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    Diversified Utilities
Iren S.p.A.

Iren S.p.A.

IRDEF
Iren S.p.A.US flagOther OTC
2.61
USD
- -
- -
3.35BMarket Cap
Iren S.p.A.
IRDEF
(Other OTC)

Recent

price

2.61

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.47
2.68
3.28
2.58
2.16
2.33
2.5
2.83
3.08
3.23
2.83
3.8
6
4.95
4.64
5.02
4.8
Revenue per Share
0.14
-0.09
0.12
0.06
0.07
0.09
0.14
0.19
0.19
0.18
0.19
0.24
0.18
0.2
0.21
0.23
0.23
Basic EPS, GAAP
-0.61
-0.63
0.03
0.1
0.06
0.24
0.26
0.24
0.26
0.15
0.11
0.15
0.14
-0.15
0.2
0.12
0.04
Free Cash Flow per Basic Share
0.07
0.1
0.02
0.06
0.06
0.06
0.07
0.07
0.09
0.12
0.12
0.12
0.12
0.14
0.15
0.14
0.01
Dividend per Share
1.35
0.91
1
1.06
1.07
1.09
1.14
1.19
1.19
1.18
1.19
1.25
1.19
1.21
1.22
1.25
1.11
Book Value per Share
0.74
0.34
0.54
0.54
0.5
0.45
0.55
0.56
0.31
0.23
0.21
0.18
0.1
-0.11
-0.2
-0.22
-0.14
Tangible Book Value per Share
1,054
1,276
1,276
1,276
1,276
1,276
1,276
1,276
1,292
1,299
1,292
1,283
1,283
1,283
1,283
1,283
1,283
Basic Weighted Avg Shares
2,600
3,421
4,182
3,293
2,761
2,975
3,193
3,617
3,978
4,199
3,654
4,878
7,699
6,353
5,949
6,435
6,156
Sales/Revenue/Turnover
12.7
11.19
9.78
11.19
11.66
13.94
15.88
13.85
14.91
11.06
11.54
9.84
5.82
7.31
9.11
8.45
8.63
Operating Margin (%)
165
209
205
199
238
268
305
322
355
404
441
478
523
601
655
716
725
Depreciation Expense
150
-111
153
81
86
118
180
238
242
236
239
303
226
255
268
301
294
Net Income, GAAP
37.45
1,066.36
36.32
52.89
53.13
43
38.2
28.27
29.85
29.59
27.08
21.3
32.31
25.61
30.26
27.86
27.62
Effective Tax Rate (%)
5.78
-3.24
3.65
2.45
3.11
3.97
5.63
6.57
6.09
5.63
6.54
6.21
2.94
4.01
4.51
4.67
4.77
Profit Margin (%)
-363
-513
50
-194
-25
463
442
536
403
302
577
136
169
-530
-364
-263
-182
Working Capital
- -
2,005
2,137
1,801
2,168
2,664
2,836
2,926
2,938
3,056
3,734
3,495
- -
- -
4,381
4,430
- -
LT Debt
2,082
1,845
1,954
1,989
1,994
2,062
2,297
2,499
2,562
2,651
2,765
2,951
3,191
3,244
3,344
3,711
3,836
Total Equity
11.83
-104.32
5.47
3.89
3.3
4.96
6.11
6.57
7.36
5.56
4.91
5.68
6.18
10.19
6.41
4.87
10
Return on Invested Capital (%)
13.48
-26.53
4.74
2.63
2.72
3.46
5.3
5.51
5.81
5.05
4.48
5.29
5.58
13.26
6.9
5.71
22.06
Return on Capital (%)
11.26
-8.59
12.5
6.12
6.31
8.58
12.62
16.01
15.84
15.35
15.54
19.28
14.44
16.53
17.18
18.96
20.48
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
119
- -
LT Borrowings
- -
4,430
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,283
1,283
1,283
Market Capitalization
3,313
3,441
2,899

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,927
2,279
2,512
Cash, Cash Equivalents & STI
204
206
406
Accounts Receivable, Net
1,162
1,364
1,481
Inventories
74
68
68
Total Current Liabilities
2,274
2,542
2,694
Payables & Accruals
- -
- -
- -
ST Debt
- -
119
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.11%
6.11%
10.97%
Free Cash Flow
-50.12%
-87.59%
-39.73%
Net Income, GAAP
11.64%
6.27%
11.95%
Sales/Revenue/Turnover
9.88%
15.13%
8.17%
Total Cash Common Dividend
8.72%
3.83%
-6.09%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,543
1,111
1,413
1,882
5,949
2025
2,056
1,362
1,252
1,766
6,435
2026
1,777
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.1
- -
- -
- -
0.21
2025
0.11
- -
- -
- -
0.23
2026
0.1
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.15
2025
- -
- -
- -
- -
0.14
2026
- -
- -
- -
- -
- -
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Business
Iren S.p.A. (IRE.MI) operates as a leading multi-utility company in Italy, providing essential services across energy, water, waste management, and related sectors through its subsidiaries organized into five core business units: Networks, Waste Management, Energy, Market, and Smart Solutions; the company distributes electricity via approximately 7,872 kilometers of medium- and low-voltage networks serving around 729,000 users, natural gas through 8,160 kilometers of pipelines to 738,000 customers, and manages the integrated water cycle including 20,358 kilometers of aqueducts and 11,279 kilometers of sewers for nearly 3 million inhabitants, alongside district heating as Italy's largest operator with 99 million cubic meters in volume, waste collection and treatment for 3.8 million inhabitants handling 3.8 million tons annually, renewable and thermoelectric energy production with 2.8 gigawatts capacity (76% eco-friendly), sales of electricity, gas, heat and customer services to over 2 million energy clients, and smart solutions encompassing energy efficiency projects like cogeneration, LED relamping, photovoltaics, electric mobility, and community services such as public building renovations. Founded in 2010 and headquartered in Reggio Emilia, Italy, with operating hubs in Genoa, Parma, Piacenza, Turin, La Spezia, and Vercelli, Iren serves a multi-regional area across more than seven million inhabitants in northern and central Italy, employing over 9,000 people and generating nearly 5 billion euros in revenues, with regulated and semi-regulated activities comprising about 70% of EBITDA; it holds top national rankings including first in district heating, second in integrated water services, third in waste collection, sixth in electricity generation, and fifth in energy supply. In a significant recent development, Iren finalized the acquisition of an additional 47.23% stake in Egea Holding S.p.A. from MidCo 2024 S.r.l. in May 2025, achieving 100% ownership to accelerate development investments, growth projects, and business integration; the company also unveiled its 2025-2030 business plan in November 2025, targeting substantial net profit growth from 268 million euros in 2024 to approximately 400 million euros by 2030, underscoring its focus on renewables, energy transition, circular economy leadership, and infrastructure expansion.

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