First Read Snam: 2Q26 call focused on regulatory developments; 2026-30 Plan on track

Research evidence excerpt

First Read Snam: 2Q26 call focused on regulatory developments; 2026-30 Plan on track

Global Research

29 July 2026ab

First Read

EquitiesSnam

2Q26 call focused on regulatory developments; Italy

2026-30 Plan on track Gas Utilities

12-month rating Neutral

12m price target €6.70

Gas remains key for Italy’s energy mix; regulation and guidance on track

Snam reported slightly better than expected 2Q26 results earlier today and reiterated

FY26 guidance. Management hosted a conf. call in which the focus was largely on the Price (29 Jul 2026) €6.12

role of gas within Italy’s energy system, demand and regulation – gas, CCS & hydrogen. RIC: SRG.MI BBG: SRG IM

Gas storage at 70% at the moment remains above EU levels and is on track to reach the

Trading data and key metrics

required >90% by October. Management remains confident the framework for gas 7th

regulatory period will be supportive of the ongoing strategy of the company given 52-wk range €6.81-5.02

consultation documents and dialogue with the regulator. CCS should also receive a Market cap. €20.6b/US$23.4b

framework comparable to the gas regulation. FY26 guidance was fully reiterated, with a Shares o/s 3,361m (ORD)

new plan update expected at the beginning of next year. Free float 62%

Avg. daily volume ('000) 5,983

Focus on regulatory upcoming review for gas transportation, storage, and LNG Avg. daily value (m) €37.8

Several questions pivoted around management views into the regulatory framework Common s/h equity (12/26E) €9.62b

applicable beyond 2028 to gas transportation and storaqe activities (7RPT) and the P/BV (12/26E) 2.1x

recent proposal from ARERA to simplify the ROSS framework. Management sees Net debt to EBITDA (12/26E) 6.2x

positives, such as reduced volatility in fast/slow money, but flagged concerns around the