Gross Operating Profit (EBITDA) increased to 1,353 million euro (+6%), Net Profit reached 301 million euro (+12%), and technical investments grew by 12% to 925 million euro. This positive performance was driven by organic growth, the early consolidation of Egea, and the implementation of the synergies plan in line with expectations. A positive outlook for 2026, supported by strategic decisions to sharpen the Group’s focus, which have strengthened its resilience and have contributed, as early as 2025, to 74% of EBITDA being generated by regulated and semi-regulated activities. Proposed dividend up +8% year-on-year to 13.86 c€/share with a pay-out of around 60% in line with Business Plan forecasts. 

Main economic-financial indicators

• Gross Operating Margin (EBITDA) of 1,353 million euro (+6.2% vs. 31/12/2024). This increase was supported by the organic growth of regulated businesses, the expansion of the scope of consolidation to include Egea, and the efficiency enhancement plan initiated.
• Group net profit attributable to shareholders amounted to 301 million euros, a decrease (+11.9% vs 31/12/2024). The growth reflects the trend in EBITDA and the lower proportion of profits pertaining to minorities related to the acquisition of the minority stake (40%) in Iren Acqua.
• Net financial debt amounted to 4,222 million euros (+3% vs 31/12/2024). The growth in the operating margin allows a reduction in the net debt/EBITDA to 3.1x.
• Gross investments of 1,447 million euro, of which 925 million euro in technical investments and 522 million euro in financial investments.
• Proposed dividend of 13.86 c€/share (+8% vs. previous year) and pay-out of approximately 60%.

Main sustainability indicators

• Sustainable investments of approximately 73%, relating mainly to activities aligned and eligible under the European Taxonomy
• Carbon intensity of 313 gCO₂/kWh, essentially in line with last year, as per the Business Plan
• Separate waste collection of 70.5%, up 1.1 percentage points vs. 2024
• Water losses around 31%, in line with last year’s result, after the expansion of the scope of operations
• The total number of Group employees at the end of 2025 stands at more than 11,900, marking an increase of almost 600 people during the year

The Board of Directors of IREN S.p.A. today approved the consolidated financial statements as at 31 December 2025.

Luca Dal Fabbro, Chair of the Group, said: “The results achieved in 2025 confirm the forecasts communicated to the market, with EBITDA amounting to 1,353 million euro, up +6%, net profit exceeding 300 million euro, up +12%, and a debt/EBITDA ratio of 3.1x, an improvement on the previous year. The integration of Egea is already delivering very positive results (+60 million euro in 2025), contributing to the Group’s growth and strengthening our industrial platform. The decision to bring forward this consolidation, financed by the issuance of the 500 million euro hybrid bond, also enabled us to achieve some of the identified synergies as early as 2025. Since the newly approved results fully reflect our expectations, we confirm the Business Plan’s Dividend Policy and propose to the Shareholders’ Meeting a dividend increase of +8%, amounting to 13.86 euro cents per share.”

“The positive year-end results demonstrate that sustainability and the development of people are key drivers of the Group’s growth. – stated Iren’s Deputy Chairman, Moris Ferretti. – In 2025, the Group allocated 73% of its total investments to sustainable projects and further strengthened its local presence, thanks to the consolidation of Egea, which resulted in a 20% increase in the number of municipalities served by waste collection activities and a 12% increase in district heating volumes. The expansion of regional operations continued with the development of waste management and environmental recovery plants in the province of Siena, initiatives made possible by the consolidation of Sienambiente and Sei Toscana. Industrial strength and value creation for all stakeholders are also supported by the investments made in human capital, which increased by approximately 600 employees during the year, bringing the number of people working for Iren on a daily basis to around 12 thousand: the development and professional growth of our internal workforce are one of the cornerstones on which the Group’s future is built”.

Gianluca Bufo, Chief Executive Officer and General Manager of the Group, said: “In 2025, we delivered on our strategy, strengthening our position in regulated and semi-regulated businesses, which account for 74% of EBITDA, and building an increasingly resilient model capable of generating sustainable value over time. The results speak for themselves: technical investments of 925 million euro, up +12%, and synergies of 20 million euro, a 2.5-fold increase compared to the previous year. The synergies plan will continue this year in line with expectations. We look to 2026 with confidence, leveraging a focused and balanced industrial model capable of ensuring stability even in volatile environments, thanks to the anticipated increased development of our regulated businesses. We expect EBITDA growth of +4%, technical investments of around 950 million, and a net financial debt/EBITDA ratio maintained at 3.1x.”

IREN GROUP: CONSOLIDATED RESULTS AT 31 December 2025

Consolidated revenues as at 31 December 2025 amounted to 6,574.1 million euros, up +8.8% compared to 6,043.1 million euros in 2024. The main drivers of the turnover increase are linked to the consolidation of the EGEA Holding Group for more than 370 million euro and energy revenues, influenced by approximately 40 million euro due to rising commodity prices and more than 100 million euro from higher energy supply volumes. Energy efficiency activities contributed approximately 53 million euro to the increase in turnover.

Gross operating profit (EBITDA) amounted to 1,353 million euro, up +6.2% compared to 1,274.1 million euro in 2024. The margin increase for the period is primarily attributable to the consolidation of the EGEA Holding group (+60 million euro) and to the organic growth (+22 million euro) of the Networks Business Unit, which also benefited from a number of positive one-off items (quality awards in the water sector and ARERA Resolution 570/R/gas). The energy scenario was characterised by growing commodity prices compared to 2024, but these slowed during the second half of the year. Price trends, for energy production margins, led to contrasting effects throughout the year and were overall negative (-5 million euro). The decline in the margin is also due to lower production levels, particularly in hydroelectric generation (-21 million euro) owing to the limited hydraulic capacity during summer and autumn, partially offset by higher heat production (+4 million euro) and the activities of the Environment business unit (+2 million euro) and renewables, also thanks to the commissioning of the Noto photovoltaic plant starting September 2025. Conversely, the positive contribution of the 'Capacity market' fee (+17 million euro) is particularly noteworthy, moreover almost entirely absorbed by the reduced contribution from the Dispatching Services Market (-15 million euro). The trading business for energy commodities saw a decline (-17 million euro), primarily due to the anticipated reduction in margin from gas sales (-22 million euro), an activity that had benefited from an extraordinary positive margin in the early months of 2024, which cannot be replicated, whereas margins from electricity sales showed improvement (+2 million euro), as did other services (+3 million euro). As previously mentioned, a particularly positive contribution to the margin was generated by organic growth in the Networks BU (Integrated Water Service and Electricity Distribution), mainly related to tariff awards as a result of investments made in recent years (+22 million euro) partially compensated by the regulatory effects of the revision of tariff parameters (-7 million euro). In FY 2025, two extraordinary items also emerged, namely the recognition of premiums recognised by ARERA for the technical/commercial quality level of the Integrated Water Service during the period 2022-2023 (+8 million euro) and the recognition by the Council of State of the appeals against ARERA Resolution 570/19 concerning certain components of the gas tariff method for the 2020-2025 period (+13 million euro). 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 (-9 million euro) and are no longer repeatable beyond the reduction, from the start of the year, of the WACC recognised in the gas and electricity distribution sectors. There was also an extraordinary item in the Environment BU (+13 million euro) relating to the settlement of waste management fees for previous years, which will therefore no longer be repeatable. The change in margin with reference to the individual business units is broken down as follows: Networks business unit +10.5%, Waste +8.3%, Market +4.5% and Energy -1.3%.

Operating profit (EBIT) amounted to 530 million euros, an increase of +2% compared to 519.7 million euros in 2024. Amortisation and depreciation for the period rose by 61 million euros, due to the start-up of new investments and expansion of the consolidation scope, which can be traced to the EGEA Holding Group (33 million euro), higher allocations to the provision for doubtful debt for 12 million euro and lesser impairment releases for approximately 4 million euro.

Group net profit attributable to shareholders amounted to 300.5 million euro, an increase (+11.9%) from the result recorded in 2024. The growth reflects the trend in EBITDA, a lower net profit attributable to minority interests due to the acquisition of the minority stake in Iren Acqua, and lower income taxes due to non-recurring tax items related to the consolidation of Egea.

Net financial debt stood at 4,222 million euro as of 31 December 2025, an increase (+3%) compared to the 31 December 2024 figure. In this regard, despite the increase in tax credits from the 110% Superbonus in the amount of 43 million euro and the increase in net working capital of 148 million euro, the operating cash flow fully covered the technical investments for the period, enabling a reduction in the net debt/EBITDA ratio to 3.1x.

Gross investments made during the period amounted to 1,407 million euro, of which 925 million euro in technical investments (+12%), mainly for the water and electricity networks, wastewater collection and the completion of waste treatment plants, and the extension of the district heating network, and 522 million euro in financial investments attributable to the acquisition of the minority stake in Iren Acqua (283 million euro) and the consolidation of Egea (237 million euro).

From the point of view of sustainability, during 2025, the Group allocated 73% of its total investments to sustainable projects or projects mainly aligned with the European Taxonomy, thereby continuing along the path outlined in the Transition Plan to 2040 that Iren presented in November 2025. With regard to the green transition, carbon intensity at the end of 2025 was broadly stable compared to last year, in line with expectations. On the other hand, investments made in the environmental sector enabled a further increase in separate waste collection, which reached 70.5%. 2025 was also a significant year in terms of strengthening the Group’s regional presence, thanks to the consolidation of Egea, which contributed to an increase in the number of municipalities served by waste collection activities (+20%), a growth in the customer base (+3%), and an increase in the volume served by district heating (+12%), which reached 115 million cubic metres. Service quality remains the cornerstone of Iren’s day-to-day operations: customer satisfaction continues to be excellent, water losses of around 31% following the expansion of the scope of operations are confirmed, and energy savings achieved through IrenPlus and Iren Smart Solutions products and services, in addition to green energy sold to end customers, are in line with the Business Plan.

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