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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Snam
Snam (SRG) investor relations material
Snam Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
9M 2026 adjusted EBITDA reached €2,402m, up 8.1% reported and 10.6% excluding the 2025 deflator one-off; adjusted net profit rose 0.5%, or 4.0% excluding the one-off.
FY 2026 guidance was confirmed, with Italian gas demand up 2.4% and the 90% storage-filling target achieved ahead of schedule.
Financial highlights
Revenue was €3,043m, up 8.7%; adjusted EBIT was €1,520m, up 8.0%.
Adjusted net profit attributable to owners was €1,111m, up 0.5% reported and 4.0% excluding the deflator one-off.
Total investments were €2,313m, including OLT; operating cash flow was €2,751m and free cash flow €1,121m.
Net debt was €18,328m at September-end, up €819m from FY 2025; it was broadly stable excluding €845m of extraordinary transaction impacts.
Outlook and guidance
FY 2026 targets confirmed: investments €2.8bn, tariff RAB €28.8bn, adjusted EBITDA above €3.1bn, adjusted net profit above €1.45bn and net debt ~€18.9bn.
Investment guidance includes €2.6bn for gas infrastructure, including CCS and H2, and €0.2bn for Market Solutions.
Full-year average net cost of debt is forecast at 2.7%, with net financial expenses below €400m; 2027 cost of debt is indicated at ~2.9%.
The Transition Plan update was scheduled for December 14; Scope 1 and 2 emissions are forecast to fall at least 35% versus 2022.
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Latest events from Snam
- Revenue and EBITDA up, net debt guidance improved, LNG and investments expanded.SRG
Q2 2026 - Q1 2026 delivered strong EBITDA growth, major OLT investment, and robust energy security progress.SRGQ1 2026
- Strong FY2025 results and a €14B investment plan drive growth, sustainability, and value.SRGQ4 2025 & strategic plan
- Adj EBITDA and net profit rose 5.3% and 8.5% yoy, with guidance confirmed and investments strong.SRGQ2 2025
- Investments up 46%, adjusted EBITDA up 12%, and 2024 guidance confirmed.SRGQ3 2024
- Net Zero by 2050 with €26bn green investments, high hydrogen readiness, and strong ESG focus.SRGStatus Update
- EBITDA and investments surged, offsetting energy transition declines and confirming 2024 guidance.SRGQ2 2024
- Acquisition of a 24.99% stake in Germany's top gas network boosts pan-European energy strategy.SRGM&A Announcement
- €12.4bn investment targets green infrastructure, hydrogen, CCS, and 4% annual DPS growth.SRGStatus Update
Next Snam earnings date
Status update14 Dec, 2026
Snam
Next Snam earnings date
Status update14 Dec, 2026
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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.