Iren S.p.a. · MIL:IRE

Iren — 9M 2025 Earnings Presentation

14 slides from Iren's earnings presentation, Nov 13, 2025

  1. Slide 1: 9M 2025 Results

    9M 2025 RESULTS November 13th, 2025

  2. Slide 2: Key Highlights

    2 KEY HIGHLIGHTS 2 9M 2025 RESULTS HIGHLIGHTS KEY FINANCIALS Guidance confirmed EBITDA All business lines Net debt at 4.3€B after EVOLUTION Egea’s integration supported the growth also technical investments contributed 43€M through 16M€ of at 613M€ (+10% vs. P&L synergies (EBITDA +9% last year) and

  3. Slide 3: 9M '25 Results at a Glance

    3 9M ‘25 RESULTS AT A GLANCE 9M 2025 RESULTS €M FY 2025 GUIDANCE 9M '24 9M '25 Δ Δ% HIGHLIGHTS Revenues 4.157 4.840 683 16% ▪ EBITDA: ~1,350€M EBITDA 924 1.003 80 9% ▪ Net profit: ~300€M EBIT 377 401 25 7% KEY FINANCIALS ▪ Gross technical capex: ~0.9€B Group net profit 195 219 24 12% ▪ M&A outflow a

  4. Slide 4: 9M '25 EBITDA Evolution

    9M ‘25 EBITDA EVOLUTION 4 9M 2025 RESULTS EBITDA EVOLUTION €M HIGHLIGHTS +9% KEY FINANCIALS 19 - - 1,003 6 3 2 4 14 16 EBITDA EVOLUTION 10 -14 19 924 ENERGY +9 MARKET +19 P&L WASTE +6 NETWORKS +45 9M ’24 Water Electricity Gas CollectionTreatment RES CCGT & Heat En. Electricity Gas IrenPlus 9M ’25 &

  5. Slide 5: EBITDA to Group Net Profit Reconciliation

    EBITDA TO GROUP NET PROFIT RECONCILIATION 5 9M 2025 RESULTS 9M '24* 9M '25 Δ Δ% €M EBITDA 924 1003 80 8,7% HIGHLIGHTS D&A -483 -528 ▪ Capex and the integration of EGEA (25€M) Provisions to bad debt -56 -65 drove the depreciation growth Other provisions and write-downs -8 -9 ▪ Higher provisions to ba

  6. Slide 6: Net Debt Evolution (9M 2025 vs FY2024)

    NET DEBT EVOLUTION (9M 2025 VS FY2024) 6 9M 2025 RESULTS €M +204€M (+5%) 511 HIGHLIGHTS 177 4.287 4.083 613 -37 -494 204 209 24 KEY FINANCIALS -1.003 EBITDA Operating cash flow levered -566€M EVOLUTION FY ’24 Ebitda Other Superbonus Changes Capex M&A Hybrid Bond Dividends MtM 9M ’25 P&L operational

  7. Slide 7: Annexes

    ANNEXES

  8. Slide 8: 9M 2025 Business Units' Results

    9M 2025 BUSINESS UNITS’ RESULTS 8 9M 2025 NETWORKS WASTE RESULTS €M 9M '24 9M '25 Δ Δ% €M 9M '24 9M '25 Δ Δ% Revenues 939 1.016 77 8% Revenues 937 1.049 112 12% HIGHLIGHTS Ebitda 359 404 45 13% Ebitda 194 200 6 3% Electricity 67 77 10 15% Collection 82 84 2 2% Gas 74 90 16 22% KEY FINANCIALS Water 2

  9. Slide 9: Networks: Tariffs increase, EGEA consolidation and non-recurring items

    NETWORKS Tariffs increase, EGEA consolidation and non-recurring items 9 9M 2025 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +14% 182 HIGHLIGHTS 163 +10% 35 10 16 404 27 +30% 359 19 79 63 +25% KEY FINANCIALS 163 +1% 164 (€M) EBITDA EVOLUTION 9M '24 9M '25 Water Electricity Gas 9M ’24 Water Electricity Ga

  10. Slide 10: Waste: Growth underpinned by collection and energy revenues

    WASTE Growth underpinned by collection and energy revenues 10 9M 2025 EBITDA EVOLUTION RESULTS GROSS CAPEX +3% €M 194 2 4 200 113 HIGHLIGHTS 107 +6% +5% 58 61 KEY FINANCIALS 49 +6% 52 (€M) 9M '24 9M '25 EBITDA Collection Treatment & Disposal EVOLUTION 9M ’24 Collection Treatment & disposal 9M ’25 WA

  11. Slide 11: Energy: Reduction in hydro volumes offset by gas production

    ENERGY Reduction in hydro volumes offset by gas production 11 9M 2025 RESULTS HEAT SOLD EBITDA EVOLUTION €M +5% +9% 1,465 HIGHLIGHTS 1,350 188 6 4 198 14 KEY FINANCIALS -14 (GWht) EBITDA EVOLUTION 9M '24 9M '25 9M ’24 RES CCGT & thermo Heat Energy efficiency 9M ’25 & others ELECTRICITY SOLD P&L ▪ RE

  12. Slide 12: Market: EGEA consolidation more than counterbalanced lower gas margins

    MARKET EGEA consolidation more than counterbalanced lower gas margins 12 H1 2025 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M +11% +20% 4,8 +8% HIGHLIGHTS 4,0 503 ESG 19 0 0 198 465 179 KEY FINANCIALS NETWORKS (TWh) (Mcm) WASTE 9M ‘24 9M ‘25 9M ‘24 9M ‘25 POWER GAS ENERGY 9M ’24 Electricity Ga

  13. Slide 13: A Sound and Sustainable Debt Structure

    A SOUND AND SUSTAINABLE DEBT STRUCTURE 13 9M 2025 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS 2% 6% 11% 26% KEY FINANCIALS 56% 27% EBITDA EVOLUTION 72% P&L Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans NFP 98% 4.9 years 2.4% 83% ANNEXES Fixed rate debt Average duration

  14. Slide 14: Disclaimer

    DISCLAIMER 14 9M 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 Act (Legislative Decree No 58/1998), that t

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