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Iren Investor Presentation 2026
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Investor Presentation
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INFO INGTAL SICH
Q1 2026 RESULTS
May 11th, 2026
KEY HIGHLIGHTS
A quarter laying the groundwork for full-year growth
Increase in regulated and semi-regulated activities to 73% (+400 bps)
Efficiency plan on track
Net debt below 4.2€B after +3% increase in technical capex
FY 2026 Guidance confirmed
Q1 2025 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
Q1 '26 RESULTS AT A GLANCE
EM
| Q1 '25 restated | Q1 '26 | Δ | Δ% | |
|---|---|---|---|---|
| Revenues | 2.093 | 1.814 | -279 | -13% |
| EBITDA | 418 | 418 | 0 | 0% |
| EBIT | 224 | 212 | -12 | -5% |
| Group net profit | 135 | 129 | -6 | -5% |
| Technical capex | 185 | 190 | 5 | 3% |
| Net Financial Position | 4222* | 4.177 | -45 | -1% |
*FY 2025
EBITDA EVOLUTION
Tailwinds
- Organic growth in regulated businesses
- Waste treatment plants recovery
- District heating contribution
- Synergies as expected
Headwinds
- Hydroelectric production
- Margins normalization
- Landfills saturation
- Slowdown of energy efficiency activities
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
NETWORKS
Growth driven by water cycle investments
- Higher regulated revenues (+4€M), mainly in water cycle, driven by organic growth and regulation
- RAB increased by +4%, giving priority to water and electricity networks
- Capex slowdown in electricity distribution will be recovered during the year
GROSS CAPEX
RAB
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
5
WASTE
Material recovery plants improve their profitability
EBITDA EVOLUTION
- Collection activities are in line with last year due to higher staff costs
- WTEs' contribution is stable at ~30€M
- Treatment & landfills benefits from the roll out of recovery plan (+5€M) partially counterbalanced by landfills' saturation (-3€M)
- CSAI landfill expansion authorized (+ around 70,000 tons of waste disposed by the end of the year)
TOTAL ENERGY SOLD
WASTE MANAGED
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
tren
ENERGY
Lower hydro volumes partially offset by heat distribution
- RES affected by lower Hydro volumes (-94 GWh) due to a low level of reservoirs
- CCGT & thermo broadly in line with last year
- Heat increased by higher spark spread
- Energy efficiency slowdown, as expected
HEAT SOLD
ELECTRICITY SOLD
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
MARKET
Margins normalization and gas volumes reduction
- Margins normalization in gas of $\sim 5\epsilon$/clients
- Customer base reduction due to higher competition
- Selective approach on new acquisitions
- Widespread position on stores
FINAL CLIENTS' VOLUMES
CUSTOMER
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
EBITDA TO GROUP NET PROFIT RECONCILIATION
8
| | Q1 '25
Restated | Q1 '26 | Δ | Δ% |
| --- | --- | --- | --- | --- |
| EBITDA | 418 | 418 | 0 | 0,0% |
| D&A | -173 | -182 | | |
| Provisions to bad debt | -20 | -23 | | |
| Other provisions and write-downs | -2 | -2 | | |
| EBIT | 224 | 212 | -12 | -5,4% |
| Financial charges | -27 | -28 | | |
| Companies consolidated at equity method | 6 | 3 | | |
| Others | -2 | 0 | | |
| EBT | 201 | 187 | -14 | -6,9% |
| Taxes | -60 | -55 | | |
| Minorities | -5 | -3 | | |
| Group net profit | 135 | 129 | -7 | -5,1% |
- Higher depreciation due to investments made last year
- Cost of debt stable at 2.35%
- Lower contribution from equity-method companies
- Tax rate at 29.6%
- Minorities improvement due to lower results at some subsidiaries
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Tren
9
NET DEBT EVOLUTION (Q1 2026 VS FY2025)
Net debt temporary reduction as a result of:
- operating cash flow exceeding investments
- a working capital reduction
- the initial tranche of tax credit sales generated under the Eco-Bonus scheme
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
tren
CLOSING REMARKS
2026 OUTLOOK
- The growth trend in regulated and semi-regulated activities continues
- Ongoing improvement in material recovery plant margins.
- Growth skewed in the second half of the year supported by positive contribution of the energy value chain
- Efficiencies plan is ongoing in line with the expectation
- Investment plan is proceeding as planned with a slight increase in water and electricity networks
GUIDANCE 2026
- EBITDA: around +4% vs FY2025
- Gross technical capex: ~0.95€B
- Net profit: around +3% vs. FY2025
- NFP/EBITDA: ~3.1x
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
tren
ANNEXES
Iren
Q1 2026 BUSINESS UNITS' RESULTS
NETWORKS
| €M | Q1 '25 | Q1 '26 | Δ | Δ% |
|---|---|---|---|---|
| Revenues | 322 | 328 | 6 | 2% |
| Ebitda | 131 | 138 | 7 | 5% |
| Electricity | 27 | 27 | 0 | 0% |
| Gas | 25 | 26 | 1 | 4% |
| Water | 79 | 85 | 6 | 8% |
| Ebit | 74 | 76 | 2 | 3% |
| Technical capex | 81 | 82 | 1 | 1% |
ENERGY
| €M | Q1 '25 | Q1 '26 | Δ | Δ% |
|---|---|---|---|---|
| Revenues | 939 | 710 | -229 | -24% |
| Ebitda | 116 | 112 | -4 | -4% |
| Hydro&Renewables | 27 | 17 | -10 | -37% |
| Thermo/Coge, DH | 86 | 95 | 9 | 10% |
| Energy eff. | 3 | 0 | -3 | -100% |
| Ebit | 70 | 64 | -6 | -9% |
| Technical capex | 27 | 25 | -2 | -7% |
Others services: EBITDA 1€M in 2026, EBIT 0.6€M and capex for 28.2€M
WASTE
| €M | Q1 '25 | Q1 '26 | Δ | Δ% |
|---|---|---|---|---|
| Revenues | 345 | 350 | 5 | 2% |
| Ebitda | 70 | 71 | 1 | 1% |
| Collection | 31 | 31 | 0 | 0% |
| Treatment & disposal | 39 | 40 | 1 | 3% |
| Ebit | 17 | 15 | -2 | -14% |
| Technical capex | 32 | 31 | -1 | -5% |
MARKET
| €M | Q1 '25 | Q1 '26 | Δ | Δ% |
|---|---|---|---|---|
| Revenues | 1.337 | 1.146 | -191 | -14% |
| Ebitda | 100 | 96 | -4 | -4% |
| Electricity | 38 | 40 | 2 | 3% |
| Gas | 59 | 52 | -7 | -11% |
| Iren Plus & others | 3 | 4 | 1 | 64% |
| Ebit | 62 | 57 | -5 | -9% |
| Technical capex | 27 | 24 | -3 | -11% |
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
A SOUND AND SUSTAINABLE DEBT STRUCTURE
INTEREST RATE
■ Fixed
■ Fixed-rate swap
■ Variable
DEBT STRUCTURE
■ Green Bond
■ EIB-CEB ESG Loans
■ Bonds
■ Loans
96%
Fixed rate debt
4.8 years
Average duration
2.35%
Average cost
84%
Sustainable debt
Q1 2026
RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
IREN
INDUSTRIAL KPIS
| Q1 '25 | Q1 '26 | Δ% | |
|---|---|---|---|
| Electricity distributed (GWh) | 926 | 969 | +5% |
| Gas distributed (mcm) | 499 | 497 | - |
| Water sold (mcm) | 46 | 46 | - |
| Waste collected (Kton) | 573 | 553 | -4% |
| Waste treated (Kton) | 703 | 645 | -8% |
| Biomethane produced (Mcm) | 3.3 | 2.9 | -12% |
| Renewables energy sold (GWh) | 322 | 236 | -27% |
| Hydro volumes sold (GWh) | 270 | 176 | -35% |
| Solar volumes sold (GWh) | 52 | 60 | +14% |
Q1 2026
RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
SCENARIO
| Q1 '25 | Q1 '26 | Δ% | |
|---|---|---|---|
| PSV €/000 scm | 51 | 44 | -14% |
| PUN (€/MWh) | 138 | 130 | -6% |
| CO2 €/Ton | 73 | 76 | +4% |
| Green Cert. Hydro (€/MWh) | 55 | 51 | -7% |
| Clean spark spread (€/MWh) | 4.2 | 4.9 | +17% |
Q1 2026 RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
Iren
16
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.
Q1 2026
RESULTS
HIGHLIGHTS
KEY FINANCIALS
NETWORKS
WASTE
ENERGY
MARKET
EBITDA - NET PROFIT
NFP
CLOSING REMARKS
ANNEXES
iren