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Italian multi-utility providing electricity, gas, water and waste-management services across cities in Northern Italy.
Italian multi-utility providing electricity, gas, water and waste-management services across cities in Northern Italy.
Earns regulated returns on networks for electricity, gas and water, fees from municipal waste services, and less predictable income from power generation, district heating and energy sales. Its public shareholders are municipalities such as Turin and Genoa, who hold about half the shares through a holding company.
In one line: An Italian regional multi-utility like a smaller Duke Energy plus water/waste.
Moat: narrow (regulatory licence, installed base, scale). Regulated multi-utility concessions across several Northern Italian municipalities, but limited to its regional footprint.
Headquarters: Reggio Emilia / Turin, Italy · Founded: 2010 · Employees: 11,908
Size Iren (IRE.MI) is an Italy Utilities company (Electric Utilities) with a market value of $3.54B, the 52nd largest of 123 Italy companies the cockpit tracks. Shares closed at €2.46 on 6 Nov 2026.
Performance Over six months the shares fell 8.5%, against -9.9% for the median peer and +3.1% for the Italy market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median +0.6%); the operating margin is 8.6% (peer median 18.0%).
Valuation It trades at 10.6× forward earnings against a peer median of 13.9× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points below its cost of capital (6.3% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.08B | €6.43B | €5.94B | €6.35B | €7.70B |
| Revenue growth | — | +8% | -6% | -17% | — |
| Gross profit | €476M | €2.63B | €2.38B | €2.34B | €2.04B |
| EBITDA | €1.25B | €1.12B | €1.09B | €943M | €836M |
| Net income | €299M | €301M | €268M | €255M | €226M |
| Free cash flow | €55.9M | €52.5M | €152M | -€274M | €98.9M |
| Capital expenditure | €941M | €925M | €830M | €867M | €898M |
| Total debt | €4.75B | €5.10B | €5.05B | €4.67B | €4.56B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Iren IRE.MI | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% |
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Acea ACE.MI | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% |
| Hera HER.MI | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRE.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | -1.3% | 7th highest of 21 |
| 6-month return | -8.5% | -9.9% | 10th highest of 21 |
| Distance from 52-week high | -14.2% | -22.0% | 5th highest of 21 |
| Revenue growth (TTM) | -8.2% | +0.6% | 4th lowest of 21 |
| Operating margin | 8.6% | 18.0% | 7th lowest of 20 |
| Forward P/E | 10.6× | 13.9× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 0.9% | 4th most demanding of 9 |
| Growth delivered (Del g) | +12.0% | +9.4% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | -6.4 pp | -5.1 pp | 4th least demanding of 9 |
| ROIC minus cost of capital | -1.8 pp | -1.3 pp | 10th lowest of 20 |
| EV / EBITDA | 6.3× | 11.1× | 4th cheapest of 15 |
| Net debt / EBITDA | 3.5× | 4.9× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |