The Board of Directors of IREN S.p.A. today approved the consolidated financial statements as at 31 March 2026.
Luca Dal Fabbro, Executive Chairman of the Iren Group, said: “The quarterly results just approved by the Board of Directors provide a solid foundation for the growth forecast for the coming months. Our performance is underpinned by the contribution of regulated and semi-regulated activities, which account for 73% of EBITDA, and by our continued discipline in executing the Business Plan. Our guidance is fully confirmed, with EBITDA expected to increase by +4% at the end of 2026, investments totalling around EUR 950 million, and a NFP/EBITDA ratio of 3.1x. We are also extending our guidance on net profit, which is also expected to increase by 3% at the end of the year compared to 2025, reflecting the strength of the Group’s business and financial strategy.”
Gianluca Bufo, Chief Executive Officer and General Manager of the Group, said: “The quarter’s results confirm a solid operating performance characterized by EBITDA of €418 million and net income of €129 million, supported by €4 million in organic growth, the gradual realization of industrial synergies, contributing an additional €4 million, and the recovery in margins at waste treatment facilities. The energy sector, impacted in this first quarter by lower hydroelectric production and increased competition in the supply chain, is expected to improve in the second half of the year. Cash generation remains robust and allows for the full financing of investments for the period, amounting to over €190 million, while maintaining a balanced debt profile consistent with the plan’s objectives.”
Moris Ferretti, Executive Vice President of the Group, stated: “Results are in line with expectations, including from an ESG perspective, driven by 62% of investments qualifying under the European Taxonomy. The Group’s strong commitment to creating more sustainable cities is reflected in the increase in recycling rates, which reached 71.4%, the expansion of district heating volumes to 115 million cubic meters (+2%), and the growth in energy savings generated by the products and services offered (+3%). The Group reaffirms its role as a driver of sustainable innovation and an enabler of growth for the regions where it operates, where it focuses approximately 95% of its investments.”
IREN GROUP: CONSOLIDATED RESULTS AT 31 March 2026
Consolidated Revenues as at 31 March 2026 amounted to EUR 1,814.1 million, down -13.3% compared to EUR 2,092.8 million of the first quarter of 2025. The main factors of the reduction refer to the downturn in energy revenues, which were impacted for more than 50 million euros by lower commodity prices and for more than 200 million euros related to lower energy volumes supplied. Energy efficiency activities also decreased by approximately 30 million euros.
Gross Operating Profit (EBITDA) amounted to 417.8 million euros, essentially in line (-0.2%) with the 418.5 million euros for the first quarter of 2025. The energy scenario was characterised by highly volatile commodity prices, which followed divergent trends in individual months but had a positive impact on production margins overall, although this was partly offset by the high level of hedging put in place in advance during 2025, to secure margins in advance. Price trends, for energy production margins, had positive effects in the amount of approximately +10 million euros. Despite a positive energy scenario, the result declined due to lower production volumes, particularly in hydroelectric generation (-36.3%), which was attributable to extraordinary maintenance work on the reservoirs, which required them to be completely emptied at the end of 2025. Compared to last year, the reduction in volumes from hydroelectric sources had an impact of approximately -11 million euros, which was only marginally offset by higher photovoltaic generation, partly thanks to the commissioning of the Noto plant from September 2025 (+1 million euros). Conversely, the contribution from the ‘Capacity market’ fee and the Dispatching Services Market (MSD) is in line with the first quarter of 2025. The energy commodities marketing business decreased (-13 million euros) due to the anticipated reduction in margin from gas sales (-11 million euros) and from electricity sales (-2 million euros). A positive contribution to the margin was generated by organic growth in the Integrated Water Service within the Networks BU (+3 million euros), mainly related to tariff awards as a result of investments made in recent years and the positive regulatory effects in the sector (+1 million euros). The change in margin with reference to the individual business units is broken down as follows: Networks business unit +4.5%, Waste +1.4%, Energy -3.6%, and Market -3.7%.
Operating Profit (EBIT) amounted to EUR 211.7 million, a decrease of -5.4% compared to EUR 223.7 million for the first quarter of 2025. During the period, higher depreciation and amortisation were recorded for approximately 9 million euros in connection with the coming into operation of new investments, higher provisions for doubtful accounts for 3 million euros.
Group net profit attributable to shareholders amounted to 128.6 million euros, a decrease (-5.1%) from Q1 2025, when it was 135.4 million. This decrease is primarily attributable to the trend in EBIT and a tax rate of 29.6%, which is slightly lower than the figure for the comparative period (30.0%).
Net Financial Indebtedness stood at euros 4,177.2 million as of 31 March 2026, a decrease of euros 44.5 million compared to 31 December 2025 (-1.1%). In this regard, the operating cash flow of 257 million euros amply covers the investments made, which amounted to 192 million euros. Also of note are the sale of the first tranche of tax credits accrued under the Eco-Super Bonus, amounting to 54 million euros, and a seasonal decrease in net working capital of 12 million euros.
Overall investments for the period amounted to 192 million euros, of which 190 million euros was technical investments (+3%) and 2 million euros financial investments related to the purchase of equity investments.
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