Snam S.p.a. · MIL:SRG
Snam — Q2 2026 Earnings Presentation
44 slides from Snam's earnings presentation, Jul 29, 2026
Slide 1: 1H 2026 Consolidated Results
1H 2026 Consolidated Results July 29th, 2026
Slide 2: Agenda
Scenario evolution and strategic achievements Financials Agenda Closing remarks
Slide 3: Gas: Italy's integrated energy system backbone
Gas: Italy's integrated energy system backbone Final energy consumption, 2025 (TWh) Electricity sources mix, 2025 (TWh) ~1.300 TWh 320 TWh Other1 2% Non electric 10% Import 15% renewables Coal 5% Electricity 23% Other2 7% Hydro 13% Gas 27% Wind & Solar 21% Gas represents ca. Oil and 50% of national
Slide 4: Gas Flows evolution
Gas Flows evolution Passo Gries TAG Transitgas Tarvisio National 4% 5% 4% Production 13% Adriatic LNG LNG 10% 32% 32% Ravenna Panigaglia Melendugno 4% OLT Piombino Gela 28% 16% 15% Melendugno 1% 1% Mazara del Vallo 3% TAP 32% 35% Passo Gries Mazara del Vallo 38% Tarvisio Seacorridor Gela 13% 11% 1%
Slide 5: Security of supply: gas storage filling
Security of supply: gas storage filling Storage level (%) end July - Italy Storage level (%) end July - EU 27+ UK 100 100 75 75 75% 50 50 2025 55% 2025 2026 2026 25 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 latest a
Slide 6: 1H 2026 Italian gas demand
1H 2026 Italian gas demand Italian gas demand Key insights • Italian Gas demand up 0.4%2 driven by thermoelectric +0.4% sector with a highly volatile pattern 32.96 33.08 M-o-m change % bcm 15% 10% 5% Residential 13.42 13.25 -1.3% 0% -5% -10% Jan Feb Mar Apr May June Industry 6.07 6.04 -0.5% • ~1 bcm
Slide 7: Gas generation balanced the system during the June heatwave
Gas generation balanced the system during the June heatwave Electricity balance EU27, TWh Weekly generation EU27, TWh 8 +8% 2x ÷2 +4% 8,2 8,5 7 6 6,3 5 5,3 4 4,6 4,2 3 2 1 0 Week 24 Week 25 Week 26 8-Jun 15-Jun 22-Jun 28-Jun Week 24 Week 25 Week 26 (8/6 - 14/6) (15/6 - 21/6) (22/6 - 28/6) (8/6 - 14/
Slide 8: 1H 2026 Industrial Growth key achievements
1H 2026 Industrial Growth key achievements Natural gas H2 & CCS Market Solutions Transport Storage LNG • Adriatic Line Phase 1: >90%1 • Storage level at • Ravenna FSRU • South H2 Corridor • Biomethane: binding completed (vs 68% at Dec ~67% at the end of capacity ~40% and Ravenna CCS in offers phase
Slide 9: 1H 2026 Key highlights
1H 2026 Key highlights Regulation Financing and M&A • Italgas Exchangable bond refinanced in January • Energy Law-decree: Arera mandated to establish CCS regulation principles • OLT FSRU: 100% control acquisition executed at the beginning of March and refinancing • Consultation document on gas trans
Slide 10: Financials
Scenario and strategic achievements Financials Closing remarks
Slide 11: Investments breakdown and alignment
Investments breakdown and alignment Investments Taxonomy 2 SDGs 5% 6% 1% 21% 19% 36% 31% 19% 48% €1.6 bn1 €1.1 bn3 17% 32% 8% 4% 6% 2% 2% 5% 5% 33% Development DT&T H2 Ready SDG 13 – Climate Action Net Zero Investments OLT Transaction Other Market Solutions SDG 9 – Industry, innovation and infrastru
Slide 12: Adj. EBITDA
Adj. EBITDA €m +5 % +9 % 23 1,572 10 10 1,492 8 32 47 8 1,440 -6 -52 Mainly Mainly • (-) 2024 • (+) Tariff RAB labour cost Biomethane Deflator • (+) Output and Energy recovery based efficiency • (-) Fast money Adj. EBITDA Deflator Adj. EBITDA Regulated Stogit Ravenna OLT Regulated Market Biomethane
Slide 13: Associates contribution
Associates contribution €m + 4% 2 1 2 2 -1 -2 9 -1 -2 212 -2 204 1H 2025 TAP SeaCorridor Terega TAG Desfa Interconnector GCA EMG ADNOC 1 Italian 1H 2026 Associates Pro-quota Net Income adj. 45 31 22 19 13 6 2 3 - 71 212 1H 2026 (€m) Highly resilient and diversified contribution, offsetting temporary
Slide 14: Adj. Net Income
Adj. Net Income €m -2% +3% 117 750 713 8 7331 -45 -35 -25 -37 • New assets entering • Higher average • International • (-) 2024 into operation net debt Associates: Deflator • Perimeter effects: • Substantially +€10m recovery, net • Stogit Adriatica & stable net cost of • Italian of related Ravenna F
Slide 15: Cash flow
Cash flow €m 600 1,832 -1,154 • Dividend payment: €1,004m • Italgas bond refinancing: €432m 1,232 582 650 678 • Mainly OLT debt consolidation • Tariff related items • Energy efficiency positive WC • Net Capex and Capex payables • OLT acquisition -1,435 -537 -1,294 Reported Depreciation Funds From Ch
Slide 16: Financial structure
Financial structure Net debt evolution Maturities profile 1,294 18,803 €bn (drawn amount) 1 17,509 Banking institution (drawn) Bond 17,890 2.3 2.6 2.5 1.8 2.1 1.4 Excluding non- recurring transactions 2H-2026 2027 2028 2029 2030 Avg. 26-30 FY 2025 1H 2026 Sustainable Finance Average net 2.6% 2.6% %,
Slide 17: Closing remarks
Scenario and strategic achievements Financials Closing remarks
Slide 18: Closing remarks
Closing remarks Gas: the backbone of Italy's integrated energy system Security of supply, diversification of sources and storage central role Progressing on the strategy delivery Solid financial results Fully on track to deliver financial targets Net Debt guidance upgraded 18
Slide 19: Q&A Session
snam the energy house Q&A Session
Slide 20: Annex
snam the energy house Annex
Slide 21: Sustainability Scorecard: 1H 2026
Sustainability Scorecard: 1H 2026 2026 2026 2030 2026 2026 2030 KPIs 1H Target Target KPIs 1H Target Target • Benefits for local communities over reg. revenues (%) FY ~1 ~1 • Employees engagement index (%) 76 >80 >80 • Value released at local communities (€M) FY >1,000 >1,000 • Women in exec. and mi
Slide 22: Income Statement
Income Statement €m 1H 2026 1H 2025 Change Change % Revenues 2,026 1,906 120 6.3% Operating expenses (454) (414) (40) 9.7% EBITDA Adj. 1,572 1,492 80 5.4% Depreciation & amortisation (595) (550) (45) 8.2% EBIT Adj. 977 942 35 3.7% Net interest income (expenses) (187) (152) (35) 23.0% Net income from
Slide 23: Revenues
Revenues €m 1H 2026 1H 2025 Change Change % Regulated revenues 1,808 1,731 77 4.4% Transport 1,345 1,347 (2) (0.1%) Storage 323 308 15 4.9% LNG 140 76 64 Non regulated revenues 33 14 19 Total Gas Infrastructure Businesses revenues 1,841 1,745 96 5.5% Market Solutions revenues 185 161 24 14.9% TOTAL
Slide 24: Operating costs
Operating costs €m 1H 2026 1H 2025 Change Change % Gas Infrastructure Businesses costs 285 259 26 10.0% Variable costs 28 19 9 47.4% Fixed costs 260 229 31 13.5% Other costs (3) 11 (14) Market Solutions costs 169 155 14 9.0% TOTAL COSTS 454 414 40 9.7% 24
Slide 25: Balance Sheet
Balance Sheet €m 1H 2026 FY 2025 Change Change % Net invested capital 28,118 26,787 1,331 5.0% Fixed capital 28,138 27,035 1,103 4.1% Tangible fixed assets 24,153 22,983 1,170 5.1% Intangible fixed assets 1,960 1,970 (10) (0.5%) Equity-accounted investments 3,149 3,202 (53) (1.7%) Other Financial as
Slide 26: Alternative performance indicators reconciliation
Alternative performance indicators reconciliation €m 1H 2026 1H 2025 Change Change % EBITDA 1,581 1,488 93 6.3% Exclusion of special items: - Early retirement fund - 4 (4) - Proceeds related to a settlement agreement (9) - (9) Adj. EBITDA 1,572 1,492 80 5.4% EBIT 986 938 48 5.1% Exclusion of special
Slide 27: Investments detailed by business
Investments detailed by business €m 1H 2026 1H 2025 Transport1 765 742 Storage 106 119 LNG2 570 149 CCS/H2 29 33 Market Solutions 143 79 TOTAL 1,613 1,122 1) Including Corporate & Innovation 2) Including OLT acquisition 27
Slide 28: International associates contribution
International associates contribution 1H 2026 1H 2025 Delta Company % Interconnector 23.68% • Contribution remains in line with the yearly regulatory cap €6m €7m -€1m • Capacity booked, 50% in 2026 • Reduced revenues for lower cross-border bookings at the Spanish interconnection, to be Teréga 40.50%
Slide 29: Associates Annex
WAAWY the energy house
Slide 30: 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 31: 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 32: Sea Corridor
Sea Corridor Investment year Geography Stake 2023 Tunisia - Italy 49.90% Ownership Asset Description Accounting treatment Gas pipelines connecting Algeria to Italy Equity method TTPC: ca. 370 km onshore gas pipelines running from the Algeria and 49.9% 50.1% Tunisia borders to the Tunisia coast (2 Bo
Slide 33: Desfa
Desfa Investment year Geography Stake 2018 Greece 35.64%1 Ownership Asset Description Accounting Book Value treatment (as at Dec. 31, 2025) Greek natural gas TSO, operating ~ 1,500 km pipeline network and ~8 bcm regassification facility. Equity method €226 m 54% 18% € 1 bn 10Y Capex Plan approved 10
Slide 34: TAP
TAP Investment year Geography Stake Greece- 20.00% 2015 Albania-Italy Ownership Asset Description Accounting treatment Last section of the Southern Gas Equity method Corridor transporting Azeri gas to Europe. 20% 877 km pipeline, 10 bcm/y capacity booked up to 2045. Book Value 20% 20% 1.2 bcm minimu
Slide 35: TAG
TAG Investment year Geography Stake 2014 Austria 89.22%1 Ownership Asset Description Accounting treatment Austria’s longest high-pressure pipeline network connecting Italy with Central Europe with 3 parallel lines, Equity method 40% 60% 380 km each; “H2 Readiness of the TAG Pipeline HoldCo System” p
Slide 36: GCA
GCA Investment year Geography Stake 2016 Austria 19.60%1 Ownership Asset Description Accounting treatment ~ 900 km natural gas pipeline operator (transmission + distribution), Equity method connecting Germany, Hungary, 40% 60% Slovenia and Slovakia; “H2 Backbone WAG + Penta-West” project recognized
Slide 37: EMG
EMG Investment year Geography Stake 2021 Egypt-Israel 25.00% Ownership Asset Description Accounting treatment Equity method EAST 26% EMG is the owner of the Arish- GAS Ashkelon gas pipeline, an undersea infrastructure, ca. 90 km long, 25% 25% 50% connecting the Israeli terminal of Book Value Ashkelo
Slide 38: Industrie De Nora
Industrie De Nora Investment year Geography Stake 2021 Italy 21.59%2 Asset Description Accounting treatment Ownership Italian maker of alkaline electrodes, Equity method essential components for the Other production of alkaline electrolysers. De Nora Family Institutional and retail investors De Nora
Slide 39: Adriatic LNG
Adriatic LNG Investment year Geography Stake 2017 Italy 30.00% Asset Description Accounting treatment Ownership Located about 15 kilometres off the Equity method Veneto coast, is Italy's largest offshore infrastructure for unloading, storage and regasification of liquefied Book Value natural gas (LN
Slide 40: Teréga
Teréga Investment year Geography Stake 2013 France 40.50% Ownership Asset Description Accounting treatment Equity method Gas transmission and storage operator in southwestern France, managing 5,100 km of pipelines and 6,5 bcm1 of storage Book Value 40.5% 31.5% 18% 10% (as at Dec. 31, 2025) Business
Slide 41: Interconnector
Interconnector Investment year Geography Stake 2012 UK-Belgium 23.68% Ownership Asset Description Accounting treatment Equity method 235 km, subsea bi-directional pipeline, providing 22 bcm/yr of UK export capacity and 22.5 bcm/year of UK Book Value import capacity1 (as at Dec. 31, 2025) 76,3% 23,7%
Slide 42: Italgas
Italgas Investment year Geography Stake Italy & 11.4% 2016 (spin-off) Greece Ownership Asset Description Accounting Book Value treatment (as at Dec. 31, 2025) Leader in Italy and Greece in the gas distribution and third in Free Float Europe with >156,000 km Equity method €434 m network and and 4,330
Slide 43: 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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