Snam Spa (SNMRF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone. Welcome to the Q1 2026 Results Presentation Conference Call. My name is Gaur, and I will be your operator for today's event. Please note, this conference has been recorded, and for the duration of the call, your lines will be on its own mode. However, you will have the opportunity to ask questions at the end of the presentation. It can be done by pressing the pound key, then five, on your telephone keypad. I will now hand you over to Francesca Pezzoli, Executive Director, Investor Relations, Sustainability, P&C and Ratings. To begin the conference, please go ahead. Good afternoon, ladies and gentlemen. Welcome to the presentation of Znam's consolidated results for the first quarter of 2026, which were approved by the Board earlier today. I am here with Luca Passa, NAMS Chief Financial Sustainability and International Asset Management Officer. Luca will walk you through the most recent market trends and updates, the latest regulatory developments, and the main industrial and financial achievements over the period. He will then provide a detailed review of our financial results, and then we will open the floor for your questions. With that, I'm pleased to hand over to Luca. Thank you, Francesca, and good afternoon, everyone. I'm on page number two. Italian gas demand was around 0.5% in the first quarter of 2026, with exports stable at 0.5 BCN. Physical flows were unaffected by almost developments, while geopolitical uncertainty draws price volatility. 2026 WACC is stable across all our businesses, providing visibility on returns. In parallel, the recent energy law decree has mandated ARERA, our regulator, to define the regulatory framework and key principles for CCS, representing an important step towards greater clarity on the development of this segm...