Snam today announced the consolidated results for the first quarter of 2026, which appear overall positive and in line with the annual guidance.
The numbers for the 1st quarter
THE total revenues they stood at 999 million euros, up 3.0% compared to the same period of 2025 (+8.8% excluding the one-off effect linked to the deflator detected in the first quarter of 2025). THE’EBITDA rose to 775 million (+1.8%; +9.3% net of the one-off effect), while theadjusted net profit it was set at 375 million, down 7.6% compared to 406 million in the first quarter of 2025, but up 1.6% excluding the aforementioned non-recurring effect. Reported net profit amounted to 292 million (-40.5%), influenced by negative special items of 83 million mainly linked to the derecognition of financial instruments connected to the repurchase of the bond convertible into Italgas shares.
The total investments they reached 991 million euros, compared to 361 million in the first quarter of 2025, with an acceleration concentrated on regasification, gas transport and biomethane. 56% of investments are aligned with the Sustainable Development Goals and 19% with the European Taxonomy. Technical investments, excluding the OLT effect and including contributions, amounted to 458 million (+16.8%).
THE’net financial debt as at 31 March 2026 it stood at 18,501 million euros, an increase of 992 million compared to 31 December 2025. The change reflects the investments of the period, the payment of the interim dividend for 2025 (404 million), the effects of the refinancing of the bond convertible into Italgas shares (432 million) and the financial debts resulting from the consolidation of OLT (377 million). The average cost of net debt was substantially stable, around 2.6%.
Accounts in line with expectations
“In a highly volatile global context, we recorded an excellent start to 2026, fully in line with the annual guidance, thanks to solid operational results, disciplined financial management and a highly visible regulatory framework. We continued to implement our investment plan to strengthen Italy’s energy security and promote energy integration, aiming to guarantee at least 90% of the storage filling target through the latest auctions and continuing to invest to diversify gas supply sources”, he commented the CEO Agostino Scornajenchi.
Operational activity
Natural gas injected into the national network grew by 7.2% to 16.31 billion cubic meters, while the demand for gas in Italy increased slightly (+0.5%) to 21.83 billion. Regasified volumes more than doubled to 2.34 billion cubic metres, thanks to the contribution of the FSRU of Ravenna and the entry into the scope of OLT Offshore LNG Toscana, fully consolidated from 2 March 2026 after the acquisition of 100% of the capital. The overall storage capacity managed by the group is equal to 18.1 billion cubic meters. At the end of April the fill level reached 50%, with the objective of 90% achieved through the auctions announced on 23 April.
Guidance confirmed
Snam confirmed the goals financial for 2026: investments of 2.8 billion (2.6 billion in gas infrastructure, CCS and H2; 0.2 billion in Market Solutions), tariff RAB of 28.8 billion including OLT, adjusted EBITDA of approximately 3.1 billion, adjusted net profit above 1.45 billion and net debt of around 19 billion. The average cost of net debt expected for 2026 is slightly increasing, around 2.7%.
