Snam

Investor Presentation • Nov 5, 2025

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9M 2025 Consolidated Results

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9M 2025 gas demand, supply and market performance

Demand

• Increase driven by residential and thermoelectric demand
• Significant increase in export (>4x), at 1.5bcm
• Storage level at 92%, well above European average

Supply

• Import via pipelines represented ~64% (-8.5% vs 9M 2024) of the inflows mainly due to lower inflows from Tarvisio
• LNG accounts for over 30% of Italy's gas inflows (+38.5% vs 9M 2024), improving security and diversification

Market performance

• Avg. PSV price at € 41.1/MWh in 9M2025 (+21.4% vs 9M2024)
• Negative TTF/PSV differential in Sept-Oct favoring export

A flexible, diversified infrastructure enabling energy stability in a volatile environment

Industry includes also agriculture, fishing, transport and non-energy uses
Note: Any failure to reconcile the stated figures arises exclusively from rounding

Orange box: main takeaways

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Key financial highlights

As of September 2025

Financial Highlights

• €2,227 m EBITDA Adj. (+6.6% yoy)
• €1,096 m Net income Adj. (+10.0% yoy)
• €1,767 m Investments (-0.8% yoy)²
• €17,426 m Net debt (vs €17,580 at June 2025)
• Average net cost of debt at ~2.6%
• 2025 Interim dividend at 0.1208 per share (+4% yoy)

Regulation

• Arera 130/2025/R/com RAB revaluation index resolution (IPCA Italy)
• Arera 390/2025/R/com resolution on evolution towards Full Ross (transport)
• 2026 WACC update: observation period ended
• Draft law on CCS and H2 presented and Technical Rules set

Financing and Associates

• Financing:
• First USD SLB for \$ 2 billion
• First EU Green bond for € 1 billion
• ~€ 120 m of Adriatic Line grants cashed-in in October 2025
• WC cash generation supported Net Debt reduction vs June
• Associates:
• ADNOC: stake disposal closed in March
• OGE: FDI process ongoing
• Higas: Signing of an exclusivity agreement

Orange box: main takeaways

Sound financial results delivered and increased financial flexibility in 9M 2025

Net profit Reported at €1,080m (+13.5% yoy). Adjustments are related to: capital gain on ADNOC disposal (+€123m), change in fair value of derivative instrument (-€177m), incomes related to Italgas capital increase (+€65m), impairment on De Nora stake (-€71m), other charges related to equity investments (+€8m), early retirement fund under "Fornero Law" (-€4m), tax effect on special items (+€40m).

1. Net of transport' third parties' contributions

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Key strategic achievements

As of September 2025

snam // \V

Gas infrastructure

• 857 construction sites (+19% vs September 2024)
• Adriatic Line Phase 1: 43% completed
• FSRU Ravenna started operations in May
• 165 LNG tankers to Italy, >30% of gas volumes imported, ~ 50% coming from USA
• Storage level at 92% at September 2025 (vs ca 82% in EU)

Sulmona Compressor Station project - final layout rendering

Sulmona Compressor Station — Seismic isolation devices in the underground technical room of the main building

Ravenna FSRU

Storage filling (%)

Accelerating strategy execution

Orange box: main takeaways

Teleborsa: distribution and commercial use strictly prohibited

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Key strategic achievements

As of September 2025

Energy Transition

• Ravenna CCS:
• Ministerial Decree on technical standards for CO2 transport network design, construction and operation
• Application to CEF grants
• Biomethane: 72 MW in operation, authorized or under construction
• ~ € 1.4 bn backlog in Energy efficiency
• H2: €24m CEF co-financing signed

Sustainability and Innovation

• Capex alignment: 35% to EU Taxonomy and 57% to SDGs
• Sustainable Finance at ~ 86%
• 2025E Scope 1&2 CO2 emission down at least 25% vs 2022, mainly thanks to dispatching optimization (Al driven)
• UNEP Gold Standard awarded 5x in a row
• MSCI: AA rating confirmed
• Employee Stock Ownership Plan: first subscription window recorded an outstanding participation rate at 55%
• HyAccelerator 2025: two startups active in CO₂ capture and hydrogen production solutions won the fourth edition of corporate acceleration program

Accelerating strategy execution

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9M 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

• SDG 13 Climate Action

• SDG 12 Responsible consumption and production

• Other SDGs
• Not aligned

Capex plan fully on track: 35%¹ EU taxonomy aligned and 57% aligned to SDGs

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

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Associates'contribution

Growing contribution driven by TAG and Italian associates

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Adj. Net Income analysis

Net income double digit growth supported by higher EBITDA and associates' contribution - Guidance upgrade

Net profit Reported at €1,080m (+13.5% yoy). Adjustments are related to: capital gain on ADNOC disposal (+€123m), change in fair value of derivative instrument (-€177m), incomes related to Italgas capital increase (+€65m), impairment on De Nora stake (-€71m), other charges related to equity investments (+€8m), early retirement fund under "Fornero Law" (-€4m), tax effect on special items (+€40m).

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Cash flow

Extremely consistent FFO generation with record 82% EBITDA/FFO cash conversion

9M 2025 includes the effect of around €116m of non-cash items in Funds from Operations

10

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Net Debt evolution and financial structure

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

Sustainable Finance on Committed financing (bn€)

Continuous effort on debt optimization - Guidance upgrade

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2025 Guidance

	New FY 2025 Guidance	ı Previous ı Guidance	Reason for the change
Investments	~ €2.9 bn • € 2.5 bn Gas Infrastructure • € 0.4 bn Energy Transition	Confirmed
Tariff RAB	€26.2 bn	Confirmed
Ebitda	~ €2.95 bn	~ €2.85 bn	Deflator update
Net income	~ €1.42 bn	~ €1.35 bn	Higher EBITDA due to deflator update
Net debt	~ € 18.0 bn	~ €18.4 bn	Higher cash conversion (neutral working capital), higher cash contribution from associates and capex payables increase
DPS	+4.0% yoy

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Closing remarks

Increasing role of gas in current energy scenario. From energy transition to energy integration

Accelerating the strategy delivery

Value creation focus while ensuring sound financial flexibility

Outstanding financial performance

2025 guidance increased and debt optimization focus

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Q&A Session

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Annexes

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Sustainability Scorecard: 9M2025

	KPIs	9M2025	2025 Target	2029 Target		KPIs	9M2025	2025 Target	2029 Target
Green	Avoided & Captured CO 2 emissions (ktCO 2 e)	105.1	147	875 1		Employees engagement index (%)	FY	>80	>80
transition	• H 2 readiness length of network certified (km)	2571	2400	3200		• Women in exec. and middle-mgmt. roles (%)	26.5	26.5	29.5
	• Gas Transportation operational availability (%)	99.9	>99	>99	People	IpFG (Combined Frequency and Severity Index)	0.68	0.55	5
Multi- molecule	• Production of biomethane (Mscm)	20.6	30	-		• Gender pay gap (%) 6	FY	-	+/- 5
infrastruct.	Invest. related to the CCS Ravenna Project Phase 1+2 and CO2 onshore transportation (€M)	138 2	178	626		Participation in welfare initiatives (%) Training hours delivered to employees (h/capita)	78 FY	78 37	82 42
	• Reduction of total natural gas emissions (%)	64.33	59.7	68.5		• Training nours delivered to employees (n/capita)		31	42
Carbon	• ESG criteria in proc. procedures (% of spending) 4	50.3	45	70		Benefits for local communities over reg. revenues (%)	FY	~1	~1
Neutrality	• RES on total electricity purchased (%) 4	FY	70-75	100	Local Communit.	Value released at local communities (€M)	FY	>1,000	>1,000
	Spending on total procured with decarb. plan from suppliers(%)4	52.6	35	50		Avg customer satis. rate for service quality (1-10) Investments in Innovation as % of revenues	FY	≥8	≥8
	• Zero Net Conversion by 2024	-	-	-	Transform.		FY	47 (7)	75 (11)
Biodiversity	Net Positive impact by 2027	-	-	-	Innovation	PoC and scale of technologies and services (#) AI enabled IT applications (% of total)	FY	16.5	40
& Regener.	Vegetation restored in areas of pipes constr. and new forestation(%)	FY	≥100	≥100		Projects covered by Security by Design cyber approach (%)		100	100
	• ESG Finance over total funding available (%)	86	-	90		ESG matters discussed at BoD meetings (>40% of BoD di discussed)	scussions w	ith ESG top	oic
	CapEx EU Taxonomy-aligned (% of total) Revenues EU Taxonomy-aligned (% of total)	35 FY	-	-	Sustainable principles	3 rd parties subject to procure. Process on which reputati performed (100% of suppliers with reputational checks performed)		аге
Financial & CO2	Capex SDG-aligned (% of total)	57	•	-		Italian territory covered by cyber resilience field tested sterritory covered)	scenarios ( 1	00% of Ita	lian
	• Scope 1 and 2 CO2 emissions reduction (% v. 2022) 4	2027 Target 25	2030 Target 40	2032 Target 50	2035 Target 65

2020

• Subject to Final Investment Decision (FID) on Ravenna CCS Project
  Estimate slightly below the target at the end of the year (160 €M)

• FY2025 2°forecast

• 1. On regulated perimeter
• Target aligned with yearly budget's aspiration (MBO). In the upcoming years it will be defined according to the goal setting's timeline
• Excluding CEO and blue-collar population

H1 Values

KPI in IMA/IALT or ESG Finance Framework

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Income Statement

€mn	9M 2024	9M 2025	Change	Change %
Revenues	2,651	2,846	195	7.4%
Operating expenses	(562)	(619)	(57)	10.1%
EBITDA Adj.	2,089	2,227	138	6.6%
Depreciation & amortisation	(749)	(826)	(77)	10.3%
EBIT Adj.	1,340	1,401	61	4.6%
Net interest income (expenses)	(230)	(246)	(16)	7.0%
Net income from associates	233	290	57	24.5%
EBT Adj.	1,343	1,445	102	7.6%
Income taxes	(350)	(353)	(3)	0.9%
NET PROFIT BEFORE THIRD PARTIES Adj.	993	1,092	99	10.0%
Third Parties Net Profit	3	4	1
NET PROFIT Adj.	996	1,096	100	10.0%
EBITDA REPORTED	2,060	2,223	163	7.9%
EBIT REPORTED	1,311	1,397	86	6.6%
NET PROFIT REPORTED	952	1,080	128	13.5%

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Revenues

			(
9M 2024	9M 2025	Change	Change %
2,398	2,598	200	8.3%
1,828	1,995	167	9.1%
445	471	26	5.8%
125	132	7	-
32	31	(1)	(3.1%)
2,430	2,629	199	8.2%
221	217	(4)	(1.8%)
2,651	2,846	195	7.4%
	2,398 1,828 445 125 32 2,430 221	2,398 2,598 1,828 1,995 445 471 125 132 32 31 2,430 2,629 221 217	2,398 2,598 200 1,828 1,995 167 445 471 26 125 132 7 32 31 (1) 2,430 2,629 199 221 217 (4)

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Operating Costs

mn	9M 2024	9M 2025	Change	Change %
Gas Infrastructure Businesses costs	335	401	66	19.7%
Variable costs	39	43	4	10.3%
Fixed costs	258	313	55	21.3%
Other costs	38	45	7	18.4%
Energy Transition Businesses costs	227	218	(9)	(4.0%)
TOTAL COSTS	562	619	57	10.1%

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Balance Sheet

Emn	FY 2024	9M 2025	Change	Change %
Net invested capital	25,211	26,918	1,707	6.8%
Fixed capital	24,884	26,611	1,727	6.9%
Tangible fixed assets	21,109	22,346	1,237	5.9%
Intangible fixed assets	1,560	1,894	334	21.4%
Equity-accounted investments	3,259	3,235	(24)	(0.7%)
Other Financial assets	150	167	17	11.3%
Net payables for investments	(1,194)	(1,031)	163	(13.7%)
Net working capital	371	355	(16)	(4.3%)
Receivables	7,530	6,065	(1,465)	(19.5%)
Liabilities	(7,159)	(5,710)	1,449	(20.2%)
Provisions for employee benefits	(44)	(48)	(4)	9.1%
Net financial debt	16,238	17,426	1,188	7.3%
Shareholders' equity	8,973	9,492	519	5.8%

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Alternative performance indicators reconciliation

€m	9M 2024	9M 2025	Change	Change %
EBITDA	2,060	2,223	163	7.9%
Exclusion of special items:
- Early retirement fund		4	4
- Charges for a settlement agreement	29		(29)
Adj. EBITDA	2,089	2,227	138	6.6%
EBIT	1,311	1,397	86	6.6%
Exclusion of special items:
- Special items from EBITDA	29	4	(25)	(86.2%)
Adj. EBIT	1,340	1,401	61	4.6%
Net profit before non-controlling interests	949	1,076	127	13.4%
Exclusion of special items:
- Special items from EBIT	29	4	(25)	(86.2%)
- Fair Value of derivative financial instruments		177	177
- 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	24	(8)	(32)
- Tax effect on special items	(9)	(40)	(31)
Adj. Net profit before non-controlling interests	993	1,092	99	10.0%
Non-controlling interests	(3)	(4)	(1)
Adj. Net profit	996	1,096	100	10.0%

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International associates contribution

Company	%		9M 2024	9M 2025	Delta
Interconnector	23.68%	Contribution remains in line with the yearly regulatory cap Capacity almost 50% booked until 2026	€ 10 m	€ 10 m
Teréga	40.50%	Performance in line yoy thanks to lower operating costs which partially offset higher interest rate after bond refinancing Development ongoing on its section of H2 Med corridor with the creation of dedicated JV	€ 37 m	€ 38 m	+ € 1 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 underlying the strategic relevance of the route	- € 23 m	€ 28 m	+ € 51 m
TAP	20.00%	~7 bcm transported in 9M '25 to Italy in line with 2024 (~16% of Italian imports), performance benefits from inflation-adjusted tariffs 1.2 bcm/y expansion expected in January 2026	€ 50 m	€ 54 m	+ € 4 m
GCA	19.60% 1	Benefitted from the new regulatory framework offset by a worsening in the booking situation to be recovered from t+2 tariffs	€ 0 m	- € 2 m	- € 2 m
Desfa	35.64% 1,2	Lower auction premia on LNG imports and on exports to Bulgaria vs 9M '24 given market stabilization partially offset by higher 2025 gas demand	€ 22 m	€ 15 m	- € 7 m
ADNOC 3	sold	After disposal in March, only 1 month of contribution to Snam net income	€ 21 m	€ 2 m	- € 19 m
EMG	25.00%	Performance substantially aligned with same period of previous year	€ 9 m	€ 8 m	- € 1 m
SeaCorridor	49.90%	Imported approx.15 bcm in line y-o-y, representing the first Italian import source Lower profitable short-term bookings vs 2024 more than offset by lower OpEx and lower D&A	€38 m	€ 44 m	+ € 6 m

€ 164 m

€ 197 m

+€ 33m

1. Indirect participation.

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

3. ADNOC Gas Pipelines stake disposal in March 2025

Teleborsa: distribution and commercial use strictly prohibited

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Investments detailed by business

€m	9M 2024	9M 2025
Transport (1)	1,195	1,210
Storage	160	180
LNG (2)	327	202
Energy Transition	100	175
Total (3)	1,782	1,767

1. Net of transport' third parties' contributions

^1. Including corporate capex

^2. Including greenture (SSLNG and mobility) investments

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9M 2025 gas flows

bcm	9M 2024	9M 2025	Change (bcm)	Change (%)
National production	2.00	2.45	0.45	22.5%
Pipelines	33.45	30.62	-2.83	-8.5%
Gela	1.09	0.62	-0.47	-43.1%
Mazara del Vallo	15.33	15.37	0.04	0.3%
Passo Gries	4.78	6.59	1.81	37.9%
Tarvisio	4.68	0.67	-4.01	-85.7%
Melendugno	7.55	7.37	-0.18	-2.4%
Gorizia	0.02	0.00	-0.02	-100%
LNG	10.89	15.08	4.19	38.5%
Adriatic LNG	6.76	6.09	-0.67	-9.9%
OLT 1	0.66	3.43	2.77
Panigaglia	0.95	1.47	0.52	54.7%
Piombino	2.52	3.13	0.61	24.2%
Ravenna	-	0.96	0.96
Total injection	46.34	48.15	1.81	3.9%	_
Export	0.34	1.50	1.16

LNG represents > 30% of gas flows

Decrease in 2024 due to scheduled maintenace
Note: Any failure to reconcile the stated figures arises exclusively from rounding

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Disclaimer

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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