Snam
Snam S.p.A. is an Italian energy infrastructure company specializing in the regulated midstream activities of natural gas, including transportation, storage, regasification, and distribution network management.[1][2] Founded on 30 October 1941 as Società Nazionale Metanodotti to develop Italy's natural gas sector, it has evolved into Europe's leading operator for gas transportation, overseeing a pipeline network exceeding 40,000 kilometers across Italy and select international assets.[3][4] Headquartered in San Donato Milanese near Milan, Snam operates as a publicly listed entity on the Milan Stock Exchange, emphasizing infrastructure reliability and adaptations for energy transition, such as biomethane integration and hydrogen-ready pipelines, while handling significant volumes of gas to support national and continental energy security.[5][6][7] The company reported record investments in 2024, bolstering LNG import capabilities amid geopolitical shifts in gas supply, though its expansion has drawn scrutiny for prioritizing fossil fuel infrastructure amid declining domestic demand forecasts.[8][9]History
Origins and Early Operations under Eni
Società Nazionale Metanodotti (SNAM) was founded on 30 October 1941 in San Donato Milanese with an initial share capital of 3 million Italian lire, established by the Ente Nazionale Metano (created in 1940), Agip, Regie Terme di Salsomaggiore, and Società Anonima Utilizzazione e Ricerca Gas Idrocarburati (Surgi).[3] The company's primary mandate was to construct and operate a national infrastructure for transporting and distributing methane gas, leveraging discoveries in the Po Valley to address Italy's energy shortages during and after World War II.[3] [10] Early infrastructure development included the construction of Italy's first major methane pipeline from Salsomaggiore to Milan and Lodi, initiated amid wartime constraints and completed in 1948 despite material shortages.[3] By that year, Snam's network totaled 257 kilometers, expanding rapidly to over 700 kilometers by 1950, 2,000 kilometers in 1952, and 4,600 kilometers by 1960, with operations centered on the Po Valley to supply nascent industrial and residential demands.[3] The formation of Ente Nazionale Idrocarburi (Eni) on 10 February 1953, merging Agip, Snam, and other state-held energy assets under Enrico Mattei's leadership, integrated Snam as Eni's dedicated entity for natural gas transportation and pipeline engineering.[11] [10] Under Eni, Snam prioritized network extension to connect Po Valley gas fields to northern industrial hubs, facilitating Italy's post-war economic reconstruction and positioning the company as a foundational player in European gas infrastructure through the 1950s and 1960s.[12] This era emphasized domestic supply security, with Snam overseeing engineering for pipelines, refineries, and related facilities as Eni's downstream gas arm.[13]Spin-off, Listing, and Initial Expansion (2000-2010)
In 2000, the Italian government implemented European Directive 98/30/EC through the Letta Decree, mandating the unbundling of natural gas transmission and dispatching activities from production and supply to foster market liberalization.[3] On November 15, 2000, Snam Rete Gas S.p.A. was incorporated as a subsidiary of Eni S.p.A. to manage these separated functions, including the national transmission network, dispatching, and LNG regasification.[14] Ahead of the regulatory timeline, on June 27, 2001, Eni transferred its Italian natural gas transmission and regasification assets—valued at that time as comprising a 29,607 km network capable of transporting 72.8 billion cubic meters annually—to the newly formed Rete Gas Italia S.p.A., in which Eni held a controlling interest.[15] [3] The entity was subsequently renamed Snam Rete Gas S.p.A., and on December 6, 2001, its shares were listed on Borsa Italiana's Mercato Telematico Azionario (MTA), marking Italy's largest IPO of that year with proceeds of approximately €1.9 billion; Eni retained a 50.04% stake post-offering.[16] [3] The listing, priced at the upper end of the indicative range after approval of tariff frameworks by the Electricity and Gas Authority, enabled Snam Rete Gas to operate as an independent transmission system operator (TSO) while ensuring regulated access for third-party shippers.[17] From 2002 to 2008, Snam Rete Gas focused on maintaining and incrementally upgrading its core transmission infrastructure to support rising domestic gas demand driven by industrial and power generation sectors, operating 11 compressor stations and adhering to national security-of-supply standards.[18] By 2007, the company committed €4.2 billion in capital expenditures over the 2007–2010 period, sourced partly from IPO proceeds, to expand pipeline capacity and enhance grid reliability amid increasing imports from northern Europe and Algeria.[19] A pivotal expansion occurred in 2009, when Snam Rete Gas agreed on February 12 to acquire Eni's 100% stakes in Stoccaggi Gas Italia S.p.A. (Stogit, Italy's largest gas storage operator) for €1.65 billion and Italgas S.p.A. (the leading gas distributor) for €3.07 billion, with the transactions closing on June 30 at adjusted prices totaling €4.509 billion (€1.587 billion for Stogit and €2.922 billion for Italgas).[20] [21] These cash-settled deals, fully funded internally, integrated storage (adding eight sites with over 10 billion cubic meters capacity) and distribution (incorporating 50,000 km of local networks) into Snam's portfolio, transforming it from a transmission specialist into Italy's dominant integrated gas infrastructure provider by 2010 while complying with evolving EU unbundling requirements.[22]Acquisitions, Italgas Integration, and Domestic Growth (2011-2019)
Following the 2009 acquisition of Italgas from Eni, Snam integrated its operations into the group's structure during the early 2010s, leveraging Italgas's extensive low-pressure distribution network—spanning approximately 70,000 km and serving over 7 million end users—to bolster domestic gas delivery capabilities.[23] This integration enhanced Snam's regulatory asset base (RAB), positioning it as Europe's largest integrated gas operator by RAB at the time, with combined transportation, storage, and distribution activities driving operational efficiencies and market dominance in Italy's regulated sectors.[23] By mid-decade, strategic shifts prompted a reevaluation of the integrated model. On June 29, 2016, Snam's board approved the separation of its gas distribution activities, culminating in the demerger of Italgas Reti into a standalone entity, Italgas S.p.A., effective November 7, 2016, when Italgas shares began trading on the Milan Stock Exchange.[24] Snam retained a 13.5% stake in Italgas post-demerger, enabling a sharper focus on high-transportation and storage segments while allowing Italgas to pursue independent consolidation in distribution.[25] This restructuring supported domestic growth by streamlining Snam's core infrastructure investments amid evolving regulatory and market dynamics. Complementing this refocus, Snam pursued targeted domestic acquisitions to expand transportation capacity. On July 25, 2017, it signed an agreement with Edison to acquire 100% of Infrastrutture Trasporto Gas S.p.A. (ITG), operator of key pipelines in southern Italy, and a 7.3% stake in Adriatic LNG, Italy's largest regasification terminal; the transaction closed on October 13, 2017, for approximately €225 million.[26][27] ITG's integration added roughly 1,500 km to Snam's high-pressure network, enhancing connectivity in high-demand regions and supporting national supply security.[26] These moves underpinned steady domestic expansion, with Snam investing in pipeline reinforcements and capacity upgrades to meet rising import needs and regional demand. In December 2017, the launch of Snam4Mobility introduced compressed natural gas (CNG) refueling stations, marking initial forays into gas-based mobility infrastructure.[23] By 2019, such initiatives, alongside ongoing RAB accretion from regulated tariffs, reinforced Snam's role as Italy's primary gas transporter, managing over 90% of national high-pressure pipelines.[23]International Expansion and Recent Strategic Shifts (2020-2025)
In 2021, Snam updated its strategic plan for 2021-2025, increasing total investments to €8.1 billion from the previous €7.4 billion outlined in the 2020-2024 framework, with a pronounced emphasis on enhancing infrastructure for hydrogen blending and readiness in natural gas storage facilities, such as expansions at Sergnano, Ripalta, and Cortemaggiore sites to support future low-carbon transitions.[28] This shift reflected a broader pivot toward sustainable energy vectors amid European decarbonization pressures, including commitments to hydrogen ecosystem development through international collaborations like the H2Med corridor involving Snam's 40.5% stake in French operator Teréga, which facilitates cross-border hydrogen infrastructure linking Spain, France, and Italy. Teréga's role in southwestern France's gas transmission and storage, spanning 15 departments, underscored Snam's leveraging of existing foreign assets for strategic hydrogen projects, including the BarMar initiative announced in June 2024 for interconnecting hydrogen pipelines.[29] A pivotal international expansion occurred in April 2025, when Snam signed a binding agreement to acquire a 24.99% stake in Vier Gas Holding, the indirect owner of Open Grid Europe (OGE), Germany's largest independent gas transmission system operator, for an equity value of €920 million from Abu Dhabi's Infinity Investments.[30] This move marked Snam's entry into the German market, enhancing its European footprint with access to OGE's extensive pipeline network and aligning with multi-molecule infrastructure strategies for natural gas, hydrogen, and biomethane. However, the transaction faced delays due to protracted regulatory approvals, including foreign direct investment reviews, with closure initially targeted for Q3 2025 but postponed amid scrutiny; Snam's CEO expressed frustration over the process's length in September 2025.[31] Complementing these efforts, Snam's 2025-2029 strategic plan, announced in January 2025, allocated €12.4 billion in total investments, with €10.9 billion directed toward network enhancements including LNG regasification capacity and hydrogen-ready assets, signaling a continued strategic reorientation from traditional gas operations toward integrated energy transition infrastructure. International associates like Teréga featured prominently in development projects, such as blue hydrogen integration and pipeline expansions, while Snam pursued hydrogen separation technologies through partnerships, exemplified by a March 2025 collaboration with H2SITE on natural gas-hydrogen mixture separation funded by Italian regulator ARERA.[32] These initiatives positioned Snam to capitalize on EU-wide hydrogen corridors and LNG import diversification, though execution remained contingent on regulatory harmonization across borders.[33]Business Segments
Natural Gas Transportation
Snam's natural gas transportation segment encompasses the management and operation of extensive high-pressure pipeline infrastructure primarily in Italy, supplemented by international assets, forming Europe's largest such network at over 40,000 kilometers in total length.[4] In Italy, the core network operated by subsidiary Snam Rete Gas spans approximately 32,500 kilometers, enabling the supply of natural gas to around 95% of the domestic market through transmission pipelines that connect production sources, import points, and consumption centers.[34] This infrastructure includes interregional pipelines directed toward major industrial and urban demand areas, supported by 13 compressor stations that elevate gas pressure to sustain efficient long-distance flow.[35] The network's design emphasizes reliability and adaptability, with all pipelines featuring bidirectional flow capabilities to accommodate supply disruptions, as demonstrated by the reversal of flows from southern European entry points to northern exports following Russia's 2022 invasion of Ukraine.[36] Snam coordinates dispatching and balancing to ensure non-discriminatory third-party access, in compliance with Italy's Legislative Decree No. 164 of May 23, 2000, which regulates transport tariffs and capacity allocation through auctions and long-term contracts.[37] Operations prioritize safety and maintenance, including regular integrity assessments and upgrades to handle pressures up to 100 bar, minimizing downtime across the system.[7] Prominent assets within the network include the Adriatic Line, Italy's largest pipeline project of the past decade, which enhances connectivity from Adriatic import terminals to inland distribution hubs, and the Adriatica Pipeline with a capacity of 24 million cubic meters per day in its operational phases.[38][39] International expansions, such as stakes in pipelines linking Algeria to Italy via Tunisia, further integrate Snam into Mediterranean supply corridors, bolstering Europe's energy security through diversified routing finalized in early 2023.[40] These elements position the transportation business as Snam's foundational revenue driver, with regulated returns tied to invested capital and network utilization rates.[41]Natural Gas Storage
Stogit S.p.A., a wholly owned subsidiary of Snam, manages the company's natural gas storage operations, utilizing underground facilities in depleted hydrocarbon reservoirs to inject gas during low-demand periods—typically summer—and withdraw it to meet peak consumption or mitigate supply interruptions.[42][43] These activities ensure supply continuity, demand modulation, and strategic reserves for Italy's energy security, with Stogit handling capacities under regulated auctions for services like peak shaving and balancing.[42][44] As of March 2025, following Snam's acquisition of Stogit Adriatica (previously Edison Stoccaggio) for €4.6 billion, Stogit operates 12 sites across northern and central Italy, increasing total managed working gas capacity to approximately 17.9 billion cubic meters, including 4.5 billion cubic meters of strategic reserves mandated by regulation.[45][46][43] This expansion enhanced deliverability, with aggregate daily withdrawal potential exceeding 300 million standard cubic meters across the network.[43] By April 2025, 90% of capacity offered for the 2025-2026 thermal year had been allocated through auctions, supporting projected full utilization targets amid rising European gas security needs.[44] The facilities employ vertical and horizontal wells for injection and withdrawal, with operations focused on geological stability and minimal environmental impact through pressure management and monitoring.[43] High-deliverability sites like Minerbio and Sergnano provide rapid response capabilities, critical for grid balancing.[43]| Site | Region | Start Year | Number of Wells | Withdrawal Capacity (MSm³/day) |
|---|---|---|---|---|
| Bordolano | Lombardia | 2015 | 9 | 20 |
| Brugherio | Lombardia | 1966 | 8 | 10 |
| Cortemaggiore | Emilia-Romagna | 1964/1991 | 29 | 18 |
| Fiume Treste | Emilia-Romagna | 1985 | 33 | 22.5 |
| Minerbio | Emilia-Romagna | 1975 | 51 | 63 |
| Ripalta | Lombardia | 1967 | 35 | 24 |
| Sabbioncello | Lombardia | 1986 | 31 | 43.2 |
| Sergnano | Lombardia | 1965 | 35 | 58.5 |
| Settala | Lombardia | 1986 | 31 | 43.2 |
| Cellino | Abruzzo | 1984 | 5 | 1 |
| Collalto | Veneto | 1994 | 17 | 8 |
| San Potito/Cotignola | Emilia-Romagna | 2013 | 13 | 7 |
Regasification and LNG Infrastructure
Snam's regasification operations, conducted primarily through its subsidiary GNL Italia S.p.A., encompass onshore and offshore facilities that convert imported liquefied natural gas (LNG) into pipeline-ready gas, supporting Italy's total regasification capacity of approximately 28 billion cubic meters annually as of 2025.[47] These assets have expanded significantly since 2022 to enhance energy security amid reduced reliance on pipeline imports from Russia, with Snam managing or co-managing key terminals that handled over 100 LNG cargoes in the first half of 2025 alone.[48] The Panigaglia terminal, an onshore facility in La Spezia, Liguria, represents Italy's inaugural LNG regasification plant, entering service in 1971 after construction from 1967 to 1970.[49] Designed to international safety standards, it incorporates modern vaporization technologies and, as of July 2025, offers small-scale LNG truck-loading services to distribute gas via cryogenic tankers for industrial and remote applications.[50][51] Snam holds a 30% equity stake in Terminale GNL Adriatico S.r.l., operator of the Adriatic LNG terminal, an offshore platform located 15 kilometers from the Veneto coastline near Rovigo with a regasification capacity of 9.6 billion cubic meters per year—Italy's largest as of 2024.[52][53] The company exercised pre-emption rights to raise its ownership from 7.3% to 30% in April 2024, finalizing the acquisition alongside VTTI (70% stake) on December 3, 2024, following European Commission approval.[54][55] The Ravenna LNG terminal, featuring a floating storage and regasification unit (FSRU) with 170,000 cubic meters of storage and 5 billion cubic meters per year regasification capacity, became operational in the first quarter of 2025 after mooring the BW Singapore vessel in March 2025.[56][57] Acquired by Snam in December 2023 for $400 million, the FSRU connects to the national grid via a new pipeline, enabling slot auctions for regasification services, including 12 slots offered for June-September 2025.[58][59] In October 2025, Snam signed an exclusivity agreement to potentially acquire Higas and convert the Oristano coastal storage facility into an FSRU, aiming to further bolster import flexibility, though the project remains in early development stages.[60]Emerging Ventures in Hydrogen and Mobility
Snam has adapted portions of its natural gas infrastructure for hydrogen transport, certifying over 2,000 kilometers as hydrogen-ready by 2024, with plans to reach 99% of its network by 2029.[61] The company allocates €400 million in capital expenditure from 2025 to 2029 for developing a hydrogen backbone, targeting the enablement of 70 terawatt-hours of demand and achieving financial investment decisions by 2027.[61] In June 2025, Snam secured €24 million in EU co-funding through the Connecting Europe Facility for Energy program to advance the Italian Hydrogen Backbone project.[62] Key hydrogen initiatives include the SoutH2 Corridor, a 3,300-kilometer pipeline connecting North Africa to Italy, Austria, and Germany, designated in the European Union's sixth Projects of Common Interest list.[63] Snam participates in the IdrogeMO project in Emilia-Romagna for producing renewable hydrogen targeted at mobility and industrial applications, and collaborates with De Nora on a gigafactory under the IPCEI Hy2Tech program, receiving up to €63 million in EU funding.[64] In March 2025, Snam partnered with H2SITE on a pilot project, promoted by Italy's energy regulator ARERA, to separate hydrogen from natural gas mixtures using palladium-alloy membrane technology, aiming to extract hydrogen from 2-10% blends.[32] Earlier blending trials demonstrated feasibility: Snam injected a 5% hydrogen-natural gas mix into its transmission network in April 2019, the first such test in Europe; doubled it to 10% in December 2019 at Contursi Terme; and tested a 30% blend in May 2021 at GIVA Group's steel forging plant near Milan.[65][66][67] In sustainable mobility, Snam operates through its wholly-owned subsidiary Greenture, which develops refueling infrastructure for compressed natural gas (CNG), liquefied natural gas (LNG), biomethane, and hydrogen to decarbonize road transport.[68] The company plans €100 million in capex from 2025 to 2029 for small-scale LNG and mobility, including 95 new CNG stations and 40 L-CNG stations by 2029, alongside liquefaction plants and coastal depots.[61] Greenture supports hydrogen refueling as part of its network expansion, aligning with broader goals to integrate hydrogen into transport applications.[68] In December 2020, Snam signed an agreement with FNM and A2A to explore green hydrogen for public rail transport in Lombardy, targeting decarbonization of local mobility.[69] Prior partnerships, such as with Eni in 2018 for 20 new CNG and biomethane stations and with IP for 26 natural gas refueling facilities, have expanded Italy's network for lower-emission vehicles.[70][71]Infrastructure and Operations
Network Scale and Technical Capabilities
Snam's natural gas transportation infrastructure encompasses over 40,000 kilometers of pipelines, predominantly spanning Italy, positioning it as Europe's leading operator in this domain. This network is augmented by 13 compressor stations that maintain gas pressure and enable long-distance transmission, with operational availability rates exceeding 99% as certified in hydrogen-readiness assessments for substantial pipeline segments. The system supports bidirectional flows and interconnections with international pipelines, such as the Trans Adriatic Pipeline, facilitating imports from diverse sources including Azerbaijan and North Africa.[7][72][41] In storage operations, Snam manages facilities with a total deliverability-aligned capacity of approximately 12.25 billion cubic meters for the 2024/25 thermal year, contributing to Italy's strategic reserves that reached 98.5% filling at the end of the 2024 injection season. These underground sites, primarily depleted gas fields, provide peak-day withdrawal capabilities essential for balancing seasonal demand fluctuations. Regasification infrastructure, in which Snam holds significant stakes, supports Italy's aggregate annual capacity of 28 billion cubic meters following the commissioning of additional floating storage and regasification units (FSRUs) in 2025, including a 5 billion cubic meter facility at Ravenna.[73][74][75] Technical capabilities are enhanced through advanced digitalization initiatives, including the SnamTEC platform, which integrates IoT sensors, AI-driven predictive maintenance, and real-time monitoring across pipelines and stations to optimize efficiency and minimize downtime. Pipeline specifications adhere to stringent categories (1a to 3a) under Italian regulatory standards, with published technical data encompassing diameters up to DN1200, pressure ratings, and material compositions for corrosion resistance and safety. Ongoing upgrades, such as the 425-kilometer Adriatic Line project, incorporate compressor enhancements to boost south-to-north transport capacity by 10 billion cubic meters annually, underscoring adaptability to evolving energy flows.[76][77][39]Key Facilities and Maintenance Practices
Snam's natural gas transportation infrastructure features an extensive pipeline network exceeding 40,000 kilometers, divided into national high-pressure lines connecting import points to regional grids and storage sites, alongside regional transmission lines serving localized demands.[35] This system is bolstered by 13 compressor stations positioned along key routes to sustain gas pressure and ensure continuous flow, with operations coordinated through a single dispatching center that enables remote monitoring and real-time adjustments.[35] Notable among recent developments is the Adriatic Line, a bidirectional pipeline project spanning Sulmona to Minerbio, enhancing import capacity by 10 billion cubic meters annually to bolster supply diversification.[35] In natural gas storage, Snam's subsidiary Stogit operates 12 underground facilities distributed across Italy, collectively providing roughly one-sixth of the European Union's total storage volume to balance seasonal demand fluctuations and support energy security.[42] Regasification capabilities center on the onshore Panigaglia terminal in La Spezia, Italy's inaugural LNG facility commissioned in 1971, equipped with two 50,000 cubic meter storage tanks, vaporization units, and a dedicated landing stage for LNG carriers.[47] Snam also holds stakes in offshore floating storage and regasification units (FSRUs), including the OLT Toscana terminal, contributing to a managed annual regasification capacity of 28 billion cubic meters that facilitates LNG imports amid pipeline supply constraints.[47][78] Maintenance practices across Snam's assets prioritize preventive strategies, including periodic inspections, controls, and structured programs at storage plants to detect and mitigate potential faults before they impact operations.[79] For the transportation network, activities are overseen by 8 regional districts and 48 dedicated maintenance centers, with annual and monthly operating plans published to schedule interventions that minimize capacity reductions or interruptions, as mandated by Italy's network code.[35][80] These efforts incorporate gas recovery targets, aiming to recapture at least 40% of emissions from transmission system maintenance to curb methane releases.[81] Digital platforms further support end-to-end management of field operations, ensuring compliance with safety standards and infrastructure integrity.Governance and Ownership
Shareholder Composition
As of 30 April 2025, Snam S.p.A.'s share capital totals €2,735,670,475.56, divided into 3,360,857,809 ordinary shares with no nominal value.[33] The ownership structure features a dominant stake held by CDP Reti S.p.A., a vehicle of Cassa Depositi e Prestiti (CDP)—Italy's state-backed investment institution—with 31.352% (1,053,692,127 shares), providing strategic stability while allowing broad market participation.[33] Individual investor Romano Minozzi holds the next largest position at 7.424% (249,514,453 shares), followed by Lazard Asset Management at 5.073% (170,483,071 shares).[33] The remaining shares reflect a diversified free float of 67%, underscoring Snam's appeal to global investors.[33] Institutional investors account for 50.5% of the total, with retail investors comprising 16.6% (including 9.1% from Italian retail holders); additional minor holdings include the Bank of Italy at 1.4% and Snam's own treasury shares at 0.2%.[33] Geographically, international exposure is prominent, with North America (USA and Canada) at 18.5%, the UK and Ireland at 15%, and continental Europe at 9.3%, while Italian strategic holders represent 32.8%; ESG-focused investors constitute 42.9% of institutional ownership, aligning with Snam's infrastructure mandate.[33]| Major Shareholder | Stake (%) | Shares Held |
|---|---|---|
| CDP Reti S.p.A. | 31.352 | 1,053,692,127 |
| Romano Minozzi | 7.424 | 249,514,453 |
| Lazard Asset Management | 5.073 | 170,483,071 |
Board of Directors and Executive Leadership
The Board of Directors of Snam S.p.A. comprises nine members, appointed by shareholders on May 14, 2025, for a three-year term concluding at the 2027 annual meeting. Six directors qualify as independent under Italian corporate governance standards, and four are women, satisfying the national quota for listed companies. The board oversees strategic direction, corporate governance, internal controls, and risk management, operating through specialized committees such as the control, risk, and sustainability committee.[82] Alessandro Zehentner serves as Chairman and independent director, nominated by major shareholder CDP Reti S.p.A. Agostino Scornajenchi holds the position of Chief Executive Officer and General Manager, appointed on May 14, 2025, with delegated powers for company administration; prior to joining Snam, he was Chief Financial Officer at Terna S.p.A. and held executive roles at CDP Equity and other financial entities.[82][83][84]| Director Name | Role | Nominated By |
|---|---|---|
| Alessandro Zehentner | Chairman, Independent | CDP Reti S.p.A. |
| Agostino Scornajenchi | Chief Executive Officer | Shareholders |
| Laura Cavatorta | Independent | Institutional Investors |
| Augusta Iannini | Independent | CDP Reti S.p.A. |
| Piero Manzoni | Independent | Institutional Investors |
| Andrea Mascetti | Independent | Institutional Investors |
| Paola Panzeri | Independent | CDP Reti S.p.A. |
| Esedra Chiacchella | Non-Executive | CDP Reti S.p.A. |
| Qinjing Shen | Non-Executive | CDP Reti S.p.A. |
Financial Performance
Historical Financial Trends
Snam, established as an independent entity following its demerger from Eni in 2001 and subsequent listing on the Borsa Italiana, has exhibited financial stability typical of a regulated gas infrastructure operator, with revenues tied to tariff mechanisms and network asset base growth.[3] Adjusted EBITDA and net profit have trended upward over the past decade, supported by capital expenditures expanding the regulated asset base (RAB) and efficiency gains, though total revenues have shown volatility due to fluctuating non-regulated activities like energy transition projects.[41] Key financial metrics from recent years illustrate this resilience:| Year | Total Revenues (€ million) | Adjusted EBITDA (€ million) | Adjusted Net Profit (€ million) |
|---|---|---|---|
| 2022 | 3,515 | 2,237 | 1,163 |
| 2023 | 4,288 | 2,417 | 1,168 |
| 2024 | 3,568 | 2,753 | 1,289 |