Snam S.p.a. · MIL:SRG
Snam — Investor Presentation (September 2025)
51 slides from Snam's investor presentation, September 2025
Slide 1: Snam's Engagement Presentation
SNAM’S ENGAGEMENT PRESENTATION September 2025
Slide 2: Snam, the largest European gas infrastructure player
Snam, the largest European gas Storegga energy to inspire the world infrastructure player dCarbonX 2024 Consolidated Key figures Interconnector ~ €17.7 €2.75 €1.29 bn bn bn GCA East-West Med Corridor Market H2 Interconnection EBITDA Net Income Cap1 Adj. Adj. TAG H2 Med TAP Teréga DESFA South-North C
Slide 3: Snam's business portfolio
Snam’s business portfolio energy to inspire the world DOMESTIC GAS INFRASTRUCTURE Portfolio of Associates located along key energy corridors (ownership %) Midstream regulated player 49.90% 20.00% 35.64% 2,3 Upstream Downstream ~18 bcm ~19 bcm/y 40.50% 24.5%5 89.22%4 ~33,000 km capacity Capacity 1 La
Slide 4: Gas Italian energy system overview
Gas Italian energy system overview energy to inspire the world Primary energy (2024), TWh Gas demand, TWh Ca 590 Electricity import Waste 3% 1% Ca 120 TWh of electricity produced from gas (up RES Power to 70% of total in days with low renewables) 22% Gas 35% ~1660 TWh Coal 2% Offering seasonal winte
Slide 5: Gas Flows evolution
Gas Flows evolution energy to inspire the world FY 2021 FY 2024 1H 2025 Passo Gries Passo Gries Passo Gries Tarvisio Tarvisio Tarvisio North: North: North: Rovigo Adriatic LNG 41% Adriatic LNG 19% Adriatic LNG 14% Ravenna Panigaglia Panigaglia Panigaglia Livorno OLT OLT OLT Piombino Piombino TAP TAP
Slide 6: 2025-2029 Strategic Plan key highlights
2025-2029 Strategic Plan key highlights energy to inspire the world Dividend Policy € bn Cagr4 Old plan New plan ~6.4% ~ 32.3 4.0% CO2 Network and ~ 23.7 Storage CAGR ‘24-’29 € 11.5 bn +8% € 12.4 bn1 LNG Capex Tariff Storage 2023-2027 2025-2029 RAB Max 80% Transport Payout on Adj. Net 2024 2029E Inc
Slide 7: Key strategic achievements
Key strategic achievements energy to inspire the world As of June 2025 Gas infrastructure • Adriatic Line Phase 1: 35% completed • FSRU Ravenna started operations in May • 109 LNG tankers to Italy, >30% of gas volumes imported • Storage level at ~71% at June 2025 (vs ca 60% in EU) • Small Scale LNG:
Slide 8: Key financial highlights
Key financial highlights energy to inspire the world As of June 2025 Financial Highlights Regulation • €1,492 m EBITDA Adj. (+5.3% yoy) • Arera 130/2025/R/com RAB revaluation index (IPCA • €750 m Net income Adj.1 (+8.5% yoy) Italy) resolution • Arera 210/2025/R/com Consultation on evolution • €1,122
Slide 9: Sustainability Scorecard: 1H2025
Sustainability Scorecard: 1H2025 energy to inspire the world 1H2025 2025 2029 1H2025 2025 2029 KPIs Target Target KPIs Target Target • Avoided & Captured CO2 emissions (ktCO2e) 71.6 147 8751 • Employees engagement index (%) FY >80 >80 Green • H2 readiness length of network certified (km) 2068 2400 3
Slide 10: Sustainability disclosure: Transition Plan and CSRD
Sustainability disclosure: Transition Plan and CSRD energy to inspire the world Snam Transition Plans outlines ambitious decarbonization targets Further enhancing our disclosure and the resilience of the multi-molecules business model leveraging on CSRD Scope 1&2 targets1 Scope 3 targets1 Targets on
Slide 11: Agenda
Agenda Governance Transition Plan People and communities Annex - Data
Slide 12: New Board of Directors
New Board of Directors energy to inspire the world From May 14, 2025 Alessandro Agostino Paola Laura Augusta Piero Andrea Qinjing Esedra Zehentner Scornajenchi Panzeri Cavatorta Iannini Manzoni Mascetti Shen Chiacchella Board of Directors Chair CEO Non-Executive Non-Executive Non-Executive Non-Execu
Slide 13: New Board of Directors - Leadership
New Board of Directors - Leadership energy to inspire the world CHAIR CEO Alessandro Zehentner Agostino Scornajenchi Chairman of Snam since May 2025 CEO of Snam since May 2025 • 30 years of experience in energy infrastructure and finance across • Former executive with international experience in aut
Slide 14: New Board of Directors - Directors
New Board of Directors - Directors energy to inspire the world Paola Panzeri Laura Cavatorta Augusta Iannini Piero Manzoni Director of Snam since May 2025 Director of Snam since April 2019 Director of Snam since April 2022 Director of Snam since April 2022 • Lawyer and founding partner of Studio Leg
Slide 15: Shareholders Engagement
meetings Continue Shareholders’ Engagement energy to inspire the world 200 total meetings >55% of top Shareholders met 2024 30 Sector conferences and Roadshows 400 investors met (310 ESG) +20% yoy Investors met Shareholders Engagement 𝟐𝟎𝟐𝟑: ~ 10 meetings 𝟐𝟎𝟐𝟒: ~ 20 meetings 𝟏𝐇𝟐𝟎𝟐𝟓: ~…
Slide 16: Remuneration Policy in line with best practices
Remuneration Policy in line with best practices energy to inspire the world Investors Engagement (in season and off-season) and AGM Pay mix for CEO and MSR (Manager with strategic responsibility) results follow up mostly focused on variable components (of which 70% in equity for the CEO and
Slide 17: Employee Shareownerhip Plan (ESOP)
Employee Shareownerhip Plan (ESOP) energy to inspire the world This Plan will offer all Snam employees the opportunity to become shareholders, thus promoting a long-term vision in Objectives which the interests of shareholders tend to converge with those of our employees. The initiative also aims to
Slide 18: Agenda
Agenda Governance Transition Plan People and communities Key Data
Slide 19: All-round Sustainability
All-round Sustainability energy to inspire the world Key Achievements Strategic Priorities Methane emissions -62% (2024 vs 2015) & 4 years Gold standard by UNEP Decarbonization and biodiversity targets delivery 2025E Scope 1+2 emissions - 20% vs 2022 (baseline) • Scope 1+2: -40% by 2030 Biodiversity
Slide 20: Transformative innovation: dual track approach
Transformative innovation: dual track approach energy to inspire the world Foster continuous improvement while proactively seeking external opportunities Ecosystem and Open Innovation Accelerating and derisking through collaborations 75+ ~340m€ Technology Research centres Venture Sector 35+ ~60m€ Pr
Slide 21: Transition Plan aligned with the TPT framework
Transition Plan1 aligned with the TPT2 framework energy to inspire the world Guiding principles / Snam’s Transition Plan Framework Chapters Disclosure elements • Designed around the Transition Plan Taskforce (TPT) Disclosure Framework principles 1. 1 Ambition 1. Repurposing the Gas Infrastructure fo
Slide 22: Our decarbonization plan in a nutshell
Our decarbonization plan in a nutshell energy to inspire the world Scope 1&2 targets1 Scope 3 emissions target1 (ktCO2e) (ktCO2e) In line with 1.5°2 1.5°/ well below 2°2 1,631 Baseline 1,5303 adjustment Scope 2 -30% -35% -25% Scope 1 -40% Emissions from combustion -50% -65% Scope 1 Methane CARBON NE
Slide 23: Methane emissions reduction achievements and targets
Methane emissions reduction achievements and targets energy to inspire the world Replacement plan launched in 2015 to reduce methane emissions, implementing best practices and seeking new solutions / technologies Mm3 60 50 40 -30% 30 -57% 20 -62.4% -64.5% -70% -72% 10 0 2015 2020 2023 2024 2027 2030
Slide 24: Dual fuels compressors to reduce combustion emissions
Dual fuels compressors to reduce combustion emissions energy to inspire the world Electric compressors units Replacement Plan2 Impact on +3 gas compressors units to be replaced with ELCOs 2027 Target ~40 MW installed capacity Impact on +5 gas compressors units to be replaced with ELCOs 2030 Target ~
Slide 25: Our view on Scope 3 emissions
Our view on Scope 3 emissions energy to inspire the world What categories do we What about Category 11 • Estimated net1 emissions report? “Use of sold products”? evolution of methane consumed in Italy mtCO2 According to GHG Protocol: Snam is a regulated transmission system operator 200 (TSO), compli
Slide 26: Supply chain decarbonization
Supply chain decarbonization energy to inspire the world Raise awareness about climate change, supporting innovation and contribute to promoting a sustainable development model Scope 3 calculation ESG Criteria in tenders Sustainable construction site • On-site use of materials from circular Waste an
Slide 27: Associates decarbonization pathways
Associates decarbonization pathways energy to inspire the world Associates with public commitments Scope 1,2 & 3: -34% by 2030 vs 2021 CH4:-36% by 2025 vs 2017 Carbon neutrality by 2050 Most of our associates have defined and approved emission reduction Moody’s Net Zero Assessment plans and decarbon
Slide 28: Nature footprint analysis
Nature footprint analysis energy to inspire the world Infrastructure Transport & Off-shore On-shore Pressure Biomes Storage construction Dispatching regas. (FSRU) regassification Land and sea-use 1 No impact change Land (Km2) Based on most recent SBTN (Kg guidance (to be confirmed in Air Particulate
Slide 29: Positive impact on Nature by 2027
Positive impact on Nature by 2027 energy to inspire the world First pure infrastructure player globally to join SBTN Corporate Engagement Program Ambition Net Positive impact by 2027 • Material impact related to new pipelines With focus on high realization biodiversity risk areas • Zero Net Conversi
Slide 30: Agenda
Agenda Governance Our Transition Plan People and communities Annex - Data
Slide 31: Just transition
Just transition energy to inspire the world Local Snam Employees Foundation communities • People is a pillar of Snam’s Strategy “3P approach… • Local community is a pillar of Snam’s • Ambition: Empower all Snam's People Strategy Energy Poverty supporting their aspirations and fostering social and pe
Slide 32: Health & Safety
Health & Safety energy to inspire the world RECA O C R D S IpFG (Combined Frequency and Severity Index) < min. 3y by 2029 Snam4safety project launched in 2018 to strengthen the safety culture and awareness of employees, contractors and FREQUENCY INDEX1 SEVERITY INDEX1 IPFG2 suppliers In 2024: 0.58 •
Slide 33: Training
Training energy to inspire the world Initiatives to develop skills aligned with a constantly evolving work environment, such as the use of advanced technologies and innovative work procedures. Beyond the traditional role of skill dissemination, training aims to create awareness and empower employees
Slide 34: Diversity & Inclusion & employees engagement index
Diversity & Inclusion & employees engagement index energy to inspire the world RECA O C R D S Gender pay gap between +/- 5% by 2029 Employees engagement index: >80% in 2029 2024 Survey & main themes 1. Sustainable Engagement • Policy framework completed on diversity & inclusion, gender equality, 202
Slide 35: Local Communities
Local Communities energy to inspire the world RECA O C R D Benefits for local communities over reg. revenues ca 1% S Value released at local communities > € 1 bn Benefits for Local Communities (as 5 • Direct Liberalities, sponsorships and ~ € 3.1 m % of regulated revenues) Value Released at Local Co
Slide 36: Snam Foundation
Snam Foundation energy to inspire the world 2024 2024 ~ € 1.49 M Key areas of work across the 3Ps: Implementation of the new social Projects expenses & costs impact evaluation system and the new procurement process, release of the volunteering policy, launch of the Rete Territoriale of Snam 9 Founda
Slide 37: Agenda
Agenda Governance Transition Plan Engagement, communities and people Annex - Data
Slide 38: Shareholders Snapshot, as of February 2025
Shareholders Snapshot, as of February 2025 energy to inspire the world Shareholders structure (%) Shareholders geographical break down (%) 0.2 9.1 4.7 0.2 7.4 18.5 32.8 50.5 15.0 31.4 9.3 16.6 1.4 2.9 Institutional Investors Bank of Italy Italy - Strategic Holders 1 Italy - Retails 2 Italy - Institu
Slide 39: ESG Rating position
ESG Rating position energy to inspire the world DJSI CDP FTSE4GOOD Sustainalytics MSCI ISS ESG Moody’s Vigeo TPI 100 A 5 NEGLIGIBLE RISK AAA A+ 100 5 LOW AA 85 B- (prime) B 3.5 70 3 0 D 0 SEVERE RISK CCC D- 0 0 TPI: Engagement to discuss the evaluation criteria ongoing Moody’s Net Zero Assessment: 3
Slide 40: 2025-29 investments breakdown
2025-29 investments breakdown energy to inspire the world • Adriatic Line • +10 bcm Transport • Replacement of pipelines South to North capacity • Net zero investments: dual-fuel compression stations • ~850 km replacements 8.0 • FSRU and biomethane connections • 3 dual fuels • Storage wells refurbis
Slide 41: Capex ambition to 2034
Capex ambition to 2034 energy to inspire the world ~ € 27 bn 2025-34 investments 2025-29 2030-34 Up to € 14.7 bn (net of grants) € 12.4 bn (net of grants) 34% • Maintain assets reliability H2 Ready Gas Infrastructures Green and 45% Green and and resilience, reduce decarb Emission Reduction investmen
Slide 42: Remuneration Policy linked to Strategy and transition KPIs
Remuneration Policy linked to Strategy and transition KPIs targets energy to inspire the world Gas Energy All-round Transformative PILLARS OF THE STRATEGIC PLAN Infrastructure Transition Platform Sustainability Innovation ✓ ✓ ✓ ✓ Business Objectives Adjusted EBITDA – 30% Climate & Energy Transition
Slide 43: Remuneration: what is new
Remuneration: what is new energy to inspire the world Remuneration Policy aims at ensuring alignment with the Company's strategic objectives considering the characteristics of the business and the industry while ensuring that the variable component represents a significant portion of total remunerat
Slide 44: Cybersecurity (1/2)
Cybersecurity (1/2) energy to inspire the world Cybersecurity is fundamental in preventing and managing adverse events that may compromise the confidentiality and integrity of information, the availability of business processes, and, ultimately, the interests of diverse stakeholder groups belonging
Slide 45: Cybersecurity (2/2)
Cybersecurity (2/2) energy to inspire the world Cybersecurity is fundamental in preventing and managing adverse events that may compromise the confidentiality and integrity of information, the availability of business processes, and, ultimately, the interests of diverse stakeholder groups belonging
Slide 46: Overview of Snam's Sustainable Finance Frameworks
Overview of Snam’s Sustainable Finance Frameworks energy to inspire the world Sustainability-Linked Financing Framework Green Financing Framework Use of Proceeds KPIs and SPTs Macro Category Eligibile Projects Network for renewable and low carbon gases Multi-molecule ready infrastructure Green Infra
Slide 47: Enterprise Risk Management
Enterprise Risk Management energy to inspire the world Continuous evolution & consolidation Objectives… …into achievements • Continuous review and monitoring of • Higher risk-informed contribution to ENT «V our Risk Appetite Framework (RAF) strategic processes in line with the risk AGEM ER appetite
Slide 48: Enterprise Risk Management
Enterprise Risk Management energy to inspire the world From Climate Change Risk Management (CCRM 2023)…to Climate Change & Biodiversity Risk Management (CBRM 2024) Climate Change & Biodiversity Risk Management Update of vertical risk analyses dedicated to Climate Change Risk Management climate chang
Slide 49: Decarbonization plan - 2024 actuals on target perimeter
Decarbonization plan - 2024 actuals on target perimeter energy to inspire the world Performance -29% 1,5301, 2 -10% -16% Scope 1&21 (-437 ktCO2e; -28.6% vs 2022) 1.600 21 79 1,4513 • (~2/3) led by Snam Decarbonization plan, mostly methane leakage 1,3052 reduction activities (methane emissions decrea
Slide 50: Outcome of AGM - Vote results 1/2
Outcome of AGM - Vote results (% on shares admitted to vote) 1/2 energy to inspire the world 1. Financial Statements 2024 2. Dividend 3. Share Buyback 1,1% 0,1% 0,2% 0,1% 0,0% 0,0% 98,8% 99,9% 99,8% 4. Employee Stock Ownership Plan 5.1 Remuneration Policy (Section I) 5.2 Compensation Paid (Section I
Slide 51: Outcome of AGM - Vote results 2/2
Outcome of AGM - Vote results (% on shares admitted to vote) 2/2 energy to inspire the world 6. Board Size 7. Board Term 8. Directors Appointment 9. Chair Appointment 0,1% 0,6% 0,0% 0,0% 0,7% 0,0% 0,0% 0,0% 0,3% 53,10% 46,80% 99,9% 99,4% 98,9% 10. Directors’ Remuneration 11. Statutory Auditors’ Appo