Snam Spa (SNMRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, this is the Coruscall Conference operator. Welcome and thank you for joining this NAMM 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. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. 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. Welcome to the presentation of SNAM Q1 2025 Consolidated Results, approved by the Board today. The presentation will be hosted by SNAM CEO, Stefano Venier, and by SNAM 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. Thank you, Francesca. I'm on page two with the key highlights on the first quarter. In Q1 2025, we have delivered another set of sound results despite the market turmoil and the volatility. The adjusted EBDA of $761 million is up 8.3% year-on-year, driven by growth in regulated revenues. Adjusted net income at $406 million is 21.2% year-on-year, up thanks to the higher EBDA and greater contribution from associates, only partly offset by higher depreciations and income taxes. Investments at $300,061,000 are down 22% versus first quarter 2024, following the completion of works related to the Ravenna LNG terminal and higher transport third parties contribution. Net debt was at $16.8 billion, mainly reflecting...