Q2 2024 Iren SpA Earnings Call (English, Italian) Transcript
Key Points
- Iren SpA (FRA:TZ8) reported a 5% growth in EBITDA for H1 2024, driven by regulatory adjustments and a strong commercial strategy.
- The company successfully signed two green loans totaling EUR280 million to enhance the resilience of its electricity and water networks.
- Iren SpA (FRA:TZ8) achieved a 4% reduction in carbon intensity, supported by increased hydroelectric production and decreased thermoelectric production.
- The company recorded a 72% separate waste collection rate, with a 19% increase in material recovery at its waste treatment plants.
- Iren SpA (FRA:TZ8) confirmed its 2024 guidance, expecting a 4% increase in EBITDA and a net profit range of EUR260 million to EUR270 million.
- Net financial debt increased by 2% compared to the end of 2023, reaching EUR4 billion.
- The waste business unit experienced a 5% decrease in EBITDA due to lower plant availability and planned maintenance.
- The energy business unit saw a 30% reduction in EBITDA, impacted by lower electricity prices and reduced cogeneration plant margins.
- There was a temporary unavailability of waste treatment plants, leading to reduced efficiency and increased startup costs.
- The company faced a higher tax rate of 30.5% compared to 26.1% last year, affecting net profit growth.
Good afternoon, and welcome to Iren H1 2024 results. My name is Zach. I will be your operator for today's event. (Operator Instructions)
I will now hand over to the Giulio Domma, Head of Investor Relations for starting today's call.
Good afternoon, and thanks for joining the conference call to present Iren's Group H1 2024 results. And here with Luca Dal Fabbro, Executive Chairman; and Giovanni Gazza, CFO, who will present the data after which there will be the usual Q&A session.
Without any further ado, I hand over to Luca.
Good afternoon. The Board of Directors has just approved the results for H1 2024, which show an EBITDA growth by 5%, mainly due to the adjustment of regulatory parameters in the distribution network business and the full recovery of the value of customer portfolio. Thanks to the affected commercial strategy.
The net financial debt EUR4 billion a year ago was kept
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
