2022 1H Consolidated results

1. 1
Internal
energy to inspire the world
2022 1H
Consolidated results
Milan, July 27th, 2022

2. 2
Internal
energy
to
inspire
the
world
Snam to play a key role in the new energy context
• Unparalleled execution
capabilities
• Diversified asset portfolio, well-
positioned in Italy and Europe
• Leader in decarbonized and green
gas
• Strong balance sheet and
disciplined investment approach
Energy
affordability
Increased
requirement
for green and
decarb gas
Potential for
new intercon-
nections in
Europe
Security of
supply has
moved higher
up the agenda
Accelerated
renewables
targets
New
investments
and services
required for
resilience

3. 3
Internal
energy
to
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world
H1 results: key highlights
SNAM KEY DEVELOPMENTS
• Acquisition of 2 FRSUs completed
in a highly competitive market
• Storage operator of last resort:
ca 2 bcm of gas stored from April to
date contributing to the system
infilling ahead of winter
(storage 71% full)
• De Nora IPO successfully
completed, value of Snam stake
almost doubled since acquisition
• MoU with Edison on SSLNG
• 1 new plants added to our
biomethane portfolio (Genova 2MW
entered in the perimeter in July)
SCENARIO
Energy crisis
• EU Commission introduced a minimum 80% gas
storage level obligation by 1st of Nov, rising to 90%
for the following years. Italy committed to 90%
storage level for this thermal year
• RePower EU envisages natural gas infrastructure
investments for integrating the European market
Gas market
• H1 2022 gas demand at 39.2 bcm (-1.9% YoY*) and
strong export volumes (ca 1.8bcm)
• High gas prices (PSV ytd ca 110€/MWh or >2.2x
2021 avg)
Macro
• Q1 2022 RAB deflator at 3.2%
• Supportive WACC mark to market
KEY FIGURES
• Adj. net profit up 1.7% YoY despite
WACC revision thanks to solid
operating performance, growing
contribution from new businesses
and higher associates
• Net debt at €12.8bn impacted by
temporary system balancing related
positive working capital effect
• Funding for the year already
secured
• Sustainable finance at ca 70% of
total
• Group capex of €537m (-5% vs LY).
Delays to be recovered by YE
* Non weather adjusted

4. 4
Internal
energy to inspire the world
The FSRUs will operate
under a regulated
regime which provides
visibility on the return
while increasing RAB
growth profile
• Capacity: 5bcm
• Purchase cost: €329m
• Year of built: 2015
• In operations as FSRU from: 2H2023
• Location: Piombino (on-shore for the
first 3Y)
Key Highlights
Golar Tundra
• Capacity: 5bcm
• Purchase cost: $ 400m
• Year of built: 2015
• In operations as FSRU from: 3Q2024
• Location: Upper Adriatic Sea, to intercept
potential new LNG flows from North
Africa and the Eastern Mediterranean
Key Highlights
BW Singapore
Supply security: two new FSRUs for Italy
• Acquisition costs fully recognized in
RAB
• LNG regulatory framework: 6.1%
WACC and 64% guarantee factor
• Annual contribution set by the so
called “Decreto Aiuti” of overall €30
million per year for the two FSRUs
implying a minimum guaranteed of
ca 85-90%
• These assets will contribute 13% of
the national gas demand, bringing
regasification capacity to over 30%
of demand and reducing by 1/3 the
dependence from Russia

5. 5
Internal
energy
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world
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
100,0
110,0
120,0
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
11.000
12.000
01/04 16/04 01/05 16/05 31/05 15/06 30/06 15/07 30/07 14/08 29/08 13/09 28/09 13/10 28/10
Daily
volumes
(MSmc/g
*)
Storage
level
(MSmc*)
Storage level 2021 Storage level 2022 Daily volumes 2021 Daily volumes 2022 Contributo Snam
Supply security: gas storage infilling
* @PCS=10,57275 kWh/Smc
Snam contributing ca
0.8bcm in April
(store of own gas needs)
Snam contribution as
last resort operator
ca 1.2 bcm
(ongoing)
No working capital absorption, no volume/price exposure for Snam
Snam contribution
ITALIAN STORAGE
71% FULL

6. 6
Internal
energy to inspire the world
Utilities costs and sundry
1H 2022 results: EBITDA analysis
1,163 1,155
• Strong performance:
from €4m to €17m
• Mainly Energy Efficiency
• € 50m on transport
• € 13m on storage
• € 1m LNG
• Tariff RAB growth
• Positive volume effect
• Output based incentives
contribution
1,099
One off effects

7. 7
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energy
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1H 2022 results: Adj Net profit analysis
Mainly positive contribution
of Interconnector and Italian
affiliates
635 646 (1)
• Average gross cost of debt (ca 1%
in H1-2022 vs 0.8% in H1-2021)
• Positive one-off for partial
reimbursement of OLT
shareholders loan
Enter in
operation of new
assets
1. €686m Net profit reported including €73m capital gains and other income, -€17m liability management and other items -€21m net of fiscal effects €5m
2. Excluding capital gains and liability management one-off
Increased FY 2022 net profit guidance to ≥€1.13bn (2)

8. 8
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energy
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Strong performance of our international associates portfolio with
significant optionality driven by Repower EU
• 2022 results protected by long term contracts even in case of lower volumes
• Energy costs spike recovery recognized by the Austrian regulatory framework
• Strategic value of the assets thanks to the reverse flow option and its role in the H2 backbone (ca 5bcm capacity already
booked in reverse flow for thermal year 2022-23 and 2bcm for 2023-25)
• Business performance in line with expectations
• Revenues increase due to higher subscription and lower financial charges
• Working with French Government to support the storage infilling with neutral working capital effect for the company
• Higher revenues due to increased LNG imports and exports to Bulgaria
• Mitigated impact of increase of energy costs thanks to new passthrough mechanism approved in June
• 10YDP about to be approved within YE by NRA at €855m (up vs previous €540m)
• Working at maximum capacity in H1-2022, covering ca 14% of the Italian gas demand in the semester
• First expansion binding phase confirmed by Q4_2022
• Key corridor for the EU diversification of supply
• Stronger than expected performance thanks to gas prices differential vs Europe spreads boosting export flows
• Good visibility on 2023: already more than 50% of firm capacity booked
Snam’s assets well positioned along key gas / H2 corridors
• Capacity upgrade to 7 bcm ongoing, completion expected by H1-23
• Key infrastructure for maximization of supply to Egyptian LNG export terminals foreseen by ISR-EGY-EU MOU
-
+€18 m
+€2 m
Y-o-y change in net profit
contribution(€m)
+€3 m
+€3 m
-
-

9. 9
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energy
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world
Successful partnership with De Nora continues…
• Strategic partnership
with De Nora a global
leading player in
solutions for green
hydrogen, electrodes and
water technologies
• Approx. €0.45bn
invested (35.6% stake)
…with strong value creation
• The largest IPO completed
in the Europe since the
outbreak of the Ukrainian
war (books 3.5x
oversubscribed underlying
the high quality asset)
• Value of the stake nearly
doubled for Snam, €73m of
capital gain and other
income and €150m of cash
in (current stake ca 26%)
• Snam remains a strategic
shareholder
• Working with De Nora on
a project for the
realization of a
Gigafactory: On 15 July
EC authorized IPCEI
(PNRR funds to cover ca
2/3 of the investment
under IPCEI scheme)
De Nora continued reinforcing its market
leadership while delivering growth and
increasing profitability:
• Strong FY 2021 with €616m of revenues
and €127m of EBITDA adj. and 2022
outlook (€830-880m revenues and €155-
165m EBITDA adj)
• Leveraging its established position and
partnerships in the fast growing H2
market
• 2GWe electrodes manufacturing
capacity and 1GW electrolyzers
capacity through Nucera (1)
• Best in class backlog: secured -
through Nucera - 2.5GW of green H2
projects
Nov
2020
June
2022
(1) JV with Thyssenkrupp of which De Nora holds a 34% stake

10. 10
Internal
energy to inspire the world
Cash flow
689
905
244
294
Change in
working
capital
Net
Investments
Non cash
items
H1 Net profit Depreciation
& other items
Free
cash flow
H1 2022
(569)
Cash Flow
from
Operation
1H 2022
1,384
(844)
Dividend Cash flow
H1 2022
Change in
net debt
1,199
2,318
1,749
• Strong positive effect mainly from balancing
activities (temporary) and tariff related items
• Partially offset by energy efficiency fiscal
credit
• Capex
• Disbursement for the first FRSU
• OLT shareholders loan cash in
• De Nora IPO
• Convertible bond
• Others
FY 2021
€14.021m
Net
debt
H1 2022
€12.822m

11. 11
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energy to inspire the world

12. 12
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energy to inspire the world

13. 13
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Solid financial structure and rising role of sustainable finance
Key Highlights
• M/L term debt maturity: ~5,7Y with maturities well spread
over time
• ~¾ Fix-Floating in line with our target
• Funding for the year already secured leaving the second half
for opportunistic pre-funding activities
• 1.5bn€ dual-tranche (10Y avg tenor) sustainability linked
bond issued in January at an average cost of ca. 1%
• 1.2bn€ 3Y RCF facilities (>90% ESG linked) secured at
competitive costs
• Sustainable Finance achieving ca. 70% on total committed
funding
• Continuous focus on treasury management optimization in
spite of increase in interest rate and lower average debt vs.
2021
• ESG Commercial Paper fully utilised at end June (2.5bn)
1. Excluding uncommitted lines and Commercial Paper
12.8
3.2
9.7
1.6
1.9
~70%
Net Debt 1H 2022 Total M/LT committed credit
facilities and bonds (1)
Sustainable Finance
16.4
Total MLT committed credit facilities and bonds (bn€)
Pool banking facilities
Debt capital market
Bilateral banking facilities
Institutional lenders financing
0,0
1,0
2,0
3,0
4,0
5,0
2H2022 2023 2024 2025 2026 2027 2028 and
beyond
Bond maturity Profile as of 30 June 2022 (bn€)

14. 14
Internal
energy to inspire the world
+6.0%
-6.1%
Italian demand and supply in H1 2022
Italian gas demand H1 2022
mcm
14,527
39,200
Others
Buildings
967
H1 2021
707
H1 2022
Industry
Thermoelectric
39,965
16,536
17,603
6,868 6,556
15,402
Gas supply in H1 2022
• Buildings consumption decline -6.1% due to milder
weather (weather adjusted -2.5%)
• Industry demand decline 4.6% mainly driven by high gas
prices (mainly energy intensive industries)
• Thermoelectric demand +6.0% boost by lower
hydroelectric production
• Lower import from Tarvisio
was offset by rising import
through TAP and from
Passo Gries
• Significant increase of
volumes from GNL
Passo Gries
Tarvisio
TAP
Rovigo Adriatic LNG
Mazara del Vallo
Gela
Panigaglia
(100% Snam)
Livorno OLT
-1.9% bcm H1 2021 H1 2022
Change
(bcm)
Change (%)
National production 1.56 1.53 -0.03 -1.9%
Pipelines 31.26 30.81 -0.45 -1.4%
Gela 1.64 1.19 -0.45 -27.4%
Mazara del Vallo 11.18 11.53 0.35 3.1%
Passo Gries 1.12 3.78 2.66 237.5%
Tarvisio 14.63 9.29 -5.34 -36.5%
Gorizia 0.01 0.01 0.00 0.0%
Melendugno 2.68 5.01 2.33 86.9%
GNL 5.69 6.77 1.08 19.0%
Adriatic LNG 3.77 4.27 0.50 13.3%
OLT 1.15 1.71 0.56 48.7%
Panigaglia 0.77 0.79 0.02 2.6%
-4.6%

15. 15
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Income Statement
[ € mn ] 2021 1H 2022 1H Change Change %
Revenues 1.527 1.680 153 10,0%
Operating expenses (364) (525) (161) 44,2%
EBITDA 1.163 1.155 (8) (0,7%)
Depreciation & amortisation (401) (427) (26) 6,5%
EBIT 762 728 (34) (4,5%)
Net interest income (expenses) (50) (51) (1) 2,0%
Net income from associates 139 176 37 26,6%
EBT 851 853 2 0,2%
Income taxes (214) (204) 10 (4,7%)
NET PROFIT BEFORE THIRD PARTIES 637 649 12 1,9%
Third Parties Net Profit (2) (3) (1) -
NET PROFIT 635 646 11 1,7%
EBITDA REPORTED 1.159 1.139 (20) (1,7%)
EBIT REPORTED 758 707 (51) (6,7%)
NET PROFIT REPORTED 878 686 (192) (21,9%)

16. 16
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energy to inspire the world
Revenues
[ € mn ] 2021 1H 2022 1H Change Change %
Regulated revenues 1.358 1.338 (20) (1,5%)
Transport 1.084 1.076 (8) (0,7%)
Storage 265 249 (16) (6,0%)
LNG 9 13 4 44,4%
Non regulated revenues 12 56 44 -
Total core business revenues 1.370 1.394 24 1,8%
New business revenues 157 286 129 82,2%
TOTAL REVENUES 1.527 1.680 153 10,0%

17. 17
Internal
energy to inspire the world
Operating Expenses
[ € mn ] 2021 1H 2022 1H Change Change %
Core business costs 211 256 45 21,3%
Variable costs 57 64 7 12,3%
Fixed costs 138 146 8 5,8%
Other costs 16 46 30 -
New business costs 153 269 116 75,8%
TOTAL COSTS 364 525 161 44,2%

18. 18
Internal
energy to inspire the world
Balance Sheet
[ € mn ] 2021 2022 1H Change Change %
Net invested capital 21.261 20.682 (579) (2,7%)
Fixed capital 21.296 21.597 301 1,4%
Tangible fixed assets 17.567 17.855 288 1,6%
Intangible fixed assets 1.167 1.245 78 6,7%
Equity-accounted investments 2.560 2.683 123 4,8%
Other Financial assets 403 189 (214) (53,1%)
Net payables for investments (401) (375) 26 (6,5%)
Net working capital 1 (878) (879) -
Receivables 3.756 4.768 1.012 26,9%
Liabilities (3.755) (5.646) (1.891) 50,4%
Provisions for employee benefits (36) (37) (1) 2,8%
Non current assets held for sale - - - -
Net financial debt 14.021 12.822 (1.199) (8,6%)
Shareholders' equity 7.240 7.860 620 8,6%

19. 19
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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 perates 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.