Milan, May 31, 2026, 12:23 (CEST)
- Iren ended Friday at €2.68, slipping 0.59% on the day. Shares lost 1.25% for the week.
- IRE shares trade on Euronext Milan with the ticker IRE and are included in the FTSE Italia Mid Cap, FTSE Italia All-Share, and FTSE All-Share Capped indices.
- Iren’s network investment plans are in focus after Turin blackout reports. Milan trading is set to reopen Monday.
Iren shares slipped in Milan for the week after a series of power blackouts in Turin turned attention to the utility’s network spending. Investors now have a new angle to watch when trading reopens Monday.
Shares ended Friday at €2.68, slipping 0.59% as 1.8 million shares changed hands. The stock dropped 1.25% for the week, but it’s still up 4.85% so far this year, market data shows.
Timing is in focus as Borsa Italiana shuts every Saturday and Sunday, putting Iren’s next session after the weekend and after attention on Turin’s power grid. June 1 and June 2 aren’t full holidays for the market, but after-hours trading won’t run either day.
Turin faced a series of power cuts as early heat sent demand up, Reuters said Thursday. Utility Iren blamed the outages on unexpected early heat putting stress on cabling. Iren supplies power to roughly 650,000 local customers and is working on a €515 million grid upgrade plan aiming for completion by 2030.
ANSA added further detail. The agency quoted Iren CEO Gianluca Bufo saying the group put €100 million into Turin’s electricity grid in the past year, up €30 million from the previous year. Ireti operations director Gianluca Riu told ANSA teams managed to restore power for about 80% of affected customers in 30-45 minutes, including the more complex cases.
But there’s a risk that the outages shift from an operational issue to a bigger political and regulatory problem. Trade unions for Ireti staff said there aren’t enough workers and criticized the staffing plan for the June 2 long weekend as poorly scheduled. Turin officials have also flagged the age of the grid; more outages during hot weather could trigger calls for Iren to speed up or increase spending.
Iren’s first quarter numbers show more stability than the headlines. The company posted revenue of €1.81 billion, down 13.3% from last year as commodity prices and energy volumes fell. EBITDA was almost unchanged at €417.8 million. Net profit slipped 5.1% to €128.6 million.
Iren executive chairman Luca Dal Fabbro said the company’s 2026 outlook is “fully confirmed.” The guidance calls for 4% EBITDA growth, investments of about €950 million, and an NFP/EBITDA ratio at 3.1 times. NFP/EBITDA tracks net financial debt against operating earnings and is a standard balance-sheet metric. gruppoiren.it
Dividend stays in focus this week. Shareholders have approved a 2025 payout of €0.1386 a share, which is up 8% on last year. Payment is set for June 24. The stock goes ex-dividend June 22, so buyers after that date won’t get the payout.
Analysts are mostly positive on Iren, but views are not uniform. The company’s own analyst list, updated May 22, shows coverage by six banks: Kepler Cheuvreux rates it Hold with a €2.90 target, Intermonte is at Neutral and €2.75, Mediobanca goes Outperform with €3.00, while Banca Akros, Equita, and Intesa Sanpaolo all have Buy calls, targeting €3.10, €3.15 and €3.00.
A2A was down 1.14% for the week, while Hera slipped 1.38%, market data showed, as the peer read-through came off soft instead of being tied to any company event. Iren’s move for the week ended up about the same as other Italian utilities, even though the story at Iren was more focused on its local network.
Monday sets up a near-term test for the stock. Investors have to decide if the Turin outages are just a standard summer stress for an aging grid or if this is an early sign that capex will need to go up before regulated network returns can take the hit.
