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UTILITIES: Iren (IREIM NR/BBB/BBB): 1H24 Results

UTILITIES

No expected credit impact.

  • EBITDA up 5% YoY with better marketing margins and increased production capacity outweighing lower electricity prices.
  • FCF came in at €118mn, up from -€367mn YoY.
  • Net debt up 2% from FY23, on timing of equity returns.
  • Fitch moved from outlook positive to stable after the close on Friday. The latest business plan with unchanged financial policy still skews the rating sensitively positive but not enough to warrant positive outlook apparently.
  • Webcast 15.30 BST https://channel.royalcast.com/irenitalia/#!/irenitalia/20240729_1
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