Snam stock follows 6% higher EBITDA guidance
Published on 09/25/2026 at 10:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Snam stock follows higher 2026 EBITDA guidance as the Italian gas infrastructure operator targets adjusted EBITDA of EUR 3.1 billion, up 6 percent from EUR 2.97 billion in fiscal year 2025. The shares closed at EUR 5.66 on Borsa Italiana on September 23, 2026.
Guidance points to higher earnings
Snam's updated targets place adjusted net profit above EUR 1.45 billion for fiscal year 2026, compared with approximately EUR 1.42 billion in fiscal year 2025. The tariff regulatory asset base is expected to reach EUR 28.8 billion, up 10 percent from EUR 26.2 billion, while net debt is projected at approximately EUR 19 billion.
The figures show the central trade-off in Snam's current investment case: earnings are expected to grow while the balance sheet expands to support network investment. The company guides for EUR 2.8 billion of total 2026 investments, making capital deployment a key counterweight to the higher operating target.
First half shows investment pressure
In H1 2026, revenue rose 6.3 percent to EUR 2.026 billion and adjusted EBITDA increased 5.4 percent to EUR 1.572 billion, according to Economia Italia. Adjusted net profit fell 2.3 percent to EUR 733 million, while investments climbed 43.8 percent to EUR 1.613 billion.
That mix matters more than the revenue growth alone. Snam is expanding its asset base, but the 43.8 percent increase in investments was materially faster than the 5.4 percent EBITDA increase in the same half-year period.
UBS target stays above the close
Investing.com reported on September 10, 2026, that UBS upgraded Snam from Neutral to Buy and set a EUR 6.60 price target, down from EUR 6.70. Against the EUR 5.66 closing price on September 23, the target remains EUR 0.94 higher.
Snam also completed a placement of approximately 10 million Industrie De Nora shares for gross proceeds of EUR 67 million, according to Marketscreener on September 22, 2026. The transaction adds liquidity while reducing Snam's exposure to the listed investment.
Snam stock holds at EUR 5.66
Snam stock stood at EUR 5.66 on Borsa Italiana on September 23, 2026. The price, the EUR 6.60 UBS target and the 6 percent EBITDA guidance increase frame the stock's current debate around earnings growth, investment intensity and capital allocation.
Snam stock key facts
- Company: Snam S.p.A.
- Ticker: SRG
- Trading venue: Borsa Italiana
- Price (September 23, 2026): EUR 5.66
- Sector / Industry: Utilities / gas transportation infrastructure
