Snam S.p.A. Website

Snam S.p.A.

BIT-SRG

Company Overview

Snam S.p.A., together with its subsidiaries, engages in the operation of natural gas transport and storage infrastructure in Italy. The company operates through Natural Gas Transportation, Liquefied Natural Gas (LNG) Regasification, and Natural Gas Storage segments. It provides natural gas transportation and dispatching services with approximately 32,700 kilometers of high-and medium-pressure gas pipelines; and owns and manages LNG regasification plants. The company also offers natural gas storage services through an integrated group of infrastructure comprising deposits, wells, gas treatment and compression plants, and the operational dispatching systems; and operates nine storage concessions, including five in Lombardy, three in Emilia-Romagna, and one in Abruzzo. In addition, it engages in the lease and maintenance of fibre optic telecommunications cables, as well as provides integrated services in the natural gas mobility sector; energy efficiency solutions for residential, industrial, tertiary, and public administration sectors; and management of biogas and biomethane plants. Further, the company offers engineering and project management services; and supervision of infrastructure planning activities. It also operates in Albania, Saudi Arabia, Austria, China, Egypt, the United Arab Emirates, France, Greece, the United Kingdom, and the United States. The company was formerly known as Snam Rete Gas S.p.A. and changed its name to Snam S.p.A. in January 2012. Snam S.p.A. was founded in 1941 and is headquartered in San Donato Milanese, Italy.

  • Name

    Snam S.p.A.

  • CEO

    Agostino Scornajenchi

  • Website

    www.snam.it

  • Sector

    Gas Utilities

  • Year Founded

    1941

Company Statistics

Profile

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Financial Health

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Growth (CAGR)

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Dividends

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Bulls Say

  • Snam has high earnings and dividend visibility as its main businesses earn regulated returns.

  • Investments in biomethane, hydrogen, and carbon capture and storage better position the company for a faster-than-anticipated energy transition.

  • The annual review of the weighted average cost of capital parameters prevents a returns squeeze when interest rates rise, most recently seen in the 2024 expected increase in returns.

Bears Say

  • Investments in the energy transition do not strengthen the company’s moat, especially in biomethane and carbon capture and storage.

  • Regulatory risk for utilities is historically higher in Italy than in the rest of Europe, as the country faces a structurally high budget deficit and can be tempted to see utilities as cash cows.

  • Should hydrogen not ramp up and electrification displace gas, Snam’s gas pipelines could become stranded assets in the long run.

Source: Morningstar Analysis - Nov 05, 2025
BIT:SRG