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Snam Investor Presentation 2026
4042_rns_2026-03-05_89549a82-ecea-404a-9f8f-c0e96791d2e8.pdf
Investor Presentation
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5th March 2026
Via Vezza d'Oglio, 6 | Milan
the energy house
Towards energy integration
2026-2030 Strategic Plan
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5th March 2026
Via Vezza d'Oglio, 6 | Milan
the energy house
Towards energy integration
2026-2030 Strategic Plan
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FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
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Key achievements
Business
- Adriatic Line Phase 1: 60% completed
- FSRU Ravenna started operations in May
- Integration of Edison Stoccaggio
- Storage >10% fuller than EU average
Associates
- ADNOC and ITM disposals
- Agreement to get control over OLT
- Italgas Exchangeable refinanced
Financing
- First USD SLB for 2 Bn$
- First EU Green bond for 1 Bn€
- Average net cost of debt at ~ 2.6%
Adriatic Line construction
Sulmona Compressor Station¹
FSRU Ravenna
FSRU Toscana
Strategy execution at full speed
1) Final layout rendering
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Financial highlights
Investments (M€)
Tariff RAB (Bn€)
Adj. EBITDA (M€)
Adj. Net Income (M€)
Sound results, improved financial strength
1) 2025 Normalized EBITDA excludes 52 M€ of 2024 one-off revenues related to deflator update
2) 2025 Normalized Net Income following EBITDA normalization, affiliates normalization (-5 M€ of Italgas regulatory one-off related to 2020-2024 period and other minor adjustments), net financial expenses normalization (-8 M€ related to financial income one-off on OLT shareholder loan) and tax effects (+14M€)
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2025 Italian Gas demand & supply
Demand, Bcm
- Demand increase driven by thermoelectric sector
- Significant increase in Export (+1.5 Bcm)
Supply, Bcm
- Import via pipelines represented ~ 62% of the inflows
- LNG accounts for >30% of Italy’s supply
Growing national gas demand and increasing diversification via LNG
Note: The differences arising in reconciling demand and export with supply is associated with storage
1) Industry includes also agriculture, fishing, transport and non-energy uses
2) Others include energy system consumption (i.e. energy sector) and gas system consumption and losses
3) Domestic production includes natural gas and biomethane
Source: Snam internal
2025 Investments breakdown
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Taxonomy
- H2 Ready
- Market Solutions
- H2+CCS
- Digitalization & Technology
- Net zero Investments
-
Maintenance & Other
-
Capex Taxonomy aligned
Technical Investments
- Development
- DT&T
- Maintenance
- Other
- Replacements
SDGs
- SDG 9 – Industry, innovation and infrastructure
- SDG 13 – Climate Action
- SDG 7 – Affordable and clean energy
- SDG 12 – Responsible consumption & production
- Other SDGs
- Not aligned
Capex plan fully on track with 34%² EU taxonomy and 54% SDGs aligned
1) Technical investments gross of grants
2) Does not include business combinations; 28% as per CSRD calculation
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Tariff RAB
Bn€
Key drivers
RAB growth driven by:
- Capex
- RAB inflation
- Stogit Adriatica and Ravenna FSRU entering into perimeter
Significant RAB growth driven by core investments
Note: 2024 RAB previously at 23.7 Bn€. Change due to RAB deflator update
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Net Income
Solid operating performance and Associates boosting growth
1) Net profit Reported at 1.270M€ (+0.9% yoy). Adjustments are related to: capital gain on ADNOC disposal (+123 M€), change in fair value of derivative instrument (-319M€), incomes related to Italgas capital increase (+65 M€), impairment on De Nora stake (-71M€), charges for a settlement agreement (-17M€), impairment on Greenture (-15M€), other income/expenses related to equity investments (+4M€), tax effect on special items (+78M€)
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Cash flow
Outstanding FFO generation with >80% EBITDA/FFO cash conversion
1) Reported Net Income before third parties
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Financial structure
Net Debt evolution
Maturities profile
Net Debt well below guidance
1) Excluding hybrid instrument, uncommitted lines and Commercial Paper
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European
European
European
European
European
European
European
European
European
European
CO2 reduction
Scope 1&2, ktCO2e
Scope 3, ktCO2e
Scope 1&2¹ (-35% vs. '22; -9% vs. '24)
- Strong performance ahead of targets despite an increase in transported gas thanks to decarbonization plan and dispatching optimization
Scope 3⁵ (-14% vs. '22; +1% vs. '24)
- Suppliers: Carbon intensity down 20% vs. 2022 and higher use of primary data
- Associates: 2025 emissions overall on track
Continuous emissions reduction
1) Target perimeter. Figures including HFC emissions (minor contribution<1)
2) 2022 Baseline adjusted accordingly with the Recalculation Policy
3) 2022 Baseline net of FSRU
4) CH4 emissions expressed in CO2 equivalent using a GWP equal to 29.8 (last GWP published by the IPCC in the 6th Assessment Report)
5) SeaCorridor entered in the perimeter in 2023, 2022 figures included in the baseline for comparative purposes
6) Includes: fuel & energy not included in Scope 1&2, business travel and employee commuting. In the fuel & energy category, emissions liked to Ravenna FSRU are excluded for 2025 and will be considered starting from 2026, in line with the Recalculation Policy
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FY 2025 Closing remarks
| FY2025 | FY 2025 Guidance^{1} | ||
|---|---|---|---|
| Investments | 2.8 Bn€ | ~ 2.9 Bn€ | Broadly In line with guidance |
| Tariff RAB | 26.2 Bn€ | ~ 25.8 Bn€ | Above guidance |
| Adj. EBITDA | 2.97 Bn€ | ~ 2.85 Bn€ | Above guidance |
| Adj. Net income | 1.42 Bn€ | ~ 1.35 Bn€ | Above guidance |
| Net debt | 17.5 Bn€ | ~ 18.6 Bn€ | Well below guidance |
| DPS | ~ 0.30 € | ~ 0.30 € | In line with guidance |
Guidance Outperformed
1) Guidance issued during the 2025-2029 Strategic Plan Presentation on January 22, 2025
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Agenda
FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
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Energy demand
Global Final Energy demand WEO25 CPS², '000 TWh
Key insights
- Growth drivers: emerging economies, electrification, industry needs
- Geopolitical instability, distressed supply chain of critical materials, AI, and defense
Unstoppable energy demand growth trend
1) STEPS (Stated Policies Scenario), 2023
2) CPS (Current Policies Scenario), 2025
3) STEPS (Stated Policies Scenario), 2025
Source: IEA, World Energy Outlook (WEO)
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Gas demand
Global Gas demand WEO25 CPS², '000 Bcm
Key insights
- Global gas demand rises to ~5,000 Bcm by 2035 (+1.6% vs. '24), driven by emerging economies
- Demand supported by industrial and power generation needs and increased LNG accessibility
Rising global gas demand driven by power gen and system integration needs
1) STEPS (Stated Policies Scenario), 2023
2) CPS (Current Policies Scenario), 2025
3) STEPS (Stated Policies Scenario), 2025
Source: IEA, World Energy Outlook (WEO)
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New Snam energy scenario
| Approach | Main trends | **2030 | Stable gas demand** |
|---|---|---|---|
| Technology based and non policy driven | Industrial gas demand | ||
| Rising industrial gas use, driven by coal-to-gas switching | Stable industry, increasing LNG as fuel in transports and slightly decreasing residential uses and power generation | ||
| Electricity demand | |||
| Electrification drives growth, but the pace is behind policy targets | |||
| Renewables deployment | |||
| Growth behind policy – solar broadly on track, wind slowing | **2035 | Resilient gas demand** | |
| Flexibility need | |||
| Increased RES share drives storage and flexible generation need | Supported by industry demand and LNG use in transport, stable power demand and declining residential use |
Gas acting as key balancing vector to preserve system reliability & adequacy
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Growing
&...&.
Italian Electricity outlook
Demand and Supply, TWh
Key insights
- Electricity demand increasingly met by renewables (mainly solar)
- RES growth requires storage and responsive flexibility
- Imports remain material, but are expected to slightly decline
Growing electricity demand however below NECP¹ projections
1) National Energy and Climate Plan
2) DDS24 is the average of DE-IT and GA-IT scenario published in September 2024 by Snam and Terna
Source: Snam Projections; Terna (Rapporto Mensile sul Sistema Elettrico, December 2025)
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Italian Gas outlook
Bcm
Key insights
- Slower transition pace
- Industrial demand increase mainly driven by gas replacing coal
- Export up to 7 Bcm from 2030
Resilient gas demand, consistently higher than NECP² and DDS24³ projections
1) +0.9 Bcm Industrial & Other does not include a potential upside: partial DRI ILVA gas conversion (+1.1 Bcm)
2) National Energy and Climate Plan (PNIEC) includes 0.9 Bcm on of hydrogen
3) DDS24 is the average of DE-IT and GA-IT scenario published in September 2024 by Snam and Terna. The value includes 4 Bcm on of hydrogen
4) See focus in next page for key elements of Non-structural variability margin
Source: Snam projections
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Demand variability
| Driver | Impact | Gas demand var |
|---|---|---|
| Rainfall variability | Change in gas-fired thermoelectric generation activity | +/- 7.5 |
| Bcm/year | ||
| Electricity imports variability | Change in gas-fired thermoelectric generation activity | +7.5 |
| Hot summer | Increase in electricity demand for cooling | -7.5 |
| Harsh winter | Higher gas consumption in the civil sector |
Infrastructures ready to accommodate non structural demand variability
Source: Snam internal
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Gas infrastructure as key enabler for adequacy and security
Adequacy and security
Ensuring adequacy and security requires appropriately sized and flexible gas infrastructure
Gas-electricity integration
As renewables grow and system complexity rises, gas-power integration becomes critical
New gases development
Integrating new low-carbon gases enables decarbonization without compromising security and competitiveness
From Energy Transition to Energy Integration
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Agenda
FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
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stamina
The largest European gas infrastructure player
Italian & International Assets¹
Data as of FY 25
- ~31 Bn€²
-
RAB²
-
~37,600 km
-
Transport
-
~21 Bcm capacity
-
Storage
-
~22 Bcm/y capacity
- LNG Regasification
Italian Assets
Data as of FY 25
- ~26 Bn€
-
RAB²
-
~33,100 km⁴
-
Transport
-
~18 Bcm capacity
-
Storage
-
~19 Bcm/y capacity
- LNG Regasification
1) Including pro-quota of International assets
2) 2025 Tariff RAB (Regulatory Asset Base)
3) Including TAG, GCA, Desfa, Teréga, Italgas and OLT pro-quota 2025 Tariff RAB
4) o/w 10,000 national and 23,100 regional network
SeaCorridor
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Our strategic framework
Creating stakeholder value leveraging on innovation and energy vectors integration, and securing Italy's and Europe's energy competitiveness
Plan 2026-2030
On top
3
Asset Rotation Program
Innovation
Digital & Energy Tech innovation
People & Organization
Sustainability & Stakeholders
Clear, sustainable and measurable 2026-2030 strategy
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Investment plan
| Natural gas | CCS | H2 | Market Solutions | ||
|---|---|---|---|---|---|
| Transport | Storage | LNG | |||
| • Grid development | |||||
| • Existing pipelines replacement | |||||
| • Dual-fuel compression stations | • Refurbishment and performance upgrading | • Existing capacity refurbishment and consolidation | • CCS project acceleration | • H2 Backbone | • Biomethane |
| • Energy Efficiency | |||||
| • Greenture | |||||
| Digital & Energy Tech innovation |
~ 14 Bn€ investment plan strengthening core assets; scaling new energy solutions
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Natural gas: Transport
Industrials Growth
Adriatic Line (~ 1.5 Bn€)¹
- Enhance security and resilience
- Enable +10 Bcm/y from South
- Help supply diversification
- Strengthen EU and Italian gas markets competitiveness
Key achievements
- ~ 425 km of new pipeline
Illustrative
Divertion
Sardinia network development (~ 0.9 Bn€)
- Address Sardinia energy gap
- Complete coal phase-out
Key achievements
Gas Pipeline
- Phase 1: From Oristano to Cagliari and Portovesme (~ 308 km)
- Phase 2: Sassari, Alghero and Porto Torres (~ 53 km)
Virtual Pipeline
- ~140,000 m³ FSRU in the Oristano port
- Barge Rental shuttling with Panigaglia and OLT
Illustrative
Phase 1
Phase 2
Development
1) Net of grants
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Natural gas: Transport & Storage
Industrial Growth
Dual Fuel Compression Stations (~ 0.9 Bn€)¹
- Transport system flexibility increase
- Foster integration with renewables, reducing Scope 1 & 2 emissions and compression costs
Key achievements
- 6 compression stations by 2030:
- 4 Transport of which Poggio Renatico upgrade to increase transport capacity towards Austria from 8 to 14 Bcm/y
- 2 Storage
Pipelines and Wells replacements (~ 3.0 Bn€)
- Reduce risk through maintenance and safety levels enhancement
- Ensure continuity and service quality
- Support renewable energy sources integration
Key achievements
- ~ 976 km of pipeline replacements
Illustrative
Replacement
1) Net of grants
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Natural gas: LNG
Industrial Growth
Panigaglia Terminal upgrade (~ 0.3 Bn€)
- Extend plant operational life
- Enable Virtual Pipeline (Sardinia)
- Reduce emissions
- Improve energy efficiency
Key achievements
- +30% regasification capacity
Development
OLT (~ 0.6 Bn€)¹
- Offshore LNG terminal 5 Bcm/y capacity
- RAB-based regulatory regime
Key achievements
- Acquisition of control over OLT
- Closed ahead of schedule
Development
1) Including acquisition price, net debt and technical capex, net of the stake already held
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Ravenna CCS Project
Industrial Growth
Onshore CO2 pipeline
- Routes under permitting
- Routes at feasibility study level
- Future expansion
- Shipping
Key features (~ 0.8 Bn€)¹,²
- Material offshore storage reservoirs capacity and robust demand from domestic emitters
- Investments breakdown
- CO2 network: ~ 400 M€ Capex¹
- Storage in JV with ENI: ~ 400 M€ equity injection
- Progressive ramp up to 4 Mt/y
- FID by 2027, subject to adequate return, consistent regulatory framework and permitting completions
- Project investment up to 2035 > 3 Bn€³ (Snam pro-quota)
Key achievements
- PCI status confirmed and CEF grants application
- Phase 1 (25 kt/y) positive KPIs
- First section of the transport network progressed permitting (EIA obtained)
- Regulatory framework under definition
1) Net of grants
2) vs. 500 M€ 2025-2029 Business Plan, +60% (+300 M€)
3) CO2 network and equity injection in JV (50% stake)
H2 Backbone
Industrial Growth
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Key features (~ 0.2 Bn€) $^{1,2}$
- National end-to-end H2 backbone development
- Leverage existing gas infrastructure: ~ 60% repurposing
- Enable supply of low-cost renewable H₂ to key EU industrial clusters
- FID targeted by early 2030, subject to coherent regulatory framework and adequate returns
Key achievements
- Included in the 6th PCI list and 7th PCI list³
- 24 M€ CEF co-financing secured
- PMI list inclusion for off-shore pipe to North Africa³
1) Net of grants
2) vs. - 400 €M 2025-2029 Business Plan (-200M€)
3) Pending European Parliament and Council's ratification
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Market Solutions
Industrial Growth
Biomethane (~ 0.1 Bn€)¹,²
- Largest Italian platform: 26 agri operating plants (33 MW) and 9 waste operating plants (14 MW)
- ~70 MW capacity target by 2027
- Disposal by 2027 as required by Regulator
- EBITDA at ~65M€ in 2027
MW
Energy Efficiency (~ 0.2 Bn€)¹,³
- Focus on Energy Performance Contracts
- Public Administration: >70% of the backlog by 2030
- Backlog with ~12Y average duration
Backlog, Bn€
1) Net of grants
2) ~140 M€ in 2026 vs. ~270 M€ 2025-27 (previous plan), -48% (-130M€)
3) ~240 M€ vs. ~250 M€ previous plan, -4% (-10M€)
4) Plus 0.8 Bn€ of soft backlog
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Active Portfolio Management
Included in Business Plan projections
Key Levers
- Industrial: Identify new business opportunities in key areas
- Operational: Improve processes and reinforce operational capabilities
- Financial: Capital structure and financing optimization
Strengthening overall portfolio resilience and performance
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Asset Rotation Program
On-top of Business Plan projections
Ongoing process, returns on-top the 2026-30 Business Plan
Strategy
Sharpen our industrial positioning and geographical footprint around:
- Gas infrastructure
- Security of supply
- Enhanced energy system stability and competitiveness
- Value chain integration
Unlocking additional value
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Digital & Energy Tech innovation
Enabler
Digital (~ 0.8 Bn€)
| Corporate application | Industrial application |
|---|---|
Digital Technology
Major initiatives:
- Advanced High-Performance Computing and AI models for complex scientific simulations
- Scale GenAI agents
- Best of breed ERP Transformation
- AI-embedded automation across corporate units
- Asset Control Room (digital twin) evolution to optimize maintenance & operations processes
- AI-enabled models to improve process transformation
Energy Tech Innovation (~ 0.2 Bn€)
Key technologies
| Carbon Capture & Management | Molecular Storage & Flexibility | Decarbonized & synthetic molecules |
|---|---|---|
Approach
- New technologies to integrate multiple energy systems
- Leverage on existing assets and capabilities
- Value chain support for our infrastructure benefit
Vision 2030
- Invest in Research and Development
- Leverage partnership and grants
- Reinforcing industrial strategic supply chain to finance new ventures
- Selected venture capital investments
FONDO TECNICO
STANZETARIO
cdp
CDP Venture Capital Sgr
Boosting operational efficiency and supporting energy integration
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People & Organization
Enabler
AI & New technologies opportunities
1 New operating model
- One Integrated Group
- Rationalized Structure
- Business driven model
2 Future proof workforce
- Job architecture and future proof capabilities
- New skill-based career path definition
- Processes simplification and digitalization
Change management
3 Employer value evolution
- Employer branding and attractivity
- Inclusion, Wellbeing and Welfare
- Awareness and grip on field, institutions and universities
4 Learning ecosystem redesign
- Culture & Leadership
- Engaging resources
- New learning experience
Comprehensive People Journey enabling the Group transformation
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Sustainability & Stakeholders
Enabler
Sustainability
| Local Communities | People |
|---|---|
| Biodiversity & Regeneration | Carbon Neutrality |
Key initiatives
- Social value creation
- Workforce empowerment
- Positive impact on Nature by 2027
- Roadmap toward carbon neutrality by 2040 and Net Zero by 2050
Stakeholder awareness
Positioning
Leader in gas market and guarantor of energy security
Institutions, industry
Dissemination
Spread the energy integration concept
Media, policy makers, opinion leaders, general public
Education
Explain the complexities of the energy system
Citizens
Align stakeholders and market participants around the evolving energy landscape
Sustainability and stakeholder awareness key Energy Integration enablers
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Agenda
FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
2026-2030 Financial Targets
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Investments (Bn€)
EBITDA adj. (Bn€)
Tariff RAB (Bn€)
Net Income adj. (Bn€)
Driving long-term value through solid, measurable and sustainable growth
1) 2025 Normalized EBITDA excludes 52 M€ of 2024 one-off revenues related to deflator update. EBITDA adj. without normalization is equal to 2,969 M€
2) 2025 Normalized Net Income following EBITDA normalization, affiliates normalization (-5 M€ of Italgas regulatory one-off related to 2020-2024 period), net financial expenses normalization (-8 M€ related to financial income one-off on OLT shareholder loan) and tax effects (+14M€), Net Income adj. without normalization is equal to 1,422 M€
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Comparison vs Old Plan
EBITDA adj. (Bn€)
Net Income adj. (Bn€)
Investments increase driving higher profitability
1) 2025 Normalized EBITDA excludes 52 M€ of 2024 one-off revenues related to deflator update. EBITDA adj. without normalization is equal to 2,969 M€
2) Normalized Value equal to 1,365 M€ following EBITDA, affiliates and net financial expenses normalization. 1,422 M€ 2025 Net Profit value without normalization
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Investments acceleration on core regulated business
Note: Net of grants, including OLT acquisition. Total investments gross of grants: 14.4 BnE
1) To make the comparison between the two plans consistent, some investments from the previous plan have been reclassified in line with the classification of the new plan
2026-2030 Investments break-down
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Taxonomy
- H₂ Ready
- Market Solutions
- H₂ + CCS
- Capitalization & Technology
- Net Zero Investments
-
Maintenance & Other
-
Capex Taxonomy aligned
Technical Investments
- Development
- DT&T
- Maintenance
- Other
-
Replacements
-
RDGs
- SDG 9 - Industry, innovation and infrastructure
- SDG 13 - Climate Action
- SDG 7 - Affordable and clean energy
- SDG 12 - Responsible consumption & production
- Other SDGs
- Not Aligned
Capex plan fully on track with 40%² taxonomy and 55% SDGs aligned
1) Technical investments gross of grants, including OLT.
2) Does not include business combinations
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Rock-solid delivery engine
Execution capabilities
- Projects rising by number and complexity
- >1,200 active sites (+54% YoY) as of Dec 2025
- >270 engineering & construction projects over the plan¹
Technologies and suppliers
Advanced technologies
Micro-tunneling
Direct Pipe
Tunnel & TBM
Expanding supplier network
2,800 people
28 active contractors
350 people
Project Supervisions
Proven execution track-record with ~ 70% of core investments authorized²
1) Within the TYNDP for a total value exceeding 14 Bnf.
2) Related to projects undergoing Public Authorization, for which the Environmental Impact Assessment has already been obtained but have not yet received the Single Permitting Procedure (ie 'Autorizzazione Unica')
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Tariff RAB
Bn€
Key drivers
- Transport accounting for ~ 75% of the total increase, followed by Storage
- LNG includes OLT acquisition
- CCS starts contributing from 2029
Investments in core assets support RAB growth
Note: OLT acquisition (LNG) Tariff RAB equal to 0.7 Bn€ expected in 2026
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EBITDA
Bn€
Key drivers
Regulated:
- RAB inflation³
- New investments
- OLT consolidation
- CO2 network (from 2029)
Market Solutions:
- Biomethane deconsolidation
- Energy Efficiency growth
Regulated business drives EBITDA, ensuring visibility and cash flow generation
1) 2025 Normalized Value which excludes 52 M€ of 2024 one off Deflator revenue
2) Includes WACC, Fast money effect, Input and Output based incentives
3) - 1.8% on average for revenues 2026-2030
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ME
Key Drivers
- Italian assets growing contribution
- Efficiency and commercial offering on mature assets (SeaCorridor, Austrian associates, Teréga)
- Desfa development plan and TAP expansion
M&A included in the Plan
- OLT acquisition
- Italgas exchangeable bond refinancing
Active portfolio management driving growing Associates’ contribution
1) 2025 Normalized Associates Contribution excludes 5 M€ of regulatory one-off on Italgas contribution related to 2020-2024 period and other minor adjustments
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European
Bank
Net Income
Bn€
Key drivers
- Net income growth supported by higher EBITDA
- Industrial investments expand the asset base, increasing D&A
- Higher net financial expenses
Industrial investments underpinning robust growth
1) Normalized Value following EBITDA, affiliates and net financial expenses normalization. 1,422 M€ 2025 Net Profit value without normalization
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Emission reduction targets
Scope 1&2 targets¹ (ktCO2e)
In line with 1.5°²
Scope 3 emissions target¹ (ktCO2e)
1.5°/ well below 2°²
Carbon neutrality by 2040 and Net Zero by 2050
1) On Regulated perimeter as of 2022; 2) Based on SBTi general methodology
3) Baseline adjusted according to the Recalculation Policy; 4) On full Sham Group perimeter
5) CARBON NEUTRALITY: requires to fully offset the residual emissions;
6) NET ZERO: requires at least -90% emissions vs. base year and the neutralization of residual emissions through permanent carbon removals
7) Includes: fuel & energy not included in Scope 1&2, business travel and employee commuting.
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Financial structure
Cash flow
Highlights
FFO/Net Debt²
(Net Debt - BVEP⁶)/EBITDA
Strong financial discipline preserved throughout the plan
1) Comprises other equity movements, mainly a) Italgas exchangeable bond for approx. 0.4 Bnₑb) changes in consolidation area for OLT for approx. 0.4 Bnₑ and c) ca. 0.2 Bnₑ hybrid bond coupon payments
2) Calculated based on Moody's methodology
3) % on Total Committed Funding
4) +/-1% Flexibility on target
5) Shaded area consistent with S&P 11% threshold for A- and Moody's 9% threshold for Baa2
6) Book Value of Equity participations
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Dividends
Steady annual growth in DPS confirmed and extended
2026 Guidance
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| Investments | FY 2025 | Guidance FY 2026 | 2026-2030 |
|---|---|---|---|
| Tariff RAB | 2.8 Bn€ | ||
| • 2.6 Bn€ Core, CCS & H_{2} | |||
| • 0.2 Bn€ Market Solutions | ~ 2.8^{1} Bn€ | ||
| • 2.6 Bn€ Core, CCS & H_{2} | |||
| • 0.2 Bn€ Market Solutions | 13.7 Bn€ | ||
| (net of grants) | |||
| Adj. EBITDA | |||
| Normalized | 26.2 Bn€ | ||
| 2.97 Bn€ | |||
| 2.92 Bn€ | ~ 28.8^{2} Bn€ | ||
| ~ 3.1 Bn€ | |||
| ~ +6%^{3} | ~ 5.7% CAGR | ||
| ~ 5.4% CAGR | |||
| ~ +30%^{3} | |||
| Adj. Net income | |||
| Normalized | 1.42 Bn€ | ||
| 1.37 Bn€ | > 1.45 Bn€^{4} | ||
| ~ +6%^{3} | ~ 4.5% CAGR | ||
| ~ +24%^{3} | |||
| DPS | ~ 0.30 € | ~ 0.31 € | ~ 0.37^{5} € |
| Net debt | 17.5 Bn€ | ~ 19.0 Bn€ | ~ 23.8 Bn€^{6} |
1) Net of around 400M€ of grants mainly related to Adriatic Line (vs around 100M€ in 2025). Includes OLT Enterprise value and technical capex, net of the stake already held.
2) Includes ~ 700 M€ OLT RAB
3) Calculated versus Normalized values
4) The guidance includes the impact of around 40M€ related to IRAP increase following Energy Decree.
1.5 Bn€ excluding the impact of the Energy Decree
5) 2030 DPS
6) 2030 Net Debt
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1
Asset rotation program
On-top of Business Plan projections
| RAB
1.8 Bn€ higher 2030 Tariff RAB
+1% 2025-30 CAGR | Net Debt
~ 400 M€ lower 2030 Net Debt²
+~ 0.50% average³
FFO/Net Debt |
| --- | --- |
| EBITDA adj.
6% accretion by 2030
+1% 2025-30 CAGR | Net Income adj.
Neutral |
Value accretive asset rotation program providing concrete upside
1) Calculated as Net Debt impact
2) Including effect of cash in from disposals, cash out for acquisitions and debt consolidation and deconsolidation
3) Average 2028-2030
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Agenda
FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
Vision beyond 2030
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Fostering our Core Strategy
Regulated asset base long-term growth
Capex and RAB mix gradually rebalancing
Technology increasingly more pivotal
Industry & Technology
54
2035 Ambition
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Capex (Bn€)
Natural Gas
CCS
H2
Market Solutions
40%
Taxonomy aligned¹
46%
~14
90%
2026-30
2031-35
~ 28 Bn€ net of grants²
RAB evolution (Bn€)
Natural Gas
CCS
H2
~26.2
2025A
2030E
2035E
1.6x RAB 2035 vs. 2025
RAB growth gradually incorporating new molecules
1) Gross of grants and including IFRS 16 ; Does not include business combinations
2) Vs. 27.1 Bn€ Plan 2025-2034
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Agenda
FY 2025
Scenario
From Energy Transition to Energy Integration
Business Plan
Vision beyond 2030
Closing remarks
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Strong commitment to deliver solid industrial growth ...
Main targets
- Solid and visible industrial growth coupled with financial strength
- Active portfolio management driven by industrial, operational and financial optimization
- Further upside from industrial-backed asset rotation
Enablers
- Digital & Energy Tech innovation to strengthen the technology leadership
- People & Organization model evolution to drive Group transformation
- Sustainability & Stakeholder awareness to play a pivotal role in the market evolution
Towards Energy Integration
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... with attractive returns and a concrete upside
| 2030 Business Plan | 2030 including Asset Rotation | |
|---|---|---|
| Tariff RAB | 34.5 Bn€ | 36.3 Bn€ |
| Adj. EBITDA | ~ 5.4% CAGR¹ | ~ 6.4% CAGR¹ |
| Adj. Net income | ~ 4.5% CAGR¹ | ~ 4.5% CAGR¹ |
| Net debt | ~ 23.8 Bn€ | ~ 23.4 Bn€ |
| FFO/ND | ≥11.5%² | ~ 12%² |
Clear, solid and fully focused strategy underpinning value creation
1) CAGR 2025-2030
2) Average 2028-2030
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Towards energy integration
2026-2030 Strategic Plan
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FINANCIAL ANNEX
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FY 2025
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2025 Income Statement
| M€ | FY 2024 | FY 2025 | Change | Change % |
|---|---|---|---|---|
| Revenues | 3,568 | 3,885 | 317 | 8.9% |
| Operating expenses | (815) | (916) | (101) | 12.4% |
| EBITDA Adj. | 2,753 | 2,969 | 216 | 7.8% |
| Depreciation & amortisation | (1,019) | (1,124) | (105) | 10.3% |
| EBIT Adj. | 1,734 | 1,845 | 111 | 6.4% |
| Net interest income (expenses) | (331) | (331) | - | - |
| Net income from associates | 326 | 380 | 54 | 16.6% |
| EBT Adj. | 1,729 | 1,894 | 165 | 9.5% |
| Income taxes | (442) | (475) | (33) | 7.5% |
| NET PROFIT BEFORE THIRD PARTIES Adj. | 1,287 | 1,419 | 132 | 10.3% |
| Third Parties Net Profit | 2 | 3 | 1 | |
| NET PROFIT Adj. | 1,289 | 1,422 | 133 | 10.3% |
| EBITDA REPORTED | 2,705 | 2,952 | 247 | 9.1% |
| EBIT REPORTED | 1,676 | 1,813 | 137 | 8.2% |
| NET PROFIT REPORTED | 1,259 | 1,270 | 11 | 0.9% |
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2025 Revenues
| M€ | FY 2024 | FY 2025 | Change | Change % |
|---|---|---|---|---|
| Regulated revenues | 3,201 | 3,496 | 295 | 9.2% |
| Transport | 2,459 | 2,686 | 227 | 9.2% |
| Storage | 586 | 630 | 44 | 7.5% |
| LNG | 156 | 180 | 24 | - |
| Non regulated revenues | 36 | 47 | 11 | 30.6% |
| Total Gas Infrastructure Businesses revenues | 3,237 | 3,543 | 306 | 9.5% |
| Market Solutions revenues | 331 | 342 | 11 | 3.3% |
| TOTAL REVENUES | 3,568 | 3,885 | 317 | 8.9% |
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2025 Operating costs
| M€ | FY 2024 | FY 2025 | Change | Change % |
|---|---|---|---|---|
| Gas Infrastructure Businesses costs | 491 | 584 | 93 | 18.9% |
| Variable costs | 54 | 59 | 5 | 9.3% |
| Fixed costs | 369 | 451 | 82 | 22.2% |
| Other costs | 68 | 74 | 6 | 8.8% |
| Market Solutions costs | 324 | 332 | 8 | 2.5% |
| TOTAL COSTS | 815 | 916 | 101 | 12.4% |
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Balance Sheet
| € mn | 2024 | 2025 | Change | Change % |
|---|---|---|---|---|
| Net invested capital | 25,211 | 26,787 | 1,576 | 6.3% |
| Fixed capital | 24,884 | 27,035 | 2,151 | 8.6% |
| Tangible fixed assets | 21,109 | 22,983 | 1,874 | 8.9% |
| Intangible fixed assets | 1,560 | 1,970 | 410 | 26.3% |
| Equity-accounted investments | 3,259 | 3,202 | (57) | (1.7%) |
| Other Financial assets | 150 | 104 | (46) | (30.7%) |
| Net payables for investments | (1,194) | (1,224) | (30) | 2.5% |
| Net working capital | 371 | (215) | (586) | |
| Receivables | 7,530 | 6,665 | (865) | (11.5%) |
| Liabilities | (7,159) | (6,880) | 279 | (3.9%) |
| Provisions for employee benefits | (44) | (33) | 11 | (25.0%) |
| Net financial debt | 16,238 | 17,509 | 1,271 | 7.8% |
| Shareholders' equity | 8,973 | 9,278 | 305 | 3.4% |
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Alternative performance indicators reconciliation
| ME | FY 2024 | FY 2025 | Change | Change % |
|---|---|---|---|---|
| EBITDA | 2,705 | 2,952 | 247 | 9.1% |
| Exclusion of special items: | ||||
| - Early retirement fund | 17 | |||
| - Provisions for risk and charges | (2) | |||
| - Charges for a settlement agreement | 33 | 17 | (16) | (48.5%) |
| Adj. EBITDA | 2,753 | 2,969 | 216 | 7.8% |
| EBIT | 1,676 | 1,813 | 137 | 8.2% |
| Exclusion of special items: | ||||
| - Special items from EBITDA | 48 | 17 | (31) | (64.6%) |
| - Write-down of non current assets | 10 | 15 | 5 | 50.0% |
| Adj. EBIT | 1,734 | 1,845 | 111 | 6.4% |
| Net profit before non-controlling interests | 1,257 | 1,267 | 10 | 0.8% |
| Exclusion of special items: | ||||
| - Special items from EBIT | 58 | 32 | (26) | (44.8%) |
| - Fair Value of derivative financial instruments | 319 | 319 | ||
| - Impairment on Industrie De Nora stake | 71 | 71 | ||
| - Capital gain from disposal of ADNOC stake | (123) | (123) | ||
| - Other expenses (income) from investments | 9 | 2 | (7) | (77.8%) |
| - Incomes related to Italgas capital increase | (65) | (65) | ||
| - Other income (expenses) from equity investments | (17) | (6) | 11 | (64.7%) |
| - Tax effect on special items | (20) | (78) | (58) | |
| Adj. Net profit before non-controlling interests | 1,287 | 1,419 | 132 | 10.3% |
| Non-controlling interests | (2) | (3) | (1) | 50.0% |
| Adj. Net profit | 1,289 | 1,422 | 133 | 10.3% |
1) Including Corporate Capex
2) Including Small Scale LNG
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2025 Investments detailed by business
| €m | FY 2024 | FY 2025 |
|---|---|---|
| Transport^{1} | 2,193 | 2,069 |
| Storage | 269 | 311 |
| LNG^{2} | 223 | 98 |
| H2/CCS | 65 | 86 |
| Market Solutions | 125 | 194 |
| TOTAL | 2,875 | 2,758 |
2025 Investments
2025 Associates
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| Pro-quota | Net Income adj. | FY 2025 (M€) |
|---|---|---|
| 71 | 54 | 44 |
| --- | --- | --- |
Double digit increase driven by TAG and Italian Associates
1) ADNOC Gas Pipelines stake disposal from February 2025 for 233 M€
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Associates (1/2)
| Company | Geography | Strategic Value | Investment year | % | Book Value 31.12.2025 | Net Income contribution (FY25) | Financial and Industrial partners |
|---|---|---|---|---|---|---|---|
| SeaCorridor | Tunisia | • First Italian pipeline import route after drop of Russian imports | |||||
| • Strategic corridor for H2 import from North Africa | 2023 | 49,90% | € 537 m | € 54 m | |||
| Desfa | Greece | • Sizeable capex plan supporting domestic lignite phase out and South-Eastern Europe market development | 2018 | 35,64%^{1,2} | € 226 m | € 21 m | |
| TAP | Greece | ||||||
| Albania | |||||||
| Italy | • In 2025 covered approx. 16% of Italian demand | ||||||
| • 1.2 bcm expansion from 2026 | 2015 | 20,00% | € 422 m | € 71 m | |||
| TAG | Austria | • New regulatory framework with volume sterilization from 2025 | 2014 | 89,22%^{2} | € 256 m | € 31 m | |
| GCA | Austria | • Strategic H2 corridor toward Central Europe | 2016 | 19,60%^{1} | € 97 m | - | |
| EMG | Egypt | ||||||
| Israel | • Export route from Israeli to Egypt | ||||||
| • Strategic asset in the East-Med area | 2021 | 25,00% | € 65 m | € 5 m | |||
| De Nora | Italy | • Leverage on on electrochemical, water treatment technologies and know how | 2021 | 21,59%^{2} | € 311 m | n.d.^{3} | |
| OLT | Italy | • Strategic assets for the security and diversification of Italy's energy supplies | 2020 | 49,07% | € 84 m | n.d.^{3} | |
| Adriatic LNG | Italy | 2017 | 30,00% | € 208 m | n.d.^{3} |
1) Indirect participation
2) Desfa: 39.60% voting rights; TAG: 84.47% voting rights; De Nora: 25.99% voting rights
3) Not disclosed yet
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Associates (2/2)
| Company | Geography | Strategic Value | Investment year | % | Book Value 31.12.2025 | Net Income contribution (FY25) | Financial and Industrial partners |
|---|---|---|---|---|---|---|---|
| Teréga | France | • Gas infrastructure operator in the South-West of France | |||||
| • Partner of H2 Med Corridor | 2013 | 40.50% | € 459 m | € 44 m | GIC | ||
| EDF Invest | |||||||
| Interconnector | UK-Belgium | • Bi-directional gas pipeline between the UK and Belgium | |||||
| • Capacity booked at almost 50% until 2026 | 2012 | 23.68% | € 67 m | € 13 m | fluxys | ||
| Italgas | Italy | • Leader operator in the Italian gas distribution and third in Europe | 2016 (spin-off) | 11.40% | € 434 m | n.d.¹ | edp |
| RETI |
1) Not disclosed yet
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Business Plan
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Key Business Plan assumptions
WACC real pre-tax
Inflation⁵ impact on Revenues
Parameters embedded in WACC¹
Sensitivity
- +/- 1% change in Inflation → +/- ~ 20 M€ average impact on net income
- +/- 0.1% change in WACC⁴ → +/- ~ 22 M€ average impact on net income
1) Snam elaboration based on Bloomberg-Oxford Forward Curve. For each year, parameters are calculated as the average between 4Q t-2 and 3Q t-1
2) Country risk premium: the difference between 10Y BTP rate of return and risk-free rate
3) 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, Belgium, Netherlands), excluding France from 2028's WACCs
4) Average RAB inflation of 1.8% for transport, storage and LNG; 6) Applied to the whole RAB (average 2026-2030)
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Rates assumptions
3m Euribor
5Y Mid Swap
10Y Mid Swap
10Y BTP
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*
Regulatory framework
1) Introduction of experimental regulatory mechanisms for the progressive evolution towards Full-ROSS (potentially from 2028)
2) Introduction of some ROSS common regulatory principles to all businesses (e.g., regulatory time lag, revaluation, etc.)
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Output based services: currently in place and potential ones
- System Balancing services
- Storage/LNG flexibility services
- Other services/incentives
-
Potential new incentives
-
Demand forecast
- TSO market actions
- Residual Balancing
-
Gas system procurement
-
Short term unbundled capacity
- Injection/withdrawal flexibility
- LNG capacity overperformance
-
LNG storage and send-out flexibility
-
Asset Health (fully depreciated assets)
- Minimization of Shrinkage
-
Default and administrative services (error corrections)
-
Customer satisfaction
- Asset Resilience
- Incentives based on ESG metrics
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CENTRE
0
Investments breakdown
Investments by year (Bn€, net of grants¹)
| 2026 | 2027 | 2028 | 2029 | 2030 | Total | |
|---|---|---|---|---|---|---|
| Transport² | 1.7 | 2.2 | 2.3 | 1.8 | 1.2 | 9.2 |
| Storage | 0.3 | 0.3 | 0.5 | 0.5 | 0.5 | 2.1 |
| LNG | 0.6 | 0.1 | 0.1 | 0.1 | 0.1 | 1.0 |
| H2+CCS | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 1.0 |
| Market Solutions | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.4 |
| Total | 2.8 | 2.9 | 3.3 | 2.6 | 2.1 | 13.7 |
Investments breakdown (Bn€, net of grants)
1) Figures may not add up due to rounding
2) Including corporate capex
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🧠
GOVERNANCE ANNEX
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Board of Directors
| Board of Directors | Alessandro Zehentner | Agostino Scornajenchi | Paola Panzeri | Laura Cavatorta | Augusta Iannini | Piero Manzoni | Andrea Mascetti | Qinjing Shen | Esedra Chiacchella |
|---|---|---|---|---|---|---|---|---|---|
| Role | Chairman | CEO | Non-executive Director | Non-executive Director | Non-executive Director | Non-executive Director | Non-Executive Director | Non-Executive Director | Non-executive Director |
| Independent Director^{1} | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||
| Gender | Male | Male | Female | Female | Female | Male | Male | Male | Female |
| First appointment | 2025 | 2025 | 2025 | 2019 | 2022 | 2022 | 2025 | 2022 | 2025 |
| Minority-elected | ✓ | ✓ | ✓ | ||||||
| Committee^{2} | |||||||||
| CRS | ✓ | ✓^{(C)} | ✓ | ||||||
| AC | ✓ | ✓^{(C)} | ✓ | ||||||
| RPT | ✓ | ✓ | ✓^{(C)} |
Established the following internal Committees:
- Control, Risk and Sustainability Committee, merging previous control, risk, and sustainability responsibilities
- Appointments and Compensation Committee, confirmed in its existing structure and functions
- Related Party Transactions Committee, with dedicated oversight responsibilities
1) In accordance with the Italian Corporate Governance Code and the Consolidated Law on Finance
2) From May 14, 2025
CRS = Control, Risk and Sustainability Committee (67% independent), AC= Appointments and Compensation Committee (100% independent), and RPT = Related Parties Transactions Committee (100% independent). All key Committees chaired by independent Non-Executive
Directors.
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Board of Directors - Leadership
CHAIR
Alessandro Zehentner
Chairman of Snam since May 2025
- Former executive with international experience in automotive, engineering, and renewable energy sectors
- Held leadership positions at Watt Industries, Röchling, Johnson Controls, Lear Corporation, Cooper Standard, and DNV
- Expertise in procurement, project management, financial analysis, and regulatory compliance across Europe, the US, and Latin America
- Board member at Enel since 2023
- Former Board roles: Ferrovia Trento Malé, Alpikom, Trentino Digitale
CEO
Agostino Scornajenchi
CEO of Snam since May 2025
- 30 years of experience in energy infrastructure and finance across major Italian and international groups
- Former CEO & GM of CDP Venture Capital Sgr (2023–2025)
- Former CFO of Terna (2017–2023); led strategic planning and sustainable finance initiatives
- Past roles: Engie Energy Southern Europe (CFO), Poste Italiane (Strategic Planning), Aceaelectrabel (CFO), Enel Group (Generation Division)
- Former Executive Chairman of Brugg Cables AG following its acquisition by Terna
- Chairman of ANDAF – Italy's National Association of CFOs since 2021
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Board of Directors - Directors
Paola Panzeri
Director of Snam since May 2025
- Lawyer and founding partner of Studio Legale Fumagalli & Panzeri, specialising in civil and procedural law
- Extensive experience in corporate legal consulting
- Board member of FNM S.p.A. and Chair of its Social Responsibility and Ethics Committee since 2024
- Board roles at Fondazione IRCCS Policlinico San Matteo and former director at IRCCS Istituto Nazionale dei Tumori
- Former Board member of Silea S.p.A. and advisor to Lombardy Region on legality and anti-mafia efforts
Laura Cavatorta
Director of Snam since April 2019
- Over 20 years of executive experience in the air transport sector, with expertise in restructuring, M&A, and HR
- Former CEO of Air One; held operational leadership roles managing up to 5,000 people
- Expert in corporate governance, sustainability, and innovation across energy, telecom, and retail sectors
- Former Director at Inwit (Chair of the Sustainability Committee) and former Director at Unieuro
- Vice-Chair of Fuori Quota and founding member of the ESG European Institute; active advocate for gender equality and sustainable business
Augusta Iannini
Director of Snam since April 2022
- Lawyer and former magistrate with a 35-year career in criminal justice and senior roles at the Ministry of Justice
- Former Vice-Chair of the Italian Data Protection Authority (2012-2020)
- Board member of Lottomatica and Ospedale San Raffaele
- Chair of the Supervisory Boards of Esselunga and subsidiaries
- Vice-President of the A.N.C.I.C. Monitoring Body;
- Commissioner for the TMB plant in Guidonia
- Author of legal publications and recipient of multiple national honours, including the Bellisario and Minerva Prizes
Piero Manzoni
Director of Snam since April 2022
- Mechanical engineer with MBA; founder and CEO of Simbiosi and NeoruraleHub, focused on circular economy, biodiversity, and climate resilience
- Expert in sustainable innovation, renewable energy, and regenerative agri-food systems
- Former CEO of Falck Renewables, Atel Energia (now Alpiq), and held senior roles at Siemens and ABB in Italy and abroad
- Vice-Chair of Confindustria Cisambiente and board member at Assolombarda's Life Sciences Group
- Member of European Land Owner & Friends of Countryside
Andrea Mascetti
Director of Snam since May 2025
- Lawyer and founding partner of a firm specialising in corporate, administrative, and criminal law, with a focus on Decree 231/2001
- Director at BPER Banca (Compensation and Sustainability Committees) and Chair of Finlombarda and its ESG Committee
- Member of Enel's Supervisory Body and former Director and Committee Chair at Italgas
- Advises companies across energy, finance, infrastructure, health, and technology sectors
- Qualified to practice before Italy's highest courts; holds postgraduate specialisations in corporate and criminal liability law
Qinjing Shen
Director of Snam since February 2022
- Electrical engineer with extensive international experience in energy infrastructure and cross-border M&A
- Currently Chief Representative of State Grid in Italy and Board member at CDP Reti, Italgas, and Terna
- Former Director of Business Development & Strategy at State Grid International; led multi-billion dollar transactions in Brazil, Chile, and Europe
- Over 20 years' experience in transmission, M&A, and international investment across Asia, Latin America, and Europe
- Key roles in landmark energy projects, including Belo Monte UHVDC Transmission and biodiversity conservation initiatives
Esedra Chiacchella
Director of Snam since May 2025
- Head of Public Administration at Cassa Depositi e Prestiti; former Head of Financial Institutions Relations
- Expertise in debt capital markets, institutional finance, and public-private partnerships
- Over 20 years in investment banking, with senior roles at Citigroup, HSBC, Natexis, and Banca Profilo
- Former Chair of GreenIT and current non-executive Director of the Italian Investment Fund (FII)
- Past board roles include SACE BT and ItsArt
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Shareholders Snapshot – as of September 2025
Structure (%)
Geographical break down (%)
ESG funds represent 23.4% of total Institutional Investors
1) Italy-Strategic holders includes Bank of Italy and CDP Reti
2) Italy-Retails includes the participation of Romano Minozzi equal to
7.4%
Source: Nasdaq analysis, September 2025
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Cybersecurity (1/2)
Scorecard:
100% Projects covered by
Security by Design cyber
approach: achieved
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 2025, the Cyber Soc Team Managed:
- 24/7 security monitoring
- 19.754 security events
- 2,380 Cyber Threat Intelligence Alerts
- 421 potentially compromised accounts¹
- 51 compromised third parties
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
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 practices
- Promoting ethical and sustainable management to safeguard societal interests
For the year 2025, the process was applied to 26 projects
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
1) Both accounts reported by the intelligence area and those detected by CyberSOC through monitoring (clicks on phishing links, suspicious logins etc.) are considered in the calculation of accounts
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Cybersecurity (2/2)
Scorecard:
100% Projects covered by
Security by Design cyber
approach: achieved
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 2025 for our people:
- 8 White Phishing campaigns for a total of 23,900 e-mails sent in 2025
- 5 communications with awareness infographics
- 21 mass communications sent by the Cyber SOC to inform people on security events
- 7 classroom training sessions for employees of our peripheral offices
- Cyber Security awareness started using desktop pop up notifications for all persons
- Incident management simulations:
- 2 blue team simulations
- 1 simulation with Italian institutions
- 9 business resilience simulations
- 2 mass notification simulations
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Tax Transparency Report
The document, drafted on voluntary basis and published for the third time in 2025 (fiscal year 2024) to:
- Promote a transparent and collaborative relationship with all stakeholders
- Represent tax governance and how the tax strategy and tax risk management are implemented
- Provide an overview of the contribution of taxes paid domestically and internationally by the Group
| Snam's journey to Transparency | Tax transparency improvement process from 2018 to 2025 |
|---|---|
| Snam and sustainability | Tax role in the ESG area and tax infrastructure strengthening |
| Focus on local community involvement and sustainable finance | |
| Tax Reporting | Total Tax Contribution overview, distinguishing between taxes borne and collected |
| Reconciliation between the theoretical tax burden and the actual tax charge | |
| Tax Strategy | Overview of strategic tax decisions and evidence of the Company approach to Tax reform and major activities |
| Tax Risk Controls | Summary of tax control system architecture |
| Relationships with Tax Authorities and all relevant stakeholders | |
| Integration of the Tax Control Framework with other corporate risk management models (Model 231 and Model 262) |
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Risk Management
Objectives...
- 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)
...into achievements
- Risk-based analysis of the 2026-2030 Strategic Plan
- Continuous review and monitoring of our risk indicators, at both BoD level (Risk Appetite Framework) and management level (i.e. KRI Framework, functioning as a cascading of RAF)
- Evolutions of methodologies and processes to enhance the integration between Risk Management and risk "verticals"
- Consolidation of our Climate & Biodiversity Risk Management (CBRM) framework, through continuous update from science-based references, and strong analysis of our climate adaptation measures
Enhancing the integration of a risk-informed perspective in Snam's decisions
1) Risk Appetite Framework;
2) Key Risk Indicator
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Climate & Biodiversity risks analysis
Physical risks
Exposure of company assets to climatic hazards
Outcome
Short/medium-term
- ☑ ○ ○ ○
- Negligible due to physical safeguards (e.g., asset features, preventive and reactive mitigants) and non-physical safeguards (e.g., insurance coverage)
Long-term
- ☑ ○ ○ ○
- Non relevant climate exposure under RCP 1.9, and 4.5¹ long term scenarios
- More pronounced climate exposure under the worst-case RCP scenario 8.5².
Negligible physical risk thanks to assets features and safeguards. Maintaining the current asset resilience is key to enable a long-term adaptation also under the worst-case scenario
Transition risks and opportunities
Market, Regulatory, Technological and Reputational risks related to climate change mitigation and adaptation
| Outcome |
|---|
| Market |
| Risks |
| Opportunities |
| Regulatory |
| Opportunities |
| Risks |
| Opportunities |
| Technological |
| Opportunities |
| Risks |
| Opportunities |
| Reputational |
| Opportunities |
Limited impact from transition risks in all time horizons and long-term scenarios with solid opportunities thanks to the role of Snam as enabler of the energy integration
1) RCP scenario 1.9;4.5: Limited climatic evolution
2) RCP Scenario 8.5: Significant intensification of natural phenomena. The analysis showed that some physical risks will become more significant over the long term. Awareness of what might happen in future enables Snam to plan its risk response, ensuring adequate and effective action, even in the event of a worst-case scenario
Legend:
Residual severity under the MID Scenario (RCP 4.5 – SSP2 – IEA APS: Current economic growth trend without major variations)
Low
Medium
High
Critical
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Climate Adaptation strategy
Strategic goals
- Ensure the resilience of infrastructures today and in the future against the impacts of extreme weather events (primarily hydrogeological events), limiting structural damage to the site and to the surrounding territory
- Preserve the continuity of Snam's service by guaranteeing the operational continuity of sites or minimizing recovery time
- Strengthen knowledge of the territory and climate-related phenomena through continuous and timely monitoring activities, enabling the anticipation of complex events as well as through investments in studies and R&D
- Protect workers, ensuring they can operate under safe conditions thanks to an adequate oversight of climate-related risks
Adaptation framework
The adaptation strategy enables to better address climate change risk
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SUSTAINABILITY ANNEX
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European
❤
European
European
❤
Track record
Track record and 2025 achievements
- Methane emissions -67%¹ vs 2015
- 5 years Gold standard by UNEP
- Transition plan published
- 2025 Scope 1+2 emissions down -34.8% vs 2022 baseline
- Zero Net Conversion on biodiversity
Targets
- By 2030: -40% Scope 1+2 & -30% Scope 3
- Carbon Neutrality on Scope 1 & 2 by 2040 and Net Zero on all emissions by 2050
- Net positive impact on biodiversity by 2027
Investments
- Capex alignment to EU taxonomy
- 2026-30: 40%
- 2031-35: 46%
- Sustainable Finance
- 2025 at 85%
- 95%² target by 2030
Credible roadmap
- First TSO
- Moody's Net Zero Assessment on our emissions, confirming trajectory aligned with Paris-consistent pathway
- In the SBTN corporate engagement program
1) Preliminary data on fully regulated perimeter
2) +/-1% Flexibility on target
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Sustainability Scorecard: Actuals vs targets 2025
| KPIs | 2025 Actual | 2025 Target | |
|---|---|---|---|
| Local Communit. | · Benefits for local communities over reg. revenues (%) | -1 | -1 |
| · Value released at local communities (€M) | 1,908 | >1,000 | |
| · Avg. customer satisfac. rate for service quality (1-10) | 7.4 | ≥8 | |
| · Gas Transportation operational availability (%) | >99 | >99 | |
| Carbon Neutrality | · Avoided & Captured CO₂ emissions (ktCO₂e)¹ | 142 | 147 |
| · Invest. Related to the CCS Ravenna Project Phase 1+2 and CO2 onshore transportation (€M) | 153 | 178 | |
| · ESG criteria in proc. procedures (% of spending)¹ | 51 | 45 | |
| · RES on total electricity purchased (%)¹ | 56² | 70–75 | |
| · Spending on total procured with decarb. plan from suppliers (%)¹ | 54 | 35 | |
| Emissions | · Scope 1 & 2 reduction vs 2022 (%)¹ | 35 | - |
| · Scope 3 reduction vs 2022 (%)¹ | 14 | - | |
| · Reduction of total natural gas emissions vs 2015 (%) | 67 | 59.7 | |
| Biodiversity & Regener. | · Net Positive impact by 2027 | - | - |
| · Vegetation restored in areas of pipes constr. and new forestation (%) | 150 | ≥100 | |
| KPIs | 2025 Actual | 2025 Target | |
| --- | --- | --- | --- |
| People | · Employees engagement index (%) | - | >80 |
| · Women in exec. and middle-mgmt. roles (%) | 26.8 | 26.5 | |
| · IpFG (Combined Frequency and Severity Index) | 0.59 | 0.55 | |
| · Gender pay gap (%)³ | -7.8 | - | |
| · Participation in welfare initiatives (%) | 79 | 78 | |
| · Training hours delivered to employees (h/capita) | 45 | 37 | |
| Transform. Innovation | · Investments in Innovation as % of revenues | 3 | 3 |
| · AI enabled IT applications (% of total) | 17.3 | 16.5 | |
| · Proj. covered by Security by Design cyber approach (%) | 100 | 100 | |
| Financial & Principals | · ESG Finance over total funding available (%) | 85 | - |
| · CapEx EU Taxonomy-aligned (% of total) | 34⁴ | - | |
| · Capex SDG-aligned (% of total) | 54 | - | |
| · Zero Net Conversion by 2024 | ☑ |
1) On regulated perimeter
2) RES: 73.42 net of Stogit Adriatica (consolidated in March 2025)
3) GPG: Excluding CEO. Calculated as per ESRS methodology
4) CapEx EU Taxonomy Aligned: including Business Aggregation (as per CSRD calculation) = 28%
KPI in ESG Finance Framework
KPI reviewed vs scorecard 2025-2029
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Sustainability Scorecard: 2026-30 targets
| KPIs | 2025 Actual | 2026 Target | 2030 Target | |
|---|---|---|---|---|
| Local Communit. | - Benefits for local communities over reg. revenues (%) | -1 | -1 | -1 |
| - Value released at local communities (€M) | 1,908 | >1,000 | >1,000 | |
| © Customer satisfac. rate for service quality (1-10) | 6.9 | ≥7.4 | ≥8 | |
| - Gas Transportation operational availability (%) | >99 | >99 | >99 | |
| Carbon Neutrality | - Avoided & Captured CO₂ emissions (ktCO₂e)¹ | 142 | 84 | 957 |
| - Invest. Related to the CCS Ravenna Project Phase 1+2 and CO2 onshore transportation (€M) | 153 | 190 | 870 | |
| - ESG criteria in proc. procedures (% of spending)³ | 51 | 50 | 50 | |
| - RES on total electricity purchased (%)³ | 56* | 75-80 | 100 | |
| - Spending on total procured with decarb. plan from suppliers (%)² | 54 | 50 | 60 | |
| Emissions | - Scope 1 & 2 reduction vs 2022 (%)*³,⁴ | 35 | - | 40 |
| © Scope 3 reduction vs 2022 (%)³,⁸ | 14 | - | 30 | |
| - Reduction of total natural gas emissions vs 2015 (%) | 67 | 66.5 | 70.5 | |
| Biodiversity & Regener. | - Net Positive impact by 2027 | - | - | - |
| - Vegetation restored in areas of pipes constr. and new forestation (%) | 110 | ≥99 | ≥99 | |
| KPIs | 2025 Actual | 2026 Target | 2030 Target | |
| --- | --- | --- | --- | --- |
| People | - Employees engagement index (%) | - | ≥80 | ≥80 |
| - Women in exec. and middle-mgmt. roles (%)* | 26.8 | 27 | ≥28 | |
| © IpFG (Combined Frequency and Severity Index)* | 0.38 | 0.45 | --⁴ | |
| - Gender pay gap (%)⁵ | -7.8 | - | +/-5 | |
| - Participation in welfare initiatives (%) | 79 | 80 | 82 | |
| - Training hours delivered to employees (h/capita) | 45 | 41 | 42 | |
| Transform. Innovation | - Investments in Innovation as % of revenues | 3 | 3 | 3 |
| - AI enabled IT applications (% of total) | 17.3 | 19 | 40 | |
| - Proj. covered by Security by Design cyber approach (%) | 100 | 100 | 100 | |
| Financial & Principals | - ESG Finance over total funding available (%)⁶ | 85 | -90 | -95 |
| - CapEx EU Taxonomy-aligned (% of total) | 34* | - | - | |
| - Capex SDG-aligned (% of total) | 54 | - | - | |
| - Zero Net Conversion by 2024 |
1) Avoided CO2 TGT 2026: not including Bioenerys. TGT 2030: Subject to Final Investment Decision (FID) on Ravenna CCS Project
2) RES: 73.42 net of Stogit Adriatica (consolidated in March 2025)
3) On regulated perimeter
4) Target aligned with yearly budget's aspiration (MBO). Defined according to the goal setting's timeline
5) GPG: Excluding CEO. Calculated as per ESRS methodology
6) ESG Finance over total funding available (%): level of tolerance ±1 p.p.
7) CapEx EU Taxonomy Aligned: including Business Aggregation (as per CSRD calculation) = 28%
A. Scope 1 & 2 reduction vs 2022 - 2027 TGT: (25%); 2032 TGT: (50%); 2035 TGT: (65%)
B. Scope 3 reduction vs 2022 - 2032 TGT: (35%)
* KPI undergoing Appointments and Compensation Committee's approval (Remuneration Policy)
KPI in ESG Finance Framework
© KPI reviewed vs scorecard 2025-2029
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Local Communities
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Local communities
Scorecard:
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"
2025
~ 3.1 M€
~ 2.7 M€
~ 0.3 M€
~ 6.1 M€
~ 19.7 M€⁴
~ 19.7 M€⁴
~ 167.3 M€
~ 402 M€
~ 569.3 M€
~ 1,219.9 M€
~ 92.6 M€
1,312.6 M€
1.908 M€
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The average
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Snam Foundation
Key results¹ 2025
~€1.4M
Invested in general interest activities
26 Projects
Over 80.000 Beneficiaries
1.571
Participating volunteers
7.322
Donated hours
Over 10.000
Training hours
Target 2026
~€2.95M
Invested in general interest activities
Over 30 Projects
5 Volunteering projects
Highlights 2026: Empowering social inclusion nationwide
- New partnerships with institutions
- Vulnerable youth training & employment
- Capacity-building activities for NGOs
- Operational support for NGOs through corporate volunteering
1) Final data will be consolidated in Q1 2026
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Key Partnerships
Gas & LNG Industry
Gas Infrastructure Europe
GEEG
THE EUROPEAN GAS RESEARCH GROUP
PROXIGAS
EMGT
EAST MESTERS AND ANGAS FORUM
ASSOLOMBARDA
SGTTO
Decarbonization
CCSA
CCS Innovation
EBA European Design Association
NEST
Cross-sector strategic partnership
United Nations
Global Compact
WORLD ENERGY COUNCIL
CONFINDUSTRIA
BUSINESS OECD
ACCI
ICMA
MC
MedOr Italian Foundation
Alliance for Industry Decarbonization
TRANSPARENCY INTERNATIONAL
the global business agency innovation
YSE
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Emissions Reduction
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Historical emissions evolution
Gas demand (Bcm)
Scope 1,2 emissions¹ (regulated perimeter, ktCO2e)
Scope 3 emissions⁷ (regulated business perimeter, ktCO2e)
| Market Solutions Business | +1 | +1 | +4 | +8 | +67 | +80 | +102 | +118 | +321 | +228 | +528 | +767 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Snam | 1.579 | 1.423 | 1.345 | 1.468 | 1.518 | 1.413 | 1.195 | 1.159 | 1.952 | 1.777 | 1.921 | 2.178 |
1) Figures including HFC emissions (minor contribution; <1.5)
2) Baseline 2022
3) Baseline adjusted 2022, including 2024 emissions of Piombino FSRU, in line with the Recalculation Policy
4) Regulated perimeter aligned with the target (without Piombino FSRU); 1,333 ktCO2e full regulated perimeter
5) Piombino FSRU emissions included, being the first full year of operation
6) Regulated perimeter aligned with the target (without Ravenna FSRU); 1,041 ktCO2e full regulated perimeter
7) The figure of 2022 Scope 3 regulated emissions is restated as it takes into account the emissions contribution of SeaCorridor (purchased in 2023)
8) Includes: fuel & energy not included in Scope 1&2, business travel and employee commuting. In the fuel & energy category, emissions linked to Ravenna FSRU are excluded for 2025 and will be considered starting from 2026, in line with the Recalculation Policy
9) Regulated perimeter aligned with the target (without Ravenna FSRU in cat. 3.3); 1,411 ktCO2e full regulated perimeter
10) CH4 emissions expressed in CO2 equivalent using a GWP equal to 29.8 (last GWP published by the IPCC in the 6th Assessment Report)
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Scope 1 & 2 emissions – roadmap to 2032
1) 2022 baseline
2) 2022 baseline adjustment: 2024 actual of Plombino FSRU, Ravenna FSRU and OLT as per January 2026
3) Differences in gas demand, stored and regasified gas, including flows direction vs 2022
4) The target boundary includes land-related emissions and removals from biogenic feedstocks
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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
Since 2020, Snam has joined the Oil & Gas Methane Partnership (OGMP) 2.0, a voluntary initiative launched by the United Nations Environment Programme (UNEP) to support Oil & Gas companies in reducing methane emissions.
Gold Standard by UNEP under OGMP 2.0 protocol, for the fifth consecutive year in recognition of the commitment undertaken by the Group in reporting and reducing emissions.
Strong track record and ambitious targets ahead of OGMP requests
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the energy
Dual fuels compressors to reduce combustion emissions
Roadmap to install electric compression units
1) The investment plan considers also the replacement of 3 ELCOs at Brugherio plant, already supplied with green electricity, with more efficient ones, thus reducing energy consumption but not GHG emissions. For this reason, those ELCOs and the ones in Stogit Adriatican's (8 ELCOs) plants are not accounted within the ones with impact on Scope 1+2 Targets. Average emissions reduction per plant: 28 ktonCO2e
2) The replacement plan will be optimized on the back of the evolution of physical flow scenarios and to optimize the dispatching
3) The magnitude of the impact on each target will depend on the effective month of installation and utilization
4) 8 ELCOs of Stogit Adriatica, 3 at Brugherio and 1 at Malborghetto
Electric compressors units Installation Plan $^{1,2}$
1 ELCOs replaced at Malborghetto plant with impact on 2027 target
~ 12 MW installed capacity
| Installation by | # Compressors units to be replaced with ELCOs MW Installed capacity | Impact on Scope 1+2 target by^{3} |
|---|---|---|
| 2026 | +2 | |
| ~ 25 MW | 2027 | |
| 2030 | +5 | |
| ~ 80 MW | 2032 | |
| 2031 | +3 | |
| ~ 40 MW | 2032 | |
| 2033 | +2 | |
| ~ 35 MW | 2035 | |
| 2035 | +1 | |
| ~ 25 MW | 2040 | |
| 2041 | +3 | |
| ~ 75 MW | 2050 |
12 ELCOs installed and operative at end 2025
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Scope 3 emissions
What categories do we report?
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 non-regulated business: 11 use of sold products and 13 Downstream Leased Assets
What about Category 11 "Use of sold products"?
Snam is a regulated transmission system operator (TSO), complies with Italian and European regulation¹ 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’s regulated businesses do not sell, produce or own methane molecules but sell transport, storage and regasification capacity
↓
The emissions related to the use of methane capacity are outside of Snam’s control meaning that there are no direct or indirect reduction levers for Snam to leverage on
According to GIE² including emissions from transported gas would misrepresent the role of TSOs
1) Snam is required to ensure long-term system capacity to meet demand, guarantee security of supply through adequate capacity and reliability, provide non-discriminatory access to all shippers and following the provisions of the Network code
2) GIE_Position-paper_Scope_3_emissions_Aug_2025.pdf published in August 2025 "Position Paper on Scope 3 reporting obligations for infrastructure operators"
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Supply chain decarbonization
Scope 3 calculation
Scope 3 Methodologies & Data Sources:
- GHG Supplier-Specific as primary method; spend-based only residual
- EPDs and Snam Sustainability and Carbon-Accounting Portal to capture Product and Construction Site carbon footprints
- Primary supplier data from official sources, aligned with their decarbonization targets
ESG Criteria in tenders
- 108 contracts (66 suppliers) with ESG criteria equal to ~51% of 2025 procurement amount
- 224 Decarbonization Plans evaluated (48% positively)
Suppliers Engagement & Training
- Supplier Advisory Council – Engagement suppliers on ESG
- Snam Sustainability and Carbon-Accounting Portal
- OpenEs (ESG disclosure Platform) to exchange data
- CDP Questionnaires
- Annual convention
- ESG Education Pills
Sustainable construction site
- On-site use of materials from circular supply chains (recycled metal, regenerated hydraulic oils)
- Re-use of water and waste produced (95% of excavated soil reused on site)
- Diesel+ and HVO (Hydrotreated Vegetable Oil)
- Connection to the power grid
- Inverter introduction on site
- Use of electric heavy-duty vehicles
Raise awareness on climate change, support innovation and promote sustainable development
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Associates decarbonization pathways
Key levers
Most of our associates have defined and approved emission reduction plans and decarbonization targets, similar to Snam
Key reduction levers are:
- Electric compressors installation to reduce CO2 emissions from combustion
- LDAR (Leak Detection and Repair) programme implementation to reduce fugitive emissions
- Renewables energy use (electricity and green gases)
Associates with public commitment
| | Scope 1,2 & 3: -34% by 2030 vs 2021
CH4:-36% by 2025 vs 2017 (achieved)
Carbon neutrality by 2050
Moody’s Net Zero Assessment |
| --- | --- |
| | Scope 1 & 2: -50% by 2030 vs 2018
CH4:-45% by 2025 vs 2015 (achieved) and
-60% by 2030 vs 2015
Carbon neutrality by 2040 |
| | Scope 1 & 2: -5% by 2025 vs 2022
(achieved) CH4:-8% by 2025 vs 2022
(achieved)
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 |
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Biodiversity & Regeneration
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Nature footprint analysis | 2025 update
Nature Footprint analysis updated in 2025 based on the latest SBTN guidelines:
Direct Operation
The updated analysis confirms previous findings:
-
Infrastructure Construction has a material impact on Land Usage, while other pressures have no material impact
-
All Operations (T&D, Storage, off-shore & onshore regasification) do NOT have a material impact on Nature
Upstream
Limited overall Nature risk in the upstream, with Freshwater withdrawal in steel production the only material upstream pressure.
-
Biodiversity Risk («outside-in»)
-
Risk management approach for the analysis of biodiversity risks
- Integrated Climate Change & Biodiversity Risk Management (CBRM)
- Alignment with TNFD
First pure infrastructure player to join SBTN Corporate Engagement Program
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CENTRE
Positive impact on Nature by 2027
- The minimum commitment on land use change required by SBTN is to avoid & reduce conversion of natural ecosystems and restore (locally) the entire footprint
- The extra mile is to regenerate nature on the hotspots¹, beyond the actual impact
In 2025 Snam has identified the "Landscape engagement initiatives" adequate to reach the Net Positive Impact and aligned with SBTN requirements²:
- Restauro Faggeta (Regione Marche): improves local biodiversity through targeted restoration actions in mature beech forests.
-
Tavolo di Co-progettazione (Regione Abruzzo): promotes participatory governance and co-design of nature-based local development strategies.
-
First pilot completed in 2024: Remote-sensing technologies tested to assess vegetation-restoration along selected pipelines.
- Expansion phase in 2025: Additional pilots launched to broaden technologies and use cases. Goal: develop new technical specifications for large-scale deployment across Snam's full infrastructure network.
1) The hotspots were identified by combining the land footprint (pressure) with the Ecosystem Integrity Index (state of nature). Hotspots mainly follow the Adriatic line (Sestino-Minerbio, Foligno-Sestino, Sulmona-Foligno, Recanati Chieti, Chieti Rieti)
2) Snam temporarily does not have access to the SBTN target validation process until SBTI publishes the guidelines for the O&G sector. For the time being, the company has undertaken an internal validation process, using a partner qualified by SBTN (SBTN | Expert Advisors). The gap analysis against the SBTN criteria found that the initiatives are adequate to meet Snam's public Net Positive objective and have been strengthened with respect to SBTN requirements
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Health & Safety
Scorecard: IpFG combined Frequency and Severity Index: 0.45 by 2026¹
Frequency Index¹
Severity Index²
IPFG³
IpFG Performance:
- Frequency increase less than proportional to Capex / construction sites number
- Severity on a downward trend
Snam4safety project launched in 2018 to strengthen safety culture and awareness of employees, contractors and suppliers
In 2025:
- Training courses on safety leadership and expansion of the perimeter of workers involved
- 250 construction sites visits
- 22 suppliers’ safety workshops
- Target setting about Near Misses and Safety observations, collected by Appl available to all colleagues
- Specific initiatives on market solution businesses with university and inter-company working groups on market solution businesses for fostering the safety culture
Safety certification
ISO 45001
Zero accidents target - Severity on a downward trend
1) Combined Frequency (30%) and Severity Index (70%)
2) Employees (full Group) + Contractors (Gas Infrastructure)
3) Combined Frequency (50%) and Severity Index (50%)
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The Learning Ecosystem
Scorecard: training hours delivered to employees: 42 h/capita by 2030
Snam Institute: the in-house Academy
Snam Institute supports the company's strategy by promoting continuous learning, strengthening skill-based career paths, fostering a solid leadership culture, and advancing technical upskilling initiatives.
~ 180,000 Training hours delivered in 2025
45 Average hours delivered per employee
98% Of the company population involved in at least one course
~ 200 Internal training members
Main projects
Snam's Learning Ecosystem supports the evolution of the People & Organization model, strengthening the technical, managerial, and cross-cutting skills needed to sustain Snam's industrial trajectory through competency-based pathways that enhance leadership culture, foster the dissemination of knowledge, and improve people's learning experiences
Employee Experience
The evolution of the learning experience includes digital platforms, on-the-job models, and tools that simplify processes and make training access more intuitive, personalized, and continuous.
Snam Digital Journey
The Digital Journey contributes to build Snam digital culture by developing current and future digital skills through a structured program combining experiential initiatives, targeted training, and awareness activities.
Leadership & Next Gen
A structured program to manage generational turnover and build a robust pipeline of future leaders. It develops emerging talents and managers with the critical capabilities needed for sustainable growth, especially within the Operations field.
Internal Faculty
Network of internal experts who deliver high impact training based on real business experiences. By leveraging internal capabilities, Snam accelerates skills development and knowledge transfer in alignment with business priorities and ensures long term performances and value creation.
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Diversity & Inclusion
Scorecard:
Women in exec. and middle-mgmt. roles (%) ≥28 by 2030
Employees engagement index: >80% in 2030
Gender pay gap between +/- 5% by 2030
- 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, supporting our DE&I roadmap on parenthood, disability, LGBTQ+, STEM, gender & generations, Snam4diversity Talks
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Bloomberg’s Gender-Equality Index: Snam included for the 4th year
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Employer branding, hiring, development, retention and training: actions on HR processes in order to improve progressively gender balance, especially in operational departments
- Policy framework complete policies in order to facilitate parenting/family caring and careers
- Employees’ engagement: continue recurrent measurement and implement action plans coherently with the People Journey
Next engagement survey in April 2026
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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 Snam's document results, books and accounts records.
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. No representation or warranty is made by or on behalf of the Snam that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved. This presentation does not constitute a recommendation regarding the securities of Snam. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Snam S.p.A. or any of its subsidiaries.
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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www.snam.it