Snam (SRG) Q3 2025 earnings summary

Executive summary

• Strong financial and operational performance in the first nine months of 2025, with adjusted EBITDA up 6.6% and adjusted net income up 10% year-over-year, driven by regulated revenues and associate contributions.

• Strategic projects advanced, including major progress on the Adriatic Line, FSRU Ravenna commissioning, and over 850 active construction sites.

• Total investments reached €1,767 million, with a significant portion aligned to SDGs and EU Taxonomy.

• Interim dividend of €0.1208 per share approved, up 4% year-over-year, payable January 2026.

• Guidance for 2025 was raised for EBITDA and net income, while net debt guidance was lowered.

Financial highlights

• Adjusted EBITDA reached €2,227 million (+6.6% yoy); adjusted net income at €1,096 million (+10% yoy); reported net profit was €1,080 million (+13.5% yoy).

• Revenues grew 7.4% year-over-year to €2,846 million, mainly from gas infrastructure.

• Investments totaled €1,767 million, in line with the previous year.

• Net debt stood at €17,426 million as of September 30, 2025, down from June 2025.

• Interim dividend of €0.1208 per share (+4% yoy) approved.

Outlook and guidance

• Full-year 2025 guidance upgraded: adjusted EBITDA ~€2.95 billion, adjusted net income ~€1.42 billion, net debt ~€18.0 billion.

• Investments for 2025 confirmed at €2.9 billion, with €2.5 billion for gas infrastructure and €0.4 billion for energy transition.

• Upgraded guidance reflects regulatory updates, positive deflator impact, and improved cash conversion.

• Net debt guidance lowered, assuming OGE stake acquisition is financed as planned.