Snam

Investor Presentation • Jul 30, 2025

1H 2025 Consolidated Results

E N E R G Y I N F R A S T R U C T U R E F O R A S U S T A I N A B L E F U T U R E

Agenda

Opening remarks

Financials

Closing remarks

Gas Italian energy system overview

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Primary energy (2024), TWh Gas demand, TWh

Central role of gas in the Italian energy system

Gas Flows evolution

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4

A radical gas flows change enabled by our flexible infrastructure, while enhancing supply diversification

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1H 2025 gas demand and supply

Demand

• Italian gas demand increased by 6% in 1H 2025, the first rebound in four years
• Thermoelectric gas use rose by 12%, reflecting its critical role in balancing the energy system amid growing renewables
• Storage levels above European averages

Supply

• Import via pipelines represented 64% of import (-8% vs H1 2024) mainly due to lower flows from Tarvisio
• LNG accounts for over 30% of Italy's gas imports (+32% vs H1-2024), improving security and diversification

Gas provides the flexible edge to keep the energy system balanced in a volatile environment

Key strategic achievements

As of June 2025

Gas infrastructure

• Adriatic Line Phase 1: 35% completed
• FSRU Ravenna started operations in May
• 109 LNG tankers to Italy, >30% of gas volumes imported
• Storage level at ~71% at June 2025 (vs ca 60% in EU)
• Small Scale LNG: Start of truck loading in Panigaglia

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• CCS: Ravenna CCS strong technical performance and good progress on permitting pipe and storage
• Biomethane: 72 MW in operation, authorized or under construction
• ~ € 1.4 bn backlog in Energy efficiency
• H2: €24m CEF co-financing agreement signed

Energy Transition Sustainability and Innovation

• Capex alignment: 32% to EU Taxonomy and 61% to SDGs
• Sustainable Finance at ~ 86%
• 2025E Scope 1&2 emission down 20% vs 2022
• Published first TNFD report
• First Employee Stock Ownership Plan kicked off
• Innovation Plan and open innovation programs launched

Progressing on the delivery of the strategy

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Key financial highlights

As of June 2025

Financial Highlights Regulation

• €1,492 m EBITDA Adj. (+5.3% yoy)
• €750 m Net income Adj.¹ (+8.5% yoy)
• €1,122 m Investments (-3.1% yoy) 2
• €17,580 m Net debt
• Average net cost of debt stable at ~2.5%

• Credit ratings: S&P raised Snam to "A-"

• Arera 130/2025/R/com RAB revaluation index (IPCA Italy) resolution

• Arera 210/2025/R/com Consultation on evolution towards Full Ross (transport)
• Draft law on CCS and H2 presented by the Italian Minister of Energy and Environment
• EU Agreement on gas storage filling obligations

Financing and Associates

• Financing:
  • First USD SLB for \$ 2 billion
  • First EU Green bond for € 1 billion
• Associates:
  • ADNOC: stake disposal closed in March
  • Italgas partial dilution: ABB for the sale of a portion of the option rights
  • OGE: Antitrust authorization received, FDI process ongoing

Sound financial results. Comfortably on track to meet or even exceed the guidance

1. Net profit Reported at €773m (+21.9% yoy). Adjustments are related to: capital gain on ADNOC disposal (+€123m), change in fair value of derivative instrument (-€122m), incomes related to Italgas capital increase (+€65m), impairment on De Nora stake (-€71m), other charges related to equity investments (+€5m), early retirement fund under "Fornero Law" (-€4m), tax effect on special items (+€27m).

Agenda

Opening remarks

Financials

1H 2025 Investments breakdown and alignment

Investments mix and EU Taxonomy alignment

Technical Capex mix Investments alignment to SDGs

• SDG 7 Affordable and clean energy (including FSRUs)
• SDG 9 Industry, innovation and infrastructure Other SDGs
• Capex Taxonomy aligned SDG 13 Climate Action
• SDG 12 Responsible consumption and production
• Not aligned

Capex plan on track: 32%¹ EU taxonomy aligned and 61% aligned to SDGs

• 1. Including Right-of-use assets, pursuant to IFRS16;
• 1. Replacement, development and maintenance done using H2 ready procurement standard

Sound EBITDA growth driven by regulated business

Growing contribution from associates driven by TAG and the Italian ones

Adj. Net Income analysis

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Net income solid growth supported by EBITDA performance and associates' contribution

1. Net profit Reported at €773m (+21.9% yoy). Adjustments are related to: capital gain on ADNOC disposal (+€123m), change in fair value of derivative instrument (-€122m), incomes related to Italgas capital increase (+€65m), impairment on De Nora stake (-€71m), other charges related to equity investments (+€5m), early retirement fund under "Fornero Law" (-€4m), tax effect on special items (+€27m).

Cash flow

energy

Extremely consistent FFO generation with 78% EBITDA/FFO cash conversion

1H 2025 includes the effect of around €122m of derivatives (non cash-items) in Funds from Operations

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Net Debt evolution and financial structure

Maturities profile as of 30 June 2025 (bn€, drawn amount) ¹

2.5% Sustainable Finance on Committed financing (bn€)

Continuous effort on cost of debt optimization

Agenda

Opening remarks

Financials

Closing remarks

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Q&A Session

Annexes

Sustainability Scorecard: 1H2025

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	KPIs	1H2025	2025 Target	2029 Target		KPIs	1H2025	2025 Target	2029 Target
Green	• Avoided & Captured CO2 emissions (ktCO2e)	71.6	147	8751		• Employees engagement index (%)	FY	>80	>80
transition	H2 readiness length of network certified (km) •	2068	2400	3200		• Women in exec. and middle-mgmt. roles (%)	26.2	26.5	29.5
Multi molecule infrastruct.	Gas Transportation operational availability (%) •	99.9	>99	>99	People • • •	IpFG (Combined Frequency and Severity Index)	0.63	0.55	--4
	• Production of biomethane (Mscm)	13.5	30	-		Gender pay gap (%)5	FY	-	+/- 5
	• Invest. related to the CCS Ravenna Project Phase 1+2 and CO2 onshore transportation (€M)	124	178	626		Participation in welfare initiatives (%)	78 FY	78 37	82 42
	Reduction of total natural gas emissions (%) •	60.63	59.7	68.5		• Training hours delivered to employees (h/capita)
Carbon Neutrality	• ESG criteria in proc. procedures (% of spending)	50.3	45	70	Local Communit.	• Benefits for local communities over reg. revenues (%)	FY	~1	~1
	RES on total electricity purchased (%)2 •	FY	70-75	100		• Value released at local communities (€M)	FY	>1,000	>1,000
	• Spending on total procured with decarb. plan from	52.6	35	50		Avg customer satis. rate for service quality (1-10) •	FY	≥8	≥8
	suppliers(%) • Zero Net Conversion by 2024	-	-	-	Transform. Innovation	Investments in Innovation as % of revenues •	FY	3	3
	• Net Positive impact by 2027	-	-	-		• PoC and scale of technologies and services (#)	FY	47 (7)	75 (11)
Biodiversity & Regener.	Vegetation restored in areas of pipes constr. and new •					• AI enabled IT applications (% of total)	FY	16.5	40
	forestation(%)	FY	≥100	≥100		• Projects covered by Security by Design cyber approach (%)	FY	100	100
	• ESG Finance over total funding available (%)	86	-	90		ESG matters discussed at BoD meetings (>40% of BoD • discussed)	discussions with ESG topic
Financial & CO2	• CapEx EU Taxonomy-aligned (% of total)	32	-	-	Sustainable	• 3 rd parties subject to procure. Process on which reputational checks are performed (100% of suppliers with reputational checks performed)
	• Revenues EU Taxonomy-aligned (% of total)	FY	-	-	principles
	Capex SDG-aligned (% of total) •	61	-	-		• Italian territory covered by cyber resilience field tested scenarios (100% of Italian territory covered)
		2027 Target	2030	2032 Target	2035 Target
	Scope 1 and 2 CO2 emissions reduction (% v. 2022)2 •	25	Target 40	50	65

1. Subject to Final Investment Decision (FID) on Ravenna CCS Project

2. On regulated perimeter

3. FY2025 forecast

4. Target aligned with yearly budget's aspiration (MBO). In the upcoming years it will be defined according to the goal setting's timeline 5. KPI calculated excluding CEO and blue-collar population

Income Statement

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€ mn	1H 2024	1H 2025	Change	Change %
Revenues	1,799	1,906	107	5.9%
Operating expenses	(382)	(414)	(32)	8.4%
EBITDA Adj.	1,417	1,492	75	5.3%
Depreciation & amortisation	(499)	(550)	(51)	10.2%
EBIT Adj.	918	942	24	2.6%
Net interest income (expenses)	(130)	(152)	(22)	16.9%
Net income from associates	157	204	47	29.9%
EBT Adj.	945	994	49	5.2%
Income taxes	(253)	(245)	8	(3.2%)
NET PROFIT BEFORE THIRD PARTIES Adj.	692	749	57	8.2%
Third Parties Net Profit	(1)	1	2
NET PROFIT Adj.	691	750	59	8.5%
EBITDA REPORTED	1,386	1,488	102	7.4%
EBIT REPORTED	887	938	51	5.7%
NET PROFIT REPORTED	634	773	140	21.9%

Revenues

€ mn	1H 2024	1H 2025	Change	Change %
Regulated revenues	1,623	1,731	108	6.7%
Transport	1,223	1,347	124	10.1%
Storage	298	308	10	3.4%
LNG	102	76	(26)	-
Non regulated revenues	20	22	2	10.0%
Total Gas Infrastructure Businesses revenues	1,643	1,753	110	6.7%
Energy Transition Businesses revenues	156	153	(3)	(1.9%)
TOTAL REVENUES	1,799	1,906	107	5.9%

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Operating Costs

€ mn	1H 2024	1H 2025	Change	Change %
Gas Infrastructure Businesses costs	222	265	43	19.4%
Variable costs	26	19	(7)	(26.9%)
Fixed costs	173	217	44	25.4%
Other costs	23	29	6	26.1%
Energy Transition Businesses costs	160	149	(11)	(6.9%)
TOTAL COSTS	382	414	32	8.4%

22

Balance Sheet

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€ mn	FY 2024	1H 2025	Change	Change %
Net invested capital	25,211	26,762	1,551	6.2%
Fixed capital	24,884	26,108	1,224	4.9%
Tangible fixed assets	21,109	21,970	861	4.1%
Intangible fixed assets	1,560	1,892	332	21.3%
Equity-accounted investments	3,259	3,182	(77)	(2.4%)
Other Financial assets	150	168	18	12.0%
Net payables for investments	(1,194)	(1,104)	90	(7.5%)
Net working capital	371	701	330	88.9%
Receivables	7,530	6,289	(1,241)	(16.5%)
Liabilities	(7,159)	(5,588)	1,571	(21.9%)
Provisions for employee benefits	(44)	(47)	(3)	6.8%
Net financial debt	16,238	17,580	1,342	8.3%
Shareholders' equity	8,973	9,182	209	2.3%

Alternative performance indicators reconciliation

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€m	1H 2024	1H 2025	Change	Change %
EBITDA	1,386	1,488	102	7.4%
Exclusion of special items:
- Early retirement fund		4	4
- Charges for a settlement agreement	31		(31)	(100%)
Adj. EBITDA	1,417	1,492	75	5.3%
EBIT	887	938	51	5.7%
Exclusion of special items:
- Special items from EBITDA	31	4	(27)	(87.1%)
Adj. EBIT	918	942	24	2.6%
Net profit before non-controlling interests	635	772	137	21.6%
Exclusion of special items:
- Special items from EBIT	31	4	(27)	(87.1%)
- Fair Value of derivative financial instruments		122	122
- Impairment on Industrie De Nora stake		71	71
- Capital gain from disposal of ADNOC stake		(123)	(123)
- Incomes related to Italgas capital increase		(65)	(65)
- Other income (expenses) from equity investments	38	(5)	(43)
- Tax effect on special items	(12)	(27)	(15)
Adj. Net profit before non-controlling interests	692	749	57	8.2%
Non-controlling interests	1	(1)	(2)
Adj. Net profit	691	750	59	8.5%

energy International associates contribution to inspire the world

1 sdir storage
CERTIFIED

Company	%		1H 2024	1H 2025	Delta
TAP	20.00%	• 4.8 bcm transported in 1H '25 to Italy in line with 2024 (~15% of Italian imports), performance benefits from inflation-adjusted tariffs and other minor effects New non-binding market test launched to sound market interests for further expansions •	€ 33 m	€ 36 m	+ € 3 m
SeaCorridor	49.90%	• Bookings at 11.4 bcm in line y-o-y; the first Italian import source • Lower contribution of more remunerative short-term bookings mostly offset by lower OpEx in the first months	€ 28 m	€ 29 m	+ € 1 m
Teréga	40.50%	Slight yoy earnings decrease due to higher energy costs -with recovery in following years- due • to higher storage withdrawal and higher interest rate after bond refinancing • Development ongoing on its section of H2 Med corridor with the creation of dedicated JV	€ 26 m	€ 23 m	- € 3 m
TAG	89.22%2	Benefitted from the new regulatory framework, which among others, removes volume risk • and lower D&A due to the recalculation at the end of 2024 of the impairment allocation • Significant increase of exports from Italy to Austria (1Bcm vs 0.1 Bcm in H1 '24) underlying the strategic relevance of the route	- € 17 m	€ 17 m	+ € 34 m
Desfa	35.64%1,2	Lower auction premia on LNG imports and on exports to Bulgaria vs 1H '24 given market • stabilization partially offset by higher 2025 gas demand	€ 15 m	€ 12 m	- € 3 m
Interconnector	23.68%	• Contribution remains in line with the yearly regulatory cap • Capacity almost 50% booked until 2026	€ 6 m	€ 7 m	+ € 1 m
EMG	25.00%	1H 2025 transported volumes close to max technical capacity underlying EMG strategic role for • Egypt supply, negligible impact from the short interruption of upstream fields due to conflict	€ 5 m	€ 5 m	-
ADNOC 3	sold	• After disposal in March, only 1 month of contribution to Snam net income	€ 15 m	€ 2 m	- € 13 m
GCA	19.60%1	Benefitted from the new regulatory framework offset by a worsening in the booking situation • to be recovered via t+2 tariffs	€ 0 m	€ 0 m	-
			€ 111 m	€ 131 m	+€ 20m

Investments detailed by business

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€m	1H 2024	1H 2025
Transport(1)	786	741
Storage	101	119
LNG(2)	204	151
Energy Transition	67	111
Total(3)	1,158	1,122

1H 2025 gas flows

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bcm	1H 2024	1H 2025	Change (bcm)	Change (%)
National production	1.37	1.68	0.3	23.0%
Pipelines	22.62	20.87	-1.8	-7.8%
Gela	0.88	0.52	-0.4	-41.2%
Mazara del Vallo	10.74	10.94	0.2	1.9%
Passo Gries	3.10	4.15	1.1	33.9%
Tarvisio	2.72	0.47	-2.3	-82.8%
Melendugno	5.17	4.78	-0.4	-7.5%
LNG	7.59	10.02	2.4	32.0%
Adriatic LNG	4.52	4.67	0.2	3.4%
OLT1	0.66	2.23	1.6	238.4%
Panigaglia	0.82	0.85	0.0	3.1%
Piombino	1.59	2.02	0.4	26.8%
Ravenna	-	0.25	0.3
Total injection	31.58	32.57	1.0	3.1%
Export	0.27	1.18	0.9

LNG represents > 30% of gas flows

1. Decrease in 2024 due to scheduled maintenace

Note: Any failure to reconcile the stated figures arises exclusively from rounding

Associates Annex

Associates Portfolio							energy to inspire the world
Company	Geography	Strategic Value	Investment year	%	Book Value 31.12.2024	Net Income contribution (FY24)	Financial and Industrial partners
SeaCorridor	Algeria Tunisia	• First Italian import route after the drop of Russian imports • Strategic corridor for H2 import from North Africa	2023	49.90%	€ 602 m	€ 48 m
Desfa	Greece	Sizeable capex plan supporting • domestic lignite phase out and South-Eastern Europe market development	2018	35.64%1,2	€ 221 m	€ 33 m
TAP	Greece Albania Italy	• In 2024 covered ~ 17% of Italian demand 1.2 bcm expansion from • 2026	2015	20.00%	€ 398 m	€ 67 m
TAG	Austria	• New regulatory framework with volume sterilization from 2025	2014	89.22%2	€ 236 m	- € 14 m
GCA	Austria	• Strategic H2 corridor toward Central Europe	2016	19.60%1	€ 91 m	€ 1 m
EMG	Egypt Israel	Export route from Israeli to Egypt • Strategic asset in the East-Med area •	2021	25.00%	€ 60 m	€ 11 m	EAST GAS
De Nora	Italy	• Leverage on H2 technologies and know how	2021	21.59%	€ 376 m	€ 17 m	De Nora Institutional family investors
OLT	Italy	• Strategic assets for the security and diversification	2020	49.07%	€ 57 m	€ 10 m
Adriatic LNG	Italy	of Italy's energy supplies	2017	30.00%	€ 211 m	3 -
							29

1. Indirect participation

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

3. The actual 2024 net income contribution has been recognized in H1 2025 according to the final 2024 Reporting package figures

Associates Portfolio energy to inspire the world
Company	Geography	Strategic Value	Investment year	%	Book Value 31.12.2024	Net Income contribution (FY24)	Financial and Industrial partners
Teréga	France	Gas infrastructure operator in • the South-West of France Partner of H2 Med Corridor •	2013	40.50%	€ 436 m	€ 50 m
Interconnector	Uk-Belgium	Bi-directional gas pipeline • between the UK and Belgium Revenue cap reached until • 2027	2012	23.68%	€ 70 m	€ 11 m
Italgas	Italy	Leader operator in the Italian • gas distribution and third in Europe	2016 (spin-off)	11.4%	€ 332 m	€ 65 m

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Sea Corridor

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Ministry of Environment and Energy 2018 35.64%¹ Investment year Stake Greece Geography • Regulated at Wacc tax) 7.85% 54% 18% 10% 18% 66% 34% Ownership

Asset Description

Greek natural gas TSO, operating ~ 1,500 km pipeline network and ~8 bcm regassification facility. € 1.4 bn 10Y Capex Plan approved

Business Model

• RAB based on historical cost, Work in Progress remunerated
• Wacc 2024-2027 (Nominal pre-

€221 m Book Value (as at Dec. 31, 2024) Accounting treatment Equity method

Regulatory parameters and contribution

€m	2022	2023	2024
Adj. Net Income contribution to Snam	28	52	33
€m			2024
RAB			~ 1,000
Net Debt (Desfa+Senfluga)			~ 575

Desfa

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Ownership

49% 51%

60%

HoldCo

40%

TAG

BidCo

100%

84.47% 15.53%

Investment year Stake

Geography

Business Model

• Regulated
• New regulatory framework from 2025 with volume risk elimination
• WACC 2025-2027 set at 4.37% for Old Assets and 6.41%² for New Assets 2025 (both nominal, pre-tax)

€236 m

Regulatory parameters and contribution

€m	2022	2023	2024
Adj. Net Income contribution to Snam	58	-46	-14

€m	2024
RAB3	~ 570
Net Debt	~ 260	34

1. 84.47% voting rights 2. WACC new assets will be updated annually, 6.41% represents the approved 2025 value 3. Average RAB of 2025-2027 regulatory period as per Cost Decree

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GCA

Geography

Asset Description

~ 900 km natural gas pipeline operator (transmission + distribution), connecting Germany, Hungary, Slovenia and Slovakia; "H2 Backbone WAG + Penta-West" project recognized as PCI by European Commission

Business Model

• Regulated
• New regulatory framework from 2025 with volume risk elimination
• WACC 2025-2027 set at 4.37% for Old Assets and 6.41%² for New Assets 2025 (both nominal, pre-tax)

Book Value (as at Dec. 31, 2024)

€91 m

Regulatory parameters and contribution

€m	2022	2023	2024
Adj. Net Income	-293	19	1
contribution to Snam

€m	2024
RAB (TSO+DSO)4	~690
Net Debt (GCA + BidCo)	~344	35

1. Indirect participation. 2. WACC new assets will be updated annually, 6.41% represents the approved 2025 value 3. Including impairment effects 4. Average RAB of 2025-2027 regulatory period as per Cost Decree

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Investment year Stake

EMG

Ownership

Geography

2021 Egypt-Israel 25.00%

Asset Description

EMG is the owner of the Arish-Ashkelon gas pipeline, an undersea infrastructure, 90 km long, connecting the Israeli terminal of Ashkelon to the Egyptian receiving station of Al-Arish. The pipeline has a maximum capacity of around 5 bcm expected to increase further

Business Model

Supply agreement in place to cover most of the capacity to be used for Egypt domestic consumption and potentially re-exported through Egypt's LNG liquefaction facilities

Contribution

€m	2022	2023	2024
Adj. Net Income contribution to Snam	1	4	11

Industrie De Nora

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Accounting treatment

Equity method

Book Value (as at Dec. 31, 2024)

€376 m

Contribution

€m	2022	2023	2024
Adj. Net Income contribution to Snam2	24	15	17

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OLT

factor

RAB ~618 Net Debt ~374

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Adriatic LNG

2017

Not regulated but contractualized until 2034 with Edison

€m 2022 2023 2024 Adj. Net Income contribution to Snam -7 ¹ 5 -

1. The actual 2024 net income contribution has been recognized in H1 2025 according to the final 2024 Reporting package figures

2

40

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levels already secured)

contribution to Snam ^{49 11 11}

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Italgas

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