Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Snam Earnings: Investment Execution Supports Underlying EBITDA Growth; Guidance Confirmed

Tancrede Fulop , Andrea Burigana

May 13, 2026

Snam reported first-quarter results ahead of company-compiled consensus, with adjusted EBITDA up 2% year over year to EUR 775 million, or 9.3% excluding the positive one-off deflator effect that benefited first-quarter 2025 results. Guidance was reaffirmed.

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Snam SpA

Snam Earnings: Investment Execution Supports Underlying EBITDA Growth; Guidance Confirmed

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