9M 2023 Consolidated Results

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9M 2023
Consolidated
Results
November 9th, 2023

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GAS MARKET
• 9M 2023 Italian gas demand stood at 44.4 bcm
(-13.8% YoY(1))
• Average TTF price at €40/MWh in 9M 2023 (-70%
yoy) still experiencing high volatility
• North volumes decline offset by LNG (+20% yoy)
and lower demand (-14%)
9M 2023 key highlights
• €1,862m Adj. EBITDA (+9.1% yoy)
• €942m Adj. Net income (+1.1% yoy) (2)
• €1,232m of Investments (-5.8% yoy)
• €14,336m Net Debt (€11.923m in FY 2022)
• Interim dividend of 0.1128/share
(in line with the policy)
• First ever EU taxonomy-aligned exchangeable
transition bond into Italgas ordinary shares,
successfully placed in September
• Sound gas flows through most of the
interconnection points of our asset portfolio
• Terega among the key promoters of H2 Med
corridor
• De Nora: Nucera IPO in July
• WACC uplift to kick in 2024
• Resolution on Base Ross, to be introduced from
2024
• Updated scenarios in line with PNIEC
• CCS positive momentum
FINANCIAL HIGHLIGHTS
1. Non weather adjusted.
2. Net profit Reported at €1,047m (+7.7% y-o-y). Adjustments are mainly related to: De Nora capital gain (+€76m), Capital gain on De Nora
contribution related to Nucera IPO (+€28m), ADNOC discount rate effect (+€10m).
ASSOCIATES’ PORTFOLIO
REGULATION AND POLICY

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9M 2023 key achievements
• Storage level at approx. 99%
• Over pressure authorized on 2 additional storage
facilities
• New FSRUs: Piombino slots fully booked for thermal
year 2023/2024. Auctions for the second vessel in
Ravenna to be launched within next weeks
• >300 requests of connection of biomethane plants
• Several projects submitted for the allocation of
Repower EU funds
• Biomethane tariffs to be reviewed for inflation
• CCS:
• CCS phase 1 project in Ravenna on track
• Storegga Acorn CCS project entered into Track-2
• Greenture to start investments on Pignataro SSLng plant
• Centrica entering in dCarbonX Kerstel storage project
(Ireland)
• H2/CCS Italian market tests to be launched in Q1 2024
• Approx. €100m of grants awarded
SECURITY OF SUPPLY ENERGY TRANSITION
SUSTAINABILITY
• 37% of Capex Taxonomy aligned and 53% of
Capex SDGs aligned
• Sustainable Finance at ca 80%
• ESG investors represent 47% of institutional
shareholders (1)
• Methane emissions (Scope 1) -25% vs 9M 2022
• Joined SBTN Corporate Engagement Program
• New whistleblowing and gender transition policies
1. According to Nasdaq IR shareholders identification analysis, at end of August 2023. Institutional investors represent ca 50% of total shareholders.

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-8.8%
-15.6%
9M 2023 gas demand and flows
Italian gas demand 9M 2023
-15.5%
Decline in volumes from North
offset by LNG and lower demand
Gas demand decline driven by weak thermoelectric production
mild weather and containment measure
Passo Gries
Tarvisio
TAP
Rovigo
Adriatic LNG
Mazara del Vallo
Gela
Panigaglia
(100% Snam)
Livorno OLT
Volumes from north
down by
Ca 11 bcm yoy
Flattish
import from
southern
routes
LNG volumes up
ca 2 bcm yoy
Gas flows 9M 2023
Piombino
1.299 1.360
23.104
19.529
9.116
8.315
18.064
15.237
9M 2022 9M 2023
Buildings
Industry
Thermoelectric
Others
51,582
44,442
-13.8%

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Global energy transition scenarios still unclear
Gas markets are in an unstable equilibrium
Planning/investments essential to avoid new shocks
1. Source: Rystad Energy.
From Shock to Fragile balancing in Global Gas Market
• Shortfall of Russian imports in Europe
• Surging LNG demand and prices
• Gas-to-coal switching increased global carbon emissions
Future scenarios still unclear
• Future gas demand scenarios have large fans of outcomes
• Unpredictability of energy transition, financing and politics
• All scenarios call for new gas developments and investments
Natural gas, low carbon gases and LNG remains critical
• Gases are key to balance intermittent renewables
• Future proof gas infrastructure critical to secure today supply and
accelerate decarbonisation via decarbonised gas
• LNG and ssLNG enable access to energy for areas with scarcity
Gas Report 2023 (1)
World Energy Outlook 2023
• Continued geopolitical and macroeconomic uncertainty
• Coal, oil and gas peak demand by 2030 at a global level
• Highly variable natural gas demand outlook across scenarios
• Power demand increases led by EV and industrial
elecritification
• Solar is the key technology of energy transition
• Grids and batteries need to speed up
• Low-emissions gases to scale up, but actual policies and
investments are insufficient
• CCUS is gaining momentum
• Increase in clean energy investments in all scenarios
• Supply chain investments increase
The energy world remains fragile but it has ways to
improve security and reduce emissions

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Adj. EBITDA analysis
1,706
€m
1,862
• Tariff RAB growth
• Output based for fully depreciated
assets and storage
Mainly Energy Efficiency
• Positive one off in Q1
2022 (gas sale)
• Expiry of TLC lease
23
1,795
1,683
Energy
Transition(1)
Gas
Infrastructure(1)
1. In line with the 2022-2026 Strategic Plan, on December 31st , 2022 Greenture (SSLNG and Mobility) was reclassified from Energy transition to Gas
Infrastructure as it is now focused on the construction of mid-stream infrastructure. The related 9M 2022 figures have been restated accordingly.
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Adj. Net Income analysis
€m
932 9421
Average gross cost
of debt ca 1.9%
Lower contribution of TAG
partially offset by
SeaCorridor and Desfa
New assets entering
into operation
1. Net profit Reported at €1,047m (+7.7% yoy). Adjustments are mainly related to: De Nora capital gain (+€76m), Capital gain on De Nora contribution related
to Nucera IPO (+€28m), ADNOC discount rate effect (+€10m).

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International associates contribution to 9M 2023 Adjusted Net Income
+€3 m
-€11 m
+€21 m
Yoy change in net profit
contribution (€m)
+€8 m
-
-€70 m
+€2m
• TAG results affected by the long-term contracts expiry and lower volumes to Italy partly offset by higher
reverse flow bookings
• Strategic role of TAG for gas security of supply and energy transition
• GCA benefitting from previous years energy costs recovery
• Business performance in line with 2022 and expectations
• More profitable storage product mix and lower operating costs (to be partially reabsorbed by year end)
• Involved in H2 Med corridor
• Sound performance supported by auction premia on LNG imports and on exports to Bulgaria
• Energy costs passthrough recognition from July ‘22
• Working beyond contractual capacity
• First phase of the market test triggering a +1.2 bcm/y expansion from 2026
• Second phase results for larger expansion expected in early 2024
• Sound operating performance; y-o-y comparison affected by profit cap mechanism
• Positive booking evolution supports M/L term earnings visibility
• Business performance in line with expectations
• Acquisition completed in Jan 2023
• Strategic route for Italy with approx. 18 bcm imported until Sept
+€39 m
-€8m

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• - €410m SeaCorridor cash out
• + €144m De Nora cash in
• - €1.173m net capex and
capex payables
(1,368)
• Reversal of the positive Working Capital
related to balancing activities at the end 2022
• Positive effect from settlement activity
(temporary)
• Absorption from energy efficiency fiscal credit
€m
SeaCorridor
-1,539
-1,430
-2,363
-2,413
-1,439
1,061
Cash flow

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Net Debt evolution and financial structure
1. Excluding uncommitted lines and Commercial Papers.
Maturities profile
(bn€, amount drawn) 1
Solid financial structure, rising interest rates to be mitigated by the 2024 WACC reset
Sustainable Finance on Committed financing (bn€)
1,6 1,5
5.2
7.5
4.7
5.2
1.1
2.3
2022 3Q 2023
EIB loans Banking facilities Bonds ESG Commercial Papers
~80%
~70%
Net debt evolution (€bn)
11.9
14.3
Average
gross cost
of debt
Fixed /
Floating
1.1%
80% / 20%
1.9%
78% / 22%
2.4
0,0
0,5
1,0
1,5
2,0
4Q 2023 2024 2025 2026 2027 24-27 AVG
Bonds Banking facilities
1.6

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Closing remarks
Solid 9M results in a volatile environment
FY 2023 Guidance fully confirmed
Sound progress and delivery on key strategic milestone;
Business Plan Update in January 2024
Better prepared gas system to face winter 2023/2024

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Income Statement
€ mn 9M 2022 9M 2023 Change Change %
Revenues 2,548 3,145 597 23.4%
Operating expenses (842) (1,283) (441) 52.4%
EBITDA ADJUSTED 1,706 1,862 156 9.1%
Depreciation & amortisation (641) (691) (50) 7.8%
EBIT ADJUSTED 1,065 1,171 106 10.0%
Net interest income (expenses) (89) (155) (66) 74.2%
Net income from associates 250 248 (2) (0.8%)
EBT ADJUSTED 1,226 1,264 38 3.1%
Income taxes (291) (308) (17) 5.8%
NET PROFIT BEFORE THIRD PARTIES 935 956 21 2.2%
Third Parties Net Profit (3) (14) (11) -
NET PROFIT ADJUSTED 932 942 10 1.1%
EBITDA REPORTED 1,689 1,854 165 9.8%
EBIT REPORTED 1,043 1,161 118 11.3%
NET PROFIT REPORTED 972 1,047 75 7.7%

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Revenues
€ mn 9M 2022 9M 2023 Change Change %
Regulated revenues 2,019 2,353 334 16.5%
Transport 1,617 1,874 257 15.9%
Storage 379 422 43 11.3%
LNG 23 57 34 147.8%
Non regulated revenues(1)
79 56 (23) (29.1%)
Total Gas Infrastructure Businesses revenues 2,098 2,409 311 14.8%
Energy Transition Businesses revenues(1)
450 736 286 63.6%
TOTAL REVENUES 2,548 3,145 597 23.4%
1. In line with the 2022-2026 Strategic Plan, at December 31, 2022 Greenture (SSLNG and Mobility) was reclassified
from Energy transition to Gas Infrastructure as it is now focused on the construction of mid-stream infrastructures.
The related 9M 2022 figures have been restated accordingly.

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Operating Costs
€ mn 9M 2022 9M 2023 Change Change %
Gas Infrastructure Businesses costs 415 614 199 48.0%
Variable costs 106 209 103 97.2%
Fixed costs 223 221 (2) (0.9%)
Other costs 86 184 98 -
Energy Transition Businesses costs (1)
427 669 242 56.7%
TOTAL COSTS 842 1,283 441 52.4%
1. In line with the 2022-2026 Strategic Plan, on December 31st , 2022 Greenture (SSLNG and Mobility) was reclassified from
Energy transition to Gas Infrastructure as it is now focused on the construction of mid-stream infrastructure. The related
9M 2022 figures have been restated accordingly.

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Balance Sheet
€ mn 2022 9M 2023 Change Change %
Net invested capital 19,447 22,378 2,931 15.1%
Fixed capital 21,562 22,497 935 4.3%
Tangible fixed assets 18,222 18,619 397 2.2%
Intangible fixed assets 1,321 1,378 57 4.3%
Equity-accounted investments 2,313 3,000 687 29.7%
Other Financial assets 175 225 50 28.6%
Net payables for investments (469) (725) (256) 54.6%
Net working capital (2,155) (185) 1,970 91.4%
Receivables 8,020 6,540 (1,480) 18.5%
Liabilities (10,175) (6,725) 3,450 33.9%
Provisions for employee benefits (27) (28) (1) 3.7%
Asset and liabilities held for sale 67 94 27 40.3%
Net financial debt 11,923 14,336 2,413 20.2%
Shareholders' equity 7,524 8,042 518 6.9%

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Investments detailed by business
€mn 9M2022 9M2023
Transport(1)
689 765
Storage 114 148
LNG(2) 358 157
Energy Transition(3)
148 162
Total 1,309 1,232
1. Including corporate capex.
2. Including greenture (SSLNG and mobility) investments and Golar Tundra acquisition.
3. Including Biomethane acquisitions.
37% taxonomy aligned and 53% SDGs aligned in 9M 2023

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ESG Scorecard – 9M 2023
Target
2023
9M
2023
% reduction of NG emissions vs 2015 -48.6%
-56.9%
% NG recovered from maintenance
activities (avg. last 5y)
MWh of electricity production
by photovoltaic plants
>40%
58%
>860
849
Production of biomethane (Mscm)
Reduction of CO2 equivalent
from energy efficiency (Kton)
Cumulated number of installed
CNG and LNG stations
Available LNG capacity for
SSLNG market (mln m3)
% of vegetation restoration of the
natural and semi-natural areas
involved in the construction of
pipelines routing
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19.3
Target
2023
9M
2023
72
25
100
-1
>99%
88
-
% participation in
welfare initiative
54%
44%
% employee
engagement index
70-75%
IpFG (Combined Frequency
and Severity Index)
< minimum
last 3 years
(0.55)
0.44
% of women in executive and
middle-management roles 25%
23.3%
% of women in succession
planning
26%
-*
% of local suppliers involved
out of total contractualized
suppliers
50%
73%
% employees hours devoted
to Snam Foundation initiatives
supporting local communities
4,800
3,180
Average annual customers
satisfaction rate in terms of
service quality
8.1
-*
% of reliability levels on gas
supply
99.9%
99.9%
% of third parties on which
reputational due diligence
checks done
100%
100%
Environment Social Governance
Target
2023
9M
2023
% of ESG Financing on the
total Committed Funding
75%
80%
1
2
3
4
5
6
7
8
10
11
15
13
14
15
12 17
18
20
99.95%
Introduction of ESG criteria in
scoring models (% of spending
on assigned contracts)
16
84%*
31% 30%
-
19
12
9
* Yearly result (14 and 18 to be released in q4).
1. SSLNG capacity will be in place in 2025 as planned.

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Gas injection details
Gas injection details
bcm 9M 2022 9M 2023
Change
(bcm)
Change
(%)
National production 2.3 2.1 -0.2 -8.7%
Pipelines 45.6 34.9 -10.7 -23.5%
Gela 1.8 1.9 0.1 5.6%
Mazara del Vallo 17.3 17.7 0.4 2.3%
Passo Gries 6.3 5.4 -0.9 -14.3%
Tarvisio 12.5 2.5 -10.0 -80.0%
Gorizia 0.0 0.0 0.0 -
Melendugno 7.7 7.4 -0.3 -3.9%
LNG 10.1 12.1 2.0 19.8%
Adriatic LNG 5.8 6.5 0.7 12.1%
OLT 2.9 3.1 0.2 6.9%
Panigaglia 1.4 2.3 0.9 64.3%
Piombino - 0.2 0.2 -
Total injection 58.1 49.0 -9.1 -15.7%

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Disclaimer
Luca Oglialoro, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of
the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company’s evidence and
accounting books and entries.
This presentation contains forward-looking statements regarding future events and the future results of Snam that are based on current
expectations, estimates, forecasts, and projections about the industries in which Snam operates and the beliefs and assumptions of the
management of Snam.
In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs,
return on equity, risk management are forward-looking in nature.
Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and
similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict
because they relate to events and depend on circumstances that will occur in the future.
Therefore, Snam’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors
that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory
developments in Italy and internationally.
Any forward-looking statements made by or on behalf of Snam speak only as of the date they are made. Snam does not undertake to update
forward-looking statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.
The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities and Exchange
Commission and with the Italian Stock Exchange.

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Detail of a cooling unit
of a vaporizer.
Snam regasification
plant, Panigaglia, 2022.
Photograph by
Carlo Valsecchi