Full Year 2025 Snam SpA Earnings Call Transcript

Mar 5, 2026 / 10:59 AM GMT

Release Date Price: €6.46 (+1.57%)

Transcript

Key Points

Positve

Snam SpA (SNMRF) reported strong full-year 2025 results with an adjusted EBITDA of €2,969 million, up 7.8% year-on-year, driven by growth in regulated revenues.
The company successfully refinanced a €500 billion exchangeable bond with a new green exchangeable bond due 2031, maintaining a strong financial position.
Snam SpA (SNMRF) has launched a €3 billion asset rotation program to strengthen its industrial positioning and unlock additional value.
The company has made significant progress in reducing CO2 emissions, achieving a 35% reduction in Scope 1 and 2 emissions compared to 2022.
Snam SpA (SNMRF) plans to invest around €14 billion in a robust investment program to strengthen its regulated core business and scale new energy solutions.

Negative

The company faces challenges with the current geopolitical situation, which could impact energy prices and supply stability.
Snam SpA (SNMRF) has not included the full impact of the new regulatory framework (Fos) in its 2030 targets, creating uncertainty about future financial performance.
The company is experiencing higher labor costs due to inflation and new hires, impacting overall expenses.
There is a risk of potential disruptions in LNG supply from Qatar, which could affect earnings if shippers declare force majeure.
Snam SpA (SNMRF) has not assumed any benefits from the full implementation of the Fos framework, which could impact future revenue generation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SRG.MI - Snam SpA
Full Year 2025 Snam SpA Earnings Call
Mar 05, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to SAA 26 2030 strategic plan presentation titled Toward Energy Integration, a concept that will become clearer over the next few minutes.

Thank you for being with us today here in Milan and remotely.

Today's speakers will be Agostinos Kornaenki, NAM's Chief Executive Officer and general manager, and Luca Pasa, SAA's Chief Financial Officer, sustainability and International Asset Manager officer. After the presentation there will be the Q&A session, and following today, Capital Market Day, we will spend the next two weeks road showing and meeting investors across North America and Europe.

And now we can start.

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