Iren shares closed Friday at €2.68 in Milan, down 0.59% on the day and 1.25% for the week, as a series of power blackouts in Turin turned investor attention to the utility's network investment plans. The stock, which trades under the ticker IRE on Euronext Milan and is included in the FTSE Italia Mid Cap and All-Share indices, now faces a test when trading reopens Monday.
The blackouts, triggered by an early heatwave that drove up demand, left thousands of customers without power. Iren quickly restored service for about 80% of affected customers within 30 to 45 minutes, according to Gianluca Riu, operations director at Ireti, the group's distribution unit. CEO Gianluca Bufo told ANSA that Iren invested €100 million in Turin's electricity grid over the past year, a €30 million increase from the previous year.
Despite the swift operational response, the outages have raised political and regulatory risks. Trade unions for Ireti staff criticized staffing levels, particularly during the June 2 long weekend, while Turin officials have pointed to the age of the grid. If further hot weather leads to more outages, pressure could mount on Iren to accelerate or increase its capital expenditure plans. The company has committed €515 million to grid upgrades by 2030.
Iren's first-quarter results showed relative stability. Revenue came in at €1.81 billion, down 13.3% year-on-year due to lower commodity prices and energy volumes. EBITDA was nearly flat at €417.8 million, while net profit slipped 5.1% to €128.6 million. Executive Chairman Luca Dal Fabbro said the 2026 outlook is "fully confirmed," with guidance for 4% EBITDA growth, investments of about €950 million, and a net financial debt-to-EBITDA ratio of 3.1 times.
Shareholders have approved a 2025 dividend of €0.1386 per share, an 8% increase from the prior year. The payment is scheduled for June 24, with the stock going ex-dividend on June 22. That means buyers after that date will not receive the payout.
Analyst coverage remains broadly positive but not unanimous. Kepler Cheuvreux rates Iren at Hold with a €2.90 target, Intermonte is Neutral at €2.75, and Mediobanca rates it Outperform at €3.00. Banca Akros, Equita, and Intesa Sanpaolo all have Buy ratings, with targets ranging from €3.00 to €3.15.
Peer utilities A2A and Hera also saw weekly declines of 1.14% and 1.38%, respectively, suggesting the sector moved largely in sympathy rather than on company-specific news. For Iren, the key question remains whether the Turin blackouts are a one-off summer stress event or an early signal that capital spending must rise before regulated network returns can absorb the impact. Monday's session will offer the first market verdict.
