Snam SpA (SNMRY) (Q4 2024) Earnings Call Highlights: Strong EBITDA Growth and Sustainability ...
EBITDA: 2024 EBITDA up 23% versus 2022, an increase of EUR516 million.
Net Profit: Increased by 11% despite higher interest rates.
Capital Expenditures: Increased by 50% compared to 2022, totaling EUR8 billion over 2022-2024.
Adjusted EBITDA: EUR2.753 billion, up 13.9% year-on-year.
Adjusted Net Income: EUR1.289 billion, exceeding guidance of EUR1.230 billion.
Net Debt: EUR16.2 billion, 2% ahead of guidance.
Dividend: Total dividend for 2024 at EUR0.2905 per share.
Tariff RAB Growth: Up 5.8% in 2024 compared to 2023.
Investments: EUR2.9 billion in 2024, up 31% versus 2023.
Scope 1 and 2 Emissions: Reduced by 28% in 2024 versus 2022.
Gas Demand: Italian gas demand stable at 62 BCM in 2024.
Associates Contribution: EUR326 million to group net income, up 3.5%.
Funds from Operation: EUR2.239 billion.
Sustainable Finance: 84% of committed financing.
Warning! GuruFocus has detected 7 Warning Signs with SNMRY.
Release Date: March 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Snam SpA (SNMRY) achieved a strong financial performance with a 23% increase in EBITDA compared to 2022.
The company successfully increased its LNG capacity from 6 BCM to 19 BCM, enhancing its infrastructure.
Snam SpA (SNMRY) reduced its Scope 1 and 2 emissions by 28% in 2024 compared to 2022, demonstrating significant progress in sustainability.
The company maintained financial flexibility while providing attractive shareholder remuneration.
Snam SpA (SNMRY) issued its inaugural green bond and was recognized as the Sustainable Issuer of the Year by IFR.
The energy market and geopolitical situation remain unsettled, posing challenges for reliable and affordable energy supply.
Higher interest rates impacted net profit growth, which rose by 11% despite the challenging financial environment.
Capital expenditures increased by 50% compared to 2022, which may pressure financial resources.
The company faced delays in some investments, such as the Ravenna breakwater, which slipped to 2025.
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.
Q: Regarding storage incentives, is this new and included in your business plan? Also, how do you view the ADNOC transaction's valuation? A: (Stefano Venier, CEO) The storage incentives are a proposal and not yet in our business plan. For ADNOC, we opted for a sale due to a higher internal rate of return, realizing a capital gain of over EUR120 million.
Q: Given the rise in interest rates, where do you see your WACC for 2026? Also, can you explain the write-downs on gas infrastructure? A: (Luca Passa, CFO) Our WACC is about 10 basis points lower than the current rate, far from triggering changes. The EUR20 million write-downs were for projects deemed non-finalizable, with no further write-downs expected.
Q: What are your views on gas demand for 2025 and current storage levels? How will you offset the ADNOC disposal in your EPS guidance? A: (Stefano Venier, CEO) We expect gas demand to increase by 2-3 BCM in 2025. Storage levels are at 45%, with plans to fulfill 90% EU recommendations. (Luca Passa, CFO) We will offset ADNOC's impact with earlier consolidation of Edison Storage, better output-based incentives, and lower financial expenses.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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