Snam, one of the world’s leading energy infrastructure companies, says it has published unaudited financial results for the first quarter 2025. Total revenues of the company reached 970 million euros (+8.3% compared to the first quarter of 2024). Regulated gas infrastructure revenues grew, driven by the update of 2024 new investment deflator, the Italian IPCA[1] adoption for the revaluation of invested capital for regulatory purposes (RAB) starting from 2025, and the RAB increase linked to the investment plan implementation. These positive effects were partially offset by the reduction in WACC and in output-based incentives. Revenues from the energy transition businesses remained stable.
Snam's EBITDA for the reporting period was 761 million euros (+8,3%), driven by growth in regulated revenues. Adjusted net profit[2]: 406 million euros (+21,2%), resulting from the growth in EBITDA and a greater contribution from national and international associates. These positive effects were partially offset by higher depreciation and by higher income taxes resulting from the increased pre-tax result. Total investments: 361 million euros[3] (-22,0% compared to the first quarter of 2024), following the work completion related to the Ravenna LNG terminal and higher transport third parties’ contributions. 52% of overall investments support Sustainable Development Goals, whilst 28% are aligned with EU Taxonomy standards. Net financial debt: 16,798 million euros (+560 million euros compared to December 31st, 2024), mainly reflecting planned investments and the payment of the 2024 interim dividend.
San Donato Milanese (Milan), May 8th, 2025 – Snam’s Board of Directors, chaired by Monica de Virgiliis, approved the consolidated results for the first quarter of 2025 (unaudited).
“The results for the first quarter of 2025 are extremely compelling. In addition to a strong financial and economic performance, which includes also our credit rating upgrade to A- by Standard & Poor's, we have achieved significant industrial milestones: the agreement to acquire a 24.99% stake in Open Grid Europe, the closing of the Edison Stoccaggio acquisition, the Ravenna regasification terminal operations launch, and the award of further 14 projects in the latest GSE auction for biomethane production. Such key achievements further consolidate our strategy as a pan-European multi-molecule operator, at the crossroads of the main European energy corridors”, commented Snam’s CEO, Stefano Venier.