Snam S p A : 2021 Half year report (HTML)

• Total Revenues: 1,527 million euros (+13.4% compared with the first half of 2020), mainly attributable to contributions from investments and growth in the energy transition business;
• Adjusted EBITDA: 1,163 million euros (+5.1%), due to positive contribution from the core business and to a continued focus on operating costs;
• Adjusted Net Profit: 635 million euros (+9.9%), as a result of positive operating performance, contribution from associate companies and the continuous optimization in the financial structure with an average cost of debt below 1%;
• Technical Investments: 566 million euros (+23.9%; of which +22.5% related to the core business);
• Net Financial Debt: 14,148 million euros (12,892 million euros as of 31st December 2020; +1,256 million euros), due to the disbursement for the acquisition of the stake in Industrie De Nora, the increase in the investment plan, the working capital for business development as well as the seasonal effect relating the balancing activity;
• Guidance on 2021 Net Profit: confirmed at around 1,170 million euros;
• Opening of Snam's TecHub in Bologna: the first district of the future for digital transformation, supporting energy transition and security;
• Sustainable finance: new 'ESG-linked' 3 year-term loans signed for a total amount of 350 million euros at ca. 0% cost per annum; Snam's fourth 500 million euros Transition Bond issued in June; 150 million euros loan obtained from the European Investment Bank (EIB) to support energy efficiency projects.

San Donato Milanese (Milan), 29 ^th July 2021 - The Board of Directors of Snam met today under the chairmanship of Nicola Bedin and approved the consolidated half-year Financial Report as of 30 ^th June 2021 (subject to limited review).

Marco Alverà , Snam's CEO, commented:

'The first-half year results confirm the soundness of our core business, which continues to grow to the benefit of security of supply and energy transition in the territories in which we operate. More specifically, in the first six months of the year, we increased investments in Italy by more than 20% to modernise our network, reduce emissions to achieve our 2040 carbon neutrality target and become the most technologically advanced operator in our sector worldwide.

The half-year figures also benefited from the positive performance of our equity investments, a strong growth in energy efficiency activities as well as a reduction in financial expenses.

Our projects to promote the development of renewable gases such as hydrogen and biomethane and their use in existing infrastructures continue, as do our initiatives in sustainable finance, with the issuance of bonds linked to the energy transition amounting to over 1.2 billion euros in the first half of the year alone.'