Q1 2026 Snam SpA Earnings Call Transcript
Key Points
- Snam SpA (SNMRF) reported a 9% year-on-year increase in adjusted EBITDA, reaching EUR775 million, driven by organic growth and a larger perimeter.
- The company successfully completed the acquisition of control over OLT, expanding its LNG footprint, which is crucial for national energy security.
- Moody's upgraded Snam SpA's rating to Baa1 with a stable outlook, and S&P Global Ratings revised its outlook from negative to stable, confirming the company's strong credit profile.
- Snam SpA achieved a 90% filling target for gas storage ahead of the next winter, enhancing energy security and mitigating price volatility.
- The company made significant progress in sustainability, with sustainable finance reaching 86% and maintaining its inclusion in the Dow Jones Sustainability Best-in-Class index.
- Net debt increased to EUR18.5 billion from EUR17.5 billion at the end of 2025, due to investment activities and acquisitions.
- Adjusted net income saw a year-on-year decline of 8%, attributed to higher depreciation and financial charges.
- The company faces geopolitical uncertainties that have driven price volatility in the gas market.
- There was a temporary reduction in gas flows in the EMG pipeline due to the conflict in Iran, impacting first-quarter results.
- The average cost of debt remained stable at 2.6%, but higher net financial expenses were noted due to increased average net debt.
Hello, everyone. Welcome to the Q1 2026 Results Presentation Conference Call. My name is Gara, and 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, Sustainability, P&C and Ratings. To begin the conference. Please go ahead.
Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam's consolidated results for the first quarter of 2026, which were approved by the Board earlier today. I am here with Luca Passa, Snam's Chief Financial, Sustainability and International Asset Management Officer.
Luca will walk you through the most recent market trends and update, the latest regulatory developments and the main industrial and financial achievements over the period. He will then provide a detailed review of our financial results, and then we will open the floor for your questions.
With that, I'm pleased to hand over
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