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Iren (IRE) investor relations material
Iren Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved double-digit growth in H1 2025, with revenues up 29% to €3,486M and EBITDA up 14% to €726M, driven by organic expansion, higher energy prices, and the consolidation of EGEA/Ezeja Holding.
Net profit attributable to shareholders increased 24% to €184M, supported by EBITDA growth and reduced minority interests after acquiring Iren Acqua.
Over €900M invested in H1, with technical investments up 14% and a strong focus on sustainability (72% EU taxonomy-aligned).
Net financial debt rose 4% to €4.2B, mainly due to acquisitions and dividend payments.
Customer base grew by 200,000 to 2.4 million, and employee count exceeded 11,860.
Financial highlights
EBITDA reached €726M (+14%), EBIT up 17% to €326M, and net profit up 24% to €184M year-over-year.
Technical capex rose 14% to €393M; net financial debt increased to €4,228M.
Operating cash flow offset technical capex, but financial investments led to higher net debt.
EBITDA margin was 20.8% (down from 23.6% in H1 2024).
Free cash flow was negative due to significant financial investments, including acquisitions.
Outlook and guidance
2025 guidance confirmed: EBITDA €1,340–1,360M, net profit €300–310M, technical investments over €900M.
H2 growth expected to slow due to fewer nonrecurring items, lower hydro output, and competitive pressures.
Networks and waste segments to maintain growth; energy and market segments face headwinds.
Net debt/EBITDA ratio targeted at ~3.2x, including hybrid bond.
Continued investment focus in energy/water networks, waste, and renewables.
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