Slides
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INVESTOR PRESENTATION BUILDING STRENGTH IN A DYNAMIC LANDSCAPE September 2026
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Business Plan Highlights ECONIMIC AND FINANCIALS • 6.4b€ of selected technical capex to drive the transformation in focused multiutility • Solid growth at all levels: EBITDA +4% and Net Profit +7% yoy • Headroom to size upcoming opportunities thanks to NFP/EBITDA of 3.0x by plan-end • Long term visibility on dividend policy: 60% pay- out and 8% DPS growth yoy until 2027 and 6% until 2030 INDUSTRIALS • Excellence in network services reaching 4.4b€ of RAB (+42%) supported by 2.6B€ of investments • Leader in urban waste management developing 3 new WTE plants • Among the leading players in district heating in Italy reaching 125 mcm of DH volumes • A national player, beyond commodities with an excellent customer base and a widespread territorial presence
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Results’ Highlights: Solid Track Record of Growth H1 2026 RESULTS • H1’26 EBITDA supported by organic growth and efficiencies, setting the stage for H2 ’26 growth • Lower rainfall weighed on hydro generation, affecting H1’26 performance • Portfolio quality, with regulated and semi-regulated activities accounting for 73% of total EBITDA • Operating cash flow exceeded investment requirements, funding €410m of capex (+4% YoY) • Guidance 2026: EBITDA around +3% vs FY2025, Gross technical capex~0.95€B, Net profit around +2% vs. FY2025, NFP/EBITDA ~3.1x FY 2025 RESULTS • EBITDA at 1.353M€ (+6%) sustained by Egea consolidation (+60M€), organic growth (+22M€) and synergies (+20M€). Net profit at 301M€ (+12%) • Net debt at 4.2B€ after more than 900M€ (+12%) of technical capex • DPS at 13.86€c/share (+8%)
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4 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Iren at a Glance Networks Waste Energy1 Market National player with 4.5 M inhabitants served in the waste collection 1° National player in electricity generation with a capacity of 3.4 GW of which 0.86 GW renewables 4° National player in the water management with 3.3 M inhabitants served National player in the energy sector with 2.3 M customers 3° National player in waste with 2.8 Mton treated in our plants EBITDA FY 2025 1.35 B€ 20% 39% 20% 21% 1. Includes EBITDA related to Energy and Other Services operating segments Recent coverage Historical Iren presence National player in District Heating volumes with 115 Mcm and 1,288 km of grids 2° 4° National player in the electriciy distribution networks with 735k users 5° National player in the gas distribution networks with 801k users FY 2025 Data • Around 1 B€ invested annually • 74% of EBITDA from regulated and semi-regulated activities • 3.3 B€ of Market Cap INVESTOR PRESENTATION
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INVESTOR PRESENTATION STRATEGY H1 26 RESULTS ANNEXES RESULTS ANNEXES BP FY 25 RESULTS
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6 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS SERVICE QUALITYGREEN TRANSITION VALUE CREATION FOR LOCAL COMMUNITIES AND TERRITORIES ▪ Managing business operations in harmony with the environment and natural ecosystem ▪ Sustainable and responsible use of natural resources ▪ Recovery of materials and energy from waste ▪ Commitment to meeting the infrastructural and facility needs of local territories ▪ Strengthening territorial presence by completing the range of service portfolio ▪ Strengthening infrastructure resilience ▪ Enhancing engagement and proximity to customers and local communities ▪ Process optimization Consistency and vision: confirmation of the strategic pillars EXTENDED MULTI-UTILITY → FOCUSED MULTI-UTILITY
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7 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Selectivity in investments to drive transformation Selective asset allocationaimed at recovery and maximizationof profitability through a careful focus on strategic priorities,seizing all opportunities offered by our territories NEW BP 6.4B€ 2025-2030 40% 19% 25% 9% 7% MARKET NETWORKS WASTE ENERGY CORPORATE 6.9 6.4 0.5 Total Investments M&A 2025 Technical Investments
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8 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Ambitious goals, built on our strenghts LEADER IN URBAN WASTE MANAGEMENT We are closing the urban waste cycle by developing 3 new Waste- to-Energy (WTE) plants A NATIONAL PLAYER, BEYOND COMMODITIES With a renewed portfolio of products and services, an excellent customer base, and a widespread territorial presence, we will become the main point of reference for our customers EXCELLENCE IN NETWORK SERVICES Among the leading national players in integrated water services and electricity distribution AMONG THE LEADING PLAYERS IN DISTRICT HEATING IN ITALY Extension of the district heating network to fully utilize plants capacity NETWORKS WASTE MARKET ENERGY
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9 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS IREN ACTIONSMACRO TREND TAILWIND/HEADWIND NETWORK ▪ High demand for infrastructure investments ▪ Stable regulatory framework supporting investments ▪ Renewal of electricity concessions ▪ Investments in the water serviceto increase resource availability ▪ Extraordinary plans to enhance the resilience of the electricity gridand renew concessions ▪ Strategic importance of thermoelectric power plants ▪ Update of the regulatory framework for district heating ▪ Lower profitability and slow authorization process for renewables ▪ Flexibilization of gas-fired power plants ▪ Expansion of the district heating network to maximize heat generation capacity ▪ Reduction of RES developmenttargets combined with an increase in green PPA purchases WASTE ENERGY MARKET ▪ Strong competitive positioning ▪ Expected reduction in unit margins ▪ Customer loyalty enhancementthrough expansion of the service/product portfolio ▪ Opening of new physical stores Adaptability and Vision: Iren's Positioning in the New Scenario ▪ Regulatory changesaffecting treatment plants and FORSU overcapacity in Northern Italy ▪ Lack of development in the secondary raw materials market ▪ Improvement in service quality ▪ Increase in energy recovery from WTE(Waste-to- Energy) plants ▪ Operational efficienciesin material recovery facilities ▪ Flexible service combinations tailored to local needs to improve separate waste collection Preservation of water resources Electrification of consumption Development of the circular economy Energy transition and decarbonization Increasing demand for electricity Growing market competition
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10 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS ▪ Balanced distribution of investments over the period ▪ Low execution risk ▪ High predictability of results ▪ High investments in sustainable projects/activities CUMULATED CAPEX 6.4 B€ 6.4B€ technical CAPEX to support the development of regulated businesses 36% 23% ~60% 22% 78% Free market Maintenance Maintenance regulated business (RAB) 31% Development free market / semi-regulated 6.4B€ 6.4B€ Development Regulated Business (RAB) 10% Regulated and semi-regulated* * Includes investments in district heating, hydropower, air coolers and renewables with FER-X
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11 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Looking ahead to 2040: building tomorrow’s transition today THE GREEN TRANSITION IN EUROPE IS CURRENTLY FACING A PERIOD OF UNCERTAINTY DUE TO: ▪ Political and economic scenario ▪ Financial uncertainties ▪ Slowdown in infrastructure development ▪ Delay in the industrialization of key technological innovations ▪ Inconsistency between regulatory and economic constraints to renewable energy development and the plans for energy independence and critical raw materials ▪ Reduced transparency and clarity regarding regulatory constraints IREN HAS CONFIRMED ITS: 5 FOCUS AREAS WATER RESOURCES RESILIENT CITIES DECARBONIZATION CIRCULAR ECONOMY PEOPLE AND DEFINED THE FOLLOWING: MEDIUM- AND LONG-TERM SUSTAINABILITY TARGETS BASED ON CHALLENGING SCENARIOS WITH REALISTIC CHANCES OF SUCCESS AND IN LINE WITH THE TECHNICAL AND OPERATIONAL FEASIBILITY OF TECHNOLOGIES AND INVESTMENTS base year target 2020 mid term target 2028 mid term target 2030 long term target 2040
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12 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Sustainability: an ambitious long-term vision Resilient cities Water resources Circular economy Decarbonization 33% 31% 29% 28% 24% 2020 2024 2028 2030 2040 Water losses % 0.5 1.0 1.5 1.5 1.5 2020 2024 2028 2030 2040 Material recovery Mt 332 315 315 312 129 2020 2024 2028 2030 2040 Carbon intensity scope 1 gCo2 /KWh 97 102 122 125 135 2020 2024 2028 2030 2040 District heating volumes Mcm 33% 13%26% 28% 4.3B€ Sustainable Capex* * Eligible for the European Taxonomy ~70% SUSTAINABLE INVESTMENTS FOR THE EUROPEAN TAXONOMY
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13 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 1,274 1,530 ~1,600 2024 2028 2030 EBITDA: Cagr 4% Confirmation of the commitment to achieve efficiencies and synergies 268 360 ~400 2024 2028 2030 GROUP NET PROFIT: Cagr 7% 3.2x 3.1x 3.0x 2024 2028 2030 FINANCIAL LEVERAGE 3.5x Maximum threshold of 3.5x consistent with our portfolio of regulated and semi-regulated businesses CUMULATIVE TECHNICAL CAPEX 6.4 B€ 2025-2030 Group net profit growth supported by EBITDA increase, improvement in depreciation and amortization dynamics and acquisition of Iren Acqua minority Clear vision, towards concrete results
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14 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Solid growth net profit +7%yoy GROWTH DRIVERS BY 2030 Organic growth+270M€ +120M€ +60M€ -45M€ -40M€ -35M€ Efficiencies & synergies Inorganic growth Normalization of power & gas Margins Energy scenario Emerging personnel costs M€ EBITDA GROUP NET PROFIT M€ 1.274 1.480 1.530 ~1.600 2024 2027 2028 2030 268 330 360 ~400 2024 2027 2028 2030 7% CAGR 7% CAGR 4% CAGR 4% CAGR 5% CAGR by 2033 8% CAGR By 2033 Growth including profitability generated by the 3 new WTE plants in 2032/2033 75% EBITDA from regulated and semi-regulated activities
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15 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Financial soundness supporting strategic options B€ NET DEBT 2024 - 2028 (4.1) 3.8 0.8 0.5 0.1 SOURCES AND USES 2025-2030 4.7 4.1 4.9 (6.5) 5.9 1.3 0.5 (0.5) 0.1 2024 Operating cash flow Net investments Dividends M&A 2025 Hybrid Bond Others 2030 6,4 5,9 0,8 1,3 0,5 0,5 7,7 7,7 Operating cash flow and others Hybrid Bond Incremental debt Net organic investments Inorganic investments Dividends SOURCES USES (0.5) BBB Stable BBB Stable FINANCIAL LEVERAGE 3.5x Financial leverage 3.2x 3.1x 3.0x 2024 2028 2030
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16 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Low exposure to interest rate risk, high financial reliability AVERAGE COST OF DEBT MATURITIES* 2.17% ≤ 2.5% 2024 2025-2026 2027-2030 80 593 546 820 558 2026 2027 2028 2029 2030 Average duration FY2024 Fixed rate debt FY2024 SUSTAINABLE FINANCE 2030 2040 % ESG debt ≤ 2.9% 5 years 94% ~80% ~90% M€ *Including the repayment of a project financing; excluding the 500M€ hybrid bond, which will lose its equity content in 2030
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17 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 12,83 13,86 14,97 16,16 17,10 18,10 19,20 2024 2025 2026 2027 2028 2029 2030 Dividend per share, c€ CAGR 8% Dividend policy: long term visibility CAGR 6% DIVIDEND POLICY maximum between: ▪ 60%PAY-OUT of ordinary Group’s net income ▪ 8% DPS growth YoY until 2027 and6% DPS growth YoY until 2030
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18 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS EXCELLENCE IN NETWORKS SERVICES: Speed up of investments in networks LEADER IN URBAN WASTE MANAGEMENT: Automated sorting systems and WTE revamping for urban waste AMONG THE LEADERS IN DISTRICT HEATING IN ITALY: Data centers and further development of heating network NATIONAL PLAYER, BEYOND THE COMMODITY:Strong integration of the energy supply chain thanks to PPAs for 1.5 TWh with a modulated profile CONSOLIDATION OF EQUITY-OWNED COMPANIES to strengthen the Group’s profitability with no impact on financial profile • M&A/NEW CONCESSIONS in reference areas: • Bolt-on acquisitions, in water and waste • Public-private partnership proposals in the water sector ORGANIC GROWTH INORGANIC GROWTH Beyond the base plan: additional growth pathways delivering +100M€ in EBITDA The multi-utility model and multi-territorial footprint provide additional development opportunities that are not included in the base plan, due to their current limited visibility or uncertainties in assessing the economic impact given the stage of technological maturity
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INVESTOR PRESENTATION STRATEGY H1 26 RESULTS ANNEXES RESULTS ANNEXES BP FY 25 RESULTS
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20 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS H1 ‘26 RESULTS AT A GLANCE €M *FY 2025 GUIDANCE 2026 ▪ EBITDA: around +3% vs FY2025 ▪ Gross technical capex: ~0.95€B ▪ Net profit: around +2% vs. FY2025 ▪ NFP/EBITDA: ~3.1x H1 '25 H1 '26 Δ Δ% Revenues 3,486 3,257 -229 -7% EBITDA 726 732 6 1% EBIT 326 318 -8 -2% Group net profit 184 182 -2 -1% Technical capex 393 409 16 4% Net Financial Position 4.222* 4,276 54 1% + - +1% Tailwinds ▪ Organic growth and regulation in networks ▪ Energy prices ▪ Synergies as expected Headwinds ▪ Hydroelectric production ▪ Gas margins normalization ▪ Slowdown of energy efficiency activities
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21 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS H1 ‘26 EBITDA EVOLUTION EBITDA EVOLUTION 8 5 1 15 5 6 3 2 Electricity Gas Treatment & Disposal RES CCGT & Thermo Heat En. Efficiency 726 -13 Electricity -9 Gas IrenPlus & Others H1 ’26 -7 CollectionH1 ’25 -10 Water 732 +1% WASTE +16NETWORKS +3 MARKET -4ENERGY -9 €M
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22 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 22 EBITDA TO GROUP NET PROFIT RECONCILIATION ▪ Tax rate at 30.5% ▪ Lower results at some subsidiaries H1 '25 H1 '26 Δ Δ% EBITDA 726 732 6 0.8% D&A -350 -363 Provisions to bad debt -45 -47 Other provisions and write-downs -5 -4 EBIT 326 318 -8 -2.4% Financial charges -55 -56 Companies consolidated at equity method 9 7 Others -4 2 EBT 276 272 -4 -1.4% Taxes -83 -83 Minorities -9 -7 Group net profit 184 182 -2 -1.0% ▪ Higher depreciation due to investments made last year €M ▪ Cost of debt stable at 2.36% ▪ Lower contribution from equity-method companies
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23 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS NET DEBT EVOLUTION (H1 2026 VS FY2025) 76 283 409 189 42 Ebitda Other operational changes Eco-Super bonus Changes in WC Capex M&A and disposal Dividends H1 ’26 4,222 -733 -146 -66 4,276 MtM Derivatives & other FY ’25 +54€M (+1%) ▪ Net debt slightly increase despite operating cash flow more than offset investments ▪ Sale of Eco-super bonus booked in our balance sheet ▪ Higher net working capital due to seasonal effect and long-term credit on regulated businesses for 50€M ▪ M&A includes the cash inflow generated by COGESI through the sale of a water network in Piedmont (former Egea asset) €M Operating cash flow levered -520€M
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INVESTOR PRESENTATION STRATEGY H1 26 RESULTS ANNEXES RESULTS ANNEXES BP FY 25 RESULTS
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25 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS FY ‘25 RESULTS AT A GLANCE FY '24 FY '25 Δ Δ% Revenues 6,043 6,574 531 9% EBITDA 1,274 1,353 79 6% EBIT 520 530 10 2% Group net profit 268 301 33 12% Technical capex 830 925 95 12% Net Financial Position 4,083 4,222 139 3% €M EBITDA EVOLUTION (€M) 51 21 12 FY ’24 Networks Waste Energy Market FY ’25 1,274 -5 1,353 Tailwinds ▪ Egea consolidation ▪ Regulated business organic growth and non- recurring items ▪ Efficiencies Headwinds ▪ Gas supply margins ▪ Hydroelectric production ▪ RES prices + - +6%
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26 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS FY ‘25 EBITDA EVOLUTION EBITDA EVOLUTION 17 13 21 16 5 19 9 2 15 3 Gas Treatment & Disposal RES CCGT & Thermo Heat En. Efficiency Electricity Gas -35 -6 IrenPlus & Others FY ’25 1,274 CollectionFY ’24 Water Electricity 1,353 +6% WASTE +21NETWORKS +51 MARKET +12ENERGY -5 €M
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27 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 27 EBITDA TO GROUP NET PROFIT RECONCILIATION ▪ Tax rate at 27.8%, following Egea non recurrent elements ▪ Lower minorities due to the purchase of Iren Acqua’s minority stake FY '24 FY '25 Δ Δ% EBITDA 1,274 1,353 79 6.2% D&A -655 -716 Provisions to bad debt -74 -86 Other provisions and write-downs -24 -20 EBIT 520 530 10 2.0% Financial charges -96 -113 Companies consolidated at equity method 7 14 Others 4 7 EBT 435 438 3 0.7% Taxes -132 -122 Minorities -35 -15 Group net profit 268 301 33 11.9% ▪ Capex and the integration of EGEA (33€M) drove growth on depreciation ▪ Higher provisions to bad debt related mainly to waste collection tariffs €M ▪ Higher cost of debt, now at 2.4% (vs. 2.17% in FY 2024) ▪ Doubled contribution from equity-method companies
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28 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS NET DEBT EVOLUTION (FY 2025 VS FY2024) 219 43 148 925 522 177 FY ’24 Ebitda FY ’25MtM Derivatives DividendsHybrid BondM&ACapexChanges in WC Superbonus 110% & tax credits Other operational changes 4.083 -1.353 -494 -48 4.222 +139€M (+3%) ▪ Technical capex almost completely financed by operating cash flow ▪ Structural growth mainly related to trade credits in water and waste collection (extra cap tariffs) ▪ Temporary superbonus credits generated by rebuilding activities ▪ M&A outflow (Iren Acqua and EGEA) is completely offset by hybrid bond €M Operating cash flow levered -943€M
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INVESTOR PRESENTATION STRATEGY H1 26 RESULTS ANNEXES RESULTS ANNEXES BP FY 25 RESULTS
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30 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS BUSINESS UNIT STRUCTURE Networks Power Gas Water Waste Energy Market Collection Treatment and energy recovery RES, Hydro Thermoelectric/CCGT District Heating Gas Power Iren Plus Corporate Energy efficiencies
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31 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS NETWORKS: excellence on quality of service as a result of targeted investments ⃝ Confirmation of the concession perimeter ⃝ Network replacement and modernization ⃝ 5 new wastewater treatment plants and revamping of existing facilities ⃝ Operational efficiency and service quality INTEGRATED WATER SERVICE ⃝ Renewal of concessions supported by extraordinary investment plans ⃝ Network strengthening to enhance resilience ⃝ 4 new HV/MV primary substations to support increasing electricity demand ⃝ Improvement in performance and commercial quality POWER ⃝ Confirmation of the concession perimeter ⃝ Network replacement to enhance safety GAS 2.6B€ CAPEX 294 385 460 89 115 125 95 115 120 2024 2028 2030 Integrated Water Service Power Gas M€ EBITDA GROWTH 7% CAGR 478 615 705 12% 28% 60% EBITDA PURIFICATION CAPACITY DURATION OF POWER GRID INTERRUPTION (SAIDI) -18% 2030 vs FY2024 B€ RAB 1.7 2.2 2.5 0.6 0.8 10.8 0.9 0.9 2024 2028 2030 Integrated Water Service Power Gas 3.1 3.9 4.4 4.4 Millions inhabitants 3.8 million inhabitants in 2024
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32 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 108 135 140 147 190 190 2024 2028 2030 Collection Treatment and disposal WASTE: from leader in collection to leader in energy recovery from municipal waste • Consolidations in legacy areas • Efficiency of operating costs along with high quality of service through digitalization • Push to increase sorted waste collection COLLECTION TREATMENT AND DISPOSAL 4% CAGR* BASIN SERVED SORTED COLLECTION ~75% 2030 • Capacity expansion in energy recovery (3 WTE/extensions) • Completion of the waste treatment plant fleet (3 new plants) • Optimization of waste supply chain • Consolidation of minority stakes in waste treatment companies 1.2B€ 37% 63% 4.2M Inhabitants in 2030 M€ WASTE FLOWS 2024 2028 2030 Collection Treatment and disposal 2.3 2.9 3.5 2.3 2.3 3.5 Mt 256 325 330 4.1 million inhabitants in 2024 70% in 2024 CAPEX EBITDA GROWTH EBITDA * 3 fully operational WTEs in 2033 will increase EBITDA by around €120M, resulting in a CAGR of 6.5%
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33 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 132 100 100 28 35 40 20 70 70 101 125 135 2 10 5 2024 2028 2030 Hydro RES Thermo Distr. Heat. Energy eff. • Energy efficiency and development of FTV plants (18MW) for business customers • PPP proposals with PA clients ENERGY: flexible plants supporting the electrical system • Development of greenfield renewable capacity (+200MW) supported by incentives • Renewal of expired hydroelectric concessions through PPPs RES CCGT, THERMO AND DISTRICT HEATING CAPEX 4% CAGR EBITDA REBUILDING PROJECTS • Installation of air coolers on CCGTs to increase availability • Extension of district heating network EBITDA GROWTH ~200 2025-30 M€ ENERGY EFFICIENCY 1.6B€ 21% 25% 283 340 350 620 625 636 217 370 430 2024 2028 2030 FV/Wind Hydro 837 1.000 1.070 RENEWABLE CAPACITYMW 2024 2028 2030 102 122 125 DISTRICT HEATING VOLUMESMcm 19%
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34 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 2024 2028 2030 2024 2028 2030 MARKET: long-term value of our customers • Retention of high-value customer • Increase in power volumes due to electrification of consumption • Medium-long term PPA development with end customers • Further strengthening of pull, digital and physical store channels CLIENTS SERVICES CAPEX 0% CAGR* EBITDA • Cross-selling of Iren Plus products and services • Further development of bundle offerings, including connectivity, and stand-alone insurance EBITDA GROWTH M€ INSURANCE AND CONNECTIVITY CONTRACTS (K)Mt ELECTRICITY SOLD TO RETAIL CUSTOMERS TWh 0.6B€ 3.9 4.4 4.7 50 110 120 123 130 130 106 95 80 8 20 20 20 2024 2028 2030 Power Gas Iren plus & other Normalization gas margins 257 *Net of normalization of gas margins: -2% EBITDA cagr vs FY24 reported CUSTOMER BASE (M) at 2030 2.3 245 230
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35 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Synergy plan to further support profitability ~20 M€ synergies per year in line with past performance 20 80 120 2025 2028 2030 200 Identified projects to support corporate transformation ~65% synergies achieved by 2028 Overall synergies of 120M€ to offset and exceed increase in costs, estimated over the plan period in roughly 35M€, due to the increase in personnel costs for contractual adjustments (beyond expected inflation) 120M€ synergies by 2030 6% reduction of addressable costs 16M€ Already done in 9M ‘25
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36 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS PEOPLE TRANSFORMATION EFFICIENCY OPTIMIZE Processes revision and organization ACCELERATE Simplification of organizational structures STREAMLINE Recovery of profitability through synergies Synergies: 200 projects for a cumulative saving of 120M€ by 2030 • Managerial turnover • Generational change • Organization: simplification, integration • Corporate digitization • Optimization of businesses portfolio • Competence and specialization centers • Corporate model extended to new subsidiaries • Centralization of spending categories • Zero-based-budget • Office optimization OBJECTIVES OFFICE OPTIMIZATION 2025-2027 • Reduce organizational, communication, and operational dispersion between locations, thus improving efficiency CALL CENTER AND BILLING MERGER • Progressive unification of customer management call centers and integration of billing activities under a single function CORPORATE DIGITIZATION 2026-2030 • Dissemination of a digital culture through the introduction of digital tools to increase productivity and automation of low intellectual value processes EGEA INTEGRATION • Rationalization of EGEA’s corporate structure and subsequent integration of its companies into the Group’s Business Units QUALIFYING EXAMPLES
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37 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Slide 50 Sustainable finance GREEN BONDS ESG KPI-LINKED LOANS UoP GREEN LOANS2.5€B out of 3.0€B outstanding bonds 550€M ▪ 500€M Green Bond #1 issued in 2017 ▪ 500€M Green Bond #2 reimbursed in 2025 ▪ 500€M Green Bond #3 issued in 2019 ▪ 500€M Green Bond #4 issued in 2021 ▪ 50€M Green Private Placement issued in 2022 ▪ 500€M Green Bond #5 issued in January 2024 ▪ 500€M Green Bond #6 issued in September 2024 …to support eligible green projects in line with Iren’s Sustainable Finance Framework and ICMA Principles Sustainable Finance ▪ Sustainability-Linked Loans to enhance Group’s commitment in terms of long-term sustainable strategy ▪ These Loans envisage core KPIs included in Sustainable Financing Framework: ✓ Scope 1 GHG emissions reduction ✓ Water Network leakages ✓ Waste treated in Group’s Material Recovery Plants ▪ Credit facilities by EIB (European Investment Bank), CEB (Council of Europe Development Bank) devoted to financing specific sustainable projects and to support Group green transition ▪ Very long-lasting relationship with multilateral banks with 2€B+ granted over the period Note: Green Bonds are issued under the €5B EMTN Programme renewed in July 2025 ~1.4€B 85% 84% ~90%
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38 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Slide 16 Sustanaible Financing Framework components Projects are compliant with the Paris Aligned Benchmark (“PAB”) exclusion criteria Green & Blue Component Sustainability-Linked Component Green category Blue category Eligible Green & Blue Categories Eligible Projects EU Taxonomy SDGs Circular Economy ▪ Urban waste collection and recycling ▪ Urban waste treatment Full alignment1 Renewable energy ▪ Solar Photovoltaic, wind power, and Hydroelectric power electricity generation ▪ Electricity generation form bioenergy Full alignment Energy efficiency ▪ Energy network development ▪ Electricity and thermal storage ▪ Cogeneration facilities2 ▪ District heating networks1 ▪ Buildings energy efficiency ▪ Waste-to-Energy facilities3 Partial alignment Sustainable water and wastewater management ▪ Wastewater treatment system ▪ Water distribution network Full alignment1 Clean transportation ▪ Electric vehicles ▪ Bio-fuel vehicles Full alignment1 Source: Iren’s Framework and SPO available at https://www.gruppoiren.it/en/investors/financial-profile.html Notes: (1) The majority of assets included in this category will be fully aligned with the EU Taxonomy. Should any asset with no or partial alignment be included in the allocation, Iren will provide transparent disclosure in the post-issuance report; (2) Not aligned; (3) Not eligible KPIs Baseline SPTs SDGs KPI#1: Scope 1 GHG Emissions Intensity (gCO2eq/kWh) 2020: 332 gCO2eq/kWh ▪ 2028: 315 (-5.1%) ▪ 2030: 312 (-6.0%) ▪ 2040: 129 (-61.1%) KPI#2: Absolute Scope 3 GHG Emissions (tCO2eq) 2020: 2,945,114 tCO2eq ▪ 2028: 2,532,798 (-14%) ▪ 2030: 2,521,318 (-14%) ▪ 2040: 2,112,120 (-28%) KPI#3: Water Network Leaks (%) 2020: 33.3% ▪ 2028: 27.8% ▪ 2030: 26.5% ▪ 2040: 22% KPI#4: Waste for Material Recovery in Group Plants (Kt) 2020: 492 Kt ▪ 2028: 1,522 Kt ▪ 2030: 1,533 Kt ▪ 2040: 1,539 kt Green & Blue Component Sustainability-Linked Component
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39 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Slide 16 Sustanaible Financing Framework Second Party Opinion by Sustainability-Linked Component Framework Pillars ✓ DNV Opinion Use of Proceeds ✓ Eligible Categories are consistent with the GBP 2025 and GLP 2025, as well as the Guidelines for Blue Finance ✓ Performed EU Taxonomy alignment assessment on Iren’s eligible Green & Blue categories ✓ Expected environmental benefits are clear, precise, relevant, measurable, and quantifiable Project Evaluation and Selection ✓ The process is appropriately described Management of Proceeds ✓ Proceeds arising from the future issuances will be appropriately managed, in line with relevant principles Reporting ✓ The process is appropriately described ✓ Positive assessment of the commitment to align impact reporting with the ICMA Harmonised Framework for Impact Reporting Green & Blue Component Framework Pillars DNV Opinion Selection of KPIs ✓ KPIs are in line with SLBP 2024 and SLLP 2025 ✓ KPIs’ definitions are clear and measurable, addressing strategic sustainability dimensions Calibration of SPTs ✓ SPTs are in line with SLBP 2024 and SLLP 2025 ✓ Targets are considered ambitious against a combination of ambition dimensions Financial characteristics ✓ In line with the requirements of the Principles Reporting and Verification ✓ Comprehensive and in line with the requirements of the Principles ▪ DNV has been confirmed as Second Party Opinion provider for the 2026 Sustainable Financing Framework ▪ The opinion includes for the first time the EU Taxonomy alignment assessment covering 23 eligible activities relevant to Iren’s core business DNV is of the opinion that IREN’s Framework is aligned with DNV is of the opinion that IREN’s Framework is aligned with Source: Iren’s Framework and SPO available at https://www.gruppoiren.it/en/investors/financial-profile.html
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40 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Focus on EU Taxonomy in 2025 Eligible, aligned and non-eligible activities related to the KPIs required by the EU Taxonomy 47% 62% 34% 21% 3% 9% 32% 35% 57% Turnover (revenues) OPEX CapEX Not eligible activities Eligible activities – not aligned Eligible activities – aligned NETWORKS Power Gas Water WASTE ENERGY MARKET Collection Treatment and material recovery RES, Hydro & storage District Heating Iren Plus E-mobility Energy Efficiency IREN’S ELIGIBLE ACTIVITIES 6,574 €M 1,955 1,322
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41 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Carbon intensity of energy production (Scope 1) (gCO₂/kWh) 2020 2025 2028 2030 2040 Certified renewable electricity purchased (%) (Scope 2 emissions reduction target) Scope 3 emissions Energy savings from production processes (kTep) Avoided emissions from waste recovery (ktCO₂) ▪ Use of sold products (gas) ▪ Fuel and energy related activities Decarbonization 2.036 1.6541.6301.550 1.021 1.162 828793703672 129312315 313332 -26% -17%-14% -9% 100% 50% 25%3%0% -40%-1% -14%-10%
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42 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 74,0%70,8%69,9%66,9%63,1% 20,06,26,26,26,0 31,1 31,131,1 13,2 0,0 1.5391.533 1.522 1.036 492 80,0% 75,5%74,2%73,0% 69,3% Separate waste collection in the served area (%) Material recovery from waste in Group facilities (kton) Biomethane from biodegradable waste (million cubic meters) Reused water from treatment processes (million cubic meters) ▪ Core Territories ▪ Other Territories 2020 2025 2028 2030 2040 Circular Economy
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43 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Water distribution network losses (%) 4.438 4.438 4.243 3.921 3.527 89,2%78,9%76,0%73,2% 55,5% 22,0%26,5%27,8% 30,9% 33,3% 228240245 266260 Purification capacity (kP.E.) (across all territories) Water withdrawals from the environment (liters/inhabitant/day) (across all territories) Water network district zoning (%) ▪ Legacy regions ▪ All Territories 87,2% 76,0%71,1%65,4% 55,5% 24,0%27,5%28,8% 31,4%33,3% 2020 2025 2028 2030 2040 Water Resources ▪ Legacy regions ▪ All Territories
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44 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 53% 35%29%24%19% 135 125 122 115 97 Urban district heating extension (million cubic meters) Eco-friendly company vehicle fleet (% of electric and biomethane vehicles over total fleet) Energy savings from Group products/services (Iren Plus, energy efficiency via Iren Smart Solutions, green energy sales) (kTep) 3.0002.500 2.0001.940 326 Green electricity sold to retail customers (GWh) 587 513445470 71 2020 2025 2028 2030 2040 Resilient cities
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45 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Employment, development, and enhancement of skills Diversity & Inclusion Welfare & People care ▪ Training hours per capita (N.) ▪ Performance- evaluated employees** (%) ▪ Women in management positions (%) ▪ Share of new hires under the age of 30 */**** (%) ▪ Injury incidence rate (N.) ▪ Employees covered by corporate health care plans (%) 41,044,046,0 42,9 50,2*** ▪ Hiring (N.) 90%89%85%84% 54% 30,0% 27,0%26,5%25,5% 22,8% 50,0%≥50,0%≥50,0%52,1%50,0% 25,023,822,922,024,5 +9.400+6.740+5.900 +5.326 2020 2025 2028 2030 2040 People 100% 100%100%71%71% * Progressive growth VS. 2020; ** Excluding fixed-term employees, hired less than 6 months, staff from corporate acquisitions less than 1 year, staff with absences more than 6 months, taking over contracts <3 years; *** Figure influenced by Covid 19 emergency; **** Excludes hiring from contracting/internment takeovers.
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46 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Investments and profitability by business unit Networks Energy Waste Mercato Corporate 479 615 705 251 340 405 255 325 330 39 100 110 283 340 350 99 150 160 257 245 230 132 75 65 EBITDA - EBIT 1,7 0,9 0,7 0,5 1 0,6 0,4 0,2 0,3 0,2 GROSS INVESTMENTS 2024 2028 2030 EBITDA EBIT Investments 2025-2028 2029-2030 M€ B€
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47 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Regulatory Framework Gas distribution and metering 5,6% GAS Regulatory period 6 + 2 years (2020 – 2027) 4 years (2024 – 2027) 6 years (2024 – 2029) 4 years (2026 – 2029) Adjustment of the WACC methodology 6 years (2022 – 2027) 6 years (2022 – 2027) 6 years (2024 – 2029) 6 years (2022 – 2027) Adjustment of the WACC parameters 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 (2026) Every 2 years (2026) ELECTRICITY WATER INTEGRATED WASTE SERVICE AND ESSENTIAL FACILITIES 1. With annual verification of potential trigger threshold(0.3% absolute variation) for rate adjustment 2. Specific parameters: asset beta and the capital structure 3. OF-OFisc rate for the Integrated Water Service 4. Time lag rate applied to compensate for the financial cost incurred due to the temporal misalignment between the year an investment is made 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 GAS DISTRIBUTION AND METERING EE DISTRIBUTION AND METERING INTEGRATED WATER SERVICE INTEGRATED WASTE MANAGEMENT5- ESSENTIAL FACILITIES 2026-2030 WACC3 (before tax)
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48 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Waste collected (Mton) 2,3 2,3 2,3 Waste treated in Iren plants (Mton) 2,9 3,5 3,5 Electricity sold from WTE plants (TWh) 0,5 0,5 0,5 Biomethane produced from organic waste (Mmc) 10 31 31 Hydropower generation (TWh) 1,5 1,3 1,3 Photovoltaic and wind power generation (TWh) 0,3 0,5 0,6 Thermoelectric and CCGT generation (TWh) 6,7 6,3 7,6 Heat sold (TWht) 2,3 2,7 2,8 Electricity sold to end customers (TWh) 5,4 7,2 7,5 Gas sold to end customers (Bmc) 0,7 0,8 0,8 Industrial Kpis 2028 20302024
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49 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Energy scenario underlying the business plan PUN (€/MWh) 10 103 97 PSV (€/MWh) 3 31 27 ETS (€/Ton) 6 90 105 Clean spark spread Iren (€/MWh) -1, 2,9 3,2 2028 20302024
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50 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Network Concessions ATEM END DATE Genova 1 Expired (under statutory extension) Parma Expired (under statutory extension) Reggio Emilia Expired (under statutory extension) Vercelli Expired (under statutory extension) Piacenza 2 - Est Expired (under statutory extension) Cuneo 3 Expired (under statutory extension) AREA END DATE Piacenza 2040 Reggio Emilia 2043 Genova 2032 Parma1 2027 Vercelli Expired (under statutory extension) La Spezia 2033 Enna 2034 Savona 2028 Cuneo Expired (under statutory extension)1Original expiration in 2025, extended by law (L. Reg. Emilia-Romagna.n. 14/2021 Art.16) AREA END DATE Torino 2030 Parma 2030 Vercelli 2030 CONCESSIONS ELECTRICITY CONCESSIONS WATER CONCESSIONS GAS
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51 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS Hydropower and Waste collection concessions AREA HYDROPOWER PLANT POWER (MW) END DATE Piemonte 1 Pont Ventoux-Susa 157 2034 Piemonte 2 Valle Orco e S. Mauro 300 Expired 2010 PPP proposals assessed as feasible Piemonte 3 S. Lorenzo, Moncalieri, La Loggia, Valle Dora 25 >2041 Campania Nucleo Tusciano 108 2029 Liguria Brugneto, Canate 10 Expired 2014 Water service management concession (20 32) AREA END DATE Parma 2037 Piacenza 2037 Reggio Emilia Expired (under statutory extension) Torino 2034 Vercelli 1 2028 Vercelli 2 2029 La Spezia 2028 Toscana sud 2033 Cuneo 2031 Asti 2026 CONCESSIONS HYDROPOWER MAIN CONCESSIONS WASTE COLLECTIONS
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INVESTOR PRESENTATION STRATEGY H1 26 RESULTS ANNEXES RESULTS ANNEXES BP FY 25 RESULTS
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H1 2026 RESULTS
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54 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS GROSS CAPEX (€M) 104 106 56 48 22 22 H1 '25 H1 '26 Water Electricity Gas 182 177-3% -14% - +2% NETWORKS Growth driven by investments, recovering LY extraordinary items & premiums €M EBITDA EVOLUTION ▪ Higher regulated revenues (+10€M), in water cycle and electricity, driven by organic growth and regulation ▪ RAB increased by +4%, giving priority to water and electricity networks ▪ H1 2025 results included premium on water technical quality (8€M), water balance (3€M) and recognition of past opex in gas (10€M) ▪ Water balance (5€M) booked in H1 2026 1,866 1,980 644 669 837 843 FY '25 H1 '26 Water Electricity Gas 3,347 +4% +4% +1% +6% RAB (€M) 3,492 271 2748 5 H1 ’25 Water Electricity Gas H1 ’26 -10 +1%
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55 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS TOTAL ENERGY SOLD (GWh) 242 247 232 234 H1 '25 H1 '26 Electricity Heat 474 481+1% +1% +2% ▪ Collection activities in line with last year despite higher operational costs ▪ WTEs’ contribution is at ~60€M down vs LY due to temporary fault ▪ Treatment & landfills benefits mainly from the roll out of recovery plan (+6€M) partially counterbalanced by landfills’ saturation (-4€M) ▪ Recognition of extraordinary contribution for 16€M on sorted waste treatment plants and 4€M of insurance claim WASTE Result supported by extraordinary contribution in treatment plants €M WASTE MANAGED 1,644 1,545 449 391 H1 '25 H1 '26 Urban waste Other waste 2,093 1,935 -8% -13% -6% (kTon) 132 148 1 16 H1 ’25 Collection WTE Treatment plants & landfills H1 ’26 -1 +12% EBITDA EVOLUTION
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56 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS H1 '25 H1 '26 ▪ RES affected by lower Hydro volumes (-190GWh) partially counterbalanced by higher captured prices ▪ CCGT & thermo benefitted from higher CSS and MSD (+6€M) ▪ Higher spark spread in heat partially offset by lower volumes ▪ Energy efficiency affected by reduced opportunities in rebuilding ENERGY Lower hydro volumes partially offset by CSS & MSD €M HEAT SOLD ELECTRICITY SOLD 175 1665 6 H1 ’25 RES CCGT & thermo Heat Energy efficiency & others H1 ’26 -13 -7 (GWht) 890 716 3,475 3,692 H1 '25 H1 '26 RES Gas plants 4,365 4,408+1% +6% -20% (GWh) 1,532 1,474-4% EBITDA EVOLUTION* -5% * Includes Other services contribution for 3€M
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57 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 3.14 3.13 POWER 452 414 GAS FINAL CLIENTS’ VOLUMES - -9% H1 ‘25 H1 ‘26 H1 ‘25 H1 ‘26 (Mcm)(TWh) ▪ Margins normalization in gas of -5€/clients as expected ▪ Gas volumes down 9%, reflecting lower unitary customer consumption and a reduced customer base following a selective commercial strategy MARKET Gas margins normalization in a competitive scenario €M 148 1443 2 H1 ’25 Electricity Gas Iren Plus & Others H1 ’26 -9 EBITDA EVOLUTION -2% 2.35 2.30 CUSTOMER BASE RETAIL & SMALL BUSINESS CUSTOMER -2% FY ‘25 H1 ‘26 (M customers) 42% 41% IREN PLUS (penetration rate) H1 ‘25 H1 ‘26
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58 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 96% Fixed rate debt 84% Sustainable debt A sound and sustainable debt structure as of 30 June 2026 INTEREST RATE DEBT STRUCTURE MATURITY PROFILE AND LIQUIDITY Data as of 30 June 2026 4.6 years Average duration 2.36% Average cost 13% 21% 66% Cash Undrawn committed credit lines Undrawn uncommitted credit lines ~2.4€B 500 40 500 484 500 500 500 24 55 464 288 83 214 64 60 59 2026 2027 2028 2029 2030 2031 2032 2033 2034 Green Bonds Traditional Bonds 555 504 788 567 714 564 560 Loans Hybrid Bond: loss of equity content in 2030 69% 27% 4% Fixed Fixed-rate swap Variable 54% 30% 11% 5% Green Bond EIB-CEB ESG Loans Bonds Loans
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FY 2025 RESULTS
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60 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 60 GROSS CAPEX (€M) 478 52917 13 21 FY ’24 Water Electricity Gas FY ’25 233 242 86 101 44 48 FY '24 FY '25 Water Electricity Gas 363 392+8% +17% +9% +4% NETWORKS Growth as a results of organic and inorganic investments €M EBITDA EVOLUTION +11% ▪ Organic growth (+22€M) mainly in water and electricity supported by investments ▪ Positive contribution of +12€M from Egea consolidation since January ’25 (+7€M Water and +5€M Gas) ▪ Synergies and other elements for +8€M ▪ Premium on water technical quality in H1 ’25 (8€M) and recognition of past opex in gas (10€M) ▪ Inflation’s extraordinary recovery in water accounted in ‘24 (9€M) 1,680 1,866 602 644 782 837 FY '24 FY '25 Water Electricity Gas 3,065 +9% +7% +7% +11% RAB (€M) 3,347
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61 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS TOTAL ENERGY SALE (€M) 502 506 320 389 FY '24 FY '25 Electricity Heat 822 895+9% +22% +1% ▪ Collection activities continue a growth path due to the regulatory tariffs update and Egea Consolidation (+3€M) ▪ Extraordinary recognition of historical tariffs for +13€M in collection activities ▪ Treatment & disposal benefits from the roll out of recovery plan and positive contribution from other activities such as environmental remediation counterbalanced by negative WTEs margins (lower energy scenario) and landfills saturation WASTE Results driven by Egea consolidation and treatment plants recovery €M WASTE MANAGED 3,170 3,224 850 905 FY '24 FY '25 Urban waste Other waste 4,020 4,129+3% +6% +2% (kTon) 256 27716 5 FY ’24 Collection Treatment & disposal FY ’25 +8% EBITDA EVOLUTION
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62 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 62 FY '24 FY '25 ▪ RES affected by Hydro lower volumes (-165GWh) and prices. ▪ CCGT & thermo positive results thanks to increased clean spark spreads. Higher capacity market contribution (+17€M) offset by lower opportunities in MSD market (-15€M) ▪ Heat volumes increased due to capacity expansion (+13Mcm including EGEA), partially counterbalanced by margin reduction. ▪ Energy efficiency: margins recovery supported by higher rebuilding activities ▪ Positive contribution of Egea for 14€M €M HEAT SOLD ELECTRICITY SOLD 283 27819 9 2 FY ’24 RES CCGT & thermo Heat Energy efficiency & others FY ’25 -35 (GWht) 1,750 1,594 6,735 6,902 FY '24 FY '25 RES Gas plants 8,485 8,496- +2% -9% (GWh) 2,277 2,579 +13% EBITDA EVOLUTION -2% ENERGY Lower hydro volumes partially offset by higher CSS and Egea consolidation
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63 STRATEGY H1 26 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTSFY 25 RESULTS 5.4 6.4 POWER 704 777 GAS FINAL CLIENTS’ VOLUMES +18% +10% FY ‘24 FY ‘25 FY ‘24 FY ‘25 (Mcm)(TWh) ▪ Egea consolidation positive contribution for around 29€M (+13€M in electricity and 16€M in gas) ▪ Lower margins compared to last year, mainly in gas for the absence of extra margins opportunities caught in 2024 ▪ Synergies achieved while maintaining a high level of service quality ▪ Churn rate stabilization after months of increase, thanks to a different sales mix MARKET EGEA consolidation and synergies more than offset lower margins €M 257 26915 3 FY ’24 Electricity Gas Iren Plus & Others FY ’25 -6 EBITDA EVOLUTION +5% 2.28 2.35 CUSTOMER BASE RETAIL & SMALL BUSINESS CUSTOMER +3% FY ‘24 FY ‘25 (M customers) 40% 42% IREN PLUS (penetration rate) +2% FY ‘24 FY ‘25
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Disclaimer 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. 64 STRATEGY 9M 25 RESULTS ANNEXES BPINVESTOR PRESENTATION ANNEXES RESULTS