Snam refines 2024 guidance after Firstgrid deal, shares in focus on Borsa Italiana

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-26, 09:39.

Snam (IT0003153415) has refined its 2024 financial guidance following the completion of its Firstgrid stake acquisition and confirmed capital expenditure plans for its Italian gas network, according to its latest investor materials and statements on Borsa Italiana.

What Snam disclosed on guidance

In its 2024 guidance update released alongside the full-year 2023 results in March, Snam targeted adjusted net profit of around 1.3 billion euros for 2024, compared with 1.25 billion euros in 2023, supported by continued regulated asset base growth and efficiency measures, as outlined in the company’s investor presentation. Snam 2024-2027 strategic plan presentation

The group also confirmed an investment plan of 11.5 billion euros for 2024-2027 focused on gas transmission, storage and energy transition projects including hydrogen-ready infrastructure, with around 4 billion euros earmarked for network resilience and security of supply in Italy, according to the same strategy documents. Reuters coverage of Snam's 2024-2027 plan

Firstgrid acquisition and regulatory framework

Snam has completed the purchase of a 49.9 percent stake in Firstgrid, the company that owns gas transmission assets previously held by SEAS-NVE in Denmark, for an enterprise value of around 1 billion euros, expanding its presence in Northern European regulated infrastructure, as detailed in its transaction announcement and echoed in market commentary. Snam announcement on Firstgrid closing

The Italian group continues to operate under the regulatory framework defined by Italy’s energy regulator ARERA, which sets allowed returns on the regulated asset base and incentivizes investments in security of supply and decarbonization, a structure comparable to that applied to other European gas infrastructure operators such as Enagás in Spain and Fluxys in Belgium, according to regulatory documents and sector analysis.

The business behind the Snam stock

Snam generates most of its revenue from regulated natural gas transmission and storage in Italy, operating a high-pressure pipeline network of roughly 38,000 kilometers and storage capacity of about 17 billion cubic meters, complemented by stakes in European pipeline and LNG assets, according to its latest annual report and strategy presentations.

Where the Snam shares trade today

The Snam shares (IT0003153415) trade on Borsa Italiana in Milan, with the last quoted price at around 4.50 euros and a market capitalization in the mid-teens billion-euro range as of the latest available exchange data.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities.