Italy's Snam on track to meet 2026 targets after quarterly core profit rises
13/05/2026 14:16
MILAN, May 13 (Reuters) - Italy's gas grid operator Snam SRG.MI said on Wednesday it was "fully on track" to meet its 2026 guidance after posting a 1.8% rise in quarterly core profit, adding tensions in the Middle East and Ukraine did not have any significant impact on its business. Snam's earnings before interest, tax, depreciation and amortisation (EBITDA) were 775 million euros ($907.14 million) in the first quarter, in line with a company-provided consensus of 771 million euros. The result reflected growth in regulated revenues, mainly in the gas infrastructure business, and changes in the group, which has now fully-consolidated the liquefied natural gas terminal offshore of the Tuscan city of Livorno. Adjusted net profit fell 7.6% to 375 million euros - slightly above the company-provided consensus of 363 million euros - due to higher depreciation and amortisation and financial charges, Snam said in a statement. The group confirmed its 2026 financial targets, including an adjusted EBITDA of around 3.1 billion euros and adjusted net profit above 1.45 billion euros. As of end-April, gas storage filling level reached 50%. ($1 = 0.8543 euros) (Reporting by Gianluca Semeraro, editing by Giulia Segreti) ((gianluca.semeraro@tr.com; +39 06 80 307 741;))