Iren, 2023 closes with richer margins despite the drop in energy prices and demand

A year closed with growth in margins despite the drop in revenues due to the decrease in wholesale prices and also the reduction in energy demand. It is 2023 for Iren, which marks an ebitda (gross operating margin) of 1,197 million euros, up 13.5% compared to the previous year. Revenues, explains a note from the multiutility, amounted to 6,490.4 million (-17.5%) “due to energy revenues, influenced by over 1,229 million by the reduction in commodity prices and by approximately 286 million by the reduction in volumes for the climatic effect, with a very mild winter, and for the reduction in energy demand”.

Coming to the bottom lines of the income statement, the group net profit attributable to shareholders is equal to 254.8 million (+12.8%), the ebit is in line and stands at 464.6 million, while gross investments fell by 22.7% to 933.5 million. Net financial debt stands at 3,931.8 million, an increase of 17.5% compared to the figure as of 31 December 2022.

The board of directors will propose to the shareholders’ meeting, which will be held on June 27, the payment of a dividend of 11.88 cents per share, an increase of 8% compared to last year.

Paolo Signorini, CEO and CEO of Iren, is satisfied and comments on the data by saying that Iren “has achieved all the main targets of the industrial plan and budget for 2023 relating to investments, ebitda, debt/ebitda ratio and net profit”. “The group confirms itself as one of the main players in terms of investments, achieving an increase of 635 million in net invested capital during the year, fundamental to guarantee an adequate and stable return on investment”. President Luca Dal Fabbro adds that the accounts highlight “once again the validity of Iren’s business model and the ability to quickly adapt to changes in the macroeconomic, climate and energy scenario, providing customers and citizens with increasingly higher quality services. This attitude strengthens Iren’s role as a reliable partner in the energy transition and in the creation of value for the territory and for the communities as well as for its shareholders. We are proud to announce – says the president – ​​that we have made over 1,100 hires during the year just ended”.

For the current year, Iren’s senior management expects the “continuation of the investments envisaged in the industrial plan and intended primarily for the efficiency of the distribution networks, the development of waste collection, treatment plants and the development of capacity renewable. The economic results are expected to grow compared to those of 2023 thanks to the improvement of the regulatory parameters for distribution activities, the plant development and consolidation of Siena Ambiente in the waste sector and the maintenance of solid profitability of the customer portfolio. As regards energy generation activity, a drop in prices and an increase in renewable production volumes are expected compared to the 2023 financial year”.