Investors

Iren, the Board of Directors approves the half-year results as at 30 June 2025 with solid growth in all main economic indicators: +14% EBITDA thanks to the contribution of all business lines and the consolidation of Egea Holding, +24% net profit and over 900 million in investments, with technical investments up +14%

30 Jul 2025

Main economic-financial indicators

 

  • Revenues of 3,486 million euros (+29% vs 30/06/2024). The increase in revenues reflects higher commodity prices and higher energy volumes sold
  • Gross Operating Margin (EBITDA) of 726 million euros (+14% vs 30/06/2024). The increase is supported by the consolidation of Egea Holding, higher margins and volumes in energy production (Energy BU) and organic growth in regulated businesses (Networks and Environment BU)
  • Group net profit attributable to shareholders amounted to 184 million euros (+24% vs 30/06/2024). The positive performance is supported by the growth in EBITDA and the lower net profit of minority interests due to the acquisition of the minority stake in Iren Acqua
  • Net financial debt amounted to 4,228 million euro (+4% vs. 31/12/2024). The slight increase in the period is mainly attributable to the payment of dividends
  • Technical investments amounted to 393 million euros (+14% vs 30/06/2024) mainly intended for the modernisation of the electricity distribution networks (+31%), the development of the waste chain and the extension of the district heating network. Capital expenditure for the period was more than covered by operating cash flow
  • Financial investments in the amount of 522 million euros. The purchase of the minority stake in Iren Acqua for € 283 million, the exercise of the call, and the consolidation of Egea Holding's net financial debt, for a total of approximately € 238 million, were financed with the issuance, in January 2025, of a hybrid bond

 

Main sustainability indicators

 

  • Sustainable investments (eligible for European taxonomy) of 72%, in line with the Business Plan
  • Carbon intensity of 312 gCO2/kWh, in line with last year, as per the Business Plan
  • Separate waste collection of about 70%, thanks to the extension of best practices in all served territories
  • Increase in district heating volume of +12% vs. 30/06/2024 thanks also to the consolidation of Egea Holding
  • Increase in customer base to 2.4 million customers (+200 thousand customers vs. 30/06/2024)
  • +7% increase in wastewater treatment capacity vs. 30/06/2024
  • The total number of Group employees exceeds 11,860 people

 

Today, the Board of Directors of IREN S.p.A. approved the consolidated financial statements at 30 June 2025.

 

Luca Dal Fabbro, Chair of the Group, said: "Today we are approving very positive results with revenues of 3,486 million euro (+29%) and a net profit of 184 million euro (+24%) compared to last year; in particular, the growth in net profit is the result of the positive contribution of all business units and the two extraordinary operations of Iren Acqua and Egea Holding. The diversification of our industrial structure allows us to intercept several growth opportunities, both organic and inorganic, and thus increase Ebitda by € 90 million compared to last year, of which € 34 million came from the consolidation of Egea Holding. On the strength of the growth already achieved, which anticipates part of the growth expected by the end of the year, we confirm the guidance with an expected 2025 Ebitda of between € 1,340-1,360 million, a net profit of between € 300-310 million and technical investments of more than € 900 million.

 

Gianluca Bufo, Chief Executive Officer and General Manager of the Group, said: "The first half of the year closed with a very solid operating performance, characterised by double-digit growth in all the main indicators, even better than in the first quarter: Ebitda at EUR 726 million (+14%) reflects the effectiveness on the one hand of the execution of our strategic choices and continuous technical development investments, totalling almost EUR 400 million in the half year and more than covered by operating cash flow, and on the other hand the renewed optimisation of internal processes with a focus on costs. In light of the current trend, we look forward to the second half of the year with confidence, confirming the guidance.

 

Moris Ferretti, Deputy Chairman of the Group said: "The first half of 2025 confirms that an industrial strategy integrated with sustainability is the key to success. The start-up of the new paper recycling plant in Collegno is a concrete example of this: it allows us not only to expand treatment capacity, but also to increase material recovery, thus transforming a waste into a valuable resource. Separate waste collection of around 70% in the served territories and a 7% increase in wastewater treatment capacity highlight the Group's continuous progress towards increasingly sustainable management of all activities. These results were achieved thanks to the commitment and expertise of the more than 11,860 people who contribute daily to the growth of the Group and the territories in which we operate."

 

IREN GROUP: CONSOLIDATED RESULTS AT 30 June 2025

 

Consolidated Revenues as at 30 June 2025 amounted to € 3,485.6 million, up +29.2% compared to € 2,697.6 million in the first half of 2024. The main drivers of revenue growth are energy revenues, which were impacted by rising commodity prices for approximately € 190 million and higher energy volumes sold for approximately € 250 million. In addition, the consolidation of the EGEA Holding group with effect from 1 January 2025 for more than € 200 million and the energy efficiency activities for about € 50 million makes a positive contribution.

 

Gross Operating Profit (EBITDA) amounted to EUR 726.2 million, a significant increase (+14.2%) compared to EUR 635.8 million for the first half of 2024. The period was characterised by several positive factors, such as the favourable energy scenario with rising commodity prices (PUN +28.4% and PSV +39.1%), organic growth, the overall positive regulatory effects for the Environment sector, as well as the change in the scope of consolidation due to the entry of the EGEA Holding group on 1 January 2025.

 

As far as the energy scenario is concerned, the increase in prices led to contrasting, but overall positive effects (+€ 15 million) by improving margins on electricity production (+€ 18 million), partially offset by lower margins on heat production (-€ 3 million). The positive contribution to the electricity and heat production margin is also related to the higher quantities produced (+€14 million), particularly in the hydroelectric sector (+9%), thanks to the high hydraulicity of the period, and in the thermoelectric sector (+69.2%), due to the full availability of the plants and a more favourable climate scenario. The energy commodities marketing business decreased (-€ 6 million), mainly due to the expected lower margin on gas sales, a business that in the first months of 2024 had benefited from an extraordinary positive margin and therefore not replicable, while margins on electricity sales improved slightly. A positive contribution to the margin is also generated by organic growth mainly related to tariff awards as a result of the investments made on the Networks BU in recent years (+€ 11 million) and the regulatory effects for the revision of tariff parameters, which are positive overall (+€ 5 million, of which Environment +€ 7 million and Networks -€ 2 million). Two extraordinary items also emerged during the first half of the year, namely the recognition of premiums/penalties for the technical/commercial quality of the integrated water service (2022-2023 period) recognised by Arera to the companies of the BU Reti (for a net balance of +8 million euro) and the recognition by the Council of State of the appeals against Resolution 570/19 concerning certain components of the gas tariff method for the 2020-2025 period (+€ 10 million). These items more than offset the absence of the gains related to the tariff adjustments for the recovery of inflation of the integrated water system, which had positively characterised the year 2024 and are no longer repeatable, and the reduction of the WACC recognised in the gas and electricity distribution sectors. Lastly, the entry of the EGEA Holding group into the scope of consolidation as of 1 January 2025 (+€ 34 million) contributed to the improvement in the margin.

 

The change in margin with reference to the individual business units is broken down as follows: the Energy business unit improved strongly with +30.6%, Networks +13.9%, Market +6.5% and Environment +6.3%.

 

Operating profit (EBIT) amounted to EUR 326.3 million, an increase of +16.9% compared to EUR 279.2 million for the first half of 2024. During the period, there was higher depreciation and amortisation of € 29 million related to new investments and the expansion of the scope of consolidation (€ 17 million), higher accruals to the provision for bad debts of € 11 million, higher accruals to the provision for risks of € 2 million, and a lower release of provisions of € 2 million that had characterised the first half of 2024.

 

Group net profit attributable to shareholders amounted to € 183.5 million, an increase (+24.0%) from the result recorded in the first half of 2024. The growth reflects the trend in EBITDA and benefits from the reduction in minority interests related to the acquisition of the minority stake in Iren Acqua.

 

Net financial debt stood at € 4,228 million as at 30 June 2025, up € 145 million (+4%) from the 31 December 2024 figure. In this regard, the operating cash flow amounted to € 435 million, largely covering the technical investments made of € 393 million, while the € 500 million raised through the hybrid bond issue was, as planned, entirely used for the financial investments for the period of € 522 million.

 

Total investments made in the period amounted to € 915 million, an increase compared to 2024, of which € 393 million in technical investments (+14%) and € 522 million in financial investments attributable to the acquisition of the minority stake in Iren Acqua (€ 283 million), the exercise of the call and the consolidation of Egea Holding (€ 238 million). It should also be noted that 72% of investments are aligned with the European Taxonomy and are earmarked for sustainability projects, in line with business plan forecasts.

 

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