(Alliance News) - The board of directors of Iren Spa on Wednesday approved consolidated results as of March 31, ending the period with a group net profit attributable to shareholders of EUR122.2 million, down nearly 10 percent from last year's result in the same period.

Consolidated revenues as of March 31, 2024 stood at EUR1.56 billion, down 22 percent from EUR2.01 billion in the first quarter of 2023.

Ebitda amounted to EUR383.2 million, up 4 percent from EUR368.5 million in Q1 2023.

"The first quarter 2024 from a management perspective was characterized by a less favorable energy scenario than last year, by

important tariff revisions that affected the Networks BU - with the positive update of regulatory parameters - and the start, although not yet at full capacity, of the operational phase of some plants in the Environment sector," reads the company note.

Ebit was EUR213.3 million, up 1.4 percent from EUR210.3 million in the first quarter of 2023.

"We raise the guidance for 2024, forecasting growth in both Ebitda and net income by 4 percent compared to 2023," said Luca Dal Fabbro, executive chairman of Iren.

Net debt stands at EUR3.91 billion as of March 31, 2024, an improvement of 1.0 percent from the end of December.

Iren on Wednesday trades in the green by 0.7 percent at EUR1.86 per share.

By Maurizio Carta, Alliance News reporter

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