Acquisition of OLT Stake Enhances Snam’s Regasification Portfolio and LNG Diversification Strategy

(IN BRIEF) Snam has agreed to acquire Igneo Infrastructure Partners’ 48.2% stake in OLT Offshore LNG Toscana for approximately EUR 126 million, including shareholder loan components, increasing Snam’s ownership to 97.3% once the deal is completed in the first half of 2026 pending regulatory approvals. OLT operates the Toscana FSRU near Livorno, a key regasification facility supplying roughly 8% of Italy’s gas demand with expanded annual capacity of 5 bcm. Snam CEO Agostino Scornajenchi emphasized the strategic importance of LNG in strengthening Italy’s energy security amid global volatility, noting that LNG accounted for about one-third of the nation’s gas imports by late 2025. Igneo highlighted the strong operational and strategic progress achieved since its investment in 2019. OLT’s 2025 figures include a Tariff RAB of EUR 700 million, EUR 83 million in Adjusted EBITDA, and EUR 25 million in Adjusted Net Income, with implied deal multiples of 7.6x EBITDA. Snam expects average net profit accretion of about EUR 8 million annually from 2026 to 2029. The acquisition further consolidates Snam’s leadership in LNG infrastructure, as the company already holds stakes in all regulated regasification terminals operating in Italy.

(PRESS RELEASE) LONDON / MILAN, 11-Dec-2025 — /EuropaWire/ — Snam has reached an agreement to acquire Igneo Infrastructure Partners’ 48.2% shareholding in OLT – Offshore LNG Toscana S.p.A., the company that operates the Toscana floating storage and regasification unit (FSRU) located off the coast of Livorno. The total transaction value—including Igneo’s equity stake and the remaining portion of the shareholder loan provided to OLT—amounts to approximately EUR 126 million.

The acquisition is expected to close in the first half of 2026, subject to customary regulatory reviews, including clearances under Italian antitrust and golden power rules. Following completion, Snam will increase its ownership to 97.3%, enabling full consolidation of OLT within Snam’s financial statements.

OLT has been operational since 2013 and plays a central role in safeguarding Italy’s energy supply. The FSRU—positioned about 22 kilometers offshore—has an annual regasification capacity of around 5 billion cubic meters (bcm), up from 3.75 bcm following an expansion in 2024. This capacity represents roughly 8% of Italy’s total gas demand, making OLT a strategic asset in the national energy system.

“Liquefied natural gas is now fundamental to diversifying Italy’s energy supply routes,” said Agostino Scornajenchi, CEO of Snam. “As of the end of November 2025, LNG imports reached 18.7 bcm, covering about one third of national consumption, with 205 vessels arriving from more than ten countries. This acquisition reinforces Snam’s leadership in the LNG sector, which is essential to ensuring energy security in an increasingly uncertain global environment. It gives Italy greater flexibility, diversified access to supply sources, and strengthens our role as a strategic gateway for natural gas flows into Europe.”

Gregor Kurth, Partner at Igneo, added:
“Since 2019, we have worked closely with OLT’s management team to strengthen operations, broaden services, and support the company’s growth. OLT now plays a vital role in Italy’s energy security and decarbonization path, while generating long-term value. We are proud of the results achieved and grateful for the productive partnership with Snam. We are confident that OLT will continue to thrive under Snam’s stewardship.”

OLT’s 2025 financial profile includes a Tariff RAB of approximately EUR 700 million, with expected Adjusted EBITDA of around EUR 83 million, Adjusted Net Income of EUR 25 million, and Net Debt of EUR 376 million (figures net of an insurance refund). The implied transaction multiples stand at 7.6x 2025 Adjusted EBITDA and 0.91x 2025 Tariff RAB. Snam will fund the transaction using its existing financial flexibility, with no impact expected on group credit metrics. Over 2026–2029, Snam anticipates average annual net profit accretion of around EUR 8 million from the acquired interest.

Beyond OLT, Snam maintains controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including:
• the Panigaglia onshore terminal (100%), active since 1971;
• the Adriatic LNG terminal (30%), operational since 2009;
• the Italis FSRU (100%), in service since July 2023 off Piombino;
• the BW Singapore FSRU (100%), operational since May 2025 off Ravenna.

About Snam
Snam is a leading European operator in natural gas infrastructure, focusing on three main business areas: transportation, where it ranks first with a network extending over 38,000 km in Italy and abroad; storage, with one-sixth of the entire capacity of the European Union; and regasification, where it is currently the third-largest European player, with an annual managed (or co-managed) capacity of 28 billion cubic meters. Snam ensures Italy’s security of supply through its infrastructure system, enables energy integration between different
sources, and promotes decarbonization projects that support competitiveness and development of businesses and communities. With over 80 years of experience in the construction and management of gas infrastructure, Snam is among the leading Italian listed companies by market capitalization, and is committed to achieving carbon neutrality by 2040, and Net Zero on all emissions – including indirect emissions of associates and suppliers – by 2050.

About Igneo Infrastructure Partners
Igneo is a global mid-market infrastructure investment specialist which has been operating since 1994 and now manages €19.5bn (as at 30 September 2025) on behalf of more than 200 global investors. Igneo manages four geographically distinct strategies: Global, Europe, North America, and Australia/New Zealand. All strategies are consistent in their focus on high-quality, mid-market infrastructure companies diversified across the Energy, Waste and Water, Digital, and Transportation sectors.