2020-2025 Business Plan: € 3.7 billion in investments and launch of “multicircle economy”

Iren confirms its growth strategy through gradually increasing investments (more than double compared to the 2015 plan) and the margins generated, with expected EBITDA at € 1.16 billion (+240 million compared to 2019).

The Group’s objective is to expand a number of activities in new Italian territories, strengthen its resilience and become a leading operator in sustainability by developing the “multicircle economy”, its long-term industrial vision focused on conscious and efficient use of resources, confirming its strong roots in its reference areas through constant improvement in the quality of the services offered and as a driving force for the local economy.

Financial/economic highlights

  • EBITDA: € 1,160 million by 2025 (+240 million compared to 2019) with a CAGR of 4% (compared to 3.5% for the previous plan) through organic growth, consolidation and synergies
  • Total investments: € 3.7 billion (+400 million compared to the previous business plan, +12%)
  • Net financial position/EBITDA: 2.5x by 2025
  • Group net profit: around € 350 million by 2025, (+113 million compared to 2019)
  • Dividend: 8% CAGR over the period of the plan

Business highlights

  • Development in Italy: through commercial expansion and by replicating the excellence achieved, within our reference areas in the field of waste and energy efficiency, in new geographic areas
  • Sustainable Investments: € 2.25 billion, 2.1 billion of which will go to support our multicircle economy strategy
  • Organic growth: € 240 million, supported by investments in networks, aimed at maximising quality and efficiency for services, in waste management, for circular economy projects and the consolidation of IBlu and Unieco, in extending district heating and in increasing retail customers
  • Synergies: € 55 million, mainly associated with Performance Improvement initiatives which will be partially offset over the plan period by the emerging costs related mostly to digital transformation projects