Iren (IRE) Q4 2025 earnings summary

Executive summary

• EBITDA grew 6% year-over-year to €1,353 million, with group net profit up 12% to over €300 million, driven by organic growth, synergy plans, and EGEA consolidation, which contributed €60 million to net profit.

• Revenues rose 8.8% to €6,574.1 million, supported by EGEA consolidation and higher energy revenues.

• Dividend proposed at €0.1386 per share, up 8% year-over-year, with a 60% payout ratio.

• 73% of total investments allocated to sustainable projects, with workforce growing by 600 employees.

• 74% of EBITDA came from regulated or semi-regulated activities, reinforcing stability and strategic positioning.

Financial highlights

• Net financial position increased by €140 million to €4.22 billion (+3% YoY), but NFP/EBITDA ratio improved to 3.1x.

• Operating cash flow of €943 million fully covered €925 million in technical CapEx.

• Technical investments reached €925 million, up 12% year-over-year.

• EBIT rose 2% to €530 million, with higher amortization and provisions.

• Average cost of debt increased to 2.4% due to new bond issuances.

Outlook and guidance

• 2026 expected to see 4% EBITDA growth, €950 million in technical investments, and stable NFP/EBITDA at 3.1x.

• Investment plan focused on regulated businesses and infrastructure resilience.

• Efficiency plan targets €20 million in additional synergies for 2026.

• Hedging strategy covers 65% of renewable production at €105/MWh for 2026, mitigating energy price volatility.

• Dividend policy confirmed, with payment scheduled for June 2026.