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olivLaw · European equity research

Iren S.p.A. IRE.MI

Italy · Euronext Milan · ISIN IT0003027817 · Vertical: Listed companies from Italy

2.44EUR−0.41% · 1 dayClose 05 Nov 2026

Iren S.p.A. is an Italian multi-utility active in energy, gas, water and waste management, with operations across several regions of Italy. Its 2025 annual report shows a focus on cutting emissions and investing in cleaner technologies, within a shifting European and national regulatory framework.

At the close of 05 Nov 2026, Iren S.p.A. (IRE.MI) stock was 2.44 EUR (−0.41% on the day), with market capitalisation 3.2 m EUR, P/E 0.0 on diluted EPS of 230.00 EUR over the last 12 months, dividend yield 5,594.06%, beta 0.39, 52-week range 2.37–2.84 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
3.2 m EUR
shares as of 31 Dec 2025
P/E (TTM)
0.0
Diluted EPS TTM 230.00 · TTM to 31 Dec 2025
E/P (TTM)
9,433.96%
TTM to 31 Dec 2025
Dividend yield
5,594.06%
DPS 12m 136.38
Beta (2y)
0.39
Volatility (1y) 22%
52-week range
2.372.84

Price history

Loading chart…

Technical reading

RSI (14)
51.0
neutral
Bollinger (20, 2)
2.36 – 2.48
in the upper half of the band · %B 0.63 · band width 4.9%
SMA 50 / 200
2.44 / 2.57
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.00 / -0.00
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+1.3%−0.6%+2.0 pp—
3 months−4.7%−4.2%−0.5 pp—
6 months−5.9%+4.3%−10.2 pp—
Year to date−4.6%+7.5%−12.1 pp—
1 year−3.9%+9.9%−13.8 pp−6.1%
3 years+25.7%+49.8%−24.2 pp+7.7%
5 years−15.3%+42.8%−58.2 pp—
Max drawdown (1y)
−16.7%
11 Feb 2026 → 19 Oct 2026
Max drawdown (5y)
−55.5%
10 Nov 2021 → 12 Oct 2022
Compound annual growth (5y)
−3.3%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.0, median 0.0, max 0.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue6.5 bn6.0 bn6.6 bn
Revenue YoYunavailable−6.9%+8.8%
Net income254.8 m268.5 m300.5 m
Net income YoYunavailable+5.4%+11.9%
Diluted EPS200.00210.00230.00
Diluted EPS YoYunavailable+5.0%+9.5%
net %3.9%4.4%4.6%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
205.8 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
3.7 bn EUR
Total assets
12.1 bn EUR
Debt / equity
unavailable
Current ratio
0.90x
ROE
8.5%
ROA
2.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
6.5 bn
2024
6.0 bn
2025
6.6 bn

esef· 29 Apr 2026verified

Gross profit
2023
1.2 bn
2024
1.3 bn
2025
1.4 bn

esef· 29 Apr 2026verified

Operating income
2023
464.4 m
2024
519.7 m
2025
530.0 m

esef· 29 Apr 2026verified

Depreciation & amortisation
2023
600.9 m
2024
655.5 m
2025
716.3 m

esef· 29 Apr 2026verified

EBITDA
2023
1.1 bn ≈
2024
1.2 bn ≈
2025
1.2 bn ≈

esef· 29 Apr 2026derived

Interest expense
2023
135.8 m
2024
136.3 m
2025
146.1 m

esef· 29 Apr 2026verified

Pre-tax income
2023
378.9 m
2024
435.3 m
2025
438.4 m

esef· 29 Apr 2026verified

Income tax
2023
97.0 m
2024
131.7 m
2025
122.2 m

esef· 29 Apr 2026verified

Net income
2023
254.8 m
2024
268.5 m
2025
300.5 m

esef· 29 Apr 2026verified

Diluted EPS
2023
200.00
2024
210.00
2025
230.00

esef· 29 Apr 2026verified

Dividend per share
2023
138.63
2024
148.45
2025
136.38

esef· 29 Apr 2026derived

Balance sheet · EUR

Cash
2023
436.1 m
2024
326.6 m
2025
205.8 m

esef· 29 Apr 2026verified

Inventories
2023
73.9 m
2024
84.0 m
2025
68.2 m

esef· 29 Apr 2026verified

Current assets
2023
2.7 bn
2024
2.8 bn
2025
2.3 bn

esef· 29 Apr 2026verified

Property, plant & equipment, net
2023
4.5 bn
2024
4.5 bn
2025
4.6 bn

esef· 29 Apr 2026verified

Goodwill
2023
245.0 m
2024
247.3 m
2025
272.5 m

esef· 29 Apr 2026verified

Intangibles (excl. goodwill)
2023
3.1 bn
2024
3.4 bn
2025
3.7 bn

esef· 29 Apr 2026verified

Total assets
2023
11.7 bn
2024
12.2 bn
2025
12.1 bn

esef· 29 Apr 2026verified

Current liabilities
2023
3.2 bn
2024
3.2 bn
2025
2.5 bn

esef· 29 Apr 2026verified

Total liabilities
2023
8.4 bn
2024
8.9 bn
2025
8.4 bn

esef· 29 Apr 2026verified

Equity
2023
3.2 bn
2024
3.3 bn
2025
3.7 bn

esef· 29 Apr 2026verified

Shares outstanding at year end
2023
1.3 m
2024
1.3 m
2025
1.3 m

esef· 29 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
680.3 m
2024
1.1 bn
2025
1.1 bn

esef· 29 Apr 2026verified

Investing cash flow
2023
-886.6 m
2024
-901.0 m
2025
-887.3 m

esef· 29 Apr 2026verified

Financing cash flow
2023
-145.9 m
2024
-291.7 m
2025
-311.4 m

esef· 29 Apr 2026verified

Dividends paid
2023
176.6 m
2024
189.8 m
2025
178.2 m

esef· 29 Apr 2026verified

Share repurchases
2023
0
2024
0
2025
0

esef· 29 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
2.0%
computed by olivLawFY 2025
Net income growth (YoY)
11.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
9.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
20.6%
computed by olivLawFY 2025
EBITDA margin
19.0%
computed by olivLawFY 2025
EBIT margin
8.1%
computed by olivLawFY 2025
Net margin
4.6%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
9.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
5.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
59.3%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
3.6x
computed by olivLawFY 2025

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.1 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
86.5%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
3.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
0.0x
computed by olivLawFY 2025
P/E (TTM)
0.0x
computed by olivLawFY 2025
Earnings yield
9,434.0%
computed by olivLawFY 2025
P/B
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
5,594.1%
computed by olivLawFY 2025
Shareholder yield (distributions)
5,594.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.44 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 3.2 m EUR

Key indicators

Market capitalisation
3.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
0.0x
computed by olivLawFY 2025
P/B
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
9.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.6%
computed by olivLawFY 2025
Revenue growth (YoY)
8.8%
computed by olivLawFY 2025
Dividend yield
5,594.1%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 29 Apr 2026
verified 80derived 6

Score by group

33% · Insufficient data

Estimated value range

Low
1,650.78
EUR per share
Mid
2,594.49
EUR per share
High
3,892.50
EUR per share
Price: 2.44 EUR
The price is below the range
Potential to the central value: 106,319.0% (value / price − 1)
Margin of safety: 99.9% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1,446.75 – 5,255.70 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E1,446.75 – 5,255.70 (Mid 3,048.82)
    20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9x
    AC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
  • Dividend discount (DDM)1,854.81 – 2,529.29 (Mid 2,140.17)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.6%44 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet3.6x33 (on a fixed band)19%
Current ratio · Balance sheet0.9x8 (on a fixed band)13%
P/E (TTM) · Valuation0.0x100 (vs peers)31%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns5,594.1%100 (on a fixed band)19%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet23/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial44/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial100/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

IREN S.P.A. (IRE.MI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 6.6 bn EUR in 2025; YoY growth 8.8%; net margin 4.6%; ROE 9.5%.

The estimated value range is 1,650.78–3,892.50 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2,594.49 EUR, the price of 2.44 EUR leaves a potential of 106,319.0% (value / price − 1) and a margin of safety of 99.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/E (TTM): 0.0x
  • Shareholder yield (distributions): 5,594.1%
  • The price is below the estimated value range

What contradicts it

  • Current ratio: 0.9x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Italy · same country · compared with 39 companies

Multiples and returns vs the median

P/E
0.0x
vertical median 15.7x
below median (−99.9%)
EV/EBITDA
—
vertical median 8.1x
P/S
0.0x
vertical median 1.1x
below median (−100.0%)
P/B
0.0x
vertical median 1.1x
below median (−99.9%)
ROE
9.5%
vertical median 8.5%
above median (+11.6%)
Net margin
4.6%
vertical median 6.2%
below median (−26.4%)
EBIT margin
8.1%
vertical median 9.5%
below median (−15.0%)
Revenue YoY
8.8%
vertical median 0.4%
above median (+1,958.7%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
5,594.1%
vertical median 3.7%
above median (+152,338.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DLG.MIDe' Longhi S.p.a.6.8 bn21.515.4%8.4%+8.7%+24% / +60%
ACE.MIAcea S.p.a.4.6 bn9.618.2%16.6%+0.2%−4% / +73%
DIA.MIDiasorin S.p.a.4.3 bn28.39.2%13.0%+0.8%+31% / −7%
CRL.MICarel Industries S.p.a.2.9 bn39.516.1%11.7%+8.7%+3% / +10%
AMP.MIAmplifon S.p.a.2.7 bn29.98.5%3.8%−0.6%−9% / −58%
CMB.MICembre S.p.a.1.3 bn27.020.6%18.9%+6.7%+11% / +108%
COM.MIComer Industries S.p.a.1.3 bn18.612.8%7.1%−23.0%+8% / +64%
DNR.MIIndustrie De Nora S.p.a.1.1 bn13.48.6%9.4%+1.4%−22% / −62%
ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a.969.2 m10.423.5%41.0%+1.8%−5% / −23%
AVIO.MIAvio S.p.a.883.6 m86.82.1%1.8%+21.5%+18% / +291%
CIR.MICir S.p.a. - Compagnie Industriali Riunite783.3 m6.017.1%7.3%+1.6%+4% / +72%
ASC.MIAscopiave S.p.a.646.3 m18.04.2%17.5%+13.4%−8% / +33%
AC5.MIAcinque S.p.a.412.6 m19.64.1%3.6%+0.2%−6% / +8%
BAN.MIBasic Net S.p.a.348.0 m—-4.9%-3.5%+0.4%−30% / +5%
ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a.324.7 m13.111.1%13.7%+9.2%−2% / +12%
CAI.MICairo Communication S.p.a.289.2 m6.48.1%4.4%−1.3%−22% / +28%
ECNL.MIAquafil S.p.a.129.6 m—-3.2%-0.9%−3.9%−1% / −52%
BEC.MIB&C Speakers S.p.a.118.7 m11.718.5%10.2%−1.3%−26% / −32%
ABT.MIAbitare In S.p.a.76.0 m276.00.4%0.4%+39.8%−6% / −47%
ELC.MIElica S.p.a.64.3 m—-7.8%-2.2%+1.9%−34% / −48%
DEX.MIDexelance S.p.a.50.7 m2.811.0%5.4%+12.6%−63% / −78%
CLE.MIClass Editori S.p.a.35.1 m—-29.2%-3.8%−0.7%−9% / +106%
CLF.MICaleffi - S.p.a.11.6 m5.210.9%3.8%−2.5%−4% / −10%
AEF.MIAeffe S.p.a.10.1 m0.521.9%7.7%−21.3%−59% / −86%
BC.MIBrunello Cucinelli S.p.a.6.2 m0.026.5%75,526.1%0.0%−5% / +15%

1- and 3-year price returns: for IRE.MI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
1.50
Total return 4,560% · Per year 4,560%
2.65
Total return 6,094% · Per year 6,094%
3.99
Total return 7,384% · Per year 7,384%
3 years
1.59
Total return 14,145% · Per year 422%
3.14
Total return 19,936% · Per year 485%
5.16
Total return 25,238% · Per year 533%
5 years
1.68
Total return 24,266% · Per year 200%
3.71
Total return 36,317% · Per year 225%
6.68
Total return 48,355% · Per year 244%
What moves the 3-year price the most
  • Exit P/E± 0.78
  • Net margin± 0.55
  • Annual revenue growth± 0.43
  • Annual dilution± 0.05

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Iren S.p.A. is an Italian multi-utility active in energy, gas, water and waste management, with operations across several regions of Italy. Its 2025 annual report shows a focus on cutting emissions and investing in cleaner technologies, within a shifting European and national regulatory framework 1.

SWOT

Strengths

  • A diversified portfolio of regulated and commercial activities, which reduces reliance on a single segment.
  • A certified environmental management system and continuous emissions monitoring practices.
  • Established territorial presence in distribution and integrated water services.

Weaknesses

  • Reliance on regulator decisions on tariffs and on the costs recognised in revenues.
  • Older thermoelectric plants require ongoing investment to meet current standards.
  • Wastewater treatment still releases emissions to water, even though it reduces overall pollution.

Opportunities

  • Growth of energy communities and renewable self-consumption, supported by public incentives.
  • Recovering materials from waste and reusing treated wastewater.
  • Grid investment, if simplified permitting for infrastructure projects is applied.

Threats

  • Changing European and national rules that may alter tariff and penalty regimes.
  • Risk of accidental pollution at landfills, plants or treatment works, with impact on local communities.
  • Competition in retail sales and pressure on margins.

Risks

  • Accidental pollution riskhigh

    Managing landfills, power plants and treatment works involves the risk of leaks or uncontrolled emissions after a serious failure.

  • Tariff uncertaintymedium

    The new regulatory cycle for the period after 2027 and the recalculation of recognised costs could affect distributor revenues.

  • Ageing plant assetsmedium

    Failure to modernise older plants could lead to decommissioning costs or loss of competitiveness.

  • Changing environmental frameworkmedium

    New European rules on waste and water may require additional investment, with timelines that are hard to anticipate.

  • Guarantees and payments between operatorslow

    New rules on guarantees and payments in the gas network may influence cash flow and exposure to insolvency.

Investment thesis

What would need to be true (bull case)

  • If regulation remains supportive of network investment, the group could benefit from an extended base of regulated assets.
  • Rising demand for recycling and waste recovery could support growth in treatment activities.
  • Self-consumption and energy community programmes could create new revenue for operators with renewable capacity.

What would break the thesis

  • Regulatory changes could reduce distributor revenues if the recognised costs stay below actual needs.
  • Compliance costs under tighter environmental rules could exceed estimates, especially for older plants.
  • Competition in retail sales could erode margins if prices paid by customers fall.

What to watch

  • Final decision on the tariff regime for the period from 2028 onward2027
  • Adoption of the European grid package for electricity networks2026
  • Trend in air and water emissions in the next sustainability reportnext annual report
  • Timetable for investment in modernising power plants and treatment works2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The Iren group operates in Italy's utilities sector: electricity and gas distribution and sales, integrated water services, treatment and recovery of waste, and power generation in thermoelectric and cogeneration plants 1. Activities are organised through several group companies, each with its own asset portfolio and regulatory obligations. Operations run under an ISO 14001-certified environmental management system 1.

Segments

Water treatment and management

Water emissions come mainly from the integrated water service treatment plants, where most pollutants in urban wastewater are removed. Stricter limits for nitrogen and phosphorus apply to plants in the Po river basin 1.

Power generation and waste-to-energy

Thermoelectric plants, cogeneration units and waste-to-energy incinerators are the main sources of air emissions, mainly carbon monoxide and nitrogen oxides. In 2025 carbon monoxide emissions at the Turbigo plant fell thanks to operational optimisation 1.

Electricity and gas distribution and sales

Gas and electricity distribution is regulated by the national authority, with tariffs and penalty mechanisms that shape revenues. The group is also subject to requirements for registration in national gas and electricity seller registers 1.

Market context

Italy's utilities market is under pressure from European decarbonisation targets and regulatory reforms on tariffs and networks. The regulator extended the current tariff regime to 2026 and 2027 and is preparing a new cycle from 2028, which creates uncertainty for network operators 1. New rules for the balancing market and for energy communities open opportunities for small and medium producers 1.

Trends

  • Gas distribution regulationmixed

    The authority revised the operating costs recognised for 2020 to 2025 and introduced the option of firm-specific X-factors, which could change distributor revenues depending on their size.

  • Tighter environmental requirementsheadwind

    New European obligations on textile and organic waste and the growing role of water resilience raise compliance costs, but open opportunities in recycling and water reuse.

Competitive position

Iren competes with other Italian utilities and regional operators for distribution, sales and water and waste service contracts. Competition is most intense in retail energy sales, where customers can switch supplier, and in waste treatment, where several private players are active.

  • A2A S.p.A.

    Italian utility active in energy, gas, water and waste, with comparable operations across several regions of Italy.

  • Hera S.p.A.

    Northern Italian multi-utility active in water, gas, electricity and waste management.

  • Enel S.p.A.

    Italian energy group with activity in electricity generation, distribution and sales.

  • Edison S.p.A.

    Italian energy company active in power generation and in electricity and gas sales.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Iren S.p.A. · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.