Snam S.p.A. (SNMRF) Q2 2023 Earnings Call Transcript

Snam S.p.A. (OTCPK:SNMRF) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET

Company Participants

Francesca Pezzoli – Head of Investor Relations

Stefano Venier – Chief Executive Officer

Luca Passa – Chief Financial Officer

Conference Call Participants

Jose Ruiz – Barclays

Javier Suarez – Mediobanca

Meike Becker – HSBC

Marcin Wojtal – Bank of America

Stefano Gamberini – Equita

Emanuele Oggioni – Kepler


Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Snam’s First Half 2023 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 IR. Please go ahead.

Francesca Pezzoli

Good afternoon, ladies and gentlemen and welcome to Snam H1 2023 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 an overview of the H1 results, the key highlights of the period and an update on the delivery of the strategic plan. Luca will talk 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

Good afternoon also on my side. Let’s start on Page 2. Gas demand declined by more than 16% on the first half. Gas prices were on average 55% below H1 2022 and experienced significant volatility showing the fragility of the energy system. Domestic gas flows continued to be impacted by geopolitical situation. The decline in volumes from North was offset by a 20% increase of LNG import and lower demand by 16%.

On the regulatory front, we had the approval

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