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 employed more than 11,900 people at year-end 2025 and 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, and total installed renewable capacity stood at 851 MW at year-end 2025.[^c6][^c29]
Financial results continued to strengthen across 2024 and 2025 (see [[overview/key-metrics.md|Key Metrics]] for full details), driven by organic growth and the consolidation of EGEA Holding, acquired in stages through January and May 2025.[^c21][^c19][^c18] In January 2025, Iren launched its inaugural €500 million hybrid subordinated perpetual bond, oversubscribed eight times, to finance the EGEA integration and strategic investments.[^c26] 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]
In the first quarter of 2026, Iren recorded revenues of €1,814 million, EBITDA of €418 million (essentially flat), and a group net profit of €128.6 million, with 73% of EBITDA from regulated activities.[^c35] The group was awarded 2,047 MW in the capacity market auction for the 2026 delivery year, confirming 100% allocation of its generation capacity.[^c36] In March 2026, Iren won the Research & Innovation category at the 14th Top Utility Award and was a finalist in the Absolute, Communication, and Territory & Community categories.[^c25] Renewables capacity expanded with the commissioning of a 20.4 MWp photovoltaic plant in Noto, Sicily, the group's first directly-built solar installation in the region, expected to produce 42 GWh annually.[^c30] Iren and the science education platform Geopop won silver at the 2026 Branded Content & Entertainment Awards for an educational video on wastewater treatment that reached over 3.4 million views.[^c42]
In January 2026, Paolo Robutti was appointed CEO of Iren Mercato, the group's commercial subsidiary, succeeding Gianluca Bufo who retained the role of Group CEO.[^c37] Iren Mercato subsequently signed a 10-year power purchase agreement with Statkraft to acquire 30 GWh per year of solar energy beginning January 2025, and entered a separate 10-year PPA with Swiss energy company Alpiq for wind-generated electricity with Guarantees of Origin certification.[^c40][^c41] In May 2026, IRETI inaugurated a new €24.8 million primary electrical substation in Turin, part of a €515 million grid modernisation programme running through 2030, prompted by heatwave-driven blackouts in June 2026 that exposed aging infrastructure.[^c24][^c27] On 26 June 2026, the Iren board of directors formally approved the acceleration of the grid investment plan and a 50% increase in 24/7 technical staff.[^c33] The following day, four trade unions opened a formal labour dispute against the group, accusing management of prioritising dividend increases over infrastructure investment and service quality.[^c34] The dividend of €0.1386 per share was paid on 24 June 2026, reflecting an 8% year-on-year increase.[^c38] In June 2026, Iren reached an agreement with Coldiretti Torino to release constant water flows from the Ceresole Reale dam for agricultural irrigation, addressing tensions between hydroelectric production schedules and farming needs during a drought period.[^c32] Iren subsidiary EGEA Acque signed a preliminary agreement in May 2026 for the takeover of integrated water service management in Cuneo ATO 4, with completion expected in the second half of the year.[^c28]
In July 2026, Iren formalised a donation to the Sant'Egidio Community soup kitchen in Genoa, which distributes approximately 1,500 meals per week and exceeded 180,000 meals in 2025 with about 250 volunteers.[^c43] Separately, Atersir approved a 4.6% average increase in waste management tariffs for the Reggio Emilia basin for 2026, driven by national inflation, fuel costs, and contract renewals, with household increases ranging from 4.9% to 5.2% and spikes of up to 322% for artisan production activities.[^c44][^c45] Local authorities introduced a combined state-local bonus providing a 25% discount to over 8,000 vulnerable families.
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] For 2026, the group planned approximately €1 billion in investments concentrated on regulated sectors, with expected financial improvement driven by organic growth and the ongoing efficiency programme.[^c39]