Slides
Page 1
H1 2026 RESULTS July 30th, 2026
Page 2
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 2 KEY HIGHLIGHTS 2 H1’26 EBITDA supported by organic growth and efficiencies, setting the stage for H2 ’26 growth momentum Sustained 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) Lower rainfall weighed on hydro generation, negatively affecting H1’26 performance
Page 3
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS H1 ‘26 RESULTS AT A GLANCE 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% €M EBITDA EVOLUTION (€M) 726 7323 16 H1 ’25 Networks Waste Energy Market H1 ’26 -9 -4 + - +1% 3 *FY 2025 Tailwinds ▪ Organic growth and regulation in networks ▪ Energy prices ▪ Synergies as expected Headwinds ▪ Hydroelectric production ▪ Gas margins normalization ▪ Slowdown of energy efficiency activities
Page 4
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 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 4 €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%
Page 5
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 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 5 €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
Page 6
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 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 6 €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
Page 7
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 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) 7 42% 41% IREN PLUS (penetration rate) H1 ‘25 H1 ‘26
Page 8
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS ▪ 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 EBITDA TO GROUP NET PROFIT RECONCILIATION ▪ Cost of debt stable at 2.36% ▪ Lower contribution from equity-method companies 8
Page 9
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS 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 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) NET DEBT EVOLUTION (H1 2026 VS FY2025) €M Operating cash flow levered -520€M 9
Page 10
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS CLOSING REMARKS GUIDANCE 2026 ▪ EBITDA: around +3% vs FY2025 ▪ Gross technical capex: ~0.95€B ▪ Net profit: around +2% vs. FY2025 ▪ NFP/EBITDA: ~3.1x ▪ Networks: growth trend in regulated activities continues with a strong acceleration in Q4 ▪ Waste: growth is expected in line with H1, stripping out extraordinary elements ▪ Energy: growth skewed in the second half of the year supported by positive contribution of the energy value chain ▪ Market: persistent competitive scenario in H2 2026 OUTLOOK 10
Page 11
ANNEXES
Page 12
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS NETWORKS €M H1 '25 H1 '26 Δ Δ% Revenues 677 681 4 1% Ebitda 271 274 3 1% Electricity 51 56 5 10% Gas 62 52 -10 -16% Water 158 166 8 5% Ebit 150 150 0 0% Technical capex 182 177 -5 -3% €M H1 '25 H1 '26 Δ Δ% Revenues 689 709 20 3% Ebitda 132 148 16 12% Collection 57 58 1 2% Treatment & disposal 75 90 15 20% Ebit 22 33 11 50% Technical capex 74 68 -7 -9% WASTE €M H1 '25 H1 '26 Δ Δ% Revenues 1,442 1,308 -134 -9% Ebitda 175 166 -9 -5% Hydro&Renewables 72 59 -13 -18% Thermo/Coge, DH 97 108 11 11% Energy eff. 6 -1 -7 -117% Ebit 83 71 -12 -14% Technical capex 57 76 19 33% ENERGY MARKET €M H1 '25 H1 '26 Δ Δ% Revenues 1,963 1,815 -148 -8% Ebitda 148 144 -3 -2% Electricity 70 73 3 4% Gas 73 64 -9 -12% Iren Plus & others 5 7 2 40% Ebit 71 64 -7 -10% Technical capex 45 47 2 5% H1 2026 BUSINESS UNITS’ RESULTS 12 Others services: EBITDA 2.6€M in 2026, EBIT 1.5€M and capex for 42€M
Page 13
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS A SOUND AND SUSTAINABLE DEBT STRUCTURE INTEREST RATE 54% 30% 11% 5% Green Bond EIB-CEB ESG Loans Bonds Loans DEBT STRUCTURE 69% 27% 4% Fixed Fixed-rate swap Variable 4.6 years Average duration 96% Fixed rate debt 2.36% Average cost 84% Sustainable debt 13
Page 14
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS H1 ’25 H1 ‘26 Δ% Electricity distributed (GWh) 1,737 1,901 +9% Gas distributed (mcm) 642 635 -1% Water sold (mcm) 93 92 -1% Waste collected (Kton) 1,213 1,140 -6% Waste treated (Kton) 1,422 1,329 -7% Biomethane produced (Mcm) 6.6 6.3 -5% Renewables energy sold (GWh) 890 716 -20% Hydro volumes sold (GWh) 744 554 -25% Solar volumes sold (GWh) 147 162 +10% INDUSTRIAL KPIS 14
Page 15
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS HIGHLIGHTS H1 ’25 H1 ‘26 Δ% PSV €/000 scm 43 44 +2% PUN (€/MWh) 120 127 +6% CO2 €/Ton 71 76 +7% Green Cert. Hydro (€/MWh) 55 51 -7% Clean spark spread (€/MWh) -1.7 -1.6 +6% SCENARIO 15
Page 16
H1 2026 RESULTS ANNEXES NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS ENERGY KEY FINANCIALS 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 16