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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 €1,492M (+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.
Assess impact of energy decree on Snam.
Why not increase the '25 net income guidance?
Detail long-term CCS strategy for Snam.
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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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