Snam S p A : 2022 Half year report (HTML)

• Total revenues: 1,595 million euros ^[1] (+9.7% compared with the first half of 2021, reflecting growth in regulated businesses, which benefitted from one-off effects, and the increase in energy efficiency);
• Adjusted EBITDA: 1,155 million euros (broadly in line with the first half of 2021, despite the reduction of 64 million euros in the WACC);
• Group adjusted net profit:^[2] 646 million euros (+1.7% compared with the first half of 2021, also reflecting the good performance of associates);
• Capital expenditure: 537 million euros (566 million euros in the first half of 2021). The 2022 investment plan has been confirmed;
• Net financial debt: 12,822 million euros (14,021 million euros as of December 31 ^st, 2021), with the decline mainly reflecting a temporary variation in working capital associated with balancing activities;
• Guidance on 2022 net profit: expected to increase to at least 1.13 billion euros, also reflecting the good performance of associates;
• Energy security: agreements for the purchase of two new floating storage and regasification units (FSRU) to facilitate the diversification of energy supply. Snam has also injected approximately 2 billion cubic metres of gas to help fill storage facilities;
• De Nora: Snam supported the company through the listing process, one of the largest such operations for the year in Europe, retaining a strategic stake (25.88%) to support its future development.

San Donato Milanese (Milan), July 27 ^th, 2022 - The Board of Directors of Snam, meeting today under the chairmanship of Monica de Virgiliis, approved the consolidated Half-Year Financial Report as of June 30 ^th, 2022 (subject to limited audit).

Stefano Venier, Snam CEO, remarked: "Snam's first half results confirm the soundness of our core business, the positive operating performance and the growth in the contribution of new businesses and associates.

In the new geopolitical and energy environment, Snam is playing an increasingly central role in the security and diversification of energy supplies in Italy as well as Europe.

In recent months, we have supported Italy's energy strategy by helping fill storage facilities with the purchase of approximately 2 billion cubic metres of gas and acquiring two new floating storage and regasification units. We are also strongly committed to enabling the energy transition, as demonstrated with our support for the listing of De Nora, the largest European IPO in the second quarter, and new initiatives in biomethane, energy efficiency and carbon dioxide capture and storage".

[1] Net of "energy costs" (cost of gas needed for network operation).

[2] Excluding non-controlling interests.