Iren SpA

XMUN:TZ8

Results: Iren reported first-half EBITDA of EUR 732 million, up 1% year over year, with growth supported by regulated businesses, energy markets, and synergies, but partly offset by weaker hydro output and lower gas margins.

Guidance: Full-year 2026 guidance was cut mainly because hydroelectric production was reduced from 1,200 GWh to 1,050 GWh. Management still expects about 3% EBITDA growth, about 2% net income growth, and technical investments of about EUR 950 million.

Networks: The networks unit remained a key growth engine, with EBITDA up 4% to EUR 274 million and investment-led growth continuing in water and electricity distribution.

Hydro Headwind: Dry weather and reservoir shortages hurt hydro production by about 190 GWh in the first half, and management said the shortfall will continue to weigh on the second half.

Supply Discipline: In the market business, Iren is deliberately shifting away from volume growth and toward value, with management reducing mass customer acquisition and focusing more on higher-quality channels.

Cash & Debt: Operating cash flow covered the EUR 409 million investment program, and net financial debt ended at EUR 4,276 million, up EUR 54 million from year-end 2025 despite EUR 189 million of dividends.