Snam has upgraded guidance on 2024 after first quarter accounts that saw double-digit growth in Ebitda and earnings.

The group sees adjusted Ebitda for the year of more than 2.75 billion, up from March's estimate of 2.7 billion, adjusted net income of about 1.23 billion (from the previous estimate of 1.18 billion), and capital expenditures of 3 billion versus the 2.9 billion estimated two months ago, a note said.

Snam reported revenues of 895 million euros in the quarter, a year-on-year decline of 1.9 percent, net of fees to cover energy costs.

Adjusted net income grew 11.3 percent to 335 million, while Ebitda was 703 million (+17.8 percent) thanks to growth in regulated revenues, partly absorbed by the lower contribution from the energy transition business.

Capital expenditure during the period was 462 million (+47.5%).

(Gianluca Semeraro, editing Francesca Piscioneri)