BAKU, Azerbaijan, November 6. Italian energy infrastructure company Snam reported a solid financial performance for the first nine months of 2025, supported by stronger contributions from equity investments and continued growth in operating income, Trend reports via the company.
Net income from equity investments totalled 290 million euros, marking an increase of 57 million euros (+24.5%) compared to the same period of 2024. The rise primarily reflected Snam’s share of higher net results from associates accounted for under the equity method.
According to the company, key developments during the period included:
a higher contribution from TAG, supported by the new regulatory framework that neutralized volume risk as of January 1, 2025;
improved results from Italgas, benefiting from a one-off revenue adjustment related to previous years and the consolidation of 2i Rete Gas, acquired in April 2025;
and the contribution from ALNG, following Snam’s increased stake (from 7.3% to 30%) finalized in December 2024.
These positive impacts were partly offset by the divestiture of ADNOC Gas Pipelines Assets in March 2025, which resulted in the exit of this holding from the consolidation perimeter.
Adjusted net profit for the period reached 1.096 billion euros, up 100 million euros (+10%) compared to the first nine months of 2024. The improvement was driven by EBITDA growth and stronger contributions from both domestic and international subsidiaries. These gains were partially offset by higher depreciation linked to newly commissioned assets and consolidation changes, as well as slightly higher financial expenses resulting from increased net financial exposure.
Adjusted operating profit amounted to 1.401 billion euros, up 61 million euros (+4.6%) year-on-year. While higher EBITDA supported the improvement, this was partly offset by a 77 million euro (+10.3%) rise in depreciation and amortisation, mainly due to the commissioning of new infrastructure — including the Ravenna LNG terminal — and the expanded consolidation perimeter of the storage business.
Snam said the results underline the company’s operational resilience and strategic focus on regulated infrastructure growth and energy transition initiatives.
