Equity Snap: Snam (SRG IM) 1Q a slight beat, FY26 guidance confirmed

Research evidence excerpt

Equity Snap: Snam (SRG IM) 1Q a slight beat, FY26 guidance confirmed

13 May 2026

Equity Snap: Snam (SRG IM) Equities Gas Utilities

1Q a slight beat, FY26 guidance confirmed Italy

◆ Net income 3% ahead of our and consensus expectations Charles Swabey*

due to better associates’ contribution and lower fin expenses Global Utilities & Renewables Analyst HSBC Bank plc

charles.swabey@hsbc.com

◆ Company confident in delivering on FY26 targets with 1Q net +44 20 3268 3954

income covering c26% of FY26 guidance Meike Becker*

Senior Global Utilities & Renewables Analyst

HSBC Bank plc

meike.becker@hsbc.com

Snam (SRG IM, EUR6.46, Hold, TP EUR6.40) +44 20 7991 6441

(Priced as of 12 May 2026)

Kartik Chourasiya*

Associate

Headline 1Q 2026 results. Adjusted EBITDA of EUR775mn (+1.8% YoY) in line with Bangalore

HSBC estimates and slightly ahead compared to consensus (+1%), with the growth

coming from higher regulated revenues and an improved performance from the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Market Solutions business. When excluding the one-off positive impacts of the not registered/ qualified pursuant to FINRA regulations

deflator effect recognised in 1Q 2025, the YoY increase would be +9.3%. Adjusted

net income of EUR375m (-7.6% YoY) came in ahead of expectations (+5% versus

HSBC; +3% vs consensus), with the YoY decline reflecting higher D&A, perimeter

effects, the 2% IRAP tax surcharge and higher net financial expenses. The net

income beat was driven by a greater than expected contribution from associates and

lower net financial expenses, compared to our estimates.

Equity associates. Net income from equity investments came in at EUR103mn,

slightly down YoY mainly due to perimeter effects and a lower contribution from EMG