SNAM's Q1 total revenues declined 1.9% to 895 million euros
Adjusted net profit reached 335 million euros
The Board of Directors of Snam, which met yesterday under the chairmanship of Monica de Virgiliis, approved the consolidated results for the first quarter of 2024 (unaudited).Q1 2024 total revenues reached 895 million euros, which is down 1.9% compared to the first quarter of 2023 and increase in regulated revenues related to the implementation of the investment plan, the increase in WACC and higher output-based incentives. Revenues from the energy efficiency business declined, particularly in the residential sector, SNAM said in its media release.
EBITDA: 703 million euros (+17.8%), thanks to the growth in regulated revenues, partly absorbed by the lower contribution of the energy transition business.
Group adjusted net profit: 335 million euros (+11.3%) attributable to the effect of the growth in EBITDA, which was partly offset by an increase in depreciation and amortisation connected with the entry into service of realized investments and current write-downs of assets, as well as by an increase in financial expense mainly due to the rise in interest rates.
Net financial debt: 15,793 million euros (+523 million euros compared to 31 December 2023), up mainly due to the investments made during the period and the payment of the 2023 interim dividend.
Total investments: 462 million euros (+47.5% compared to the first quarter of 2023), for higher investments related to the upgrading of the Ravenna and Piombino terminals. Out of the overall figure for total investment, 55% is aligned with the Sustainable Development Goals and 34% with the EU Taxonomy.
“The results for the first quarter of 2024 are very positive, with investments and the main indicators showing a robust growth, both for domestic business and those of our associates, against a backdrop of continuing volatility at global level. The results achieved and the visibility of our business allow us to improve our 2024 EBITDA and net profit guidance, with a significant acceleration on the targets set out in our business plan”, Snam CEO Stefano Venier commented.
