SNAM S.P.A. ANNUAL

Business / Consolidation

Subsidiaries, joint ventures, associates and other significant equity investments are indicated separately in the appendix ‘Equity investments of Snam S.p.A. as at 31 December 2024‘, which is an integral part of these notes. The same annex shows the changes in the scope of consolidation as of 31 December 2024 compared to 31 December 2023. All the financial statements of the companies included in the scope of consolidation are expressed in euro, adjusted, where necessary, to make them consistent with the accounting policies applied by the Parent Company. Fully consolidated subsidiaries The Group defines another entity as a subsidiary when it: • has the power to make decisions concerning the investee entity; • is entitled to receive a share of or is exposed to the variable profits and losses of the investee entity; • is able to exercise power over the investee entity in such a way as to affect the amount of its economic returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Figures relating to subsidiaries are included in the consolidated financial statements, based on uniform accounting policies, from the date on which the Company assumes direct or indirect control over them until the date on which said control ceases to exist. The assets, liabilities, income and expenses of consolidated companies are fully incorporated line-by-line in the consolidated Financial Statements (full consolidation method). Unrealised gains from transactions between consolidated companies are derecognised, as are receivables, payables, income, expenses, guarantees, commitments and risks between consolidated companies. The portion pertaining to the Group of unrealised gains with companies valued using the equity method is derecognised. In both cases, intragroup losses are not derecognised because they are considered to represent the impairment loss on the transferred asset. Changes in equity investments held directly or indirectly by the Company in subsidiaries that do not