Snam presented its half-year report for 2026. In a context still characterized by geopolitical tensions and the need to strengthen European energy security, the group led by Stefano Venier continues to accelerate its industrial plan, investing in transport infrastructure, storage, liquefied natural gas and in projects dedicated to hydrogen and CO₂ capture.
Growing accounts thanks to regulated assets and new infrastructures
In the first half of the year, consolidated revenues reached 2.026 billion euros, an increase of 120 million compared to the 1.906 billion in the same period of 2025 (+6.3%). Growth was supported above all by the expansion of regulated activities and the consolidation of new assets, including OLT in the LNG sector. Gas infrastructures generated revenues of 1.841 billion (+5.5%), while Market Solutions increased from 161 to 185 million euros (+14.9%). Within the regulated business, transport remained stable at 1.345 billion, storage grew by 4.9% and LNG almost doubled its contribution, going from 76 to 140 million euros.
Adjusted EBITDA increased from 1.492 to 1.572 billion euros (+5.4%), growth rising to 9%. The improvement was supported by the expansion of the Regulatory Asset Base, the entry into operation of new assets such as Adriatica, Ravenna FSRU and Stogit and the development of activities in biomethane and energy efficiency. Adjusted EBIT also rose by 3.7%, reaching 977 million euros, while adjusted net profit stood at 733 million, slightly down compared to 750 million in 2025 (-2.3%). However, adjusted profit showed growth of 3%. The reported net profit figure is different, equal to 650 million euros (-15.9%), penalized by extraordinary components linked to financial instruments.
Record investments to strengthen the energy network
The most significant data of the half-year report concerns investments, which rose to 1.613 billion euros compared to 1.122 billion in the first half of 2025, with a growth of 43.8%. The main portion, 765 million, was allocated to the transport of gas, while LNG absorbed 570 million, almost four times the 149 million invested a year earlier also thanks to the acquisition of control of OLT. Another 143 million were allocated to Market Solutions, 106 million to storage and 29 million to hydrogen and CO₂ capture projects.
Industrial progress continued on all major projects. The first phase of the Adriatica Line has exceeded 90% completion compared to 68% at the end of 2025, the first section of the Sestino-Minerbio line has entered into operation and active construction sites have risen to 913, 34% more than last year. Biomethane also continues to accelerate, with 54 connections made in the half-year against 11 in the same period of 2025. On the LNG front, 110 methane tankers have arrived, while the Ravenna terminal has already booked approximately 40% of the available capacity for the next ten years. The portfolio of energy efficiency activities finally reached 1.54 billion euros, up 9% compared to the end of 2025.
Energy security and financial solidity remain the priorities
The industrial strategy is part of a context in which gas continues to represent a pillar of the Italian energy system, covering approximately 37% of primary energy and approximately half of national electricity production. In the first half of the year, Italian demand grew by 0.4%, reaching 33.08 billion cubic meters, while the average TTF price stood at 42.6 euro/MWh, up by 6%. At the end of July, Italian storage was 75% full, compared to the 55% average for the European Union and the United Kingdom, with the 90% target already reached in view of the winter. At the same time, LNG represented 32% of Italian imports, confirming the growing role of regasification infrastructures in the diversification of supplies.
The intensity of investments brought net financial debt to 18.803 billion euros, an increase of 1.294 billion compared to the end of 2025 (+7.4%), a growth linked mainly to industrial development and the consolidation of OLT. Despite this, the average cost of debt remained stable at 2.6% and the share of sustainable finance rose to 90%. In the half-year, Snam also generated 1.832 billion euros of Funds From Operations, maintaining a conversion between EBITDA and cash of 77% and confirming a high self-financing capacity even after investments and dividends.
Guidance confirmed, debt target improves
In light of the results of the first half of the year, Snam confirmed that it is fully in line with the economic and industrial objectives of the 2025-2029 Strategic Plan. The group also announced an improvement in the guidance on net financial debt at the end of 2026, a sign of management’s confidence in the ability to support the investment plan while keeping the financial structure under control. For Stefano Venier, the semester confirms that the execution of the main infrastructure works is proceeding according to the expected timescales and that the strengthening of the transport, storage and LNG networks continues to represent a key element for Italian energy security. In a phase in which the European energy system remains exposed to geopolitical tensions, the half-yearly report therefore highlights not only a growth in economic results, but also the consolidation of Snam’s role as a strategic operator in the energy transition and the reliability of national supplies.
