BAKU, Azerbaijan, November 6. Italian energy infrastructure company Snam reported total revenues of 2.846 billion euros for the first nine months of 2025, an increase of 195 million euros (7.4%) compared to the same period in 2024, Trend reports via the company.
The growth was mainly supported by higher regulated revenues from the company’s gas infrastructure operations, which rose by 200 million euros (8.3%).
According to Snam, the increase in regulated revenues was primarily driven by several factors, including the growth of the Regulated Asset Base (RAB) linked to the rollout of its investment plan (+122 million euros), and the impact of ARERA Resolution No. 130/2025/R/com5, which updated 2024 revenues based on a new deflator and the adoption of the Italian IPCA index for RAB revaluation starting in 2025 (+75 million euros).
Additional positive impacts came from changes in the Group’s consolidation perimeter — notably the inclusion of Stogit Adriatica (formerly Edison Stoccaggio) as of March 3, 2025, and the commissioning of the Ravenna FSRU terminal in May 2025 (+70 million euros). The company also benefited from higher commodity-related revenues (+26 million euros) due to increased delivered volumes, and higher revenues from the “Fast money” component following a review of 2025 total expenditure estimates (+16 million euros).
These gains were partially offset by a reduction in WACC (-77 million euros), lower revenues from the Panigaglia regasification unit (-41 million euros) — which had benefited in early 2024 from higher regasified volumes in 2023 — and lower output-based incentives (-16 million euros), mainly affecting the storage segment.
Snam noted that the results reflect continued progress in implementing its investment strategy and strengthening its infrastructure base amid evolving market and regulatory conditions.
