Snam SpA (SNM0) Q2 2026 Earnings Report

The call presents a predominantly positive operational and financial picture: solid adjusted EBITDA growth, resilient associate performance, strong cash generation, successful green and sustainability‑linked financing, improved credit metrics, and well‑advanced storage and strategic projects (LNG, CCS, biomethane). Challenges noted are largely manageable or non‑recurring (OLT and Italgas transactions driving higher net debt in the period), together with regulatory uncertainty (seventh gas period / ROSS evolution), macro and geopolitical price volatility, modest increases in D&A, financial charges and taxes, and concerns about current remuneration for LNG. On balance the positives — recurring earnings growth, clear guidance confirmation, financing success and storage readiness for winter — outweigh the negatives, which are mostly either transitional, regulatory or macro risk factors.

Snam confirmed 2026 guidance with adjusted EBITDA around EUR 3.1 billion and adjusted net income above EUR 1,450 million, upgraded net debt guidance to EUR 18.9 billion (net debt at end‑June ~EUR 18.8 billion) and reiterated full‑year financial expenses of EUR 335 million; it expects associate contributions of ~EUR 365 million and working‑capital change broadly stable at ~EUR 600 million. H1 metrics included adjusted EBITDA of EUR 1,572 million, adjusted net income of EUR 733 million, cash flow from operations ~EUR 1,832 million, investments ~EUR 1.6 billion (net investments EUR 1,154 million) and funds from operations ~EUR 1,232 million. Financing and balance‑sheet metrics: average cost of debt ~2.6%, fixed/floating mix 65/35 (aiming closer to 75% fixed by year‑end), sustainable finance 90% of committed financing, dual bond issuances of EUR 750m (green) + EUR 750m (sustainability‑linked), ~EUR 1.2 billion of bilateral facilities, a EUR 124m EIB tranche and an upsized sustainability‑linked RCF to EUR 25.1 billion. Operational/market guidance highlights storage ~70–75% today with a 90% refill target secured for winter, LNG ~32% of imports (110 cargoes) and 40% of Ravenna capacity sold forward for 10 years.