Snam on the rise at Piazza Affari after the release of the 2024 accounts and the confirmation of the 2025 targets. Around 16pm the stock of the company led by Stefano Venier earn 0,46% compared to a 0,2% rise in the Ftse Mib.
Snam: profits up in 2024
Last year ended for Snam with a adjusted net profit of 1,289 billion euros, up 10,4% compared to 2023. The result, explains a note, is "significantly higher than the guidance", thanks to the increase inadjusted ebitda which stands at 2,753 billion (+13,9%).
They drop by 9,5% i total revenue, equal to 3,568 billion. The revenues of the business of gas infrastructure rose by 422 million (+14,9%), while those of the businesses of energy transition fell by 795 million euros (-71,9%) due to the lower contribution of energy efficiency following the end of the Superbonus incentives, Snam explains in a note.
Moving forward with the data, in 2024 investments recorded a record growth of 31%, rising to 2,9 billion driven by the progress of the works for the Ravenna LNG terminal, the start of the works of the Adriatic Line and investments in storage. This has reverberated on the Rab Tariff which rises to 23,7 billion (+5,8%).
THEnet financial debt is 16,238 billion, lower than the guidance and up by 968 million compared to December 31, 2023, mainly due to the investments made in the period and the payment of the 2023 dividend, partly offset by the issuance of the hybrid instrument, the company said
On the coupon front, Snam will distribute a dividend of €0,2905 per share (up 3%, in line with the dividend policy).
Venier: “2024 accounts demonstrate commitment to strengthening supply security”
“We close 2024 with very positive results, above guidance, demonstrating significant growth. They reflect our commitment to Strengthen security of supply of the country and accelerate its sustainable transition towards Net Zero, with record investments of around 3 billion euros,” said Snam CEO Stefano Venier, commenting on the 2024 results.
“In an energy scenario that remains uncertain, we are strengthening the national infrastructure with the acquisition of Adriatic Lng and Edison Stoccaggio, through a plan of investments of 12,4 billion euros by 2029, the most significant in our history – he added – The ambition to become a pan-European multi-molecule infrastructure operator goes hand in hand with innovation and sustainability, areas in which we have made progress in 2024, anticipating the ambitious objectives set by our Transition Plan”.
Snam confirms 2025 target, profit +5%
The company has 2025 financial targets confirmed who see a adjusted net profit which is expected to reach 1,35 billion euros (+5% compared to 2024). The investments overall, a note explains, they are estimated at 2,9 billion, of which 2,5 billion in gas infrastructure and 0,4 billion for the energy transition. Tariff Rab is expected to be equal to 25,8 billion (an increase of approximately 9% compared to 2024) thanks to new investments, the effect of inflation, the integration of Edison Stoccaggio and the Fsru of Ravenna; while the'EBITDA adjustmentd should reach 2,85 billion (+4%). The net debt is expected to be around 18,4 billion (compared to the guidance of 18,6 billion), including the payment related to the acquisition of Edison Stoccaggio and the sale of Adnoc Gas Pipelines. According to management, Snam is accelerating the investments necessary to develop a pan-European energy infrastructure, capable of managing traditional molecules and decarbonizing, ensuring safety, sustainability and innovation.
Adnoc sale closing, capital gain of 120 million
Snam has completed the sale of its indirectly held stake in Adnoc Gas Pipelines, equal to 5,88% of its share capital, to Lunate, a global alternative investment fund based in Abu Dhabi with 105 billion dollars of assets under management.
Il sales consideration amounts to approx 234 million euro equivalent, including the adjustments provided for in the sales contract and the ticking fee, with an IRR of approximately 14,5% and a capital gain estimated at around 120 million, net of tax impact.
