AleAnna, Inc.

What they do

AleAnna holds a 33.5% working interest in the Longanesi conventional natural gas field in Northern Italy, operated by partner Padana, which achieved first production from five wells in March 2025 using a temporary processing facility. It also holds wholly-owned concessions, permits and applications across Italy, including the Gradizza and Trava prospects, supported by 3D seismic data. Separately, it launched a renewable natural gas business in 2023 and acquired three RNG plant projects in Italy between March and July 2024 for about 9.0 million euros, one greenfield and two operational brownfield sites. Revenue currently comes from conventional gas sales and electricity sales from the two RNG assets.

Revenue drivers

• Conventional natural gas (Longanesi) — Sales of AleAnna's 33.5% share of Longanesi production; the company reported approximately $9.5 million of Conventional segment revenue in Q2 2026 and $22.4 million of cumulative conventional revenue as of December 31, 2025.
• Renewable natural gas / electricity sales — The company currently generates revenue from electricity sales at two renewable natural gas assets; the three acquired RNG plants are in various stages of the production lifecycle.
• Gas sale agreement with Shell Energy Europe — A GSA signed October 29, 2024 makes SEEL the exclusive buyer of AleAnna's share of Longanesi gas, net of specified transport, royalty and pre-existing volumes.

Recent performance

For the second quarter of 2026 AleAnna reported net income of $3.8 million and Adjusted EBITDA of $4.1 million, versus approximately $0.6 million and $0.8 million in the same period of 2025. Quarterly revenue has been roughly stable at $9.1 million in Q4 2025, $9.3 million in Q1 2026 and $10.2 million in Q2 2026. The company reported approximately $9.5 million of Conventional segment revenue in Q2 2026. First-half 2026 construction continued on the permanent Longanesi production facility, and construction began at the Gradizza field development during Q2 2026. On the balance sheet at June 30, 2026, AleAnna had total assets of $107.3 million, total liabilities of $41.4 million, shareholder equity of $65.9 million and cash of $32.6 million.

Strategy

AleAnna is focused on delivering domestic natural gas supplies to Europe through onshore conventional development in Italy and carbon-negative renewable natural gas from waste. It is transitioning Longanesi from temporary to permanent processing infrastructure, expected to be installed in phases during 2026 with completion and commissioning in early 2027, and is advancing Gradizza as its first wholly owned and operated production asset. Management says it expects to fund most future growth from cash flow from the Longanesi, Gradizza and Trava developments plus cash on hand, while also seeking additional financing. It also describes a backlog of RNG acquisition targets in the Italian biomethane market.

Risks

• Early-stage production base — As of December 31, 2025 many properties were not connected to midstream transportation and the company had few producing properties, so failure to convert exploration into commercial production could lose invested funds.
• Undeveloped reserves and capital needs — Most reserves are undeveloped and developing proved undeveloped reserves may take longer and cost more than anticipated, with delays or lower commodity prices reducing their value.
• Dependence on partner and facilities — Longanesi is operated by Padana and relies on a temporary processing facility pending a permanent facility expected to be installed during 2026 and commissioned in early 2027.
• Renewable business execution — The RNG business depends on acquiring, developing and operating facilities, obtaining permits, and sustained demand and government incentives for renewable energy.

Outlook

Management says Longanesi remains on track to outperform initial expectations and that the permanent facility should support long-term development of the asset. The company expects to fund most future growth from operations and cash on hand and may seek additional financing. It points to positive cash flow, a growing asset base and a role in Italy's energy security through increased domestic natural gas production.