Iren (IRE) H1 2024 earnings summary

Executive summary

• EBITDA grew 5% year-over-year to €636 million, driven by regulatory adjustments in distribution and strong commercial strategy, with net profit up 2% to €145 million.

• Net financial debt rose 2% to €4,013 million after €369–370 million in investments and dividend payments.

• 2024 guidance confirmed, with business plan update approved and continued focus on financial sustainability.

• Two green loans totaling €280 million and a €500 million Green Bond were issued to support network resilience and sustainable financing.

• Major renewable projects launched, including a 39MW photovoltaic plant and authorization for a 49MW agri-voltaic plant.

Financial highlights

• Revenues declined 16% year-over-year to €2,698 million, while EBITDA rose 5% to €636 million and EBIT increased 13% to €281 million.

• Group net profit attributable to shareholders was €145 million, up 2% year-over-year.

• Operating cash flow was €465 million, benefiting from EBITDA and tax credit disinvestments.

• Investments decreased 8% year-over-year to €369 million.

• Dividends paid totaled €180 million, including €26 million to minority shareholders.

Outlook and guidance

• 2024 guidance confirmed: EBITDA of €1,240 million (+4% vs. 2023), group net profit €260–270 million (+4%), and investments expected at €1 billion.

• Net debt/EBITDA ratio targeted at 3.3, with operating cash flow covering investments.

• Further investment planned in network efficiency, waste treatment, renewables, and a minority stake in EGEA.

• H2 expected to see continued growth in regulated businesses and partial recovery in waste, offset by lower energy sector contribution due to seasonality.