Snam S.p.A. (OTCPK:SNMRF) Q3 2023 Earnings Conference Call November 9, 2023 4:00 AM ET
Company Participants
Francesca Pezzoli - Head, IR
Stefano Venier - CEO
Luca Passa - CFO
Conference Call Participants
Sarah Lester - Morgan Stanley
Javier Suarez - Mediobanca
Jose Ruiz - Barclays
Meike Becker - HSBC
Stefano Gamberini - Equita SIM
Piotr Dzieciolowski - Citibank
Davide Candela - Intesa Sanpaolo
Operator
Good morning. This is the Chorus Call conference operator. Welcome and thank you for joining the Snam Nine Months 2023 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
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.
Francesca Pezzoli
Good morning, ladies and gentlemen, and welcome to Snam nine months 2023 consolidated results. Today, presentation will be hosted by our CEO, Stefano Venier; and by our CFO, Luca Passa.
In the presentation, Stefano will provide an overview of the results, the key highlights and achievements of the period and an update of the most recently published outlook on energy markets. Luca will walk you through the financial performance; then back to Stefano for closing remarks; and finally, the Q&A session.
And now let me hand over to Stefano.
Stefano Venier
Thank you. Thank you, Francesca and good morning also by myself. I'm on Slide 2 with few key highlights on the first nine months. Gas demand declined by approximately 14% in the nine months. Gas prices were on average 70% below the first nine months of 2022 that were characterized by consistent volatility showing the fragility of the energy system.
Domestic gas flows continued to be impacted by the geopolitical situation. In front of
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