Q2 2024 Enav SpA Earnings Call Transcript
Key Points
- ENAV SpA (FRA:ENV) reported a solid performance in the first half of 2024, with total revenues reaching EUR 461.3 million, up 5.7% compared to the first half of 2023.
- The company saw a significant increase in traffic, with en-route traffic service units up 10.9% year-on-year and terminal traffic service units up 11.5%.
- EBITDA increased by 5.5% to EUR 99.9 million, maintaining a strong margin of 21.6%.
- Net result improved by 25% year-on-year, standing at EUR 23 million compared to EUR 18.4 million in the first half of 2023.
- ENAV SpA (FRA:ENV) confirmed double-digit growth in non-regulated revenues, driven by significant contracts in various countries including Kosovo, Cambodia, and Kenya.
- Net debt increased to EUR 424 million, primarily due to the dividend payment in May.
- Personnel costs rose by 6.1%, driven by increased variable remuneration and the renewal of the labor contract.
- The balance for the first half of 2024 was negative EUR 25.3 million, slightly below the previous year.
- Non-regulated revenues were EUR 3 million below the first half of 2023, mainly due to the absence of contributions from activities performed in Qatar.
- The company faces ongoing negotiations with the regulator for the next regulatory period, which could impact future performance targets and tariffs.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Enav first half 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Daniele Tutino, Head of Investor Relations. Please go ahead, sir.
Good afternoon, everybody, and thank you for joining us today on our first half 2024 results conference Call. I'm Daniele Tutino, Head of Investor Relations. Today, our CEO, Pasqualino Monti, will take you through our progress during the first half of this year. And then our CFO, Luca Colman, will cover in more detail the financial results, and we will then welcome your questions.
And with this, I will now hand over to our CEO, Pasqualino Monti.
Thanks, Daniele, and good afternoon, everybody, and thank you for taking the time to join us today. Let's start with the key points about our first half results and our recent progress. We have
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