Iren (IRE) Q3 2024 earnings summary

Executive summary

• EBITDA grew 8% year-over-year to €924 million, driven by higher regulated revenues, improved commodity sales margins, and strong performance in Networks and Market segments.

• Net profit increased 9% year-over-year to €193 million, with profitability growth despite a competitive market and higher tax rate.

• Revenues declined 10% year-over-year to €4,157 million, mainly due to lower energy prices and the wind-down of Superbonus 110% activities.

• Customer base expanded to over 2.3 million, with significant growth in Iren Plus contracts and environmental services coverage.

• Issued a €500 million green bond in September, supporting sustainable growth and keeping financing costs below 4%.

Financial highlights

• EBITDA reached €924 million for the first nine months, up 8% year-on-year.

• Group net profit for the period was €193 million, up 9% year-on-year.

• Revenues declined 10% year-over-year to €4,157 million.

• Operating profit (EBIT) rose 17% to €379 million.

• Net financial position reached €4.1 billion, mainly due to acquisitions and investments.

Outlook and guidance

• Year-end 2024 EBITDA expected at €1,250 million, up 4% from 2023 and at the upper end of guidance.

• Group net profit forecasted at €260–270 million, up 4% year-on-year.

• Total investments for 2024 projected at around €1 billion, including EGEA acquisition.

• NFP/EBITDA ratio expected at 3.3x.

• 2025 outlook in line with the business plan, with positive contributions from network and energy BUs, and further recovery in waste expected.