Half Year 2026 Snam SpA Earnings Call Transcript
Key Points
- Adjusted EBITDA increased 9% year-on-year to EUR1.572 billion, driven by organic growth and larger perimeter.
- Adjusted net income rose 3% year-on-year to EUR733 million, excluding one-off deflator effects.
- Strong progress on strategic projects, including 90% completion of Adriatic Line Phase 1 and 40% forward capacity sold for Ravenna LNG terminal.
- Storage levels reached 70% of capacity, well above European average, with 90% winter target already secured.
- Credit profile improved with Moody's upgrade to Baa1 and S&P outlook revised to stable.
- Net debt increased to EUR18.8 billion from EUR17.5 billion at end-2025, driven by investments and OLT acquisition.
- Higher depreciation and amortization (EUR45 million) and net financial expenses weighed on net income growth.
- Regulatory consultation for seventh gas-transport period includes potential gearing increase and WIP remuneration changes, creating uncertainty.
- Geopolitical volatility and potential escalation in Middle East conflict could disrupt physical gas flows and increase price volatility.
- Italian associate EMG was directly impacted by conflict in Iran, though flows have since resumed.
Welcome to the H1 2026 results presentation conference call. My name is Gower. I will be your operator for today's event.
Please note, this conference is being recorded. (Operator Instructions)
I will now hand you over to Francesca Pezzoli, Executive Director, Investor Relations and Sustainability, to begin the conference. Please go ahead.
Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam's consolidated results for the first half of 2026, which were approved by the Board earlier today.
I am here with Agostino Scornajenchi, Snam's CEO and General Manager; and Luca Passa, Chief Financial, Sustainability, and International Asset Management Officer.
The presentation will be divided into three parts:
First, Agostino will offer an overview of recent market developments; and the main industrial and financial milestones achieved during the period.
Luca will, then, provide a detailed overview of our financial performance.
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