Economic and financial objectives

The Business Plan foresees an increase in EBITDA of approximately €240 million, reaching €1,160 million in 2025.

The significant growth of EBITDA is facilitated by the positive contribution of all business units. The greatest support for growth is guaranteed by regulated activities, in particular by the integrated water service, as well as by the increase in the waste treatment and recovery capacity, the expansion of district heating and the development of the energy customer base. Going deeply in each business units:

  • Networks: the Ebitda growth of €71 million, is mainly attributable to the growth of the allowed revenues thanks to the important investments that favour the increase in RAB and to the achievement of significant efficiencies on operating costs. The plan assumptions envisage a constant WACC on all regulated businesses and the maintenance of current concessions.
  • Waste management: the increase in profitability of €69 million at the end of the plan has as its main component the consolidation and industrial development of I.Blu and Unieco Ambiente, acquired in 2020. The growth is also favoured by the development of the treatment plants envisaged in the plan and the greater efficiency of the collection service.
  • Energy: the growth of € 54 million is mainly sustained by the contribution of the capacity market in 2022 and 2023, the saturation and extension of the district heating network (+16%) and the construction of the new combined cycle line at the Turbigo thermoelectric plant. The expiry in 2022 of white certificates will only be partially offset by a favourable energy scenario during the time of the plan.
  • Market: the Ebitda, up €47 million, will mainly benefit from the increase in the customer base (+33%) also on a national basis by exploiting the opportunities offered by digital channels and electronic payments (PSD2 directive). Finally, the development of the IrenPlus segment, intended as high value added services, will support customer loyalty.


The positive increase in the Ebitda is also reflected in the expected Net Profit of 350 million euros.

From a financial point of view, net financial position is expected to grow in the first years of the plan to support the important investments planned and to decline thereafter with the achievement of 2.8 billion euros and a NFP/Ebitda ratio of 2.5x at 2025.

The limit of the medium/long-term Net Financial Position/EBITDA ratio is confirmed at 3.0x. Despite this, in the short/medium-term, it is possible that it will be in the 3.0-3.5x area, with the objective of gaining value from the finalisation of further strategic options. The flexibility of the investment plan makes it possible to modulate its implementation in order to guarantee observance of the threshold set.

    2019 2023 2025 Cagr '19-'25
EBITDA mln € 917 1,100 1,160 4.0%
Reti mln € 373 413 444 3.0%
Ambiente mln € 158 218 227 6.3%
Energia (generazione, TLR, efficienza energetica) mln €

274

318 328 3.0%
Mercato mln € 110 149 157 6.1%
Servizi tecnologici mln € 2 2 4 n.s.
EBIT mln € 452 520 585 4.4%
Utile netto di Gruppo mln € 237 310 350 6.7%
Posizione finanziaria netta/EBITDA x 3,0 3,0 2,5  
Posizione finanziaria netta mln € 2,706 3,300 2,850  
Costo medio del debito % 2.4 1.6 1.6  
Dividendo per azione €/c 9.2 12.1 14.6