Annonce • Apr 01
Snam S.p.A., Annual General Meeting, Apr 29, 2026 Snam S.p.A., Annual General Meeting, Apr 29, 2026, at 14:15 W. Europe Standard Time. Annonce • Dec 12
Snam S.p.A. (BIT:SRG) agreed to acquire an additional 48.20% stake in OLT Offshore LNG Toscana SpA from Igneo Infrastructure Partners for €126 million. Snam S.p.A. (BIT:SRG) agreed to acquire an additional 48.20% stake in OLT Offshore LNG Toscana SpA from Igneo Infrastructure Partners for €126 million on December 11, 2025. A cash consideration of €126 million will be paid by Snam S.p.A. As part of consideration, €126 million is paid towards common equity of OLT Offshore LNG Toscana SpA. Upon completion, Snam S.p.A. will own 97.27% stake in OLT Offshore LNG Toscana SpA.
The transaction is subject to customary regulatory approvals including obtaining the necessary authorisations under applicable Italian antitrust and golden power regulations. The transaction is expected to be finalised within the first half of 2026. Annonce • Apr 09
Snam S.p.A. (BIT:SRG) entered into a share purchase agreement to acquire 24.99% stake in Vier Gas Holdings S.à R.L from Infinity Investments S.A. for €920 million. Snam S.p.A. (BIT:SRG) entered into a share purchase agreement to acquire 24.99% stake in Vier Gas Holdings S.à R.L. from Infinity Investments S.A. for €920 million on April 7, 2025. Vier Gas Holding S.à r.l. (VGH) – Luxembourg-based company which indirectly owns the entire share capital of Open Grid Europe. In a separate transaction, Snam S.p.A. agreed to sell to Fluxys Belgium SA a stake of approximately 0.5% of the share capital of Vier Gas Holdings, so that Snam and Fluxys, upon completion of such transactions, will hold a substantially equal shareholding in Vier Gas Holdings. The acquisition can be financed through the current financial flexibility or via a hybrid financing instrument. For the period ended December 31, 2024, Vier Gas Holdings S.à R.L. reported a EBITDA of €630 million.
The transaction is subject to the satisfaction of certain conditions precedent, namely (i) the merger control clearance by the German Antitrust Authority, (ii) the Foreign Direct Investment clearance by the German Ministry for Economic Affairs and Climate Action, as well as (iii) the non-exercise by the other shareholders of VGH of the right of first refusal set forth in the related shareholders’ agreement. The closing is subject to some usual condition precedent. The transaction completion is expected within the third quarter of 2025. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor and White & Case LLP acted as legal advisor to Snam S.p.A. Annonce • Apr 07
Snam S.p.A., Annual General Meeting, May 14, 2025 Snam S.p.A., Annual General Meeting, May 14, 2025, at 10:00 W. Europe Standard Time. Location: piazza santa barbara 7, san donato milanese Italy Annonce • Mar 05
Snam S.p.A. (BIT:SRG) completed the acquisition of Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR). Snam S.p.A. (BIT:SRG) signed an agreement to acquire Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR) for an enterprise value of approximately €560 million on July 25, 2024. Following the transaction, Edison Stoccaggio's workforce will be fully absorbed by the Snam Group. Closing of the transaction is subject to clearance by the relevant Antitrust authorities and authorization by the Consiglio dei Ministri in line with the procedure Golden Power and is expected to close within the first quarter of 2025.
Lazard S.r.l. acted as Financial advisor to Edison S.p.A. Carlo Messina through Intesa Sanpaolo - IMI Corporate & Investment Banking acted as financial advisor to Edison S.p.A.
As of December 23, 2024, The Italian Competition and Market Authority (Antitrust) has decided to open an investigation into Snam's acquisition of 100% of Edison Stoccaggio shares. The procedure must be concluded within 90 days from the date of resolution of the provision.
Snam S.p.A. (BIT:SRG) completed the acquisition of Edison Stoccaggio Spa from Edison S.p.A. (BIT:EDNR) on March 3, 2025. The transaction, financed by Snam through the issue of a hybrid bond last September, will positively contribute to the Group's net profit in a range between 1.5% and 2.0% as early as 2025, and its effects have already been incorporated in Snam's 2025-29 Strategic Plan. Board Change • Jan 31
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, GM & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jan 29
Long Term Capital Fund managed by Lunate agreed to acquire an unknown minority stake in ADNOC Gas Pipeline Assets LLC from Snam S.p.A. (BIT:SRG). Long Term Capital Fund managed by Lunate agreed to acquire an unknown minority stake in ADNOC Gas Pipeline Assets LLC from Snam S.p.A. (BIT:SRG) on January 28, 2025. The transaction, which is subject to the signing of the sale and purchase agreement, as well as to the potential exercise of the relevant shareholders’ rights. Annonce • Dec 11
Snam S.p.A. (BIT:SRG) completed the acquisition of 22.7% stake in Terminale GNL Adriatico S.r.l. Snam S.p.A. (BIT:SRG) has exercised its pre-emption right to acquire 22.7% stake in Terminale GNL Adriatico S.r.l. on April 3, 2024. Prior to the transaction, Snam S.p.A. (BIT:SRG) held 7.3%. Upon completion, Terminale GNL Adriatico shall be held by VTTI at 70% and Snam at 30%. The transaction is subject to necessary regulatory authorizations and antitrust regulations. As of November 4, 2024, the deal has been approved by European Commission (DG Competition). The closing of the transaction is expected at the beginning of December.
Snam S.p.A. (BIT:SRG) completed the acquisition of 22.7% stake in Terminale GNL Adriatico S.r.l. on December 10, 2024. With this deal now finalized, VTTI owns 70% and Snam holds 30% of the company. Regulatory approvals were completed ahead of the transaction's closure. Board Change • Sep 09
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, GM & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 13
Snam in Talks to Sell 24% Stake in Interconnector Snam S.p.A. (BIT:SRG) is in talks with suitors over the sale of its 23.7% stake in Interconnector Limited, the company that owns and operates the gas pipeline between Britain and Belgium, the CEO of the Italian gas grid operator said on June 11, 2024. "There are ongoing talks over Interconnector, but we are in no rush to sell it," Snam's Stefano Venier said on the sidelines of an event organised by Industrie De Nora DNR.MI to mark the start of construction on its electrolysers factory. Snam, which is controlled indirectly by the Italian government, holds a stake of nearly 22% of electrolyser maker Industrie De Nora. Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.10. Revenue: €896.0m (down 8.5% from 1Q 2023). Net income: €337.0m (up 11% from 1Q 2023). Profit margin: 38% (up from 31% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Gas Utilities industry in Europe. Reported Earnings • Mar 18
Full year 2023 earnings released Full year 2023 results: Revenue: €4.29b (up 22% from FY 2022). Net income: €1.17b (up 74% from FY 2022). Profit margin: 27% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Gas Utilities industry in Europe. Annonce • Feb 27
Snam Enters Exclusive Talks to Buy Edison Gas Storage Assets in Italy Energy group Edison S.p.A. (BIT:EDNR) said on February 26, 2024, it started exclusive talks with gas grid operator Snam S.p.A. (BIT:SRG) over the sale of its natural gas storage assets in Italy. The move could open the way to a deal worth more than EUR 500 million ($542 million) for Edison, which last year decided to test the market's appetite for its storage business saying it did not see a big growth potential for the division. Regional energy company Ascopiave was also in the race to buy Edison's assets. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.10. Revenue: €1.07b (up 23% from 3Q 2022). Net income: €349.0m (up 22% from 3Q 2022). Profit margin: 33% (in line with 3Q 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Gas Utilities industry in Europe. New Risk • Jul 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 137% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Jul 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (137% payout ratio). Profit margins are more than 30% lower than last year (17% net profit margin). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €1.12b (up 34% from 2Q 2022). Net income: €394.0m (up 5.3% from 2Q 2022). Profit margin: 35% (down from 45% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • May 13
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.09. Revenue: €979.0m (up 17% from 1Q 2022). Net income: €301.0m (down 3.5% from 1Q 2022). Profit margin: 31% (down from 37% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: €3.52b (up 6.6% from FY 2021). Net income: €671.0m (down 55% from FY 2021). Profit margin: 19% (down from 45% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Gas Utilities industry in Europe. Annonce • Jan 12
Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in Two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €410 million. Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €390 million on November 27, 2021. The consideration will be paid in cash. Upon completion, Snam will hold 49.9% and Eni 50.1% interest in target. Snam will fund the payment of the purchase price with its own financial resources. The target companies generated a net income of around €90 million in 2020. The closing of the transaction is subject to certain conditions precedent, including mandatory authorizations pursuant to antitrust and "golden power" regulations and from other competent regulatory authorities, in addition to the authorization from the Tunisian government and the consent and/or approval of the shareholders and boards of directors of certain target companies. The transaction is expected to be completed by the first half of 2023. Cleary, Gottlieb, Steen & Hamilton LLP acted as a legal advisor to Snam S.p.A.
Snam S.p.A. (BIT:SRG) completed the acquisition of a 49.9% stake in Two gas pipelines from Eni S.p.A. (BIT:ENI) for approximately €410 million on January 10, 2023. The transaction has obtained the authorisations envisaged under antitrust legislation andso-called golden power legislation, consent from the Tunisian government as well as the approval of the shareholders and corporate bodies of the various target companies. Board Change • Nov 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stefano Venier was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.