(Alliance News) - Iren Spa announced Thursday that its board of directors approved its results as of Sept. 30, reporting a net group profit attributable to shareholders of EUR177 million, up 26 percent from EUR141 million recorded in the first nine months of 2022.

Revenues for the nine months were EUR4.63 billion, down 18 percent from EUR5.64 billion in the same period of 2022. The main drivers of the decline in revenues relate to energy revenues, which were affected by more than EUR660 million by lower commodity prices and about EUR490 million by lower volumes due to the weather effect, with a very mild winter, and reduced energy demand, the company reports.

Ebitda amounted to EUR857 million down from EUR759 million in the same period of 2022. The 13 percent growth is driven by margin recovery in the Market BU, organic growth in regulated businesses, and full integration of acquired companies.

Ebit, on the other hand, is EUR325 million from EUR321 million in the same period of 2022.

Net financial debt is EUR3.93 billion, up 17 percent from EUR3.35 billion as of December 31, 2022. In this regard, the company reports a working capital absorption of EUR421 million to be attributed mainly to the payment terms of gas supplies that have not yet been normalized. In addition, EUR91 million of tax credits are recorded relating to

mainly Superbonus 110% projects, and an investment flow of EUR598 million from EUR548 million of technical investments in the period and EUR50 million of inorganic investments.

"The results just approved, with Ebitda growth of 13%, confirm once again the effectiveness of Iren's multi-business model, which allows the rapid integration of the acquired companies, further accelerating the achievement of industrial objectives," says Luca Dal Fabbro, Executive Chairman of Iren. "The group has further strengthened its leadership in the historical territories in which it operates, also through the hiring of 400 people, demonstrating great adaptive capacity to the changing economic scenarios and a natural inclination to generate value for shareholders and stakeholders.

"The positive results communicated in recent months are consolidated at the end of September with a 26 percent increase in net income, also thanks to the constant investments that allow Iren to make progress toward the ambitious goals of the Industrial Plan," says Paolo Signorini, CEO and general manager of Iren.

Iren's stock trades in the red by 1.4 percent at EUR1.90 per share.

By Chiara Bruschi, Alliance News reporter

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