Commentary & Deal Flow

4yr EuGB: Final Books >€1.0bn. Peak book >€2.2bn (pre-rec)

10yr SLB: Final Books >€1.4bn. Peak book >€2.3bn (pre-rec)

Launched:
4yr: €750m @ MS+47bp
10yr: €750m @ MS+92bp
Guidance: 4yr: MS+50a - Books >€2.2bn (pre-rec) 10yr: MS+95a - Books >€2.3bn (pre-rec)
IPTs: 4yr: MS+80a 10yr: MS+125a

• Issuer: Snam S.p.A. (Ticker: SRGIM, Country: IT)
• LEI: 8156002278562044AF79
• Issuer Ratings: Baa1/A-/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/A-/BBB+ (Moody's/S&P/Fitch)
• Format:
• • 4yr: Senior, Unsecured, RegS Bearer, NGN, (TEFRA D rules apply, no communications with or into the U.S.), European Green Bond
  • 10yr: Senior, Unsecured, RegS Bearer, NGN, (TEFRA D rules apply, no communications with or into the U.S.), Sustainability-Linked Bond
• Settlement Date: 22-Jun-26 (T+5)
• Maturity:
• • 4yr: 22-Jun-30 (4-year)
  • 10yr: 22-Jun-36 (10-year)
• Size: 4yr: €750m, 10yr: €750m
• Coupon:
• • 4yr: Fixed, Annual, ACT/ACT (ICMA)
  • 10yr: Fixed, Annual, ACT/ACT (ICMA)
• Reference Benchmark:
• • 4yr: OBL 2.4 30-Apr-30 #191 (HR 103%)
  • 10yr: DBR 2.9 15-Feb-36 (HR 98%)
• Step-Up Event:
• • 4yr: n/a
  • 10yr: A Step Up Event occurs if the Issuer fails to achieve the target reduction of Scope 1 and Scope 2 GHG Emissions of 50% by 2032 (vs. 2022) and/or Scope 3 GHG Emissions of 35% by 2032 (vs. 2022)
• Interest Rate Step Up:
• • 4yr: n/a
  • 10yr: 25bps per annum
• Maximum Cumulative Interest Rate Step-Up:
• • 4yr: n/a
  • 10yr: 75bps
• Par call:
• • 4yr: 1m Par Call
  • 10yr: 3m Par Call
• Other Call Options: MWC / Clean Up Call (@ 80%)
• ISIN/Common Code:
• • 4yr: XS3406813124 / 340681312
  • 10yr: XS3406814445 / 340681444
• Denominations: €100k+1k
• Docs: EMTN / English law / Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market) and Luxembourg Stock Exchange (regulated market)
• Use of Proceeds:
• • 4yr: The Notes are designated as “European Green Bond” or “EuGB” in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. The Issuer intends to allocate an amount equivalent to the European Green Bond proceeds to assets, capital and/or operating expenditures in accordance with the gradual approach, referred in Article 4(1) of Regulation (EU) 2023/2631. An amount equivalent to the bond proceeds will be used on activities that are environmentally sustainable under Article 3 of Regulation (EU) 2020/852, according to the methodology in the allocation report that will be drawn-up annually by the Issuer until the full allocation of the European Green Bonds proceeds, in accordance with Article 11 of Regulation (EU) 2023/2631
  • 10yr: General Corporate Purposes
• Sustainable Finance Framework: Published on 16-Apr-25 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• SPO: Published by ISS ESG on 16-Apr-25 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• EuGB Factsheet: The EuGB Factsheet dated June 2026 is available at https://www.snam.it/it/investor-relations/investire-in-snam/debito-e-credit-rating/sustainable-finance.html
• EuGB Factsheet External Review: Published by ISS ESG in June 2026 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• Joint Bookrunners: Banca Akros, BBVA, BNP Paribas, CaixaBank, Deutsche Bank (B&D), HSBC, ICBC, ING, Mediobanca, Mizuho, Natixis, UniCredit
• MiFID II/UK MiFIR Target Market: Eligible Counterparties and Professional Clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail investors in the EEA or the UK
• Advertisement: The Base Prospectus dated 18-Nov-25, any Supplements and the Final Terms, when published, will be available on the website of the Issuer (https://www.snam.it/en/Investor_Relations/debt_credit_rating/limitedliability/prospectus.html ) and/or the website of Borsa Italiana (www.borsaitaliana.it )
• Fees: A fee will be paid by the Issuer to the Joint Bookrunners in association with this transaction
• Timing: Books subject at 12.40 UKT / 13.40 CET
• Hedge Deadline: 16:05 UKT / 17:05 CET
• Disclaimer: Any information contained in the Sustainable Finance Framework, Second Party Opinion, European Green Bond Factsheet and/or European Green Bond Factsheet Review referred to above, and any other information accessible through any website referred to above, does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities and does not form a part of the Base Prospectus dated 18-Nov-25 or the Final Terms, save in each case to the extent that any such information is expressly included or incorporated by reference in the Base Prospectus dated 18-Nov-25