Q3 2024 Eni SpA Earnings Call Transcript
Key Points
- Eni SpA (E) reported a pro forma adjusted EBITDA of EUR3.4 billion and cash flow from operations of EUR2.9 billion, demonstrating resilience despite a challenging market environment.
- The company successfully reduced net debt and leverage ahead of its original plan, indicating strong financial management.
- Eni SpA (E) confirmed a EUR2.9 billion investment by KKR for a 25% stake in Enilive, supporting growth and validating the value created.
- The company is advancing its transition strategy with significant progress in biorefineries in South Korea and Malaysia, and the start of its first bio jet plant.
- Eni SpA (E) increased its 2024 share buyback plan to EUR2 billion, reflecting better-than-expected progress in M&A and financial performance.
- The company's cash flow from operations and EBIT were down 14% year-on-year, reflecting the impact of a deteriorating market scenario.
- Eni SpA (E) faces challenges in its petrochemical segment, with Versalis continuing to incur losses and a restructuring plan that may not achieve breakeven EBITDA by 2025.
- The European chemicals industry is expected to remain weak, with no significant improvement anticipated in 2025, impacting Eni's operations.
- The company is dealing with a high tax rate of 51%, consistent with the current oil price and earnings mix.
- Eni SpA (E) anticipates a challenging environment for its refining operations, with low margins expected to persist in the European market.
Hey, Cheif Transition and Financial Officer. (Operator Instructions)
I'm now handing you over to your host to begin today's conference. Thank you
Thank you. Good afternoon, and welcome to Eni third quarter nine months 2024 results conference call. For energy markets continue to be volatile and unpredictable, driven by a mixture of fundamentals, geopolitics as per quarter due to inflows.
Our focus on maintaining the resilient and competitive operating and financial performance for enforcing our balance sheet, while funding both reimbursement that into the business and attractive distribution to shareholders and progressing our strategy.
In the third quarter. We clearly continue to deliver on all those objectives in-country, we need to report the residual results with pro forma adjusted EBITDA of EUR3.4 billion and cash flow from operational of EUR2.9 billion. Despite the deterioration in scenario across most of our main
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