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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Iren
Iren (IRE) investor relations material
Iren Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
9M EBITDA reached €1,027.3m, up 2.4% YoY; net income attributable to shareholders was €221.7m, up 1.2%.
Regulated and semi-regulated activities generated 74% of EBITDA; Q3 EBITDA rose 6.5% and FY 2026 guidance was reaffirmed.
Organic growth and €17m of synergies supported results; network investment and waste-treatment recovery partly offset weaker hydropower and lower energy-efficiency activity.
Financial highlights
Revenue was €5,015.1m, up 3.6% YoY; EBIT reached €411.1m, up 2.4%.
Technical CapEx was €647m, up 5.5% YoY, focused mainly on water and electricity networks, waste facilities and digitization.
Net financial debt was €4,416.2m at September 30, up €194m from year-end 2025; net working capital increased €257m through September.
Operating cash flow was €671.8m; free cash flow was €82.1m, versus an outflow of €421.1m in 9M 2025.
Outlook and guidance
FY 2026 guidance was reaffirmed: EBITDA growth of ~2%, net profit growth of ~2%, technical CapEx of ~€950m and net debt/EBITDA of ~3.1x.
Networks growth is expected to accelerate in Q4; Environment growth is expected broadly in line with 9M excluding non-recurring items.
Energy is expected to contribute positively, particularly through district heating; gas-margin normalization and lower energy-efficiency activity remain headwinds.
Expected hydro generation was revised to 1,000 GWh from 1,600 GWh; lower output is expected to be offset by clean spark spreads and photovoltaic generation.
2026 net working capital is expected to rise ~€150m versus year-end 2025, with the September seasonal peak easing by year-end.
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Latest events from Iren
- EBITDA rose 13.5% as Market recovery and hydro gains offset headwinds.IRE
H2 2023 - €10.4bn of investment targets ~€1.95bn EBITDA and ~10% ROI by 2035.IREStrategy update
- €6.4B capex drives sustainable growth, higher profits, and strong dividends through 2030.IREInvestor presentation
- EBITDA rose 1% to €732M, with stable net profit and higher investments despite revenue decline.IREQ2 2026
- Stable EBITDA and strong investments offset revenue decline; 2026 growth outlook confirmed.IREQ1 2026
- EBITDA up 8% and net profit up 9% despite revenue drop, with 2024 guidance reaffirmed.IREQ3 2024
- EBITDA and net profit rose despite lower revenue, with strong growth in networks and market.IREH1 2024
- 2030 plan targets €1.8bn EBITDA, 80% from regulated activities, and 8% annual dividend growth.IREInvestor Day 2024
- Revenue up 33.5% and EBITDA up 9.2% in Q1 2025, with net debt down and guidance confirmed.IREQ1 2025
Next Iren earnings date
Q4 202623 Mar, 2027
Iren
Next Iren earnings date
Q4 202623 Mar, 2027
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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.