Iren S.p.a. · MIL:IRE
Iren — FY2025 Earnings Presentation
18 slides from Iren's earnings presentation, Mar 23, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS March 23rd, 2026
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 FY 2025 RESULTS HIGHLIGHTS ESG KEY FINANCIALS NETWORKS Proposed dividend at WASTE EBITDA growth at +6% Net debt at 4.2€B after the next AGM at ~60€M coming from ENERGY sustained by organic growth more than 0.9€B 13.86€c/share (+8%) and synergies. EGEA integration (+12%) of technic
Slide 3: Sustainable Growth Continued Throughout the Year
3 SUSTAINABLE GROWTH CONTINUED THROUGHOUT THE YEAR 3 FY 2025 RESULTS Green transition Local presence Service quality HIGHLIGHTS ESG Municipalities served in waste collection Stores’ Customer Satisfaction Index Carbon Intensity On track On track On track KEY FINANCIALS 659 gCO2/kWh # 552 % 315 313 99
Slide 4: FY '25 Results at a Glance
FY ‘25 RESULTS AT A GLANCE 4 FY 2025 EBITDA EVOLUTION RESULTS €M +6% HIGHLIGHTS FY '24 FY ' 25 Δ Δ% ESG Revenues 6.043 6. 574 531 9% (€M) EBITDA 1.274 1. 353 79 6% 51 21 12 1,353 KEY FINANCIALS 1,274 -5 EBIT 520 530 10 2% NETWORKS Group net profit 268 301 33 12% WASTE ENERGY Technical capex 830 925
Slide 5: Networks: Growth as a result of organic and inorganic investments
NETWORKS Growth as a results of organic and inorganic investments 5 FY 2025 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +11% HIGHLIGHTS +8% 392 363 ESG +9% 48 21 529 44 17 13 101 478 86 +17% KEY FINANCIALS NETWORKS 233 242 +4% (€M) WASTE FY '24 FY '25 ENERGY Water Electricity Gas MARKET FY ’24 Water Ele
Slide 6: Waste: Results driven by Egea consolidation and treatment plants recovery
WASTE Results driven by Egea consolidation and treatment plants recovery 6 FY 2025 EBITDA EVOLUTION RESULTS TOTAL ENERGY SALE +8% €M +10% HIGHLIGHTS 16 5 277 895 256 816 ESG 314 389 +24% KEY FINANCIALS 502 506 NETWORKS +1% (€M) WASTE FY '24 FY '25 Electricity Heat ENERGY FY ’24 Collection Treatment
Slide 7: Energy: Lower hydro volumes partially offset by higher CSS and Egea
ENERGY Lower hydro volumes partially offset by higher CSS and Egea consolidation 7 FY 2025 RESULTS HEAT SOLD EBITDA EVOLUTION €M HIGHLIGHTS -1% +13% 2,579 ESG 2,277 283 9 2 278 19 KEY FINANCIALS -35 NETWORKS (GWht) WASTE FY '24 FY '25 ENERGY FY ’24 RES CCGT & thermo Heat Energy efficiency FY ’25 & o
Slide 8: Market: Egea consolidation and synergies more than offset lower margins
MARKET EGEA consolidation and synergies more than offset lower margins 8 FY 2025 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M +5% +18% 6.4 +10% HIGHLIGHTS 5.4 777 ESG 15 3 269 704 257 -6 KEY FINANCIALS NETWORKS (TWh) (Mcm) WASTE FY ‘24 FY ‘25 FY ‘24 FY ‘25 POWER GAS ENERGY FY ’24 Electricity G
Slide 9: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 9 FY 2025 RESULTS €M HIGHLIGHTS FY '24 FY '25 Δ Δ% ▪ Capex and the integration of EGEA (33€M) ESG EBITDA 1.274 1.353 79 6,2% drove growth on depreciation D&A -655 -716 KEY FINANCIALS ▪ Higher provisions to bad debt related mainly to Provisions to bad debt -7
Slide 10: Net Debt Evolution (FY 2025 vs FY2024)
NET DEBT EVOLUTION (FY 2025 VS FY2024) 10 FY 2025 RESULTS €M +139€M (+3%) 522 HIGHLIGHTS 177 4.222 4.083 925 ESG -494 -48 KEY FINANCIALS 148 219 43 NETWORKS -1.353 WASTE Operating cash flow levered -943€M ENERGY MARKET FY ’24 Ebitda Other Superbonus Changes Capex M&A Hybrid Bond Dividends MtM FY ’25
Slide 11: Closing Remarks
CLOSING REMARKS 11 FY 2025 RESULTS HIGHLIGHTS 2026 OUTLOOK GUIDANCE 2026 ESG KEY FINANCIALS ▪ Investment plan, which focuses on regulated businesses, is NETWORKS ▪ EBITDA: +4% vs FY2025 proceeding as planned WASTE ▪ Gross technical capex: ~0.95€B ▪ Strong commitment on financial target (ratings and
Slide 12: Annexes
ANNEXES
Slide 13: FY 2025 Business Units' Results
FY 2025 BUSINESS UNITS’ RESULTS 13 FY 2025 NETWORKS WASTE RESULTS €M FY '24 FY '25 Δ Δ% HIGHLIGHTS €M FY '24 FY '25 Δ Δ% Revenues 1.269 1.379 110 9% Revenues 1.292 1.424 132 10% ESG Ebitda 478 529 51 11% Ebitda 256 277 21 8% Electricity 89 102 13 15% KEY FINANCIALS Collection 108 124 16 15% Gas 95 1
Slide 14: A Sound and Sustainable Debt Structure
A SOUND AND SUSTAINABLE DEBT STRUCTURE 14 FY 2025 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS ESG 5% 5% 10% KEY FINANCIALS 24% NETWORKS 29% 56% WASTE 71% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS 95% 5.0 years 2.
Slide 15: Industrial KPIs
INDUSTRIAL KPIS 15 FY 2025 RESULTS HIGHLIGHTS FY ’24 FY ‘25 Δ% ESG Electricity distributed (GWh) 3,609 3,873 +7% KEY FINANCIALS Gas distributed (mcm) 1,059 1,144 +8% NETWORKS Water sold (mcm) 177 191 +8% WASTE Waste collected (Kton) 2,303 2,386 +4% ENERGY Waste treated (Kton) 2,856 2,795 -2% MARKET
Slide 16: ESG KPIs
ESG KPIS 16 FY 2025 RESULTS HIGHLIGHTS FY ’24 FY ‘25 Δ% ESG Carbon intensity (gCO2/KWh) 315 313 -1% KEY FINANCIALS Sorted waste collection (%) 69 71 +1% NETWORKS Material recovery from waste in Iren’s plants 1,062 1,036 -2% WASTE District heating volumes (mcm) 102 115 +12% ENERGY Power outages durat
Slide 17: Scenario
SCENARIO 17 FY 2025 RESULTS HIGHLIGHTS ESG FY ’24 FY ‘25 Δ% KEY FINANCIALS NETWORKS PSV €/000 scm 38 41 +8% WASTE PUN (€/MWh) 108 116 +7% ENERGY CO2 €/Ton 65 74 +14% MARKET Green Cert. Hydro (€/MWh) 42 55 +31% EBITDA - NET PROFIT Clean spark spread (€/MWh) 0,2 1,3 n.s. NFP CLOSING REMARKS ANNEXES
Slide 18: Disclaimer
DISCLAIMER 18 FY 2025 The Manager in charge of drawing up the corporate accounting documents and the Chief Financial Officer of RESULTS IREN S.p.A., Mr. Giovanni Gazza, hereby declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Finance HIGHLIGHTS Act (Legislative Decree No 58/19