Snam (SRG) Q1 2026 earnings summary

Executive summary

• Italian gas demand rose 0.5% year-on-year in Q1 2026, mainly from the thermoelectric sector, with LNG imports representing 33% of total gas volumes and no physical flow disruptions despite geopolitical tensions.

• Adjusted EBITDA reached EUR 775 million, up 9% year-on-year when adjusted for one-offs, and adjusted net income was EUR 375 million, up 2% year-on-year net of one-offs.

• Investments surged to EUR 991 million, mainly due to the strategic acquisition of OLT, which expanded the LNG footprint and enhanced national energy security.

• Storage levels reached 50–53% by end of April, with the 90% filling target for next winter already secured.

• Results achieved despite a volatile macroeconomic and geopolitical environment, with continued execution of investment plans and focus on energy security.

Financial highlights

• Revenues grew 3% year-on-year to EUR 999 million, with regulated revenues up 2.9%.

• Adjusted EBITDA: EUR 775 million (+9% year-on-year adjusted for one-off; +2% unadjusted).

• Adjusted net income: EUR 375 million (+2% year-on-year net of one-off; -8% unadjusted); reported net income was EUR 292 million, down 41% year-on-year due to special items.

• Investments totaled EUR 991 million, with 54–56% related to the OLT transaction and significant alignment with UN SDGs and EU Taxonomy.

• Net debt stood at EUR 18.5 billion at March 2026, up from EUR 17.5 billion at end-2025, reflecting investments, dividend payment, M&A, and refinancing.

Outlook and guidance

• Full year 2026 adjusted EBITDA guidance confirmed at around EUR 3.1 billion.

• Adjusted net income guidance above EUR 1.45 billion, including EUR 40 million IRAP increase.

• Net debt expected at around EUR 19 billion for 2026, including OLT consolidation.

• Investments for 2026 guided at EUR 2.8 billion; tariff RAB expected at EUR 28.8 billion.

• TAP expected to contribute above EUR 85 million for 2026.