Regulatory and Concession Risks: Changes in the Italian regulatory framework for gas distribution, delays in concession tender processes, or unfavorable outcomes from these tenders could impact future revenue streams and investment plans.

Interest Rate Fluctuations: As a capital-intensive company, Italgas relies on debt financing for network investments. Rising interest rates would increase borrowing costs, affecting financial performance.

Energy Transition Impact: Policies promoting decarbonization, electrification, or the wider adoption of alternative energy sources like hydrogen, could lead to a long-term decline in natural gas demand, impacting network utilization and asset value.