Slide 1: 1Q 2026 Consolidated Results
1Q 2026 Consolidated Results May 13th, 2026
Slide 2: 1Q 2026 Key highlights
1Q 2026 Key highlights Gas Market Regulation • Italian Gas demand up ~0.5%5 in 1Q 2026 driven by • 2026 Wacc stable across all businesses thermoelectric sector • Energy Law-decree, Arera mandated to establish CCS • ~0.5 bcm of export (Jan-Mar 2026) regulation principles • Hormuz impact: unaffected p
Slide 3: 1Q 2026 Key achievements
1Q 2026 Key achievements Regulated Business Market Solutions Sustainability & Innovation • Adriatic Line Phase 1: 80%1 completed • Biomethane: phase 2 of disposal • Investments alignment: 19%3 to EU (vs 68% at Dec 2025). €57m of grants process ongoing Taxonomy and 56%4 to SDGs cashed-in 2 • Energy e
Slide 4: Gas demand and inflows
Gas demand and inflows Italian gas demand Gas inflows Change Change bcm 1Q 2026 1Q 2025 (bcm) (%) +0.5% National production 0.71 0.88 -0.2 -19.3% bcm Pipelines 10.29 9.81 0.5 4.9% 21.72 21.83 Gela 0.10 0.23 -0.1 -54.3% Mazara del Vallo 5.59 5.42 0.2 3.2% Passo Gries 1.80 1.50 0.3 19.7% Residential 1
Slide 5: Security of supply: gas storage filling
Security of supply: gas storage filling Storage level (%) end of April - Italy Storage level (%) end of April - EU 27+ UK 100 100 75 75 50 50 2025 2025 50% 2026 2026 25 33% 25 Min-Max 5y Min-Max 5y 0 0 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 90% filling target before winter achieved through
Slide 6: Investments breakdown and alignment
Investments breakdown and alignment Investments Taxonomy 2 SDGs 1% 19% 18% 19% 26% 7% 44% €1.0 bn1 1% €0.5 bn3 17% 54% 3% 12% 2% 4% 3% 6% 50% 5% 9% H2 Ready Net zero Investments SDG 9 – Industry, innovation and infrastructure Development DT&T Market Solutions OLT transaction SDG 13 – Climate Action
Slide 7: Adj. EBITDA
Adj. EBITDA €m +2 % +9 % 4 775 761 8 7 10 8 -4 33 709 Mainly Mainly labour -52 cost Biomethane and Energy efficiency • (+) Tariff RAB • (-) 2024 • (+) Output Deflator based recovery Adj. EBITDA Deflator Adj. EBITDA Regulated Stogit Ravenna OLT Regulated Market Other Adj. EBITDA 1Q2025 one-off 1Q2025
Slide 8: Associates contribution
Associates contribution €m - 4% 2 3 - 107 - 7 103 - -9 -2 -2 -3 1Q 2025 TAP TAG Desfa SeaCorridor Terega Interconnector GCA ADNOC 1 EMG Italian 1Q 2026 Associates Pro-quota Net Income adj. 21 12 10 9 8 3 0 0 0 40 1Q 2026 (€m) Overall stable performance despite volatile environment, costs phasing eff
Slide 9: Adj. Net Income
Adj. Net Income €m -8% +2% 66 406 369 -34 3751 -17 -4 -37 -5 • New assets entering • Italian • (-) 2024 • Higher into operation Associates: Deflator average net • Perimeter effects: +€7m recovery, net debt • Stogit Adriatica • International of related • Stable net and Ravenna Associates: fiscal effe
Slide 10: Cash flow
Cash flow €m • Tariff related items and Energy efficiency positive WC • Partially offset by default items • Dividend payment: €404m • Italgas bond refinancing: €432m 234 860 334 626 • Mainly OLT debt 292 286 consolidation (€377m) -574 • Net Capex and Capex payables -836 • OLT acquisition -442 -992 R
Slide 11: Financial structure
Financial structure Net debt evolution Maturities profile 992 18,501 €bn (drawn amount) 1 17,509 3.5 Banking institution (drawn) Bond 2.2 2.2 1.8 1.8 1.8 2026E 2027E 2028E 2029E 2030E Avg. 26-30 FY 2025 1Q 2026 Sustainable Finance Average net 2.6% 2.6% %, €bn cost of debt 85% 86% 1.3 Fix / Floating
Slide 12: Closing remarks
Closing remarks Security of supply: 90% storage filling target contracted Progressing on the strategy delivery Solid financial results Fully on track to deliver FY 2026 guidance 12
Slide 13: Q&A Session
Q&A Session
Slide 14: Annex
Annex
Slide 15: Sustainability Scorecard: 1Q2026
Sustainability Scorecard: 1Q2026 2026 2026 2030 2026 2026 2030 KPIs 1Q Target Target KPIs 1Q Target Target • Benefits for local communities over reg. revenues (%) FY ~1 ~1 • Employees engagement index (%) FY >80 >80 • Value released at local communities (€M) FY >1,000 >1,000 • Women in exec. and mid
Slide 16: Income Statement
Income Statement €m 1Q 2026 1Q 2025 Change Change % Revenues 999 970 29 3.0% Operating expenses (224) (209) (15) 7.2% EBITDA Adj. 775 761 14 1.8% Depreciation & amortisation (293) (259) (34) 13.1% EBIT Adj. 482 502 (20) (4.0%) Net interest income (expenses) (88) (71) (17) 23.9% Net income from assoc
Slide 17: Revenues
Revenues €m 1Q 2026 1Q 2025 Change Change % Regulated revenues 896 871 25 2.9% Transport 678 697 (19) (2.7%) Storage 156 144 12 8.3% LNG 62 30 32 - Non regulated revenues 6 5 1 20.0% Total Gas Infrastructure Businesses revenues 902 876 26 3.0% Market Solutions revenues 97 94 3 3.2% TOTAL REVENUES 99
Slide 18: Operating costs
Operating costs €m 1Q 2026 1Q 2025 Change Change % Gas Infrastructure Businesses costs 138 119 19 16.0% Variable costs 7 1 6 Fixed costs 133 114 19 16.7% Other costs (2) 4 (6) Market Solutions costs 86 90 (4) (4.4%) TOTAL COSTS 224 209 15 7.2% 18
Slide 19: Balance Sheet
Balance Sheet €m 1Q 2026 FY 2025 Change Change % Net invested capital 28,082 26,787 1,295 4.8% Fixed capital 27,826 27,035 791 2.9% Tangible fixed assets 23,787 22,983 804 3.5% Intangible fixed assets 1,966 1,970 (4) (0.2%) Equity-accounted investments 3,196 3,202 (6) (0.2%) Other Financial assets 6
Slide 20: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation €m 1Q 2026 1Q 2025 Change Change % Net profit before non-controlling interests 292 491 (199) (40.5)% Exclusion of special items: - Special items from EBIT - - - - Derecognition of financial instruments 103 - 103 - Fair Value of derivative financial i
Slide 21: Investments detailed by business
Investments detailed by business €m 1Q 2026 1Q 2025 Transport1 302 252 Storage 43 39 LNG2 555 34 CCS/H2 12 9 Market Solutions 79 27 TOTAL 991 361 1)Including Corporate & Innovation 2)Including OLT acquisition 21
Slide 22: International associates contribution
International associates contribution 1Q 2026 1Q 2025 Delta Company % Interconnector 23.68% • Contribution remains in line with the yearly regulatory cap €3m €3m - • Capacity booked, 50% in 2026 • Reduced revenues for lower cross-border bookings at the Spanish interconnection, to be Teréga 40.50% €8
Slide 23: Disclaimer
Disclaimer Luca Passa, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to Snam’s document results,
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