FY 2020 results

1. 1
FY 2020 results
Milan, March 18th, 2021

2. 2
Strong delivery in a year of global pandemic
Prioritised safety of our people and support
our communities while delivering essential services
• Specific protocols for essential personnel
• >2000 people fully enabled to work remotely from Feb. 24th
• Employees health and wellness measures implemented
• 20 €m donated for solidarity initiatives
International expansion & acceleration
in energy transition
• Adnoc Gas Pipeline: valuable energy infrastructure in an
attractive market as only industrial operator
• TAP start up on time in Q4 2020
• Strategic partnership with De Nora global leader in key
component of hydrogen technology and ITM Power
• First biomethane plant in operation by February 2021 in North
Italy with a total installed capacity of ca. 4MW
• CDP Equity acquired a 30% stake in Snam4Efficiency, re-branded
Renovit, valuing the business enterprise value at €150m
2020 a year of outperformance
• Investments: € 1.189m (+23.5% vs FY 2019); delays due to Covid
fully recovered
• International associates: €191m, ahead of expectations
• Financing costs: €126m (-24% vs FY 2019), ahead of expectations
• Net profit: €1.164m, exceeding guidance of €1.100m, despite the
slowdown of energy transition businesses and Covid
• Uninterrupted gas flows (transmission, storage, LNG)
• 100%* of commercial and technical availability of the grid
• Ca. 100.000 hours of maintenance activities performed (in line with
previous year)
* Net of the interventions related to mandatory maintenance activities

3. 3
Continuing to deliver growth
Regulated revenues EBITDA adj.
Income from associates
• New investments
• Energy costs recognition
• Negative commodity effect
• Adnoc Gas Pipeline acquisition
• TAP initial positive contribution
• Desfa and TAG stronger than
expected contribution
• New businesses initial
contribution
• Benefit from cost saving and
efficiency programme
€m
€m
€m
FY 2020
FY 2018 FY 2019
2,429 2,491 2,548
FY 2019
FY 2018 FY 2020
2,095 2,169 2,197
FY 2018 FY 2019 FY 2020
159 216 249
Net income adj.
• Strong operational results
• Lower financial charges
• Non recurring positive effects
for ca 30€m included in 2020
€m
FY 2019
FY 2018 FY 2020
1,010 1,093 1,164
+2.6% +2.3% +3.5% +1.3%
+35.8%
+15.3%
+8.2%
+6.5%

4. 4
Maintaining ESG focus with new scorecard
Enabling the transition to a
lower carbon future
Creating a safe and positive
environment for all our stakeholders
Ensuring responsibility and
integrity in everything we do
• 2020 CO2e emissions -15% vs
2018 (Scope 1 + 2)
• Adherence to UNEP framework
• 50% CO2e emissions reduction
target by 2030 vs 2018 (Scope
1 + 2)
• Carbon neutrality target by
2040 (Scope 1+2)
• Case study?
• Several employee wellbeing initiatives
(medical aid, wellness and welfare
initiatives) during a critical year.
• Launch in 2021, together with the
University of Oxford, the World
Wellbeing Movement
• Support for our communities suffering
during Covid: € 20m donated, over
700,000 people impacted
• Over 40% of BoD time
dedicated to ESG issues
• Bylaws amended to include
energy transition, sustainable
success and gender balance
• First Italian Company of the
private sector to join the
permanent Commission
representing business and
non-government entities
within OECD
Environment
Social
Governance
ESG scorecard setting targets for the next 3
years integrating ESG into strategy
(details in back up)
ESG POSITIONING
4

5. 5
2020 FY results: Net profit analysis
€ mn
15
13
39
33
1,093
Net
interest
(expenses)
D&A
Ebitda core
(net of
energy costs)
‐21
Net income
from
associates
‐8
Income taxes
1,164
• New investments
• Negative commodity effect
• Lower fixed costs
• Mieci & Evolve consolidation
• Renerwaste first year of full contribution
• Strong performance of SGS
• Lower cost of debt
• OLT financial income
• Higher EBT
• Lower tax rate
Ebitda
new business
Net profit Adj.
FY19
Net profit Adj.
FY20

6. 6
Update on Snam’s international portfolio
€ mn
Main operational achievements
• TAG electric compressors fully in operation (expected CO2e
emission reduction up to -30% from 2022 vs 2015-2020 annual
average)
• Healthy business performance
• BioCH4: stake acquisition In Dualmetha (20%) and Chadasaygas
Group (40%)
• Interconnection point with TAP completed in December
• Strong gas demand (+9% volumes vs 2019)
• Fully operational since November 15th
• First gas to Italian market on 31st December with beneficial
effects on PSV/TTF spread
158
191
Net Income
contribution
2019
Net Income
contribution
2020
• COD achieved on November 15th
• First year of positive contribution
to Snam P&L
• Benefit from One-off contribution
in connection with a business
related settlement
• Acquisition completed in
July 2020
• First year of contribution
• Positive one off impact due
to the refinancing
Exceptionally strong results
6
Terega, TAG, GCA and Desfa
joined Hydrogen backbone
initiative
Desfa joined the Gas
for Climate initiative
6
Our associates are exploring H2 asset readiness and joining us
in promoting green gases development
Terega joined
HyDeal ambition

7. 7
Cash flow
Change in
working
capital
Free cash
flow before
financial
investments
Net
Investments
Cash Flow
from
Operation
Depreciation
& other
items
Net profit M&A
Of which:
• Capex € -1.189m
Of which:
• Tariff related items € -158m (undercharges &
penalties)
• Net tax payables (€ -32m)
• Absorption from energy eff. business (€-32m)
Of which:
• OLT net cash out € -301m
• Adnoc cash out € -221m
• ITM cash out € -34m
(1,110)
(522)
1,597
Free Cash
Flow
Dividend SBB Cash Flow
1,101
(269)
(114)
765
(779)
(928)
487
(35)

8. 8
12.9
3.2
8.2
1.6
2.1
Net Debt YE 2020 Total M/LT* committed credit
facilities and bonds
15.1
Key Highlights
• M/L term debt maturity: ~6Y and maturities well spread over time
• ~¾ Fix-Floating in line with our target
• Two Transition bond issuances for 1.1bn€ at an average cost of 0.3% and ~9Y
maturity
• New banking financing for ~0.7bn€ 0 cost with tenors of 2-3 years
• Proactive management of maturities:
• ~630m€ of bonds bought back in December
• Banking facilities: extension for one year of 3.2bn€ pool facility
• Treasury management optimization exploiting supportive market conditions:
• Euro Commercial Paper Programme increased from 2 to 2.5bn€
• Ample access to uncommitted credit lines market at negative yield
• Net debt/RAB 2020 at ca 58%
• ~7bn€ of sustainable funding at year-end equal to ~40% of total committed
funding
• Launched the new Transition Bond Framework in June and issued two
Transition bonds over the year for 500m€ and 600m€ in June and November
respectively
• In May 2020, confirmed the margin’ step down of the 3.2bn€ sustainable loan
• Obtained an ESG rating of EE (Investment Grade) for the Euro Commercial Paper
Programme by Standard Ethics
Focus on Sustainable Finance
Snam Debt Structure
Bond maturity Profile as of 31 December 2020 (bn€)
Total MLT committed credit facilities and bonds (bn€)1
1Excluding uncommitted lines and Commercial Paper
Pool banking facilities
Debt capital market
Bilateral banking facilities
Institutional lenders financing
0,0
0,5
1,0
1,5
2,0
2,5
2021 2022 2023 2024 2025 2026 2027 2028 and
beyond
Already refinanced via
750m€ dual tranche bond
issued in February

9. 9
2021 net profit guidance upgraded
€ ~ 21.0 bn
Tariff RAB
€ ~ 1.4 bn
Investments
Net income
ca +3% vs 2020
guidance
Equivalent to
ca €1,130m
Net debt1 € ~ 13.5 bn (1)
Debt/RAB <60%
€1,170m
including De Nora
contribution
Previous 2021 guidance
(provided Nov 2020)
New 2021 guidance
Confirmed
~ €14bn (1) Including De Nora
1. Excluding change in tariff related items (essentially neutral)
2. Competence 2021, to be paid in 2022
Debt/RAB <60%
(+5% vs 2020) (2)
DPS Confirmed

10. 10
Q&A

11. 11
Back up

12. 12
ESG scorecard
SDGs ESG Focus Areas KPIs
2023
target
12
Natural Gas Emissions
Natural gas emissions reduction vs 2015 (%) -21% -30% -36%
Natural gas recovered from maintenance activities (%) 44% 49% >40%
Operational energy Savings
Electricity production from photovoltaic plants (MWh) 829 872 >860
Snam’s fleet cars retrofitted or methane fueled (%) 34% 39% 61%
New Business - Green
Innovation
Biomethane produced (mln m3) 0 0.44 141
CO2eq avoided through to energy efficiency activities (ktons) 3 5 43
CNG and L-CNG refuelling stations (#) 9 25 167
Available LNG capacity for SSLNG market (ktons) 0 0 250
Land Protection & Biodiversity
Vegetation restoration of the natural and semi-natural areas involved in
the construction of the pipeline routing (%)
New KPI New KPI >99%
Welfare Employee partecipation in welfare initiatives (%) New KPI 39% 54%
Employee engagement Employee engagement index (%) New KPI 82% 75%
Safety
Combined frequency & severity index (last 5Y average) 0.32 0.49
<average
last 5 years
Number of HS remarks on total audit (last 5Y average) New KPI 0.27
<average
last 5 years
Gender Diversity
Women in executive and managing positions (%) 19.3% 20.3% 25.0%
Women in succession planning (first and second reporting line and key
positions) (%)
22% 22% 27%
Responsible Supply
Spending to local suppliers (Italy based SMEs) on total procurement (%) 30% 37% 50%
“Social” (third sector) suppliers included in the vendor list vs 2020 (#) 7 26 +50%
Local Community Engagement Employees hours devoted to volunteering vs 2020 (hours) 4400 4100 +30%
Governance Functioning
BoD time dedicated to ESG matters in strategy meetings and induction
sessions (%)
40% 41% >40%
Infrastructure Reliability
Reliability of gas supply (%) New KPI 99.99% >99.9%
Last 3 years average customer satisfaction survey score 7.6 8.2 8.1
Anti-corruption Third parties subjected to reputational checks % 100% 100% 100%
2020
2019

13. 13
Income Statement - Adjusted
[ € mn ] 2019 2020 Change Change %
Revenues 2,606 2,770 164 6.3%
Operating expenses (437) (573) (136) 31.1%
EBITDA 2,169 2,197 28 1.3%
Depreciation & amortisation (752) (773) (21) 2.8%
EBIT 1,417 1,424 7 0.5%
Net interest income (expenses) (165) (126) 39 (23.6%)
Net income from associates 216 249 33 15.3%
EBT 1,468 1,547 79 5.4%
Income taxes (375) (383) (8) 2.1%
NET PROFIT 1,093 1,164 71 6.5%
EBITDA REPORTED 2,204 2,153 (51) (2.3%)
EBIT REPORTED 1,452 1,380 (72) (5.0%)
NET PROFIT REPORTED 1,090 1,101 11 1.0%

14. 14
Revenues
[ € mn ] 2019 2020 Change Change %
Regulated revenues 2,491 2,548 57 2.3%
Transport 1,969 2,028 59 3.0%
Storage 505 499 (6) (1.2%)
LNG 17 21 4 23.5%
Non regulated revenues 30 30 - -
Total core business revenues 2,521 2,578 57 2.3%
New business revenues 85 192 107 125.9%
TOTAL REVENUES 2,606 2,770 164 6.3%

15. 15
Operating Expenses
[ € mn ] 2019 2020 Change Change %
Core business costs 351 393 42 12.0%
Variable costs 11 46 35 318.2%
Fixed costs 288 280 (8) (2.8%)
Other costs 52 67 15 28.8%
New business costs 86 180 94 109.3%
TOTAL COSTS 437 573 136 31.1%

16. 16
Balance Sheet
[ € mn ] 2019 2020 Change Change %
Net invested capital 18,181 19,359 1,178 6.5%
Fixed capital 19,311 20,260 949 4.9%
Tangible fixed assets 16,802 17,178 376 2.2%
Intangible fixed assets 990 1,125 135 13.6%
Equity-accounted and other investments 1,787 1,923 136 7.6%
Financial receivables held for operating activities 44 421 377 856.8%
Net payables for investments (312) (387) (75) 24.0%
Net working capital (1,094) (861) 233 (21.3%)
Receivables 1,549 1,929 380 24.5%
Liabilities (2,643) (2,790) (147) 5.6%
Provisions for employee benefits (46) (40) 6 (13.0%)
Non current assets held for sale 10 - (10) (100.0%)
Net financial debt 11,923 12,887 964 8.1%
Shareholders' equity 6,258 6,472 214 3.4%

17. 17
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.