Italian natural gas network operator Snam released its first-quarter 2026 financial results on Tuesday, showing revenue growth and adjusted net profit exceeding expectations, while the company reaffirmed its full-year performance guidance.

**Revenue and Profit Data** The financial report indicates that Snam's total revenue for the first quarter reached €999 million, a 3% year-over-year increase, meeting market expectations. Adjusted EBITDA was €775 million, up 1.8% year-over-year, primarily driven by growth in revenue from natural gas infrastructure operations.

Adjusted net profit was €375 million, a decline of 7.6% compared to the same period last year but surpassing market forecasts. Reported net profit stood at €292 million, a 41% decrease year-over-year, mainly due to the impact of non-recurring items.

**Investment and Debt Position** Total investment for the quarter amounted to €991 million, a significant increase from €361 million in the same period last year, with funds primarily directed toward regasification, natural gas transportation, and biomethane operations. Net financial debt rose to €18.5 billion, largely influenced by investment expenditures, dividend payments, and acquisitions.

**Full-Year Guidance and Rating Outlook** The company confirmed its full-year 2026 targets: investment of €2.8 billion, adjusted EBITDA of approximately €3.1 billion, and adjusted net profit exceeding €1.45 billion.

On the same day, S&P Global Ratings revised Snam's outlook from "negative" to "stable," citing the company's solid credit fundamentals and clear strategic positioning.