Iren S.p.A.

For 2025, Iren reported EBITDA of EUR 1.25 billion, up 6%, and group net profit of EUR 301 million, up 12%. EBIT was EUR 430 million, up 2%, and net financial debt was EUR 4.22 billion, up 2%, with debt/EBITDA at 3.1x. Operating cash flow was EUR 943 million and fully covered EUR 925 million of tactical investments; total investments were EUR 1.35 billion, including EUR 125 million of technical investments, up 12%. The Board proposed a dividend of EUR 0.1386 per share, up 8% versus last year. For 2026, management expects EBITDA growth of 4% versus 2025, investments of about EUR 950 million, and leverage stable at 3.1x. Management did not provide net profit guidance for 2026.

Luca dal Fabbro framed 2025 as a year of execution on the strategic plan, with growth supported by organic investments, synergies, and the EGEA consolidation. He emphasized that 22% of EBITDA now comes from regulated or semi-regulated activities, which he described as a stability factor in a volatile environment. He also highlighted sustainability, the Transition Plan toward 2040, and said the group remains open to asset optimization but has not made decisions to sell renewable assets.

Giovanni Gazza detailed the financial bridge behind the year: EBITDA growth came from EGEA, regulated-biz expansion, and synergies, while energy was pressured by weaker hydro volumes and lower renewable prices. He said operating cash flow was EUR 943 million, with working capital up EUR 148 million, including about EUR 80 million from regulated tariff receivables, EUR 60 million from lower payables, and about EUR 10 million from RRN contributions. He also noted the average cost of debt at 2.4% higher than in 2024, bad debt provisions up EUR 12 million, and that the EUR 43 million Superbonus credits generated in 2025 plus about EUR 90 million of further credit liquidation in 2026 should help offset extra-cap working capital.

Analysts pressed management on the impact of energy-sector government measures, 2026-27 profit outlook, supply business trends, hydro output, and whether the current volatility could create risks. Management said it does not see a major economic impact from the measures being discussed, that 2026 hedging is substantial, and that first-quarter supply churn has not shown unusual dynamics. On hydro, they said 2026 output is pressured by low reservoir levels and maintenance, and they gave more specific volume targets for 2026 and 2027 in response to follow-up questions. They also clarified there is no force majeure issue in gas procurement, which is concentrated in Italy and only modestly exposed to LNG volumes.