Q2 2024 REN Redes Energeticas Nacionais SGPS S A Earnings Call Transcript
Key Points
- Net debt has decreased slightly better than anticipated, indicating improved financial health.
- CapEx is ramping up, showing commitment to future growth despite some delays.
- Achieved a record 82.1% renewable energy penetration in Portugal, driven by hydro and solar projects.
- Positive developments in the SES process and energy transition plans in Portugal.
- Operational performance was strong with no interruptions in electricity service and high availability in gas services.
- EBITDA decreased by 2.7%, primarily due to lower remuneration on assets.
- Net profit saw a significant decrease of close to 23%, impacted by non-recurrent factors and increased financial costs.
- Licensing and subsequent approvals remain a major challenge, causing delays in project execution.
- Concerns about delays in CapEx projects, which may affect the ability to meet the EUR300 million target for the year.
- Rate of return on gas transportation and distribution has decreased, impacting overall remuneration.
Hi, hello to you all, and welcome to the first-half conference call. I'm standing here in Madalena's place. Madalena, our IR is on maternity leave, and she's now being temporarily substituted by Joao Pedro, whom I think a lot of the analysts have already known. But as always, I'm here, and I'm joined by the rest of the executive team. I'm here with Rodrigo, the CEO; and Joao, the COO, Joao Conceicao.
And so I'll pass it to Rodrigo to make the initial remarks. Thank you.
Thank you. Okay, good morning. Thank you, Goncalo. As you can expect, we had another busy quarter. On top of the energy transition challenges and all the regular tasks, we are handling a government transition. New leaders always bring change, and we are going through the process of meeting the new team, share the challenges, listen to
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