Iren (IRE) Q4 2024 earnings summary

Executive summary

• EBITDA rose 6.5% to €1,274 million and net profit increased 5.4% to €268.5 million year-over-year, driven by networks, market business, M&A, and regulated business growth, despite a 6.9% revenue decline to €6,043 million.

• Investments reached €942 million, with 76% allocated to sustainability projects; workforce grew by 300 to over 11,300 employees.

• Dividend per share proposed at €0.1283, up 8% year-over-year, with a 61% payout ratio.

• Net debt/EBITDA stood at 3.2x after nearly €950 million in investments; net financial debt rose 4% to €4,083 million.

• ESG progress included 76% sustainable investments, a 6% reduction in carbon intensity, and nearly 70% sorted waste collection.

Financial highlights

• EBITDA reached €1,274 million (+6.5% YoY); EBIT grew 12% to €520 million; group net profit rose 5% to €268 million.

• Revenue fell 6.9% year-over-year to €6,043 million, mainly due to lower commodity prices and reduced energy efficiency activities.

• Capital expenditure was €830 million, slightly down from 2023; total investments reached €942 million.

• Net financial debt rose to €4,083 million (+4% YoY); cost of debt at 2.17%; average debt duration 5 years.

• Operating cash flow exceeded €1 billion, fully covering investments and M&A outflows.

Outlook and guidance

• 2025 EBITDA expected between €1,340–1,360 million, supported by regulated business expansion, improved waste plant profitability, and early EGEA consolidation.

• Technical investments planned at €900 million, with €500 million in financial investments, including major outlays for Iren Acqua and EGEA.

• Net debt/EBITDA ratio expected to remain stable at 3.2.

• Guidance includes normalization of gas sales margins, continued operational synergies, and focus on green investments.

• Consolidation of EGEA Iren and full control of Iren Acqua expected to add €50–55 million EBITDA and ~€20 million net profit in 2025.