Improved 2025 guidance and solid growth in profits for Snam, which closes the first nine months of the year with better numbers than market expectations. Good indications for the stock listed on Piazza Affari, which has progressively extended its rise up to 1.1%, placing itself in the top five in the FTSE MIB basket for today’s session.
The numbers for the first nine months
Total revenues for the first nine months of 2025 stood at 2,846 million euros, an increase of 195 million euros (+7.4%) compared to the same period of 2024, mainly following the growth in regulated revenues from gas infrastructures (+8.3%). A trend recorded at
Adjusted EBITDA stood at 2,227 million euros, up by 138 million euros (+6.6%) compared to the corresponding value of the first nine months of 2024. Adjusted operating profit amounted to 1,401 million euros, up by 61 million euros (+4.6%) compared to the corresponding value of the same period of 2024. Adjusted net profit for the first nine months of 2025 amounted to to 1,096 million euros, an increase of 100 million euros (+10%) compared to the adjusted net profit for the first nine months of 2024.
Total investments in the first nine months of 2025 amounted to 1,767 million euros, substantially in line with the first nine months of 2024 (1,782 million euros). The positive cash flow from operational management (2,063 million euros) made it possible to finance a large part of the net investments in the period (-2,237 million euros, including the outlay connected to the acquisition of Stogit Adriatica and the proceeds deriving from the sale of the investment in ADNOC Gas Pipelines). Net financial debt recorded a contraction of 154 million euros compared to 30 June 2025, reaching 17,426 million euros.
Gas demand is growing. Storage above EU average
The demand for gas is increasing (+2% compared to the first nine months of 2024), following the increase in consumption, attributable in particular to the thermoelectric sector. As regards Storage, there was a filling rate of 92% at the end of September, 10% above the European average. Net growth in exports, now at 1.5 billion cubic meters, compared to 0.3 billion cubic meters in September 2024. LNG imports growing strongly (+38.5%) in volumes injected compared to the same period in 2024.
“We continue to work to strengthen the country’s energy security, as demonstrated by the high level of storage filling and the significant increase in LNG volumes injected into the network, also thanks to the entry into operation of our FSRU fleet”
underlined the CEO Agostino Scornajenchi.
Advance payment on dividend
Based on the results of the first nine months and the forecasts for the closing of the entire financial year, the Snam Board of Directors has resolved to distribute to shareholders an interim dividend for 2025, equal to 0.1208 euro per share, an increase of 4% compared to 2024. The payment of the dividend will take place on 21 January 2026 (record date 20 January 2026).
Guidance 2025 revised upwards
Based on these results, Snam has announced an improvement in the 2025 Guidance: it now expects an adjusted EBITDA of approximately 2.95 billion euros (compared to 2.85 billion euros), an adjusted net profit of approximately 1.42 billion euros (compared to 1.35 billion euros) and a net financial debt of approximately 18 billion euros (compared to 18.4 billion).
