Iren : Pre-close call 1H 2025 (Pre close call H1 2025)

Published: 2025-07-14 11:09:05 ET IRE.MI

Published on 07/14/2025 at 11:09

1

Q1 2025

€M FY '24

REVENUES 6,043

EBITDA 1,274

D&A -655

Provisions to bad debt -74

Q 1 '25 GUIDANCE '25

2,093

418 1,340/1,360

-173

-20

+ Egea consolidation

+ Generation volumes and margins

+ Regulated business (organic growth and regulation)

Gas supply margins

Energy efficiency activities

Other provisions and write-

EBIT

520

224

Financial charges

-96

-27

downs*

Companies consolidated at

Others

4

-2

EBT

435

201

Taxes**

-132

-60

Minorities

-35

-5

Group net profit

268

136

300/310

TECHNICAL CAPEX

830

185

~900

NFP

4,083

3,972

equity method

-24 -2

7 6

Depreciation increase linked to capex and companies' integrations (8€M)

Higher provisions to bad debt related to gradual protection service clients and waste collection tariffs

Higher cost of debt, now at 2.35%

Better results of subsidiaries

Tax rate stable at 30%

NFP/EBITDA ratio

3.2x

~3.2x

Sound operating cash flow to offset technical capex

Slight increase in WC due to NRRP investment credits and extra cap tariffs in water and waste collection

M&A outflow, which includes 283€M of Iren Acqua and 249€M of Egea Holding consolidation, is partially offset by hybrid bond

Lower minorities due to the purchase of Iren Acqua's minority stake

NETWORKS

FY '24

Q1 '25

EBITDA

478

131

Electricity

89

27

Gas

95

25

Water

294

79

Technical capex

363

81

Organic growth (+4€M) supported by investments

Egea consolidation since January '25 (+4€M equally split between Water and Gas)

Investments are overall in line with last year, with more focus on power distribution

Extraordinary recovery of inflation in water accounted in Q1 '24 (9€M)

Mln €

WASTE

FY '24

Q1 '25

EBITDA

256

70

Collection

108

31

Treatment & Disposal

148

39

Technical capex

178

32

Collection activities continue a growth path due to the regulatory tariffs update and Egea Consolidation (+1€M)

Treatment & disposal activities are the result of:

positive contribution of WTEs, supported by scenario and higher volumes, and landfills

1Q growth is confirmed, mainly due to the increase in allowed revenue supported by investments

A recovery in plants' profitability of about EUR 10 million is expected.

GUIDANCE

GUIDANCE

negative contribution of treatment plants, as a combination of unavailability of plants (fire)

ENERGY

FY '24

Q1 '25

EBITDA

283

117

Hydro & RES

160

27

Thermo/Coge, DH

121

86

Energy Eff. & Others

2

4

Technical capex

152

27

RES benefited by higher hydro production

CCGT & thermo positive results thanks to increased clean spark spread achieved and capacity market contribution

Heat volumes increased due to capacity expansion (+1.4Mcm thanks also to EGEA), completely offset by lower margins

Energy efficiency: lower activities

Continues the positive trend characterized by higher thermoelectric volumes, the contribution of the capacity market and a captured clean spark spread higher than last year.

We expect a result in line with the previous year. Egea's contribution compensates for the missing 2024 extra margin in gas sales.

GUIDANCE

GUIDANCE

Positive contribution of Egea consolidation for 6€M (mainly heat)

Mln €

MARKET

FY '24

Q1 '25

EBITDA

257

100

Electricity

123

38

Gas

126

59

Iren Plus & Others

8

3

Technical capex

75

27

Egea consolidation positive contribution for around 10€M thanks to

~200k clients, which allow to reach 2,5 million customers overall

Absence of last year's gas extra-marginality related to contracts at 2023 market prices and hedging strategy

Continuous growth of IrenPlus product/services sold counterbalanced by a temporary margins reduction

Iren Acqua

02 03

04 05

01

Finalization of the acquisition of 47.23% of

Confirmation by the new Board of Directors of

Egea Holding and full control of the company, already

Assignment of 100% of the offered capacity for 2027.

existing Chairman, Vice-Chairman and CEO

consolidated by January 2025

Issuance of our inaugural Hybrid Bond for 500M€ with a coupon of 4.5% and an oversubscription of almost 8 times

Acquisition of 40% of Iren Acqua, taking full control of the company that manages the Integrated Water Cycle of the Genoa

In particular, 2,055 MW of existing capacity in the North area at a price of 47,000 €/MW/y

Disclaimer

IREN S.p.A. published this content on July 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 14, 2025 at 15:08 UTC.