Half Year 2024 Snam SpA Earnings Call Transcript
Key Points
- Adjusted EBITDA increased by 16% year-on-year to EUR1,417 million, driven by WACC uplift, ROSS effects, and rapid growth.
- Adjusted net income rose by 11% year-on-year to EUR691 million.
- Investments surged by 60% compared to the first half of 2023, reaching EUR1,159 million.
- The acquisition of Edison Stoccaggio is expected to strengthen Snam's industrial and strategic position.
- Snam issued a EUR1 billion sustainability credit line and obtained EUR100 million from EIB to support energy efficiency projects.
- Net debt increased to EUR16.4 billion with an average net cost of debt at 2.5%.
- Gas demand in Italy declined by 4.3%, despite a 3% global increase.
- The end of the super-ecobonus incentive on energy efficiency led to a slightly negative contribution from energy transition businesses.
- Higher net financial expenses by EUR43 million due to increased interest rates.
- The regulatory environment remains uncertain, with potential changes in inflation indexation and WACC adjustments.
The last portion of this transcript is missing because there was an audio gap. This will be supplied if a replay becomes available.
Good morning. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Snam First Half 2024 Consolidated Results Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Ms. Francesca Pezzoli, Head of Investor Relations of Snam.
Please go ahead, madam.
Good afternoon, ladies and gentlemen, and welcome to Snam H1 2024 Consolidated Results Conference Call. Today's presentation will be hosted by our CEO, Stefano Venier and by our CFO, Luca Passa. In the presentation, Stefano will provide an overview of the key highlights of the period. Luca will walk you through the financial performance, then back to Stefano for closing remarks, and finally the Q&A session. And now I will hand over to Stefano.
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