Snam — Investor Presentation 2025

Jan 22, 2025

2025-29 Strategic Plan

Building a Pan-European multi-molecule infrastructure player

January 22nd, 2025

Agenda

Energy context evolution

Snam: the largest European gas infrastructure player

Our strategy: Building a pan-European multi-molecule infrastructure player

Business Plan projections

Vision to 2034 and Beyond. Closing remarks

Key drivers shaping the energy landscape confirmed

DYNAMIC

ENERGY SYSTEM

EQUILIBRIUM

NON-LINEAR TRANSITION

DECARBONIZED MOLECULES ROLE

energy to inspire the world

• Intrinsic volatility of power and gas prices
• Growing global energy demand with a tight balancing

• Geopolitical context driving need for resilient energy systems

• Challenging mid term decarbonization goals

• Uneven clean tech adoption and policies
  • Growing focus on European competitiveness

• Consolidated consensus on tech neutrality

• Clean molecules essential to achieve Net zero
  • Need of a more interconnected Pan-European energy system

Uncertainty and volatility influencing energy markets

energy to inspire the world

• 1. LSEG
• 1. ICIS
• 1. Ukraine storage level was 16% on 31/12/2024 vs 27% last year (GIE)

Power sector is not transitioning linearly

to inspire the world

energy

EU27 wind and gas-fired generation against gas storage withdrawal, TWh ²

2019 2020 2021 2022 2023 2024

Less predictable power market emphasized gas storage essential flexibility

Gas market remaining on a tight balance

to inspire the world

energy

• Demand growth in fall/winter due to cold weather and flexibility need of power market
• EU import from Russia (pipe + LNG) regained share in 2024 totalling 58 bcm, while LNG import (RoW) share reduced from 39% to 31% in 2024
• EU gas storage filling level 72% (31/12/2024) vs 86% in 2023

Resilient and well dimensioned molecule infrastructure to cope with global market volatility

Green & decarbonized molecules rising to meet EU policy ambition

energy to inspire the world

Infrastructure a key enabler of decarbonized molecules scale up

1. European Network of Network Operators for Hydrogen

Italy enjoys a strong position in green and decarbonized molecules

energy to inspire the world

Supporting the national development of green and decarbonized molecules and their ecosystem

1. European Network of Network Operators for Hydrogen 4. Italian National Hydrogen Strategy

2. Mostly grey H2

Italian scenarios and perspective to 2050

to inspire the world

energy

Critical and flexible infrastructure to meet natural gas and decarbonized molecules demand

1. Blue hydrogen consumption included in the natural gas demand. Source: Scenario Analysis 2024 Investor relations' publications (snam.it)

2. 2050 long term scenarios will be subjects of a specific analysis during 2025, in collaboration with Terna, as determined by the ARERA regulation 392/2024/R/com.

Prospective assets' utilization analysis

energy to inspire the world

2024 2040 2050 Domestic Gas demand Peak daily demand Ca 62 bcm Actual 338 mcm/d Exceptional conditions 417 mcm/d 45 bcm 370 mcm/d ~ 1% 99% < 25% > 25% 35 bcm gas (100% decarbonized) 275 mcm/d (assuming 10% repurposing to H2) Average utilization rate % of RAB ~75% Factor use ~ 1% 99% < 25% > 25% ~55% < 10% >90% < 25% > 25% ~50% Hydraulic simulations to assess, for each of the scenario, the utilization rate of Snam's assets in peak conditions consumption, as defined pursuant to the European Regulation on Security of Supply

Assets key to deliver secure and affordable energy along and beyond the transition

Agenda

Energy context evolution

Snam: the largest European gas infrastructure player

Our strategy: Building a pan-European multi-molecule infrastructure player

Business Plan projections

Vision to 2034 and Beyond. Closing remarks

Snam's business portfolio

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• 1. 2024 Tariff RAB (Regulatory Asset Base)
• 1. o/w 10,000 national & 23,000 regional network
• 1. Including also Italis LNG, BW Singapore and the pro-quota of OLT and Adriatic LNG
• 4 Including TAG, GCA, Teréga, Desfa, Italgas e OLT pro-quota 2024 tariff RAB
• 1. Including TAG, Desfa, GCA, Terèga, Interconnector, TAP, Adnoc, EMG, Seacorridor pro-quota transport km
• 1. Including Teréga pro-quota storage capacity
• 1. Including also Italis LNG, BW Singapore and the pro-quota of OLT, Adriatic LNG, Revithoussa and Alexandroupolis
• 1. Indirect participation
• 1. Desfa: 39.60% voting rights; TAG: 84.47% voting rights
• Value enhancers
  • Enablers

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Opportunistic

energy Consistent progress in line with the strategy implementation to inspire the world

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Key achievements since the energy crisis started

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e 2022 2024¹ Operational achievements Italian network (km) 32,767 32,883 Km H2-ready certified by Rina ⁰ 2,068² LNG capacity (bcm) ³ ~ 6 ~ 19 Storage capacity (bcm) ~16.5 ~17.3

Financial & non financial achievements

Capex	€ 1,926 m	~ € 3,000 m (+56%)
Snam's RAB	€ 21.4 bn	€ 23.8 bn (+11%)
EBITDA Adj.	€ 2,237 m	>€ 2,750m (+23%)
Net Profit Adj.	€ 1,163 m	~€ 1,230m (+6%)
DPS	€ 0.2751	€ 0.2905 (+6%)
Scope 1,2 CO2 (kt/eq)4	1,451	1,090 (-25%)

~ € 2.8 bn dividends to shareholders

• 1. For financial figures Guidance
• 1. At December 2024
• 1. Pro-quota
• 1. Preliminary data, on regulated perimeter

Associates and M&A: main achievements
SeaCorridor	De Nora
First Italian import route after the	Listed in 2022 and free float
Russian imports fall	increase in 2023
Desfa	Italgas
& Teréga	Exchangable
Regulatory review for the period	bond
2024-2027	issue
TAG New regulatory framework with volume risk elimination from 2025	Gas Connect Austria

Trans Adriatic Pipeline (TAP)

Working beyond commercial capacity, ~ 16% of Italian demand Minimum expansion of +1.2bcm/y by beginning 2026

ALNG stake increase to 30% and Edison Stoccaggio acquisition signed

Key distinctive factors further strengthened

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Effective implementation of our strategy

Agenda

Energy context evolution

Snam: the largest European gas infrastructure player

Our strategy: Building a pan-European multi-molecule infrastructure player

Business Plan projections

Vision to 2034 and Beyond. Closing remarks

energy Snam's integrated strategic framework: a coherent evolution to inspire the world

Towards a more integrated multi-molecule pan-European vision

energy How we deliver our Ambition to inspire the world

Business focus

Energy transition platform to accelerate decarbonization Gas infrastructure to secure competitive energy supply

€ 12.4 bn Capex 2025-29 (~ € 13.4 bn gross of grants)

• 41% investments Taxonomy aligned
• 58% investments SDGs aligned
• € 10.9 bn investments Gas Infrastructure
• € 1.5 bn investments Energy Transition

Promoting a pan-European multi-molecule system

• •
• •

energy Delivering a flexible and resilient multi-molecule infrastructure to inspire the world

Green and Decarb Investments

€ 13.4 bn of which € 1 bn of grants¹

70% green and decarb investments²

Color coding of clusters based on the alignment of the majority of investments included 1. o/w € 0.5 bn already signed and € 0.2 bn cashed-in

1. 2025-2029 Investment plan, gross of grants

Gas Infrastructure - Enhance asset resilience and flexibility

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Adriatic Line

• 10 bcm/y of additional South-North transport capacity
• Capex: € 2.0 bn gross of Repower EU Grants (€ 0.4 bn)
• Operation starting from 2026, on schedule
• Export to Austria from 9 bcm to 14 bcm /y

• Old wells replacement (€ 0.4 bn) to enhance the performance
• Maintenance including wells workover and safety (€ 0.8 bn)
• Edison Stoccaggio (€ 0.1 bn)

Storage FSRUs & Small scale LNG

• BW Singapore (Ravenna FSRU): mooring and connection works, breakwater
• Capex: € 0.8 bn
• Truck loading in Panigaglia, Liquefaction plant in Pignataro completion and Mobility investments ( € 0.1 bn)

~ € 11.3 bn capex¹

1. 2025-29 gas infrastructure investments (gross of grants). Total Gas infrastructure Capex of € 11.3 bn also include DT&T capex, Symbiosis and others. 2025-2029 gas infrastructure investments net of grants: ~€10.9 bn

Gas Infrastructure - Emissions reduction and green molecules

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Dual fuels

• 6 compression stations commissioning by 2029
• Capex: € 0.9 bn

Biomethane plants interconnection

• Connections to the grid surging, in large part to Snam's regional transportation network ( € 0.4 bn)
• Open-season and workshops to support market development

Replacements

• ~ 850km of transport pipelines replacement ( € 2.2 bn)
• Asset Health Methodology driving pipelines replacement identification
• Hydrogen ready technical standard used to future proof investment

~ € 11.3 bn capex¹

1. 2025-29 gas infrastructure investments (gross of grants). Total Gas infrastructure Capex of € 11.3 bn also include DT&T capex, Symbiosis and others 2025-29 gas infrastructure investments net of grants: ~€10.9 bn

Work in progress for multi-molecule midstream infrastructure

energy

to inspire the world

energy Energy Transition: Ravenna CCS project gaining momentum to inspire the world

Key Achievements Strategic Priorities

• Support CCS strategy and technical rules for CO2 transport definition
• PCI status and CEF grants application
• Started phase 1 (25kt/y): positive KPIs
• Permitting for ~ 90 km of CO2 pipes (100% Snam)
• MoUs with potential customers

Illustrative map of selected CO2 clusters which expressed interest in Ravenna CCS

Key features

• Industrial cluster concentrated
• Reservoir located nearby the coast (5-10km distance, shallow waters)
• Progressive and modular development model:
  • Injection and storage in JV with ENI: up to 4 mt/y by 2028-2032 (~€ 200 m Snam's equity injection) with possible scale up to 16 mt/y
  • CO2 network: 15 km repurposing of existing line and 176km of new network (~€ 300m Capex net of grants)

• Launch permitting for Storage (Ravenna CCS JV) • Legislative regulatory framework by 2025/26

• Biogenic CO2 valorization via removals or utilization

• Considering value crystallization through ENI CCUS vehicle • Potential to develop virtual sea corridors in Italy and Med

• FID (subject to adequate return and consistent regulatory framework) end 2026

~ € 900 m capex ¹

energy Energy transition - H2 backbone acceleration to inspire the world

• 6th PCI list (April 2024)
• Part of EU's Global Gateway
• CEF funding submitted
• PMI application (SeaCorridor and Swiss branch)
• Green Hydrogen value chain MoU
• Snam core and founding partner ENNOH

Key Achievements Strategic Priorities

• EU Directive into National Regulation by mid 2026
• H2 demand aggregation from Italy, Austria and Germany
• North African decarb H2 production cooperation
• Synergies with associates projects (ie Greece corridor)

Key features

• End to end project, enabling supply of low-cost renewable H2 produced in the South to key EU clusters
• FID by beginning of 2027 subject to adequate return and coherent regulatory framework

Italian H2 backbone projects highlights

• ~ € 3.6 bn cumulated capex
• 60%-70% repurposing
• 70 TWh demand abilitation in Italy, Austria Germany with initial investment and possibility to expand to 150 TWh via further compression investments

~ € 400 m capex ¹

energy Energy transition - Biomethane reaching maturity to inspire the world

Key Achievements Strategic Priorities

• Cost optimization and performance enhancement

• Biomethane production platform monetization

• Conversion/upgrade of 25 plants

• Unique end-to-end service provider

• Plants connection process streamline

(as required by Regulator)

• Unique biomethane production platform
  • 9 plants (~ 20 MW) won tariffs auctions and under upgrade plus 14 submitted in January (~31 MW)
  • Agricultural plants conversions ongoing (2 in operation)
  • Waste portfolio perimeter completed and under optimization
  • Fixed costs optimization

Snam biomethane connections (1) for approx. 2 bcm

Highlights

• Large platform: 9 waste operating plants (14 MW) and 26 agri operating plants (26 MW) in 2024
• Avoided emissions: 40 ktons in 2024 to 300 ktons in 2027
• Key role to start-up biomethane Italian market through plants conversion and use of PNRR measures
• Key role in optimizing biomethane connections to the grid (Arera Resolution 131/2024/R/gas)

~ € 350 m capex ²

Energy transition - Refocusing Energy Efficiency platform

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• Focus on Energy Performance Contracts with industrial clients and public administration with long duration and returns visibility • Integrated energy infrastructure approach for industrial clients Backlog (€bn) Average duration ~ 11y • Renovit development supported (one of the top 5 Italian energy efficiency player; Snam's partecipation at 60%) • Delivered 1,130 deep renovation projects over 2021-23 (~€ 2 bn of which 85% residential) leveraging on tax benefits • ~ € 1.4 bn of backlog FY2024E (+17% yoy) Highlights Key Achievements Strategic Priorities

• Increase backlog (+17% yoy) with 11Y average duration
  • Public Administration: ~60% of the backlog by 2029 also thanks to the launch of national public tenders
  • Industrial and Tertiary: primarily through photovoltaic, but also co-trigeneration with hard to abate clients
  • Residential refocus on EnPC² contracts for large size clients
• Avoided emissions: 72 ktons in 2024 to 150 ktons in 2029

~ € 250 m capex ¹

1. 2025-2029 investments, no grants forecasted on Energy Efficiency

1. Project with Enagas, GRTgaz, OGE, REN. 2. Project with Bulgartransgaz, TRANSGAZ, FGSZ, NET4GAS and OGE.

energy How we deliver our Ambition to inspire the world

• •
• •
• •
• •

Strategic levers

Transformative Innovation All-round sustainable strategic framework

Dual-track innovation approach

to drive operational excellence and sustainability

• € 338 m investments Proven Innovation
• € 62 m investments Explorative Innovation

All-round sustainable framework based on 7 pillars with a distinct ambition and scorecard targets

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Trasformative Innovation as a strategic lever

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energy

to inspire the world

Trasformative Innovation: Dual track approach achievements

1. Proven Innovation 2. Explorative Innovation

Scalable solutions with consolidated partners New technologies through a broad innovation ecosystem

1. Since beginning of SnamTEC digital transformation program

1. Including mainly R&D and Tlab activities with other areas

Key initiatives ongoing

KPIs

All-round Sustainability

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Methane emissions -62%¹ (2024E vs 2015) & 4 years Gold standard by UNEP 2024E Scope 1+2 emissions - 25%¹vs 2022 (baseline)

Biodiversity: Zero Net Conversion in 2024

Key Achievements Strategic Priorities

Decarbonization and biodiversity targets delivery

• Scope 1+2: -40% by 2030
• Scope 3: -30% by 2030
• Biodiversity: Net positive impact by 2027
• ESG ratings leadership
• Sustainability pillars delivery
• Sustainability scorecard new targets to 2029
• SBTI and SBTN certifications commitment (if/when methodologies and possibility to submit targets available)
• CSRD compliance
• Climate Change Risk assessment deep-dive with biodiversity analysis

Transition Plan Key Messages

Climate and Biodiversity strategy

Snam is committed to reduce its carbon footprint across Scope 1,2 and 3 in line with the Paris Agreement and to have a positive impact on Nature by 2027

1. On Regulated perimeter as of 2022 2. On full Snam Group perimeter

2. CARBON NEUTRALITY: requires to fully offset the residual emissions

3. NET ZERO: requires at least -90% emissions vs base year and the neutralization of residual emissions through permanent carbon removals

4. Residual severity under the MID Scenario (RCP Scenario 4.5: Progressive intensification of natural phenomena)

Agenda

Energy context evolution

Snam: the largest European gas infrastructure player

Our strategy: Building a pan-European multi-molecule infrastructure player

Business Plan projections

Vision to 2034 and Beyond. Closing remarks

2025-2029 Strategic Plan

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1. Net of grants. Total Capex gross of grants: € 13.4 bn

2. Net profit adjusted for hybrid instrument financial expenses (-€45m per year)

3. EBITDA 2024-2029 CAGR ~5.5% with Biomethane pro-forma

€ 12.4 bn investments 2025-29 in a future-proof multi-molecule infrastructure

Transport	• Adriatic Line • Replacement of pipelines • Net zero investments: dual-fuel compression stations • FSRU and biomethane connections	• +10 bcm South to North capacity • ~850 km replacements • 3 dual fuels	8.0
Storage	• Storage wells refurbishment and performance upgrading • Edison Stoccaggio capex • Net zero investments: dual-fuel compression stations	• +0.6 bcm capacity (thanks to overpressure) • 3 dual fuels	2.0
LNG	• Ravenna breakwater • Small-Scale LNG infrastructures and Mobility	• +5 bcm/y from 2025 • 95 CNG and 40 L-CNG stations by 2029	0.9
Energy Transition Platform	• Biomethane platform • Decarbonization projects: H2 backbone acceleration, scale up of Ravenna CCS project, H2 Valleys and Gigafactory • Energy efficiency: re-focus on long term contracts with PPP2 and energy performance contracts	• 78 MW Biomethane capacity by 2027 • Up to 4 mtons/y of CO2 stored by 2028-2032 • ~ € 2.7 bn Energy Efficiency backlog by 2029	1.5
1. Net of ca € 1 bn of grants	41% Taxonomy3 ~ 70% of Gas Infra Capex authorized	, 58% SDG aligned3	€ 12.4 bn1 36

energy

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1. Net of ca € 1 bn of grants 2. Public Private Partnership 3. Gross of grants

energy

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RAB growth driven by the three main businesses and CCS start up

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energy

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EBITDA growth driven by regulated business

energy Net income accelerating despite higher net interest charges to inspire the world

4.6% EPS CAGR 2024-29

energy Strategic relevance and value creation from Associates to inspire the world

~ 70% of contribution¹ ~ 10% of contribution¹ ~ 20% of contribution¹ Enablers Opportunistic Value enhancers

Rising Associates' contribution and visibility Active management of our assets' portfolio

Rising associates' contribution:

• TAG: Regulatory review removing volumes risk
• TAP: minimum expansion (from 2026) and CPI-linked tariffs
• Italian associates

energy Keeping financial solidity and flexibility to inspire the world

Credit metrics providing sound financial flexibility

Sustainable financing target improved and average cost of debt at 2.8%

1. % on Total Committed Funding

2. Rating from the grid for Moody's, Stand alone credit profile for S&P

3. Moodys' threshold: Including book value of equity participations

4. Shaded area consistent with current rating metrics by Moody's and S&P (inferred)

energy to inspire the world

Sustainable and improved dividend policy

4% DPS annual growth 2024-29

energy Sound and visible 2025 outlook to inspire the world

	Guidance FY 2024	Guidance FY 2025	2025-2029
Investments	€ 3.0 bn € 2.8 bn Gas Infrastructure • • € 0.2 bn Energy Transition	€ 2.9 bn € 2.5 bn Gas Infrastructure • • € 0.4 bn Energy Transition	€ 12.4 bn (net of grants)
Tariff RAB	€ 23.8 bn	€ 25.82 bn	~ 6.4% CAGR
EBITDA adj.	> € 2.75 bn	~ € 2.85 bn ~ +4%	~ 5.0% CAGR ~ +28%
Net income adj.	~ € 1.23 bn	~ € 1.35 bn ~ +10%	~ 4.5% CAGR ~ +24%
EPS adj1	~ € 0.36 €	~ € 0.40 €	~ 4.6% CAGR ~ +25%
DPS	~ € 0.29 €	~ € 0.30 €	~ € 0.353 €
Net debt	€ 16.5 bn	~ € 18.6 bn	~ € 21.2 bn4

1. Including ca €500m of Edison Stoccaggio RAB

2. 2029 Net Debt

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Agenda

Energy context evolution

Snam: the largest European gas infrastructure player

Our strategy: Building a pan-European multi-molecule infrastructure player

Business Plan projections

Vision to 2034 and Beyond. Closing remarks

energy

45

to inspire the world

Ambition to 2034: Future proof multi-molecule infrastructure

~ € 27 bn 2025-34 investments

Assets reliability and resilience, carbon footprint reduction

Towards multi-molecule set up

energy Long term decarbonized gas mix evolution to inspire the world

Multi-molecules natural hedge with flexible mix over time

1. 2050 long term scenarios will be subjects of a specific analysis during 2025, in collaboration with Terna, as determined by the ARERA regulation 392/2024/R/com

2. The graph shows a plausible directional evolution

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Closing remarks

Significant achievements and clear strategic priorities Strategic framework confirmed Solid and visible growth Progressing towards a Pan-European multi-molecules infrastructure Attractive & sustainable shareholders' return Sound financial flexibility

Financial Annex

energy Visible and supportive regulation to inspire the world

Base ROSS key effects on transport

Shorter D&A recognition timelag (t-1 vs t-2) from 2025 Fast/slow money mechanism Work In Progress remuneration Deflator recognition at t-1

Regulatory visibility and a faster cash conversion

energy Key Business Plan assumptions to inspire the world

50

Deflator/Inflation⁵ WACC real pre-tax in terms of impact on Revenues

Sensitivity:

+/- 0.1% change in WACC⁶ → +/- € 15 m average impact on net income

• 1. The inflation embedded in the nominal risk-free rate (10Y average inflation-linked swap)
• 1. Average RAB inflation of 1.8% for transport
• 1. Applied to the whole RAB
• 1. Bloomberg-Oxford
• 1. Country risk premium: the difference between 10Y BTP rate of return and risk-free rate
• 1. Nominal Risk free: rate of return of risk-free assets, in nominal terms, calculated as the average 10Y bonds rate of returns of countries with at least AA rating according to S&P classification (Germany, France, Belgium, Netherlands)

2025-2029 Capex alignment

41% taxonomy aligned

58% SDGs aligned

Capex breakdown

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Capex by year

(€ bn, net of grants)

	2025	2026	2027	2028	2029	Total
Transport1	1.8	2.0	1.5	1.4	1.3	8.0
Storage	0.3	0.4	0.4	0.5	0.4	2.0
LNG2	0.4	0.2	0.1	0.1	0.1	0.9
Energy Transition	0.4	0.2	0.3	0.2	0.4	1.5
Total	2.9	2.8	2.3	2.2	2.2	12.4

1. Including corporate capex

2. Including greenture (SSLNG and mobility) investments

Capex breakdown

(net of grants)

energy International associates' key development projects to inspire the world

Interconnector

• ~50% capacity booked until 2026
• Operational and commercial optimizations

Teréga

• Solid CapEx Plan sustain the RAB growth
• Debt refinancing completed: € 600 m
• 16.7% stake in BarMar (H2 transport) and Pycasso project (CCS) awarded with PCI status

• GCA • Securing stable remuneration in the medium-term
• TAG • Strategic role in terms of gas SoS and H2 development

SeaCorridor

• Working on transport rights extension (expiring in 2029)
• Strategic positioning as key H2 import route from North Africa

TAP

• Minimum expansion ready by beg 2026

• Focus on further expansions

DESFA

• € 1 bn capex plan supporting Balkan security of supply, North Macedonia interconnection by '26

• Alexandroupolis FSRU LNG in operation
• Revithoussa capacity booked until 2031
• € 810 m bond loan secured including RRF facility
• Greece-Bulgaria H2 backbone and CCS "Prinos" with PCI label

Book Value Net Income	Financial and Industrial partners
% Company Geography Strategic Value Investment year 31.12.2023 contribution (FY23)
First Italian import route after • Algeria 2023 49.90% € 648 m € 46 m SeaCorridor the drop of Russian imports Tunisia Strategic corridor for H2 • import from North Africa
• Sizeable capex plan supporting domestic lignite phase out and Greece Desfa 35.64%1,2 € 207 m € 52 m 2018 South-Eastern Europe market development
In 9M 2024 covered ~ 17% Greece • € 65 m TAP of Italian demand Albania 2015 € 404 m 20.00% • 1.2 bcm expansion from Italy 2026
• New regulatory framework with 89.22%2 € 228 m - € 46 m 2014 Austria TAG volume sterilization from 2025
Strategic H2 corridor toward • Austria 19.60%1 GCA 2016 € 112 m € 19 m Central Europe
Egypt • Export route from Israeli to Egypt EMG 25.00% € 49 m € 4 m 2021 Israel • Strategic asset in the East-Med area
Leverage on H2 • 21.59% De Nora Italy 2021 € 376 m € 15 m technologies and know how	Institutional De Nora family investors
Italy OLT Strategic assets for the 49.07% • € 33 m € 9 m 2020 security and diversification
of Italy's energy supplies 30.00%3 Italy Adriatic LNG 2017 n.a. € 5 m	54

1. Indirect participation

2. Desfa: 39.60% voting rights; TAG: 84.47% voting rights

3. Snam's stake after the closing of the exercise of pre-emption right (stake increase from 7.3% to 30%), expected by December 2024

Associates (2) energy to inspire the world
Company	Geography	Strategic Value	Investment year	%	Book Value 31.12.2023	Net Income contribution (FY23)	Financial and Industrial partners
Teréga	France	• Gas infrastructure operator in the South-West of France • Partner of H2 Med Corridor	2013	40.50%	€ 430 m	€ 48 m
Adnoc Gas Pipelines	UAE	20Y contracted assets • Good and visible net income • contribution	2020	5.88%1	€ 131 m	€ 30 m
Interconnector	Uk-Belgium	• Bi-directional gas pipeline between the UK and Belgium Capacity booked at almost • 50% until 2026	2012	23.68%	€ 68 m	€ 11 m
Italgas	Italy	Leader operator in the Italian • gas distribution and third in Europe	2016 (spin-off)	13.49%	€ 313 m	€ 59 m

Financial structure and rating

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Maturities profile¹ (€ bn)

Fix / Floating mix 2024

Rating overview

	Moody's	S&P	Fitch
Assigned Rating	Baa2	BBB+	BBB+
Outlook	stable	stable	stable
Rating from Grid /SACP2	A2/A3	a-	n.a.

Sustainable Finance sources 2024

1. Excluding uncommitted lines and Commercial Papers

2. Rating from the grid for Moody's, Stand alone credit profile for S&P

3. M/L term instruments and Commercial Papers drawn

Governance Annex

Board of Directors

energy to inspire the world

44%

Female

67%

Independent

Board of Directors	Monica de Virgiliis	Stefano Venier	Massimo Bergami	Laura Cavatorta	Augusta Iannini	Piero Manzoni	Rita Rolli	Qinjing Shen	Alessandro Tonetti
	Chair	CEO	Non-Executive Director	Non-Executive Director	Non-Executive Director	Non-Executive Director	Non-Executive Director	Non-Executive Director	Non-Executive Director
Independent Director1	✓		✓	✓	✓	✓	✓
Gender	Female	Male	Male	Female	Female	Male	Female	Male	Male
First appointment	2016-2019 2022	2022	2022	2019	2022	2022	2019	2022	2016
Committee2 Roles			A&C SETSC	CRRPTC SETSC (C)	CRRPTC	CRRPTC (C)	A&C (C) SETSC	SETSC	A&C

1. In accordance with the Italian Corporate Governance Code and the Consolidated Law on Finance

2. Appointments and Compensation Committee (67% independent), CRRPTC = Control Risk and Related Parties Transactions Committee (100% independent), and SETSC = Sustainability and Energy Transition Scenarios Committee (75% independent)

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Remuneration Policy

Remuneration Policy aims at ensuring alignment with the Company's strategic objectives considering the characteristics of the business and the industry while ensuring that the variable component represents a significant portion of total remuneration

Pay mix - 2024 Key highlights - 2024

	Updated peer group
•	CEO and General Manager the Panel for compensation benchmarking fine-tuned:
	22 companies balanced between Italy and Europe •
	• Selected in terms of business and operational model vs. Snam
	The CEO positioning has not changed, resulting in • between Median and First Quartile
	Share Ownership Guidelines (SOGs)
•	SOGs introduction for the CEO where he is required to hold shares worth at least 200% of his fixed remuneration, to be achieved within a compliance period of 5 years
•	Once the minimum requirement is met, the CEO need to consistently maintain the number of shares that satisfied the requirement until the end of his tenure

Remuneration Policy linked to Strategy and transition KPIs targets

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		PILLARS OF THE STRATEGIC PLAN	Gas Infrastructure	Energy Transition Platform	All-round Sustainability	Transformative Innovation
		Adjusted EBITDA – 30%	✓	✓	✓	✓	Climate & Energy Transition KPIs
bjectives MI) A		Gas Infrastructure Investments – 20%	✓
	O ess	Energy security projects – 15%	✓
ncentive ( I	Busin	Non-regulated business: Milestones Achievement – 15%		✓
etary on	bility	Accident frequency and severity index – 10%			✓		Energy Gas
M Annual	bjectives Sustaina	Increased sustainable funding – 5%			✓		transition infrastructure platform
	O	ESG criteria in the supply chain scoring model – 5%			✓
M)		Adjusted net profit – 40%	✓	✓	✓	✓
T	ess	Value Added -20%	✓			✓
ncentive (L Equity I	bjectives Busin O	Energy Transition Readiness – 20% Km H2-Ready • • MW Biomethane installed • Project and market design CCS H2	✓	✓	✓	✓
m Ter	bility bjectives	Reduction of methane emissions – 10%	✓	✓	✓
	Sustaina Long- O	Fair representation in the management team – 10%	✓	✓	✓

25% of short term and 30% of long term remuneration linked to Climate and Energy Transition KPIs

KPIs

Getting ready to CSRD

Inter-functional project launched in May 2023 aimed at evolving the sustainability reporting and internal control system to comply with CSRD

Sustainable Finance and its Framework

	Methane Emissions	Scope 1&2 Emissions	Scope 3 Emissions	% Women Manager
2027	-64.5%	-25%	-	27.5%
2030	-70%	-40%	-30%	29%
2032	-72%	-50%	-32%	-

>50% of sustainable finance linked to emissions reduction KPIs

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Use of Proceeds

SPO provided by ISS

• Assessment: best practice / alignment with ICMA Principles
• Level of ambition: robust/good assessment of KPIs selected

Enterprise Risk Management

Continuous evolution & consolidation

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• Higher risk-informed contribution to strategic processes in line with the risk appetite approved by the Board of Directors
• Improved usability and expansion of the informative scope of risk analyses
• Enhanced integration with sustainability strategy & reporting (financial materiality analysis)
• Consolidation of the ERM process in alignment with disclosure requirements (e.g. CSRD)

Objectives… …into achievements

• Continuous review and monitoring of our Risk Appetite Framework (RAF)
• Evolutions on both methodology and governance of our ERM Risk Assessment, to consolidate its strategic focus and alignment with frameworks, standards and the latest disclosure requirements (e.g. CSRD)
• Consolidation of our Climate Change Risk Management (CCRM) framework, including a progressive evolution from a climate risk to a nature risk approach with the integration of biodiversity risk analyses into our CCRM

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Climate risks analysis

As presented in our Transition Plan

Physical risks exposure of company assets to climatic hazards

to direct safeguards effectiveness (e.g., physical mitigants and insurance coverage) and indirect safeguards (e.g., assets structural characteristics)

• Long-term:
• No significant change under RCP scenarios 1.9, 4.5¹
• More pronounced potential impact under the worst-case RCP scenario 8.5¹

Transition risks and opportunities

political, legal, technological and market risks related to climate change mitigation and adaptation

IMPACT IMPACT

Negligible physical risk thanks to assets features and safeguards

Limited short and mid term transition risks while longer term risks intensify jointly with significant opportunities

Legend:

Residual severity under the MID Scenario (RCP Scenario 4.5: Progressive intensification of natural phenomena)

High Critical

65

1. RCP scenario 1.9: Limited climatic evolution RCP Scenario 4.5: Progressive intensification of natural phenomena RCP Scenario 8.5: Significant intensification of natural phenomena

Cybersecurity (1/2)

Cybersecurity is fundamental in preventing and managing adverse events that may compromise the confidentiality and integrity of information, the availability of business processes, and, ultimately, the interests of diverse stakeholder groups belonging our society

Projects covered by Security by Design cyber approach: 100% by 2029

Security Intelligence & Security Incident Management

The incidents prevention and management mitigate impact on society by ensuring service continuity, protecting personal data, and strengthening stakeholder trust through responsible and sustainable cyber risk management

Cyber Security Incident Management model is adopted to counteract cyber threats, for the year 2024, the Cyber Soc Team Managed:

• 24/7 security monitoring
• 3,857 security events
• 2,219 Cyber Threat Intelligence Alerts
• 63 compromised third parties¹

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• 225 potentially compromised accounts*

In January 2025, a cyber security insurance has been subscribed with the aim of further improving cyber incidents response and increasing resilience

Security by Design enhances trust in digital solutions, which have become essential for business and everyday life, by:

• Ensuring security from the earliest development stages
• Creating a more resilient digital infrastructure
• Spreading the knowledge of good security practies
• Promoting ethical and sustainable management to safeguard societal interests

For the year 2024, the process was applied to 52 projects

Cybersecurity (2/2)

Cybersecurity is fundamental in preventing and managing adverse events that may compromise the confidentiality and integrity of information, the availability of business processes, and, ultimately, the interests of diverse stakeholder groups belonging our society

Projects covered by Security by Design cyber approach: 100% by 2029

Security Awareness & Training

Awareness is essential for shaping informed digital employees capable of using technologies safely and responsibly, thereby actively contributing to sustainable risk management and the protection of collective interests

The human factor is a core aspect for improving cyber security. Initiatives to increase awareness performed in 2024 for our people:

• 6 White Phishing campaigns for a total of 23,116 e-mails sent in 2024
• Cyber Security learning course launched and 1,601 trained persons
• 6 communications with awareness infographics
• 18 mass communications sent by the Cyber SOC to inform people on security events
• 11 classroom training sessions for employees of our peripheral offices
• Creation and diffusion of shared rules for performing good mass communications via email channel
• Incident management simulations:
  • 1 cyber incident simulation with BOD
  • 2 blue team simulations
  • 8 simulations for our Cyber SOC
  • 1 simulation with Italian and European institutions
  • 5 business resilience simulations
  • 2 mass notification simulations

Tax Transparency Report

internationally by the Group

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Shareholders Snapshot, as of August 2024

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CDP Reti Minozzi

Retail Investors Treasury shares

Shareholders structure (%)

Shareholders geographical break down (%)

Italy - Strategic Holders Italy - Retails Italy - Institutional Continental Europe UK and Ireland Usa and Canada Rest of the world Treasury shares 1 2

ESG investors represent 45% of institutional shares³

• 1. taly-Strategic holders includes Bank of Italy and CDP Reti
• 1. Italy-Retails includes the participation of Romano Minozzi equal to 7.4%
• 1. Nasdaq analysis, August 2024

Sustainability Annex

Climate change and biodiversity

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The Planetary Boundaries Framework

• Science-based approach developed by the Stockholm Resilience Centre to understand humanity's impact on the Earth at the planetary scale
• "Boundaries" identify quantitative thresholds. Crossing boundaries increases the risk of generating large-scale abrupt or irreversible environmental changes
• Six out of nine planetary boundaries have been transgressed already

Snam's direct operations impact

RELEVANCE FOR SNAM
	ATMOSPHERIC AEROSOL LOADING LAND AND SEA USE CHANGE 3
			CLIMATE CHANGE
			BIOSPHERE INTEGRITY & STRATOSPHERIC
	BIOGEOCHEMICAL FLOWS
		FRESHWAT

• Our direct operations impact on the planetary boundaries assessed using the SBTN Sector Materiality tool
• Climate change has a high priority
• Medium impact on Biosphere integrity and Land and sea use change, jointly referred as Biodiversity
• No impact on others including fresh water change and ozone depletion

Track record

1. FY 2024

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Track record and achievements	Methane emissions -62%1 vs 2015 Zero Net Conversion on • • biodiversity 4 years Gold standard by UNEP • 2024E1 Scope 1+2 emissions • expected down ~ 25% vs 2022
Firm commitments on Targets	• By 2030: -40% Scope 1+2 & -30% • Net positive impact on Scope 3 biodiversity by 2027 Carbon Neutrality on Scope 1 and • 2 by 2040 and Net Zero on all emissions by 2050
Significant resources dedicated to the transition	• Capex 2025-29 and 2030-34: 41% and 48% EU taxonomy aligned Sustainable Finance at 84%2 • and 90% target by 2029
Credible roadmap	First TSO In the SBTN corporate engagement program • Moody's Net Zero Assessment on our emissions pathway alignment to Paris •

Decarbonization of the energy system

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Sustainability Scorecard 2025-2029

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energy

	KPIs	2024 Target	2025 Target	2029 Target		KPIs	2024 Target	2025 Target	2029 Target
Green	Avoided & Captured CO2 emissions (ktCO2e) •	105	147	8751		• Employees engagement index (%)	>80	>80	>80
transition	• H2 readiness length of network certified (km)**	1900	2400	30002		• Women in exec. and middle-mgmt. roles (%)**	26	26.5	29.5
	• Gas Transportation operational availability (%)	>99	>99	>99		IpFG (Combined Frequency and Severity Index)** •	0.47	< min. 3y	< min. 3y
Multi	• Production of biomethane (Mscm)**	20	30	-	People	Gender pay gap (%) •			+/- 5
molecule infrastruct.	• Invest. related to the CCS Ravenna Project Phase 1+2 (€M)	120	178	626		• Participation in welfare initiatives (%)	75	78	82
	Reduction of total natural gas emissions (%)3** •	-57.5	-59.7	-68.5		• Training hours delivered to employees (h/capita)	36	37	42
	ESG criteria in proc. procedures (% of spending)** •	35	40	70		• Benefits for local communities over reg. revenues (%)	~1	~1	~1
Carbon Neutrality	• RES on total electricity purchased (%)	52-55	70-75	100	Local	Value released at local communities (€M) •	>1,000	>1,000	>1,000
	• Spending on total procured with decarb. plan from suppliers(%)	25	35 50	Communit.	• Avg customer satis. rate for service quality (1-10)	≥8	≥8	≥8
	Zero Net Conversion by 2024 •					• Investments in Innovation as % of revenues	3	3	3
Biodiversity & Regener.	• Net Positive impact by 2027	99.9 ≥100			Transform. Innovation	• PoC and scale of technologies and services (#)	15(25)	47 (7)	75 (11)
	• Vegetation restored in areas of pipes constr. and new			≥100		• AI enabled IT applications (% of total)	12	16.5	40
	forestation (%)					• Projects covered by Security by Design cyber approach (%)	100	100	100
	• ESG Finance over total funding available (%)			90		• ESG matters discussed at BoD meetings (>40% of BoD discussed)	discussions with ESG topic
	CapEx EU Taxonomy-aligned (% of total) •				Sustainable	• 3 rd parties subject to procure. Process on which reputational checks are
Financial	Revenues EU Taxonomy-aligned (% of total) •		principles	performed (100% of suppliers with reputational checks performed)
& CO2	• Capex SDG-sligned (% of total)	2027 Target	2030 Target	2032 Target		• Italian territory covered by cyber resilience field tested scenarios (100% of Italian territory covered)
	• Scope 1 and 2 CO2 emissions reduction (% v. 2022)	-25	-40	-50

Legend:

• KPI reviewed vs scorecard 2024-2027
  • 1. CCS project subject to Final Investment Decision (FID);
  • 1. Target unchanged vs 2027 (project ending in 2026)
• 1. Targets including Edison Stoccaggi and FSRU. 2025 figures would be 64.6% "like for like" with previous years
• ** KPI undergoing Appointments and Compensation Committee's approval & KPI in IMA/IALT or ESG Finance Framework

Snam winner of the 2023 Award for the Non Financial Reporting Statement

Road to Carbon Neutrality

1. Regulated perimeter aligned with the target (without FSRU); 1,333 ktCO2e full regulated perimeter

2. On baseline 2022 adjusted (~1.500 kton)

3. The figure of 2022 Scope 3 regulated emissions is restated as it takes into account the emissions contribution of SeaCorridor (purchased in 2023)

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Emissions reduction commitment across operations and value chain

Carbon neutrality by 2040 and Net Zero by 2050

1. On Regulated perimeter as of 2022 2. On full Snam Group perimeter

2. 1. CARBON NEUTRALITY: requires to fully offset the residual emissions
3. 1. NET ZERO: requires at least -90% emissions vs base year and the neutralization of residual emissions through permanent carbon removals
4. 1. Based on SBTi general methodology

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Scope 1 & 2 emissions – roadmap to 2030

78 1. Baseline restatement: Ravenna FSRU as per July 2024, Piombino FSRU and Sulmona compression station as per October 2024

1. Differences in gas demand, stored and regasified gas, including flows direction vs 2022

1. Baseline restatement: Ravenna FSRU as per July 2024, Piombino FSRU and Sulmona compression station as per October 2024

2. Differences in gas demand, stored and regasified gas, including flows direction vs 2022

Gold Standard by the United Nations Environment Programme OGMP 2.0 (Oil and Gas Methane Partnership) for

the fourth consecutive year

Part of the Oil and Gas Climate Initiative which strives to reach near zero methane emissions from oil and

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Methane emissions reduction achievements and targets

Replacement plan launched in 2015 to reduce methane emissions, implementing best practices and seeking new solutions / technologies

16 in line recompression interventions

the pressure in the pipeline by

allowing consumer drawdown, in-line recompression instead of venting

1

Strong track record and ambitious targets on methane emissions ahead of OGMP requests

gas assets by 2030

Investing in dual fuels to reduce combustion emissions 2

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Electric compressors units Replacement Plan²

Impact on 2027 Target	+3 gas compressors units to be replaced with ELCOs ~40 MW installed capacity
Impact on	+5 gas compressors units to be replaced with ELCOs
2030 Target	~70 MW installed capacity
Impact on	+3 gas compressors units to be replaced with ELCOs
2032 Target	~50 MW installed capacity
Impact on	+10 gas compressors units to be replaced with ELCOs
2040 Target	~200 MW installed capacity

Roadmap to install electric compression units

Average emissions reduction per plant: 22 ktonCO2e

1. The investment plan considers also the replacement of 3 ELCOs, already supplied with green electricity, with more efficient ones, thus reducing energy consumption but not GHG emissions. For this reason, those ELCOs are not accounted for within the ones with impact by 2027, 2030, 2032 and 2040

2. The replacement plan will be optimized on the back of the evolution of physical flow scenarios and to optimize the dispatching

Our view on Scope 3 emissions

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• Estimated net¹ emissions evolution of methane consumed in Italy

Estimates of emissions resulting from the use of methane consumed in Italy based on the evolution of the long term scenarios

Current scenarios confirm emissions dropping to Net Zero

According to GHG Protocol:

• Supply chain
  • Category 1: Purchased goods and services
  • Category 2: Capital goods
  • Category 4: Upstream transportation and distribution
  • Category 5: Waste generated in operations
  • Category 8: Upstream leased assets
• Associates: Category 15: Investments
• Other emissions
  • Category 3: Fuel and energy-related activities not included in Scope 1 or 2
  • Category 6: Business Travel
  • Category 7: Employee commuting
• New categories only for regulated business: 11 use of sold products and 13 Downstream Leased Assets

Snam is a regulated transmission system operator (TSO), complies with European and Italian regulation and has to grant security of supply and undiscriminated access

Activities are regulated by an independent regulatory agency which defines contractual terms and tariffs

Snam regulated businesses do not sell, produce or own methane molecules but sells transport, storage and regasification capacity

The emission related to the use of methane capacity are outside of Snam's control and without any direct or indirect reduction lever

Supply chain decarbonization 1

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Raise awareness about climate change, supporting innovation and contribute to promoting a sustainable development model

^2. Introduction of inverters on site desanders and in microtunnel construction for optimization of electric load distribution

Associates decarbonization pathways 2

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Associates with public commitments

Most of our associates have defined and approved emission reduction plans and decarbonization targets, similar to Snam

Key reduction levers are:

• Green gases use and electric compressors installation to reduce CO2 emissions from combustion
• Renewable sources use
• LDAR (Leak Detection and Repair) programmes implementation to reduce fugitive emissions

Scope 1,2 & 3: -34% by 2030 vs 2021 CH4:-36% by 2025 vs 2017 Carbon neutrality by 2050 Moody's Net Zero Assessment
Scope 1 & 2: -50% by 2030 vs 2018 Carbon neutrality by 2040
Scope 1 & 2: -5% by 2025 vs 2022 CH4:-8% by 2025 vs 2022 Carbon neutrality by 2050
Scope 1 & 2: -42% by 2030 vs 2020 Net Zero by 2050
Scope 1 & 2: -25% by 2027 and - 50% by 2030 vs 2022

Biodiversity & Regeneration

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Infrastructure construction: only material impact on nature is "Land-use change"

Legend:

Based on most recent SBTN guidance (to be confirmed in validation process):

1

Infrastructure Construction has a material impact on Land Usage, while other pressures have no material impact across the value chain

2 All Operations (T&D, Storage, offshore & onshore regassification) do NOT have a material impact on Nature

+ Biodiversity Risk («outside-in»)

Within its ERM Framework, Snam is defining a dedicated approach for the analysis of biodiversity risks, integrated with Climate Change Risk Management (CCRM) and in alignment with key frameworks and standards such as the TNFD.

This framework will complement Snam's existing analysis on biodiversity impacts ("inside-out") and climate risk ("outside-in").

The related results will be disclosed in the 2024 Integrated Report.

Positive impact on Nature by 2027

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First pure infrastructure player globally to join SBTN Corporate Engagement Program

Snam People

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Health & Safety

IpFG (Combined Frequency and Severity Index) < min. 3y by 2029

Snam4safety project launched in 2018 to strengthen the safety culture and awareness of employees, contractors and suppliers

In 2024:

• Training courses on safety leadership and expansion of the perimeter of workers involved
• Increase of Construction sites visits (+24% yoy)
• Increase of suppliers' safety workshop carried out (+5% yoy)
• Specific initiatives on energy transition businesses for fostering the safety culture
• Safety certification ISO 45001:

89 1. Employees + Contractors 2. Combined Frequency and Severity Index

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Training

Initiatives to develop skills aligned with a constantly evolving work environment, such as the use of advanced technologies and innovative work procedures. Beyond the traditional role of skill dissemination, training aims to create awareness and empower employees regarding the company's goals and strategies

MAIN PROJECTS

Training hours delivered to employees: 42 h/capita by 2029

Snam Institute: the in-house Academy

Training hub, a driver of change and innovation, and a generator of potential, was created by listening to the needs of the business to enhance the skills of our people and supporting them in developing their professional identity

Technical Faculty

The Technical Faculty enables the sharing of Snam's unique expertise, ensuring generational knowledge transfer and supporting internal trainers

Transformative skills: Digital & Innovation and Sustainability

Snam Institute drives transformative skills aligned with strategic goals. The Sustainability Days, engaged employees in webinars and workshops on energy transition challenges, with 337 total participations. The Digital & Innovation Journey used an online game to explore digital skills and design a two-year development plan, fostering innovation and growth

Leadership Development Programs

In 2024, Snam delivered tailored Leadership Development Programs involving over 400 colleagues. These initiatives enhanced strategic managerial skills, strengthened organizational culture, and promoted collaboration. Among these, the Skill-Up Program, engaged all under-35 employees across the company, focusing on upskilling transversal competencies and fostering connection and relationship-building

Diversity & Inclusion & employees engagement index

Gender pay gapbetween +/- 5% by 2029 Employees engagement index: >80% in 2029

• Policy framework completed on diversity & inclusion, gender equality, recruiting, harassment and gender transition
• DE&I initiatives: Inclusion month, e-learning pills, training programs on unconscious bias, diversity project with Snam suppliers, joint ESG roadshow with Snam Foundation to engage all employees (4 events organised), coordination of Employees Resource Groups supporting our DE&I roadmap on parenthood, disability, LGBTQ+, STEM, gender & generations, Snam4diversity Talks
• Bloomberg's Gender-Equality Index: Snam included for the 4th year

2027

2024

• Employer branding, hiring, development, retention and training: actions on HR processes in order to improve progressively gender balance, especially in operational departments (a STEM perimeter for SNAM has been set)
• Policy framework complete policies in order to facilitate parenting/family caring and careers
• DE&I initiatives: continue communication&training initiatives as above
• Bloomberg's Gender-Equality Index

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2024 Survey & main themes

• 1. Sustainable Engagement
• 2. Well-being
• 3. Purpose, Drive and Trust
• 4. Diversity, Equity and Inclusion
• 5. Work, Organization and Efficiency
• 6. Empowerment and Innovation
• 7. People
• 8. Supervisor
• 9. Development and Rewards
• 10. Retention

Response rate

87%

Engagement & Local Communities

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Local Communities

S C O R E C A R D

Benefits for local communities over reg. revenues ca 1% Value released at local communities > € 1 bn

1. From Income statement

2. Based on Italian Retail Investors at 16.2% (FY 2023), a total number of shares of 3,353,613,230 and a dividend per share in 2023 of 0.2820€

3. Included TARI, IMU and IRAP

4. Includes SRG and STOGIT "Oneri compensazioni ambientali" and "Sistemazione a Verde"; the figure is to be considered a partial of total "Compensations and mitigations"

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Just transition

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• People is a pillar of Snam's Strategy

• Ambition: Empower all Snam's People supporting their aspirations and fostering social and personal wellbeing while always ensuring Health & Safety
• Low workforce impact from energy transition, minimal need for reskilling/up-skilling
• KPIs included in the scorecard by 2029
  • Women exec. & middle-mgmt at 29.5%
  • Gender pay gap¹ between +/- 5%
  • Combined Frequency and Severity Index < min 3y

• Local community is a pillar of Snam's Strategy

• Ambition: Keep generating value for local communities, acting as a 'System Operator' and reinforcing engagement by listening to local needs
• KPIs included in the scorecard by 2029
  • Value Distributed at the Regional Level >1€bn
  • Benefits for local communities over regulated revenues at ca 1%

"3P approach…

Energy Poverty

Education Poverty

Food Poverty

…implemented through 3 levers"

Volunteering

Educating

Financing

Engaging with all stakeholders

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400 investor met in 2024 Extensive engagement, including for the Transition Plan Regulator, through consultations and processes >200 Meetings with National and Local Institutions in 2024 European and International Institutions • 8 EU public consultations • >25 meetings with European Institutions, trade associations and think tanks • >60 meetings with members of state and government, diplomatic representatives, authorities, and multilateral organizations Value chain • H2 and CCS market test to assess appetite in Italy and neighboring countries • Hydrogen valleys: IdrogeMO, Puglia Hydrogen Valley • H2A industries partnership to test H2: • Lease containerized electrolysis systems (plug-andplay) to carry out pilot tests in production plants • Tenaris and Tenova partnership for the utilization of green hydrogen to fuel a reheating furnace • Support and promote suppliers' emissions reduction (ESG criteria into scoring model for > 400 tenders) clients

Shareholders Engagement

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Board Engagement focusing on…

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Key partnerships

Snam's dedication to ethical business conduct includes its approach to lobbying and associations. In 2023, Snam introduced a Climate Lobbying Policy, outlining the principles underlying the Group's climate strategy, advocacy position and affiliations with associations: the six Key Climate Advocacy Drivers

Snam Foundation

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2024

Key areas of work across the 3Ps: Implementation of the new social impact evaluation system and the new procurement process, release of the volunteering policy, launch of the Rete Territoriale of Snam Foundation, release of the new website, development of new local NGO partnerships

Main project for each Poverty:

• Energy Poverty Energia in periferia
• Educational Poverty Donare per Imparare
• Food Poverty Insieme per gli altri

2025

Key areas of work across the 3Ps: Implementation of new projects aligned with the priorities expressed by stakeholders, refresh of corporate volunteering initiatives with a focus on social fundraising, refocusing of educational poverty initiatives on youth green skills

Main project for each Poverty:

Energy Poverty – Energia in dono

Educational Poverty - Green Skills Academy

Food Poverty - Accompagna una famiglia

~ € 1.49 M Projects expenses & costs 2024

9 Projects

Over 55.000 Beneficiaries

~100 Partners

Over 1.800 Participating volunteers

Over 6.000 Hours donated

~ 2.000 Snam assets donated

~ 19.000 Training hours

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Arbolia – A benefit company to develop new green areas in Italy

Benefit company owned by Snam, creates new green areas in Italy, contributing to the fight against climate change, improving air quality, enhancing life in cities, and promoting sustainable development

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Disclaimer

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Luca 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 the company's evidence and accounting books and entries.

This presentation contains forward-looking statements regarding future events and the future results of Snam that are based on current expectations, estimates, forecasts, and projections about the industries in which Snam perates and the beliefs and assumptions of the management of Snam.

In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, 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 difficult 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 that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and 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.

The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

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T H A N K Y O U

Sinfonie del Futuro by Dario Licata Winner of the contest Disegnando il futuro

A visual metaphor expressing Snam's mission, which is to transform the transport of energy into a sustainable symphony, connecting technology and nature for a better world.