Snam — Investor Presentation 2025

May 8, 2025

1Q 2025 Consolidated Results

XX DATE YEAR

May 8th , 2025

1Q 2025 key highlights (1)

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• €761 m EBITDA Adj. (+8.3% yoy)
• €406 m Net income Adj.¹ (+21.2% yoy)
• €361 m Investments (-22.0% yoy) 2
• €16.798 m Net debt
• Average net cost of debt at ~2.5%
• Credit ratings affirmed by Moody's and Fitch, S&P raised Snam to "A-" following the sovereign upgrade

Financial Highlights M&A, Asset Rotation and Financing

• Edison Storage acquisition closed in March 2025
• ADNOC stake sale to Lunate closed in March 2025 for €234m (14.5% IRR and ~ €120m capital gain net of taxes)
• Binding agreement signed to acquire 24.99% stake in Vier Gas Holding which indirectly owns Open Grid Europe (OGE) in April 2025
• BoD approved the issuance of up to € 1 bn hybrid instrument to finance OGE acquisition

^1. Net profit Reported at €491m (+45.7% yoy). Adjustments are related to: Capital gain on ADNOC disposal (+€123m), ADNOC discount rate effect (+€1m), change in fair value of derivative instrument (-€48m), tax effect on special items (+€9m).

1Q 2025 key highlights (2)

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Italian Regulation Gas Market

• WACC update for the regulatory period 2025- 2027
• Arera 130/2025/R/com RAB revaluation index (IPCA Italy) Resolution
• Storage VI regulatory period Resolution
• Single National 10Y Development Plan Criteria Resolution

• Ministerial Decree of 31st of January 2025 for early allocation of modulation storage capacity

• European gas demand up 8% in Q1 2025 mainly thanks to Itay and Germany

• Italian Gas demand up ~10%¹ in Q1 2025 driven by thermoelectric (+22%) and the civil sector (+5%)
• 0.5 bcm of export to Austria (Jan-Mar 2025)
• Biomethane production in Italy +15% in Q1 2025
• Average Q1-25 TTF price at € 46.7/MWh (+69% yoy). Sharp decline in March (ca -20% vs Feb) and widening of seasonal spreads from Apr.

2025 Tariff RAB lifted to €26.2 bn (from € 25.8 bn) on the back of Arera 130 Resolution

Key achievements

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Gas infrastructure

• FSRU Ravenna commissioning successfully completed. Commercial operations to begin in May. Long term auctions next July
• Around 60 LNG tankers to Italy ytd equal to approximately 30% of gas volumes imported into the country.
• Storage level at ~47% at the end of April. 90% of the storage capacity offered in April for the thermal year 2025/26 was allocated
• Truck loading started in Panigaglia

Energy Transition

• ~ € 1.4 bn backlog in Energy efficiency at March
• Biomethane: 14 plants (~ 30 MW) won the January's tariff auction. 72 MW already in operation, authorized or under construction (92% of 2028 target)
• CCS: Ravenna CCS phase 1 ongoing with positive performance metrics. Working paper on CCS business model and regulation expected in the coming weeks
• H2: €24m CEF grants assigned to H2 backbone. IPCEI Project H2 Valley Puglia has started permitting process

Sustainability and Innovation

• New Sustainable Finance Framework published in April
• 28% of Capex Taxonomy aligned and 52% of Capex SDGs aligned as of Q1-25
• Sustainable Finance at ~ 85% as of 31st March 2025
• ESG investors representing 43% of institutional shareholders¹
• First Innovation Plan presented in May
• Early adopter of TNFD

1Q 2025 gas demand and flows

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Italian gas demand

Demand recovery mainly driven by thermoelectric sector

Gas flows

bcm	1Q 2024	1Q 2025	Change (bcm)	Change (%)
National production	0.69	0.89	0.2	29.0%
Pipelines	10.98	9.92	-1.06	-9.7%
Gela	0.47	0.23	-0.2	-51.1%
Mazara del Vallo	4.78	5.54	0.8	15.9%
Passo Gries	1.82	1.50	-0.3	-17.6%
Tarvisio	1.32	0.31	-1.0	-76.5%
Melendugno	2.59	2.34	-0.2	-9.7%
LNG	4.11	4.53	0.4	10.2%
Adriatic LNG	2.18	2.26	0.1	3.7%
OLT2	0.66	1.08	0.4	63.6%
Panigaglia	0.46	0.14	- 0.3	-69.6%
Piombino	0.81	1.05	0.2	29.6%
Total injection	15.78	15.34	-0.4	-2.8%
Export	0.16	0.60	0.4

LNG represents ~ 30% of gas flows

1. Industry includes also agriculture, fishing, transport and non-energy uses

2. Decrease in 2024 due to scheduled maintenace

1Q 2025 Investments breakdown and alignment

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Technical Capex mix Investments mix and EU Taxonomy alignment

28%¹ taxonomy aligned 52% SDGs aligned

1. Including Right-of-use assets, pursuant to IFRS16

2. Replacement, development and maintenance done using H2 ready procurement standard

Investments alignment to SDGs

• SDG 7 Affordable and clean energy (including FSRUs)
• SDG 9 Industry, innovation and infrastructure Other SDGs
• SDG 12 Responsible consumption and production
• Not aligned

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Adj. EBITDA analysis

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Adj. Net Income analysis

1. Net profit Reported at €491m (+45.7% yoy). Adjustments are related to: Capital gain on ADNOC disposal (+€123m), ADNOC discount rate effect (+€1m), change in fair value of derivative instrument (-€48m), tax effect on special items (+€9m).

10

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Net Debt evolution and financial structure

Net debt evolution (€m)

Maturities profile as of 31 March 2025 (bn€, drawn amount) ¹

Sustainable Finance on Committed financing (bn€)

EIB loans Banking facilities Bonds ESG Commercial Papers

Continuous focus on cost of debt optimization

Closing remarks

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Accelerating on 2025-29 Plan delivery

Annexes

Sustainability Scorecard: 1Q2025

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energy
2025 Target	2029 Target
>80	>80
26.5	29.5
0.55	TBD1
-	+/- 5
78	82

42

1,000 ≥8

~1

	KPIs	1Q2025	2025 Target	2029 Target		KPIs	1Q2025	2025 Target
Green	• Avoided & Captured CO2 emissions (ktCO2e)	39.2	147	875		Employees engagement index (%) •	FY	>80
transition	• H2 readiness length of network certified (km)	2068	2400	3000		• Women in exec. and middle-mgmt. roles (%)	26.3	26.5
	• Gas Transportation operational availability (%)	99.9	>99	>99	People	• IpFG (Combined Frequency and Severity Index)	0.61	0.55
Multi	• Production of biomethane (Mscm)	5.9	30	-		• Gender pay gap (%)	FY	-
molecule infrastruct.	Invest. related to the CCS Ravenna Project Phase 1+2 • and CO2 onshore transportation (€M)	105	178	626		• Participation in welfare initiatives (%)	6M	78
	Reduction of total natural gas emissions (%)2 •	6M	59.7	68.5		• Training hours delivered to employees (h/capita)	FY	37
Carbon Neutrality	• ESG criteria in proc. procedures (% of spending)	6M	45	70	Local Communit.	• Benefits for local communities over reg. revenues (%)	FY	~1
	RES on total electricity purchased (%) •	FY	70-75	100		• Value released at local communities (€M)	FY	>1,000
	Spending on total procured with decarb. plan from • suppliers(%)	6M	35	50		• Avg customer satis. rate for service quality (1-10)	FY	≥8
	• Zero Net Conversion by 2024	-	-	-		• Investments in Innovation as % of revenues	FY	3
Biodiversity	• Net Positive impact by 2027	-	-	-	Transform. Innovation	• PoC and scale of technologies and services (#)	FY	47 (7)
& Regener.	• Vegetation restored in areas of pipes constr. and new forestation(%)	6M	≥100	≥100		• AI enabled IT applications (% of total) Projects covered by Security by Design cyber approach (%) •	FY FY	16.5 100
Financial	ESG Finance over total funding available (%) •	85	-	90		• ESG matters discussed at BoD meetings (>40% of BoD discussed)	discussions with ESG topic
	CapEx EU Taxonomy-aligned (% of total) •	28	-	-	Sustainable	rd parties subject to procure. Process on which reputational checks are • 3
	• Revenues EU Taxonomy-aligned (% of total)	FY	-	-	principles	performed (100% of suppliers with reputational checks performed)
& CO2	• Capex SDG-aligned (% of total)	52	-	-		• Italian territory covered by cyber resilience field tested scenarios (100% of Italian territory covered)
		2027 Target	2030 Target	2032 Target	2035 Target
	• Scope 1 and 2 CO2 emissions reduction (% v. 2022)	25	40	50	65

Income Statement

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€ mn	1Q 2024	1Q 2025	Change	Change %
Revenues	896	970	74	8.3%
Operating expenses	(193)	(209)	(16)	8.3%
EBITDA	703	761	58	8.3%
Depreciation & amortisation	(253)	(259)	(6)	2.4%
EBIT	450	502	52	11.6%
Net interest income (expenses)	(78)	(71)	7	(9.0%)
Net income from associates	75	107	32	42.7%
EBT	447	538	91	20.4%
Income taxes	(111)	(132)	(21)	18.9%
NET PROFIT BEFORE THIRD PARTIES	336	406	70	20.8%
Third Parties Net Profit	(1)	-	1
NET PROFIT	335	406	71	21.2%
EBITDA REPORTED	703	761	58	8.3%
EBIT REPORTED	450	502	52	11.6%
NET PROFIT REPORTED	337	491	154	45.6%

Revenues

emarket sdir storage
CERTIFIED

€ mn	1Q 2024	1Q 2025	Change	Change %
Regulated revenues	799	871	72	9.0%
Transport	616	697	81	13.1%
Storage	153	144	(9)	(5.9%)
LNG	30	30	-	-
Non regulated revenues	11	10	(1)	(9.1%)
Total Gas Infrastructure Businesses revenues	810	881	71	8.8%
Energy Transition Businesses revenues	86	89	3	3.5%
TOTAL REVENUES	896	970	74	8.3%

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Operating Costs

€ mn	1Q 2024	1Q 2025	Change	Change %
Gas Infrastructure Businesses costs	107	122	15	14.0%

Gas Infrastructure Businesses costs	107	122	15	14.0%
Variable costs	7	1	(6)	(85.7%)
Fixed costs	91	107	16	17.6%
Other costs	9	14	5	55.6%
Energy Transition Businesses costs	86	87	1	1.2%
TOTAL COSTS	193	209	16	8.3%

Balance Sheet

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emarke sdir scorage
CERTIFIED

€ mn	2024	2025	Change	Change %
Net invested capital	25,211	26,245	1,034	4.1%
Fixed capital	24,884	25,659	775	3.1%
Tangible fixed assets	21,109	21,508	399	1.9%
Intangible fixed assets	1,560	1,735	175	11.2%
Equity-accounted investments	3,259	3,221	(38)	(1.2%)
Other Financial assets	150	152	2	1.3%
Net payables for investments	(1,194)	(957)	237	(19.8%)
Net working capital	371	630	259	69.8%
Receivables	7,530	7,833	303	4.0%
Liabilities	(7,159)	(7,203)	(44)	0.6%
Provisions for employee benefits	(44)	(44)	-	-
Net financial debt	16,238	16,798	560	3.4%
Shareholders' equity	8,973	9,447	474	5.3%

Alternative performance indicators reconciliation

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€m	1Q 2024	1Q 2025	Change	Change %
Net profit
Exclusion of special items:	338	491	153	45.3%
- Fair Value of derivative financial instruments		48	48
- Capital gain from disposal of ADNOC stake		(123)	(123)
- Other expenses (income) from equity investments	(2)	(1)	1	(50%)
- Tax effect on special items		(9)	(9)
Adj. Net profit before third parties	336	406	70	20.8%
Non-controlling interests	1		(1)	(100%)
Adj. Net profit	335	406	71	21.2%

energy International associates contribution to inspire the world

Company	%		1Q 2024	1Q 2025	Delta
TAP	20.00%	2.4 bcm transported in Q1 '25 to Italy substantially in line with 2024 (17% of Italian imports) •	€ 17 m	€ 18 m	+ € 1 m
SeaCorridor	49.90%	Bookings at 5.5 bcm in line y-o-y representing the first Italian import source • Overperformance driven by lower OpEx in Q1 (to be reabsorbed throughout the year) •	€ 8 m	€ 18 m	+ € 10 m
TAG	89.22%2	• Overperformance y-o-y due to higher allowed revenues set by new regulatory framework and lower D&A due to the recalculation at the end of 2024 of the historical impairment allocation • Significant increase of exports to Austria (0.5Bcm vs 0.1 Bcm in Q1 '24) underling the strategic relevance of this interconnector to the Austrian market	- € 8 m	€ 12 m	+ € 20 m
Teréga	40.50%	Performance substantially in line vs Q1 '24 despite higher energy costs due to strong storage • withdrawal and higher interest rate after bond refinancing at the end of 2024 Development ongoing on its section of H2 Med corridor •	€ 11 m	€ 10 m	- € 1 m
Desfa	35.64%1,2	Q1 '24 still benefitted from extraordinary auction premia on LNG imports and on exports to • Bulgaria, while 2025 is returning to historical levels given market stabilization	€ 11 m	€ 8 m	- € 3 m
Interconnector	23.68%	• Contribution remains in line with the yearly regulatory cap Capacity almost 50% booked until 2026 thus providing medium term visibility •	€ 3 m	€ 3 m	-
EMG	25.00%	2025 exports to Egypt expected almost at max technical capacity underlying EMG strategic role • Q1 2024 benefitted from the recording of positive non-recurring items related to previous • years	€ 4 m	€ 3 m	- € 1 m
ADNOC3		After disposal in March, Snam accounted only 1 month of net income contribution •	€ 7 m	€ 2 m	- € 5 m
GCA	19.60%1	• Higher allowed revenues due to the new regulatory framework offset by a worsening in the booking situation which will be recovered in t+2 tariffs	- € 1 m	-	+ € 1 m
			€ 52 m	€ 74 m	+€ 22m

Investments detailed by business

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€m	1Q 2024	1Q 2025
Transport(1)	316	252
Storage	46	39
LNG(2)	86	35
Energy Transition	16	35
Total(3)	463	361

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 operates 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