Iren

Investor Presentation • Mar 24, 2025

FY 2024 RESULTS

March 24th, 2025

2

SUSTAINABLE GROWTH CONTINUED THROUGHOUT THE YEAR ³

* Including Acquaenna with 44% of water leakages

3

FY24 RESULTS AT A GLANCE

NETWORKS NETWORKS NETWORKS Strong growth led by capex and regulatory update ⁵

• Allowed revenues grown by 94€M thanks to:
  • 17€M of organic growth supported by investments done in previous years and which continued through 2024 (+4%)
  • 77€M of regulated parameters update
• Water sector is furthermore positive impacted by:
  • 9€M of extraordinary recovery of inflation in Q1
  • 3€M of Acquaenna consolidation (since June 2023)

NETWORKS WASTE Collection activities more than offset lower plants' margins ⁶

• Strong growth in collection due to the regulatory tariffs update also considering revenues shifting from treatment to collection (14€M)
• Treatment & disposal activities is the result of three negative dynamics of about 10€M each:
  • lower energy scenario on WTE
  • minor plants' availability and depletion of some landfills
  • delays in the full operation of new treatment facilities
• Positive contribution from the consolidation of Sienambiente (+15€M)

2,977 3,170

+6%

FY '23 FY '24 Urban waste Other waste ANNEXES EBITDA - NET PROFIT NFP CLOSING REMARKS

(kTon)

FY 2024

NETWORKS ENERGY Downtrend price scenario affected the profitability ⁷

• RES benefited from 1,457GWh of hydro production and new solar capacity, counterbalanced by lower prices
• Heat volumes increased due to capacity expansion (+1.2Mcm), offset by lower margins
• CCGT & thermo negative results because of lower clean spark spread achieved and Turbigo unavailability in H1
• Rebuilding activities suffered the Superbonus-end for residential customers

NETWORKS MARKET Excellent commercial strategy performance in a competitive scenario

• Retail clients above 2.3M thanks mainly to electricity clients' growth
• Greater competitiveness of the sector, approached with:
  • o Acquisition of high-value customers
  • o a commercial strategy based on services excellence and in bundle offers (insurance and connectivity)
• Gas sector affected by the absence of one offs (25€M) booked in Q4 2023

EBITDA TO GROUP NET PROFIT RECONCILIATION

	'23* FY	'24 FY	Δ	Δ %
EBITDA	1197	1274	77	6 5% ,
D&A	-601	-655
Provisions bad debt to	-71	-74
Other and write-downs provisions	-60	-24
EBIT	464	520	56	11 9% ,
Financial charges	-89	-96
consolidated method Companies equity at	7	7
Others	-4	4
EBT	379	435	56	14 9% ,
Taxes	-97	-132
Minorities	-27	-35
profit Group net	255	268	13	5 4% ,
*Restated

FY 2024 RESULTS

		HIGHLIGHTS
▪	Depreciation increase linked to capex and new companies' integrations (12€M)	ESG
▪	Positive variation in other provisions mainly due to one-off for Sostegni ter Decree in 2023 (41€M)	KEY FINANCIALS NETWORKS
▪	-9€M of write-down accounted in 2024 due to a fire in a waste plant	WASTE
▪	Cost of debt at 2.2%, in line with BP assumptions	ENERGY MARKET
▪	Increased tax rate in 2024, which does not benefit from the tax credit for energy consuming companies (30.2% vs. 25.6% in	EBITDA - NET PROFIT NFP
	the FY 2023).	CLOSING REMARKS
		ANNEXES

NET FINANCIAL POSITION EVOLUTION (FY 2024 VS FY2023)

• Operating cash flow completely offset technical investment and M&A outflows
• Cash-in from the disposal of Superbonus 110% and tax credits completed for 250 €M
• NWC below the expectation due to a positive impact of energy scenario and higher NRRP cash-in. Structural growth mainly related to trade credits in water and waste collection (extra cap tariffs)

FY 2024

ANNEXES

2025 CONSOLIDATION AND STRENTHENING OF ALL BUSINESSES

• Consolidation from January '25
• BoD approved the exercise of the call option from 31 March for going to 100%
• Expected increase at EBITDA level 50-55€M

• Company full control after minority buy-out
• Expected increase at Net Profit level ~20€M
• Management rationalization and costs synergies

FY 2024 RESULTS

11

NETWORKS WASTE MARKET EBITDA - NET PROFIT NFP ENERGY KEY FINANCIALS ESG HIGHLIGHTS

Financial sustainability thanks to 500€M Hybrid Bond issuance

ANNEXES

CLOSING REMARKS

INDUSTRIAL OVERVIEW

• Networks: investments foreseen in the industrial plan confirmed
• Waste: further development in collection and improvement of plants profitability
• Energy: high hydro reservoir and new small solar plant phase-in
• Market: customer profitability normalization on gas sale
• Corporate: new companies' integration and operational efficiencies

ANNEXES

FY 2024 BUSINESS UNITS' RESULTS ¹⁴

NETWORKS
€M	'23 FY	'24 FY	Δ	Δ%
Revenues	1 151	1 269	118	10%
Ebitda	375	478	103	28%
Electricity	73	8 9	16	22%
Gas	82	9 5	13	17%
Water	220	294	74	34%
Ebit	152	251	99	64%
Technical capex	356	363	7	2%

		ENERGY & others				MARKET
€M	'23 FY	'24 FY	Δ	Δ%	€M	'23 FY
Revenues	3 247	2 494	-753	-23%	Revenues	090 4
Ebitda	379	283	-96	-25%	Ebitda	198
Hydro&Renewables	140	160	20	14%	Electricity	64
Thermo/Coge DH ,	200	121	-79	-40%	Gas	132
eff & others Energy	39	2	-37	-95%	Plus others Iren &	2
Ebit	163 5 ,	9 8	-66	-40%	Ebit	73
Technical capex	131	152	21	16%	Technical capex	86

	WASTE				RESULTS
€M	FY '23	FY '24	Δ	Δ %	HIGHLIGHTS
Revenues	1.193	1.291	98	8%	ESG
Ebitda	245	256	11	4%
Collection	69	108	39	55%
Treatment & disposal	176	148	-28	-16%	NETWORKS
Ebit	75	3 9	-36	-48%
Technical capex	202	178	-24	-12%	WASTE
					ENERGY
	€M FY '23	FY '24	Δ	Δ%	MARKET
Revenues	4 090	3 444	-646	-16%	EBITDA -
Ebitda	198	257	59	30%	NET PROFIT
Electricity	64	123	59	91%	NFP
	Gas 132	126	-6	-5%
Plus others Iren &	2	8	6	(*)	CLOSING
Ebit	73	132	59	79%	REMARKS
Technical capex	86	7 5	-11	-13%	ANNEXES

FY 2024

HIGHLIGHTS

KEY FINANCIALS

NETWORKS

EBITDA - NET PROFIT

(*) Variation greater than 100%

A SOUND AND SUSTAINABLE DEBT STRUCTURE

	FY '23	FY '24	Δ%
Electricity distributed (GWh)	3,556	3,609	+1%
Gas distributed (mcm)	1.021	1.059	+4%
Water sold (mcm)	179	177	-1%
Waste collected (Kton )	2,146	2,303	+7%
Waste treated (Kton )	2,717	2,856	+5%
WTE's electricity sold (GWh)	501	502	-
WTE's heat produced (GWht )	322	314	-2%
Biomethane produced (Mcm )	9,3	9,9	+7%
Renewables energy sold (GWh)	1,304	1,749	+34%
Hydro volumes sold (GWh)	1,082	1,457	+35%
Solar volumes sold (GWh)	221	292	+32%

FY 2024 RESULTS

ESG

HIGHLIGHTS

KEY FINANCIALS

NETWORKS

WASTE

ENERGY

MARKET

EBITDA - NET PROFIT

NFP

	FY '23	FY '24	Δ%
PSV €/000 scm	45	38	-14%
PUN (€/MWh)	127	108	-15%
CO2 €/Ton	84	65	-23%
Green Cert. Hydro (€/MWh)	0	42	n.s.
Clean spark spread (€/MWh)	-0.1	0.2	n.s.

FY 2024 RESULTS

ESG

KEY FINANCIALS

HIGHLIGHTS

NETWORKS

WASTE

ENERGY

MARKET

EBITDA - NET PROFIT

NFP

Decarbonization

Circular economy

Water resources

Resilient cities

People

* 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.

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 abovementioned estimates and projected data.

FY 2024 RESULTS

ESG

NETWORKS

HIGHLIGHTS

KEY FINANCIALS

WASTE

MARKET

ENERGY

EBITDA - NET PROFIT

NFP

ANNEXES