Snam: half-year revenues and margins rise. Debt guidance revised upwards
Storage levels reached 75 per cent by the end of July. CEO Scornajenchi said: “Solid results in the first half of the year as well.”
Key points
Despite the volatility of the global macroeconomic and geopolitical environment, Snam has reported solid half-year results, enabling the group to revise its 2026 debt guidance upwards (estimated at 18.9 billion, an improvement of 100 million on the previous target) and show growth in both EBITDA (+9.2%, to 1.6 billion) and adjusted net profit (+2.8%, to 733 million). Revenue is also on the rise for the group led by Agostino Scornajenchi, with the figure reaching 2.02 billion at the end of the half-year (9.3 per cent higher than in the same half-year of 2025).
Total capital expenditure amounted to 1.6 billion (an increase of 491 million euros compared with the first half of 2025). As for debt, at the end of the half-year it stood at 18.8 billion (an increase of 1.29 billion compared with 31 December 2025, of which 913 million euros was attributable to non-recurring transactions).
Scornajenchi: solid results in the first half of the year too
“We have again posted solid results in the first half of this year, thanks to the resilience of our business model, and have met our projected financial targets. Furthermore, our rigorous financial discipline has enabled us to improve our net debt target for the current year, further strengthening our flexibility in capital management,” commented Snam’s CEO, Scornajenchi.
Snam’s CEO then highlighted the work carried out by the group on the business front. “At the same time, we have increased investment to support Italia’s energy security, the diversification of supplies and the integration of the European system: measures that enable us to guarantee, as of now, that the 2026 storage target will be met at at least 90 per cent of maximum capacity, with stock levels already standing at 75 per cent today – well above the continental average.”
According to Scornajenchi, ‘it is, however, essential that other countries step up the build-up of stocks at their own sites ahead of winter. Stockpiling remains a necessary but not sufficient condition: the continuity of supplies, regasification capacity and the flexibility of the network are equally important’.
