Slides
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1INVESTOR DAY 2026 Business Plan @2035 INVESTOR DAY 2026 POWERING TOMORROW
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3INVESTOR DAY 2026 STRATEGY01 €5.3 BILLION CAPEX IN FIVE YEARS AND A GROWTH PATH STARTED IN 2021 THAT ADAPTS TO NEW SCENARIOS AND REGULATIONS WE CONTINUE TO TURN TARGETS INTO RESULTS, CONFIRMING GROWTH, FINANCIAL SOLIDITY AND EXECUTION CAPACITY ‘26/’35‘21/’25 → Further focus of investments on strategic infrastructure to bridge the national gap → Achieving operational excellence across all services → Increased ROI through operational growth and increased capital productivity → Financial flexibility to seize future opportunities ENERGY AND INFLATIONARY SHOCK RISING INTEREST RATES NEED FOR INFRASTRUCTURE INVESTMENTS FOR NATIONAL COMPETITIVENESS → 5.3 billion euros of cumulative investments; over 1 billion in average annual investments → ~8% EBITDA CAGR thanks to organic growth and consolidation, confirming a regulated and semi-regulated EBITDA >70% → 4.7% of net profit cagr as a result of continuous value creation over time → Stable leverage thanks to sound financial discipline
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4INVESTOR DAY 2026 STRATEGY01 2021 - 2035: GROWTH TARGETS TO SUPPORT STRATEGY AND FOCUS GROWTH TARGETS OPERATIONAL EXCELLENCE STRENGTHENING STRATEGIC INFRASTRUCTURES FOCUS GREEN TRANSITION QUALITY OF SERVICES VALUE CREATION FROM TERRITORIES STRATEGIC PILLARS EXTENDED MULTIUTILITY FOCUSED MULTIUTILITY PROGRESSIVELY BECOMING BY 2035 A RELEVANT INFRASTRUCTURE PLAYER FOR THE COUNTRY
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5INVESTOR DAY 2026 STRATEGY01 OPERATIONAL EXCELLENCE: FROM EFFICIENCY TO INDUSTRIAL ADVANTAGE TO INCREASE ROI UP TO 10% INDUSTRIAL EFFICIENCY SERVICE LEVEL ADEQUACY SERVICE QUALITY PROFITABILITY EFFICIENCY & SYNERGIES DIGITAL & AI INVESTED CAPITAL OPTIMIZATION ACHIEVING OPERATIONAL EXCELLENCE ACROSS ALL BUSINESS LINES WATER LOSSES26% by 2035 SORTED WASTE COLLECTION75% by 2035 DURATION OF POWER OUTAGES (SAIDI)-50% by 2030 ADDRESSABLE COSTS2B€ IT PROCESSES REDESIGNED40% by 2030 ROI10% by 2035
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6INVESTOR DAY 2026 STRATEGY01 01 WATER SERVICE Network efficiency and water conservation • New wastewater treatment plants • Replacement of ageing networks • Water resources conservation REDUCED WATER LOSSES • GREATER QUALITY 2.4 B€ investments 03 WASTE-TO-ENERGY PLANTS Closing the cycle and optimizing the supply chain MORE AUTONOMY • MORE RECOVERY 1.2 B€ investments 02 ELECTRICITY DISTRIBUTION Service reliability and resiliency • More efficient distribution network with new primary substations MORE RESILIENCE • MORE STABILITY 1.4 B€ investments 50% OF INVESTMENTS ALLOCATED TO THREE STRATEGIC INFRASTRUCTURES 50% OF TOTAL INVESTMENT IN THE DEVELOPMENT OF STRATEGIC INFRASTRUCTURE AN INTEGRATED INFRASTRUCTURE PLATFORM TO ENABLE GROWTH FOR THE GROUP AND THE COUNTRY → Simplify the operating model and focus capital on core businesses with greater strategic value → Bridging the infrastructure gap through selective investments in critical assets → Increase resilience, efficiency and quality of service for customers and territories • Development of 4 new WTEs
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7INVESTOR DAY 2026 STRATEGY01 WATER NETWORKS WASTE-TO-ENERGY PLANTS 3.4 billion m³ of water lost annually 43M 6.5 Mt of new capacity for national autonomy and EU target on landfills 22 +4 new WTE +1.1 Mt annual treatment capacity 2x 1,700 km of network replaced -17% €1.2 BILLION CAPEX €2.4 BILLION CAPEX Eq. inhabitants related to losses New WTE needed Leaks Capacity STRATEGIC INFRASTRUCTURES: €5 BILLION TO BRIDGE NATIONAL GAPS ELECTRICITY DISTRIBUTION 76 minutes of interruption per user in 2024 vs. 61 in 2006 2.3B€ 6 new primary substations +60% €1.4 BILLION CAPEX Total average annual investments Power Capacity
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8INVESTOR DAY 2026 STRATEGY01 €10.4 BILLION CAPEX: OVER €1 BILLION ANNUALLY EQUALLY DISTRIBUTED OVER THE YEARS RISK PROFILE Free market Regulated and semi-regulated ESG PROFILE Other investments Sustainable investments NATURE Maintenance Development 10.4 B€ 2026-2035 MARKETNETWORKS WASTE ENERGY CORPORATE 4.4 (42%) 2.2 (21%) 2.2 (21%) 0.8 (8%) 0.8 (8%) 2.8 (27%) 7.6 (73%) 2.8 (27%) 7.6 (73%) 5.7 (55%) 4.7 (45%)
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9INVESTOR DAY 2026 STRATEGY01 EBITDA CAGR ('25-'30) NET PROFIT CAGR ('25-'30) MAX FINANCIAL DEBT 3.1x 3.1x 3.0x 2.8x 2025 2028 2030 2035 3.5x → Development investments → Operational efficiency → Broad compliance with financial debt thresholds of credit rating agencies → Room for further development opportunities → Operational growth +5% +4% 3.1x 10.4 B€ CUMULATIVE TECHNICAL CAPEX 2026-2035 SOLID GROWTH PROSPECTS WITH NET PROFIT UP +5% IN THE MEDIUM TERM 301 335 385 ~550 2025 2028 2030 2035 1,353 1,500 ~1,600 ~1,950 2025 2028 2030 2035
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10INVESTOR DAY 2026 STRATEGY01 2040 HORIZON 2040 long-term horizon with targets defined considering reliable, challengingand likely scenarios Mid-term targets'30 and '35 TRANSITION Carbon intensity by 2040 -60% Investments eligible for the EU Taxonomy 62% Strong alignment between capital allocation and climate commitments ALIGNMENT FOCUS AREA Average annual ESG investments 760M€ 5 focus areas confirmed: → Water Resources → Resilient cities → Decarbonization → Circular Economy → People Business model built around the energy transition * €6.4B: Eligible for the European Taxonomy RESILIENT CITIES WATER RESOURCES CIRCULAR ECONOMY DECARBONIZATION PRESERVING OUR FUTURE BY ALLOCATING 73% OF TOTAL INVESTMENTS TO THE SUSTAINABILITY AND TRANSITION PLAN 2.3 (30%) 1.4 (18%)1.3 (18%) 2.6 (34%) 7.6 B€ SUSTAINABLE CAPEX*
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12INVESTOR DAY 2026 ACTION PLAN02 RAB → Confirmation of concession perimeter → Grip replacement to increase safety → Push towards digitalisation of the network GAS → Confirmation of concessions perimeter excluding Cuneo water service (2026) → Renewal and modernization of the network → 4 new wastewater treatment plants and revamping of existing ones → Operational efficiency and quality of service INTEGRATED WATER SERVICE → Performance improvement and technical quality → Confirmation of concession perimeter → 6 new HV/MV primary substations to support increased demand of electricity → 2 upgrades of existing primary substations ELECTRICITY NETWORKS: €4.4 BILLION OF INVESTMENTS TO SUPPORT EXCELLENCE IN SERVICE QUALITY WATER LOSSES26% By 2035 31.4% in 2025 DURATION OF POWER INTERRUPTIONS30’ 2030 SAIDI 1.9 2.2 2.5 3.2 0.6 0.8 1.0 1.4 0.8 0.9 0.9 1.0 2025 2028 2030 2035 Water Electricity Gas 3.3 3.9 4.4 B€M€ 5% EBITDA CAGR (25-30) 5.5 *Includes €10M FY25 one-off **Includes €8M one off FY25 CAPEX EBITDA 311** 385 435 520 102 115 125 170 116* 120 120 130 2025 2028 2030 2035 Water Electricity Gas 529 620 820 680 2.4 56% 1.4 31% 0.6 13% 4.4B€4
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13INVESTOR DAY 2026 ACTION PLAN02 ENERGY SOLD - WTEs → Confirmation of concession perimeter → Process optimization and digitization to increase service quality → Completion of the transformation cycle of waste collection models COLLECTION WASTE: VALUE CREATION FROM MUNICIPAL WASTE WITH 4 NEW WTES TO DOUBLE ENERGY RECOVERY CAPACITY SORTED WASTE COLLECTION75% in 2035 70.5% in 2025 WASTE TREATED4.8 Mton in 2035 2.8 Mton in 2025 0.5 0.5 0.5 1.20.4 0.4 0.4 1.1 2025 2028 2030 2035 Electricity Heat GWh EBITDA 2.2 B€ CAPEX M€ 4% EBITDA CAGR (25-30) GWht TREATMENT → Commissioning of the last organic waste plant from previous development cycle → 2 new liquid waste treatment plants → Plant saturationalso through partnerships DISPOSAL → Construction of 4 new WTE (+1.1 Mton) → 1 plant for the recovery of bottom ash from WTEs in partnership → Expansion of landfills for special waste 124 * 125 135 140 153 175 195 360 2025 2028 2030 2035 Treatment and disposal Collection 277 300 500 0.6 29% 1.6 71% 330
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14INVESTOR DAY 2026 ACTION PLAN02 TLR VOLUMES → Investments in safety and efficiency of hydroelectric plants → Renewal of expired hydroelectric concessions → Mini-hydro projects (+8MW) and pumping systems → Photovoltaic development for completion of projects under construction (+63MW) HYDROELECTRIC AND RENEWABLES ENERGY: €2.2 BILLION FOR DISTRICT HEATING EXPANSION AND THE PRESERVATION OF STRATEGIC GENERATION ASSETS RENEWABLE CAPACITY 940 MW in 2035 866MW in 2025 (Hydro and RES) CCGT & TERMO PRODUCTIONS 7.5 Twh in 2035 6.9 TWh in 2025 115 122 125 140 2025 2028 2030 2035 McmM€ 5% EBITDA CAGR (25-30) HEAT, CCGT AND THERMO → Extension of district heating network to saturate heat production capacity → Renewal of minor cogeneration plants for heat production → Installation of air cooling systems on Moncalieri and Turbigo CCGTs to increase plant availability → Direct LNG supply from 2028 for 400 mcm/year ENERGY EFFICIENCY → Commercial development on Public Administrations → Energy requalification projects with “Conto Termico” 3.0 CAPEX 2.2B€ EBITDA 0.7 30%0.7 33% 0.6 28% 0.1 3% 103 80 90 90 22 30 25 20 39 85 90 90 110 125 145 1704 15 15 20 2025 2028 2030 2035 Hydro RES Thermo Heat Energy Efficiency 278 335 390365
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15INVESTOR DAY 2026 ACTION PLAN02 IREN PLUS CUSTOMERS → Maintaining the customer base → Increase in average electricity consumption → Reduction of average gas consumption → Enhancement of ex-regulated customer base → Greater focus on inbound and store channels CUSTOMERS MARKET: UNLOCKING VALUE OF OUR 2.3M CUSTOMER BASE THROUGH ENHANCED SERVICES, IN A HIGHLY COMPETITIVE MARKET RETAIL CLIENTS & SMEs2.3 M in 2035 2.3 M in 2025 UNIT CONSUMPTION EE3.1 MWh/cl/y in 2035 2.9 MWh/customer/y in 2025 424 488 550 585 2025 2028 2030 2035 k M€ -3% EBITDA CAGR (25-30) SERVICES → Cross-selling of Iren Plus products and home solutions services → Development of bundle offers, including connectivity (+35k), and stand-alone insurance (+40k) EBITDA 269 245 CAPEX 0.8B€ 235 138 140 140 140 120 90 80 75 11 15 15 20 2025 2028 2030 2035 Electricity Gas Iren plus and more 235
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16INVESTOR DAY 2026 ACTION PLAN02 20 70 130 2026 2028 2030 130 M€ cumulative target 8 areas of intervention with ~ 150 projects identified >50% synergies by 2028 ~ 25 M€ annual synergies -6% on addressable cost base COST MANAGEMENT 11M€ already reached 1H26 SYNERGIES PLAN STRENGTHENED: +€30M COMPARED TO THE PREVIOUS BUSINESS PLAN PLAN STRENGTHENED WITH +30M€ OF SYNERGIES BY 2030 COMPARED TO THE 2025 PLAN M€
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17INVESTOR DAY 2026 ACTION PLAN02 2 1 4 3 4 TRANSFORMATION PILLARS TO UNLOCK EFFICIENCY AND GROWTH POTENTIAL DIGITAL AND AI-DRIVEN OPERATIONSDIGITAL CORPORATE PERSONNELCENTRES OF EXCELLENCE STRATEGIC PLAN ACTIONS ACTIONS ALREADY ACTIVATED 10/15% of automatable working hours15 additional projects in pipeline Careful management of generational and leadership renewal, alongside a leaner organizational footprint 4,000 exits over the Plan period, with 20% of managers leaving by 2030 Centralization/standardization of other cross-functional operational functions AI applied to the call centerof the Market BU: ‒ 950 operators ‒ +70% productivity ‒ 99% correct answers 9 digitization projects launched across ITC, AFC, Purchasing and HRO corporate functions >9M€ cumulative economic benefit by 2028 CEO succession across the Networks, Environment and Market Business Units Reorganization of BU Engineering functions into mirrored structures to enhance efficiency, coordination and best-practice sharing
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19INVESTOR DAY 2026 FINANCIALS03 1,353 1,500 ~1,600 ~1,950 2025 2028 2030 2035 EBITDA VARIANCE FACTORS to 2030 EBITDA CAGR +4% to 2030 NET PROFIT CAGR +5% to 2030 74% 75% 75% 80% EBITDA from regulated and semi- regulated activities A STEADY AND SUSTAINED LONG-TERM GROWTH TRAJECTORY, WITH EBITDA REACHING €1.6BN BY 2030 +200 M€ organic growth +130 M€ synergies +5 M€ energy scenario and regulation -25 M€ normalisation of supply margins and gas volumes -31 M€ one off 2025 -30 M€ personnel and other contract renewals 301 335 385 ~550 2025 2028 2030 2035 M€M€
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20INVESTOR DAY 2026 FINANCIALS03 ROI REACHING 10% UPON COMPLETION OF THE TEN-YEAR DEVELOPMENT CYCLE ~10% ~8% 7.4% 6.7%ROI 2026 2028 2030 2035 Cost management, process optimization and AI adoption Optimization of invested capital Electricity distr. Water Service WTE Infrastructure development (above -average profitability)
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21INVESTOR DAY 2026 FINANCIALS03 NET DEBT EVOLUTION 25-30 SOURCES AND USES 25-30 2025 - 2028 (2.9) 2.8 0.6 3.1x 3.1x 3.0x 2.8x 2025 2028 2030 2035 3.5x FINANCIAL FLEXIBILITY 4.7 BBB Stable BBB Stable FINANCIAL DISCIPLINE AND LEVERAGE DOWN TO 2.8X, ENABLING FURTHER GROWTH OPTIONS 4.2 4.9 (5.2) 4.8 1.1 FY 2025 Flusso di cassa operativo Investimenti netti Dividendi 2030 5.2 4.8 1.10.7 Operational Cash flow Incremental debt Net Investments Dividends SOURCES USES B€ B€
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22INVESTOR DAY 2026 FINANCIALS03 AVERAGE COST OF DEBT MATURITIES SOLID FINANCIAL PROFILE, SUPPORTED BY 95% FIXED-RATE DEBT AND 5 YEARS AVERAGE DURATION OF AVERAGE DURATION FIXED-RATE DEBT FY 2025 FY 2025 5 y 95% 550 500 800 570 720 560 560 60 50 2027 2028 2029 2030 2031 2032 2033 2034 2035 SUSTAINABLE DEBT Average over Business Plan ~85% M€ 2.4% < 2.8% ~3.0% ~3.3% 25-26 27-28 29-30 31-35
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23INVESTOR DAY 2026 FINANCIALS03 CAGR 8% CAGR 6% 13.86 14.97 16.16 17.10 18.10 19.20 2025 2026 2027 2028 2029 2030 DIVIDEND POLICY CONFIRMED TO 2030 Dividend per share, €cent
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24INVESTOR DAY 2026 FINANCIALS03 ADDITIONAL 100 M€ EBITDA UPSIDE FROM A BROAD PIPELINE OF GROWTH OPPORTUNITIES Consolidation of investee companies 2026 2030 Bolt -on acquisitions in water cycle and waste Tenders in water cycle and gas distribution in adjacent territories Acceleration of investments in network businesses Additional Data Center Opportunities Development and decarbonization of district heating WTE Revamping for Municipal Waste and CO 2 Capture Systems CCGT revamping INORGANICORGANIC 2035 + 60 M€ + 40 M€POTENTIAL EBITDA
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25INVESTOR DAY 2026 FINANCIALS03 CLOSING REMARKS: 5 COMMITMENTS TO SHAPE THE FUTURE OF GRUPPO IREN 01 €5 billion to strengthen strategic infrastructure for the country 03 Excellent service standards as a distinctive element of the Group 04 Financial discipline to guarantee flexibility for future opportunities with NFP/EBITDA<3.1x ratio 02 Operational excellence as engine for growth to drive ROI to 10% by 2035 A STRONGER, MORE EFFICIENT AND MORE GROWTH-READY GROUP POWERING TOMORROW 05 Solid and visible dividend policy with a CAGR of 7% by 2030
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27INVESTOR DAY 2026 ANNEXES04 Carbon intensity of energy production (scope 1) (gCO2/kWh) Certified renewable electricity purchased (%) (scope 2 emissions reduction target) Scope 3 emissions Energy savings of production processes (kToe) * Avoided emissions from waste recovery (ktCO2) ▪ Use of products sold (gas) ▪ Fuel and energy activities 2.0361.9221.654 1.550 1.021 1.070960 790760 572 140 287321313332 -26%-26%-17%-9% 100%100% 50% 3%0% -40% -20%13%-10% * Data for the 2020-2025 period have been proformed to standardise and neutralise the effect of the change in the coefficients used in the calculation. DECARBONIZATION 2020 2025 2030 2035 2040
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28INVESTOR DAY 2026 ANNEXES04 74,0%72,5%70,8%66,9% 63,1% 20,020,0 6,26,26,0 1.6401.600 950641425 1.5001.5001.500 1.036 492 80,0% 76,5%75,5%73,0% 69,3% Sorted waste collection in the area served (%) Material recovery from waste in Group plants (kton) Energy produced from biogenic sources (GWh) Reuse of treated wastewater (mln m³) ▪ Historical territories ▪ Other territories 2020 2025 2030 2035 2040 CIRCULAR ECONOMY
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29INVESTOR DAY 2026 ANNEXES04 Water network leaks (%) 4.4004.4004.350 3.921 3.527 89,2%89,2%78,9%73,2% 55,5% 22,0%25,0%26,5% 30,8% 33,3% 228235240 266260 Wastewater treatment capacity (kP.E.) (all territories) Water withdrawals from the environment (litres/inhabitant/day) (all territories) Districting of water networks (%) ▪ Historical territories ▪ All territories 87,2%87,2% 76,0% 65,3% 55,5% 24,0%26,0%27,5% 31,4%33,3% ▪ Historical territories ▪ All territories WATER RESOURCES 2020 2025 2030 2035 2040
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30INVESTOR DAY 2026 ANNEXES04 53% 42% 35% 24%19% 140140 125 115 97 District heating volumes (mln mcm) Eco-vehicles on total fleet (% of electric and biomethane vehicles over total fleet) Energy savings from Group products/services (Iren Plus, Iren Smart Solutions energy efficiency, green energy sales) (kToe) 3.0002.7302.500 1.940 326 Green electricity sold to retail customers (GWh) 587538513469 71 RESILIENT CITIES 2020 2025 2030 2035 2040
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31INVESTOR DAY 2026 ANNEXES04 2020 2025 2030 2035 2040 Employment, development and enhancemen of skills Diversity & Inclusion Welfare and care of people ▪ Training hours per capita**** (No.) ▪ Employees evaluated on on performance**/**** (%) ▪ Women managers (%) ▪ Hires under 30 out of total hires */*** (%) ▪ Accident incidence index**** (No.) ▪ Employees covered by company health care (%) 41,041,0 46,0 42,9 50,2 ▪ New hires* (No.) 90%89%88%84% 54% 30,0%28,0%27,0%25,5% 22,8% ≥50,0%≥50,0%≥50,0%52,0%50,0% 25,023,823,022,024,5 +9.400+8.300+7.000+5.326 100%100%100% 71%71% PEOPLE * Progressive growth compared to 2020; ** Excluding fixed-term employees, hires for less than 6 months, personnel with absences exceeding 6 months, takeover of contracts <3 years; ***Excluding hires from takeovers in tenders/internalizations; ****Target on a like-for-like basis as of 31/12/2025.
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32INVESTOR DAY 2026 ANNEXES04 Networks Energy Waste Market Corporate 529 620 680 820 277 350 400 490 277 300 330 500 53 75 100 250 278 335 365 390 82 140 170 230 269 245 235 235 118 80 70 70 2.2 2.2 0.9 1.3 1.2 1 0.4 0.4 0.4 0.4 2025 2028 2030 EBITDA EBIT CAPEX 2026-2030 2031-2035 M€ B€ 2035 GROSS CAPEX EBITDA - EBIT CAPEX AND PROFITABILITY BY BUSINESS UNIT
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33INVESTOR DAY 2026 ANNEXES04 INTEGRATED WATER CYCLE Regulatory period 6 + 2 years (2020 – 2027) 4 years (2024 – 2027) 6 years (2024 – 2029) 4 years (2026 – 2029) Update WACC methodology 6 years (2022 – 2027) 6 years (2022 – 2027) 6 years (2024 – 2029) 6 years (2022 – 2027) WACC parameters update Every 3 years for general parameters (2028)1; specific parameters in 20282 Every 3 years for general parameters (2028)1; specific parameters in 20282 Every 2 years (2028) Every 2 years (2028) 1. With annual verification of potentialtrigger threshold (0.3% absolute variation) for rate adjustment 2. Specific parameters: asset beta and capital structure 3. OF-OFisc rate for integrated water service 4. Time lag rate applied to compensate for the financial cost incurred due to the temporal misalignment between the year an inve stment ismade and the year it is recognized in the tariff structure 5. Subject to the application of lower remuneration levels in the event of concession awarded through tender 5.9% 5.6% 6.1%+1%4 5.9%+1%4; 6.1%+1%4 2026-2030 WACC3 (pre tax) REGULATORY FRAMEWORKS INTEGRATED WASTE SERVICE AND MINIMUM PLANTS ELECTRICITY DISTRIBUTION GAS DISTRIBUTION
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34INVESTOR DAY 2026 ANNEXES04 Waste collected (Mton) 2.4 2.4 2.3 2.3 Waste treated in Iren plants (Mton) 3.1 3.3 3.5 4.8 Electricity sold from WTE plants (TWh) 0.5 0.5 0.5 1.2 Biomethane produced from organic waste (Mmc) 13 28 30 30 Hydroelectric production (TWh) 1.3 1.2 1.2 1.2 Photovoltaic and wind production (TWh) 0.3 0.4 0.4 0.4 Thermoelectric and CCGT production (TWh) 6.9 8.9 9.0 7.5 Heat sold (TWht) 2.6 2.7 2.8 3.2 Electricity sold to end customers (retail, SME and Business) (TWh) 6.3 6.8 7.1 7.2 Gas sold to end customers (BMC) 0.6 0.5 0.5 0.5 2028 20302025 2035 INDUSTRIAL KPISs 2028 20302025 2035
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35INVESTOR DAY 2026 ANNEXES04 PUN (€/MWh) 116 105 100 97 PSV (€/MWh) 39 35 31 31 ETS (€/Ton) 74 78 82 100 Iren clean spark spread (€/MWh) 3.3 5.0 6.0 5.0 ENERGY SCENARIO BUSINESS PLAN 2028 20302025 2035
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36INVESTOR DAY 2026 ANNEXES04 ATEM DEADLINE Genoa1 Expired (under statutory extension) Parma Expired (under statutory extension) Reggio Emilia Expired (under statutory extension) Vercelli Expired (under statutory extension) Piacenza 2 - East Expired (under statutory extension) Wedge 3 Expired (under statutory extension) AREA DEADLINE Piacenza 2040 Reggio Emilia 2043 Genoa 2032 Parma1 2027 Vercelli Expired (under statutory extension) La Spezia 2033 Enna 2034 Savona 2028 1Original deadline to 2025 extended by law (Emilia-Romagna Reg. Law no. 14/2021 Art.16) AREA DEADLINE Turin 2030 Parma 2030 Vercelli 2030 NETWORK CONCESSIONS CONCESSIONS ELECTRICITY CONCESSIONS WATER CONCESSIONS GAS
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37INVESTOR DAY 2026 ANNEXES04 CONCESSIONS HYDROELECTRIC AREA HYDROELECTRIC PLANT POWER (MW) DEADLINE Piedmont 1 Pont Ventoux-Susa 157 2034 Piedmont 2 Orco Valley and S. Mauro 300 Expired 2010 Piedmont 3 S. Lorenzo, Moncalieri, La Loggia, Valle Dora 25 >2041 Campania Tusciano Nucleus 108 2029 Liguria Brugneto, Canate 10 Expired 2014 Water management concession (2032) AREA DEADLINE Parma 2037 Piacenza 2037 Reggio Emilia Expired (under statutory extension) Turin 2034 Vercelli 1 2028 Vercelli 2 2029 La Spezia 2028 Southern Tuscany 2033 Cuneo 2031 Asti 2026 HYDROELECTRIC CONCESSIONS AND COLLECTION MAIN CONCESSIONS COLLECTION
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38INVESTOR DAY 2026 ANNEXES04 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 abovementionedestimates and projected data. DISCLAIMER