Link Securities | The company today presented its results for the first nine months of the year (9M2024), of which we highlight the following aspects: The company’s total revenues at 30 September 2024 amounted to €665.2m (down 1.1% year-on-year). The figure for regulated revenues in the first nine months of 2024 includes the impact of the regulatory framework (down €33.3 million), which has been partially offset by the increase in other regulated revenues (mainly COPEX and the positive impact of the Musel E-Hub plant that came on stream in July 2023).
Total natural gas demand declined by 8.6% year-on-year in 9M2024, due to the following factors:
Decrease in gas demand for electricity generation (down 33.0%) due to the increase in renewable generation, mainly hydro and solar.
Conventional demand in 9M2024 was 2.3% higher than in the same period of 2023.
Operating expenses in 9M2024 decreased by €9.9 million compared to the same period of 2023 (-4%) to €235.2 million. As a result, operating cash flow (EBITDA) in 9M2024 amounted to €572.8m (+0.1% year-on-year). In terms of revenues, the EBITDA margin increased from 85.0% in 9M2023 to 86.1% at the end of September.
EBIT amounted to €323.8 million (-3.3% year-on-year). The higher depreciation expense mainly corresponds to the depreciation of the Musel E-Hub plant after its commissioning in July 2023. In terms of revenues, the EBIT margin decreased from 49.8% in 9M2023 to 48.7% in 9M2024.
Net profit at 9M2024, excluding the impact of the asset rotation in 2024 from the sale of Tallgrass and in 2023 from the sale of the Morelos pipeline, amounted to €233.5m (up 7.8% year-on-year).
Profit after tax at 30 September 2024, including the impact of the asset rotation in 2024, amounted to -€130.2 million, which includes the €363.71 million accounting loss on the closing of the Tallgrass sale transaction. Net profit in 9M2024 evolves to exceed the annual target updated in July (€270 – 280 million; and including the accounting loss associated with the sale of Tallgrass Energy – €90 million – 80 million).
Net financial debt at the end of 3Q2024 was €926 million lower (down 27.7% versus year-end 2023) and stood at €2,421 million at 30 September, as a result of the cash obtained from the sale of the stake in the US company Tallgrass Energy.
