Informazione
Regolamentata n.
0542-37-2026Data/Ora Inizio Diffusione 29 Luglio 2026 15:00:17Euronext Milan
Societa' :SNAM
Utenza - referente :SNAMN05 - Pezzoli Francesca
Tipologia :REGEM
Data/Ora Ricezione :29 Luglio 2026 15:00:17 Data/Ora Inizio Diffusione :29 Luglio 2026 15:00:17 Oggetto :1H 2026 Consolidated Results Testo del comunicato
Vedi allegato
1H 2026
Consolidated Results
July 29th, 2026
Scenario evolution and
strategic achievements
Financials
Closing remarksAgenda
3 Gas: Italy's integrated energy system backbone Final energy consumption , 2025 (TWh) Source: Terna, Eurostat 1) Including non renewables waste and heat 2) Including bioenergy and geothermal 38%27%23%10%2%
2025Oil and
derivativesGasElectricityNon electric
renewablesOther1~1.300 TWh
Natural gas provides 37% of Italy primary energy and fuels around half of national electricity generation40%21%13%7%5%15%
2025GasOther2Import
CoalElectricity sources mix, 2025 (TWh) Wind & SolarHydro320 TWh Gas represents ca.
50% of national
electricity
production
4 Gas Flows evolution
Passo Gries
Tarvisio
Adriatic LNG
Mazara del Vallo
GelaPanigaglia
OLT
PiombinoRavenna
A more diversified and flexible gas infrastructure is needed with the existing geopolitical uncertainty38%
1% 2%3%
13% 11%28%
32% 35%4%
1%1%10%
16%15%13%
32% 32%4% 5% 4% 2021 2025 1H2026National
Production
LNG
Melendugno
Gela
Mazara del Vallo
Passo Gries
TarvisioMelendugno
LNG Terminals Transitgas
SeacorridorTAG
TAP Cross -border interconnections
Security of supply: gas storage filling 590% filling target before winter achieved through latest auctions in Italy
Source: GIE
Latest update: July 28th, 20260255075100 Jan Mar May Jul Sep Nov2025
202675%
Min -Max 5y
0255075100
Jan Mar May Jul Sep Nov2025
2026
Min -Max 5y55%Storage level (%) end July - Italy Storage level (%) end July - EU 27+ UK
6 1H 2026 Italian gas demand Italian gas demand
-0.5%-1.3%
+4.1%+0.4 %
bcmKey insights
1.97 1.8211.50 11.976.07 6.0413.42 13.25
1H 2025 1H 202633.08 32.96
Residential
Industry
Thermoelectric
Other1
Any failure to reconcile the stated figures arises exclusively from rounding 1) Starting from 2026 “Other” includes also agriculture, fishing, transport and non -energy uses (previously classified as “Indus try”). 1H 2025 has been reclassified accordingly.
2) Non weather adjusted•Italian Gas demand up 0.4%2driven bythermoelectric sector with ahighly volatile pattern
-10%-5%0%5%10%15%
Jan Feb Mar Apr May JuneM-o-m change %
•~1bcm ofexport
•Hormuz impact :unaffected physical gas
flows
•TTF averaged 42.6€/MWh (+6%yoy ),with
high volatility
•Polaris report available from July :data, analysis and trends on the Italian energy
system
Second consecutive year of gas demand growth
7 Gas generation balanced the system during the June heatwave Source: Entsoe , LSEGPower generation growth – 4th day of the week 4,28,5 6,3
5,38,2
4,6 8-Jun 15-Jun 22-Jun 28-Jun012345678
Hydro
WindSolar
NuclearGas
CoalOther+4%+8%2x ÷2Electricity balance EU27, TWh Weekly generation EU27, TWh Gas flexible generation balances RES generation to cover peak demandWeek 24 (8/6 - 14/6)Week 25 (15/6 - 21/6)Week 26 (22/6 - 28/6)Week 24 (8/6 - 14/6)Week 25 (15/6 - 21/6)Week 26 (22/6 - 28/6)
GAS WIND
1H 2026 Industrial Growth key achievements 8H2 & CCS Natural gas Market Solutions •Storage level at ~67% at the end of June and ~75% at the end of July
(above EU)
•90% filling target
before winter
achieved through
latest auctions •Ravenna FSRU
capacity ~40%
booked through latest auctions for the next 10Y •110 LNG tankers
arrived
•LNG: 32% of total gas volumes imported•South H2 Corridor and Ravenna CCS in the PCI/PMI list
•Ravenna CCS:
storage EIA2and
Single Authorization
process ongoing•Biomethane: binding
offers phase
concluded, final
phase ongoing
•Energy efficiency:
~ €1.54 bn backlog (+9% vs Dec 2025)Transport Storage LNG 1) Progress vs National Recovery and Resilience Plan milestones 2) Environmental Impact AssessmentProgressing on the strategy delivery•Adriatic Line Phase 1 : >90%1 completed (vs 68% at Dec
2025)
•Sestino Minerbio line first batch entered in operation •913 construction sites active in June (+34% vs H1 25)
•Biomethane connections
acceleration (54 in H1 2026 vs 11 in H125)
9 1H 2026 Key highlights 1) According to Taxonomy methodology, includes the effect of business combinations (OLT). 42% excluding Business
Combinations (OLT)
2) Calculated on technical investments, excludes the effect of business combinations (OLT) 3) Excluding deflator one -off recorded in 1Q 2025 (€52m)Financial highlightsFinancing and M&A •€1,572 m EBITDA Adj. (+9% ex one -off3) •€733 m Net income Adj.4(+3% ex one -off5) •€1,613 m Investments6vs €1,122 m in 1H 2025 •€18,803 m Net debt (vs 17,509 at Dec 2025) •Average net cost of debt broadly stable at ~2.6%•Italgas Exchangable bond refinanced in January •OLT FSRU : 100% control acquisition executed at the beginning of March and refinancing •€1.5 bn dual -tranche EU GB and SLB bond successfully issued in June •USD bond issuance authorized by the BoD •€124m second tranche EIB financing Regulation •Energy Law -decree: Arera mandated to establish CCS
regulation principles
•Consultation document on gas transport 7th regulatory period
published
•ARERA 2026 –2029 Strategic Framework published •Wacc 2027: two months left for the observation period 4) Net income Reported at €650m ( -16% yoy ). Adjustments are related to the derecognition of financial instruments ( -€104m), the change in fair value of derivative instrument ( -€14m), proceeds related to a settlement agreement (+€9m) and the related fiscal effect
(+€26m)
5) Excluding deflator one -off recorded in 1Q 2025 (€52m) net of the related fiscal effect (€15m) 6) Including OLT Enterprise value net of the stake already held (€544m) and net of grants. Sustainability & Innovation •Investments alignment: 27%1to EU T axonomy and 52%2to SDGs •Sustainable finance at90% (vs 85% at Dec 2025) •Scope 1&2 emission forecast: >30% reduction vs2022 •Employee share ownership plan exceeds 60% of the workforce
participation
•Renewal of UNI PdR 125:2022 certification (gender equality) •Innovation: “Centrale delle Idee” new edition launched
Scenario and strategic
achievements
Financials
Closing remarks
11 Investments breakdown and alignment T axonomy 2Investments SDGs
Taxonomy aligned
Fully on track on investments, 27% EU taxonomy4and 52% SDGs aligned 1) Gross Investments. Including OLT Enterprise value net of the stake already held (€544m) 2) Gross investments. According to Taxonomy methodology includes the effect of business combinations (OLT) and right of us e assets pursuant to IFRS 16 3) Gross technical investments, excluding the effects of business combinations (OLT) 4) 42% excluding Business Combinations (OLT)36%
33%19%6%5%
1%
Development
Maintenance
ReplacementsDT&T
Other OLT Transaction€1.6 bn119% 17% 6%
5%5%48%
SDG 13 – Climate Action SDG 9 – Industry, innovation and infrastructure SDG 7 – Affordable and clean energy SDG 12 –Responsible consumption & production
Other SDGs
Not aligned€1.1 bn3
Market Solutions
H2 + CCS
Digitalization & Technology31% 8%
2%4%
2%32%21%
H2 Ready
Net Zero Investments
OLT transaction
Maintenance & Other
12 -5247 8 832
-610 1023
Adj. EBITDA
1H2025Deflator
one -offAdj. EBITDA
1H2025Regulated
revenuesStogit
AdriaticaRavenna
FSRUOLT Regulated
costsMarket
SolutionsBiomethane
network
connectionsOther Adj. EBITDA
1H2026Adj . EBITDA
9% EBITDA growth ex one -off€m
1,4921,572
•(-) 2024
Deflator
recovery•(+) Tariff RAB
•(+) Output
based
•(-) Fast moneyMainly
Biomethane
and Energy
efficiency Mainly
labour cost+5 %
+9 %
1,440
13
Associates contribution
Pro -quota
Net Income adj.
1H 2026 (€m)22 45 19 3 13 6 - 31 71 2€m 92
-121
-12 -2
-2 -2
204212
1H 2025 TAP SeaCorridor Terega TAG Desfa Interconnector GCA EMG ADNOC Italian Associates1H 2026+ 4% 1) ADNOC Gas Pipelines stake disposal from February 2025 for €233m 1 Highly resilient and diversified contribution, offsetting temporary market and geopolitical headwinds212
14 Adj . Net Income €m
-37117
-45-358
-25
Adjusted
Net Income
1H 2025Deflator
One -offAdjusted
Net Income
1H 2025Ebitda D&A Net financial income
(expenses)Net income
from
associatesIncome taxes
& otherAdjusted
Net Income
1H 2026750
•Higher average
net debt
•Substantially
stable net cost of debt at ~2.6%•New assets entering
into operation
•Perimeter effects:
•Stogit Adriatica &
Ravenna FSRU
•OLT consolidation
from March•International
Associates:
+€10m
•Italian
Associates:
-€2m
3% Net Income growth ex deflator one -off 1) Net income Reported at €650m ( -16% yoy ). Adjustments are related to the derecognition of financial instruments ( -€104m), the change in fair value of derivative instru ment ( -€14m), proceeds related to a settlement agreement (+€9m) and the related fiscal effect (+€26m) 7331-2 % + 3 % 713
•(-) 2024
Deflator
recovery, net
of related
fiscal effect
15
Cash flow
€m 650
-1,294-1,154
1,2321,832
Extremely consistent FFO generation with 77% EBITDA/FFO cash conversion •Dividend payment: €1,004m •Italgas bond refinancing : €432m •Mainly OLT debt
consolidation
-1,435582
-537600
678
Reported
Net income
1H 2026Depreciation
& other itemsFunds From
OperationsChange in
working capitalCash flow
from
OperationsNet
InvestmentsFree
cash flowDividend & Other Equity flowsOther
itemsChange in
Net Debt•Tariff related items •Energy efficiency positive WC •Net Capex and Capex payables
•OLT acquisition
Of which non -recurring
transactions €913m
16
Financial structure
Net debt evolution Maturities profile
FY 2025 1H 202617,50918,803 1,294
84% / 16% 2.6% Average net cost of debt Fix / Floating 65% / 35% 2.6% €bn ( drawn amount)1 2H-2026 2027 2028 2029 2030 Avg. 26 -302.3
1.42.6
1.82.52.1Banking institution (drawn) Bond
1.58.410.50.8
FY 20251.58.512.01.5
1H 202685%90%
ESG Commercial Papers
Bonds
Banking facilities
EIB loans%, €bnSustainable Finance Net debt broadly stable versus year -end, excluding non recurring transactions Positive rating actions confirm solid financial profile 1) Excluding hybrid instrument, uncommitted lines and Commercial Paper S&P: A -stable outlook Moody’s: Baa1 stable outlook Fitch: BBB+ stable outlookRatings and outlooksExcluding non -
recurring
transactions17,890
Scenario and strategic
achievements
Financials
Closing remarks
18
Closing remarks
Security of supply, diversification of sources and storage central role Solid financial results Fully on track to deliver financial targets Net Debt guidance upgraded Gas: the backbone of Italy's integrated energy system Progressing on the strategy delivery
Q&A Session
Annex
Sustainability Scorecard: 1H 2026 1) Avoided CO2 TGT 2030: Subject to Final Investment Decision (FID) on Ravenna CCS Project 2) On regulated perimeter 3) Target aligned with yearly budget's aspiration (MBO). Defined according to the goal setting's timeline 4) GPG: Excluding CEO. Calculated as per ESRS methodology 5) ESG Finance over total funding available (%): level of tolerance ±1 p.p.
6) CapEx EU TXN Aligned net of OLT acquisition = 42%A. Scope 1 & 2 reduction vs 2022 -2027 TGT: (25%); 2032 TGT: (50%); 2035 TGT: (65%) B. Scope 3 reduction vs 2022 -2032 TGT: (35%) KPI in ESG Finance Framework21Carbon
Neutrality
Biodiversity
& Regener.KPIs
•Net Positive impact by 20272026
Target
~ 1
>1,000
≥8
>992030
Target
Local
Communit .~ 1
>1,000
≥7.4
>992026
1H FY
FY FY
>99 70.5 66.5- 3040 - >30%
67.6FYKPIs
People2026
Target2030
Target2026
1H >80
27
80>80
≥28
+/-5
82
41 420.4576
27.1
0.32
FY 78
FY---3
Emissions
≥99 ≥99- -
99.4-870
50 100
60190
50
75-80
50171.3
48 FY
59.384 957 46.7 •Vegetation restored in areas of pipes constr. and new forestation (%)•Avoided & Captured CO2 emissions (ktCO2e)1 •Invest. Related to the CCS Ravenna Project Phase 1+2 and CO2 onshore transportation (€M) •ESG criteria in proc. procedures (% of spending)2 •RES on total electricity purchased (%)2 •Spending on total procured with decarb. plan from
suppliers (%)
•Scope 1 & 2 reduction vs 2022 (%)2; A •Scope 3 reduction vs 2022(%)2; B •Reduction of total natural gas emissions vs 2015 (%)•Benefits for local communities over reg. revenues (%) •Value released at local communities (€M) •Customer satisfac . rate for service quality (1 -10) •Gas Transportation operational availability (%)
Financial &
Principals~ 90 ~ 95 -
--
-~ 90
27 52
•ESG Finance over total funding available (%)5 •CapEx EU Taxonomy -aligned (% of total)6 •Capex SDG -aligned (% of total) •Zero Net Conversion by 202419 40Transform.
Innovation3 3
FYFY •Investments in Innovation as % of revenues •AI enabled IT applications (% of total) 100 100 FY •Proj. covered by Security by Design cyber approach (%)•Employees engagement index (%) •Women in exec. and middle -mgmt. roles (%) •IpFG (Combined Frequency and Severity Index) •Gender pay gap (%)4 •Participation in welfare initiatives (%) •Training hours delivered to employees (h/capita)
Income Statement
€m 1H 2026 1H 2025 Change Change % Revenues 2,026 1,906 120 6.3% Operating expenses (454) (414) (40) 9.7%
EBITDA Adj. 1,572 1,492 80 5.4%
Depreciation & amortisation (595) (550) (45) 8.2%
EBIT Adj. 977 942 35 3.7%
Net interest income (expenses) (187) (152) (35) 23.0% Net income from associates 212 204 8 3.9%
EBT Adj. 1,002 994 8 0.8%
Income taxes (269) (245) (24) 9.8%
NET PROFIT BEFORE THIRD PARTIES Adj. 733 749 (16) (2.1%)
Third Parties Net Profit - 1 (1)
NET PROFIT Adj. 733 750 (17) (2.3%)
EBITDA REPORTED 1,581 1,488 93 6.3%
EBIT REPORTED 986 938 48 5.2%
NET PROFIT REPORTED 650 773 (123) (15.9%)
22
Revenues
23 €m 1H 2026 1H 2025 Change Change % Regulated revenues 1,808 1,731 77 4.4% Transport 1,345 1,347 (2) (0.1%) Storage 323 308 15 4.9%
LNG 140 76 64
Non regulated revenues 33 14 19 Total Gas Infrastructure Businesses revenues 1,841 1,745 96 5.5% Market Solutions revenues 185 161 24 14.9%
TOTAL REVENUES 2,026 1,906 120 6.3%
Operating costs
24 €m 1H 2026 1H 2025 Change Change % Gas Infrastructure Businesses costs 285 259 26 10.0% Variable costs 28 19 9 47.4% Fixed costs 260 229 31 13.5% Other costs (3) 11 (14) Market Solutions costs 169 155 14 9.0%
TOTAL COSTS 454 414 40 9.7%
Balance Sheet
25 €m 1H 2026 FY 2025 Change Change % Net invested capital 28,118 26,787 1,331 5.0% Fixed capital 28,138 27,035 1,103 4.1% T angible fixed assets 24,153 22,983 1,170 5.1% Intangible fixed assets 1,960 1,970 (10) (0.5%) Equity -accounted investments 3,149 3,202 (53) (1.7%) Other Financial assets 67 104 (37) (35.6%) Net payables for investments (1,191) (1,224) 33 (2.7%) Net working capital 11 (215) 226 Receivables 5,607 6,665 (1,058) (15.9%) Liabilities (5,596) (6,880) 1,284 (18.7%) Provisions for employee benefits (31) (33) 2 (6.1%) Net financial debt 18,803 17,509 1,294 7.4% Shareholders' equity 9,315 9,278 37 0.4%
Alternative performance indicators reconciliation 26 €m 1H 2026 1H 2025 Change Change %
EBITDA 1,581 1,488 93 6.3%
Exclusion of special items:
- Early retirement fund - 4 (4)
- Proceeds related to a settlement agreement (9) - (9)
Adj . EBITDA 1,572 1,492 80 5.4%
EBIT 986 938 48 5.1%
Exclusion of special items:
- Special items from EBITDA (9) 4 (13)
Adj . EBIT 977 942 35 3.7%
Net profit before non -controlling interests 650 772 (122) (15.8)% Exclusion of special items:
- Special items from EBIT (9) 4 (13)
- Derecognition of financial instruments 104 - 104
- Fair Value of derivative financial instruments 14 122 (108) (88.5)% -Capital gain from disposal of ADNOC stake - (123) 123 (100.0%) -Impairment on Industrie De Nora stake - 71 (71) (100.0%) -Incomes related to Italgas capital increase - (65) 65 (100.0%) -Other expenses (income) from investments - (5) 5 (100.0%)
- T ax effect on special items (26) (27) 1 (3.7%) Adj. Net profit before non -controlling interests 733 749 (16) (2.1)% Non -controlling interests - (1) 1 (100.0%) Adj. Net profit 733 750 (17) (2.3)%
Investments detailed by business
27€m 1H 2026 1H 2025
Transport1 765 742 Storage 106 119
LNG2570 149
CCS/H2 29 33
Market Solutions 143 79
TOTAL 1,613 1,122
1)Including Corporate & Innovation 2)Including OLT acquisition
1) Indirect participation 2) Desfa: 39.60% voting rights ; TAG: 84.47% voting rightsInternational associates contribution 28•Contribution remains in line with the yearly regulatory cap •Capacity booked, 50% in 2026 Interconnector 23.68% •Reduced revenues for lower cross -border bookings at the Spanish interconnection, to be recovered over the coming years through standard regulatory mechanisms •During the Yearly capacity auctions, ca. 0.7 bcm /y were booked in import for the gas year 2026Teréga
TAG40.50%
89.22%2
•Capacity expansion by 1.2 bcm /y in January 2026 reinforced earnings TAP 20.00%
GCA 19.60%1
•Domestic demand remains stable, while exports increased three -fold compared to 1H 25 •LNG is the first source of supply, also thanks to higher volumes from GastradeDesfa 35.64%1,2
ADNOC sold
•Bookings in line with 1H 2025 (ca. + 0,2 bcm ) •Higher operating costs and D&A, mainly phasing, carry -over activities and financial costsEMG 25.00%•Temporary reduction in March gas flows due to Leviathan shutdown (force majeure) amid the
Iran conflictDelta
+€ 10m-€ 1 m -€ 1 m + € 2 m + € 9 m + € 2 m + € 1m -€ 2 m -€ 2 m + € 2 m € 131 m1H 2025 € 7 m € 23 m € 17 m
€36m
€ 0 m € 12 m
€ 2m
€ 5 m € 29 m SeaCorridor 49.90% € 141 m1H 2026 € 6 m
€22m
€ 19 m € 45 m € 2 m € 13 m € 0 m € 3 m € 31 mCompany % •Performance substantially aligned with same period of previous year •IT-AT gas exports steadily above 90% of Italian export flows, in line with H1 2025 •Performance substantially aligned with same period of previous year •Higher short -term bookings registered in import from Germany •Disposal in March 2025
Associates
Annex
SeaCorridor Tunisia•First Italian pipeline import route after drop of Russian imports •Strategic corridor for H2 import from North Africa2023 49,90% € 537 m € 54 m Desfa Greece•Sizeable capex plan supporting domestic lignite phase out and South -Eastern Europe market development2018 35,64%1,2€ 226 m € 21 m
TAPGreece
Albania
Italy•In 2025 covered approx. 16% of
Italian demand
•1.2 bcm expansion from 20262015 20,00% € 422 m € 71 m TAG
GCAAustria
Austria•New regulatory framework with volume sterilization from 2025 •Strategic H2 corridor toward
Central Europe2014
201689,22%2
19,60%1€ 256 m € 97 m€ 31 m -
EMGEgypt
Israel•Export route from Israeli to Egypt •Strategic asset in the East -Med area2021 25,00% € 65 m € 5 m De Nora Italy•Leverage on electrochemical, water treatment technologies and know how2021 21,59%2€ 311 m € 18 m Adriatic LNG Italy•Strategic asset for the security and diversification of Italy's energy supplies2017 30,00% € 208 m € 11 mAssociates (1/2) 1) Indirect participation 2) Desfa: 39.60% voting rights ; TAG: 84.47% voting rights ; De Nora: 25.99% voting rights 30% Company Geography Strategic Value Investment yearBook Value
31.12.2025Net Income
contribution (FY25)Financial and Industrial
partners
De Nora
familyInstitutional
investors
Teréga France•Gas infrastructure operator in the South -West of France •Partner of H2 Med Corridor 2013 40.50% € 459 m € 44 m Interconnector UK-Belgium•Bi-directional gas pipeline between the UK and Belgium •Capacity booked at almost 50% until 2026 2012 23.68% € 66 m € 13 m Italgas Italy•Leader operator in the Italian gas distribution and third in Europe 2016 (spin -off) 11.40% € 434 m € 83 m Associates (2/2) 31 % Company Geography Strategic Value Investment yearBook Value
31.12.2025Net Income
contribution (FY25)Financial and Industrial
partners
Sea Corridor
322023 49.90%Stake Investment year Tunisia - ItalyGeography Gas pipelines connecting Algeria to Italy TTPC : ca. 370 km onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisia coast (2
parallel lines)
TMPC : ca. 157 km offshore gas pipelines connecting the Tunisian coast to Italy (5 parallel lines) Contracted business via a mix of long term and short -term contracts; TTPC holds the transport rights until 2029 with capacity contracted until 2027€537 mBook Value (as at Dec. 31, 2025)Asset Description
Business ModelOwnership
100% 50%49.9%
50.1%
TTPC
SpATMPC
Ltd 50%
Accounting treatment
Equity method
€m 2023 2024 2025 Adj. Net Income contribution to Snam 46 48 54Contribution Net Debt 72
Desfa
33 €m 2023 2024 2025 Adj. Net Income contribution to Snam 52 33 21
€m 2025
RAB 1.2
Net Debt (Desfa+Senfluga ) 0.6
Ministry of
Environment
and Energy2018 35.64%1Stake Investment year
Greece
Geography
Asset Description
Business ModelGreek natural gas TSO, operating ~ 1,500 km pipeline network and ~8 bcm regassification facility.
€ 1 bn 10Y Capex Plan approved
•Regulated
•RAB based on historical cost, Work in Progress remunerated at Wacc •Wacc 2024 -2027 (Nominal pre -
tax) 7.85%€226 mBook Value (as at Dec. 31, 2025) Regulatory parameters and contribution
54% 18%
18% 10%
66% 34%Ownership
Accounting
treatment
Equity method
1. Indirect participation.
TAP
342015Greece -
Albania -Italy20.00%
Last section of the Southern Gas Corridor transporting Azeri gas to Europe.
877 km pipeline, 10 bcm /y capacity booked up to 2045.
1.2 bcm minimum expansion operational since early 2026 25Y contract (until 2045), Euro denominated with CPI -linked tariffs€422 m €m 2023 2024 2025 Adj. Net Income contribution to Snam 65 67 71Book Value (as at Dec. 31, 2025)Stake
ContributionGeography
Asset Description
Business ModelInvestment year
Ownership
20% 20%
20%
20%20%
20% Equity methodAccounting treatment
TAG
35Asset Description
Business ModelBook Value (as at Dec. 31, 2025)
€256 m
€m 2023 2024 2025 Adj. Net Income contribution to Snam -46 -14 312014 89.22%1Stake Investment year Austria’s longest high -pressure pipeline network connecting Italy with Central Europe with 3 parallel lines , 380 km each;
“H2 Readiness of the TAG Pipeline System” project recognized as PCI by
European Commission
•Regulated
•New regulatory framework from 2025 with volume risk elimination •WACC 2025 -2027 set at 4.37% for Old Assets and 6.41%2for New Assets 2025 (both nominal, pre -
tax)Ownership
HoldCo
BidCo
40%
100%
49%51%60%
15.53% 84.47%Austria
Geography
Equity methodAccounting treatment
€m 2025
RAB ~ 590
Net Debt ~ 225 1. 84.47% voting rights 2. WACC new assets will be updated annually, 6.41% represents the approved 2025 value
GCA 362016 Austria 19.60%1Stake Investment year
Ownership
HoldCo
BidCo
40%
100%
49%51%60%
15.53% 84.47%Asset Description Business Model~ 900 km natural gas pipeline operator (transmission + distribution), connecting Germany, Hungary, Slovenia and Slovakia;
“H2 Backbone WAG + Penta -West” project recognized as PCI by European
Commission
•Regulated
•New regulatory framework from 2025 with volume risk elimination •WACC 2025 -2027 set at 4.37% for Old Assets and 6.41%2for New Assets 2025 (both nominal, pre -
tax)Book Value
(as at Dec. 31, 2025)
€97 m
€m 2023 2024 2025 Adj. Net Income contribution to Snam 19 1 -Geography Equity methodAccounting treatment
€m 2025
RAB (TSO+DSO) ~ 685
Net Debt (GCA + BidCo) ~ 355 1. Indirect participation. 2. WACC new assets will be updated annually, 6.41% represents the approved 2025 value
EMG 37
€m 2023 2024 2025 Adj. Net Income contribution to Snam 4 11 52021 Egypt -Israel 25.00%Stake Investment year
Asset Description
Business ModelBook Value (as at Dec. 31, 2025)
€65 m
ContributionGeography
EMG is the owner of the Arish -
Ashkelon gas pipeline ,an undersea infrastructure, ca. 90 km long , connecting the Israeli terminal of Ashkelon to the Egyptian receiving station of Al -Arish.
The pipeline has a maximum technical capacity of around 7 bcm Supply agreement in place to cover most of the capacity to be used for Egypt domestic consumption and potentially re -exported through Egypt's LNG liquefaction facilitiesOwnership Equity methodAccounting treatment
26% EAST
GAS
EMED
25% 39% 10%25% 25% 50%
Industrie De Nora 38 €m 2023 2024 2025 Adj. Net Income contribution to Snam215 17 182021 Italy 21.59%2Stake
Asset Description
Business ModelBook Value (as at Dec. 31, 2025)
€311 m
ContributionItalian maker of alkaline electrodes , essential components for the production of alkaline electrolysers .
De Nora has a 34% stake in TKUCE, one of the global leaders in the development, assembly and installation of alkaline electrolysers and the production of chlorine and
caustic soda
•Listed Company
•Market Cap1. : ~ € 1.4 bn Ownership De Nora FamilyOther Institutional and retail
investors
21.59% 53.33% 25.08% Equity methodAccounting treatmentInvestment year Geography 1. At July 03, 2026 2. Until 2022 stake held by Snam was 25.79%. On April 4th, 2023 Snam placed 5.7% of De Nora shares via ABB.
Adriatic LNG
39 €m 2023 2024 2025 Adj. Net Income contribution to Snam 5 -1 1130.0% 70.0% Ownership Asset Description Business ModelLocated about 15 kilometres off the Veneto coast , is Italy's largest offshore infrastructure for unloading, storage and regasification of liquefied natural gas (LNG), with an annual technical regasification capacity of 9.6 billion cubic meters Not regulated but contractualized until 2034 with EdisonBook Value (as at Dec. 31, 2025)
€208 m
ContributionItaly 30.00%Stake
Geography
2017Investment year
Equity methodAccounting treatment 1. The actual 2024 net income contribution has been recognized in H1 2025 according to the final 2024 Reporting package figures
T eréga
40Regulatory parameters and contribution €m 2023 2024 2025 Adj. Net Income contribution to Snam 48 50 44
€bn 2025
RAB 3.3
Net Debt 1.7France 40.50%Stake
Geography
Ownership Asset Description Business ModelGas transmission and storage operator in southwestern France, managing 5,100 km of pipelines and 6,5 bcm1of storage
•Regulated
•New regulatory framework started in 2024 with historical RAB annually revalued using inflation (Consumer Price Index) while new investments are no longer inflation -indexed and remunerated with a nominal WACC , taking new investments and amortization/depreciation into account (Current economic cost method).
•WACC 2024 -2027 set at 4.1% Real Pre -Tax for existing asset and 5.4% Nominal Pre -Tax for new asset on transmission; storage benefits from 0.50% premium on transmission WACCBook Value (as at Dec. 31, 2025)
€459 m
40.5% 31.5% 18% 10%
2013Investment year
Equity methodAccounting treatment 1. Including cushion gasStake acquired by Enagas for a consideration of €573 m
▪ 7% EV/RAB
Premium;
▪ EU Antitrust
Autorization
obtained
▪ Closing subject to FDI
Interconnector
41 €m 2023 2024 2025 Adj. Net Income contribution to Snam 11 11 13
76,3%
23,7%2012 UK-Belgium 23.68%Stake Investment year
Asset Description
Business ModelBook Value (as at Dec. 31, 2025)
€66 m
ContributionGeography
235 km , subsea bi -directional pipeline, providing 22 bcm /yr of UK export capacity and 22.5 bcm /year of UK
import capacity1
Merchant with a regulatory cap on max allowed profit ( already reached until 2027 due to booking levels
already secured)Ownership
Equity methodAccounting treatment 1. All capacity mentioned herein are expressed in billion standard cubic meters at gross calorifc value of 10.8 TWh/ bcm
Italgas
42Free FloatLeader in Italy and Greece in the gas distribution and third in Europe with >156,000 km network and and 4,330 concessions . Operating also in energy efficiency and water business in Italy.
•RAB based regulation
•Listed
•Market Cap1 : ~ € 10.4 bn €m 2023 2024 2025 Adj. Net Income contribution to Snam 59 65 83 11.4% 26.0% 62.6%2016 (spin -off) 11.4%Stake Investment year Geography Ownership Asset Description
Book Value
(as at Dec. 31, 2025) €434 mItaly &
Greece
Regulatory parameters and contribution
Business Model
Equity methodAccounting
treatment
€bn 2025
RAB (Italian + Greek) 2,3 16 Equity Investments valued using Equity method3 0.2 Net Debt (excluding IFRS 16 and IFRIC 12) 3 11 1. At July 03, 2026 2. RAB as of 31 December 2025, including Gas Distribution in Italy and Greece and Water activities 3. From FY 2025 market presentation
Disclaimer
43Luca Passa, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154 -bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to Snam’s document results, books and accounts records.
This presentation contains forward -looking statements regarding future events and the future results of Snam that are based on c urrent expectations, estimates, forecasts, and projections about the industries in which Snam operates and the beliefs and assumptions of the mana gem ent of Snam.
In particular, among other statements, certain statements with regard to management objectives, trends in results of operatio ns,margins, costs, return on equity, risk management are forward -looking in nature.
Words such as ‘expects’ , ‘anticipates’ , ‘targets’ , ‘goals’ , ‘projects’ , ‘intends’ , ‘plans’ , ‘believes’ , ‘seeks’ , ‘estimates’ , variations of such words, and similar expressions are intended to identify such forward -looking statements.
These forward -looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficul t to predict because they relate to events and depend on circumstances that will occur in the future.
Therefore, Snam’s actual results may differ materially and adversely from those expressed or implied in any forward -looking statements. Factors t hat might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic an d regulatory developments in Italy and internationally.
Any forward -looking statements made by or on behalf of Snam speak only as of the date they are made. Snam does not undertake to update forward -looking statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. No representation or warranty is made by or on behalf of the Snam that any projection, forecast, calculat ion, forward -looking statement, assumption or estimate contained in this presentation should or will be achieved. This presentation does not constitute a rec omm endation regarding the securities of Snam. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Snam S.p.A. or any of its subsidiaries.
The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities a nd Exchange Commission and with the Italian Stock Exchange.
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Fine Comunicato n.0542-37-2026 Numero di Pagine: 46