Snam S.p.a. · MIL:SRG
Snam — Investor Day (March 2026)
112 slides from Snam's investor day presentation, Mar 5, 2026
Slide 1: Towards energy integration: 2026-2030 Strategic Plan
5th March 2026 Towards Via Vezza d’Oglio, 6 | Milan energy integration 2026-2030 Strategic Plan
Slide 2: Towards energy integration
5th March 2026 Towards Via Vezza d’Oglio, 6 | Milan energy integration 2026-2030 Strategic Plan
Slide 3: Agenda: FY 2025
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 4: Key achievements
Key achievements Adriatic Line construction Sulmona Compressor Station1 • Adriatic Line Phase 1: 60% completed • FSRU Ravenna started operations in May Business • Integration of Edison Stoccaggio • Storage >10% fuller than EU average • ADNOC and ITM disposals Associates • Agreement to get control ov
Slide 5: Financial highlights
Financial highlights Investments (M€) Tariff RAB (Bn€) -4.1% +8.3% 2,875 2,758 24.2 26.2 FY 2024 FY 2025 FY 2024 FY 2025 Adj. EBITDA (M€) Adj. Net Income (M€) +7.8% 2,753 2,969 +10.3% 1,289 1,422 FY 2024 FY 2025 FY 2024 FY 2025 Normalized1 2,917 Normalized2 1,365 Sound results, improved financial st
Slide 6: 2025 Italian Gas demand & supply
2025 Italian Gas demand & supply Demand, Bcm Supply, Bcm +2.0% Delta YoY +4.0% Delta YoY 62.2 63.4 62.5 65.0 3% 3% Others2 5% 5% Domestic Production3 +13.3% 41% 42% Thermoelectric +4.2% 71% 62% Pipe 18% 18% Industry1 +0.1% -8.8% 38% 37% Residential -0.1% 24% 32% LNG +39.7% 2024 2025 2024 2025 Export
Slide 7: 2025 Investments breakdown
2025 Investments breakdown Taxonomy Technical Investments SDGs 4% 8% 23% 20% 13% 46% 5% 2.9 Bn€1 50% 56% 15% 7% 2% 25% 7% 11% 4% 4% SDG 9 – Industry, innovation and infrastructure H2 Ready Digitalization & Technology Development DT&T SDG 13 – Climate Action Market Solutions Net zero Investments Main
Slide 8: Tariff RAB
Tariff RAB Bn€ +8.3% Key drivers 26.2 0.6 0.4 RAB growth driven by: 24.2 1.0 • Capex • RAB inflation • Stogit Adriatica and Ravenna FSRU entering into perimeter FY 2024 Transport Storage LNG FY 2025 Significant RAB growth driven by core investments Note: 2024 RAB previously at 23.7 Bn€. Change due t
Slide 9: EBITDA
EBITDA M€ +7.8% 22 2,969 -42 14 42 3 -52 2,917 • 17 vessels • Mainly • Mainly • 2024 Deflator arrived labour cost Biomethane recovery 199 contribution 2,753 -22 • (-) Wacc • (+) Tariff RAB • (+) 2024 • (+) Volume effect Deflator • (-) Output based recovery and • (-) LNG (extra IPCA revenues recognis
Slide 10: Net Income
Net Income M€ +10.3% 1 -105 -32 1,422 0 54 1,365 216 -57 1,289 • New assets • Average net • Italian: +47m • 2024 Deflator entering into cost of debt • International: +7m recovery operation at ~2.6% • Associates and • Stogit Adriatica Net financial entering into expenses perimeter since normalization
Slide 11: Cash flow
Cash flow M€ 2,688 2,461 227 • Energy efficiency • Net Investments and Capex 1,194 positive WC payables (-2,633 M€) • Partially offset by • Stogit Adriatica cash-out: -564 M€ 1 1,267 balancing items • ADNOC disposal cash-in: 233 M€ -2,964 -276 -1,022 27 -1,271 Reported Depreciation Funds From Change
Slide 12: Financial structure
Financial structure Net Debt evolution Maturities profile M€ Guidance: ~ 18 Bn€ Bn€ (drawn amount) 1 3.6 Banking institution (drawn) Bond 17,509 2.3 2.1 +1,271 1.6 1.8 16,238 1.4 2026E 2027E 2028E 2029E 2030E Avg. 26-30 FY 2024 FY 2025 Sustainable Finance %, Bn€ 84% 85% Average net 0.8 2.5% 2.6% 1.6
Slide 13: CO2 reduction
CO2 reduction Scope 1&2, ktCO2e Scope 3, ktCO2e -35% -14% +1% 1,5302 -9% 1,631 1,549 79 1,4513 1,305 1,393 1,402 21 1,093 Other6 365 321 2024 Piombino FSRU 18 998 257 226 19 Scope 2 921 28 Supply chain 556 594 598 899 561 Scope 1 – Combustion 728 675 Scope 1 – Methane 4 508 Associates 710 634 575 57
Slide 14: FY 2025 Closing remarks
FY 2025 Closing remarks FY2025 FY 2025 Guidance1 Investments 2.8 Bn€ ~ 2.9 Bn€ Broadly In line with guidance Tariff RAB 26.2 Bn€ ~ 25.8 Bn€ Above guidance Adj. EBITDA 2.97 Bn€ ~ 2.85 Bn€ Above guidance Adj. Net income 1.42 Bn€ ~ 1.35 Bn€ Above guidance Net debt 17.5 Bn€ ~ 18.6 Bn€ Well below guidanc
Slide 15: Agenda: Scenario
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 16: Energy demand
Energy demand Global Final Energy demand WEO25 CPS2, ‘000 TWh CAGR +1.3% Key insights 145 140 - WEO25 Steps3 126 134 - WEO23 Steps¹ 138 – WEO23 Steps¹ • Growth drivers: emerging economies, electrification, industry needs • Geopolitical instability, distressed supply chain of critical materials, AI,
Slide 17: Gas demand
Gas demand Global Gas demand WEO25 CPS2, ‘000 Bcm CAGR +1.6% Key insights 5.0 4.8 - WEO25 Steps3 • Global gas demand rises to 4.3 ~ 5,000 Bcm by 2035 4.3 - WEO23 Steps¹ 4.2 - WEO23 Steps¹ (+1.6% vs. ‘24), driven by emerging economies • Demand supported by industrial and power generation needs and in
Slide 18: New Snam energy scenario
New Snam energy scenario Approach Main trends Industrial gas demand 2030 | Stable gas demand Rising industrial gas use, driven by coal-to-gas switching Stable industry, increasing LNG as fuel in transports and slightly Technology Electricity demand decreasing residential uses and Electrification dri
Slide 19: Italian Electricity outlook
Italian Electricity outlook Demand and Supply, TWh CAGR vs. ‘25 +1.6% +1.7% NECP Policy1 DDS242 (391 Twh) Key insights (362 Twh) 367 337 • Electricity demand 11% Import 311 increasingly met by 12% 15% 27% Thermal renewables (mainly solar) 33% • RES growth requires 44% storage and responsive flexibil
Slide 20: Italian Gas outlook
Italian Gas outlook Bcm Gas demand decrease Gas demand increase Non-structural variability 69 Demand (+/- 7.5 Bcm) 4 Key insights 65 63.4 62.2 -0.8 -1.4 -0.2 61.5 • Slower transition pace +0.9 1 -2.5 60 +2.0 1 NECP Policy2 • Industrial demand increase (59.5 Bcm) DDS243 55 (57.8 Bcm) mainly driven by
Slide 21: Demand variability
Demand variability Driver Impact Gas demand var +/- 7.5 Change in gas-fired thermoelectric Rainfall variability generation activity Bcm/year Electricity imports Change in gas-fired thermoelectric +7.5 variability generation activity Increase in electricity demand for Hot summer cooling -7.5 Higher g
Slide 22: Gas infrastructure as key enabler for adequacy and security
Gas infrastructure as key enabler for adequacy and security Adequacy Gas-electricity New gases and security integration development Integrating new low-carbon Ensuring adequacy and As renewables grow and gases enables security requires system complexity rises, decarbonization without appropriately s
Slide 23: Agenda: From Energy Transition to Energy Integration
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 24: The largest European gas infrastructure player
The largest European gas infrastructure player dCarbonX ITALIAN NETWORK EQUITY PARTICIPATIONS IN INTERNATIONAL GAS PIPELINES Interconnector Storage plants Storage plants Regasification plants Regasification plants LNG terminals LNG terminals Italian & International Assets1 Data as of FY 25 ~ 31 ~ 37
Slide 25: Our strategic framework
Our strategic framework Creating stakeholder value leveraging on innovation and energy vectors integration, and securing Italy’s and Europe’s energy competitiveness Plan 2026-2030 On top 1 2 3 Industrial Active Portfolio Asset Rotation Pillar Growth Management Program Digital & Energy Tech innovatio
Slide 26: Investment plan
1 2 Investment plan Natural gas Market CCS H2 Solutions Transport Storage LNG • Grid • Refurbishment • Existing • CCS project • H2 Backbone • Biomethane development and capacity acceleration • Energy • Existing performance refurbishment Efficiency pipelines upgrading and • Greenture replacement cons
Slide 27: Natural gas: Transport
1 Natural gas: Transport Industrial Growth Adriatic Line Sardinia network development (~ 1.5 Bn€)1 (~ 0.9 Bn€) Illustrative Illustrative • Enhance security and • Address Sardinia energy gap resilience • Complete coal phase-out • Enable +10 Bcm/y from PORTO TORRES MINERBIO South SESTINO Key achieveme
Slide 28: Natural gas: Transport & Storage
1 Natural gas: Transport & Storage Industrial Growth Dual Fuel Compression Stations Pipelines and Wells replacements (~ 0.9 Bn€ )1 (~ 3.0 Bn€) Illustrative Illustrative • Transport system • Reduce risk through flexibility increase Settala Malborghetto maintenance and PASSO GRIES PASSO GRIES • Foster
Slide 29: Natural gas: LNG
1 Natural gas: LNG Industrial Growth Panigaglia Terminal upgrade OLT (~ 0.3 Bn€) (~ 0.6 Bn€)1 • Extend plant LNG Vessel • Offshore LNG terminal operational life vaporizer reloading 5 Bcm/y capacity • Enable Virtual Pipeline • RAB-based regulatory (Sardinia) Electrical regime substation • Reduce emis
Slide 30: Ravenna CCS Project
1 Ravenna CCS Project Industrial Growth Onshore CO2 pipeline Key features (~ 0.8 Bn€)1,2 Illustrative Routes under permitting • Material offshore storage reservoirs capacity and Routes at feasibility study level robust demand from domestic emitters Future expansion • Investments breakdown Shipping o
Slide 31: H2 Backbone
1 H2 Backbone Industrial Growth H₂ Backbone Key features (~ 0.2 Bn€)1,2 Illustrative Passo Gries Malborghetto Tarvisio • National end-to-end H2 backbone development Istrana Masera Sergnano Gorizia • Leverage existing gas infrastructure: ~ 60% Poggio R. Cavarzere repurposing Vado L. Ravenna Minerbio
Slide 32: Market Solutions
1 Market Solutions Industrial Growth Biomethane (~ 0.1 Bn€)1,2 Energy Efficiency (~ 0.2 Bn€)1,3 • Largest Italian platform: 26 agri operating plants • Focus on Energy Performance Contracts (33 MW) and 9 waste operating plants (14 MW) • Public Administration: >70% of the backlog by • ~70 MW capacity
Slide 33: Active Portfolio Management
2 Active Portfolio Management Included in Business Plan projections Consolidated Key Levers National assets • Industrial: Identify new business opportunities in Non key areas Consolidated • Operational: Improve processes and reinforce operational capabilities • Financial: Capital International struc
Slide 34: Asset Rotation Program
3 Asset Rotation Program On-top of Business Plan projections ITALIAN NETWORK EQUITY PARTICIPATIONS IN INTERNATIONAL GAS PIPELINES Ongoing process, returns on-top the 2026-30 Storage plants Regasification plants Storage plants Regasification plants Business Plan LNG terminals LNG terminals dCarbonX P
Slide 35: Digital & Energy Tech innovation
Digital & Energy Tech innovation Enabler Digital (~ 0.8 Bn€) Energy Tech Innovation (~ 0.2 Bn€) Major initiatives: Key technologies • Advanced High-Performance Carbon Capture Molecular Decarbonized & Computing and AI models for Storage & synthetic complex scientific simulations & Management Flexibil
Slide 36: People & Organization
People & Organization Enabler AI & New technologies opportunities 1 New operating model 3 Employer value evolution Change • One Integrated Group management • Employer branding and attractivity • Rationalized Structure • Inclusion, Wellbeing and Welfare • Business driven model • Awareness and grip on
Slide 37: Sustainability & Stakeholders
Sustainability & Stakeholders Enabler Sustainability Stakeholder awareness Local Positioning People Leader in gas market and guarantor of Communities energy security Institutions, industry Biodiversity & Carbon Dissemination Education Regeneration Neutrality Spread the energy Explain the complexitie
Slide 38: Agenda: Business Plan
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 39: 2026-2030 Financial Targets
2026-2030 Financial Targets Investments (Bn€) Tariff RAB (Bn€) +5.7% Old Plan New Plan ~ 34.5 +10% 26.2 12.4 13.7 25-29 26-30 2025A 2030E EBITDA adj. (Bn€) Net Income adj. (Bn€) +5.4% ~ 3.8 +4.5% 2.9 1.4 ~ 1.7 2025A 2030E 2025A 2030E normalized1 normalized2 Driving long-term value through solid, mea
Slide 40: Comparison vs Old Plan
Comparison vs Old Plan EBITDA adj. (Bn€) Net Income adj. (Bn€) Old plan New plan Old plan New plan +9% vs. Old Plan ~ 3.8 2.92 2.75 +13% vs. Old Plan ~ 1.7 1.29 1.37 ~3.5 2.85 1.35 ~1.5 2024A 2025A 2029E 2030E 2024A 2025A 2029E 2030E Normalized1 Normalized2 Investments increase driving higher profit
Slide 41: Investments acceleration on core regulated business
Investments acceleration on core regulated business Regulated: 13.3 Bn€ Total Investments (Bn€) 9.2 2.1 1.0 0.8 0.2 0.4 13.7 % ∆ vs. Old Plan1 +14% +5% +25% +60% -50% -33% Natural gas Market CCS H2 Transport Storage LNG Solutions • Development • Refurbishment and • Panigaglia terminal • Ravenna CCS
Slide 42: 2026-2030 Investments break-down
2026-2030 Investments break-down Taxonomy Technical Investments SDGs 6% 20% 2% 25% 19% 47% 45% 9% 13.9 Bn€1 57% 6% 5% 18% 3% 26% 3% 3% 6% H₂ Ready Digitalization & Technology Development DT&T SDG 9 - Industry, innovation and infrastructure Market Solutions Net Zero Investments Maintenance Other SDG
Slide 43: Rock-solid delivery engine
Rock-solid delivery engine Execution capabilities Technologies and suppliers Illustrative Illustrative • Projects rising by Advanced technologies number and Micro-tunneling Direct Pipe Tunnel & TBM complexity • >1,200 active sites (+54% YoY) as of Dec 2025 • >270 engineering & construction Expanding
Slide 44: Tariff RAB
Tariff RAB Bn€ CAGR +5.7% ~ 34.5 Key drivers • Transport accounting for ~ 75% of the total increase, 26.2 followed by Storage • LNG includes OLT acquisition • CCS starts contributing from 2029 2025A Transport Storage LNG CCS 2030E Investments in core assets support RAB growth Note: OLT acquisition (
Slide 45: EBITDA
EBITDA Bn€ CAGR +5.4% Regulated ~ 3.80 Key drivers Regulated: • RAB inflation3 • New investments 2.92 • OLT consolidation • CO2 network (from 2029) Market Solutions: • Biomethane deconsolidation • Energy Efficiency growth 2025A Organic Perimeter Regulation2 Market 2030E Normalized1 Growth Change Sol
Slide 46: Associates
Associates M€ CAGR Key Drivers +2.6% ~ 420 Italian assets growing contribution 369 Efficiency and commercial offering on mature 38% Italian assets (SeaCorridor, Austrian associates, Teréga) 35% Desfa development plan and TAP expansion 62% International M&A included in the Plan 65% OLT acquisition 1
Slide 47: Net Income
Net Income Bn€ CAGR +4.5% Key drivers • Net income growth ~1.70 supported by higher EBITDA 1.37 • Industrial investments expand the asset base, increasing D&A • Higher net financial expenses 2025A EBITDA D&A Net financial Net income Income taxes 2030E Adj. Normalized1 income from & other (expenses)
Slide 48: Emission reduction targets
Emission reduction targets Scope 1&2 targets1 (ktCO2e) Scope 3 emissions target1 (ktCO2e) In line with 1.5°2 1.5°/ well below 2°2 Baseline 1,5303 adjustment Scope 2 1,631 Other7 -25% -30% Scope 1 -35% Emissions from -40% combustion Supply chain -50% NEUTRALITY4,5 -65% NET ZERO4,6 NET ZERO4,6 CARBON
Slide 49: Financial structure
Financial structure Cash flow FFO/Net Debt2 Bn€ % ~ 23.8 +1.1 17.5 +5.5 12.9% 12.0% 12.0% Average 2028-2030 ≥ 11.5% -13.8 +13.4 Rating Thresholds 5 2025A Cash flow Net Dividends Others1 2030E 2025A 2026E 2027E 2028E 2029E 2030E Net Debt from operat. Investments Net Debt Highlights (Net Debt – BVEP6)
Slide 50: Dividends
Dividends DPS € cent Max 80% Payout on adj. Net Income CAGR +4.0% 36.75 30.21 2025A 2026E 2027E 2028E 2029E 2030E Steady annual growth in DPS confirmed and extended 50
Slide 51: 2026 Guidance
2026 Guidance FY 2025 Guidance FY 2026 2026-2030 2.8 Bn€ ~ 2.81 Bn€ 13.7 Bn€ Investments • 2.6 Bn€ Core, CCS & H2 • 2.6 Bn€ Core, CCS & H2 • 0.2 Bn€ Market Solutions • 0.2 Bn€ Market Solutions (net of grants) Tariff RAB 26.2 Bn€ ~ 28.82 Bn€ ~ 5.7% CAGR Adj. EBITDA 2.97 Bn€ ~ 3.1 Bn€ ~ 5.4% CAGR Norm
Slide 52: Asset rotation program
Asset rotation program On-top of Business Plan projections RAB Net Debt ~ 400 M€ lower 2030 ~ 3 Bn€ program1 1.8 Bn€ higher 2030 Tariff RAB Net Debt2 +1% 2025-30 CAGR +~ 0.50% average3 Bn€ FFO/Net Debt ~2.8 ~ 1.2 EBITDA adj. Net Income adj. ~ 1.6 6% accretion by 2030 Neutral +1% 2025-30 CAGR Divestm
Slide 53: Agenda: Vision beyond 2030
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 54: Vision beyond 2030
Vision beyond 2030 Fostering our Core Strategy Regulated asset Capex and RAB mix Technology base long-term gradually increasingly more growth rebalancing pivotal Industry & Technology 54
Slide 55: 2035 Ambition
2035 Ambition Capex (Bn€) RAB evolution (Bn€) Natural Gas CCS H2 Market Solutions Natural Gas CCS H2 Taxonomy 40% aligned1 46% ~ 41.3 ~ 14 ~ 14 ~ 34.5 ~ 26.2 90% 66% 2026-30 2031-35 2025A 2030E 2035E ~ 28 Bn€ net of grants2 1.6x RAB 2035 vs. 2025 RAB growth gradually incorporating new molecules 1) G
Slide 56: Agenda: Closing remarks
FY 2025 Scenario From Energy Transition to Energy Integration Agenda Business Plan Vision beyond 2030 Closing remarks
Slide 57: Strong commitment to deliver solid industrial growth
Strong commitment to deliver solid industrial growth … Main targets Enablers Solid and visible industrial growth Digital & Energy Tech innovation coupled with financial strength to strengthen the technology leadership Active portfolio management driven by industrial, People & Organization operationa
Slide 58: … with attractive returns and a concrete upside
… with attractive returns and a concrete upside 2030 Business Plan 2030 including Asset Rotation Tariff RAB 34.5 Bn€ 36.3 Bn€ Adj. EBITDA ~ 5.4% CAGR1 ~ 6.4% CAGR1 Adj. Net income ~ 4.5% CAGR1 ~ 4.5% CAGR1 Net debt ~ 23.8 Bn€ ~ 23.4 Bn€ FFO/ND ≥11.5%2 ~ 12%2 Clear, solid and fully focused strategy u
Slide 59: Q&A
Towards Q&A energy integration 2026-2030 Strategic Plan
Slide 60: Financial Annex
FINANCIAL ANNEX
Slide 61: FY 2025
FY 2025
Slide 62: 2025 Income Statement
2025 Income Statement M€ FY 2024 FY 2025 Change Change % Revenues 3,568 3,885 317 8.9% Operating expenses (815) (916) (101) 12.4% EBITDA Adj. 2,753 2,969 216 7,8% Depreciation & amortisation (1,019) (1,124) (105) 10.3% EBIT Adj. 1,734 1,845 111 6.4% Net interest income (expenses) (331) (331) - - Net
Slide 63: 2025 Revenues
2025 Revenues M€ FY 2024 FY 2025 Change Change % Regulated revenues 3,201 3,496 295 9.2% Transport 2,459 2,686 227 9.2% Storage 586 630 44 7.5% LNG 156 180 24 - Non regulated revenues 36 47 11 30.6% Total Gas Infrastructure Businesses revenues 3,237 3,543 306 9.5% Market Solutions revenues 331 342 1
Slide 64: 2025 Operating costs
2025 Operating costs M€ FY 2024 FY 2025 Change Change % Gas Infrastructure Businesses costs 491 584 93 18.9% Variable costs 54 59 5 9.3% Fixed costs 369 451 82 22.2% Other costs 68 74 6 8.8% Market Solutions costs 324 332 8 2.5% TOTAL COSTS 815 916 101 12.4% 64
Slide 65: Balance Sheet
Balance Sheet € mn 2024 2025 Change Change % Net invested capital 25,211 26,787 1,576 6.3% Fixed capital 24,884 27,035 2,151 8.6% Tangible fixed assets 21,109 22,983 1,874 8.9% Intangible fixed assets 1,560 1,970 410 26.3% Equity-accounted investments 3,259 3,202 (57) (1.7%) Other Financial assets 1
Slide 66: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation M€ FY 2024 FY 2025 Change Change % EBITDA 2,705 2,952 247 9.1% Exclusion of special items: - Early retirement fund 17 - Provisions for risk and charges (2) - Charges for a settlement agreement 33 17 (16) (48.5%) Adj. EBITDA 2,753 2,969 216 7.8% EBIT
Slide 67: 2025 Investments detailed by business
2025 Investments detailed by business €m FY 2024 FY 2025 Transport1 2,193 2,069 Storage 269 311 LNG2 223 98 H2/CCS 65 86 Market Solutions 125 194 TOTAL 2,875 2,758 1) Including Corporate Capex 2) Including Small Scale LNG 67
Slide 68: 2025 Associates
2025 Associates M€ +16.6% 380 -12 +2 -6 +47 +45 -25 326 +6 -6 -1 +4 FY 2024 TAP SeaCorridor Terega TAG Desfa Interconnector EMG ADNOC1 GCA Italian FY 2025 Associates Pro-quota Net Income adj. 71 54 44 31 21 13 5 2 0 139 FY 2025 (M€) Double digit increase driven by TAG and Italian Associates 1) ADNOC
Slide 69: Associates (1/2)
Associates (1/2) Book Value Net Income Financial and Industrial Company Geography Strategic Value Investment year % 31.12.2025 contribution (FY25) partners • First Italian pipeline import route after drop of Russian imports SeaCorridor Tunisia 2023 49,90% € 537 m € 54 m • Strategic corridor for H2 i
Slide 70: Associates (2/2)
Associates (2/2) Book Value Net Income Financial and Industrial Company Geography Strategic Value Investment year % 31.12.2025 contribution (FY25) partners • Gas infrastructure operator in the Teréga France South-West of France 2013 40.50% € 459 m € 44 m • Partner of H2 Med Corridor • Bi-directional
Slide 71: Business Plan
Business Plan
Slide 72: Key Business Plan assumptions
Key Business Plan assumptions WACC real pre-tax Inflation5 impact on Revenues 6.3% 6.3% 6.3% 6.2% 6.2% 6.2% LNG Storage 6.2% 6.2% 6.2% 6.1% 6.1% 6.1% 1.8% 1.7% 1.9% 1.9% 1.6% 5.6% 5.6% 5.6% 5.5% 5.5% 5.5% Transport 2025A 2026A 2027E 2028E 2029E 2030E 2026 E 2027 E 2028 E 2029 E 2030 E Parameters emb
Slide 73: Rates assumptions
Rates assumptions 3m Euribor 5Y Mid Swap 2.5% 2.6% 2.6% 2.6% 2.6% 2.2% 2.1% 2.1% 2.1% 2.1% 2.3% 2.0% 2025 A 2026 E 2027 E 2028 E 2029 E 2030 E 2025 A 2026 E 2027 E 2028 E 2029 E 2030 E 10Y Mid Swap 10Y BTP 3.7% 4.0% 3.9% 3.9% 4.0% 3.6% 2.6% 2.8% 2.8% 2.8% 2.9% 2.9% 2025 A 2026 E 2027 E 2028 E 2029 E
Slide 74: Regulatory framework
Regulatory framework 2025A 2026 2027 2028 2029 2030 2031 Transport ROSS BASE EXP. FULL ROSS1 FULL ROSS Storage 5° Reg. Period 6° Regulatory Period2 LNG 6° Regulatory Period2 7° Regulatory Period2 CCS Revenues start-up Output based incentives WACC [%] – BP Assumptions (M€) 2025A 2026E 2027E 2028E 202
Slide 75: Output based services: currently in place and potential ones
Output based services: currently in place and potential ones • Demand forecast System Balancing • TSO market actions 1 • Residual Balancing services • Gas system procurement • Short term unbundled capacity Storage/LNG flexibility • Injection/withdrawal flexibility 2 services • LNG capacity overperfo
Slide 76: Investments breakdown
Investments breakdown Investments by year Investments breakdown (Bn€, net of grants1) (Bn€, net of grants) Development Replacements Other 2026 2027 2028 2029 2030 Total Maintenance DT&T 2% Transport2 1.7 2.2 2.3 1.8 1.2 9.2 6% Storage 0.3 0.3 0.5 0.5 0.5 2.1 20% LNG 0.6 0.1 0.1 0.1 0.1 1.0 47% H2+CC
Slide 77: Governance Annex
GOVERNANCE ANNEX
Slide 78: Board of Directors
Board of Directors Board of Alessandro Agostino Laura Augusta Andrea Esedra Directors Zehentner Scornajenchi Paola Panzeri Cavatorta Iannini Piero Manzoni Mascetti Qinjing Shen Chiacchella Non –executive Non-executive Non-executive Non executive Non-Executive Non Executive Non-executive Role Chairma
Slide 79: Board of Directors - Leadership
Board of Directors - Leadership CHAIR CEO Alessandro Zehentner Agostino Scornajenchi Chairman of Snam since May 2025 CEO of Snam since May 2025 • Former executive with international experience in • 30 years of experience in energy infrastructure and finance automotive, engineering, and renewable ene
Slide 80: Board of Directors - Directors
Board of Directors - Directors 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 Legale • Over 20 years of executive
Slide 81: Shareholders Snapshot – as of September 2025
Shareholders Snapshot – as of September 2025 Structure (%) Geographical break down (%) 5% 7% 1% 9% 19% 33% 52% 14% 31% 16% 10% 3% Institutional Investors Minozzi Italy – Strategic 1 Holders1 UK and Ireland2 CDP Reti Bank of Italy Italy – Retails USA and Canada Retail Investors Treasury shares Italy
Slide 82: Cybersecurity (1/2)
Cybersecurity (1/2) Scorecard: 100% Projects covered by Security Intelligence & Security Incident Management Security by Design cyber The incidents prevention and management mitigate impact on society by ensuring service continuity, protecting personal approach: achieved data, and strengthening stak
Slide 83: Cybersecurity (2/2)
Cybersecurity (2/2) Scorecard: 100% Projects covered by Security by Design cyber Security Awareness & Training approach: achieved Awareness is essential for shaping informed digital employees capable of using technologies safely and responsibly, thereby actively contributing to sustainable risk mana
Slide 84: Tax Transparency Report
Tax Transparency Report Snam’s journey Tax transparency improvement process from 2018 to 2025 to Transparency Tax role in the ESG area and tax infrastructure strengthening Snam and sustainability Focus on local community involvement and sustainable finance Total Tax Contribution overview, distinguis
Slide 85: Risk Management
Risk Management Objectives… …into achievements RISK MANAGEMENT «VERTICALS» • Higher risk-informed contribution to • Risk-based analysis of the 2026-2030 strategic processes in line with the risk RISK ASSESSMENT Strategic Plan appetite approved by the Board of • Continuous review and monitoring of Di
Slide 86: Climate & Biodiversity risks analysis
Climate & Biodiversity risks analysis Physical risks Transition risks and opportunities Exposure of company assets to climatic hazards Market, Regulatory, Technological and Reputational risks related to climate change mitigation and adaptation Outcome Outcome Short/medium-term Long-term Short/medium
Slide 87: Climate Adaptation strategy
Climate Adaptation strategy Strategic goals Adaptation framework 1 2 Ensure the resilience of Strengthen knowledge infrastructures today of the territory and and in the future climate-related Anticipate & Risk Event Absorb & against the impacts of phenomena through Recover Strengthen Respond extreme
Slide 88: Sustainability Annex
SUSTAINABILITY ANNEX
Slide 89: Track record
Track record • Methane emissions -67%1 vs 2015 • 2025 Scope 1+2 emissions down -34.8% vs Track record and 2025 • 5 years Gold standard by UNEP 2022 baseline achievements • Zero Net Conversion on biodiversity • Transition plan published • By 2030: -40% Scope 1+2 & -30% Scope 3 • Net positive impact o
Slide 90: Sustainability Scorecard: Actuals vs targets 2025
Sustainability Scorecard: Actuals vs targets 2025 2025 2025 2025 2025 KPIs Actual Target KPIs Actual Target • Benefits for local communities over reg. revenues (%) ~1 ~1 • Employees engagement index (%) - >80 • Value released at local communities (€M) 1,908 >1,000 • Women in exec. and middle-mgmt. r
Slide 91: Sustainability Scorecard: 2026-30 targets
Sustainability Scorecard: 2026-30 targets 2025 2026 2030 2025 2026 2030 KPIs Actual Target Target KPIs Actual Target Target • Benefits for local communities over reg. revenues (%) ~1 ~1 ~1 • Employees engagement index (%) - >80 >80 • Value released at local communities (€M) 1,908 >1,000 >1,000 • Wom
Slide 92: Local Communities
Local Communities
Slide 93: Value Released at Local Communities
Local communities Scorecard: Benefits for local communities over reg. revenues ca. 1% Value released at local communities > 1 Bn€ 2025 Benefits for Local Communities (as % of 5 ~ 3.1 M€ • Direct Liberalities, sponsorships and 4 compensations1 regulated revenues) Value Released at Local Communities (
Slide 94: Snam Foundation
Snam Foundation Key results1 2025 Target 2026 ~ € 1.4 M 1.571 ~ € 2.95 M Invested in general Participating Invested in general interest activities interest activities volunteers 26 7.322 Over 30 Projects Donated hours Projects Over 80.000 Over 10.000 5 Beneficiaries Training hours Volunteering proje
Slide 95: Key Partnerships
Key Partnerships Gas & LNG Industry Decarbonization Cross-sector strategic partnership Immagine che contiene Carattere, logo, Elementi grafici, grafica Il contenuto generato dall'IA potrebbe non essere corretto. Immagine che contiene Elementi grafici, logo, Carattere, grafica Il contenuto generato d
Slide 96: Emissions Reduction
Emissions Reduction
Slide 97: Historical emissions evolution
Historical emissions evolution Gas demand (Bcm) 76,4 Scope 3 emissions7 72,7 74,3 71,0 68,7 61,7 62,2 63,4 (regulated business perimeter, ktCO2e) Scope 1,2 emissions1 -15% -14% (regulated perimeter, ktCO2e) -29% -35% -5% -10% +1% -10% 1,578 1,631 1,5303 1,549 1,422 1,459 1.4512 1,341 1,3054 1,393 1,
Slide 98: Scope 1&2 emissions – roadmap to 2032
Scope 1 & 2 emissions – roadmap to 2032 ktCO2e -50% ELCOs 1,7062 installation allow the use of green 15% electricity for 1,4511 compressors Scope 2 1% -17%/18% Emissions -4%/5% Methane • Biomethane 30% needed to reach the target -17%/18% ~860 -4%/5% -5%/6% 30% Emissions from combustion 54% 70% Metha
Slide 99: Methane emissions reduction achievements and targets
Methane emissions reduction achievements and targets Replacement plan launched in 2015 to reduce methane emissions, implementing best practices and seeking new solutions / technologies Natural gas emissions/ Total natural gas injected Mm3 % 60 0.074 50 0.6 40 -30% 0.05 30 0.4 0.034 -57% 0.03 0.026 -
Slide 100: Dual fuels compressors to reduce combustion emissions
Dual fuels compressors to reduce combustion emissions Roadmap to install electric compression units1 Electric compressors units Installation Plan1,2 1 ELCOs replaced at Malborghetto plant with impact 2025 on 2027 target ~ 12 MW installed capacity Installation # Compressors units to be replaced with
Slide 101: Scope 3 emissions
Scope 3 emissions What about Category 11 What categories do we report? “Use of sold products”? According to GHG Protocol: Snam is a regulated transmission system operator (TSO), complies with Italian and European regulation1 and has to grant security of supply and Supply chain undiscriminated access
Slide 102: Supply chain decarbonization
Supply chain decarbonization Scope 3 calculation ESG Criteria in tenders Sustainable construction site • On-site use of materials • Re-use of water and • 108 contracts (66 suppliers) with ESG criteria equal to from circular supply waste produced (95% of ~ 51% of 2025 procurement amount chains (recyc
Slide 103: Associates decarbonization pathways
Associates decarbonization pathways Key levers Associates with public commitment Scope 1,2 & 3: -34% by 2030 vs 2021 CH4:-36% by 2025 vs 2017 (achieved) Carbon neutrality by 2050 Most of our associates have defined and Moody’s Net Zero Assessment approved emission reduction plans and decarbonization
Slide 104: Biodiversity & Regeneration
Biodiversity & Regeneration
Slide 105: Nature footprint analysis | 2025 update
Nature footprint analysis | 2025 update Direct Operation Upstream Pressure Biomes Infrastructure Transport & Off-shore regas. On-shore Steel/ pipelines construction Storage (FSRU) regasification manufacturing Nature Footprint analysis updated in Dispatching 2025 based on the latest SBTN guidelines:
Slide 106: Positive impact on Nature by 2027
Positive impact on Nature by 2027 • The minimum commitment on land use change required by SBTN is to avoid & reduce conversion of natural ecosystems and restore (locally) the entire footprint • The extra mile is to regenerate nature on the hotspots1, beyond the actual impact In 2025 Snam has identif
Slide 107: People
People
Slide 108: Health & Safety
Health & Safety IpFG Performance: Scorecard: IpFG combined Frequency and Severity Index: 0.45 by 20261 • Frequency increase less than proportional to Capex / construction sites number • Severity on a downward trend Frequency Index1 Severity Index2 IPFG3 Snam4safety project launched in 2018 to streng
Slide 109: The Learning Ecosystem
The Learning Ecosystem Snam’s Learning Ecosystem supports the evolution of the People & Organization model, Scorecard: training hours delivered to employees: 42 strengthening the technical, managerial, and cross-cutting skills needed to sustain Snam's h/capita by 2030 industrial trajectory through c
Slide 110: Diversity & Inclusion
Diversity & Inclusion Scorecard: Women in exec. and middle-mgmt. roles (%) ≥28 by 2030 Employees engagement index: >80% in 2030 Gender pay gap between +/- 5% by 2030 2020 • Policy framework completed on diversity & inclusion, gender equality, recruiting, harassment and gender transition • DE&I initi
Slide 111: 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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