Iren
Iren S.p.A. is one of Italy's largest multi-utility companies, active in the electricity, gas, district heating, integrated water services, environmental services, and technology services sectors.[^c1] The company was created on 1 July 2010 from the merger of Iride and Enìa, tracing its roots to municipal gas and electricity companies founded as early as 1903.[^c4][^c5][^c14] Iren employs more than 11,900 people, serves 2.5 million energy customers, provides water services to around 3 million residents, and environmental services to approximately 4.05 million residents across Piedmont, Liguria, and Emilia-Romagna.[^c2][^c3][^c16] The group is an industrial holding company headquartered in Reggio Emilia.[^c3] Net electricity production reached 9,338 GWh in 2024, of which 75% came from renewable or high-efficiency sources.[^c6]
In 2024, Iren reported consolidated revenues of €6,043 million, EBITDA of €1,274 million, and a group net profit of €268.5 million.[^c7][^c8][^c9] In fiscal year 2025, revenues rose to €6,574 million (up 8.8%), EBITDA increased to €1,353 million (up 6.2%), and net profit reached €301 million (up 11.9%), driven by organic growth and the consolidation of EGEA Holding, acquired in January 2025.[^c21][^c19][^c18] In March 2026, the European Investment Bank signed a €225 million loan to support Iren's 2024–2028 investment plan for waste management modernisation and energy efficiency upgrades, bringing total EIB financing to Iren to approximately €2 billion.[^c20][^c22] In December 2025, Fitch Ratings affirmed Iren's Long-Term Issuer Default Rating at 'BBB' with a Stable Outlook, citing the group's defensive strategic plan and high earnings visibility from regulated activities.[^c23]
Beyond its core utility operations, Iren pursues innovation through Iren Smart Solutions (energy efficiency services), the IRENUP Cleantech Venture Capital programme investing in Italian cleantech startups, and digital transformation initiatives including the IrenYou customer platform.[^c15] The 2025–2030 Industrial Plan outlines a strategic transformation from an "extended multiutility" to a "focused multiutility" model, with €6.4 billion in gross investments targeting regulated network businesses and waste-to-energy plants, an EBITDA target of €1.6 billion by 2030, and a Transition Plan to 2040 aimed at halving carbon intensity.[^c10][^c11][^c12][^c13][^c17] In late May 2026, Iren faced a grid crisis in Turin due to aging infrastructure and an early heatwave, prompting a €515 million modernisation plan and the inauguration of a new €24.8 million electrical substation in May 2026.[^c24]