Mar 06, 2026
3 min read
Sales 3,900 million and net profit 1,420 million (+10.3%).The new plan for 2030 foresees 34,500 million rab and disinvestment of 1,600 million.The legislative decree's IRAP increase in 2026 and 2027 could result in higher costs of up to 40 million per year.Scornajenchi: Strange measure is good.
Snam closes with results above the 2025 guidance and presents a new strategic plan until 2030, which envisages a record investment of around 14 billion euros and announces an increasing dividend strategy.The Board of Directors approved the Annual Financial Report and the Industrial Plan 2026-2030, which outlines a strategy aimed at strengthening the energy infrastructure and integrating new vectors such as hydrogen and CO2.
Total group revenue under CEO Agostino Scornagenci will reach 3.885 billion euros in 2025, up 8.9% from 3.568 billion euros in 2024.Adjusted EBITDA increased to €2.969 billion (+7.8%), and adjusted net profit increased 2% to €1.4 billion.each year.
Total investments this year were 2.758 billion euros, and net financial liabilities were 17.5 billion euros, which are lower than the revised guidance due to good cash flow.
The increase was supported by higher RAB costs, which reached €26.2 billion (+8.3%), mainly due to investments in transport and storage and the introduction of new assets such as Stogit Adriatica and Fsru of Ravenna.
Based on the results achieved, the Board proposes to the shareholders to achieve a total dividend for the financial year 2025 of €0.3021 per share, an increase of 4% compared to 2024: it offers a yield of 4.75%, which is well above the 10-year BTP rate of 3.46%.
This dividend includes an intermediate dividend of EUR 0.1208 per share, already paid in January 2026, and a dividend of EUR 0.1813 per share to be paid from June 24, 2026 (ex-dividend date June 22).
At the same time, the Group has approved a dividend policy that will increase the distribution by 4% per share per year until 2030, guaranteeing stable and growing remuneration for shareholders throughout the program.
The new industrial plan envisages net investments of 13.7 billion euros (gross 14.4 billion), which is approximately 10% more than the previous plan.97% of the funds are directed to regulated activities, with the aim of strengthening the security and flexibility of the energy system.
Of these, in particular 9.2 billion euros for the development of the gas transport network;2.1 billion for the development of storage facilities;1 billion for the expansion of the Panigaglia regasification terminal and the integration of the operation in the OLT;800 million for the project to capture and store CO2 in Ravenna;200 million for the development of the national hydrogen backbone;about 380 million in total for biomethane and efficiency energy;1 billion in digital innovation and energy technology.
The plan is based on 3 strategies: industrial growth, active asset management and an asset rotation program that identifies an opportunity of approximately 3 billion euros between divestment of non-core assets and achieving the target.The strategy should lead Snam to an average annual growth in RAB of 5.7%, up to around 34.5 billion euros in 2030. Adjusted EBITDA is expected to increase to around 3.8 billion, an average annual growth rate (CAGR) of 5.4%, while adjusted net profit should grow at an average rate of 4.5% per year.
It is expected that net financial debt will increase to approximately 23.8 billion euros in 2030, mainly due to the support of the investment program and distribution of dividends.
During the planning process, opportunities worth approximately $3 billion were identified, of which $1.6 billion will be used for the disposal of non-strategic assets and approximately $1.2 billion will be used for selective acquisitions. The plan aims to achieve value growth to 2030, a RAB rate increase of €1.8 billion, an EBITDA increase of 6% (CAGR 1%) and a reduction in net financial debt ofapproximately 400 million euros by 2030.
Speaking about the asset rotation, CEO Scornagenci said he is "satisfied with his stake in Atalgas", while Di Nora's is "not strategic" although the group is "in no rush to sell it".And he emphasized that "we have many shareholdings in Italy and we are reviewing them."One is in Italgas - he explained - where we have confirmed the stay and we are satisfied with the results;We also have a stake in D'Nora which is not strictly core but we continue to support it because we believe it is a good thing."
In 2025, the demand for gas in Italy will rise to 63.42 billion cubic meters (+2% annually), while the restored books by Snam assets to 7.73 billion cubic meters, a significant increase in the participation of the Fsru in Ravenna.
The group continues to focus on strengthening transport, storage and regasification infrastructure to ensure security of supply and promote European energy integration by combining gas development with new transition vectors such as hydrogen, biomethane and CO2 capture.
On the regulatory side, the energy decree approved by the government in February introduces a temporary increase in the IRAP rate for the energy sector, which for Snam could translate into higher costs estimated at 40 million euros per year in 2026 and 2027.
In response, Scornajenci stressed during the presentation that "we have to give the government credit for taking a number of steps, including questioning the ETS approach."
In a still volatile energy environment, the group is therefore focusing on infrastructure investments, financial discipline and an increasing dividend policy to strengthen its role in the Italian and European energy system.
Scornajenchi, in the press conference that presented the business plan, said, "We must recognize the merit and courage of the government in solving a very complex problem such as energy costs, looking for long-term solutions to protect the industrial network and our families.""Our plan strengthens the country's system, strengthens Italy's role in Europe, strengthens the resilience of our infrastructure," he said.(reproduction protected)
