Italy's gas grid operator Snam said on Wednesday it was, "fully on track," to meet its 2026 guidance after posting a 1.8 per cent rise in quarterly core profit, adding tensions in the Middle East and Ukraine did not have any significant impact on its business.
Snam's earnings before interest, tax, depreciation and amortisation (EBITDA) were €775 million ($907.14 million) in the first quarter, in line with a company-provided consensus of €771 million.
The result reflected growth in regulated revenues, mainly in the gas infrastructure business, and changes in the group, which has now fully-consolidated the liquefied natural gas terminal offshore of the Tuscan city of Livorno.
Adjusted net profit fell 7.6 per cent to €375 million - slightly above the company-provided consensus of €363 million - due to higher depreciation and amortisation and financial charges, Snam said in a statement.
The group confirmed its 2026 financial targets, including an adjusted EBITDA of around €3.1 billion and adjusted net profit above €1.45 billion. As of end-April, gas storage filling level reached 50 per cent.
(Reporting by Gianluca Semeraro, editing by Giulia Segreti)
