Q3 2024 Snam SpA Earnings Call Transcript
Key Points
- Snam SpA (SNMRF) reported a strong growth in adjusted EBITDA, up more than 12% year-on-year, reaching EUR 2,089 million.
- The company has approved an interim dividend for 2024, reflecting a 3% increase compared to 2023.
- Snam SpA (SNMRF) successfully issued a EUR 1 billion hybrid instrument to finance acquisitions and maintain financial flexibility.
- The company is progressing on its strategy to become a multi-molecule infrastructure operator, with significant investments in gas infrastructure and energy transition projects.
- Snam SpA (SNMRF) has a robust transition plan aligned with the Paris Agreement, aiming to reduce its carbon footprint and enable energy system decarbonization.
- Net debt increased to EUR 15.9 billion, with an average net cost of debt at 2.5%.
- The Italian gas market saw a decline in demand by 2.7% in the first nine months due to low thermo-electric production and mild weather.
- The energy transition business reported a negative contribution of EUR 6 million in the first nine months of 2024.
- Higher net financial expenses were reported, driven by increased interest rates and higher net cost of debt.
- The company faces potential risks related to gas volume decline and the need for infrastructure repurposing in the long term.
Good morning. This is the Chorus Call Conference operator. Welcome and thank you for joining this. Now, Nine month 2024 consolidated results conference call.
(Operator Instructions)
At this time, I would like to turn the conference over to Francesca Pezzoli, Head of Investor Relations of Snam. Please go ahead.
Good morning, ladies and gentlemen and welcome to the Nine month 2024 consolidated results. 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 financial and strategic highlights of the period and on the progress to deliver our ambition to become a multi molecules infrastructure operator. Then it will focus on the updated long term scenario, providing a summary of the key takeaways from our transition plan that recently presented a complementary integrated pillar of our strategy and action plan. I encourage you to take a look at the dedicated webinar on our website and the
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