Snam SpA

SRG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	N.y	LOCK\|#$^	LOCK\|#LcBkY

Snam’s Strategic Plan Accelerates RAB Growth; Raising Fair Value Estimate

Tancrede Fulop , Andrea Burigana

May 13, 2026

Business Strategy and Outlook

Snam operates three regulated segments: transportation, storage, and regasification/LNG. The transportation business, mainly natural gas pipelines, is the dominant earnings contributor, representing around 82% of group EBIT. Storage accounts for roughly 18%, while regasification remains marginal.

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Snam SpA

Snam’s Strategic Plan Accelerates RAB Growth; Raising Fair Value Estimate

Business Strategy and Outlook

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