Snam (SRG) Q3 2026 earnings summary

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.