Italy · Delayed Price · Currency is EUR Snam S.p.A. Earnings Call Transcripts
Fiscal Year 2025
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The 2026–2030 plan targets €13.7 billion investment, 5.7% RAB CAGR, and 4% annual DPS growth, with strong 2025 results and a €3 billion asset rotation program to enhance value. Decarbonization and digital innovation remain central, while financial flexibility and regulated returns underpin guidance.
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Nine-month 2025 results show strong growth in EBITDA and net income, driven by regulated revenues, LNG expansion, and strategic asset rotation. Guidance for EBITDA, net income, and net debt was upgraded, with robust progress in energy transition and sustainability initiatives.
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H1 2025 saw robust financial growth, with EBITDA and net income rising year-on-year, supported by higher regulated revenues, LNG imports, and infrastructure expansion. Management expects to meet or exceed full-year guidance, with strong sustainability and funding positions.
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Q1 2025 saw robust EBITDA and net income growth, strategic acquisitions, and strong progress in energy transition and pan-European infrastructure. Guidance for 2025 is reaffirmed, with regulatory and market conditions supporting continued growth.
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A 24.99% stake in Viergas Holdings, owner of Germany's largest gas network, is being acquired for EUR 920 million to strengthen a pan-European energy infrastructure strategy. The deal is expected to close in Q3 2025, deliver 2%-3% net income accretion, and enhance positioning in hydrogen and CO2 transport, with robust regulatory and financial frameworks supporting long-term growth.
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The plan outlines EUR 12.4 billion in investments for 2025–2029, focusing on resilient, hydrogen-ready infrastructure and energy transition projects. Financial targets include 6.4% RAB CAGR, 5% EBITDA CAGR, and a 4% annual dividend growth, with strong ESG and innovation commitments.
Fiscal Year 2024
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Delivered double-digit growth in EBITDA and net profit, expanded LNG and storage capacity, and advanced energy transition projects. 2024 results exceeded guidance, with strong outlook for 2025 and continued focus on sustainability and shareholder returns.
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Delivered strong nine-month growth with adjusted EBITDA up 12% and net income up 6% year-over-year, driven by regulatory tailwinds and infrastructure investments. Strategic acquisitions and transition projects advance, with 2024 guidance reaffirmed and net debt outlook improved.
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A robust transition plan targets net zero by 2050, with €26 billion in green investments, strong governance, and advanced technology for emissions reduction and biodiversity. High hydrogen readiness and major CCS projects support decarbonization, while stakeholder engagement and regulatory alignment ensure resilience.
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Adjusted EBITDA grew 16% and net income rose 11% year-over-year, with investments up 60%. The Edison Stoccaggio acquisition and strong regulatory visibility support upgraded full-year guidance, while financing flexibility is maintained through hybrid bond issuance.