Snam S.p.A. (SRG) Earnings Call Transcripts

Snam S.p.A.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Snam S.p.A. reported solid financial results with adjusted EBITDA of EUR 775 million, reflecting a 9% year-on-year increase, and adjusted net income of EUR 375 million, up 2% year-on-year. The company confirmed its full-year guidance for adjusted EBITDA at around EUR 3.1 billion and adjusted net income above EUR 1.45 billion. Notably, Snam's strategic acquisition of OLT is expected to enhance its LNG footprint, contributing to national energy security, while the company maintains a stable cost of debt at 2.6%.

Reported metrics

Guidance from management

Snam confirmed its full-year guidance for adjusted EBITDA at around EUR 3.1 billion and adjusted net income above EUR 1.45 billion, reflecting confidence in ongoing operational performance and strategic initiatives.

What management said

Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam's consolidated results for first quarter of 2026, which were approved by the Board earlier today. I am here with Luca Passa, Snam's 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 financial ...

What analysts pressed on

Analysts expressed concerns regarding the potential impact of geopolitical tensions on gas supply and the regulatory environment for CCS investments. There were inquiries about the implications of recent tax changes and the company's asset rotation strategy, particularly regarding the timing and execution of disposals and acquisitions.

Main topics on the call

• Revenue Growth and Adjusted EBITDA — Snam reported an adjusted EBITDA of EUR 775 million, which is a 9% increase year-on-year when adjusted for a one-off related to the previous year. Management stated, "The growth is mainly attributed to Regulatory revenue...
• Acquisition of OLT — The acquisition of OLT for approximately EUR 1 billion is a strategic move to expand Snam's LNG capabilities. This was highlighted as essential for national security of supply, with management noting, "The transaction is...
• Net Debt and Financial Position — Net debt rose to EUR 18.5 billion from EUR 17.5 billion at the end of 2025, attributed to the OLT acquisition and interim dividend payments. The average cost of debt remained stable at 2.6%.
• Regulatory Environment and CCS Developments — The regulatory framework for Carbon Capture and Storage (CCS) is being defined, which could impact future investments. Management indicated, "ARERA will have 120 days to draft these guidelines..." suggesting potential fo...

Read the full Snam S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 46 Snam S.p.A. earnings call transcripts on record, spanning March 19, 2020 to July 29, 2026. Based on this history, Snam S.p.A. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SRG

Exchange

BIT

Country

IT

Sector

Utilities

Industry

Gas Utilities

Calls on record

46

First call

March 19, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly