Snam Confirms 2026 Targets, With Adjusted EBITDA at About 3.1 Billion Euros
Key Facts
Italy's Snam confirmed its 2026 financial targets, expecting adjusted EBITDA of about 3.1 billion euros and adjusted net profit of more than 1.45 billion euros, according to the company's published targets. The confirmation followed results for the first nine months, which showed growth in regulated infrastructure revenue and progress in carrying out investments. Chief Executive Agostino Scornajenchi said the results "show the resilience of our performance and the effectiveness of our strategy." He added that the company continues to grow while accelerating investment in infrastructure needed for the security and resilience of the energy system. The company thus kept its previously announced annual targets rather than raising them, as it continues to direct spending toward energy networks and its projects.
Revenue from regulated gas infrastructure reached 2.805 billion euros in the first nine months of 2026, up 207 million euros, or 8%, according to a Reuters report published via Investing.com. The report attributed the increase to 141 million euros of growth in the regulated asset base for transmission and storage, as well as a broader consolidation scope. This revenue reflects the company's core regulated gas transmission and storage activities, while the asset base and business scope supported the recorded growth. The period's figures provide a picture of the operating performance underpinning the confirmation of the annual targets. They also put revenue growth in the context of the company's infrastructure investments.
Snam's total investment in the first nine months of 2026 was about 2.313 billion euros, compared with 1.767 billion euros in the same period of 2025, according to Reuters via Investing.com. The report said the increase was mainly linked to the acquisition of OLT and investment in the Adriatica pipeline. The spending is consistent with the company's drive to expand infrastructure and strengthen the security and resilience of the energy system, as the chief executive described its investment priorities. For 2026, the company estimates investment at about 2.8 billion euros. It expects the regulatory tariff asset base to reach 28.8 billion euros, up 10% from 2025.
Adjusted net financial debt stood at 18.328 billion euros on September 30, 2026, an increase of 819 million euros compared with the end of 2025, according to Reuters via Investing.com. The report attributed the increase to payment of the 2025 dividend, consolidation of OLT debt and settlement of an embedded derivative in Italgas's convertible bond. The rise in debt forms part of the period's financial performance, alongside growth in infrastructure revenue, reflecting the financing of the acquisition and investment. In the stock market, EL7 data showed SNMRY shares closed at $13.68 on November 10, 2026. The data do not include a figure for the session high.
The company said the consolidated financial statements and draft for the year ended December 31, 2026, are scheduled, indicatively, for March 2027. This gives investors an announced date to review the full-year results after the year ends. Until then, the 2026 targets confirmed by the company remain a financial benchmark for the period, including adjusted EBITDA of about 3.1 billion euros and adjusted net profit of more than 1.45 billion euros. The company also set investment of about 2.8 billion euros for the year in its plan. Management links the investment path to the security and resilience of the energy system.