Snam S.p.A. (SNMRF) Q2 2024 Earnings Call Transcript

Snam S.p.A. (OTCPK:SNMRF) Q2 2024 Earnings Call Transcript July 31, 2024 10:00 AM ET

Company Participants

Francesca Pezzoli - Head of IR
Stefano Venier - Chief Executive Officer
Luca Passa - Chief Financial Officer

Conference Call Participants

Jose Ruiz - Barclays
Javier Suarez - Mediobanca
Stefano Gamberini - Equita S.I.M.
Marcin Wojtal - Bank of America
Bartlomiej Kubicki - Bernstein
Alberto De Antonio - Exane BNP
Emanuele Oggioni - Kepler Cheuvreux

Operator

Good morning. This is the Chorus Call conference operator. Welcome and thank you for joining the Snam First Half 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 ma’am.

Francesca Pezzoli

Good afternoon ladies and gentlemen and welcome to Snam H1 2024 consolidated results conference call. 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

Thank you, Francesca, and good afternoon. I start on slide two. In the first half we delivered strong growth with adjusted EBITDA up 16% year-on-year at a 1417 million, mainly thanks to the weighted average cost of capital uplift, the ROSS effects and the WACC growth. The adjusted net income at 691 million is up 11% year-on-year. Investments reached the 1159 million, up 60% versus first half 2023 and the net debt at 16.4 billion with 2.5 average net cost of debt. Last week we signed the agreement with Edison for