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Snam (SRG) investor relations material
Snam Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Adjusted EBITDA reached €1,492M (+5.3% YoY) and adjusted net income €750M (+8.5% YoY), driven by regulated revenue growth, higher associate contributions, and strategic infrastructure progress.
Net profit reported at €773M (+21.9% YoY), supported by ADNOC disposal gains and strong associate performance.
Italian gas demand rebounded 6% YoY, with thermoelectric use up 12%, and LNG imports rising over 30%, now over 30% of total imports.
Advanced strategic projects: Adriatic pipeline (up to 42% installed), FSRU Ravenna operational, and progress in CCS and biomethane.
Sustainability initiatives advanced, with 2025E Scope 1 & 2 emissions down 20% vs 2022 and high EU Taxonomy/SDG alignment.
Financial highlights
Revenues reached €1,906M (+5.9% YoY); regulated revenues up 6.7%.
Adjusted EBITDA was €1,492M (+5.3% YoY); adjusted net income €750M (+8.5% YoY); reported EBIT €938M (+5.7% YoY).
Investments totaled €1,122M, in line with prior year; net debt rose to €17,580M, mainly due to investments and €955M dividend payment.
Cash flow from operations was €1,118M, with EBITDA/FFO cash conversion at 78%.
Average net cost of debt stable at ~2.5%; S&P upgraded credit rating to A-.
Outlook and guidance
Confident in meeting or exceeding FY 2025 guidance, with €1,350M adjusted net income target and full-year EBITDA guidance at €2,850M.
Guidance does not yet reflect €92M of positive regulatory updates; further upside expected from regulatory changes.
OGE acquisition expected to contribute from Q4 2025; financing planned via asset rotation or hybrid issuance.
Continued focus on value creation, financial flexibility, and strategic delivery.
Italian gas demand projected to rise in 2025, driven by higher gas-fired power generation and civil sector consumption.
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