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%....

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