Snam SpA (SNMRY) AI Stock Analysis

Company Guidance

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.