MILANO (ITALPRESS) – The Snam Board of Directors, chaired by Alessandro Zehentner, approved the consolidated results of the first half of 2026. The results of the first half of 2026 highlighted “a solid financial performance, despite the volatility of the global macroeconomic and geopolitical context”, reads in a note.
Total investments amounted to €1,613 million, 27% of which were aligned with European Taxonomy and 52% to Sustainable Development Goals. Revenues rose to 2.026 million euros and EBITDA to 1,572 million euros, reflecting the growth of regulated revenues and the variations of perimeter, partially absorbed by the major amortisations, with a adjusted net profit pairs to 733 million euros. Net financial indebtedness amounted to €18.8 billion, following period investments, dividend payment, M&A operations and debt refinancing. The results of the first half of 2026 confirm the trajectory of achieving the guidance for the financial year 2026, with an improvement of the net debt target.
The total revenues of the first half of 2026 have been attested to 2.026 million euros, in increase of 120 million euros (+6.3%; +9.3% excluding the one-off effect) regarding the first half of 2025, mainly following the increase of the regulated revenues of the business of the gas infrastructure (+77 million euros; +4%).
EBITDA for the first half of 2026 stood at 1,572 million euros, an increase of 80 million euros (+5.4%; +9.2% excluding the one-off effect) compared to the first half of 2025. The increase is due to the growth recorded by the business of the gas infrastructure (+70 million euros; +4.7%), and to the positive contribution of the business Market Solutions (+10 million euros).
With reference to the business of Gas Infrastructures, “the main contribution is attributable to the increase of regulated revenues, thanks to the increase of RAB, to the positive contribution of the FSRU plant of Ravenna – we read in a note -, in exercise since May 2025, to the inclusion in the perimeter of Stogit Adriatica for the entire semester and to the contribution of OLT from March 2026. These effects were partially offset by the increase in regulated costs, mainly attributable to the cost of work, due to the recognition provided by the National Collective Contract of Labour (CCNL) and the new assumptions”.
The EBIT for the first half of 2026 amounted to 977 million euros, up 35 million euros (+3.7%; +9.8% excluding the one-off effect) compared to the value of the first half of 2025. The increase in EBITDA has been partially offset by the major depreciation and depreciation (-45 million euros, equal to 8.2%), mainly due to the entry into operation of new assets and changes in perimeter. The net financial burdens of the first half of 2026 amounted to 187 million euros, an increase of 35 million euros, equal to 23.0% compared to the first half of 2025, mainly due to the greater average debt of the period, with an average cost of the stable net debt, which stands at approximately 2.6% (compared to 2.5% of the first half of 2025). Net income on equity investments (212 million euros; +8 million euros; equal to 3.9%), slightly increased compared to the previous period, mainly concern the shares of the net results of the period of the associates evaluated with the method of net assets.
The increase is mainly due to the increased contribution of TAP, thanks to the expansion of capacity of 1,2 billion cubic meters per year; to the one-off effects connected with the acquisition of control of OLT from March 2026. This variation was partially offset by the lower contribution of the participation in ADNOC Gas Pipelines, which was sold in the first quarter of 2025 and the absence of a one-off regulation recorded by Italgas in 2025, together with the dilution of the share held. The adjusted net profit for the first half of 2026 amounts to 733 million euros in decrease of 17 million euros (-2.3%; +2.8% excluding the one-off effect), regarding the first half of 2025.
The increase in EBITDA has been compensated by the increased depreciation, following the entry into operation of new assets and changes in perimeter, as well as the higher net financial burdens and higher income taxes, also in the face of the increase in the IRAP rate applied to transport and storage companies for 2026.
“Even in the first half of this year we record solid results, thanks to the resilience of our business model, confirming the expected economic targets. Moreover, the strict financial discipline has allowed us to improve the net debt target for the current year, further strengthening our flexibility in capital management.” Thus Agostino Scornajenchi, CEO of Snam, comments on the half-annual approved by the Board. “Of course we have increased investment in support of the energy security of Italy, the diversification of supply and the integration of the European system: actions that allow us to ensure from now on the achievement of the goal of filling the storages 2026 to at least 90% of the maximum capacity, with a level of stocks already today equal to 75%, well beyond the continental average – continues -. It is necessary, however, that other countries accelerate the accumulation of stocks on their sites in view of winter. Storage remains a necessary but not enough condition: the continuity of the supply, the regasification capacity and the flexibility of the network are also counted.”.
– Snam press office photos –
(ITALPRESS).
