The results achieved in 2019, excluding the non-recurring effects from 2018 of approximately € 100 million, confirm the path of growth of the last five years, with a Gross Operating Profit (EBITDA) that came out at € 917 million (up € 51 million compared to 31 December 2018), thanks to the contribution of all the strategic pillars. Dividend proposed at 9.25 euro cents (a 10.1% increase compared to the previous year and up 76.9% compared to 2014).

• Revenues totalling 4,275 million euro (+5.8% vs 4,041 million euro at 31/12/2018).
• Gross Operating Profit (EBITDA) of 917 million euro (-5.1% vs 967 million euro at 31/12/2018). Excluding the extraordinary effects that characterised 2018 of approximately € 100 million, the growth of EBITDA would have been approximately € 51 million (+5.9%).
• Operating Profit (EBIT) of 452 million euro (-14.8% vs 530 million euro at 31/12/2018). Not considering the extraordinary effects mentioned above, EBIT would have been € 23 million higher.
• Group Net Profit of 237 million euro (-2.3% vs 242 million euro at 31/12/2018). Not considering the effects mentioned above and the impairment of OLT from 2018, net profit would have been € 39 million higher.
• Net financial debt at 2,706 million euro. Not considering the consolidation transactions for € 89 million and the effects of applying the IFRS 16 accounting principles (€ 126 million), the increase in financial debt would have been restricted to € 37 million.
• Proposed dividend per share of 9.25 euro cents, up 10.1%.

• Organic growth of € 36 million in EBITDA, supported by all business segments.
• Consolidation with effect on EBITDA of approximately € 11 million, linked to the inclusion of ACAM La Spezia, San Germano, Spezia Energy Trading and other minor companies in the business scope.
• Synergies of 10 million in EBITDA, net of emergent costs.
• Investments of € 524 million (up 17%), mainly allocated to regulated sectors.
• Solid customer base in the energy sectors (approximately 1.815 million customers), up by over 33,000 with respect to 31/12/2018.

Renato Boero, the Group Chairperson said: “2019 was a year marked by growth based both on organic drivers, supported by investments up by 17% compared to the previous year, and on consolidation operations which contributed to an increase in EBITDA of € 11 million and saw entry into the Group of San Germano, FG Ferrania Ecologia, Territorio e Risorse and Sanremoluce. A process that will continue also in 2020, as the operations with I.Blu and SI.DI.GAS testify. During this intense time of emergency that Italy is experiencing, I want to thank all the Iren employees who are continuing to ensure the provision of essential services in the areas where the Group operates with the same efficiency as always and improving on past methods. For Iren, today, more than ever, this means being close to its communities”.

“The results just approved show the stability of the management of each individual business which, net of the extraordinary and unrepeatable elements of last year, recorded EBITDA up 51 million. This performance consolidates the results of previous years and confirms the path of growth that the Group embarked on 5 years ago”, commented Massimiliano Bianco, the Group’s Chief Executive Officer, who then added, “The economic and financial stability and the operational and industrial excellence achieved in these years enable us to also tackle emergency situations, such as the one we are in now, confident that we can achieve the objectives indicated in the Business Plan approved in September 2019. The resilience of our business model, based mainly on regulated and semi-regulated activities and the organisational and managerial actions adopted during this time, makes it possible to limit the negative effects associated with the COVID-19 emergency”.