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EBITDA: 2024 EBITDA up 23% versus 2022, an increase of EUR516 million.
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Net Profit: Increased by 11% despite higher interest rates.
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Capital Expenditures: Increased by 50% compared to 2022, totaling EUR8 billion over 2022-2024.
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Adjusted EBITDA: EUR2.753 billion, up 13.9% year-on-year.
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Adjusted Net Income: EUR1.289 billion, exceeding guidance of EUR1.230 billion.
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Net Debt: EUR16.2 billion, 2% ahead of guidance.
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Dividend: Total dividend for 2024 at EUR0.2905 per share.
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Tariff RAB Growth: Up 5.8% in 2024 compared to 2023.
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Investments: EUR2.9 billion in 2024, up 31% versus 2023.
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Scope 1 and 2 Emissions: Reduced by 28% in 2024 versus 2022.
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Gas Demand: Italian gas demand stable at 62 BCM in 2024.
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Associates Contribution: EUR326 million to group net income, up 3.5%.
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Funds from Operation: EUR2.239 billion.
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Sustainable Finance: 84% of committed financing.
Release Date: March 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Snam SpA (SNMRY) achieved a strong financial performance with a 23% increase in EBITDA compared to 2022.
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The company successfully increased its LNG capacity from 6 BCM to 19 BCM, enhancing its infrastructure.
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Snam SpA (SNMRY) reduced its Scope 1 and 2 emissions by 28% in 2024 compared to 2022, demonstrating significant progress in sustainability.
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The company maintained financial flexibility while providing attractive shareholder remuneration.
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Snam SpA (SNMRY) issued its inaugural green bond and was recognized as the Sustainable Issuer of the Year by IFR.
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The energy market and geopolitical situation remain unsettled, posing challenges for reliable and affordable energy supply.
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Higher interest rates impacted net profit growth, which rose by 11% despite the challenging financial environment.
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Capital expenditures increased by 50% compared to 2022, which may pressure financial resources.
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The company faced delays in some investments, such as the Ravenna breakwater, which slipped to 2025.
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Snam SpA (SNMRY) had to manage write-downs on gas infrastructure projects deemed non-finalizable.
Q: With the uncertainty in climate policy, do you see potential upside risks for gas networks and CapEx programs for Snam? A: (Luca Passa, CFO) Our commitment to reducing emissions remains strong, aiming for net zero by 2050. We don’t expect radical changes in Europe, where we operate, and see opportunities to continue investing in infrastructure for green molecules.
Q: Can you update us on the ROSS-Integrale regulation and potential changes in the deflator? A: (Stefano Venier, CEO) The deflator process has ended, and we expect a shift to the European inflation index. For ROSS-Integrale, a consulting document is expected soon, and we await further details.
