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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.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Adjusted EBITDA reached €1,492 million (+5.3% year-on-year) and adjusted net income €750 million (+8.5% year-on-year), supported by regulated revenues, associate contributions, and capital gains from ADNOC disposal.
Italian gas demand rebounded 6% year-on-year, with thermoelectric sector demand up 12% and LNG imports rising over 30%, now accounting for more than 30% of total imports.
Strategic infrastructure projects advanced, including Adriatic Line Phase 1 (35% complete), FSRU Ravenna operational, and progress in CCS and biomethane.
Sustainability initiatives progressed: 32% of CapEx EU taxonomy-aligned, 61% SDG-aligned, and sustainable finance at 86% of total.
Full-year 2025 guidance confirmed, with management expecting to meet or exceed targets, supported by strong operational and financial performance.
Financial highlights
Revenues reached €1,906 million (+5.9% year-on-year), driven by regulated gas infrastructure revenues.
Investments totaled €1,122 million, in line with the prior year.
Net debt increased to €17,580 million, with average cost of debt stable at ~2.5%.
Cash flow from operations was €1,118 million, with EBITDA/FFO cash conversion at 78%.
S&P upgraded credit rating to A-; Fitch and Moody's confirmed ratings.
Outlook and guidance
Full-year 2025 guidance: EBITDA €2,850 million and adjusted net income €1,350 million, with potential upside from regulatory updates.
Associates' full-year contribution expected at €360–365 million, assuming OGE contribution in Q4.
OGE acquisition expected to contribute from Q4 2025, with financing planned via asset rotation or hybrid instrument issuance.
Italian gas demand projected to rise in 2025, driven by higher gas-fired power generation and civil sector consumption.
2025 Tariff RAB increased to €26.2 billion.
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Q3 20255 Nov, 2025
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Frequently asked questions
Snam S.p.A. operates energy infrastructure focused on the transportation, storage, and regasification of natural gas. The company is also involved in projects related to hydrogen, biomethane, and energy efficiency. It serves utility companies and industrial clients across Italy and other European markets. The company is headquartered in San Donato Milanese, Italy, and its shares are listed on the BIT.
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