(Alliance News) - The board of directors of Iren Spa on Thursday approved consolidated results as of June 30, which closed with a group net profit attributable to shareholders of EUR143.0 million, up 4 percent from the result as of June 30, 2022.

Consolidated revenues as of June 30, 2023 stood at EUR3.21 billion, down 13 percent from EUR3.71 billion in the first half of 2022.

Ebitda amounted to EUR606.5 million, up 7.8 percent from EUR562.7 million in the first half of 2022. "The increase in Ebitda is mainly driven by the margin recovery of the Market business unit, renewable energy generation, and the integration of SEI Toscana," the company explains in the note.

Ebit was EUR248.3 million, down 12 percent from EUR281.6 million in the first half of 2022. "During the period, there was higher depreciation and amortization of more than EUR34 million related to the entry into operation of new investments and the expansion of the scope of consolidation, lower release of provisions of about EUR10 million and higher provisions for risks of about EUR34 million," the company writes in the note.

Net financial debt stood at EUR3.92 billion as of June 30, 2023, up 17 percent from the December 31, 2022 figure. "This increase is mainly attributable to investments made in the period, to support the planned development of territorial infrastructure and improve service quality, particularly in the water sector, and to support the energy transition; as well as to the temporary increase in working capital," Iren specifies.

Looking ahead, Ebitda is expected to improve strongly with 10 percent year-on-year growth.

Luca Dal Fabbro - executive chairman of Iren - commented, "We endorse today brilliant results that are the result of Iren's ability to make rapid progress towards achieving the goals of the Industrial Plan: the strong growth in Ebitda of 8 percent and the increase in investments of 12 percent allow the raising of the guidance on Ebitda by 10 percent on the year-end."

"The investments expected for 2023, amounting to EUR1.3 billion, are mainly aimed at efficiency and increasing the quality of services offered and optimizing the production mix, making it even safer and more sustainable, and ensuring Iren greater resilience in the face of any evolutionary scenario," hs Dal Fabbro concluded.

Iren on Thursday trades in the green by 0.2 percent at EUR1.82 per share.

By Maurizio Carta, Alliance News reporter

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