Iren (IRE) Q3 2026 earnings summary

Executive summary

• 9M EBITDA reached €1,027.3m, up 2.4% YoY; net income attributable to shareholders was €221.7m, up 1.2%.

• Regulated and semi-regulated activities generated 74% of EBITDA; Q3 EBITDA rose 6.5% and FY 2026 guidance was reaffirmed.

• Organic growth and €17m of synergies supported results; network investment and waste-treatment recovery partly offset weaker hydropower and lower energy-efficiency activity.

Financial highlights

• Revenue was €5,015.1m, up 3.6% YoY; EBIT reached €411.1m, up 2.4%.

• Technical CapEx was €647m, up 5.5% YoY, focused mainly on water and electricity networks, waste facilities and digitization.

• Net financial debt was €4,416.2m at September 30, up €194m from year-end 2025; net working capital increased €257m through September.

• Operating cash flow was €671.8m; free cash flow was €82.1m, versus an outflow of €421.1m in 9M 2025.

Outlook and guidance

• FY 2026 guidance was reaffirmed: EBITDA growth of ~2%, net profit growth of ~2%, technical CapEx of ~€950m and net debt/EBITDA of ~3.1x.

• Networks growth is expected to accelerate in Q4; Environment growth is expected broadly in line with 9M excluding non-recurring items.

• Energy is expected to contribute positively, particularly through district heating; gas-margin normalization and lower energy-efficiency activity remain headwinds.

• Expected hydro generation was revised to 1,000 GWh from 1,600 GWh; lower output is expected to be offset by clean spark spreads and photovoltaic generation.

• 2026 net working capital is expected to rise ~€150m versus year-end 2025, with the September seasonal peak easing by year-end.