Italian utility Iren nudges down 2030 profit forecasts (updated)

Iren S.p.A.

25/06/2024 13:28

(Adds dividend, share move, investments, last year's results)
       June 25 (Reuters) - Italian energy, gas and water
utility Iren  IREE.MI  expects core earnings to reach 1.8
billion euros ($1.93 billion) in 2030, 3.7% lower than
previously forecast, but plans to raise dividends by 8% a year
until 2027.
    The new dividend policy will mean its dividend to net profit
payout ratio will equate to 60% from 2027, beating the industry
average, the regional utility said on Tuesday.
    The group's Milan-listed shares rose by 1.6% after the
announcement.
    Iren also lowered its group net profit estimates to more
than 400 million euros at the end of its business plan to 2030,
the utility's statement said, compared with to 460 million euros
in the plan it disclosed last year.
    The group plans to invest about 8.2 billion euros over the
plan period, of which 70% meets European Union sustainability
targets, it said. 
    Last week Iren and the European Investment Bank (EIB)
underwote a 200 million euro green financing contract to support
its sustainable investments related to electricity grid
resilience projects.
    The company reported 2023 earnings before interest, tax
depreciation and amortisation of 1.2 billion euros, net profit
of 254.8 million euros and proposed a dividend of 0.1188 euros
per share.

($1 = 0.9337 euros)

 (Reporting by Alessandro Parodi
Editing by David Goodman)
 ((Alessandro.Parodi@thomsonreuters.com;))