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Q1 2025 RESULTS May 15th, 2025
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS 2 KEY HIGHLIGHTS 2 +9% YoY EBITDA growth led by organic and inorganic growth M&A cash out over 500€M sustained by hybrid bond led the net debt below 4€B More than 20€M coming from EGEA integration Guidance confirmed thanks to solid Q1 results
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS 474 508 Q1 '24 Q1 '25 489 661 Q1 '24 Q1 '25 # 3 Green transition Service quality Local presence 101 103 Q1 '24 Q1 '25 Mcm On track On track On track 5 4,4 Q1 '24 Q1 '25 # 2.2 2.5 Q1 '24 Q1 '25 M customers SUSTAINABLE GROWTH CONTINUED THROUGHOUT THE QUARTER 3 Municipalities served in waste collection Customer base District Heating volumes Power outages duration (SAIDI) 303 307 Q1 '24 Q1 '25 gCO2/kWh Carbon Intensity On track On trackSorted waste collection 68% Q1 ‘24 70% Q1 ’25 On track GWh Green energy sold On track 89 113 Q1 '24 Q1 '25 k Tep On track Energy saved by Iren Plus and green energy sale On track Wastewater plants capacity 3675 3917 Q1 '24 Q1 '25 K eq. inhabit.
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS Q1 ‘25 RESULTS AT A GLANCE Q1 '24 Q1 '25 Δ Δ% Revenues 1.568 2.093 525 33% EBITDA 383 418 35 9% EBIT 213 224 11 5% Group net profit 126 136 10 8% Technical capex 165 185 20 12% Net Financial Position 4083* 3.972 -111 -3% * FY 2024 data €M EBITDA EVOLUTION (€M) 383 418 7 2 26 Q1 ’24 Networks Waste Energy Market Q1 ’25 0 Tailwinds ▪ Egea consolidation ▪ Generation volumes and margins ▪ Regulated business (organic growth and regulation) Headwinds ▪ Gas supply margins ▪ Energy efficiency activities + - +9% 4 +12%
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS 1,680 1,803 602 642 782 788 FY '24 Q1 '25 Water Electricity Gas 3,064 +6% +7% +1% +7% NETWORKSNETWORKS GROSS CAPEX RAB (€M) (€M) ▪ Organic growth (+4€M) supported by investments ▪ Egea consolidation since January ’25 (+4€M equally split between Water and Gas) ▪ Investments are overall in line with last year, with more focus on power distribution ▪ Extraordinary recovery of inflation in water accounted in Q1 ’24 (9€M) 124 1311 5 1 1Q ’24 Water Electricity Gas 1Q ’25 53 41 19 30 9 10 Q1 '24 Q1 '25 Water Electricity Gas 81 81- +58% +11% -23% NETWORKS Investments and Egea integration support continued growth 5 €M EBITDA EVOLUTION +6% 3,233
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS ▪ Collection activities continue a growth path due to the regulatory tariffs update and Egea Consolidation (+1€M) ▪ Treatment & disposal activities are the result of: • positive contribution of WTEs, supported by scenario and higher volumes, and landfills • negative contribution of treatment plants, as a combination of unavailability of plants (fire) NETWORKSWASTE Collection revenues supported the growth 6 €M WASTE MANAGED 753 804 217 222 Q1 '24 Q1 '25 Urban waste Other waste 970 1,026+6% +2% +7% (kTon) GROSS CAPEX (€M) 13 11 18 21 Q1 '24 Q1 '25 Collection Treatment & Disposal 31 32+4% +18% -15% 68 702 Q1 ’24 Collection Treatment & disposal Q1 ’25 0 +3% EBITDA EVOLUTION
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS Q1 '24 Q1 '25 ▪ RES benefited by higher hydro production ▪ CCGT & thermo positive results thanks to increased clean spark spread achieved and capacity market contribution ▪ Heat volumes increased due to capacity expansion (+1.4Mcm thanks also to EGEA), completely offset by lower margins ▪ Energy efficiency: lower activities ▪ Positive contribution of Egea consolidation for 6€M (mainly heat) NETWORKSENERGY Energy generation activity turnaround 7 €M HEAT SOLD ELECTRICITY SOLD 91 117 10 19 Q1 ’24 RES CCGT & thermo Heat Energy efficiency & others Q1 ’25 0 -3 (GWht) 266 322 2,057 2,465 Q1 '24 Q1 '25 RES Gas plants 2,323 2,787+20% +20% +21% (GWh) 1,095 1,192+9% EBITDA EVOLUTION +29% +9%
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS 1,4 1,7 POWER 329 359 GAS FINAL CLIENTS’ VOLUMES +24% +9% Q1 ‘24 Q1 ‘25 Q1 ‘24 Q1 ‘25 (Mcm)(TWh) ▪ Egea consolidation positive contribution for around 10€M thanks to ~200k clients, which allow to reach 2,5 million customers overall ▪ Absence of last year’s gas extra-marginality related to contracts at 2023 market prices and hedging strategy ▪ Continuous growth of IrenPlus product/services sold counterbalanced by a temporary margins reduction NETWORKSMARKET Egea integration sustained the growth €M 100 1003 Q1 ’24 Electricity Gas Iren Plus & Others Q1 ’25 -2 -1 EBITDA EVOLUTION - +9% 424 437 IREN PLUS 2,3 2,5 CUSTOMER BASE CUSTOMER (k products and services sold) +8% +3% FY ‘24 Q1 ‘25 FY ‘24 Q1 ‘25 (M customers) 8
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS ▪ Tax rate stable at 30% ▪ Lower minorities due to the purchase of Iren Acqua’s minority stake Q1 '24 Q1 '25 Δ Δ% EBITDA 383 418 35 9,2% D&A -156 -173 Provisions to bad debt -16 -20 Other provisions and write-downs 1 -2 EBIT 213 224 11 5,4% Financial charges -23 -27 Companies consolidated at equity method 3 6 Others 4 -2 EBT 196 201 5 2,9% Taxes -59 -60 Minorities -11 -5 Group net profit 126 136 10 8,0% ▪ Depreciation increase linked to capex and companies’ integrations (8€M) ▪ Higher provisions to bad debt related to gradual protection service clients and waste collection tariffs €M EBITDA TO GROUP NET PROFIT RECONCILIATION ▪ Higher cost of debt, now at 2.35% ▪ Better results of subsidiaries *Restated 9
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS 47 29 28 185 532 Ebitda Other operational changes Superbonus 110% & tax credits Changes in WC Capex M&A Hybrid Bond MtM Derivatives Q1 ’25 4.083 -418 -494 -20 3.972 FY ’24 -111 €M (-3%) ▪ Sound operating cash flow to offset technical capex ▪ Slight increase in WC due to NRRP investment credits and extra cap tariffs in water and waste collection ▪ M&A outflow, which includes 283€M of Iren Acqua and 249€M of Egea Holding consolidation, is partially offset by hybrid bond NET FINANCIAL POSITION EVOLUTION (Q1 2025 VS FY2024) €M Operating cash flow levered -314€M 10
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS CLOSING REMARKS GUIDANCE 2025 ▪ EBITDA: 1,340 - 1,360M€ ▪ Net profit: 300 - 310M€ ▪ Gross technical capex: ~0.9€B ▪ M&A outflow already finalized: ~0.5€B ▪ NFP/EBITDA*: ~3.2x ▪ Networks: growth confirmed ▪ Waste: improvement of plants profitability confirmed ▪ Energy: higher production and clean spark spread ▪ Market: maintaining margins in a competitive scenario ▪ Egea: expected results confirmed *Including hybrid bond OUTLOOK 11
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ANNEXES
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS NETWORKS €M Q1 '24 Q1 '25 Δ Δ% Revenues 313 322 9 3% Ebitda 124 131 7 6% Electricity 22 27 5 23% Gas 24 25 1 4% Water 78 79 1 1% Ebit 213 224 11 5% Technical capex 81 81 0 0% €M Q1 '24 Q1 '25 Δ Δ% Revenues 304 345 41 13% Ebitda 68 70 2 3% Collection 29 31 2 7% Treatment & disposal 39 39 0 0% Ebit 21 17 -4 -19% Technical capex 31 32 1 3% WASTE €M Q1 '24 Q1 '25 Δ Δ% Revenues 566 947 382 68% Ebitda 91 117 26 29% Hydro&Renewables 17 27 10 59% Thermo/Coge, DH 67 86 19 28% Energy eff. & others 7 4 -3 -43% Ebit 50 71 21 42% Technical capex 21 27 5 25% ENERGY & others MARKET €M Q1 '24 Q1 '25 Δ Δ% Revenues 1.004 1.337 333 33% Ebitda 100 100 0 0% Electricity 35 38 3 9% Gas 61 59 -2 -3% Iren Plus & others 4 3 -1 -25% Ebit 69 62 -6 -9% Technical capex 20 27 8 38% Q1 2025 BUSINESS UNITS’ RESULTS 13 Energy includes others: EBITDA 1€M in 2024 and 1€M in 2025
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS A SOUND AND SUSTAINABLE DEBT STRUCTURE INTEREST RATE 61% 26% 10% 3% Green Bond EIB-CEB ESG Loans Bonds Loans DEBT STRUCTURE 72% 24% 4% Fixed Fixed-rate swap Variable 4.8 years Average duration 96% Fixed rate debt 2.35% Average cost 87% Sustainable debt 14
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS Q1 ’24 Q1 ‘25 Δ% Electricity distributed (GWh) 884 926 +5% Gas distributed (mcm) 447 499 +12% Water sold (mcm) 44 46 +4% Waste collected (Kton) 531 548 +3% Waste treated (Kton) 707 703 - WTE’s electricity sold (GWh) 101 116 +15% WTE’s heat produced (GWht) 156 180 +15% Biomethane produced (Mcm) 2,0 3,3 +65% Renewables energy sold (GWh) 266,0 321,9 +21% Hydro volumes sold (GWh) 214,2 269,6 +26% Solar volumes sold (GWh) 51,8 52,3 +1% INDUSTRIAL KPIS 15
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS Q1 ’24 Q1 ‘25 Δ% PSV €/000 scm 31 51 +65% PUN (€/MWh) 92 138 +50% CO2 €/Ton 21 26 +24% Green Cert. Hydro (€/MWh) 42 55 +31% Clean spark spread (€/MWh) -4.5 4.2 n.s. SCENARIO 16
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Q1 2025 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS ESG HIGHLIGHTS The Manager in charge of drawing up the corporate accounting documents and the Chief Financial Officer of IREN S.p.A., Mr. Giovanni Gazza, hereby declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Act (Legislative Decree No 58/1998), that the accounting information contained in this presentation is consistent with the accounting documents, records and books. This document was prepared by IREN mainly for use during meetings with investors and financial analysts. This document does not constitute an offer to sell or a solicitation to buy or subscribe shares and neither this entire document or any portion of it may constitute a basis or provide a reference for any contract or commitment. Some of the information contained in this document may contain projected data or estimates that are based on current expectations and on opinions developed by IREN and are based on current plans, estimates, projections and projects. Consequently, it is recommended that they be viewed as indicative only. Projected data and estimates entail risks and uncertainties. There are a number of factors that could produce significant differences between projected results and actual results. In addition, results may be affected by trends that are often difficult to anticipate, are generally beyond IREN’s control and could produce results and developments that are substantially different from those explicitly or implicitly described or computed in the abovementioned projected data and estimates. The non-exhaustive list that follows being provided merely by way of example, these risks include: significant changes in the global business scenario, fluctuations in the prices of certain commodities, changes in the market’s competitive conditions and changes in the general regulatory framework. Notice is also given that projected data are valid only on the date they are produced. Except for those cases in which the applicable statutes require otherwise, IREN assumes no obligation to provide updates of the abovementioned estimatesand projecteddata. DISCLAIMER 17