Iren S.p.a. · MIL:IRE
Iren — FY2024 Earnings Presentation
23 slides from Iren's earnings presentation, Mar 24, 2025
Slide 1: FY 2024 Results
FY 2024 RESULTS March 24th, 2025
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 FY 2024 RESULTS HIGHLIGHTS ESG KEY FINANCIALS NETWORKS WASTE EBITDA (+6.5% YoY) and Organic e inorganic Net debt/EBITDA at DPS proposal at ENERGY Net profit (+5% YoY) growth for 35€M overall 3.2x after almost 12.83€c/share (+8% YoY) MARKET at EBITDA level 950€M of investments EBIT
Slide 3: Sustainable growth continued throughout the year
3 SUSTAINABLE GROWTH CONTINUED THROUGHOUT THE YEAR 3 FY 2024 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 335 552 gCO2/kWh # # 9,9 315 43
Slide 4: FY24 Results at a Glance
FY24 RESULTS AT A GLANCE 4 FY 2024 EBITDA EVOLUTION RESULTS €M +6.5% HIGHLIGHTS FY '23 FY '24 Δ Δ% ESG Revenues 6.490 6.043 -447 -7% (€M) EBITDA 1.197 1.274 77 6.5% 103 11 59 1,274 KEY FINANCIALS 1,197 -37 -59 EBIT 464 520 55 12% Energy Eff. Generation NETWORKS & others Group net profit 255 268 14 5
Slide 5: Networks: Strong growth led by capex and regulatory update
NETWORKS NETWORKS NETWORKS Strong growth led by capex and regulatory update 5 FY 2024 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +28% HIGHLIGHTS 356 +2% 363 ESG 45 43 16 13 478 -4% 74 85 87 +2% KEY FINANCIALS 375 NETWORKS 226 233 +3% (€M) WASTE FY '23 FY '24 ENERGY Water Electricity Gas FY ’23 Water El
Slide 6: Waste: Collection activities more than offset lower plants' margins
WASTE NETWORKS Collection activities more than offset lower plants’ margins 6 FY 2024 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +4% 202 -12% HIGHLIGHTS 39 178 245 256 ESG 112 -28 99 -12% KEY FINANCIALS 90 79 NETWORKS -12% (€M) WASTE FY '23 FY '24 Collection Treatment & Disposal ENERGY FY ’23 Collectio
Slide 7: Energy: Downtrend price scenario affected the profitability
ENERGY NETWORKS Downtrend price scenario affected the profitability 7 FY 2024 RESULTS HEAT SOLD EBITDA EVOLUTION €M HIGHLIGHTS -25% +8% 2,277 +9% ESG 2,100 379 20 KEY FINANCIALS -17 -62 283 NETWORKS -37 (GWht) WASTE FY '23 FY '24 ENERGY FY ’23 RES Heat CCGT & thermo Energy efficiency FY ’24 MARKET E
Slide 8: Market: Excellent commercial strategy performance in a competitive scenario
MARKET NETWORKS Excellent commercial strategy performance in a competitive scenario 8 FY 2024 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M +30% +12% HIGHLIGHTS 5,4 -7% 4,9 ESG 59 +9% 6 257 755 704 -6 KEY FINANCIALS 198 NETWORKS (TWh) (Mcm) WASTE FY ‘23 FY ‘24 FY ‘23 FY ‘24 POWER GAS ENERGY FY
Slide 9: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 9 FY 2024 RESULTS €M HIGHLIGHTS FY '23* FY '24 Δ Δ% EBITDA 1197 1274 77 6,5% ▪ Depreciation increase linked to capex and new ESG companies’ integrations (12€M) D&A -601 -655 KEY FINANCIALS ▪ Positive variation in other provisions mainly Provisions to bad deb
Slide 10: Net Financial Position Evolution (FY 2024 vs FY2023)
NET FINANCIAL POSITION EVOLUTION (FY 2024 VS FY2023) 10 FY 2024 RESULTS +149 €M (+4%) €M 179 53 4.083 HIGHLIGHTS 3.934 112 830 ESG 389 KEY FINANCIALS 109 -249 NETWORKS -1.274 WASTE Operating cash flow levered -1,025€M ENERGY MARKET FY ’23 Ebitda Other Superbonus Changes Capex M&A Dividends MtM FY ’2
Slide 11: 2025 Consolidation and Strengthening of All Businesses
2025 CONSOLIDATION AND STRENTHENING OF ALL BUSINESSES 11 FY 2024 RESULTS HIGHLIGHTS ESG KEY FINANCIALS ▪ Consolidation from January ’25 ▪ Company full control after minority buy-out NETWORKS ▪ BoD approved the exercise of the call ▪ Expected increase at Net Profit level ~20€M option from 31 March fo
Slide 12: Closing Remarks
CLOSING REMARKS 12 FY 2024 RESULTS HIGHLIGHTS INDUSTRIAL OVERVIEW GUIDANCE 2025 ESG KEY FINANCIALS ▪ Networks: investments foreseen in the industrial plan confirmed NETWORKS ▪ Waste: further development in collection and improvement of ▪ EBITDA 1,340 – 1,360M€ WASTE plants profitability ▪ Gross tech
Slide 13: Annexes
ANNEXES
Slide 14: FY 2024 Business Units' Results
FY 2024 BUSINESS UNITS’ RESULTS 14 FY 2024 NETWORKS WASTE RESULTS €M FY '23 FY '24 Δ Δ% HIGHLIGHTS €M FY '23 FY '24 Δ Δ% Revenues 1.151 1.269 118 10% Revenues 1.193 1.291 98 8% ESG Ebitda 375 478 103 28% Ebitda 245 256 11 4% Electricity 73 89 16 22% KEY FINANCIALS Collection 69 108 39 55% Gas 82 95
Slide 15: A Sound and Sustainable Debt Structure
15 A SOUND AND SUSTAINABLE DEBT STRUCTURE FY 2024 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS ESG 6% 1% 10% KEY FINANCIALS 24% NETWORKS 29% 60% WASTE 70% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS 94% 5.0 years 2.
Slide 16: Industrial KPIs
INDUSTRIAL KPIS 16 FY 2024 RESULTS HIGHLIGHTS FY ’23 FY ‘24 Δ% ESG Electricity distributed (GWh) 3,556 3,609 +1% KEY FINANCIALS Gas distributed (mcm) 1.021 1.059 +4% NETWORKS Water sold (mcm) 179 177 -1% WASTE Waste collected (Kton) 2,146 2,303 +7% ENERGY Waste treated (Kton) 2,717 2,856 +5% MARKET
Slide 17: Scenario
SCENARIO 17 FY 2024 RESULTS HIGHLIGHTS ESG FY ’23 FY ‘24 Δ% KEY FINANCIALS NETWORKS PSV €/000 scm 45 38 -14% WASTE PUN (€/MWh) 127 108 -15% ENERGY CO2 €/Ton 84 65 -23% MARKET Green Cert. Hydro (€/MWh) 0 42 n.s. EBITDA - NET PROFIT Clean spark spread (€/MWh) -0.1 0.2 n.s. NFP CLOSING REMARKS ANNEXES
Slide 18: Decarbonization
Decarbonization 2022 2023 2024 FY 2024 Carbon intensity (scope 1) RESULTS (gCO2/kWh) 339 338 HIGHLIGHTS 315 ESG Certified renewable electricity KEY FINANCIALS 52% purchased (%) 16% 1% NETWORKS WASTE Use of sold -9% -16% -10% products (gas) ENERGY Scope 3 emissions Fuel and energy related -16% -11% -
Slide 19: Circular economy
Circular economy 2022 2023 2024 FY 2024 RESULTS 72,1% 71,1% 70,0% HIGHLIGHTS Legacy regions Sorted waste collection (%) 65,5% ESG 61,1% 60,6% KEY FINANCIALS Other regions NETWORKS 1.062 WASTE Waste to material recovery in 937 Group plants (kton) 836 ENERGY MARKET 9,9 9,3 EBITDA - Biomethane from NET
Slide 20: Water resources
Water resources FY 2024 2022 2023 2024 RESULTS HIGHLIGHTS 3.675 Wastewater plants capacity (k equivalent 3.536 3.785 ESG inhabitants) KEY FINANCIALS 268 NETWORKS 260 260 Water withdrawals from the environment WASTE (liters/inhabitant/day) ENERGY 31,2% 30,4% MARKET 30,2% Legacy regions Water network
Slide 21: Resilient cities
Resilient cities FY 2024 2022 2023 2024 RESULTS 102,3 HIGHLIGHTS 101,1 101,1 ESG District heated volumes (mln mc) KEY FINANCIALS NETWORKS 22% 20% 18% WASTE Eco-vehicles on total fleet (%) ENERGY MARKET 2.395 Green electricity sold to retail EBITDA - 1.887 NET PROFIT clients (GWh) 1.652 NFP CLOSING 4
Slide 22: People
People FY 2024 2022 2023 2024 RESULTS Employment, development and +3.322 enhancement of skills +2.177 +4.384 HIGHLIGHTS New hires* (N.) ESG 27 23 22 Training hours per capita (N.) KEY FINANCIALS 92% Employees evaluated on 86% 86% NETWORKS performance** (%) WASTE Diversity & Inclusion 25,1% 25,9% ENE
Slide 23: Disclaimer
23 DISCLAIMER FY 2024 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