Iren (IRE) Q1 2026 earnings summary

Executive summary

• Q1 2026 EBITDA was stable at €417.8–€480 million, with regulated and semi-regulated activities rising to 73% of EBITDA, up 4 percentage points year-over-year.

• Revenue declined 13.3% year-over-year to €1,814.1 million, mainly due to lower commodity prices and reduced energy volumes.

• Net profit was €128.6–€131.9 million, down 5–6.4% year-over-year, mainly due to higher depreciation, amortization, and provisions.

• Investments exceeded €190 million in Q1, with robust cash generation fully financing these outlays.

• ESG initiatives advanced, with 62% of investments qualifying under the EU Taxonomy and recycling rates reaching 71.4%.

Financial highlights

• Revenue: €1,814.1 million, down 13.3% year-over-year.

• EBITDA: €417.8–€480 million, flat year-over-year, with margin improvement to 23.0%.

• EBIT: €211.7–€212 million, down 5–5.4% due to higher D&A and provisions.

• Net profit: €128.6–€131.9 million, down 5–6.4% year-over-year, with a tax rate at 29.6%.

• Net financial debt: €4,177.2–€4.18 billion, down €44.5–€45 million from year-end 2025.

• Investments: €189.8–€192 million in Q1, up 2–3% year-over-year.

Outlook and guidance

• 2026 guidance confirmed: EBITDA expected to grow by 4% and net profit by 2–3% for the year.

• Nearly €1 billion in investments planned for 2026, focused on regulated sectors and infrastructure resilience.

• NFP/EBITDA ratio targeted to remain at approximately 3.1x.

• Growth to be driven by regulated businesses, material recovery plant profitability, and synergy plan continuation.

• Anticipated improvement in energy sector results in H2 2026, driven by new photovoltaic capacity and district heating expansion.