Snam S.p.A. (OTCPK:SNMRF) Q1 2024 Earnings Call Transcript May 16, 2024 4:30 PM ET
Company Participants
Francesca Pezzoli - Head of IR
Stefano Venier - CEO
Luca Passa - CFO
Conference Call Participants
Javier Suarez - Mediobanca
Stefano Gamberini - Equita SIM
Marcin Wojtal - Bank of America
Alberto de Antonio - BNP Paribas Exane
Davide Candela - Intesa Sanpaolo
Fernando Garcia - RBC
Operator
Good morning. This is a chorus call conference operator. Welcome and thank you for joining the Snam First Quarter 2024 Consolidated 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 Q1 2024 consolidated results. Today's presentation will be hosted by our CEO, Stefano Venier and by our CFO, Luca Passa. In the presentation, Stefano will provide you an overview of the key highlights of the period. Luca will walk you through the financial performance. Then back to Stefano for closing remarks and finally, the Q&A session.
And now, I will hand over to Stefano.
Stefano Venier
Good morning. Let me go through key highlights on Page 2. First quarter posted a strong performance with the adjusted EBITDA at EUR703 million, up 18% year-on-year mainly thanks to the weighted average cost of capital uplift, the ROSS effect, the RAB growth and the output based incentives. Adjusted net income at EUR335 million is up 11% year-on-year while investments reached EUR462 million, up 48% versus Q1 2023 and the net debt at EUR15.8 billion with 2.4% average net cost of debt.
Gas demand declined by 2.6%. This, along
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