Economic and financial objectives

The Business Plan envisages a substantial doubling of EBITDA to reach €1.8 billion in 2030. The significant growth in EBITDA is driven by the positive contribution of all business sectors.

The greatest support for growth is provided by regulated and semi-regulated activities, in particular the integrated water service and the expansion of district heating, as well as the increase in waste treatment and recovery capacity, the development of renewables and the extension of energy efficiency services and energy customer base.

The positive increase in EBITDA is also reflected in the expected net profit of EUR 500 million.

Iren's commitment to a balanced capital structure aimed at maintaining the current Fitch rating of BBB is confirmed. Despite the significant investment plan, the financial profile is expected to be balanced in terms of NFP/Ebitda ratio which is expected to remain below 3.5x over the plan period. The financial requirements in the plan period are expected to remain constant with a slight increase in the last three years. These financing needs will be managed with the most suitable instruments to ensure an adequate diversification of sources and investors, favouring the use of sustainable finance instruments. The average cost of debt is expected to fall over the next 10 years, thanks to the favourable market rate scenario, sitting in a range of between 1.4% and 1.6%.

ECONOMIC-FINANCIAL OBJECTIVES

    2020 2024 2026 2030 Cagr '30-'20
EBITDA mln € 927 1,250 1,450 1,800 7%
Networks (including TLR) mln € 496 550 650 870 6%
Waste Management mln € 173 290 350 430 10%
Energy (generation) mln €

98

230 230 260 11%
Market mln € 148 140 160 180 2%
Smart Solutions (Energy eff., e-mobility) mln € 13 30 40 60 17%
EBIT mln € 415 560 660 950 9%
Group net profit mln € 235 330 380 500 8%
Net financial position/EBITDA x 3.2 3.3 3.1 2.5 -
Net financial position bn € 2.9 4.2 4.5 4.5 -