Italian gas company Snam posted revenues of €970 million (US$1.1 billion) during the first quarter of 2025, an increase of 8.3 per cent from the same period last year.
Regulated gas infrastructure revenues grew, driven by the update of 2024 new investment deflator, the Italian IPCA adoption for the revaluation of invested capital for regulatory purposes (RAB) starting from 2025, and the RAB increase linked to the investment plan implementation.
The company's gross operating profit also rose by 8.3 per cent to €730 million (US$820 million), which was driven by growth in regulated revenues.
Snam reported an adjusted net profit of €406 million (US$456 million), which resulted from the growth in gross operating profit and a greater contribution from national and international associates. The company said these positive effects were partially offset by higher depreciation and by higher income taxes resulting from the increased pre-tax result.
Q1 2025 total investments reached €361 million (US$406 million), a drop of 22 per cent compared to Q1 2024, following the work completion related to the Ravenna LNG terminal and higher transport third parties’ contributions.