n \n and/or\n \n losses\n \n due\n \n to\n \n its\n \n customers\u2019\n \n failure\n \n to\n \n fulfil\n \n their \n payment obligations.\n
\n
\n Please refer to note \u201cTrade and other receivables\u201d for the breakdown of receivable by due date bracket.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact571": { "value": "\n
\n Liquidity risk\n
\n
\n Liquidity\n \n \n risk\n \n is\n \n the\n \n risk\n \n that\n \n new\n \n financial\n \n resources\n \n may\n \n not\n \n be\n \n available\n \n (funding\n \n liquidity\n \n risk)\n \n or\n \n that\n \n the \n company\n \n may\n \n be\n \n unable\n \n to\n \n convert\n \n assets\n \n into\n \n cash\n \n on\n \n the\n \n market\n \n (asset\n \n liquidity\n \n risk),\n \n meaning\n \n that\n \n it\n \n cannot \n meet\n \n its\n \n payment\n \n commitments.\n \n This\n \n may\n \n affect\n \n profit\n \n or\n \n loss\n \n should\n \n the\n \n company\n \n incur\n \n extra\n \n costs\n \n to\n \n meet\n \n its \n commitments or, in extreme cases, lead to insolvency and threaten the company\u2019s future as a going concern.\n \n
\n \n
\n Also\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n investment\n \n plans\n \n in\n \n place\n \n and\n \n the\n \n transactions\n \n contemplated\n \n in\n \n the\n \n short\n \n term,\n \n Italgas \n does\n \n not\n \n expect\n \n any\n \n significant\n \n negative\n \n impact\n \n on\n \n liquidity\n \n risk\n \n considering\n \n that:\n \n (i)\n \n the\n \n Company\n \n has\n \n liquidity \n deposited\n \n with\n \n primary\n \n credit\n \n institutions\n \n for\n \n an\n \n amount\n \n of\n \n 531,933\n \n million\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025;\n \n (ii) \n on\n \n 16\n \n May\n \n 2025,\n \n Italgas\n \n signed\n \n two\n \n floating-rate\n \n bank\n \n loans\n \n with\n \n leading\n \n credit\n \n institutions,\n \n each\n \n amounting\n \n to \n 300\n \n million\n \n euro\n \n (for\n \n a\n \n total\n \n of\n \n 600\n \n million\n \n euro)\n \n and\n \n with\n \n a\n \n duration\n \n of\n \n 3\n \n years;\n \n (iii)\n \n on\n \n 17\n \n June\n \n 2025,\n \n Italgas \n signed\n \n a\n \n floating-rate\n \n bank\n \n loan\n \n with\n \n a\n \n leading\n \n credit\n \n institution,\n \n for\n \n a\n \n total\n \n amount\n \n of\n \n 300\n \n million\n \n euro\n \n and\n \n a \n
\n \n \n \n duration\n \n of\n \n 3\n \n years;\n \n (iv)\n \n as\n \n at\n \n 31\n \n December\n \n 2025,\n \n Italgas\n \n had\n \n a\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n (EMTN)\n \n programme \n in\n \n place,\n \n in\n \n addition\n \n to\n \n funding\n \n from\n \n the\n \n banking\n \n system,\n \n which\n \n currently\n \n allow\n \n the\n \n issue\n \n of\n \n the\n \n remaining\n \n bonds \n worth a nominal 5.0 billion euro to be placed with institutional investors.\n
\n Italgas\n \n aims,\n \n in\n \n financial\n \n terms,\n \n at\n \n establishing\n \n a\n \n financial\n \n structure\n \n that,\n \n in\n \n line\n \n with\n \n its\n \n business\n \n objectives, \n ensures\n \n a\n \n level\n \n adequate\n \n for\n \n the\n \n group\n \n in\n \n terms\n \n of\n \n the\n \n duration\n \n and\n \n composition\n \n of\n \n the\n \n debt.\n \n The\n \n achievement \n of\n \n this\n \n financial\n \n structure\n \n will\n \n take\n \n place\n \n through\n \n the\n \n monitoring\n \n of\n \n certain\n \n key\n \n parameters,\n \n such\n \n as\n \n the\n \n ratio \n between\n \n debt\n \n and\n \n the\n \n RAB,\n \n the\n \n ratio\n \n between\n \n short-term\n \n and\n \n medium-/long-term\n \n debt,\n \n the\n \n ratio\n \n between\n \n fixed \n rate and floating rate debt and the ratio between bank credit granted and bank credit used.\n
\n
\n Although\n \n the\n \n Italgas\n \n Group\n \n has\n \n relationships\n \n with\n \n diversified\n \n counterparties\n \n with\n \n a\n \n high\n \n credit\n \n standing,\n \n based \n on\n \n a\n \n policy\n \n of\n \n managing\n \n and\n \n continuously\n \n monitoring\n \n their\n \n active\n \n credit\n \n risk,\n \n the\n \n default\n \n of\n \n an\n \n active \n counterparty\n \n or\n \n the\n \n difficulty\n \n of\n \n selling\n \n off\n \n assets\n \n on\n \n the\n \n market\n \n could\n \n have\n \n a\n \n negative\n \n impact\n \n on\n \n the\n \n Italgas \n Group's financial position and performance.\n
\n
\n Future payments for financial liabilities, trade and other payables\n
\n
\n The\n \n table\n \n below\n \n shows\n \n the\n \n repayment\n \n plan\n \n contractually\n \n established\n \n in\n \n relation\n \n to\n \n the\n \n financial\n \n debt,\n \n liabilities \n for leased assets and IFRIC12, including interest payments, trade and other payables: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Due date\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2024\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2025\n

\n 		\n

\n 2026\n

\n 		\n

\n 2027\n

\n 		\n

\n 2028\n

\n 		\n

\n 2029\n

\n 		\n

\n 2030\n

\n 		\n

\n Beyond\n

\n
\n

\n Bank loans\n

\n 		\n

\n 983,391\n

\n 		\n

\n 2,628,354\n

\n 		\n

\n 322,847\n

\n 		\n

\n 221,756\n

\n 		\n

\n 1,495,904\n

\n 		\n

\n 99,062\n

\n 		\n

\n 99,062\n

\n 		\n

\n 389,722\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n 8,607,895\n

\n 		\n

\n 550,864\n

\n 		\n

\n 1,520,051\n

\n 		\n

\n 497,541\n

\n 		\n

\n 1,870,600\n

\n 		\n

\n 1,092,728\n

\n 		\n

\n 3,076,111\n

\n
\n

\n Current liabilities\n

\n 		\n

\n 250,334\n

\n 		\n

\n 2,069\n

\n 		\n

\n 2,069\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Interest on notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167,436\n

\n 		\n

\n 159,823\n

\n 		\n

\n 135,845\n

\n 		\n

\n 135,845\n

\n 		\n

\n 92,320\n

\n 		\n

\n 198,970\n

\n
\n

\n Interest on bank loans\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 251,916\n

\n 		\n

\n 26,814\n

\n 		\n

\n 26,728\n

\n 		\n

\n 26,643\n

\n 		\n

\n 26,570\n

\n 		\n

\n 4,220\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n 132,704\n

\n 		\n

\n 54,922\n

\n 		\n

\n 20,397\n

\n 		\n

\n 17,362\n

\n 		\n

\n 14,504\n

\n 		\n

\n 8,970\n

\n 		\n

\n 16,549\n

\n
\n

\n Interest of lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n 		\n

\n 1,527\n

\n 		\n

\n 1,004\n

\n 		\n

\n 558\n

\n 		\n

\n 222\n

\n 		\n

\n 281\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 44,620\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 8,370,477\n

\n 		\n

\n 13,191,464\n

\n 		\n

\n 3,173,063\n

\n 		\n

\n 1,950,368\n

\n 		\n

\n 2,174,384\n

\n 		\n

\n 2,147,212\n

\n 		\n

\n 1,319,872\n

\n 		\n

\n 3,685,853\n

\n
\n
\n
\n As\n \n for\n \n the\n \n sensitivity\n \n on\n \n the\n \n interest\n \n rate,\n \n any\n \n changes\n \n in\n \n interest\n \n rates\n \n do\n \n not\n \n lead\n \n to\n \n significant\n \n effects\n \n in \n consideration of the fact that 79.8% of the Group\u2019s financial debt is at fixed rate.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact558": { "value": "\n risk\n \n is\n \n the\n \n risk\n \n that\n \n new\n \n financial\n \n resources\n \n may\n \n not\n \n be\n \n available\n \n (funding\n \n liquidity\n \n risk)\n \n or\n \n that\n \n the \n company\n \n may\n \n be\n \n unable\n \n to\n \n convert\n \n assets\n \n into\n \n cash\n \n on\n \n the\n \n market\n \n (asset\n \n liquidity\n \n risk),\n \n meaning\n \n that\n \n it\n \n cannot \n meet\n \n its\n \n payment\n \n commitments.\n \n This\n \n may\n \n affect\n \n profit\n \n or\n \n loss\n \n should\n \n the\n \n company\n \n incur\n \n extra\n \n costs\n \n to\n \n meet\n \n its \n commitments or, in extreme cases, lead to insolvency and threaten the company\u2019s future as a going concern.\n \n
\n Also\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n investment\n \n plans\n \n in\n \n place\n \n and\n \n the\n \n transactions\n \n contemplated\n \n in\n \n the\n \n short\n \n term,\n \n Italgas \n does\n \n not\n \n expect\n \n any\n \n significant\n \n negative\n \n impact\n \n on\n \n liquidity\n \n risk\n \n considering\n \n that:\n \n (i)\n \n the\n \n Company\n \n has\n \n liquidity \n deposited\n \n with\n \n primary\n \n credit\n \n institutions\n \n for\n \n an\n \n amount\n \n of\n \n 531,933\n \n million\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025;\n \n (ii) \n on\n \n 16\n \n May\n \n 2025,\n \n Italgas\n \n signed\n \n two\n \n floating-rate\n \n bank\n \n loans\n \n with\n \n leading\n \n credit\n \n institutions,\n \n each\n \n amounting\n \n to \n 300\n \n million\n \n euro\n \n (for\n \n a\n \n total\n \n of\n \n 600\n \n million\n \n euro)\n \n and\n \n with\n \n a\n \n duration\n \n of\n \n 3\n \n years;\n \n (iii)\n \n on\n \n 17\n \n June\n \n 2025,\n \n Italgas \n signed\n \n a\n \n floating-rate\n \n bank\n \n loan\n \n with\n \n a\n \n leading\n \n credit\n \n institution,\n \n for\n \n a\n \n total\n \n amount\n \n of\n \n 300\n \n million\n \n euro\n \n and\n \n a \n
\n \n duration\n \n of\n \n 3\n \n years;\n \n (iv)\n \n as\n \n at\n \n 31\n \n December\n \n 2025,\n \n Italgas\n \n had\n \n a\n \n Euro\n \n Medium\n \n Term\n \n Notes\n \n (EMTN)\n \n programme \n in\n \n place,\n \n in\n \n addition\n \n to\n \n funding\n \n from\n \n the\n \n banking\n \n system,\n \n which\n \n currently\n \n allow\n \n the\n \n issue\n \n of\n \n the\n \n remaining\n \n bonds \n worth a nominal 5.0 billion euro to be placed with institutional investors.\n
\n Italgas\n \n aims,\n \n in\n \n financial\n \n terms,\n \n at\n \n establishing\n \n a\n \n financial\n \n structure\n \n that,\n \n in\n \n line\n \n with\n \n its\n \n business\n \n objectives, \n ensures\n \n a\n \n level\n \n adequate\n \n for\n \n the\n \n group\n \n in\n \n terms\n \n of\n \n the\n \n duration\n \n and\n \n composition\n \n of\n \n the\n \n debt.\n \n The\n \n achievement \n of\n \n this\n \n financial\n \n structure\n \n will\n \n take\n \n place\n \n through\n \n the\n \n monitoring\n \n of\n \n certain\n \n key\n \n parameters,\n \n such\n \n as\n \n the\n \n ratio \n between\n \n debt\n \n and\n \n the\n \n RAB,\n \n the\n \n ratio\n \n between\n \n short-term\n \n and\n \n medium-/long-term\n \n debt,\n \n the\n \n ratio\n \n between\n \n fixed \n rate and floating rate debt and the ratio between bank credit granted and bank credit used.\n
\n
\n Although\n \n the\n \n Italgas\n \n Group\n \n has\n \n relationships\n \n with\n \n diversified\n \n counterparties\n \n with\n \n a\n \n high\n \n credit\n \n standing,\n \n based \n on\n \n a\n \n policy\n \n of\n \n managing\n \n and\n \n continuously\n \n monitoring\n \n their\n \n active\n \n credit\n \n risk,\n \n the\n \n default\n \n of\n \n an\n \n active \n counterparty\n \n or\n \n the\n \n difficulty\n \n of\n \n selling\n \n off\n \n assets\n \n on\n \n the\n \n market\n \n could\n \n have\n \n a\n \n negative\n \n impact\n \n on\n \n the\n \n Italgas \n Group's financial position and performance.\n
\n
\n Future payments for financial liabilities, trade and other payables\n
\n
\n The\n \n table\n \n below\n \n shows\n \n the\n \n repayment\n \n plan\n \n contractually\n \n established\n \n in\n \n relation\n \n to\n \n the\n \n financial\n \n debt,\n \n liabilities \n for leased assets and IFRIC12, including interest payments, trade and other payables: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Due date\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2024\n

\n 		\n

\n Balance as of\n

\n

\n 31.12.2025\n

\n 		\n

\n 2026\n

\n 		\n

\n 2027\n

\n 		\n

\n 2028\n

\n 		\n

\n 2029\n

\n 		\n

\n 2030\n

\n 		\n

\n Beyond\n

\n
\n

\n Bank loans\n

\n 		\n

\n 983,391\n

\n 		\n

\n 2,628,354\n

\n 		\n

\n 322,847\n

\n 		\n

\n 221,756\n

\n 		\n

\n 1,495,904\n

\n 		\n

\n 99,062\n

\n 		\n

\n 99,062\n

\n 		\n

\n 389,722\n

\n
\n

\n Notes\n

\n 		\n

\n 5,818,260\n

\n 		\n

\n 8,607,895\n

\n 		\n

\n 550,864\n

\n 		\n

\n 1,520,051\n

\n 		\n

\n 497,541\n

\n 		\n

\n 1,870,600\n

\n 		\n

\n 1,092,728\n

\n 		\n

\n 3,076,111\n

\n
\n

\n Current liabilities\n

\n 		\n

\n 250,334\n

\n 		\n

\n 2,069\n

\n 		\n

\n 2,069\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Interest on notes\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167,436\n

\n 		\n

\n 159,823\n

\n 		\n

\n 135,845\n

\n 		\n

\n 135,845\n

\n 		\n

\n 92,320\n

\n 		\n

\n 198,970\n

\n
\n

\n Interest on bank loans\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 251,916\n

\n 		\n

\n 26,814\n

\n 		\n

\n 26,728\n

\n 		\n

\n 26,643\n

\n 		\n

\n 26,570\n

\n 		\n

\n 4,220\n

\n
\n

\n Lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n 90,483\n

\n 		\n

\n 132,704\n

\n 		\n

\n 54,922\n

\n 		\n

\n 20,397\n

\n 		\n

\n 17,362\n

\n 		\n

\n 14,504\n

\n 		\n

\n 8,970\n

\n 		\n

\n 16,549\n

\n
\n

\n Interest of lease liabilities (IFRS 16 and IFRC 12)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,567\n

\n 		\n

\n 1,527\n

\n 		\n

\n 1,004\n

\n 		\n

\n 558\n

\n 		\n

\n 222\n

\n 		\n

\n 281\n

\n
\n

\n Other shareholders loans\n

\n 		\n

\n 43,400\n

\n 		\n

\n 44,620\n

\n 		\n

\n 44,620\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 8,370,477\n

\n 		\n

\n 13,191,464\n

\n 		\n

\n 3,173,063\n

\n 		\n

\n 1,950,368\n

\n 		\n

\n 2,174,384\n

\n 		\n

\n 2,147,212\n

\n 		\n

\n 1,319,872\n

\n 		\n

\n 3,685,853\n

\n
\n
\n
\n As\n \n for\n \n the\n \n sensitivity\n \n on\n \n the\n \n interest\n \n rate,\n \n any\n \n changes\n \n in\n \n interest\n \n rates\n \n do\n \n not\n \n lead\n \n to\n \n significant\n \n effects\n \n in \n consideration of the fact that 79.8% of the Group\u2019s financial debt is at fixed rate.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact574": { "value": "\n \n
\n Market value of financial instruments\n
\n
\n Below\n \n is\n \n the\n \n classification\n \n of\n \n financial\n \n assets\n \n and\n \n liabilities\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n the\n \n Statement\n \n of\n \n Financial\n \n Position\n \n in\n \n accordance\n \n with\n \n the\n \n fair\n \n value \n hierarchy\n \n defined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n significance\n \n of\n \n the\n \n inputs\n \n used\n \n in\n \n the\n \n measurement\n \n process.\n \n More\n \n specifically,\n \n in\n \n accordance\n \n with\n \n the\n \n characteristics\n \n of \n the inputs used for measurement, the fair value hierarchy comprises the following levels:\n
\n
\n a)\n level 1: listed prices (unadjusted) on active markets for identical financial assets or liabilities;\n
\n
\n b)\n level\n \n 2:\n \n measurements\n \n made\n \n on\n \n the\n \n basis\n \n of\n \n inputs\n \n differing\n \n from\n \n the\n \n quoted\n \n prices\n \n referred\n \n to\n \n in\n \n the\n \n previous\n \n point,\n \n which,\n \n for\n \n the\n \n assets/liabilities \n submitted for measurement, are directly (prices) or indirectly (price derivatives) observable;\n
\n
\n c)\n level 3: inputs not based on observable market data.\n
\n
\n In\n \n connection\n \n with\n \n the\n \n above,\n \n classification\n \n of\n \n the\n \n assets\n \n and\n \n liabilities\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n the\n \n Statement\n \n of\n \n Financial\n \n Position\n \n according\n \n to\n \n fair\n \n value \n concerned\n \n the\n \n IRS\n \n and\n \n exchange\n \n rate\n \n derivative\n \n instruments\n \n (13,277\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n and\n \n 16,860\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December \n 2024) classified level 2 and recorded under in Note 20 \u201cOther current and non-current financial assets \u201c/liabilities\u201d.\n
\n
\n Equity\n \n investments\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n Note\n \n 16\n \n \u201cNon-current\n \n financial\n \n assets\u201d\n \n (25,268\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n and\n \n 20,359\n \n thousand \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2024)\n \n increased\n \n for\n \n 4,909\n \n thousand\n \n euro.\n \n The\n \n change\n \n in\n \n value\n \n includes\n \n the\n \n acquisition\n \n of\n \n additional\n \n stakes\n \n in\n \n Picarro\n \n (3,929\n \n thousand \n euro),\n \n the\n \n effect\n \n on\n \n the\n \n income\n \n statement\n \n regarding\n \n the\n \n valuation\n \n of\n \n Reti\n \n Distribuzione\n \n (2,107\n \n thousand\n \n euro)\n \n and\n \n the\n \n effect\n \n on\n \n OCI\n \n of\n \n the\n \n valuation\n \n of\n \n Picarro \n (979 thousand euro) and fall under the level 3 fair value category.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact573": { "value": "\n
\n Market value of financial instruments\n
\n
\n Below\n \n is\n \n the\n \n classification\n \n of\n \n financial\n \n assets\n \n and\n \n liabilities\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n the\n \n Statement\n \n of\n \n Financial\n \n Position\n \n in\n \n accordance\n \n with\n \n the\n \n fair\n \n value \n hierarchy\n \n defined\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n significance\n \n of\n \n the\n \n inputs\n \n used\n \n in\n \n the\n \n measurement\n \n process.\n \n More\n \n specifically,\n \n in\n \n accordance\n \n with\n \n the\n \n characteristics\n \n of \n the inputs used for measurement, the fair value hierarchy comprises the following levels:\n
\n
\n a)\n level 1: listed prices (unadjusted) on active markets for identical financial assets or liabilities;\n
\n
\n b)\n level\n \n 2:\n \n measurements\n \n made\n \n on\n \n the\n \n basis\n \n of\n \n inputs\n \n differing\n \n from\n \n the\n \n quoted\n \n prices\n \n referred\n \n to\n \n in\n \n the\n \n previous\n \n point,\n \n which,\n \n for\n \n the\n \n assets/liabilities \n submitted for measurement, are directly (prices) or indirectly (price derivatives) observable;\n
\n
\n c)\n level 3: inputs not based on observable market data.\n
\n
\n In\n \n connection\n \n with\n \n the\n \n above,\n \n classification\n \n of\n \n the\n \n assets\n \n and\n \n liabilities\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n the\n \n Statement\n \n of\n \n Financial\n \n Position\n \n according\n \n to\n \n fair\n \n value \n concerned\n \n the\n \n IRS\n \n and\n \n exchange\n \n rate\n \n derivative\n \n instruments\n \n (13,277\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n and\n \n 16,860\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December \n 2024) classified level 2 and recorded under in Note 20 \u201cOther current and non-current financial assets \u201c/liabilities\u201d.\n
\n
\n Equity\n \n investments\n \n measured\n \n at\n \n fair\n \n value\n \n in\n \n Note\n \n 16\n \n \u201cNon-current\n \n financial\n \n assets\u201d\n \n (25,268\n \n thousand\n \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2025\n \n and\n \n 20,359\n \n thousand \n euro\n \n as\n \n of\n \n 31\n \n December\n \n 2024)\n \n increased\n \n for\n \n 4,909\n \n thousand\n \n euro.\n \n The\n \n change\n \n in\n \n value\n \n includes\n \n the\n \n acquisition\n \n of\n \n additional\n \n stakes\n \n in\n \n Picarro\n \n (3,929\n \n thousand \n euro),\n \n the\n \n effect\n \n on\n \n the\n \n income\n \n statement\n \n regarding\n \n the\n \n valuation\n \n of\n \n Reti\n \n Distribuzione\n \n (2,107\n \n thousand\n \n euro)\n \n and\n \n the\n \n effect\n \n on\n \n OCI\n \n of\n \n the\n \n valuation\n \n of\n \n Picarro \n (979 thousand euro) and fall under the level 3 fair value category.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact575": { "value": "\n
\n Public funds received in Italy \n
\n
\n With\n \n reference\n \n to\n \n the\n \n new\n \n rules\n \n introduced\n \n by\n \n Law\n \n no.\n \n 124\n \n of\n \n 4\n \n August\n \n 2017\n \n \u201cAnnual\n \n competition\n \n law\u201d,\n \n under \n Article\n \n 1,\n \n paragraphs\n \n 125-129,\n \n please\n \n note\n \n that\n \n the\n \n following\n \n grants\n \n from\n \n public\n \n authorities\n \n relating\n \n to\n \n the \n construction of gas networks in Italy were collected in 2025.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Beneficiary\n

\n 		\n

\n Grantor\n

\n 		\n

\n Type of transaction\n

\n 		\n

\n Amount \u20ac\n

\n
\n

\n Designation\n

\n 		\n

\n Tax code\n

\n 		\n

\n VAT Number\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Company name\n

\n
\n

\n ITALGAS RETI S.p.A.\n

\n 		\n

\n MINISTERO DELL'ISTRUZIONE E DEL MERITO\n

\n 		\n

\n 80185250588\n

\n 		\n

\n 80185250588\n

\n 		\n

\n Progetto NIMBUS\n

\n 		\n

\n 2,995,924\n

\n
\n

\n ITALGAS RETI S.p.A.\n

\n 		\n

\n AUTORIT\u00c0 DI REGOLAZIONE PER ENERGIA RETI E AMBIENTE\n

\n 		\n

\n 97190020152\n

\n 		\n

\n 97190020152\n

\n 		\n

\n P2G Sestu\n

\n 		\n

\n 156,825\n

\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n ITALGAS RETI S.p.A.\n

\n 		\n

\n PROCIDA\n

\n 		\n

\n 634830632\n

\n 		\n

\n 634830632\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 2,338,532\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n CAMEROTA\n

\n 		\n

\n 84001750656\n

\n 		\n

\n 1534590656\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 351,148\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n CASALETTO SPARTANO\n

\n 		\n

\n 84001470651\n

\n 		\n

\n 775920655\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 278,788\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n CASELLE IN PITTARI\n

\n 		\n

\n 84001470651\n

\n 		\n

\n 775940653\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 41,681\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n MORIGERATI\n

\n 		\n

\n 84001730658\n

\n 		\n

\n 3548800659\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 11,720\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n ROCCAGLORIOSA\n

\n 		\n

\n 84001770654\n

\n 		\n

\n 891180655\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 121,382\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n SAN GIOVANNI A PIRO\n

\n 		\n

\n 84001430655\n

\n 		\n

\n 2745400651\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 859,984\n

\n
\n

\n CILENTO RETI GAS S.r.l.\n

\n 		\n

\n TORTORELLA\n

\n 		\n

\n 84001490659\n

\n 		\n

\n 2441730658\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 10,157\n

\n
\n

\n MEDEA S.p.A.\n

\n 		\n

\n ORUNE\n

\n 		\n

\n 161070917\n

\n 		\n

\n 161070917\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 1,136,363\n

\n
\n

\n MEDEA S.p.A.\n

\n 		\n

\n SANT\u2019ANNA ARRESI\n

\n 		\n

\n 81001910926\n

\n 		\n

\n 01351570922\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 1,453,254\n

\n
\n

\n MEDEA S.p.A.\n

\n 		\n

\n SANT\u2019ANNA ARRESI\n

\n 		\n

\n 81001910926\n

\n 		\n

\n 01351570922\n

\n 		\n

\n Contributi conto impianti - L.R. 3 APRILE 1995, N. 25\n \u00a0 \n e - LEGGE REGIONALE 27.12.2001, N. 84 \n

\n 		\n

\n 4,273\n

\n
\n

\n TOTAL\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 9,760,031\n

\n
\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact605": { "value": "\n
\n
\n 27)\n Revenues and other income\n
\n
\n The breakdown of revenues and other income is shown in the following table.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Revenues\n

\n 		\n

\n 2,478,644\n

\n 		\n

\n 3,508,303\n

\n
\n

\n Other income\n

\n 		\n

\n 60,792\n

\n 		\n

\n 80,846\n

\n
\n

\n \u00a0\n

\n 		\n

\n 2,539,436\n

\n 		\n

\n 3,589,149\n

\n
\n
\n
\n Group revenues are generated in Italy and Greece.\n
\n
\n An analysis of revenue by operating segment is provided in Note 34 \u201cInformation by operating segment\u201d.\n
\n
\n Revenues from related parties are described in Note 36 \u201cRelated party transactions\u201d.\n
\n \n
\n Revenues \n
\n
\n Revenues, \n which amount to 3,508,303 thousand euro (2,478,644 thousand euro as at 31 December 2024), are analysed in the table below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Gas distribution \n

\n 		\n

\n 1,536,573\n

\n 		\n

\n 2,224,455\n

\n
\n

\n Revenues for infrastructure construction and improvements (IFRIC 12)\n

\n 		\n

\n 746,503\n

\n 		\n

\n 995,630\n

\n
\n

\n Technical assistance, engineering, IT and various services\n

\n 		\n

\n 53,109\n

\n 		\n

\n 68,429\n

\n
\n

\n Energy efficiency interventions\n

\n 		\n

\n 31,869\n

\n 		\n

\n 76,002\n

\n
\n

\n Integrated water service\n

\n 		\n

\n 96,125\n

\n 		\n

\n 94,764\n

\n
\n

\n Release of connection contributions relating to the year\n

\n 		\n

\n 0\n

\n 		\n

\n 31,451\n

\n
\n

\n Other ESCo revenues\n

\n 		\n

\n 14,358\n

\n 		\n

\n 16,533\n

\n
\n

\n Sale of other products\n

\n 		\n

\n 107\n

\n 		\n

\n 1,039\n

\n
\n

\n \u00a0\n

\n 		\n

\n 2,478,644\n

\n 		\n

\n 3,508,303\n

\n
\n
\n
\n Revenues\n \n refer\n \n primarily\n \n to\n \n the\n \n consideration\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n service\n \n and\n \n other\n \n gas\n \n regulated\n \n revenues\n \n (2,224,455\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2025\n \n and\n \n 1,536,573\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n revenues\n \n deriving\n \n from\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n and\n \n water \n distribution\n \n infrastructure\n \n connected\n \n with\n \n concession\n \n agreements\n \n pursuant\n \n to\n \n IFRIC\n \n 12\n \n (995,630\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 746,503 \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n the\n \n pro-rata\n \n release\n \n during\n \n the\n \n year\n \n of\n \n connection\n \n fees\n \n paid\n \n by\n \n end\n \n users\n \n at\n \n the\n \n time\n \n of\n \n connection\n \n to\n \n the \n network (34,982 thousand euro as at 31 December 2025 and 18,999 thousand euro as at 31 December 2024).\n
\n
\n Gas\n \n distribution\n \n revenues\n \n in\n \n Italy\n \n are\n \n reported\n \n net\n \n of\n \n the\n \n tariff\n \n components\n \n in\n \n addition\n \n to\n \n the\n \n tariff\n \n applied\n \n to\n \n cover\n \n gas\n \n system\n \n expenses\n \n of\n \n a\n \n general\n \n nature \n totalling\n \n 461,590\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (135,460\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n The\n \n amounts\n \n in\n \n question\n \n are\n \n paid,\n \n where \n positive, or charged, where negative, for an equal amount, to the CSEA.\n
\n
\n Gas\n \n distribution\n \n revenues\n \n increased\n \n by\n \n 87,882\n \n thousand\n \n euro\n \n compared\n \n with\n \n 31\n \n December\n \n 2024,\n \n reflecting \n the\n \n benefits\n \n of\n \n the\n \n new\n \n scope\n \n resulting\n \n from\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n companies.\n \n Despite\n \n the\n \n significant \n decrease\n \n in\n \n the\n \n WACC\n \n (-51.6\n \n million\n \n euro),the\n \n item\n \n increased\n \n as\n \n a\n \n result\n \n of\n \n the\n \n growth\n \n in\n \n RAB,\n \n mainly\n \n due\n \n to \n investments\n \n made\n \n during\n \n the\n \n period\n \n and\n \n the\n \n effect\n \n of\n \n the\n \n deflator,\n \n as\n \n well\n \n as\n \n the\n \n impact\n \n in\n \n 2025\n \n of\n \n higher \n operating costs recognised for tariff purposes under Resolution no. 87/2025/R/gas.\n
\n
\n This\n \n revenues\n \n refers\n \n to\n \n natural\n \n gas\n \n distribution\n \n on\n \n behalf\n \n of\n \n all\n \n commercial\n \n operators\n \n requesting\n \n access\n \n to\n \n the \n networks\n \n of\n \n the\n \n distribution\n \n companies\n \n and\n \n include\n \n the\n \n effects\n \n arising\n \n from\n \n (i)\n \n the\n \n implementation\n \n of\n \n Resolution \n no.\n \n 737/2022/R/gas\n \n in\n \n terms\n \n of\n \n recognition\n \n of\n \n the\n \n residual\n \n value\n \n of\n \n smart\n \n meters\n \n of\n \n a\n \n class\n \n not\n \n exceeding\n \n G6 \n produced\n \n up\n \n to\n \n the\n \n year\n \n 2016\n \n and\n \n commissioned\n \n by\n \n the\n \n year\n \n 2018,\n \n (ii)\n \n the\n \n higher\n \n revenues\n \n associated\n \n with \n the\n \n contribution\n \n pursuant\n \n to\n \n Article\n \n 57\n \n of\n \n ARERA\n \n Resolution\n \n no.\n \n 570/2019/R/gas\n \n relating\n \n to\n \n the\n \n replacement \n of\n \n traditional\n \n meters\n \n with\n \n electronic\n \n smart\n \n meters\n \n and\n \n the\n \n recovery\n \n of\n \n non-depreciation\n \n (so-called\n \n IRMA) \n pursuant\n \n to\n \n Consultation\n \n Document\n \n DCO\n \n 545/2020/R/gas,\n \n Resolution\n \n no.\n \n 570/2019/R/gas,\n \n Resolution\n \n no. \n 287/2021 and Determination no. 3/2021.\n
\n
\n Revenues\n \n from\n \n energy\n \n efficiency\n \n measures,\n \n amounting\n \n to\n \n 76,002\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025 \n (31,869\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n increased\n \n thanks\n \n to\n \n the\n \n contribution\n \n of\n \n new\n \n energy\n \n efficiency \n projects\n \n developed\n \n throughout\n \n the\n \n financial\n \n year\n \n as\n \n part\n \n of\n \n the\n \n new\n \n incentive\n \n schemes\n \n (Superbonus\n \n and \n Ecobonus).\n
\n \n
\n \n \n Revenues\n \n from\n \n integrated\n \n water\n \n service\n \n for\n \n 94,764\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (96,125\n \n thousand \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relate\n \n to\n \n water\n \n collection,\n \n supply,\n \n transport,\n \n distribution\n \n and\n \n sale\n \n in\n \n Campania\n .\n \n
\n Other income\n
\n
\n Other\n \n income,\n \n which\n \n amounted\n \n to\n \n 80,846\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (60,792\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n can\n \n be\n \n broken\n \n down\n \n as \n follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Income from gas distribution service safety recovery incentives\n

\n 		\n

\n 2,436\n

\n 		\n

\n 38,156\n

\n
\n

\n Plant safety assessment pursuant to ARERA Resolution no. 40/04\n

\n 		\n

\n 1,541\n

\n 		\n

\n 1,521\n

\n
\n

\n Other income from regulated activities\n

\n 		\n

\n 9,721\n

\n 		\n

\n 16,401\n

\n
\n

\n Release of connection contributions relating to the year\n

\n 		\n

\n 18,999\n

\n 		\n

\n 0\n

\n
\n

\n Capital gains from sale of assets\n

\n 		\n

\n 1,892\n

\n 		\n

\n 832\n

\n
\n

\n Sundry management refunds and chargebacks\n

\n 		\n

\n 18,148\n

\n 		\n

\n 12,364\n

\n
\n

\n Contractual penalties receivable\n

\n 		\n

\n 418\n

\n 		\n

\n 1,986\n

\n
\n

\n Income from real estate investments\n

\n 		\n

\n 287\n

\n 		\n

\n 374\n

\n
\n

\n Revenues from seconded personnel\n

\n 		\n

\n 1,215\n

\n 		\n

\n 1,386\n

\n
\n

\n Sundry other\n

\n 		\n

\n 6,135\n

\n 		\n

\n 7,826\n

\n
\n

\n \u00a0\n

\n 		\n

\n 60,792\n

\n 		\n

\n 80,846\n

\n
\n
\n
\n Income\n \n from\n \n regulatory\n \n incentives\n \n relating\n \n to\n \n safety\n \n in\n \n the\n \n gas\n \n distribution\n \n service,\n \n amounting\n \n to\n \n 38,156\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n recognised \n by\n \n the\n \n Authority\n \n in\n \n connection\n \n with\n \n the\n \n achievement\n \n of\n \n qualitative\n \n and\n \n technical\n \n standards\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n service.\n \n The\n \n increase\n \n is\n \n attributable, \n on\n \n the\n \n one\n \n hand,\n \n to\n \n the\n \n cessation\n \n of\n \n the\n \n effects\n \n of\n \n Resolution\n \n no.\n \n 490/2024/R/gas,\n \n which\n \n in\n \n 2024\n \n had\n \n resulted\n \n in\n \n the\n \n cancellation\n \n of\n \n the\n \n bonuses\n \n relating\n \n to \n the\n \n safety\n \n of\n \n the\n \n gas\n \n distribution\n \n service\n \n for\n \n the\n \n year\n \n 2020,\n \n with\n \n the\n \n consequent\n \n non-recognition\n \n of\n \n income\n \n of\n \n approximately\n \n 24.0\n \n million\n \n euro,\n \n and,\n \n on\n \n the \n other hand, to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n
\n Refunds and operating charge-backs include 12,364 thousand euro of reimbursements from suppliers related to faulty meters under warranty.\n
\n
\n Other\n \n income\n \n from\n \n regulated\n \n activities,\n \n amounting\n \n to\n \n 16,401\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n for\n \n bad\n \n debts\n \n and\n \n increased\n \n due\n \n to\n \n the\n \n new\n \n scope \n arising from the acquisition of 2i Rete Gas.\n
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact594": { "value": "\n
\n Revenues \n
\n
\n Revenues, \n which amount to 3,508,303 thousand euro (2,478,644 thousand euro as at 31 December 2024), are analysed in the table below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Gas distribution \n

\n 		\n

\n 1,536,573\n

\n 		\n

\n 2,224,455\n

\n
\n

\n Revenues for infrastructure construction and improvements (IFRIC 12)\n

\n 		\n

\n 746,503\n

\n 		\n

\n 995,630\n

\n
\n

\n Technical assistance, engineering, IT and various services\n

\n 		\n

\n 53,109\n

\n 		\n

\n 68,429\n

\n
\n

\n Energy efficiency interventions\n

\n 		\n

\n 31,869\n

\n 		\n

\n 76,002\n

\n
\n

\n Integrated water service\n

\n 		\n

\n 96,125\n

\n 		\n

\n 94,764\n

\n
\n

\n Release of connection contributions relating to the year\n

\n 		\n

\n 0\n

\n 		\n

\n 31,451\n

\n
\n

\n Other ESCo revenues\n

\n 		\n

\n 14,358\n

\n 		\n

\n 16,533\n

\n
\n

\n Sale of other products\n

\n 		\n

\n 107\n

\n 		\n

\n 1,039\n

\n
\n

\n \u00a0\n

\n 		\n

\n 2,478,644\n

\n 		\n

\n 3,508,303\n

\n
\n
\n
\n Revenues\n \n refer\n \n primarily\n \n to\n \n the\n \n consideration\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n service\n \n and\n \n other\n \n gas\n \n regulated\n \n revenues\n \n (2,224,455\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2025\n \n and\n \n 1,536,573\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n revenues\n \n deriving\n \n from\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n and\n \n water \n distribution\n \n infrastructure\n \n connected\n \n with\n \n concession\n \n agreements\n \n pursuant\n \n to\n \n IFRIC\n \n 12\n \n (995,630\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 746,503 \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n the\n \n pro-rata\n \n release\n \n during\n \n the\n \n year\n \n of\n \n connection\n \n fees\n \n paid\n \n by\n \n end\n \n users\n \n at\n \n the\n \n time\n \n of\n \n connection\n \n to\n \n the \n network (34,982 thousand euro as at 31 December 2025 and 18,999 thousand euro as at 31 December 2024).\n
\n
\n Gas\n \n distribution\n \n revenues\n \n in\n \n Italy\n \n are\n \n reported\n \n net\n \n of\n \n the\n \n tariff\n \n components\n \n in\n \n addition\n \n to\n \n the\n \n tariff\n \n applied\n \n to\n \n cover\n \n gas\n \n system\n \n expenses\n \n of\n \n a\n \n general\n \n nature \n totalling\n \n 461,590\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (135,460\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n The\n \n amounts\n \n in\n \n question\n \n are\n \n paid,\n \n where \n positive, or charged, where negative, for an equal amount, to the CSEA.\n
\n
\n Gas\n \n distribution\n \n revenues\n \n increased\n \n by\n \n 87,882\n \n thousand\n \n euro\n \n compared\n \n with\n \n 31\n \n December\n \n 2024,\n \n reflecting \n the\n \n benefits\n \n of\n \n the\n \n new\n \n scope\n \n resulting\n \n from\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas\n \n companies.\n \n Despite\n \n the\n \n significant \n decrease\n \n in\n \n the\n \n WACC\n \n (-51.6\n \n million\n \n euro),the\n \n item\n \n increased\n \n as\n \n a\n \n result\n \n of\n \n the\n \n growth\n \n in\n \n RAB,\n \n mainly\n \n due\n \n to \n investments\n \n made\n \n during\n \n the\n \n period\n \n and\n \n the\n \n effect\n \n of\n \n the\n \n deflator,\n \n as\n \n well\n \n as\n \n the\n \n impact\n \n in\n \n 2025\n \n of\n \n higher \n operating costs recognised for tariff purposes under Resolution no. 87/2025/R/gas.\n
\n
\n This\n \n revenues\n \n refers\n \n to\n \n natural\n \n gas\n \n distribution\n \n on\n \n behalf\n \n of\n \n all\n \n commercial\n \n operators\n \n requesting\n \n access\n \n to\n \n the \n networks\n \n of\n \n the\n \n distribution\n \n companies\n \n and\n \n include\n \n the\n \n effects\n \n arising\n \n from\n \n (i)\n \n the\n \n implementation\n \n of\n \n Resolution \n no.\n \n 737/2022/R/gas\n \n in\n \n terms\n \n of\n \n recognition\n \n of\n \n the\n \n residual\n \n value\n \n of\n \n smart\n \n meters\n \n of\n \n a\n \n class\n \n not\n \n exceeding\n \n G6 \n produced\n \n up\n \n to\n \n the\n \n year\n \n 2016\n \n and\n \n commissioned\n \n by\n \n the\n \n year\n \n 2018,\n \n (ii)\n \n the\n \n higher\n \n revenues\n \n associated\n \n with \n the\n \n contribution\n \n pursuant\n \n to\n \n Article\n \n 57\n \n of\n \n ARERA\n \n Resolution\n \n no.\n \n 570/2019/R/gas\n \n relating\n \n to\n \n the\n \n replacement \n of\n \n traditional\n \n meters\n \n with\n \n electronic\n \n smart\n \n meters\n \n and\n \n the\n \n recovery\n \n of\n \n non-depreciation\n \n (so-called\n \n IRMA) \n pursuant\n \n to\n \n Consultation\n \n Document\n \n DCO\n \n 545/2020/R/gas,\n \n Resolution\n \n no.\n \n 570/2019/R/gas,\n \n Resolution\n \n no. \n 287/2021 and Determination no. 3/2021.\n
\n
\n Revenues\n \n from\n \n energy\n \n efficiency\n \n measures,\n \n amounting\n \n to\n \n 76,002\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025 \n (31,869\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n increased\n \n thanks\n \n to\n \n the\n \n contribution\n \n of\n \n new\n \n energy\n \n efficiency \n projects\n \n developed\n \n throughout\n \n the\n \n financial\n \n year\n \n as\n \n part\n \n of\n \n the\n \n new\n \n incentive\n \n schemes\n \n (Superbonus\n \n and \n Ecobonus).\n
\n \n Revenues\n \n from\n \n integrated\n \n water\n \n service\n \n for\n \n 94,764\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (96,125\n \n thousand \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n relate\n \n to\n \n water\n \n collection,\n \n supply,\n \n transport,\n \n distribution\n \n and\n \n sale\n \n in\n \n Campania\n .\n \n
\n Other income\n
\n
\n Other\n \n income,\n \n which\n \n amounted\n \n to\n \n 80,846\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (60,792\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n can\n \n be\n \n broken\n \n down\n \n as \n follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Income from gas distribution service safety recovery incentives\n

\n 		\n

\n 2,436\n

\n 		\n

\n 38,156\n

\n
\n

\n Plant safety assessment pursuant to ARERA Resolution no. 40/04\n

\n 		\n

\n 1,541\n

\n 		\n

\n 1,521\n

\n
\n

\n Other income from regulated activities\n

\n 		\n

\n 9,721\n

\n 		\n

\n 16,401\n

\n
\n

\n Release of connection contributions relating to the year\n

\n 		\n

\n 18,999\n

\n 		\n

\n 0\n

\n
\n

\n Capital gains from sale of assets\n

\n 		\n

\n 1,892\n

\n 		\n

\n 832\n

\n
\n

\n Sundry management refunds and chargebacks\n

\n 		\n

\n 18,148\n

\n 		\n

\n 12,364\n

\n
\n

\n Contractual penalties receivable\n

\n 		\n

\n 418\n

\n 		\n

\n 1,986\n

\n
\n

\n Income from real estate investments\n

\n 		\n

\n 287\n

\n 		\n

\n 374\n

\n
\n

\n Revenues from seconded personnel\n

\n 		\n

\n 1,215\n

\n 		\n

\n 1,386\n

\n
\n

\n Sundry other\n

\n 		\n

\n 6,135\n

\n 		\n

\n 7,826\n

\n
\n

\n \u00a0\n

\n 		\n

\n 60,792\n

\n 		\n

\n 80,846\n

\n
\n
\n
\n Income\n \n from\n \n regulatory\n \n incentives\n \n relating\n \n to\n \n safety\n \n in\n \n the\n \n gas\n \n distribution\n \n service,\n \n amounting\n \n to\n \n 38,156\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n recognised \n by\n \n the\n \n Authority\n \n in\n \n connection\n \n with\n \n the\n \n achievement\n \n of\n \n qualitative\n \n and\n \n technical\n \n standards\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n service.\n \n The\n \n increase\n \n is\n \n attributable, \n on\n \n the\n \n one\n \n hand,\n \n to\n \n the\n \n cessation\n \n of\n \n the\n \n effects\n \n of\n \n Resolution\n \n no.\n \n 490/2024/R/gas,\n \n which\n \n in\n \n 2024\n \n had\n \n resulted\n \n in\n \n the\n \n cancellation\n \n of\n \n the\n \n bonuses\n \n relating\n \n to \n the\n \n safety\n \n of\n \n the\n \n gas\n \n distribution\n \n service\n \n for\n \n the\n \n year\n \n 2020,\n \n with\n \n the\n \n consequent\n \n non-recognition\n \n of\n \n income\n \n of\n \n approximately\n \n 24.0\n \n million\n \n euro,\n \n and,\n \n on\n \n the \n other hand, to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n
\n Refunds and operating charge-backs include 12,364 thousand euro of reimbursements from suppliers related to faulty meters under warranty.\n
\n
\n Other\n \n income\n \n from\n \n regulated\n \n activities,\n \n amounting\n \n to\n \n 16,401\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n for\n \n bad\n \n debts\n \n and\n \n increased\n \n due\n \n to\n \n the\n \n new\n \n scope \n arising from the acquisition of 2i Rete Gas.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact595": { "value": "\n
\n Other income\n
\n
\n Other\n \n income,\n \n which\n \n amounted\n \n to\n \n 80,846\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (60,792\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n can\n \n be\n \n broken\n \n down\n \n as \n follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Income from gas distribution service safety recovery incentives\n

\n 		\n

\n 2,436\n

\n 		\n

\n 38,156\n

\n
\n

\n Plant safety assessment pursuant to ARERA Resolution no. 40/04\n

\n 		\n

\n 1,541\n

\n 		\n

\n 1,521\n

\n
\n

\n Other income from regulated activities\n

\n 		\n

\n 9,721\n

\n 		\n

\n 16,401\n

\n
\n

\n Release of connection contributions relating to the year\n

\n 		\n

\n 18,999\n

\n 		\n

\n 0\n

\n
\n

\n Capital gains from sale of assets\n

\n 		\n

\n 1,892\n

\n 		\n

\n 832\n

\n
\n

\n Sundry management refunds and chargebacks\n

\n 		\n

\n 18,148\n

\n 		\n

\n 12,364\n

\n
\n

\n Contractual penalties receivable\n

\n 		\n

\n 418\n

\n 		\n

\n 1,986\n

\n
\n

\n Income from real estate investments\n

\n 		\n

\n 287\n

\n 		\n

\n 374\n

\n
\n

\n Revenues from seconded personnel\n

\n 		\n

\n 1,215\n

\n 		\n

\n 1,386\n

\n
\n

\n Sundry other\n

\n 		\n

\n 6,135\n

\n 		\n

\n 7,826\n

\n
\n

\n \u00a0\n

\n 		\n

\n 60,792\n

\n 		\n

\n 80,846\n

\n
\n
\n
\n Income\n \n from\n \n regulatory\n \n incentives\n \n relating\n \n to\n \n safety\n \n in\n \n the\n \n gas\n \n distribution\n \n service,\n \n amounting\n \n to\n \n 38,156\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n recognised \n by\n \n the\n \n Authority\n \n in\n \n connection\n \n with\n \n the\n \n achievement\n \n of\n \n qualitative\n \n and\n \n technical\n \n standards\n \n for\n \n the\n \n natural\n \n gas\n \n distribution\n \n service.\n \n The\n \n increase\n \n is\n \n attributable, \n on\n \n the\n \n one\n \n hand,\n \n to\n \n the\n \n cessation\n \n of\n \n the\n \n effects\n \n of\n \n Resolution\n \n no.\n \n 490/2024/R/gas,\n \n which\n \n in\n \n 2024\n \n had\n \n resulted\n \n in\n \n the\n \n cancellation\n \n of\n \n the\n \n bonuses\n \n relating\n \n to \n the\n \n safety\n \n of\n \n the\n \n gas\n \n distribution\n \n service\n \n for\n \n the\n \n year\n \n 2020,\n \n with\n \n the\n \n consequent\n \n non-recognition\n \n of\n \n income\n \n of\n \n approximately\n \n 24.0\n \n million\n \n euro,\n \n and,\n \n on\n \n the \n other hand, to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n
\n Refunds and operating charge-backs include 12,364 thousand euro of reimbursements from suppliers related to faulty meters under warranty.\n
\n
\n Other\n \n income\n \n from\n \n regulated\n \n activities,\n \n amounting\n \n to\n \n 16,401\n \n thousand\n \n euro,\n \n relates\n \n to\n \n reimbursements\n \n for\n \n bad\n \n debts\n \n and\n \n increased\n \n due\n \n to\n \n the\n \n new\n \n scope \n arising from the acquisition of 2i Rete Gas.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact597": { "value": "\n \n
\n 28)\n Costs and other operating expenses\n
\n
\n The\n \n breakdown\n \n of\n \n costs\n \n and\n \n other\n \n expenses,\n \n amounting\n \n to\n \n 1,684,911\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (1,220,732\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), is shown in the following table:\n
\n
\n .\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Purchase costs for raw materials, consumables, supplies and goods\n

\n 		\n

\n 168,459\n

\n 		\n

\n 190,307\n

\n
\n

\n Costs for services\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n Lease expenses\n

\n 		\n

\n 102,496\n

\n 		\n

\n 153,106\n

\n
\n

\n Personnel costs\n

\n 		\n

\n 291,004\n

\n 		\n

\n 405,385\n

\n
\n

\n Impairment of trade receivables net\n

\n 		\n

\n (822)\n

\n 		\n

\n 2,605\n

\n
\n

\n Other operating expenses\n

\n 		\n

\n 60,921\n

\n 		\n

\n 76,963\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (7,907)\n

\n 		\n

\n (12,846)\n

\n
\n

\n \u00a0\u00a0 \n - of which costs for services\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\u00a0 \n - of which labour costs\n

\n 		\n

\n (5,871)\n

\n 		\n

\n (4,304)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 1,220,732\n

\n 		\n

\n 1,684,911\n

\n
\n
\n
\n \n
\n Costs\n \n for\n \n raw\n \n materials,\n \n consumables,\n \n supplies\n \n and\n \n goods\n ,\n \n amounting\n \n to\n \n 190,307\n \n thousand\n \n euro\n \n (168,458 \n as at 31 December 2024), comprise the following:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Inventories\n

\n 		\n

\n 137,045\n

\n 		\n

\n 143,916\n

\n
\n

\n Purchase of gas \n

\n 		\n

\n 3,472\n

\n 		\n

\n 4,705\n

\n
\n

\n Purchase of water\n

\n 		\n

\n 195\n

\n 		\n

\n 293\n

\n
\n
\n \n \n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Motive power and water lifting\n

\n 		\n

\n 22,704\n

\n 		\n

\n 26,290\n

\n
\n

\n Purchase of fuel\n

\n 		\n

\n 4,046\n

\n 		\n

\n 6,571\n

\n
\n

\n Consumables\n

\n 		\n

\n 996\n

\n 		\n

\n 8,532\n

\n
\n

\n \u00a0\n

\n 		\n

\n 168,458\n

\n 		\n

\n 190,307\n

\n
\n
\n
\n Inventories refer in particular to the acquisition of meters and gas pipes.\n
\n
\n Purchase\n \n costs\n \n for\n \n raw\n \n materials,\n \n consumables,\n \n supplies\n \n and\n \n goods\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n and\n \n water \n service infrastructure amounting to 131,357 thousand euro (127,284 thousand euro as at 31 December 2024), recorded in accordance with IFRIC 12.\n
\n \n
\n Costs for services \n of 860,849 thousand euro (604,545 thousand euro as at 31 December 2024) relate to:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Project management and plant maintenance\n

\n 		\n

\n 414,957\n

\n 		\n

\n 606,945\n

\n
\n

\n Consultancy and professional services\n

\n 		\n

\n 67,110\n

\n 		\n

\n 109,074\n

\n
\n

\n Costs for personnel services\n

\n 		\n

\n 20,259\n

\n 		\n

\n 23,578\n

\n
\n

\n IT and telecommunications services\n

\n 		\n

\n 43,538\n

\n 		\n

\n 53,773\n

\n
\n

\n Electricity, water and other (utility) services\n

\n 		\n

\n 4,884\n

\n 		\n

\n 8,245\n

\n
\n

\n Insurance\n

\n 		\n

\n 6,840\n

\n 		\n

\n 13,293\n

\n
\n

\n Cleaning, security service and guard services\n

\n 		\n

\n 4,281\n

\n 		\n

\n 5,797\n

\n
\n

\n Advertising and entertainment\n

\n 		\n

\n 5,334\n

\n 		\n

\n 5,892\n

\n
\n

\n Costs for seconded personnel\n

\n 		\n

\n 698\n

\n 		\n

\n 987\n

\n
\n

\n Works performed on behalf of the Campania Region\n

\n 		\n

\n 13,832\n

\n 		\n

\n 11,211\n

\n
\n

\n Other services\n

\n 		\n

\n 40,374\n

\n 		\n

\n 40,093\n

\n
\n

\n Use of risk provision\n

\n 		\n

\n (15,526)\n

\n 		\n

\n (9,497)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 604,545\n

\n 		\n

\n 860,849\n

\n
\n
\n
\n Costs\n \n for\n \n services\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n and\n \n water\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 664,493 \n thousand euro (478,116 thousand euro as at 31 December 2024) recognised pursuant to IFRIC 12. \n
\n
\n Costs\n \n for\n \n project\n \n management\n \n and\n \n plant\n \n maintenance\n \n planning\n \n (606,945\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 414,957\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n essentially\n \n relate\n \n to\n \n the\n \n extension\n \n and\n \n maintenance\n \n of\n \n gas\n \n distribution\n \n plants,\n \n as\n \n well\n \n as\n \n work\n \n carried\n \n out\n \n on\n \n buildings\n \n for\n \n energy\n \n efficiency \n purposes. The increase of 191,988 thousand euro is mainly attributable to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n \n
\n Lease expense\n ,\n \n of 153,096 thousand euro (102,496 thousand euro as at 31 December 2024), regard:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Patent, license and concession fees\n

\n 		\n

\n 85,242\n

\n 		\n

\n 139,552\n

\n
\n

\n Leases and rentals\n

\n 		\n

\n 17,254\n

\n 		\n

\n 16,001\n

\n
\n

\n Use of risk and charges provision\n

\n 		\n

\n 0\n

\n 		\n

\n (2,448)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 102,496\n

\n 		\n

\n 153,105\n

\n
\n
\n
\n Fees,\n \n patents\n \n and\n \n licences\n \n (139,552\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 85,242\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n refer\n \n primarily\n \n to\n \n fees \n recognised to contracting parties for the running of natural gas distribution activities under concession.\n
\n
\n Costs\n \n expenses\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 15,662\n \n thousand\n \n euro\n \n (16,425\n \n thousand \n euro as at 31 December 2024) recognised in accordance with IFRIC 12. \n
\n
\n Personnel costs\n , totalling 401,080 thousand euro (285,133 thousand euro as at 31 December 2024), breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Wages and salaries\n

\n 		\n

\n 209,744\n

\n 		\n

\n 287,087\n

\n
\n

\n Social charges\n

\n 		\n

\n 60,684\n

\n 		\n

\n 84,551\n

\n
\n

\n Employee benefits\n

\n 		\n

\n 16,659\n

\n 		\n

\n 23,993\n

\n
\n

\n Other expenses\n

\n 		\n

\n 3,917\n

\n 		\n

\n 9,753\n

\n
\n

\n \u00a0\n

\n 		\n

\n 291,004\n

\n 		\n

\n 405,384\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (5,871)\n

\n 		\n

\n (4,304)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 285,133\n

\n 		\n

\n 401,080\n

\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n The\n \n item\n \n includes\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 173,538\n \n thousand\n \n euro\n \n (118,104\n \n thousand \n euro as at 31 December 2024) recognised pursuant to IFRIC 12.\n
\n
\n Employee\n \n benefits\n \n (23,993\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 16,659\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n regard\n \n the\n \n employee \n severance pay accrued, to be paid to pension funds or to INPS.\n
\n
\n Other\n \n expenses\n \n of\n \n 9,753\n \n thousand\n \n euro\n \n (3,917\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n in\n \n particular\n \n refer\n \n to\n \n charges\n \n for\n \n the\n \n incentive\n \n plan\n \n for\n \n senior \n executives (co-investment plan) and the employee share ownership plan (IGrant plan). \n
\n
\n For\n \n Stock\n \n Grant\n \n plans\n \n and\n \n employee\n \n share\n \n ownership\n \n plans\n \n for\n \n Company\n \n employees,\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n option,\n \n determined\n \n at\n \n the\n \n time\n \n it\n \n is\n \n granted,\n \n is \n posted to the income statement as a cost throughout the vesting period, with a corresponding balancing item in a reserve under equity. \n
\n \n More details are provided in the \u201cProvisions for employee benefits\u201d note\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact596": { "value": "\n
\n 28)\n Costs and other operating expenses\n
\n
\n The\n \n breakdown\n \n of\n \n costs\n \n and\n \n other\n \n expenses,\n \n amounting\n \n to\n \n 1,684,911\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n (1,220,732\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December \n 2024), is shown in the following table:\n
\n
\n .\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Purchase costs for raw materials, consumables, supplies and goods\n

\n 		\n

\n 168,459\n

\n 		\n

\n 190,307\n

\n
\n

\n Costs for services\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n Lease expenses\n

\n 		\n

\n 102,496\n

\n 		\n

\n 153,106\n

\n
\n

\n Personnel costs\n

\n 		\n

\n 291,004\n

\n 		\n

\n 405,385\n

\n
\n

\n Impairment of trade receivables net\n

\n 		\n

\n (822)\n

\n 		\n

\n 2,605\n

\n
\n

\n Other operating expenses\n

\n 		\n

\n 60,921\n

\n 		\n

\n 76,963\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (7,907)\n

\n 		\n

\n (12,846)\n

\n
\n

\n \u00a0\u00a0 \n - of which costs for services\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\u00a0 \n - of which labour costs\n

\n 		\n

\n (5,871)\n

\n 		\n

\n (4,304)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 1,220,732\n

\n 		\n

\n 1,684,911\n

\n
\n
\n
\n \n
\n Costs\n \n for\n \n raw\n \n materials,\n \n consumables,\n \n supplies\n \n and\n \n goods\n ,\n \n amounting\n \n to\n \n 190,307\n \n thousand\n \n euro\n \n (168,458 \n as at 31 December 2024), comprise the following:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Inventories\n

\n 		\n

\n 137,045\n

\n 		\n

\n 143,916\n

\n
\n

\n Purchase of gas \n

\n 		\n

\n 3,472\n

\n 		\n

\n 4,705\n

\n
\n

\n Purchase of water\n

\n 		\n

\n 195\n

\n 		\n

\n 293\n

\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Motive power and water lifting\n

\n 		\n

\n 22,704\n

\n 		\n

\n 26,290\n

\n
\n

\n Purchase of fuel\n

\n 		\n

\n 4,046\n

\n 		\n

\n 6,571\n

\n
\n

\n Consumables\n

\n 		\n

\n 996\n

\n 		\n

\n 8,532\n

\n
\n

\n \u00a0\n

\n 		\n

\n 168,458\n

\n 		\n

\n 190,307\n

\n
\n
\n
\n Inventories refer in particular to the acquisition of meters and gas pipes.\n
\n
\n Purchase\n \n costs\n \n for\n \n raw\n \n materials,\n \n consumables,\n \n supplies\n \n and\n \n goods\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n and\n \n water \n service infrastructure amounting to 131,357 thousand euro (127,284 thousand euro as at 31 December 2024), recorded in accordance with IFRIC 12.\n
\n \n
\n Costs for services \n of 860,849 thousand euro (604,545 thousand euro as at 31 December 2024) relate to:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Project management and plant maintenance\n

\n 		\n

\n 414,957\n

\n 		\n

\n 606,945\n

\n
\n

\n Consultancy and professional services\n

\n 		\n

\n 67,110\n

\n 		\n

\n 109,074\n

\n
\n

\n Costs for personnel services\n

\n 		\n

\n 20,259\n

\n 		\n

\n 23,578\n

\n
\n

\n IT and telecommunications services\n

\n 		\n

\n 43,538\n

\n 		\n

\n 53,773\n

\n
\n

\n Electricity, water and other (utility) services\n

\n 		\n

\n 4,884\n

\n 		\n

\n 8,245\n

\n
\n

\n Insurance\n

\n 		\n

\n 6,840\n

\n 		\n

\n 13,293\n

\n
\n

\n Cleaning, security service and guard services\n

\n 		\n

\n 4,281\n

\n 		\n

\n 5,797\n

\n
\n

\n Advertising and entertainment\n

\n 		\n

\n 5,334\n

\n 		\n

\n 5,892\n

\n
\n

\n Costs for seconded personnel\n

\n 		\n

\n 698\n

\n 		\n

\n 987\n

\n
\n

\n Works performed on behalf of the Campania Region\n

\n 		\n

\n 13,832\n

\n 		\n

\n 11,211\n

\n
\n

\n Other services\n

\n 		\n

\n 40,374\n

\n 		\n

\n 40,093\n

\n
\n

\n Use of risk provision\n

\n 		\n

\n (15,526)\n

\n 		\n

\n (9,497)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 604,545\n

\n 		\n

\n 860,849\n

\n
\n
\n
\n Costs\n \n for\n \n services\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n and\n \n water\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 664,493 \n thousand euro (478,116 thousand euro as at 31 December 2024) recognised pursuant to IFRIC 12. \n
\n
\n Costs\n \n for\n \n project\n \n management\n \n and\n \n plant\n \n maintenance\n \n planning\n \n (606,945\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 414,957\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n essentially\n \n relate\n \n to\n \n the\n \n extension\n \n and\n \n maintenance\n \n of\n \n gas\n \n distribution\n \n plants,\n \n as\n \n well\n \n as\n \n work\n \n carried\n \n out\n \n on\n \n buildings\n \n for\n \n energy\n \n efficiency \n purposes. The increase of 191,988 thousand euro is mainly attributable to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n \n
\n Lease expense\n ,\n \n of 153,096 thousand euro (102,496 thousand euro as at 31 December 2024), regard:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Patent, license and concession fees\n

\n 		\n

\n 85,242\n

\n 		\n

\n 139,552\n

\n
\n

\n Leases and rentals\n

\n 		\n

\n 17,254\n

\n 		\n

\n 16,001\n

\n
\n

\n Use of risk and charges provision\n

\n 		\n

\n 0\n

\n 		\n

\n (2,448)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 102,496\n

\n 		\n

\n 153,105\n

\n
\n
\n
\n Fees,\n \n patents\n \n and\n \n licences\n \n (139,552\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 85,242\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n refer\n \n primarily\n \n to\n \n fees \n recognised to contracting parties for the running of natural gas distribution activities under concession.\n
\n
\n Costs\n \n expenses\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 15,662\n \n thousand\n \n euro\n \n (16,425\n \n thousand \n euro as at 31 December 2024) recognised in accordance with IFRIC 12. \n
\n
\n Personnel costs\n , totalling 401,080 thousand euro (285,133 thousand euro as at 31 December 2024), breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Wages and salaries\n

\n 		\n

\n 209,744\n

\n 		\n

\n 287,087\n

\n
\n

\n Social charges\n

\n 		\n

\n 60,684\n

\n 		\n

\n 84,551\n

\n
\n

\n Employee benefits\n

\n 		\n

\n 16,659\n

\n 		\n

\n 23,993\n

\n
\n

\n Other expenses\n

\n 		\n

\n 3,917\n

\n 		\n

\n 9,753\n

\n
\n

\n \u00a0\n

\n 		\n

\n 291,004\n

\n 		\n

\n 405,384\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (5,871)\n

\n 		\n

\n (4,304)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 285,133\n

\n 		\n

\n 401,080\n

\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n The\n \n item\n \n includes\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 173,538\n \n thousand\n \n euro\n \n (118,104\n \n thousand \n euro as at 31 December 2024) recognised pursuant to IFRIC 12.\n
\n
\n Employee\n \n benefits\n \n (23,993\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 16,659\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n mainly\n \n regard\n \n the\n \n employee \n severance pay accrued, to be paid to pension funds or to INPS.\n
\n
\n Other\n \n expenses\n \n of\n \n 9,753\n \n thousand\n \n euro\n \n (3,917\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n in\n \n particular\n \n refer\n \n to\n \n charges\n \n for\n \n the\n \n incentive\n \n plan\n \n for\n \n senior \n executives (co-investment plan) and the employee share ownership plan (IGrant plan). \n
\n
\n For\n \n Stock\n \n Grant\n \n plans\n \n and\n \n employee\n \n share\n \n ownership\n \n plans\n \n for\n \n Company\n \n employees,\n \n the\n \n fair\n \n value\n \n of\n \n the\n \n option,\n \n determined\n \n at\n \n the\n \n time\n \n it\n \n is\n \n granted,\n \n is \n posted to the income statement as a cost throughout the vesting period, with a corresponding balancing item in a reserve under equity. \n
\n \n
\n \n More details are provided in the \u201cProvisions for employee benefits\u201d note\n \n .\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact611": { "value": "\n
\n Costs for services \n of 860,849 thousand euro (604,545 thousand euro as at 31 December 2024) relate to:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Project management and plant maintenance\n

\n 		\n

\n 414,957\n

\n 		\n

\n 606,945\n

\n
\n

\n Consultancy and professional services\n

\n 		\n

\n 67,110\n

\n 		\n

\n 109,074\n

\n
\n

\n Costs for personnel services\n

\n 		\n

\n 20,259\n

\n 		\n

\n 23,578\n

\n
\n

\n IT and telecommunications services\n

\n 		\n

\n 43,538\n

\n 		\n

\n 53,773\n

\n
\n

\n Electricity, water and other (utility) services\n

\n 		\n

\n 4,884\n

\n 		\n

\n 8,245\n

\n
\n

\n Insurance\n

\n 		\n

\n 6,840\n

\n 		\n

\n 13,293\n

\n
\n

\n Cleaning, security service and guard services\n

\n 		\n

\n 4,281\n

\n 		\n

\n 5,797\n

\n
\n

\n Advertising and entertainment\n

\n 		\n

\n 5,334\n

\n 		\n

\n 5,892\n

\n
\n

\n Costs for seconded personnel\n

\n 		\n

\n 698\n

\n 		\n

\n 987\n

\n
\n

\n Works performed on behalf of the Campania Region\n

\n 		\n

\n 13,832\n

\n 		\n

\n 11,211\n

\n
\n

\n Other services\n

\n 		\n

\n 40,374\n

\n 		\n

\n 40,093\n

\n
\n

\n Use of risk provision\n

\n 		\n

\n (15,526)\n

\n 		\n

\n (9,497)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 606,581\n

\n 		\n

\n 869,391\n

\n
\n

\n To be deducted:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Increases for own work\n

\n 		\n

\n (2,036)\n

\n 		\n

\n (8,542)\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 604,545\n

\n 		\n

\n 860,849\n

\n
\n
\n
\n Costs\n \n for\n \n services\n \n include\n \n costs\n \n relating\n \n to\n \n the\n \n construction\n \n and\n \n upgrading\n \n of\n \n gas\n \n distribution\n \n and\n \n water\n \n distribution\n \n infrastructure\n \n amounting\n \n to\n \n 664,493 \n thousand euro (478,116 thousand euro as at 31 December 2024) recognised pursuant to IFRIC 12. \n
\n
\n Costs\n \n for\n \n project\n \n management\n \n and\n \n plant\n \n maintenance\n \n planning\n \n (606,945\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2025\n \n and\n \n 414,957\n \n thousand\n \n euro\n \n as\n \n at\n \n 31 \n December\n \n 2024)\n \n essentially\n \n relate\n \n to\n \n the\n \n extension\n \n and\n \n maintenance\n \n of\n \n gas\n \n distribution\n \n plants,\n \n as\n \n well\n \n as\n \n work\n \n carried\n \n out\n \n on\n \n buildings\n \n for\n \n energy\n \n efficiency \n purposes. The increase of 191,988 thousand euro is mainly attributable to the new scope resulting from the acquisition of 2i Rete Gas.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact598": { "value": "\n
\n Average number of employees\n
\n
\n The average number of payroll employees as at 31 December 2025 of the consolidated entities, broken down by status, is as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Professional qualification\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Executives \n

\n 		\n

\n 82\n

\n 		\n

\n 91\n

\n
\n

\n Middle Managers\n

\n 		\n

\n 431\n

\n 		\n

\n 499\n

\n
\n

\n Employess\n

\n 		\n

\n 2,513\n

\n 		\n

\n 3,113\n

\n
\n

\n Manual workers\n

\n 		\n

\n 1,312\n

\n 		\n

\n 1,625\n

\n
\n

\n \u00a0\n

\n 		\n

\n 4,338\n

\n 		\n

\n 5,328\n

\n
\n
\n
\n The\n \n average\n \n number\n \n of\n \n employees\n \n is\n \n calculated\n \n on\n \n the\n \n basis\n \n of\n \n the\n \n monthly\n \n number\n \n of\n \n employees\n \n for\n \n each\n \n category.\n \n The\n \n increase\n \n is\n \n mainly\n \n due\n \n to\n \n the \n acquisition of 2i Rete Gas. \n
\n
\n There were 5,315 employees on average.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact599": { "value": "\n
\n Remuneration due to key management personnel\n
\n
\n The\n \n remuneration\n \n due\n \n to\n \n persons\n \n with\n \n powers\n \n and\n \n responsibilities\n \n for\n \n the\n \n planning,\n \n management\n \n and\n \n control\n \n of\n \n the\n \n Company,\n \n i.e.\n \n executive\n \n and\n \n non-executive \n directors,\n \n general\n \n managers\n \n and\n \n executives\n \n with\n \n strategic\n \n responsibilities\n \n (\u201ckey\n \n management\n \n personnel\u201d),\n \n in\n \n office\n \n at\n \n 31\n \n December\n \n 2025,\n \n amounted\n \n to\n \n 12,643 \n thousand euro and breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Wages and salaries\n

\n 		\n

\n 8,081\n

\n 		\n

\n 10,161\n

\n
\n

\n Post-employment benefits\n

\n 		\n

\n 755\n

\n 		\n

\n 903\n

\n
\n

\n Other long-term benefits\n

\n 		\n

\n 1,466\n

\n 		\n

\n 1,579\n

\n
\n

\n \u00a0\n

\n 		\n

\n 10,302\n

\n 		\n

\n 12,643\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact592": { "value": "\n due\n \n to\n \n Directors,\n \n except\n \n for\n \n the\n \n Chairperson\n \n and\n \n the\n \n CEO\n \n who\n \n form\n \n part\n \n of\n \n the\n \n key\n \n management\n \n personnel\n \n as\n \n explained\n \n in\n \n the\n \n foregoing \n paragraph,\n \n amounted\n \n to\n \n 3,776\n \n thousand\n \n euro\n \n and\n \n remuneration\n \n due\n \n to\n \n Statutory\n \n Auditors\n \n amounted\n \n to\n \n 761\n \n thousand\n \n euro\n \n (Article\n \n 2427,\n \n no.\n \n 16\n \n of\n \n the\n \n Italian \n Civil\n \n Code).\n \n This\n \n remuneration\n \n includes\n \n emoluments\n \n and\n \n any\n \n other\n \n amounts\n \n relating\n \n to\n \n pay,\n \n pensions\n \n and\n \n healthcare\n \n due\n \n for\n \n the\n \n performance\n \n of\n \n duties\n \n as\n \n a \n director or statutory auditor giving rise to a cost for the Company, even if not subject to personal income taxes. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact601": { "value": "\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Other penalties\n

\n 		\n

\n 6,887\n

\n 		\n

\n 20,946\n

\n
\n

\n Indirect taxes, local taxes\n

\n 		\n

\n 5,697\n

\n 		\n

\n 11,572\n

\n
\n

\n Allocations to/releases from provision for risks and charges\n

\n 		\n

\n 673\n

\n 		\n

\n (7,637)\n

\n
\n

\n Capital losses from disposal/recovery of property, plant and equipment and intangible assets\n

\n 		\n

\n 39,760\n

\n 		\n

\n 39,666\n

\n
\n

\n Sundry other\n

\n 		\n

\n 7,904\n

\n 		\n

\n 13,417\n

\n
\n

\n \u00a0\n

\n 		\n

\n 60,921\n

\n 		\n

\n 77,964\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact600": { "value": "\n
\n 29)\n Amortisation, depreciation and impairment of assets\n
\n
\n Amortisation,\n \n depreciation\n \n and\n \n impairment\n \n of\n \n assets,\n \n totalling\n \n 693,087\n \n thousand\n \n euro\n \n (536,555\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n breaks\n \n down\n \n as \n follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Amortisation and depreciation\n

\n 		\n

\n 549,120\n

\n 		\n

\n 712,344\n

\n
\n

\n \u00a0\u00a0 \n - Property, plant and equipment\n

\n 		\n

\n 20,547\n

\n 		\n

\n 25,139\n

\n
\n

\n \u00a0\u00a0 \n - Right of use pursuant to IFRS 16\n

\n 		\n

\n 32,462\n

\n 		\n

\n 44,599\n

\n
\n

\n \u00a0\u00a0 \n - Intangible assets\n

\n 		\n

\n 496,111\n

\n 		\n

\n 642,606\n

\n
\n

\n Impairment\n

\n 		\n

\n (12,565)\n

\n 		\n

\n (19,257)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 536,555\n

\n 		\n

\n 693,087\n

\n
\n
\n
\n Net\n \n utilisations\n \n of\n \n intangible\n \n assets,\n \n amounting\n \n to\n \n 19,257\n \n thousand\n \n euro\n \n (12,565\n \n thousand\n \n euro\n \n in\n \n 2024),\n \n mainly\n \n refers\n \n to\n \n the\n \n use\n \n of\n \n the\n \n provision\n \n for \n impairment losses related to defective gas smart meters.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact602": { "value": "\n
\n 30)\n Net financial expense\n
\n \n
\n Net financial expense, amounting to 236,378 thousand euro (120,666 thousand euro as at 31 December 2024), comprises:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Total financial expense\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (239,814)\n

\n
\n

\n Financial expense \n

\n 		\n

\n (139,862)\n

\n 		\n

\n (246,482)\n

\n
\n

\n Financial income\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n Total financial income (expense)\n

\n 		\n

\n 1,317\n

\n 		\n

\n 3,929\n

\n
\n

\n Other financial expenses\n

\n 		\n

\n (9,704)\n

\n 		\n

\n (10,827)\n

\n
\n

\n Other financial income \n

\n 		\n

\n 11,021\n

\n 		\n

\n 14,756\n

\n
\n

\n Gain/(loss) on derivatives measured at fair value\n

\n 		\n

\n 379\n

\n 		\n

\n (493)\n

\n
\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n 		\n

\n (236,378)\n

\n
\n
\n \n
\n Below is the breakdown of financial charges, financial income and other financial income and charges:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Net financial expense\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (239,814)\n

\n
\n

\n \u00a0\u00a0 \n Borrowing costs:\n

\n 		\n

\n (139,862)\n

\n 		\n

\n (246,482)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on bonds\n

\n 		\n

\n (108,218)\n

\n 		\n

\n (173,153)\n

\n
\n

\n \u00a0\u00a0 \n - Commission expense on bank loans and credit lines\n

\n 		\n

\n (4,824)\n

\n 		\n

\n (11,062)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on credit line and loan expense due to banks and other lenders\n

\n 		\n

\n (26,820)\n

\n 		\n

\n (62,267)\n

\n
\n

\n \u00a0\u00a0 \n Financial expense capitalised\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\u00a0 \n Income on financial receivables:\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n \u00a0\u00a0 \n - Interest income and other income on financial receivables non-held for operations\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n Total net financial expense:\n

\n 		\n

\n 1,317\n

\n 		\n

\n 3,929\n

\n
\n

\n - Capitalised financial expense\n

\n 		\n

\n 1,293\n

\n 		\n

\n 69\n

\n
\n

\n - Financial income (expense) connected with the passing of time (accretion discount) (*)\n

\n 		\n

\n (2,769)\n

\n 		\n

\n (3,011)\n

\n
\n

\n - Expense for right of use pursuant to IFRS 16\n

\n 		\n

\n (1,376)\n

\n 		\n

\n (2,567)\n

\n
\n

\n - Other expenses\n

\n 		\n

\n (6,852)\n

\n 		\n

\n (5,318)\n

\n
\n

\n - Other income\n

\n 		\n

\n 11,021\n

\n 		\n

\n 14,756\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Gain/(loss) on derivatives measured at fair value\n

\n 		\n

\n 379\n

\n 		\n

\n (493)\n

\n
\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n 		\n

\n (236,378)\n

\n
\n

\n (*) The item relates to the increase in the provisions for risks and charges and provisions for employee benefits that are specified, at a discounted value, in the notes \u201cProvisions for risks and charges\u201d and \u201cProvisions for employee benefits\u201d.\n

\n
\n
\n Net\n \n financial\n \n expense\n \n increased\n \n by\n \n 117,452\n \n thousand\n \n euro\n \n compared\n \n to\n \n 2024,\n \n mainly\n \n as\n \n a\n \n result\n \n of\n \n the \n expenses\n \n relating\n \n to\n \n the\n \n so-called\n \n \u201cBridge\u201d\n \n facility\n \n for\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n the\n \n financial\n \n expense \n arising\n \n from\n \n the\n \n fair\n \n value\n \n measurement\n \n arising\n \n from\n \n the\n \n purchase\n \n price\n \n allocation\n \n of\n \n the\n \n bonds\n \n issued\n \n by\n \n 2i \n Rete Gas and the impact of the dual-tranche note issued in March 2025.\n
\n \n \n
\n 31)\n Net income from equity investments \n
\n
\n Net income from equity investments, totalling 10,889 thousand euro (11,209 thousand euro as at 31 December 2024), breaks down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Share of the profit of investments in associates/joint ventures\n

\n 		\n

\n 9,945\n

\n 		\n

\n 8,701\n

\n
\n

\n Income from share of the profit of equity investments in associates/joint ventures\n

\n 		\n

\n 9,945\n

\n 		\n

\n 8,701\n

\n
\n

\n Other income from equity investments\n

\n 		\n

\n 1,264\n

\n 		\n

\n 2,188\n

\n
\n

\n Other income from equity investments\n

\n 		\n

\n 1,264\n

\n 		\n

\n 2,188\n

\n
\n

\n \u00a0\n

\n 		\n

\n 11,209\n

\n 		\n

\n 10,889\n

\n
\n
\n
\n Details\n \n of\n \n capital\n \n gains\n \n and\n \n capital\n \n losses\n \n accounted\n \n for\n \n using\n \n the\n \n equity\n \n method\n \n can\n \n be\n \n found\n \n in\n \n the\n \n note\n \n \u201cInvestments\n \n accounted\n \n for\n \n using\n \n the\n \n equity \n method\u201d.\n
\n
\n Income from equity investments refers to the contribution deriving from equity investments in other companies (mainly Distribution Networks).\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact612": { "value": "\n
\n Net financial expense, amounting to 236,378 thousand euro (120,666 thousand euro as at 31 December 2024), comprises:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Total financial expense\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (239,814)\n

\n
\n

\n Financial expense \n

\n 		\n

\n (139,862)\n

\n 		\n

\n (246,482)\n

\n
\n

\n Financial income\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n Total financial income (expense)\n

\n 		\n

\n 1,317\n

\n 		\n

\n 3,929\n

\n
\n

\n Other financial expenses\n

\n 		\n

\n (9,704)\n

\n 		\n

\n (10,827)\n

\n
\n

\n Other financial income \n

\n 		\n

\n 11,021\n

\n 		\n

\n 14,756\n

\n
\n

\n Gain/(loss) on derivatives measured at fair value\n

\n 		\n

\n 379\n

\n 		\n

\n (493)\n

\n
\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n 		\n

\n (236,378)\n

\n
\n
\n \n
\n Below is the breakdown of financial charges, financial income and other financial income and charges:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Net financial expense\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (239,814)\n

\n
\n

\n \u00a0\u00a0 \n Borrowing costs:\n

\n 		\n

\n (139,862)\n

\n 		\n

\n (246,482)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on bonds\n

\n 		\n

\n (108,218)\n

\n 		\n

\n (173,153)\n

\n
\n

\n \u00a0\u00a0 \n - Commission expense on bank loans and credit lines\n

\n 		\n

\n (4,824)\n

\n 		\n

\n (11,062)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on credit line and loan expense due to banks and other lenders\n

\n 		\n

\n (26,820)\n

\n 		\n

\n (62,267)\n

\n
\n

\n \u00a0\u00a0 \n Financial expense capitalised\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\u00a0 \n Income on financial receivables:\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n \u00a0\u00a0 \n - Interest income and other income on financial receivables non-held for operations\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n Total net financial expense:\n

\n 		\n

\n 1,317\n

\n 		\n

\n 3,929\n

\n
\n

\n - Capitalised financial expense\n

\n 		\n

\n 1,293\n

\n 		\n

\n 69\n

\n
\n

\n - Financial income (expense) connected with the passing of time (accretion discount) (*)\n

\n 		\n

\n (2,769)\n

\n 		\n

\n (3,011)\n

\n
\n

\n - Expense for right of use pursuant to IFRS 16\n

\n 		\n

\n (1,376)\n

\n 		\n

\n (2,567)\n

\n
\n

\n - Other expenses\n

\n 		\n

\n (6,852)\n

\n 		\n

\n (5,318)\n

\n
\n

\n - Other income\n

\n 		\n

\n 11,021\n

\n 		\n

\n 14,756\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Gain/(loss) on derivatives measured at fair value\n

\n 		\n

\n 379\n

\n 		\n

\n (493)\n

\n
\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n 		\n

\n (236,378)\n

\n
\n

\n (*) The item relates to the increase in the provisions for risks and charges and provisions for employee benefits that are specified, at a discounted value, in the notes \u201cProvisions for risks and charges\u201d and \u201cProvisions for employee benefits\u201d.\n

\n
\n
\n Net\n \n financial\n \n expense\n \n increased\n \n by\n \n 117,452\n \n thousand\n \n euro\n \n compared\n \n to\n \n 2024,\n \n mainly\n \n as\n \n a\n \n result\n \n of\n \n the \n expenses\n \n relating\n \n to\n \n the\n \n so-called\n \n \u201cBridge\u201d\n \n facility\n \n for\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n the\n \n financial\n \n expense \n arising\n \n from\n \n the\n \n fair\n \n value\n \n measurement\n \n arising\n \n from\n \n the\n \n purchase\n \n price\n \n allocation\n \n of\n \n the\n \n bonds\n \n issued\n \n by\n \n 2i \n Rete Gas and the impact of the dual-tranche note issued in March 2025.\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact610": { "value": "\n
\n Below is the breakdown of financial charges, financial income and other financial income and charges:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Net financial expense\n

\n 		\n

\n (122,362)\n

\n 		\n

\n (239,814)\n

\n
\n

\n \u00a0\u00a0 \n Borrowing costs:\n

\n 		\n

\n (139,862)\n

\n 		\n

\n (246,482)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on bonds\n

\n 		\n

\n (108,218)\n

\n 		\n

\n (173,153)\n

\n
\n

\n \u00a0\u00a0 \n - Commission expense on bank loans and credit lines\n

\n 		\n

\n (4,824)\n

\n 		\n

\n (11,062)\n

\n
\n

\n \u00a0\u00a0 \n - Interest expense on credit line and loan expense due to banks and other lenders\n

\n 		\n

\n (26,820)\n

\n 		\n

\n (62,267)\n

\n
\n

\n \u00a0\u00a0 \n Financial expense capitalised\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\u00a0 \n Income on financial receivables:\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n \u00a0\u00a0 \n - Interest income and other income on financial receivables non-held for operations\n

\n 		\n

\n 17,500\n

\n 		\n

\n 6,668\n

\n
\n

\n Total net financial expense:\n

\n 		\n

\n 1,317\n

\n 		\n

\n 3,929\n

\n
\n

\n - Capitalised financial expense\n

\n 		\n

\n 1,293\n

\n 		\n

\n 69\n

\n
\n

\n - Financial income (expense) connected with the passing of time (accretion discount) (*)\n

\n 		\n

\n (2,769)\n

\n 		\n

\n (3,011)\n

\n
\n

\n - Expense for right of use pursuant to IFRS 16\n

\n 		\n

\n (1,376)\n

\n 		\n

\n (2,567)\n

\n
\n

\n - Other expenses\n

\n 		\n

\n (6,852)\n

\n 		\n

\n (5,318)\n

\n
\n

\n - Other income\n

\n 		\n

\n 11,021\n

\n 		\n

\n 14,756\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Gain/(loss) on derivatives measured at fair value\n

\n 		\n

\n 379\n

\n 		\n

\n (493)\n

\n
\n

\n \u00a0\n

\n 		\n

\n (120,666)\n

\n 		\n

\n (236,378)\n

\n
\n

\n (*) The item relates to the increase in the provisions for risks and charges and provisions for employee benefits that are specified, at a discounted value, in the notes \u201cProvisions for risks and charges\u201d and \u201cProvisions for employee benefits\u201d.\n

\n
\n
\n Net\n \n financial\n \n expense\n \n increased\n \n by\n \n 117,452\n \n thousand\n \n euro\n \n compared\n \n to\n \n 2024,\n \n mainly\n \n as\n \n a\n \n result\n \n of\n \n the \n expenses\n \n relating\n \n to\n \n the\n \n so-called\n \n \u201cBridge\u201d\n \n facility\n \n for\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n the\n \n financial\n \n expense \n arising\n \n from\n \n the\n \n fair\n \n value\n \n measurement\n \n arising\n \n from\n \n the\n \n purchase\n \n price\n \n allocation\n \n of\n \n the\n \n bonds\n \n issued\n \n by\n \n 2i \n Rete Gas and the impact of the dual-tranche note issued in March 2025.\n
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact603": { "value": "\n
\n 32)\n Income taxes\n
\n
\n Income taxes for the year, amounting to 279,867 thousand euro (165,257 thousand euro as at 31 December 2024) comprise: \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n IRES\n

\n 		\n

\n IRAP\n

\n 		\n

\n FOREIGN\n

\n 		\n

\n Total\n

\n
\n

\n Current taxes\n

\n 		\n

\n 130,893\n

\n 		\n

\n 29,400\n

\n 		\n

\n 3,667\n

\n 		\n

\n 163,960\n

\n
\n

\n Current taxes for the year\n

\n 		\n

\n 156,056\n

\n 		\n

\n 33,292\n

\n 		\n

\n 3,667\n

\n 		\n

\n 193,015\n

\n
\n

\n Patent box\n

\n 		\n

\n (18,311)\n

\n 		\n

\n (3,639)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (21,950)\n

\n
\n

\n Adjustments for current taxes pertaining to previous years\n

\n 		\n

\n (6,852)\n

\n 		\n

\n (253)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (7,105)\n

\n
\n

\n Deferred and prepaid taxes\n

\n 		\n

\n (12,261)\n

\n 		\n

\n 727\n

\n 		\n

\n 12,831\n

\n 		\n

\n 1,297\n

\n
\n

\n Deferred taxes\n

\n 		\n

\n (13,412)\n

\n 		\n

\n (1,186)\n

\n 		\n

\n 12,831\n

\n 		\n

\n (1,767)\n

\n
\n

\n Prepaid taxes\n

\n 		\n

\n (1,151)\n

\n 		\n

\n (1,913)\n

\n 		\n

\n 0\n

\n 		\n

\n (3,064)\n

\n
\n

\n \u00a0\n

\n 		\n

\n 118,632\n

\n 		\n

\n 30,127\n

\n 		\n

\n 16,498\n

\n 		\n

\n 165,257\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n IRES\n

\n 		\n

\n IRAP\n

\n 		\n

\n FOREIGN\n

\n 		\n

\n Total\n

\n
\n

\n Current taxes\n

\n 		\n

\n 255,812\n

\n 		\n

\n 54,869\n

\n 		\n

\n 222\n

\n 		\n

\n 310,903\n

\n
\n

\n Current taxes for the year\n

\n 		\n

\n 248,252\n

\n 		\n

\n 54,641\n

\n 		\n

\n 222\n

\n 		\n

\n 303,115\n

\n
\n

\n Adjustments for current taxes pertaining to previous years\n

\n 		\n

\n 7,560\n

\n 		\n

\n 228\n

\n 		\n

\n 0\n

\n 		\n

\n 7,788\n

\n
\n

\n Deferred and prepaid taxes\n

\n 		\n

\n (46,459)\n

\n 		\n

\n (575)\n

\n 		\n

\n 15,998\n

\n 		\n

\n (31,036)\n

\n
\n

\n Deferred taxes\n

\n 		\n

\n (34,316)\n

\n 		\n

\n (3,771)\n

\n 		\n

\n 15,998\n

\n 		\n

\n (22,089)\n

\n
\n

\n Prepaid taxes\n

\n 		\n

\n 12,143\n

\n 		\n

\n (3,196)\n

\n 		\n

\n 0\n

\n 		\n

\n 8,947\n

\n
\n

\n \u00a0\n

\n 		\n

\n 209,353\n

\n 		\n

\n 54,294\n

\n 		\n

\n 16,220\n

\n 		\n

\n 279,867\n

\n
\n
\n
\n Income\n \n taxes\n \n include\n \n current\n \n taxes\n \n of\n \n 310,903\n \n thousand\n \n euro\n \n (163,960\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n net\n \n deferred\n \n taxes\n \n of\n \n 31,036\n \n thousand \n euro. \n
\n
\n The\n \n rates\n \n applied\n \n and\n \n provided\n \n for\n \n by\n \n the\n \n Italian\n \n tax\n \n regulations\n \n for\n \n current\n \n taxes\n \n are\n \n 24%\n \n for\n \n IRES\n \n and\n \n 4.2%\n \n for\n \n IRAP.\n \n The\n \n rate\n \n applied\n \n and\n \n provided\n \n for\n \n by \n the Greek tax regulations for current taxes is 22%.\n
\n
\n The\n \n reconciliation\n \n of\n \n the\n \n theoretical\n \n tax\n \n charge,\n \n calculated\n \n by\n \n applying\n \n the\n \n corporation\n \n tax\n \n (IRES)\n \n rate\n \n in\n \n force\n \n in\n \n Italy\n \n of\n \n 24%,\n \n with\n \n the\n \n actual\n \n tax\n \n charge\n \n for \n the year can be broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Tax rate\n

\n 		\n

\n Balance\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Tax rate\n

\n 		\n

\n Balance\n

\n
\n

\n IRES and FOREIGN\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Profit before Tax\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 672,691\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 985,662\n

\n
\n

\n IRES tax calculated based on the theoretical tax rate\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 24.00%\n

\n 		\n

\n 161,446\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 24.00%\n

\n 		\n

\n 236,559\n

\n
\n

\n Tax effect on:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Income from equity investments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.8%\n

\n 		\n

\n 5,179\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.5%\n

\n 		\n

\n 5,351\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n - Patent box\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (2.7)%\n

\n 		\n

\n (18,311)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.0%\n

\n 		\n

\n 0\n

\n
\n

\n - Current taxes for previous years\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1.0)%\n

\n 		\n

\n (6,852)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.0%\n

\n 		\n

\n 460\n

\n
\n

\n - \u201cSuper Iper amortisation and depreciation\u201d tax benefit\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1.3)%\n

\n 		\n

\n (8,594)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1.2)%\n

\n 		\n

\n (12,120)\n

\n
\n

\n - Other permanent differences\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.3%\n

\n 		\n

\n 2,262\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (0.5)%\n

\n 		\n

\n (4,678)\n

\n
\n

\n IRES taxes for the year through profit or loss\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 20.1%\n

\n 		\n

\n 135,130\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 22.9%\n

\n 		\n

\n 225,572\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Tax rate\n

\n 		\n

\n Balance\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Tax rate\n

\n 		\n

\n Balance\n

\n
\n

\n IRAP\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Operating profit for IRAP\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 782,147\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,211,151\n

\n
\n

\n IRAP tax calculated based on the theoretical tax rate\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4.2%\n

\n 		\n

\n 32,850\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4.2%\n

\n 		\n

\n 50,868\n

\n
\n

\n Tax effect on:\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Taxes for previous years\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.0%\n

\n 		\n

\n (253)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.0%\n

\n 		\n

\n 84\n

\n
\n

\n - Patent box\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (0.5)%\n

\n 		\n

\n (3,639)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.0%\n

\n 		\n

\n 0\n

\n
\n

\n - Regional IRAP adjustments\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.6%\n

\n 		\n

\n 4,201\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1.4%\n

\n 		\n

\n 4,263\n

\n
\n

\n - Other permanent differences\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0.2%\n

\n 		\n

\n (3,032)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (0.1)%\n

\n 		\n

\n (920)\n

\n
\n

\n IRAP taxes for the year through profit or loss\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4.5%\n

\n 		\n

\n 30,127\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 5.5%\n

\n 		\n

\n 54,295\n

\n
\n
\n An\n \n analysis\n \n of\n \n deferred\n \n tax\n \n assets\n \n and\n \n liabilities\n \n grouped\n \n based\n \n on\n \n the\n \n nature\n \n of\n \n the\n \n significant\n \n temporary\n \n differences\n \n that\n \n generated\n \n them\n \n can\n \n be\n \n found\n \n in \n the note \u201cDeferred tax liabilities\u201d.\n
\n
\n Taxes related to components of comprehensive income \n
\n
\n Current and deferred taxes related to other components of comprehensive income can be broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n \u00a0\n (\u20ac thousands)\n

\n 		\n

\n Gross value\n

\n 		\n

\n Tax impact\n

\n 		\n

\n Net tax value\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Gross value\n

\n 		\n

\n Tax impact\n

\n 		\n

\n Net tax value\n

\n
\n

\n Remeasurement of defined-benefit plans for employees\n

\n 		\n

\n (629)\n

\n 		\n

\n 176\n

\n 		\n

\n (453)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,005)\n

\n 		\n

\n 281\n

\n 		\n

\n (724)\n

\n
\n

\n Change in fair value of investments measured at FVTOCI\n

\n 		\n

\n 106\n

\n 		\n

\n (25)\n

\n 		\n

\n 81\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (1,288)\n

\n 		\n

\n 309\n

\n 		\n

\n (979)\n

\n
\n

\n Fair value gain/(loss) arising from hedging instruments during the period\n

\n 		\n

\n (15,321)\n

\n 		\n

\n 3,677\n

\n 		\n

\n (11,644)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,178)\n

\n 		\n

\n 763\n

\n 		\n

\n (2,415)\n

\n
\n

\n Other components of comprehensive income\n

\n 		\n

\n (15,844)\n

\n 		\n

\n 3,828\n

\n 		\n

\n (12,016)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (5,471)\n

\n 		\n

\n 1,353\n

\n 		\n

\n (4,118)\n

\n
\n

\n Deferred tax assets/liabilities\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,828\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,353\n

\n 		\n

\n \u00a0\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact604": { "value": "\n
\n 33)\n Earnings per share\n
\n \n Basic\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact606": { "value": "\n
\n \n Basic\n \n \n earnings\n \n per\n \n share,\n \n as\n \n defined\n \n by\n \n IAS\n \n 33,\n \n amounted\n \n to\n \n 0.713\n \n euro\n \n per\n \n share\n \n (0.59\n \n euro\n \n per\n \n share\n \n as\n \n at\n \n 31\n \n December\n \n 2024)\n \n and\n \n were\n \n calculated\n \n by \n dividing\n \n the\n \n net\n \n profit\n \n attributable\n \n to\n \n Italgas,\n \n equal\n \n to\n \n 672,320\n \n thousand\n \n euro\n \n (478,854\n \n thousand\n \n euro\n \n as\n \n at\n \n 31\n \n December\n \n 2024),\n \n by\n \n the\n \n weighted\n \n average \n number\n \n of\n \n Italgas\n \n shares\n \n outstanding\n \n during\n \n the\n \n period,\n \n equal\n \n to\n \n 942,746,244\n \n shares\n \n (811,242,309\n \n shares\n \n as\n \n at\n \n 31\n \n December\n \n 2024).\n \n Adjusted\n \n earnings\n \n per \n share,\n \n calculated\n \n as\n \n the\n \n ratio\n \n of\n \n net\n \n adjusted\n \n profit\n \n attributable\n \n to\n \n Italgas\n \n to\n \n the\n \n total\n \n number\n \n of\n \n shares\n \n outstanding\n \n as\n \n at\n \n 31\n \n December\n \n 2025,\n \n equal\n \n to \n 1,015,686,402, amounted to 0.664 euro per share (0.624 as at 31 December 2024).\n
\n
\n Diluted\n \n earnings\n \n per\n \n share\n \n is\n \n calculated\n \n by\n \n dividing\n \n the\n \n net\n \n profit\n \n attributable\n \n to\n \n Italgas,\n \n amounting\n \n to\n \n 672,320\n \n thousand\n \n euro,\n \n by\n \n the\n \n weighted\n \n average\n \n number \n of\n \n shares\n \n outstanding\n \n during\n \n the\n \n period,\n \n including\n \n the\n \n shares\n \n that\n \n could\n \n be\n \n added\n \n as\n \n a\n \n result\n \n of\n \n the\n \n assignment\n \n of\n \n shares\n \n under\n \n the\n \n Stock\n \n Grant\n \n Plans\n \n and \n the\n \n employee\n \n share\n \n ownership\n \n plan.\n \n The\n \n diluted\n \n earnings\n \n per\n \n share,\n \n calculated\n \n also\n \n considering\n \n the\n \n co-investment\n \n plan,\n \n was\n \n 0.705\n \n euro\n \n per\n \n share\n \n (0.59\n \n euro \n per share as at 31 December 2024).\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact609": { "value": "\n
\n 35)\n Information by geographical area\n
\n
\n In accordance with Subsection 33 of IFRS 8, revenues, non-current assets and investments by geographic area are shown below:\n
\n
\n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n As of 31 December 2024\n

\n 		\n

\n Italy\n

\n 		\n

\n Greece\n

\n 		\n

\n Non-EU countries\n

\n
\n

\n Revenues\n

\n 		\n

\n 2,258,800\n

\n 		\n

\n 279,196\n

\n 		\n

\n 1,440\n

\n
\n

\n Non-current assets\n

\n 		\n

\n 9,061,549\n

\n 		\n

\n 1,287,444\n

\n 		\n

\n \u00a0\n

\n
\n

\n Investments in tangible and intangible assets\n

\n 		\n

\n 765,979\n

\n 		\n

\n 120,984\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n As of 31 December 2025\n

\n 		\n

\n Italy\n

\n 		\n

\n Greece\n

\n 		\n

\n Non-EU countries\n

\n
\n

\n Revenues\n

\n 		\n

\n \u00a0\n 3.215.311\n

\n 		\n

\n 292.062\n

\n 		\n

\n 930\n

\n
\n

\n Non-current assets\n

\n 		\n

\n \u00a0\n 15.112.860\n

\n 		\n

\n 1.202.698\n

\n 		\n

\n \u00a0\n

\n
\n

\n Investments in tangible and intangible assets\n

\n 		\n

\n 1.078.374\n

\n 		\n

\n 125.249\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact608": { "value": "\n
\n 36)\n Related party transactions\n
\n \n
\n Based\n \n on\n \n Italgas\u2019\n \n current\n \n ownership\n \n structure,\n \n pursuant\n \n to\n \n paragraph\n \n 9\n \n of\n \n the\n \n IAS\n \n 24,\n \n Italgas\n \n related\n \n parties\n \n include,\n \n in\n \n addition\n \n to\n \n directors,\n \n statutory\n \n auditors, \n executives\n \n with\n \n strategic\n \n responsibilities,\n \n companies\n \n associated\n \n with\n \n the\n \n Group\n \n or\n \n under\n \n its\n \n joint\n \n control,\n \n also\n \n the\n \n subsidiaries\n \n directly\n \n or\n \n indirectly\n \n controlled \n by CDP, therefore including the shareholder Snam, and the Ministry of Economy and Finance (MEF).\n
\n
\n Following\n \n the\n \n entry\n \n into\n \n force\n \n of\n \n Article\n \n 13,\n \n paragraph\n \n 1-bis,\n \n of\n \n Decree-Law\n \n No.\n \n 95/2025,\n \n as\n \n converted\n \n into\n \n Law\n \n No.\n \n 118/2025,\n \n and\n \n Article\n \n 1,\n \n paragraph\n \n 268, \n of\n \n the\n \n 2026\n \n Budget\n \n Law,\n \n the\n \n Company\n \n amended\n \n its\n \n internal\n \n procedures\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n regulation\n \n of\n \n transactions\n \n with\n \n related\n \n parties\n \n pursuant\n \n to \n Article\n \n 2391-bis\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code.\n \n The\n \n recently\n \n enacted\n \n legislation\n \n has\n \n established\n \n that,\n \n for\n \n the\n \n purposes\n \n of\n \n Article\n \n 2391-bis\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code, \n no\n \n related-party\n \n relationships\n \n exist\n \n between\n \n public\n \n administrations\n \n that\n \n do\n \n not\n \n exercise\n \n direction\n \n and\n \n coordination\n \n powers\n \n and\n \n the\n \n companies\n \n in\n \n which\n \n they \n hold equity investments, including indirectly. \n
\n
\n The\n \n following\n \n disclosures\n \n are\n \n instead\n \n provided\n \n pursuant\n \n to\n \n IAS\n \n 24.\n \n Transactions\n \n with\n \n related\n \n parties\n \n entered\n \n into\n \n by\n \n the\n \n Italgas\n \n Group\n \n relate\n \n to\n \n the\n \n exchange \n of assets, the provision of services and, in the case of CDP, the provision of financial resources. \n
\n
\n These\n \n transactions\n \n are\n \n part\n \n of\n \n ordinary\n \n business\n \n operations\n \n and\n \n are\n \n generally\n \n settled\n \n at\n \n arm\u2019s\n \n length,\n \n i.e.\n \n the\n \n conditions\n \n which\n \n would\n \n be\n \n applied\n \n between\n \n two \n independent parties. All transactions entered into were carried out in the interest of the Italgas Group companies.\n
\n
\n CDP\n \n and\n \n CDP\n \n Reti\n \n consolidate\n \n Italgas\n \n pursuant\n \n to\n \n IFRS\n \n 10.\n \n In\n \n addition,\n \n through\n \n the\n \n Board\n \n of\n \n Directors\u2019\n \n decision\n \n of\n \n 1\n \n August\n \n 2019,\n \n CDP\n \n reclassified\n \n its \n investment\n \n in\n \n Italgas\n \n S.p.A.\n \n as\n \n a\n \n controlling\n \n interest\n \n pursuant\n \n to\n \n Article\n \n 2359,\n \n paragraph\n \n 1.2)\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code\n \n and\n \n Article\n \n 93\n \n of\n \n the\n \n TUF.\n \n Italgas\n \n is\n \n not \n subject to direction and coordination activities by CDP. \n
\n
\n Italgas\n \n is\n \n not\n \n subject\n \n to\n \n direction\n \n and\n \n coordination\n \n activities.\n \n Italgas\n \n exerts\n \n direction\n \n and\n \n coordination\n \n activities\n \n over\n \n its\n \n subsidiaries\n \n pursuant\n \n to\n \n Articles\n \n 2497 \n et seq. of the Civil Code.\n
\n
\n The\n \n amounts\n \n involved\n \n in\n \n commercial,\n \n financial\n \n and\n \n other\n \n transactions\n \n with\n \n the\n \n above-mentioned\n \n related\n \n parties,\n \n are\n \n shown\n \n below.\n \n The\n \n nature\n \n of\n \n the\n \n most \n significant transactions is also stated.\n
\n
\n With\n \n reference\n \n in\n \n particular\n \n to\n \n the\n \n balances\n \n exposed\n \n towards\n \n the\n \n Eni\n \n Group,\n \n Enel\n \n Group,\n \n and\n \n Poste\n \n Italiane\n \n Group\n \n the\n \n underlying\n \n relations\n \n refer\n \n to\n \n the\n \n natural \n gas\n \n distribution\n \n service\n \n business,\n \n according\n \n to\n \n the\n \n terms\n \n of\n \n the\n \n Network\n \n Code,\n \n defined\n \n by\n \n the\n \n Italian\n \n Regulatory\n \n Authority\n \n for\n \n Energy,\n \n Networks\n \n and \n Environment\n \n (Autorit\u00e0\n \n di\n \n Regolazione\n \n per\n \n Energia\n \n Reti\n \n e\n \n Ambiente,\n \n ARERA).\n \n The\n \n Network\n \n Code\n \n regulates\n \n the\n \n non-discriminatory\n \n conditions,\n \n including\n \n tariffs, \n applicable to all distribution users.\n
\n \n
\n Commercial and other transactions \n
\n
\n Commercial and other transactions are analysed below:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Costs (a)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Revenues (b)\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Receivables\n

\n 		\n

\n Payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Assets\n

\n 		\n

\n Services\n

\n 		\n

\n Other\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Services\n

\n 		\n

\n Other\n

\n
\n

\n Parent company\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - CDP Group\n

\n 		\n

\n 0\n

\n 		\n

\n 95\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1\n

\n 		\n

\n 100\n

\n 		\n

\n 195\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 95\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1\n

\n 		\n

\n 100\n

\n 		\n

\n 195\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Companies under joint control and associates\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Umbria Distribuzione Gas\n

\n 		\n

\n 2,972\n

\n 		\n

\n 30\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n (31)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 839\n

\n 		\n

\n 86\n

\n
\n

\n - Metano Sant'Angelo Lodigiano\n

\n 		\n

\n 474\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n (8)\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 340\n

\n 		\n

\n 106\n

\n
\n

\n - Gesam Reti\n

\n 		\n

\n 81\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 78\n

\n 		\n

\n 6\n

\n
\n

\n - Enerpaper\n

\n 		\n

\n 45\n

\n 		\n

\n 290\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 403\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Energie Rete Gas\n

\n 		\n

\n 2,007\n

\n 		\n

\n 10,835\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 92\n

\n 		\n

\n 7,876\n

\n 		\n

\n 1,579\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,322\n

\n 		\n

\n 367\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n 5,579\n

\n 		\n

\n 11,157\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 92\n

\n 		\n

\n 8,240\n

\n 		\n

\n 1,579\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,579\n

\n 		\n

\n 565\n

\n
\n

\n Companies owned or controlled by the State\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Eni Group\n

\n 		\n

\n 177,500\n

\n 		\n

\n 40,716\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,468\n

\n 		\n

\n 704\n

\n 		\n

\n 2,402\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 570,429\n

\n 		\n

\n 3,723\n

\n
\n

\n - Snam Group\n

\n 		\n

\n 413\n

\n 		\n

\n 376\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 156\n

\n 		\n

\n 167\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 240\n

\n 		\n

\n 111\n

\n
\n

\n - Enel Group\n

\n 		\n

\n 49,177\n

\n 		\n

\n 11,625\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3)\n

\n 		\n

\n 150\n

\n 		\n

\n 1,342\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167,987\n

\n 		\n

\n 2,928\n

\n
\n

\n - GSE Gestore Servizi Group\n

\n 		\n

\n 1,073\n

\n 		\n

\n (678)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 60\n

\n 		\n

\n 80,466\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,823\n

\n 		\n

\n (1,372)\n

\n
\n

\n - Other\n

\n 		\n

\n 1,090\n

\n 		\n

\n 1,596\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 12\n

\n 		\n

\n 503\n

\n 		\n

\n 1,236\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 246\n

\n 		\n

\n 880\n

\n
\n

\n \u00a0\n

\n 		\n

\n 229,253\n

\n 		\n

\n 53,635\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,477\n

\n 		\n

\n 1,573\n

\n 		\n

\n 85,613\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 741,725\n

\n 		\n

\n 6,270\n

\n
\n

\n Other related parties\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other\n

\n 		\n

\n 0\n

\n 		\n

\n 616\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,052\n

\n 		\n

\n 285\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 616\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 2,052\n

\n 		\n

\n 285\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Total\n

\n 		\n

\n 234,832\n

\n 		\n

\n 65,503\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,622\n

\n 		\n

\n 10,198\n

\n 		\n

\n 87,389\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 744,304\n

\n 		\n

\n 6,835\n

\n
\n

\n (a) Include costs for goods and services for investment.\n

\n
\n

\n (b) Gross of the regulation components having contra entry in costs.\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Costs (a)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Revenues (b)\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Receivables\n

\n 		\n

\n Payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Assets\n

\n 		\n

\n Services\n

\n 		\n

\n Other\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Services\n

\n 		\n

\n Other\n

\n
\n

\n Parent company\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - CDP Group\n

\n 		\n

\n 0\n

\n 		\n

\n 172\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 82\n

\n 		\n

\n 4\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 172\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 82\n

\n 		\n

\n 4\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Companies under joint control and associates\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Umbria Distribuzione Gas\n

\n 		\n

\n 2,087\n

\n 		\n

\n (69)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 612\n

\n 		\n

\n 75\n

\n
\n

\n - Metano Sant'Angelo Lodigiano\n

\n 		\n

\n 708\n

\n 		\n

\n 22\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 525\n

\n 		\n

\n 123\n

\n
\n

\n - Gesam Reti\n

\n 		\n

\n 156\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 75\n

\n 		\n

\n 31\n

\n
\n

\n - Energie Rete Gas\n

\n 		\n

\n 3,256\n

\n 		\n

\n 11,430\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167\n

\n 		\n

\n 8,250\n

\n 		\n

\n 1,997\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,806\n

\n 		\n

\n 222\n

\n
\n

\n - Siciliacque S.p.A.\n

\n 		\n

\n 3,171\n

\n 		\n

\n 8,385\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 42\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,511\n

\n 		\n

\n 848\n

\n
\n

\n - Acqualatina\n

\n 		\n

\n 1,885\n

\n 		\n

\n 106\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 47\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 611\n

\n 		\n

\n 591\n

\n
\n

\n - IG Servizi Energetici\n

\n 		\n

\n 41\n

\n 		\n

\n 258\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 231\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18\n

\n 		\n

\n 1\n

\n
\n

\n \u00a0\n

\n 		\n

\n 11,304\n

\n 		\n

\n 20,132\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 167\n

\n 		\n

\n 8,570\n

\n 		\n

\n 1,997\n

\n 		\n

\n 0\n

\n 		\n

\n 5,158\n

\n 		\n

\n 1,891\n

\n
\n

\n Companies owned or controlled by the State\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Eni Group\n

\n 		\n

\n 217,654\n

\n 		\n

\n 48,884\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,303\n

\n 		\n

\n 577\n

\n 		\n

\n 5,087\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 659,763\n

\n 		\n

\n 4,099\n

\n
\n

\n - Snam Group\n

\n 		\n

\n 420\n

\n 		\n

\n 209\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 183\n

\n 		\n

\n 44\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 240\n

\n 		\n

\n 103\n

\n
\n

\n - Enel Group\n

\n 		\n

\n 139,583\n

\n 		\n

\n 23,651\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 313\n

\n 		\n

\n 3,004\n

\n 		\n

\n 1,405\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 320,357\n

\n 		\n

\n 3,022\n

\n
\n

\n - GSE Gestore Servizi Group\n

\n 		\n

\n 2,368\n

\n 		\n

\n (559)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 35\n

\n 		\n

\n 96,182\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,312\n

\n 		\n

\n (21)\n

\n
\n

\n - Poste italiane Group\n

\n 		\n

\n 2,443\n

\n 		\n

\n 404\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 944\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 18,640\n

\n 		\n

\n 53\n

\n
\n

\n - Other\n

\n 		\n

\n 1,149\n

\n 		\n

\n 2,905\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4\n

\n 		\n

\n 274\n

\n 		\n

\n 2,522\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 318\n

\n 		\n

\n 395\n

\n
\n

\n \u00a0\n

\n 		\n

\n 363,617\n

\n 		\n

\n 75,494\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 6,620\n

\n 		\n

\n 5,017\n

\n 		\n

\n 105,240\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,003,630\n

\n 		\n

\n 7,651\n

\n
\n

\n Other related parties\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Other\n

\n 		\n

\n 0\n

\n 		\n

\n 411\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,458\n

\n 		\n

\n 16\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 411\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,458\n

\n 		\n

\n 16\n

\n 		\n

\n 2\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Total\n

\n 		\n

\n 374,921\n

\n 		\n

\n 96,209\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,245\n

\n 		\n

\n 13,685\n

\n 		\n

\n 107,243\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,008,788\n

\n 		\n

\n 9,542\n

\n
\n

\n (a) Include costs for goods and services for investment.\n

\n
\n

\n (b) Gross of the regulation components having contra entry in costs.\n

\n
\n
\n Parent company\n
\n
\n Commercial relations with the CDP Group are essentially related to fees due to directors.\n
\n
\n Companies under joint control and associates\n
\n
\n With\n \n Umbria\n \n Distribuzione\n \n Gas\n \n S.p.A.\n \n and\n \n Metano\n \n Sant\u2019Angelo\n \n Lodigiano\n \n S.p.A.,\n \n the\n \n main\n \n receivable\n \n commercial\n \n transactions\n \n mainly\n \n refer\n \n to\n \n IT\n \n and\n \n staff \n services.\n
\n
\n With\n \n Enerpaper\n \n S.r.l.,\n \n the\n \n payable\n \n commercial\n \n transactions\n \n related\n \n to\n \n FY\n \n 2024\n \n refer\n \n to\n \n activities\n \n related\n \n to\n \n Superbonus\n \n construction\n \n sites\n \n managed\n \n by\n \n the \n Group.\n
\n
\n With\n \n Energie\n \n Rete\n \n Gas\n \n S.r.l.,\n \n the\n \n main\n \n receivable\n \n commercial\n \n transactions\n \n refer\n \n to\n \n technical\n \n services\n \n on\n \n the\n \n gas\n \n network\n \n and\n \n sale\n \n of\n \n cryogenic\n \n LNG\n \n tanks; \n the main payable transactions refer to services associated with the transport of natural gas by road.\n
\n
\n Companies owned or controlled by the State \n
\n
\n The main receivable commercial transactions predominantly refer to:\n
\n
\n -\n the distribution of natural gas to the Eni Group, Enel Group and Poste Italiane Group;\n
\n
\n -\n IT services and chargebacks of gas supply truck costs related to the Snam Group;\n
\n
\n -\n energy\n \n efficiency\n \n certificates\n \n and\n \n net\n \n metering/dedicated\n \n collection\n \n of\n \n energy\n \n efficiency\n \n produced\n \n by\n \n photovoltaic\n \n plants\n \n in\n \n relation\n \n to\n \n the\n \n GSE\n \n Gestore \n Servizi Group.\n
\n
\n The main payable commercial transactions refer to:\n
\n
\n \n
\n -\n the supply of electricity and methane gas for internal consumption by the Eni Group;\n
\n -\n rental expenses and additional charges to lease contracts with the Snam Group;\n
\n
\n -\n acquisition of energy efficiency certificates in relation to the GSE Gestore Servizi Group;\n
\n
\n -\n the provision of postal services in relation to the Poste Italiane Group.\n
\n
\n Financial transactions\n
\n
\n Financial transactions can be broken down as follows:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Receivables\n

\n 		\n

\n Payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Income\n

\n 		\n

\n Expense\n

\n
\n

\n Parent company\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - CDP Group\n

\n 		\n

\n 1,570\n

\n 		\n

\n 143,944\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 1,171\n

\n
\n

\n \u00a0\n

\n 		\n

\n 1,570\n

\n 		\n

\n 143,944\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 1,171\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Companies under joint control and associates\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Energie Rete gas\n

\n 		\n

\n 2,125\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Umbria Distribuzione Gas\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 253\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 2,125\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 253\n

\n 		\n

\n 0\n

\n
\n

\n State-owned or controlled enterprises\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Snam Group\n

\n 		\n

\n 0\n

\n 		\n

\n 1,466\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Other\n

\n 		\n

\n 0\n

\n 		\n

\n 736\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 2,202\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Total\n

\n 		\n

\n 3,695\n

\n 		\n

\n 146,146\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 253\n

\n 		\n

\n 1,171\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Receivables\n

\n 		\n

\n Payables\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Income\n

\n 		\n

\n Expense\n

\n
\n

\n Parent company\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - CDP Group\n

\n 		\n

\n 2,426\n

\n 		\n

\n 143,591\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 4,619\n

\n
\n

\n \u00a0\n

\n 		\n

\n 2,426\n

\n 		\n

\n 143,591\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 4,619\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Companies under joint control and associates\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Energie Rete gas\n

\n 		\n

\n 2,125\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Umbria Distribuzione Gas\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 291\n

\n 		\n

\n 0\n

\n
\n

\n - Siciliacque S.p.A.\n

\n 		\n

\n 19,592\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,217\n

\n 		\n

\n 0\n

\n
\n

\n - Acqualatina\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - IG Servizi Energetici\n

\n 		\n

\n 1,931\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 41\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 23,648\n

\n 		\n

\n 0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,549\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n State-owned or controlled enterprises\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n - Snam Group\n

\n 		\n

\n 0\n

\n 		\n

\n 1,466\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n - Mediobanca \u2013 Banca di Credito Finanziario\n

\n 		\n

\n 0\n

\n 		\n

\n 124,876\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 858\n

\n
\n

\n - Other\n

\n 		\n

\n 0\n

\n 		\n

\n 736\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 127,078\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 0\n

\n 		\n

\n 858\n

\n
\n

\n Total\n

\n 		\n

\n 26,074\n

\n 		\n

\n 270,669\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,549\n

\n 		\n

\n 5,477\n

\n
\n
\n
\n Parent company\n
\n
\n The main financial transactions with Energie Rete Gas and Siciliacque relate to a shareholder loan agreement.\n
\n
\n Companies under joint control and associates \n
\n
\n The main financial transactions with Energie Rete Gas relate to a shareholder loan agreement.\n
\n
\n The financial transactions conducted with Umbria Distribuzione Gas are related to the chargeback of interest in arrears.\n
\n
\n Companies owned or controlled by the State\n
\n
\n The main financial transactions conducted with the Eni Group and the Snam Group relate to IFRS16 debt for \n real estate operating leases\n .\n
\n
\n \n
\n Transactions\n \n with\n \n Directors,\n \n Statutory\n \n Auditors\n \n and\n \n key\n \n managers,\n \n with\n \n reference\n \n in\n \n particular\n \n to\n \n their\n \n remuneration,\n \n are\n \n described\n \n in\n \n the\n \n note\n \n \u201cOperating \n costs\u201d, to which reference is made.\n
\n Impact\n \n of\n \n related-party\n \n transactions\n \n or\n \n positions\n \n on\n \n the\n \n statement\n \n of\n \n financial\n \n position,\n \n income \n statement and statement of cash flows\n
\n
\n The impact of related-party transactions or positions on the Statement of Financial Position is summarised in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n As of 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n
\n

\n Statement of financial position\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Current financial assets\n

\n 		\n

\n 3,592\n

\n 		\n

\n 2,125\n

\n 		\n

\n 59.16%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,004\n

\n 		\n

\n 2,890\n

\n 		\n

\n 72.18%\n

\n
\n

\n Trade and other receivables\n

\n 		\n

\n 905,092\n

\n 		\n

\n 234,138\n

\n 		\n

\n 25.87%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,407,264\n

\n 		\n

\n 372,435\n

\n 		\n

\n 26.47%\n

\n
\n

\n Other current financial assets\n

\n 		\n

\n 5,878\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 4,547\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n
\n

\n Other current non-financial assets\n

\n 		\n

\n 232,559\n

\n 		\n

\n 288\n

\n 		\n

\n 0.12%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 284,674\n

\n 		\n

\n 1,961\n

\n 		\n

\n 0.69%\n

\n
\n

\n Non-current financial assets\n

\n 		\n

\n 339,747\n

\n 		\n

\n 1,570\n

\n 		\n

\n 0.46%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 349,295\n

\n 		\n

\n 23,185\n

\n 		\n

\n 6.64%\n

\n
\n

\n Other non-current financial assets\n

\n 		\n

\n 10,982\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 8,730\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n
\n

\n Other non-current non-financial assets\n

\n 		\n

\n 619,322\n

\n 		\n

\n 406\n

\n 		\n

\n 0.07%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 546,613\n

\n 		\n

\n 524\n

\n 		\n

\n 0.10%\n

\n
\n

\n Current financial liabilities\n

\n 		\n

\n 980,569\n

\n 		\n

\n 4,580\n

\n 		\n

\n 0.47%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 975,322\n

\n 		\n

\n 4,227\n

\n 		\n

\n 0.43%\n

\n
\n

\n Trade and other payables\n

\n 		\n

\n 1,184,609\n

\n 		\n

\n 64,410\n

\n 		\n

\n 5.44%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,775,822\n

\n 		\n

\n 86,625\n

\n 		\n

\n 4.88%\n

\n
\n

\n Other current non-financial liabilities\n

\n 		\n

\n 14,063\n

\n 		\n

\n 1,093\n

\n 		\n

\n 7.77%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 45,653\n

\n 		\n

\n 9,585\n

\n 		\n

\n 21.00%\n

\n
\n

\n Non-current financial liabilities\n

\n 		\n

\n 6,205,299\n

\n 		\n

\n 141,566\n

\n 		\n

\n 2.28%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 10,440,320\n

\n 		\n

\n 266,442\n

\n 		\n

\n 2.55%\n

\n
\n

\n Other non-current non-financial liabilities\n

\n 		\n

\n 566,985\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,227,209\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n
\n
\n The impact of related-party transactions on the income statement is summarised in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n
\n

\n Income Statement\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Revenues\n

\n 		\n

\n 2,478,644\n

\n 		\n

\n 744,304\n

\n 		\n

\n 30.03%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,508,303\n

\n 		\n

\n 1,008,788\n

\n 		\n

\n 28.75%\n

\n
\n

\n Other income\n

\n 		\n

\n 60,792\n

\n 		\n

\n 6,835\n

\n 		\n

\n 11.24%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 80,846\n

\n 		\n

\n 9,542\n

\n 		\n

\n 11.80%\n

\n
\n

\n Purchase costs for raw materials, consumables, supplies and goods\n

\n 		\n

\n 168,459\n

\n 		\n

\n 6,622\n

\n 		\n

\n 3.93%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 190,307\n

\n 		\n

\n 8,246\n

\n 		\n

\n 4.33%\n

\n
\n

\n Costs for services\n

\n 		\n

\n 604,545\n

\n 		\n

\n 10,198\n

\n 		\n

\n 1.69%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 860,849\n

\n 		\n

\n 13,686\n

\n 		\n

\n 1.59%\n

\n
\n

\n Lease expenses\n

\n 		\n

\n 102,496\n

\n 		\n

\n 1,235\n

\n 		\n

\n 1.20%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 153,106\n

\n 		\n

\n 2,700\n

\n 		\n

\n 1.76%\n

\n
\n

\n Personnel costs\n

\n 		\n

\n 285,133\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 401,081\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n
\n

\n Other operating expenses\n

\n 		\n

\n 60,921\n

\n 		\n

\n 86,154\n

\n 		\n

\n 141.42%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 76,963\n

\n 		\n

\n 104,544\n

\n 		\n

\n 135.84%\n

\n
\n

\n Financial expense\n

\n 		\n

\n 149,566\n

\n 		\n

\n 1,171\n

\n 		\n

\n 0.78%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 257,309\n

\n 		\n

\n 5,477\n

\n 		\n

\n 2.13%\n

\n
\n

\n Financial income\n

\n 		\n

\n 28,521\n

\n 		\n

\n 253\n

\n 		\n

\n 0.89%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 21,424\n

\n 		\n

\n 1,549\n

\n 		\n

\n 7.23%\n

\n
\n
\n
\n Related-party\n \n transactions\n \n are\n \n generally\n \n carried\n \n out\n \n at\n \n arm\u2019s\n \n length,\n \n i.e.\n \n at\n \n the\n \n conditions\n \n that\n \n would\n \n be\n \n applied \n between two independent parties. \n
\n
\n The principal cash flows with related parties are shown in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n Revenues and income\n

\n 		\n

\n 751,139\n

\n 		\n

\n 1,018,330\n

\n
\n

\n Costs and charges\n

\n 		\n

\n 104,209\n

\n 		\n

\n 129,176\n

\n
\n

\n Change in current financial assets\n

\n 		\n

\n 2\n

\n 		\n

\n (765)\n

\n
\n

\n Change in trade and other current receivables\n

\n 		\n

\n (50,024)\n

\n 		\n

\n (138,297)\n

\n
\n

\n Change in non-current financial assets\n

\n 		\n

\n 2,085\n

\n 		\n

\n (21,615)\n

\n
\n

\n Change in other assets \n

\n 		\n

\n (405)\n

\n 		\n

\n (1,791)\n

\n
\n

\n Change in trade and other payables\n

\n 		\n

\n (1,365)\n

\n 		\n

\n 22,215\n

\n
\n

\n Change in other current liabilities\n

\n 		\n

\n 871\n

\n 		\n

\n 8,492\n

\n
\n

\n Interest collected (paid)\n

\n 		\n

\n (918)\n

\n 		\n

\n (3,928)\n

\n
\n

\n Net cash flow from operating activities\n

\n 		\n

\n 805.594\n

\n 		\n

\n 1,011,817\n

\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Net cash flow from investment activities\n

\n 		\n

\n 0\n

\n 		\n

\n 0\n

\n
\n

\n Dividends distributed to minority shareholders\n

\n 		\n

\n (112,681)\n

\n 		\n

\n (130,049)\n

\n
\n

\n Increase (decrease) in financial debt\n

\n 		\n

\n 143,944\n

\n 		\n

\n 124,523\n

\n
\n

\n Net cash flow from financing activities\n

\n 		\n

\n 31,263\n

\n 		\n

\n (5.526)\n

\n
\n

\n Total cash flows to related entities\n

\n 		\n

\n 836.857\n

\n 		\n

\n 1,006,291\n

\n
\n
\n The incidence of cash flows with related parties are shown in the following table:\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2024\n

\n 		\n

\n \u00a0\n

\n 		\n

\n For the year ended 31 December 2025\n

\n
\n

\n (\u20ac thousands)\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n 		\n

\n \u00a0\n

\n 		\n

\n Total\n

\n 		\n

\n Related entities\n

\n 		\n

\n Incidence %\n

\n
\n

\n Cash flow / (used in) operating activities\n

\n 		\n

\n 1,098,715\n

\n 		\n

\n 805.594\n

\n 		\n

\n 73.32%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,625,030\n

\n 		\n

\n 1,011,817\n

\n 		\n

\n 62.26%\n

\n
\n

\n Cash flow used in investment activities\n

\n 		\n

\n (809,134)\n

\n 		\n

\n 0\n

\n 		\n

\n 0.00%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n (3,168,996)\n

\n 		\n

\n -\n

\n 		\n

\n 0.00%\n

\n
\n

\n Cash flow / (used in) financing activities\n

\n 		\n

\n (136,882)\n

\n 		\n

\n 31,263.000\n

\n 		\n

\n (22.84)%\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 1,673,238\n

\n 		\n

\n (5.526)\n

\n 		\n

\n (0.33)%\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact607": { "value": "\n
\n Based\n \n on\n \n Italgas\u2019\n \n current\n \n ownership\n \n structure,\n \n pursuant\n \n to\n \n paragraph\n \n 9\n \n of\n \n the\n \n IAS\n \n 24,\n \n Italgas\n \n related\n \n parties\n \n include,\n \n in\n \n addition\n \n to\n \n directors,\n \n statutory\n \n auditors, \n executives\n \n with\n \n strategic\n \n responsibilities,\n \n companies\n \n associated\n \n with\n \n the\n \n Group\n \n or\n \n under\n \n its\n \n joint\n \n control,\n \n also\n \n the\n \n subsidiaries\n \n directly\n \n or\n \n indirectly\n \n controlled \n by CDP, therefore including the shareholder Snam, and the Ministry of Economy and Finance (MEF).\n
\n
\n Following\n \n the\n \n entry\n \n into\n \n force\n \n of\n \n Article\n \n 13,\n \n paragraph\n \n 1-bis,\n \n of\n \n Decree-Law\n \n No.\n \n 95/2025,\n \n as\n \n converted\n \n into\n \n Law\n \n No.\n \n 118/2025,\n \n and\n \n Article\n \n 1,\n \n paragraph\n \n 268, \n of\n \n the\n \n 2026\n \n Budget\n \n Law,\n \n the\n \n Company\n \n amended\n \n its\n \n internal\n \n procedures\n \n for\n \n the\n \n purposes\n \n of\n \n the\n \n regulation\n \n of\n \n transactions\n \n with\n \n related\n \n parties\n \n pursuant\n \n to \n Article\n \n 2391-bis\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code.\n \n The\n \n recently\n \n enacted\n \n legislation\n \n has\n \n established\n \n that,\n \n for\n \n the\n \n purposes\n \n of\n \n Article\n \n 2391-bis\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code, \n no\n \n related-party\n \n relationships\n \n exist\n \n between\n \n public\n \n administrations\n \n that\n \n do\n \n not\n \n exercise\n \n direction\n \n and\n \n coordination\n \n powers\n \n and\n \n the\n \n companies\n \n in\n \n which\n \n they \n hold equity investments, including indirectly. \n
\n
\n The\n \n following\n \n disclosures\n \n are\n \n instead\n \n provided\n \n pursuant\n \n to\n \n IAS\n \n 24.\n \n Transactions\n \n with\n \n related\n \n parties\n \n entered\n \n into\n \n by\n \n the\n \n Italgas\n \n Group\n \n relate\n \n to\n \n the\n \n exchange \n of assets, the provision of services and, in the case of CDP, the provision of financial resources. \n
\n
\n These\n \n transactions\n \n are\n \n part\n \n of\n \n ordinary\n \n business\n \n operations\n \n and\n \n are\n \n generally\n \n settled\n \n at\n \n arm\u2019s\n \n length,\n \n i.e.\n \n the\n \n conditions\n \n which\n \n would\n \n be\n \n applied\n \n between\n \n two \n independent parties. All transactions entered into were carried out in the interest of the Italgas Group companies.\n
\n
\n CDP\n \n and\n \n CDP\n \n Reti\n \n consolidate\n \n Italgas\n \n pursuant\n \n to\n \n IFRS\n \n 10.\n \n In\n \n addition,\n \n through\n \n the\n \n Board\n \n of\n \n Directors\u2019\n \n decision\n \n of\n \n 1\n \n August\n \n 2019,\n \n CDP\n \n reclassified\n \n its \n investment\n \n in\n \n Italgas\n \n S.p.A.\n \n as\n \n a\n \n controlling\n \n interest\n \n pursuant\n \n to\n \n Article\n \n 2359,\n \n paragraph\n \n 1.2)\n \n of\n \n the\n \n Italian\n \n Civil\n \n Code\n \n and\n \n Article\n \n 93\n \n of\n \n the\n \n TUF.\n \n Italgas\n \n is\n \n not \n subject to direction and coordination activities by CDP. \n
\n
\n Italgas\n \n is\n \n not\n \n subject\n \n to\n \n direction\n \n and\n \n coordination\n \n activities.\n \n Italgas\n \n exerts\n \n direction\n \n and\n \n coordination\n \n activities\n \n over\n \n its\n \n subsidiaries\n \n pursuant\n \n to\n \n Articles\n \n 2497 \n et seq. of the Civil Code.\n
\n
\n The\n \n amounts\n \n involved\n \n in\n \n commercial,\n \n financial\n \n and\n \n other\n \n transactions\n \n with\n \n the\n \n above-mentioned\n \n related\n \n parties,\n \n are\n \n shown\n \n below.\n \n The\n \n nature\n \n of\n \n the\n \n most \n significant transactions is also stated.\n
\n
\n With\n \n reference\n \n in\n \n particular\n \n to\n \n the\n \n balances\n \n exposed\n \n towards\n \n the\n \n Eni\n \n Group,\n \n Enel\n \n Group,\n \n and\n \n Poste\n \n Italiane\n \n Group\n \n the\n \n underlying\n \n relations\n \n refer\n \n to\n \n the\n \n natural \n gas\n \n distribution\n \n service\n \n business,\n \n according\n \n to\n \n the\n \n terms\n \n of\n \n the\n \n Network\n \n Code,\n \n defined\n \n by\n \n the\n \n Italian\n \n Regulatory\n \n Authority\n \n for\n \n Energy,\n \n Networks\n \n and \n Environment\n \n (Autorit\u00e0\n \n di\n \n Regolazione\n \n per\n \n Energia\n \n Reti\n \n e\n \n Ambiente,\n \n ARERA).\n \n The\n \n Network\n \n Code\n \n regulates\n \n the\n \n non-discriminatory\n \n conditions,\n \n including\n \n tariffs, \n applicable to all distribution users.\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact593": { "value": "\n
\n 39)\n Significant events after year end \n
\n
\n The\n \n significant\n \n transactions\n \n carried\n \n out\n \n after\n \n 31\n \n December\n \n 2025\n \n are\n \n summarised\n \n below.\n \n The\n \n Integrated\n \n Annual \n Report\n \n has\n \n been\n \n submitted\n \n to\n \n the\n \n examination\n \n of\n \n the\n \n Company\u2019s\n \n Board\n \n of\n \n Directors\n \n and\n \n its\n \n publication\n \n was \n authorised\n \n within\n \n the\n \n terms\n \n and\n \n in\n \n accordance\n \n with\n \n the\n \n procedure\n \n prescribed\n \n by\n \n law.\n \n Therefore,\n \n this\n \n document \n does not note any events that occurred subsequent to that date. \n
\n
\n Extraordinary transactions and area tenders \n
\n
\n To\n \n fulfil\n \n the\n \n commitments\n \n required\n \n by\n \n the\n \n Antitrust\n \n Authority\n \n in\n \n relation\n \n to\n \n the\n \n acquisition\n \n of\n \n 2i\n \n Rete\n \n Gas,\n \n in \n January\n \n 2026\n \n Italgas\n \n Reti\n \n incorporated\n \n and\n \n registered\n \n with\n \n the\n \n Companies\u2019\n \n Register\n \n six\n \n new\n \n companies,\n \n each \n with\n \n share\n \n capital\n \n of\n \n 10,000\n \n euro\n \n fully\n \n subscribed\n \n and\n \n paid\n \n up:\n \n Azienda\n \n Gas\n \n Valle\n \n del\n \n Sacco\n \n S.r.l.,\n \n BS\n \n Reti \n Gas\n \n S.r.l.,\n \n Infrastrutture\n \n Reti\n \n Gas\n \n SPV\n \n 1\n \n S.r.l.,\n \n Infrastrutture\n \n Reti\n \n Gas\n \n SPV\n \n 2\n \n S.r.l.,\n \n Infrastrutture\n \n Reti\n \n Gas\n \n SPV \n 3 S.r.l. and Reti Padova S.r.l..\n
\n
\n On\n \n 15\n \n January\n \n 2026,\n \n a\n \n new\n \n plant\n \n came\n \n into\n \n operation\n \n in\n \n Porto\n \n Tolle\n \n (RO),\n \n connecting\n \n the\n \n biomethane \n produced\n \n by\n \n Azienda\n \n Agricola\n \n Canella\n \n Giancarlo\n \n to\n \n the\n \n Italgas\n \n network.\n \n The\n \n project,\n \n carried\n \n out\n \n within\n \n the \n ARERA\n \n regulatory\n \n framework,\n \n also\n \n includes\n \n 100\n \n metres\n \n of\n \n new\n \n network.\n \n Italgas\n \n highlights\n \n the\n \n strategic\n \n role\n \n of \n biomethane and plans to connect a further 50 plants by mid-2026.\n
\n
\n Legal and Regulatory Framework \n
\n
\n By\n \n order\n \n published\n \n on\n \n 27\n \n January\n \n 2026,\n \n the\n \n Regional\n \n Administrative\n \n Court\n \n of\n \n Friuli\n \n Venezia\n \n Giulia \n rejected\n \n Italgas\n \n Reti\u2019s\n \n application\n \n for\n \n interim\n \n relief\n \n seeking\n \n suspension\n \n of\n \n the\n \n tender\n \n for\n \n the\n \n concession\n \n of\n \n the \n gas\n \n distribution\n \n service\n \n in\n \n the\n \n Pordenone\n \n area.\n \n The\n \n Court\n \n found\n \n that\n \n the\n \n risks\n \n alleged\n \n by\n \n the\n \n Company\n \n were \n unfounded\n \n and\n \n ruled\n \n out\n \n the\n \n existence\n \n of\n \n serious\n \n and\n \n irreparable\n \n harm,\n \n as\n \n the\n \n proceedings\n \n will\n \n allow\n \n a\n \n decision \n on\n \n the\n \n merits\n \n before\n \n the\n \n deadline\n \n for\n \n the\n \n submission\n \n of\n \n bids\n \n (3\n \n June\n \n 2026).\n \n The\n \n public\n \n hearing\n \n to\n \n examine\n \n the \n appeal is scheduled for 10 March 2026.\n
\n
\n With\n \n Resolution\n \n no.\n \n 9/2026/R/gas,\n \n the\n \n Authority\n \n approved\n \n the\n \n amounts\n \n to\n \n cover\n \n the\n \n additional\n \n costs\n \n arising \n from\n \n the\n \n extension\n \n of\n \n obligations\n \n to\n \n verify\n \n metering\n \n instruments\n \n incurred\n \n in\n \n 2018\n \n and\n \n 2019\n \n by\n \n distribution \n companies\n \n that\n \n submitted\n \n separate\n \n annual\n \n accounts\n \n under\n \n the\n \n ordinary\n \n accounting\n \n unbundling\n \n regime.\n \n The \n Resolution\n \n also\n \n provides\n \n that\n \n the\n \n Energy\n \n and\n \n Environmental\n \n Services\n \n Fund\n \n (CSEA)\n \n shall\n \n proceed\n \n with\n \n the \n settlement\n \n of\n \n the\n \n amounts\n \n recognised\n \n on\n \n a\n \n final\n \n basis\n \n to\n \n distribution\n \n companies,\n \n as\n \n an\n \n adjustment\n \n to\n \n the \n revenue cap set to cover metering service costs.\n
\n
\n With\n \n ruling\n \n published\n \n on\n \n 29\n \n January\n \n 2026,\n \n the\n \n Council\n \n of\n \n State\n \n rejected\n \n the\n \n appeal\n \n of\n \n Italgas\n \n Reti\n \n against\n \n the \n award of the tender for gas distribution in the Catanzaro Crotone Area.\n
\n \n Antitrust requirements\n
\n On\n \n 1\n \n March\n \n 2026,\n \n the\n \n ATEMs\n \n of\n \n Bari\n \n 2,\n \n Barletta-Andria-Trani,\n \n Pisa\n \n and\n \n Teramo\n \n were\n \n transferred\n \n to\n \n a \n temporary\n \n consortium\n \n comprising\n \n Plures,\n \n Estra\n \n and\n \n Centria,\n \n covering\n \n approximately\n \n 120,000\n \n active\n \n re-delivery \n points (PdRs). The remaining disposals will take place by the second quarter of 2026. \n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact591": { "value": "\n
\n 40)\n Publication of the financial statements\n
\n
\n The\n \n financial\n \n statements\n \n were\n \n authorised\n \n for\n \n publication\n \n by\n \n the\n \n Board\n \n of\n \n Directors\n \n of\n \n Italgas\n \n at\n \n its\n \n meeting\n \n of \n 03\n \n March\n \n 2026.\n \n The\n \n Board\n \n of\n \n Directors\n \n authorised\n \n the\n \n Chairperson\n \n and\n \n the\n \n Chief\n \n Executive\n \n Officer\n \n to\n \n make \n any changes which might be necessary or appropriate for finalising the form of the document.\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact614": { "value": "\n

\n SUBSIDIARY COMPANIES\n

\n \n

\n Designation\n

\n \n

\n Registered office\n

\n \n

\n Currency\n

\n \n

\n Share capital\n

\n \n

\n Shareholders\n

\n \n

\n % ownership\n

\n \n

\n % consolidated pertaining to Italgas\n

\n \n

\n Consolidation method or measurement criterion\n

\n \n

\n Operating\n

\n \n

\n Italgas Reti S.p.A.\n

\n \n

\n Turin\n

\n \n

\n Eur\n

\n \n

\n 252,263,314\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 100.00%\n

\n \n

\n 100.00%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Nepta S.p.A.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 50,000\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 100.00%\n

\n \n

\n 100.00%\n

\n \n

\n full consolidation\n

\n \n

\n Water service\n

\n \n

\n Geoside S.p.A.\n

\n \n

\n Casalecchio di Reno (BO)\n

\n \n

\n Eur\n

\n \n

\n 57,089,254\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 67.22%\n

\n \n

\n 83.82%\n

\n \n

\n full consolidation\n

\n \n

\n Energy efficiency\n

\n \n

\n Toscana Energia S.p.A.\n

\n \n

\n 32.78%\n

\n \n

\n Medea S.p.A.\n

\n \n

\n Sassari\n

\n \n

\n Eur\n

\n \n

\n 95,500,000\n

\n \n

\n Italgas Reti S.p.A.\n

\n \n

\n 51.85%\n

\n \n

\n 51.85%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Non-controlling Interests\n

\n \n

\n 48.15%\n

\n \n

\n Toscana Energia S.p.A.\n

\n \n

\n Florence\n

\n \n

\n Eur\n

\n \n

\n 146,214,387\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 50.66%\n

\n \n

\n 50.66%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Non-controlling Interests\n

\n \n

\n 49.34%\n

\n \n

\n IG Rete Dati S.r.l.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 120,000\n

\n \n

\n Bludigit S.p.A.\n

\n \n

\n 100.00%\n

\n \n

\n 100.00%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Cilento Reti Gas S.r.l.\n

\n \n

\n Acquaviva delle Fonti (BA)\n

\n \n

\n Eur\n

\n \n

\n 4,300,000\n

\n \n

\n Italgas Reti S.p.A.\n

\n \n

\n 60.00%\n

\n \n

\n 60.00%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Italgas Newco S.p.A.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 50,000,000\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 90.00%\n

\n \n

\n 90.00%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n

\n Bludigit S.p.A.\n

\n \n

\n Milan\n

\n \n

\n Eur\n

\n \n

\n 11,000,000\n

\n \n

\n Italgas S.p.A.\n

\n \n

\n 100.00%\n

\n \n

\n 100.00%\n

\n \n

\n full consolidation\n

\n \n

\n Gas distribution\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Enaon S.A.\n

\n 		\n

\n Athens\n

\n 		\n

\n Eur\n

\n 		\n

\n 79,709,919\n

\n 		\n

\n Italgas Newco S.p.A.\n

\n 		\n

\n 100.00%\n

\n 		\n

\n 90.00%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Gas distribution\n

\n
\n

\n Enaon EDA S.A.\n

\n 		\n

\n Athens\n

\n 		\n

\n Eur\n

\n 		\n

\n 580,273,050\n

\n 		\n

\n Enaon S.A.\n

\n 		\n

\n 100.00%\n

\n 		\n

\n 90.00%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Gas distribution\n

\n
\n

\n Idrolatina S.r.l.\n

\n 		\n

\n Milan\n

\n 		\n

\n Eur\n

\n 		\n

\n 6,902,587\n

\n 		\n

\n Nepta S.p.A.\n

\n 		\n

\n 100.00%\n

\n 		\n

\n 100.00%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Water service\n

\n

\n \u00a0\n

\n
\n

\n Idrosicilia S.p.A.\n

\n 		\n

\n Milan\n

\n 		\n

\n Eur\n

\n 		\n

\n 37,520,000\n

\n 		\n

\n Nepta S.p.A.\n

\n

\n Non-controlling Interests\n

\n 		\n

\n 99.34%\n

\n

\n 0.66%\n

\n 		\n

\n 99.34%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Water service\n

\n

\n \u00a0\n

\n
\n

\n Acqua Campania S.p.A.\n

\n 		\n

\n Naples\n

\n 		\n

\n Eur\n

\n 		\n

\n 4,950,000\n

\n 		\n

\n Nepta S.p.A.\n

\n

\n Italgas Reti S.p.A.\n

\n

\n Non-controlling Interests\n

\n 		\n

\n 95.70%\n

\n

\n 0.53%\n

\n

\n 3.77%\n

\n 		\n

\n 96.23%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Water service\n

\n

\n \u00a0\n

\n
\n

\n LAC Laboratorio Acqua Campania S.r.l.\n

\n 		\n

\n Naples\n

\n 		\n

\n Eur\n

\n 		\n

\n 30,000\n

\n 		\n

\n Acqua Campania S.p.A.\n

\n

\n Non-controlling Interests\n

\n 		\n

\n 51,00%\n

\n

\n 49.00%\n

\n 		\n

\n 49.08%\n

\n 		\n

\n full consolidation\n

\n 		\n

\n Water service\n

\n

\n \u00a0\n

\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact613": { "value": "\n
\n Fees for auditing and services other than auditing\n
\n
\n Pursuant to Article 149-duodecies, subsection 2, of CONSOB Resolution no. 11971 of 14 May 1999 as \n amended, the fees for the year due to the independent auditing firm Deloitte & Touche S.p.A. for services \n provided to the Parent Company Italgas S.p.A., its subsidiaries and joint ventures, are specified below.\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n (\u20ac thousands)\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n
\n

\n Type of services\n

\n 		\n

\n Subject that provided the service\n

\n 		\n

\n Recipient\n

\n 		\n

\n Remuneration\n

\n
\n

\n Audit (*)\n

\n 		\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Parent company\n

\n 		\n

\n 405\n

\n
\n
\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Subsidiaries\n

\n 		\n

\n 1,215\n

\n
\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Company subject to joint control\n

\n 		\n

\n 7\n

\n
\n

\n Certification services (**)\n

\n 		\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Parent company\n

\n 		\n

\n 1,336\n

\n
\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Subsidiaries\n

\n 		\n

\n 78\n

\n
\n

\n Parent company\u2019s independent auditor\n

\n 		\n

\n Company subject to joint control\n

\n 		\n

\n 1\n

\n
\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n \u00a0\n

\n 		\n

\n 3,041\n

\n
\n

\n (*) The services basically include: (i) the audit of the Consolidated Financial Statements and the Financial Statements for the year of Italgas S.p.A., its subsidiaries and joint ventures; (ii) the limited audit of the half-year financial report; (iii) audits during the year pursuant to Article 14, letter b of Legislative Decree no. 39/2010; (iv) the audit of the separate annual accounts pursuant to the Integrated Text on Accounting Unbundling (TIUC); (vi) the audit of the conformity of the Consolidated Sustainability Statement.\n

\n
\n

\n (**) The certification services regard: (i) the audit of the financial reporting control system; (ii) EMTN programme procedures carried out; (iii) activities carried out in connection with the capital increase (1,070,000 euros).\n

\n
\n
\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:815600F25FF44EF1FA76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }