Snam Spa (SNMRF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to SNAM's nine-month 2025 Consolidated Results conference call. My name is Zach and I will be your operator on today's call. Please note this conference is being recorded and for the duration of the call, your lines will be on listen-only mode. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key 5 on your telephone keypad to enter the queue. I will now hand you over to your host, Francesca Pizzoli, Director of Investor Relations, to begin today's presentation. Please go ahead. Good afternoon, ladies and gentlemen. Welcome to the presentation of SNAM Consolidated Results for the first nine months of 2025, which were approved by the Board earlier today. I'm here today with Luca Passa, SNAM Chief Financial Officer. Luca will walk you through the key market trends, the latest regulatory developments, and the main industrial and financial achievements of the period. He will then provide a detailed review of our financial results, an update of our full year guidance, and a few closing remarks. After that, we will open the floor for your questions. With that, I'm pleased to hand over to Luca. Thank you, Francesca. Good afternoon, everyone. Let me start with the key trends in the Italian gas market during the first 9 months of 2025 at page number 2. Gas demand in Italy was above 44 billion cubic meters, a 2% increase compared to the same period last year. Residential and commercial sector was up 2%, largely due to slightly colder weather conditions, while industrial demand was broadly stable. The thermoelectric sector grew by more than 2%, driven by lower electricity imports and reduced hydroelectric output due to the lower rainfall compared to the same period in 2024, partially offset by we...