Snam S.p.A. (SNMRY) Q2 2026 Earnings Call Transcript

Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam's consolidated results for the first half of 2026, which were approved by the Board earlier today. I am here with Agostino Scornajenchi, Snam's CEO and General Manager; and Luca Passa, Chief Financial, Sustainability and International Asset Management Officer.

The presentation will be divided into 3 parts. First, Agostino will offer an overview of recent market developments and the main industrial and financial milestone achieved during the period. Luca will then provide a detailed overview of our financial performance. After that, Agostino will provide closing remarks, followed by the usual live Q&A session.

Before commenting our first half results, I would like to start with a broader perspective on the energy system on Slide #3. When discussing energy, it is important to keep a clear view of the facts