Commentary & Deal Flow

Guidance: 6yr: MS+78bp - Book in excess of €2.5bn

IPTs: 6yr: MS+110a

• Issuer: Italgas S.p.A.
• Ticker: IGIM
• Country: IT
• Issuer LEI: 815600F25FF44EF1FA76
• Issuer Ratings: Baa2 Stable (Moody’s) / BBB+ Stable (S&P) / BBB+ Stable (Fitch)
• Expected Issue Ratings: Baa2 (Moody’s) / BBB+ (Fitch)
• Format: Senior Unsecured Notes, Reg S, Bearer, Dematerialised, TEFRA not applicable, no communications with or into the U.S., no sales into Canada
• Settlement: 16-Apr-26 (T+5)
• Maturity: 16-Apr-32 (6-year)
• Size: € Benchmark (expected €650m)
• Coupon: Fixed, Annual, Act/Act (ICMA)
• ISIN: IT0005704207
• Optional Redemption: Make-Whole Call, Clean-Up Call (80%), 3m Par Call
• Use of Proceeds: General Corporate Purposes
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Clearing: Euronext Securities Milan (Monte Titoli)
• Docs: As per the EMTN Programme with a Base Prospectus approved by Consob dated 10-Jul-25, supplemented on 6-Feb-26, on 6-Mar-26 and on 27-Mar-26
• Governing Law: English Law
• Denominations: €100k + 1k
• Joint Bookrunners: BNP Paribas, BofA Securities, Crédit Agricole CIB, IMI-Intesa Sanpaolo, J.P. Morgan, Mediobanca, Société Générale (B&D)
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID or CCI product summary has been prepared as not available to retail in EEA or in the United Kingdom
• Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Base Prospectus approved by Consob is available and the Final Terms, when published, will be available on the website of Borsa Italiana S.p.A. (https://www.borsaitaliana.it)
• Timing: Books open, Today's business
• Books Subject: 12:30 UKT / 13:30 CET
• Disclaimer: Any information contained in or accessible through any website, not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities and does not form a part of the Base Prospectus or the Final Terms, unless specifically stated in the Base Prospectus (or in any supplement thereto or in any document incorporated or deemed to be incorporated by reference in the Base Prospectus) that all or any portion of such information is incorporated by reference in the Base Prospectus