SNMRF - Snam S.p.A. (SNMRF) Q1 2025 Earnings Call Transcript
2025-05-10 14:05:48 ET
Snam S.p.A. (SNMRF)
Q1 2025 Earnings Conference Call
February 08, 2025 10:00 AM ET
Company Participants
Francesca Pezzoli - Head of Investor Relations
Stefano Venier - Chief Executive Officer
Luca Passa - Chief Financial Officer
Conference Call Participants
Sarah Lester - Morgan Stanley
Javier Suarez - Mediobanca
Emanuele Oggioni - Kepler Cheuvreux
Alberto de Antonio - BNP Exane
Bartlomiej Kubicki - Bernstein
Piotr Dzieciolowski - Citi
Davide Candela - Intesa Sanpaolo
James Brand - Deutsche Bank
Marcin Wojtal - Bank of America
Presentation
Operator
Good afternoon. This is the chorus call conference operator. Welcome and thank you for joining Snam First Quarter 2025 Consolidated Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [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.
Francesca Pezzoli
Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam Q1 2025 consolidated results approved by the Board today. The presentation will be hosted by Snam’s CEO, Stefano Venier and by Snam’s CFO, Luca Passa.
Stefano will provide an overview of the excellent financial and industrial results achieved along with regulatory and market updates. Luca will provide a detailed financial performance overview. Then back to Stefano for closing remarks and finally the Q&A session.
I will now hand over to Stefano.
Stefano Venier
Thank you, Francesca. I’m on page two with the key highlights from the first quarter. In Q1 2025, we have delivered another set of sound results despite the market turmoil and the volatility. The adjusted EBITDA of EUR761 million is up 8.3% year-on-year, driven by growth in regulated revenues.
Adjusted net income at EUR406 million is 21.2% year-on-year, up thanks to the higher EBITDA and greater contribution from associates only partly offset by higher depreciations and income taxes. Investments at EUR361 million are down 22% versus first quarter 2024 following the completion of works related to the Ravenna LNG terminal and higher transport
third parties’ contributions. Net debt was at EUR16.8 billion mainly reflecting investments carried out and the payment of 2024 interim dividend for almost EUR400 million. The average cost of debt was stable at 2.5%....
Snam S.p.A. (SNMRF) Q1 2025 Earnings Call Transcript