The Board of Directors approves the results at 31 March 2020: strong growth in sales services and regulated sectors supported by an increase in investment of 130 million euro (+52%)
The results achieved in the first quarter of 2020 show Gross Operating Profit (EBITDA) of 274 million euro, in line with last year, thanks to development in profits for the Market BU, organic growth and synergies that have made it possible to for the company to face a challenging energy scenario and highly unfavourable climatic factors.
Main financial and economic indicators
Business highlights
Renato Boero, the Group Chairperson said: “The first quarter of the year saw further growth in the customer base in energy sectors, an important signal that demonstrates Iren’s solid roots in the area where it was founded and its high service-quality levels. This value is even more significant in the particularly difficult current situation, which saw 8,000 Group employees involved in ensuring the provision of essential services during the Covid-19 emergency. In this scenario, with significant investments planned, Iren can act as a formidable driver for development and support economic recovery in the areas where it operates. Despite the difficulties, in this period the company has also continued the Group's expansion, as demonstrated by the purchase of the business unit of SEI Energia and operations under way with I.Blu and SI.DI.GAS”.
“The significant investments made by the Group in digitalization have enabled a positive management of the Covid-19 emergency both in terms of the provision of essential services and in terms of the continuity of corporate activities, with the extension of smartworking to almost 3,000 employees. The results approved today confirm the effectiveness of the actions taken and the solidity of our business model. The EBITDA, in line with that of last year despite the unexpected negative context, highlights the quality of the strategic lines implemented which have allowed the Group to stabilize the margins of the sales services and continue developing the regulated activities" commented Massimiliano Bianco, CEO of the Group. He then went on to state that “The Group has demonstrated the capability to efficiently pursue the goals outlined in the Business Plan, despite the sanitary emergency, increasing investments by 52% and confirming the recovery, by the end of the year, of slight delays experienced by works under construction. Future actions aimed at relaunching Italy’s economy may involve utilities in the context of consolidation operations in local areas and support acceleration of investments”.
