Adjusted net profit (excluding extraordinary items) reached 1.42 billion euros, up 10.3% compared to 2024, on total revenues of 3.89 billion euros, an increase of 8.9%, driven mainly by higher regulated revenues from the gas infrastructure business.
Adjusted EBITDA for 2025 reached 2.97 billion euros (+7.8% compared to 2024), according to a statement from the company that owns Italy's gas pipelines. For 2026, adjusted EBITDA is expected to reach around 3.1 billion euros (up 6% compared to the normalized 2025 value), driven by the growth of the RAB and the consolidation of Olt, and by 2030 it is projected at around 3.8 billion euros, net of the biomethane business.
Returning to the 2025 results, the Board of Directors will propose to the shareholders' meeting the distribution of a final dividend of 0.1813 euros per share. For fiscal year 2025, the total dividend amounts to 0.3021 euros per share, of which 0.1208 euros was already distributed in January as an advance payment.
The proposed dividend, in line with the dividend policy announced to the market, is up 4% compared to 2024, the statement notes.
Looking more closely at the strategic plan, investments, up 10% compared to the previous plan, will be focused on three strategic levers: industrial growth, active management of the equity portfolio, and an asset rotation program.
Within the plan, 9.2 billion euros (compared to 8.14 billion in the previous plan) will be allocated to projects related to the transport business; 2.1 billion euros (from 2 billion in the previous plan) for the strengthening of storage sites; 1 billion euros (from 0.8 billion in the previous plan) for the expansion of the Panigaglia regasification terminal and the consolidation of Olt; 800 million euros (500 million in the previous plan) for the Ravenna CCS project, which involves the construction of the CO2 transport network; 240 million euros for energy efficiency and 140 million for the development of biomethane; 200 million euros to kick off the development of the hydrogen backbone. Finally, 1 billion euros will be dedicated to digital and energy technological innovation.
As for the regulatory asset base (RAB, the return on investments), it is expected to reach 28.8 billion euros in 2026, bringing adjusted net profit above 1.45 billion euros, while net debt should reach around 19 billion. By 2030, the regulatory asset base is seen at around 34.5 billion euros, with an annual growth of 5.7% over the plan period and adjusted net profit at around 1.70 billion euros, growing annually by 4.5%.
Finally, the dividend policy provides for a 4% annual increase in the dividend per share until 2030, with a maximum payout of 80%.
"We are starting from a solid foundation, as confirmed by the particularly positive results of 2025, supported by robust regulated revenues and a net financial position better than the guidance communicated. These solid fundamentals will support our path towards true energy integration," commented CEO Agostino Scornajenchi in the statement, who will present the plan today to the financial community at Snam's new headquarters in Milan.
(Giancarlo Navach, editing Sabina Suzzi)
