Capital structure

Credit rating

EMTN Programme

Senior bonds 

Hybrid bonds

Sustainable finance

Capital structure

Iren group accesses the capital market in order to ensure adequate coverage of its short-term and long-term financial needs through adequate sources diversification and with the aim of maintaining a solid and efficient capital structure.

Debt structure

ESG Debt

Interest rates

Debt duration

In particular, the structure of the Iren Group's debt and its maturity shows that:

 

  • 94% of the gross debt is fixed-rate and 6% variable-rate
  • The average maturity of the debt is 5.0 years
  • The average cost of debt is 2.17%
  • 89% of Iren's total debt is composed of green or similar financial instruments

 

Data updated to FY 2024

Key Debt Ratios

In order to assess the equity and financial strength of a company, balance sheet ratios are required. These are equivalent to the ratio of the equity shown in the liabilities to the invested capital of a company. Below are the main financial criteria based on accounting data.

RATIOS

Net financial debt /Net invested capital

Net financial debt / Net assets

Net cash flow from operating activities / Net financial debt

Net financial debt /EBITDA

31/12/2024

55%

1.2x

27%

3,2x

31/12/2023

55%

1.2x

17%

3.3x

31/12/2022

51%

1.0x

32%

3.2x

31/12/2021

50%

1.0x

33%

2.9x

31/12/2020

52%

1.1x

28%

3.2x

31/12/2019

51%

1.0x

27%

3.0x

Expand table

Credit rating

Rating agencies' valuation on Iren's creditworthiness testifies to the Group's financial solidity.

Standard & Poor’s

 
  • Last update 23/07/2024
  • Long term Issuer Default Rating BBB
  • Outlook Stable

Fitch

 
  • Last update 26/07/2024
  • Long term Issuer Default Rating BBB
  • Outlook Stable

Rating History

Data

26/07/2024

23/07/2024

11/05/2023

27/04/2023

07/12/2022

21/11/2022

22/12/2021

09/12/2021

20/10/2020

01/07/2020

27/01/2020

03/10/2019

28/11/2018

20/12/2017

15/10/2015

Agencies

Fitch

S&P

Fitch

S&P

S&P

Fitch

Fitch

S&P

Fitch

Fitch

Fitch

Fitch

Fitch

Fitch

Fitch

Long-Term
Issuer Default
Rating (IDR)

BBB

BBB

BBB

BBB

BBB-

BBB

BBB

BBB-

BBB

BBB

BBB

BBB

BBB

BBB

BBB-

Outlook

Stable

Stable

Positive

Stable

Positive

Stable

Stable

Positive

Stable

Stable

Stable

Stable

Stable

Stable

Stable

Fitch confirms Iren's rating at “BBB”

and modifies the outlook to "Stable

Standard & Poor’s confirms the Group’s rating
at BBB with a stable outlook

Fitch revises Iren’s outlook, conferming
"BBB" and upwarding the outlook to “Positive”

Standard & Poor’s upwards
Iren’s rating to “BBB”

S&P Global Ratings confirms the rating
at “BBB-” with a “Positive” outlook

Fitch confirms “BBB” rating
with “Stable” outlook

Fitch confirms “BBB” rating
with “Stable” outlook

Standard & Poor’s assigns the new rating
at the “BBB-” level with a “Positive” outlook

Fitch confirms “BBB” rating
with “Stable” outlook

Fitch: confirmation of solid financial
flexibility and adequate liquidity
despite the impact of Covid-19
and the acquisition of Unieco

Fitch confirms Iren’s investment
grade rating at “BBB” with “Stable” outlook

Fitch highlights a strengthening
of Iren's financial ratios and
liquidity profile

Fitch confirms Iren's investment
grade rating at “BBB” with
“Stable” outlook

Fitch improves Iren’s rating
by one notch to “BBB” (investment grade)
with “Stable” outlook

Fitch assigns to Iren an “investment grade”
rating “BBB-“ and “BBB” rating (one notch higher)
to the Eurobond 2021 issued in 2014

Press Release

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n.a.

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Espandi tabella

The program

The electronic version of the prospectus and any other documents related to the EMTN program (as well as the information contained therein), are made available on this website by Iren S.p.A. in good faith and for informational purposes only.

 

Such documentation is not addressed to, and should not be accessed by, individuals located in the United States, Australia, Canada, Japan, or any other jurisdiction where the publication and/or availability of such documentation would be prohibited.

 

This documentation does not constitute, nor is it part of, any offer or solicitation to purchase securities in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale is prohibited ("Excluded Countries"). Any securities issued in connection with an offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or under any applicable law on the offering or solicitation of financial products in Excluded Countries. Accordingly, unless exempted under the relevant laws on the offer or solicitation of financial products, such securities may not be offered, sold, resold, transferred, delivered, or distributed, directly or indirectly, in the Excluded Countries, or in any other jurisdiction, if to do so would constitute a violation of the relevant laws, or might require registration of such securities in the relevant jurisdiction.

 

If you are not authorised to view the above documentation on this site, or there is any doubt as to whether you can access it, please exit this site. Such documentation must not be made public, forwarded, distributed or sent to Excluded Countries or any other jurisdiction where such offers or sales are illegal. Persons receiving such documentation (including custodians and trustees) should not distribute or send them to or from Excluded Countries.

 

This publication does not constitute a public offering of financial products in Italy within the meaning of article 1, paragraph 1, letter t) of Legislative Decree no. 58 of 24 February 1998, and the relevant documentation will not be submitted to CONSOB for approval.

 

Iren established on 16 October 2015, a bond issue program called "Euro Medium Term Notes" (EMTN), filed with the Irish Stock Exchange. Initially approved for an amount of 1 billion Euro, the program has been adjusted over the various years bringing the total maximum value to the current 4 billion Euro. The bonds to be issued under the Program will be placed with institutional investors.

 

The adoption of the EMTN program is part of the Iren Group's financial strategy aimed at constant flexibility and optimisation of its financial structure and allows it to take advantage of favourable bond market windows in a timely manner.

Prospectus

Date

28/11/2024

13/09/2024

16/07/2024

30/11/2023

15/09/2023

18/05/2023

09/05/2023

25/11/2022

16/09/2022

01/07/2022

25/03/2022

24/09/2021

22/06/2020

19/12/2019

13/09/2019

17/07/2019

10/08/2018

10/10/2017

19/10/2016

16/10/2015

Programme EMTN

2° Supplement EMTN 2024

1°  Supplement EMTN 2024

2024 Programme EMNT € 4,0 billion

3° Supplement EMTN 2023

2° Supplement EMTN 2023

1° Supplement EMTN 2023

2023 Programme EMTN € 4,0 billion

3° Supplement EMTN 2022

2° Supplement EMTN 2022

1° Supplement EMTN 2022

2022 Programme EMTN € 4,0 billion

1° Supplement EMTN 2020

3° Supplement EMTN 2019

2° Supplement EMTN 2019

1° Supplement EMTN 2019

2019 Programme EMTN € 2,5 billion

1° Supplement EMTN 2017

2017 Programme EMTN € 2,0 billion

2016 Programme EMTN € 1,5 billion

2015 Programme EMTN € 1 billion

Espandi tabella

Senior bonds

All outstanding senior bonds were issued under the EMTN Program and the current rating of the bonds coincides with the medium/long-term rating assigned to the Company by the rating agencies S&P and Fitch.

 

All senior bond issues of Iren S.p.A. are listed on the regulated market of the Irish Stock Exchange (Euronext Dublin). 

Bond - ISIN

Green Bond 2033 
XS2906211946

Green Bond 2032
XS2752472436

Green Private Placement 2028
XS2512307229

Green Bond 2031 
XS2275029085

Eurobond 2030
XS2197356186

Green Bond 2029
XS2065601937

Green Bond 2025
XS1881533563

Green Bond 2027
XS1704789590

TOTAL

Issued

amount

500 M€

500 M€

50 M€

200 M€

300 M€

500 M€

500 M€

500 M€

500 M€

3.550 M€

Outstanding

amount

500 M€

500 M€

40 M€

200 M€

300 M€

484 M€

500 M€

476 M€

500 M€

3.500 M€

Annual

coupon

3,625%

3,875%

2,875%

0,250%

1,000%

0,875%

1,950%

1,500%

Emission

price

99,300%

99,514%

100,00%

94,954%

99,030%

98,144%

99,345%

99,129%

98,356%

Gross yield

to maturity

3,718%

3,946%

-

0,818%

0,348%

1,198%

0,944%

2,085%

1,680%

Issue /
Maturity date

E 23/09/2024

S 23/09/2033

E 22/01/2024

S 22/07/2032

E 5/08/2022
S 05/08/2028

E 14/10/2021
S 17/01/2031
E 17/12/2020
S 17/01/2031

E 1/07/2020
S 01/07/2030

E 14/10/2019
S 14/10/2029

E 19/09/2018
S 19/09/2025

E 24/10/2017
S 24/10/2027

Fitch

/ S&P

Rating

BBB/BBB

BBB/BBB

BBB

BBB/BBB

BBB/BBB

BBB/BBB

BBB/BBB

BBB/BBB

Press release

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Final

terms

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Hybrid bond

In 2025 January, the inaugural unsecured, non-convertible, subordinated, perpetual and hybrid bond with a nominal value of €500 million was issued. The issuance was carried out on a stand-alone basis (outside the EMTN Program) and the bonds were rated “BB+” by both Standard and Poor's and Fitch.

 

The Hybrid Bond is listed on the regulated market of the Irish Stock Exchange (Euronext Dublin).

Bond -
ISIN

Hybrid bond
XS2977890313

TOTAL

Issued

amount

500 M€

500 M€

Annual

coupon

4,5%
(until the
First Reset
Date)

Emission

price

99,448%

Gross yield

to maturity

4,625%

Issue / 

Maturity date

E 23/01/2025

S Perpetual

FItch/S&P

rating

BB+/BB+

Press

release

PDF

Prospectus

PDF

Annexes

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Sustainable finance

The medium-long term strategy of the Iren Group, strongly oriented towards sustainable development, is also reflected in its financial management with a strong focus on the adoption of instruments to support the investment plan for the green transition, local presence and service quality.

 

Starting from 2017, the year in which the first Green Bond was issued, the Iren Group has strengthened the path undertaken in sustainable finance.

 

Iren has also consolidated its historical relationship with EIB (European Investment Bank), CEB (Council of Europe Development Bank) as well as CDP (Cassa Depositi e Prestiti), institutions that support investment projects with environmental and social sustainability requirements.

Iren New Sustainable Financing Framework 

The Sustainable Financing Framework highlights how the Iren Group intends to continue supporting its sustainable development vision by combining the use of different Green & Sustainability-linked financing instruments. The Framework is aligned with 2021 Green Bond Principles and 2020 Sustainability-linked Bond Principles of the ICMA (International Capital Market Association), and with 2021 Green Loan Principles and 2022 Sustainability-linked Loan Principles of the LMA (Loan Market Association). Within the Sustainable Financing Framework, Iren S.p.A. may issue any type of debt instrument such as bonds (senior unsecured, subordinated unsecured or hybrid, or project bonds), loans, guarantees and derivatives.

Iren Sustainable Financing Framework

Iren Sustainable Financing Framework

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Second Party Opinion on Iren’s Sustainable Financing Framework

Second Party Opinion on Iren’s Sustainable Financing Framework

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Green Bond

Green Bonds highlight the Iren Group's attention towards a growing segment of investors, who include ESG parameters in their analysis as a tangible element of the sustainability of the investment choice.

 

It allows to further optimise the financial profile, taking advantage of favourable market conditions and supporting the financing of projects characterised by significant positive environmental externalities. The net proceeds of the Green Bonds are totally used by Iren S.p.A. to finance or refinance, in whole or in part, a series of projects identified in compliance with the Green Bond Principles.

 

To date, the Iren Group has issued 6 Green Bonds for a total outstanding amount of EUR 3 billion.

 

 

GREEN BOND 6


September 2024

 

 

GREEN BOND 5
January 2024

 

 

GREEN BOND 4 TAP

October 2021

 

 

GREEN BOND 4


December 2020

 

 

GREEN BOND 3
October 2019

 

 

GREEN BOND 2


September 2018

 

 

GREEN BOND 1


October 2017

GREEN BOND 1 -
October 2017

ISIN: XS1881533563

Issued amount: 500m€

Annual coupon: 1,95%

Maturity: 2025

GREEN BOND 2
- September 2018

ISIN: XS1704789590

Issued amount: 500m€

Annual coupon: 1,50%

Maturity: 2027

GREEN BOND 3 - October 2019

ISIN: XS2512307229

Issued amount: 50m€

Annual coupon: 2,875%

Maturity: 2028

GREEN BOND 4
- December 2020

ISIN: XS2275029085

Issued amount: 300m€

Annual coupon: 0,250%

Maturity: 2031

GREEN BOND 4 - TAP October 2021

ISIN: XS227502908

Issued amount: 200m€

Annual coupon: 0,250%

Maturity: 2031

GREEN BOND 5 - January 2024

ISIN: XS2752472436

Issued amount: 500m€

Annual coupon: 3,875%

Maturity: 2032

GREEN BOND 6 - September 2024

ISIN: XS2906211946

Issued amount: 500m€

Annual coupon: 3,625%

Maturity: 2033