Investments of 14 billion euros between now and 2030 – over 9 billion for transport infrastructure and over 2 billion for storage sites – focused on three strategic levers: industrial growth, active management of the shareholding portfolio and the asset rotation program. These are the salient points of the 2026-2030 Strategic Plan presented this morning by Snam to the financial community. The stock on the stock exchange continues trading at a good pace, maintaining a progress of 1.67% and ranking among the best today in the FTSE MIB basket.
“We are investing 14 billion euros by 2030 to create an increasingly integrated, secure and competitive Italian and European energy system. We are pragmatically addressing the challenges posed by the current global context, with energy demand expected to grow in the medium-long term and with gas which will continue to play a central role, as a fundamental energy balancing vector to preserve the reliability and adequacy of the system”, declared Agostino Scornajenchi, CEO of Snam.
The salient points of the Plan
The plan develops from a solid foundation of the year 2025 and defines a well-defined path towards 2030, combining industrial execution with disciplined financial management. The planned investments are the largest in Snam’s history: 13.7 billion euros net of contributions (14.4 billion euros gross of contributions), +10% compared to the previous plan.
The plan was developed to strengthen the country’s gas infrastructure, guarantee the flexibility, resilience and reliability of the system and support Italian and European energy competitiveness. 97% of the investments, equal to 13.3 billion euros out of a total of 13.7 billion, will be allocated to regulated activities: 9.2 billion euros allocated to projects relating to gas transport, 2.1 billion euros for the upgrade of storage sites and the installation of two dual-fuel compressor stations, 1 billion euros for the expansion of the Panigaglia regasification terminal, 800 million euros to develop the Ravenna CCS project, €200 million to start the development of an end-to-end hydrogen backbone.
The economic-financial targets of the Plan
Over the plan horizon, the tariff RAB is expected to show an average annual growth (CAGR) of 5.7% (compared to 6.4% in the previous plan) and the adjusted EBITDA of 5.4% (compared to 5% in the previous plan). The Group’s EBITDA is expected to be around 3.8 billion euros by 2030, net of the biomethane business, with around 60 million euros relating to the Market Solutions businesses (energy efficiency and greenery).
Adjusted net profit is expected to grow by 4.5% (unchanged compared to the previous plan). Net Financial Debt estimated to grow to approximately 23.8 billion euros by 2030, due to the payment of dividends and the change in the scope of consolidation, considering that the 13.4 billion euro net investment plan is completely financed by the significant cash generation (13.8 billion euros) over the course of the plan.
The results for the 2025 financial year
The Plan is based on the solid results announced for 2025. Total revenues amounted to 3,885 million euros, an increase of 317 million (+8.9%) compared to 2024, driven mainly by the greater regulated revenues deriving from the gas infrastructure business (+306 million euros; +9.5%).
The 2025 adjusted EBITDA was 2,969 million euros, an increase of 216 million euros (+7.8%) compared to 2024. The 2025 adjusted EBIT amounted to 1,845 million euros, an increase of 111 million euros (+6.4%) compared to the corresponding value of 2024. The Group’s adjusted net profit for 2025 was 1,422 million euros, an increase of 133 million euros (+10.3%) compared to 2024,
Net financial debt, including the payment of the 2024 dividend to shareholders (-974 million euros), increased by 1,271 million euros compared to 31 December 2024, reaching 17,509 million euros.
