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Snam (SRG) investor relations material
Snam Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strong financial and operational performance in the first nine months of 2025, with adjusted EBITDA up 6.6% and adjusted net income up 10% year-over-year, driven by regulated revenues and associate contributions.
Strategic projects advanced, including major progress on the Adriatic Line, FSRU Ravenna commissioning, and over 850 active construction sites.
Total investments reached €1,767 million, with a significant portion aligned to SDGs and EU Taxonomy.
Interim dividend of €0.1208 per share approved, up 4% year-over-year, payable January 2026.
Guidance for 2025 was raised for EBITDA and net income, while net debt guidance was lowered.
Financial highlights
Adjusted EBITDA reached €2,227 million (+6.6% yoy); adjusted net income at €1,096 million (+10% yoy); reported net profit was €1,080 million (+13.5% yoy).
Revenues grew 7.4% year-over-year to €2,846 million, mainly from gas infrastructure.
Investments totaled €1,767 million, in line with the previous year.
Net debt stood at €17,426 million as of September 30, 2025, down from June 2025.
Interim dividend of €0.1208 per share (+4% yoy) approved.
Outlook and guidance
Full-year 2025 guidance upgraded: adjusted EBITDA ~€2.95 billion, adjusted net income ~€1.42 billion, net debt ~€18.0 billion.
Investments for 2025 confirmed at €2.9 billion, with €2.5 billion for gas infrastructure and €0.4 billion for energy transition.
Upgraded guidance reflects regulatory updates, positive deflator impact, and improved cash conversion.
Net debt guidance lowered, assuming OGE stake acquisition is financed as planned.
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