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Investor Relations14 Oct 2025
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Saras (SRS) investor relations material
Saras Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary31 Jul, 2024
Executive summary
H1 2024 comparable EBITDA was €288.5M and net result €126.6M; Q2 2024 comparable EBITDA reached €90.5M and net result €29.7M, reflecting higher production and improved diesel cracks.
H1 2024 revenues rose 9% year-over-year to €5,908M, driven by higher production volumes and improved scenario conditions.
Net financial position (pre-IFRS 16) was €10.7M at June 30, 2024, down from €202.7M at end-2023.
Major event: Vitol, via Varas S.p.A., acquired 35.019% of Saras, triggering a mandatory tender offer and potential delisting.
H1 2024 investments totaled €79.9M, mainly for maintenance and renewables.
Financial highlights
H1 2024 reported EBITDA was €275.2M; Q2 2024 reported EBITDA was €97.7M.
H1 2024 net result was €108.7M; Q2 2024 net result was €31.3M.
Dividend payout in H1 2024 was €142.2M.
Q2 2024 CapEx was €49M, mainly for refinery maintenance and solar plant completion.
Operations generated €208M in funds in H1; net financial position at quarter-end was €11M.
Outlook and guidance
Refining margin premium over EMC reference margin expected in the $3.5–$4.5/bbl range for 2024.
Annual crude processing expected at 13.2–13.5 Mton; power generation at 4.0–4.2 TWh.
CapEx guidance for 2024 confirmed at €170–180M, including energy transition investments.
Full-year fixed cost guidance confirmed at €380M–€400M, below last year.
Net financial position expected to remain robust and positive at year-end.
Explain H1'24 Industrial & Marketing EBITDA.
Why is H2'24 margin outlook lower?
Discuss the outlook for sour grade availability.
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Frequently asked questions
Saras S.p.A. is an Italian energy company with diversified operations across petroleum refining, marketing, transportation, and power generation. Established in 1962 by Angelo Moratti, the company has grown significantly, with its main production facilities situated in Sarroch, Sardinia, Italy. Saras is known for operating one of the Mediterranean's largest refineries, with a substantial refining capacity that plays a critical role in Italy's energy supply. In addition to its core refining business, Saras has expanded into the power generation sector, including natural gas and wind energy, to diversify its energy portfolio. The company also actively participates in the wholesale market for oil products, with a significant presence in both the Italian and Spanish markets. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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