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Iren (IRE) investor relations material
Iren Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Revenues for the first nine months of 2025 rose 16.4% to €4,839.8 million, driven by higher energy prices, increased sales volumes, and the consolidation of EGEA Holding group companies.
EBITDA increased by 8.7% to €1,003.5 million, with growth supported by EGEA consolidation, organic expansion, and €16 million in synergies.
Net profit attributable to shareholders reached €219 million (+12.2% year-over-year), with total net profit at €231 million.
Over €1.1 billion in total investments, with 68% aligned to sustainability projects.
The Group completed the full acquisition and integration of EGEA Holding, expanded its regulated asset base, and issued a €500 million hybrid bond to strengthen capital structure.
Financial highlights
Revenue: €4,839.8 million (+16.4% YoY); EBITDA: €1,003.5 million (+8.7% YoY); EBIT: €401.5 million (+6.6% YoY).
Net profit: €231.0 million (+2.8% YoY); EBITDA margin: 20.7%.
Technical investments reached €613.0 million (+9.5% YoY).
Net financial debt increased to €4,287.4 million (+5% from 31/12/2024), mainly due to investments and seasonal working capital expansion.
Average cost of debt at 2.4%, with 98% of debt at fixed rate and an average duration of 4.9 years.
Outlook and guidance
Guidance for FY2025 confirmed: expected EBITDA of €1,350 million, net profit of €300 million, and technical investments over €900 million.
By 2030, EBITDA is projected to reach €1.6 billion (CAGR 4%), and net profit to €400 million (CAGR 7%).
Dividend policy extended to 2030, with annual growth of 8% until 2027 and 6% from 2028-2030, maintaining a minimum payout ratio of 60%.
Expects stable market margins and recovery in waste treatment profitability despite macroeconomic and geopolitical uncertainties.
Anticipates more moderate growth in the final quarter, with continued focus on regulated businesses and efficiency.
Assess EBITDA quality given non-replicable effects
How do investments impact year-end debt ratio?
Mitigation for Q4 energy production and market risks
Renewables CapEx reduction impact on decarbonization
New WTE plants: timeline, locations, capacity
Market BU gas supply diversification strategy
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Frequently asked questions
Iren S.p.A. is an Italy-based multi-utility company engaged in the provision of energy, water, and environmental services. The company operates in sectors including electricity and gas distribution, energy production, integrated water services, waste collection and treatment, and district heating. Iren serves residential, commercial, and public sector clients primarily in Northern Italy through a network of subsidiaries. Iren S.p.A. is headquartered in Reggio Emilia, Italy, and its shares are listed on the Borsa Italiana.
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