Q2 2026 Iren S.p.A. Earnings Call Transcript
Key Points
- Iren SpA (IRDEF) reported a 1% increase in EBITDA to EUR733 million, driven by organic growth in regulated activities and a favorable energy market environment.
- The company's regulated and semi-regulated activities now account for 73% of EBITDA, underscoring the resilience and quality of its business portfolio.
- The efficiency and synergy plan delivered EUR11 million in benefits during the first half, reaching 55% of the full-year target of EUR20 million.
- Operating cash flow of EUR410 million fully covered the investment plan of approximately EUR410 million, demonstrating strong financial discipline.
- The Networks business unit showed robust growth, with EBITDA up 8% year-on-year on an adjusted basis, supported by a 6% increase in water RAV and a 4% increase in electricity distribution RAV.
- Iren SpA (IRDEF) revised its 2026 hydroelectric production guidance downward from 1,200 GWh to 1,050 GWh due to adverse weather conditions and low water availability, impacting EBITDA by approximately EUR18 million.
- The Energy business unit saw a 5% decline in EBITDA, primarily due to lower hydroelectric volumes and a slowdown in energy efficiency projects.
- The Market business unit experienced a net loss of 56,000 customers in the first half, reflecting a highly competitive environment and a strategic shift toward value over volume.
- The Environment business unit's EBITDA was boosted by EUR60 million in non-recurring adjustments, which are not expected to recur in the second half, potentially masking underlying performance.
- Net financial debt increased by EUR54 million to EUR4,276 million, partly due to seasonal working capital effects and higher investment payments.
Good afternoon and welcome to the ERAM Group conference call. My name is Zach and I will be your conference operator for today's event. ( Operators Instructions ) I would now like to hand the call over to Carlo Dubini, Head of Investor Relations, who will begin today's conference. Thank you, and please go ahead.
Good afternoon, everyone, and thank you for joining the conference call to present the IRAM Group's results for 3rd June 2026. The results will be presented by Executive Chairman Lucas Alfabro and CFO Giovanni Gazza. At the end of the presentation, we will hold the Q&A session. I will now hand over to Luca to present the results for the period.
Good afternoon, everyone, and thank you for joining us today. The results approved moments ago by the Board of Directors confirm the strength of our business model and provide service-fundations for the growth expected in the second-half of the year. Personal
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