Iren

Investor Presentation • May 15, 2025

Q1 2025 RESULTS

May 15th, 2025

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Q1 '25 RESULTS AT A GLANCE

NETWORKS NETWORKS NETWORKS Investments and Egea integration support continued growth ⁵

• Organic growth (+4€M) supported by investments
• Egea consolidation since January '25 (+4€M equally split between Water and Gas)
• Investments are overall in line with last year, with more focus on power distribution
• Extraordinary recovery of inflation in water accounted in Q1 '24 (9€M)

HIGHLIGHTS

KEY FINANCIALS ESG

WASTE

NETWORKS

ENERGY

MARKET

EBITDA - NET PROFIT

NFP

NETWORKS WASTE Collection revenues supported the growth ⁶

• Collection activities continue a growth path due to the regulatory tariffs update and Egea Consolidation (+1€M)
• Treatment & disposal activities are the result of:
  • positive contribution of WTEs, supported by scenario and higher volumes, and landfills
  • negative contribution of treatment plants, as a combination of unavailability of plants (fire)

NETWORKS ENERGY Energy generation activity turnaround ⁷

• RES benefited by higher hydro production
• CCGT & thermo positive results thanks to increased clean spark spread achieved and capacity market contribution
• Heat volumes increased due to capacity expansion (+1.4Mcm thanks also to EGEA), completely offset by lower margins
• Energy efficiency: lower activities
• Positive contribution of Egea consolidation for 6€M (mainly heat)

NETWORKS MARKET Egea integration sustained the growth

• Egea consolidation positive contribution for around 10€M thanks to ~200k clients, which allow to reach 2,5 million customers overall
• Absence of last year's gas extra-marginality related to contracts at 2023 market prices and hedging strategy
• Continuous growth of IrenPlus product/services sold counterbalanced by a temporary margins reduction

Q1 2025

EBITDA TO GROUP NET PROFIT RECONCILIATION

	'24 Q1	'25 Q1	Δ	Δ%
EBITDA	383	418	35	9 2% ,
D&A	-156	-173
Provisions bad debt to	-16	-20
Other and write-downs provisions	1	- 2
EBIT	213	224	11	5 4% ,
Financial charges	-23	-27
Companies consolidated equity method at	3	6
Others	4	- 2
EBT	196	201	5	2 9% ,
Taxes	-59	-60
Minorities	-11	- 5
profit Group net	126	136	10	8 0% ,
*Restated

	HIGHLIGHTS
▪ Depreciation increase linked to capex and companies' integrations (8€M)	ESG
▪ Higher provisions to bad debt related to	KEY FINANCIALS
gradual protection service clients and waste collection tariffs	NETWORKS
	WASTE
▪ Higher cost of debt, now at 2.35%	ENERGY
▪ Better results of subsidiaries	MARKET
▪ Tax rate stable at 30%	EBITDA - NET PROFIT
▪ Lower minorities due to the purchase of Iren Acqua's minority stake	NFP
	CLOSING REMARKS
	ANNEXES

Q1 2025 RESULTS

NET FINANCIAL POSITION EVOLUTION (Q1 2025 VS FY2024)

• Sound operating cash flow to offset technical capex
• Slight increase in WC due to NRRP investment credits and extra cap tariffs in water and waste collection
• M&A outflow, which includes 283€M of Iren Acqua and 249€M of Egea Holding consolidation, is partially offset by hybrid bond

Q1 2025

ANNEXES

CLOSING REMARKS

OUTLOOK

• Networks: growth confirmed
• Waste: improvement of plants profitability confirmed
• Energy: higher production and clean spark spread
• Market: maintaining margins in a competitive scenario
• Egea: expected results confirmed

	Q1 2025 RESULTS
	HIGHLIGHTS
GUIDANCE 2025	ESG
	KEY FINANCIALS
▪ EBITDA: 1,340 - 1,360M€	NETWORKS
▪ Net profit: 300 - 310M€	WASTE
▪ Gross technical capex: ~0.9€B	ENERGY
▪ M&A outflow already finalized: ~0.5€B	MARKET
▪ NFP/EBITDA*: ~3.2x	EBITDA - NET PROFIT
*Including hybrid bond	NFP
	CLOSING REMARKS
	ANNEXES

ANNEXES

Q1 2025 BUSINESS UNITS' RESULTS ¹³

NETWORKS
€M	'24 Q1	'25 Q1	Δ	Δ%
Revenues	313	322	9	3%
Ebitda	124	131	7	6%
Electricity	22	2 7	5	23%
Gas	24	2 5	1	4%
Water	78	7 9	1	1%
Ebit	213	224	11	5%
Technical capex	81	8 1	0	0%

		ENERGY & others			MARKET
€M	'24 Q1	'25 Q1	Δ	Δ%	'24 €M Q1
Revenues	566	947	382	68%	Revenues 1 004
Ebitda	91	117	26	29%	Ebitda 100
Hydro&Renewables	17	2 7	10	59%	Electricity 35
Thermo/Coge DH ,	67	8 6	19	28%	Gas 61
eff Energy & others	7	4	-3	-43%	Plus others Iren & 4
Ebit	50	7 1	21	42%	Ebit 69
Technical capex	21	2 7	5	25%	Technical 20 capex

						Q1 2025
WASTE						RESULTS
€M		Q1 '24	Q1 '25	Δ	Δ %	HIGHLIGHTS
Revenues		304	345	41	13%	ESG
Ebitda		68	7 0	2	3%
Collection		29	3 1	2	7%	KEY FINANCIALS
Treatment & disposal		39	3 9	0	0%	NETWORKS
Ebit		21	1 7	-4	-19%
Technical capex		31	3 2	1	3%	WASTE
						ENERGY
	€M	'24 Q1	'25 Q1	Δ	Δ%	MARKET
Revenues		1 004	1 337	333	33%	EBITDA -
Ebitda		100	100	0	0%	NET PROFIT
Electricity		35	3 8	3	9%	NFP
Gas		61	5 9	-2	-3%
Plus others Iren &		4	3	-1	-25%	CLOSING
Ebit		69	6 2	-6	-9%	REMARKS
Technical capex		20	2 7	8	38%	ANNEXES

A SOUND AND SUSTAINABLE DEBT STRUCTURE

	Q1 '24	Q1 '25	Δ%
Electricity distributed (GWh)	884	926	+5%
Gas distributed (mcm)	447	499	+12%
Water sold (mcm)	44	46	+4%
Waste collected (Kton )	531	548	+3%
Waste treated (Kton )	707	703	-
WTE's electricity sold (GWh)	101	116	+15%
WTE's heat produced (GWht )	156	180	+15%
Biomethane produced (Mcm )	2,0	3,3	+65%
Renewables energy sold (GWh)	266,0	321,9	+21%
Hydro volumes sold (GWh)	214,2	269,6	+26%
Solar volumes sold (GWh)	51,8	52,3	+1%

Q1 2025 RESULTS

HIGHLIGHTS

ESG

KEY FINANCIALS

NETWORKS

WASTE

ENERGY

MARKET

EBITDA - NET PROFIT

NFP

	Q1 '24	Q1 '25	Δ%
PSV €/000 scm	31	51	+65%
PUN (€/MWh)	92	138	+50%
CO2 €/Ton	21	26	+24%
Green Cert. Hydro (€/MWh)	42	55	+31%
Clean spark spread (€/MWh)	-4.5	4.2	n.s.

Q1 2025 RESULTS

ESG

KEY FINANCIALS

HIGHLIGHTS

NETWORKS

WASTE

ENERGY

MARKET

EBITDA - NET PROFIT

NFP

DISCLAIMER ¹⁷

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.

Q1 2025 RESULTS

ESG

NETWORKS

HIGHLIGHTS

KEY FINANCIALS

WASTE

MARKET

ENERGY

EBITDA - NET PROFIT

NFP

ANNEXES