Dear Shareholders and Stakeholders,

In presenting Iren Group's 2024 results, we prepared a document that would fully reflect the Group's vision of integrating economic and sustainability dimensions, in line with the new ESRS reporting standards. It is a report that truly encompasses and comprehensively renders the absolute synergy between sustainable development, industrial development and human development. These three dimensions have guided the different forces operating within Iren in a coordinated manner, strengthening the Group's territorial presence and succeeding in bringing new development projects to life. 

Indeed, it was precisely the solidity of the strategy outlined by Iren, together with the enhancement of internal professionals and the presence of a united and cohesive management team, that made it possible to promptly address and overcome the extraordinary circumstances that occurred during 2024 without impact.

 

In an energy scenario increasingly linked to external events, such as the continuation of conflicts in Ukraine and the Middle East, in 2024, Iren Group managed to confirm its ability to grow and consolidate its results. EBITDA, at over 1.27 billion euro, in fact shows growth of 6.5% compared to 2023: this confirms the development trajectory outlined in the Industrial Plan and Iren's ability to adapt to different market contexts, thanks above all to its multi-business model.

 

Total investments, amounting to 942 million euro, were 71% oriented towards sustainable development projects, confirming the Group's industrial strategy. The focus on sustainability is evidenced by the results achieved in several areas: separate waste collection exceeded 72% in the historical areas of operation and came close to 70% in the entire basin served, the carbon intensity of energy production saw a significant reduction (-7%), and the positive trend in the reduction of losses in the water network continued. Green energy sold reached 2,400 GWh, contributing to energy savings of over 470,000 tonnes equivalent of oil (+33%). 

These results truly demonstrate Iren Group's ability to create value and financial solidity also through sustainable growth and innovation.

The strengthening of Iren's presence in its reference territories is also represented by the acquisition of Egea, which has allowed the Group to accelerate its growth in all business areas, enhancing synergies and economies of scale. The Group also strengthened its presence in Tuscany in the environmental sector and in Sicily in the water sector, thanks to the consolidation of Sienambiente and the full integration of Acquaenna.

 

Sustainable finance then increased during the year, mainly thanks to the issuance of two new Green Bonds with a total value of 1 billion euro. 

From an industrial point of view, with the inauguration of the new plant to recover precious metals from WEEE, Iren marked an important milestone in the chapter on critical raw materials. Recognising the strategic importance of recovering rare earths from electronic waste, the Group has initiated concrete projects to develop an integrated and sustainable supply chain. With the start-up of Circular Plastic, the Group has also built one of the reference plants at national and European level for the waste management sector and, in particular, for the treatment and recovery of plastics. Close attention was paid to local communities on the occasion of the start of the new waste collection services envisaged following the renewal of concessions in the Emilia region.

It is thus that the commitment to increase the solid bond with customers should be construed, through an increasingly widespread and capillary territorial presence: to date there are more than 1,200 physical contact points available to citizens and customers, to which are added increasingly innovative digital contact channels and tools. The presence of 2.3 million customers in the energy sector, up 5% year-on-year, testifies to the recognition of the work done in this area. 

People are a fundamental pillar for Iren's growth and success.

With a team of more than 11,300 employees, the Group constantly invests in the development of internal competencies in order to fully utilise the potential of each individual. At the heart of Iren's strategy is a concrete commitment to creating a dynamic, inclusive and stimulating work environment, where talent is recognised and encouraged.

 

This people-oriented approach daily reinforces the Group's role in promoting the well-being of its employees and the territorial communities it serves, aware that sustainable growth depends first and foremost on the value of its people. In this scenario, the numerous communication projects and initiatives to raise awareness of sustainability issues, carried out by Eduiren, are confirmed as best practices at a national level.

2.400 GWh

sold of green energy

+72%

separate waste collection in historical territories

+1.200

physical points of contact

Attention to the quality of the environment, the territory and the people allows us to look to the future with confidence and to continue to innovate, invest and enhance the talent of those who contribute to the growth of our Group every day. With the support of all of you, Shareholders and Stakeholders, we will continue to work to build a Group that is increasingly sustainable, resilient and close to the needs of communities, strengthening our role as a key player in the energy and environmental sector.

The Chairman

Luca Dal Fabbro

The Deputy Chairman

Moris Ferretti

The Chief Executive Officer

Gianluca Bufo