Earnings call transcript: Iren Group posts steady Q3 2026 results as hydro weakens

On September 14, 2026, Iren Group released its Q3 2026 earnings results, reporting steady growth despite challenging hydrological conditions. EBITDA increased 2.4% year-over-year to EUR 1.037 billion, while net profit rose 1.2% to EUR 232 million. The Italian utility maintained that it expects Q3 EBITDA growth to accelerate to 6% in the final quarter of the year.

Regulated and semi-regulated activities now comprise 74% of EBITDA, providing more stability to the business. Waste and environmental services generated EUR 227 million in EBITDA, up 13.7% year-over-year, while networks posted steady growth and earned EUR 412 million in EBITDA, up 2% year-over-year. Overall, the diversified business model helped mitigate the impact of weaker hydroelectric generation, which fell 16% year-over-year, causing a EUR 28 million drag on EBITDA.

Management confirmed the company’s 2026 guidance, reaffirming its confidence despite volatile energy markets. The stock reacted modestly to the results, with shares rising 0.32% to $2.478. The modest price increase reflects the mixed operating environment, with organic growth, synergies, and stronger waste treatment margins offset by poor hydrological conditions.

Iren has a history of raising its dividend: it has increased payouts for 11 consecutive years and maintained payments for 26 consecutive years, demonstrating its commitment to shareholder returns even during tough market conditions.