Snam SpA: Solid 1Q26, FY Guide Unchanged

Research evidence excerpt

Snam SpA: Solid 1Q26, FY Guide Unchanged

Update

May 13, 2026 12:47 PM GMT

Morgan Stanley & Co. International plc+MSnam SpA | Europe Sarah E Lester, CFA

Equity Analyst

Solid 1Q26, FY Guide Sarah.Lester@morganstanley.comRobert Pulleyn +44 20 7425-0551

Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Unchanged Morgan Stanley Europe S.E., Paris Branch+

Arthur Sitbon, CFA

Reaction to earnings Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Unchanged In-line Modest revision higher

Morgan Stanley & Co. International plc+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Marina Fuentes Juan

Research Associate

Source: Company data, Morgan Stanley Research

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Key Takeaways Snam SpA (SRG.MI, SRG IM)

Utilities | Italy

We expect no incremental share price moves post Snam's intra day 1Q26 result

Stock Rating Underweight

The result itself was broadly in line with our early preview estimates but with no Industry View Attractive

Price target €6.00

consensus sample available. Shr price, close (May 12, 2026) €6.46

52-Week Range €6.87-4.95

Importantly, FY guide remains unchanged with the company declaring itself "well Mkt cap, curr (mn) €21,687

on track", Net debt (12/26e) (mn)* €19,984

EV, curr (mn)* €40,237

This should catalyse a bridging of the narrow gap to consensus which is currently * = GAAP or approximated based on GAAP

~2% below bottom end of FY net profit guide

Call at 16.30 CEST / 15.30 UKT

2026 guide unchanged : Snam reports 2026 1Q "well on track" to meet FY 2026

guidance. This should catalyse a bridging of the small gap that exists between

consensus and guide into this result.

Call at 16.30 CEST / 15.30 UKT with access available here.