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Snam
Snam (SRG) investor relations material
Snam Q4 2025 & strategic plan earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 & strategic plan earnings summary5 Mar, 2026
Executive summary
Delivered strong FY2025 results, surpassing guidance with revenue of €3.89B (+8.9% YoY), adjusted EBITDA of €2.97B (+7.8%), and adjusted net profit of €1.42B (+10.3%), while advancing major infrastructure projects such as the Adriatic Line, FSRU Ravenna, and OLT acquisition.
Launched a 2026–2030 strategic plan focused on energy integration, resilience, and growth, leveraging Italy’s infrastructure and emphasizing gas’s role in system adequacy and flexibility.
Announced a €14 billion investment program, a 10% increase over the previous plan, targeting regulated infrastructure, LNG, CCS, hydrogen, and digital innovation.
Asset rotation program of €3 billion identified to optimize the portfolio, enhance industrial positioning, and unlock additional value.
Confirmed commitment to decarbonization, aiming for carbon neutrality by 2040 and net zero by 2050, with significant progress on Scope 1, 2, and 3 emissions.
Financial highlights
FY2025 revenues rose 8.9% year-over-year to €3.89B; adjusted EBITDA up 7.8% to €2.97B; adjusted net income up 10.3% to €1.42B, outperforming guidance.
Tariff RAB increased 8.3% to €26.2B in 2025, with 2026 guidance at €28.8B (+10%).
Net debt at end-2025 was €17.5B, below guidance, with cost of debt stable at 2.6%.
Cash flow from operations in 2025 was €2.69B, with strong working capital management and high cash conversion (>80%).
Investments totaled €2.76B in 2025, with 34% EU taxonomy and 54% SDG alignment.
Outlook and guidance
2026 guidance: CapEx/investments ~€2.8B, tariff RAB €28.8B, adjusted EBITDA ~€3.1B, adjusted net income above €1.45B, net debt ~€19B, DPS ~€0.31.
2026–2030 plan: €13.7–14B net investment, 5.7% RAB CAGR, 5.4% EBITDA CAGR, 4.5% net profit CAGR, RAB to reach ~€34.5B by 2030.
Asset rotation program expected to add €1.8B to 2030 RAB and 6% EBITDA accretion by 2030.
Dividend per share to grow 4% annually through 2030, with a maximum 80% payout cap and DPS target of €0.375 by 2030.
IRAP tax impact on 2026 net profit
Biomethane business divestment rationale
What triggers Ravenna CCS project FID?
CCS and H2 RAB contribution by 2030
Asset rotation program's 2030 Net Debt impact
Snam's Scope 3 emissions reporting approach
Asset rotation impact on future CapEx plan?
Hydrogen investment rescheduling: implications?
What are the implications of higher gas demand outlook?
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Latest events from Snam
- Acquisition of a 24.99% stake in Germany's top gas network boosts pan-European energy strategy.SRG
M&A Announcement3 Feb 2026 - Strong EBITDA and investment growth, major acquisition, and robust outlook for future expansion.SRGQ2 20242 Feb 2026
- Net Zero by 2050 with €26bn green investments, high hydrogen readiness, and strong ESG focus.SRGStatus Update19 Jan 2026
- Investments up 46%, adjusted EBITDA up 12%, and 2024 guidance confirmed.SRGQ3 202416 Jan 2026
- Adj EBITDA and net profit rose over 5% and 8% yoy, with strong gas demand and LNG growth.SRGQ2 202513 Jan 2026
- EUR 12.4bn investment drives hydrogen-ready infrastructure, 4% DPS growth, and strong ESG focus.SRGStatus Update10 Jan 2026
- Q1 2025 delivered strong profit growth, strategic deals, and sustainability milestones.SRGQ1 20258 Jan 2026
- Double-digit EBITDA growth, record investments, and strong 2025 outlook.SRGQ4 202420 Dec 2025
- EBITDA and net income rose sharply, prompting an upward revision of 2025 guidance.SRGQ3 20256 Nov 2025
Next Snam earnings date
Q1 202613 May, 2026
Snam
Next Snam earnings date
Q1 202613 May, 2026
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