Iren (IRE) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 rose 16.4% to €4,839.8 million, driven by higher energy prices, increased sales volumes, and the consolidation of EGEA Holding group companies.

• EBITDA increased by 8.7% to €1,003.5 million, with growth supported by EGEA consolidation, organic expansion, and €16 million in synergies.

• Net profit attributable to shareholders reached €219 million (+12.2% year-over-year), with total net profit at €231 million.

• Over €1.1 billion in total investments, with 68% aligned to sustainability projects.

• The Group completed the full acquisition and integration of EGEA Holding, expanded its regulated asset base, and issued a €500 million hybrid bond to strengthen capital structure.

Financial highlights

• Revenue: €4,839.8 million (+16.4% YoY); EBITDA: €1,003.5 million (+8.7% YoY); EBIT: €401.5 million (+6.6% YoY).

• Net profit: €231.0 million (+2.8% YoY); EBITDA margin: 20.7%.

• Technical investments reached €613.0 million (+9.5% YoY).

• Net financial debt increased to €4,287.4 million (+5% from 31/12/2024), mainly due to investments and seasonal working capital expansion.

• Average cost of debt at 2.4%, with 98% of debt at fixed rate and an average duration of 4.9 years.

Outlook and guidance

• Guidance for FY2025 confirmed: expected EBITDA of €1,350 million, net profit of €300 million, and technical investments over €900 million.

• By 2030, EBITDA is projected to reach €1.6 billion (CAGR 4%), and net profit to €400 million (CAGR 7%).

• Dividend policy extended to 2030, with annual growth of 8% until 2027 and 6% from 2028-2030, maintaining a minimum payout ratio of 60%.

• Expects stable market margins and recovery in waste treatment profitability despite macroeconomic and geopolitical uncertainties.

• Anticipates more moderate growth in the final quarter, with continued focus on regulated businesses and efficiency.