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Iren's income growth is in double digits despite a non-recurring effect and general economic pressure.
Major recovery in the market segment due to the calmer commodity prices compared to 2022.
Regulated businesses suffered on account of inflation. Energy did alright, especially hydro whose conditions improved.
Valuations are in line with Italian peers. We don't see a value case here. Also, a cold winter is still a risk factor for Iren and European CCGT heavy utilities.