Slide 1: FY 2025 Results
FY 2025 RESULTS March 23rd, 2026
Slide 2: FY 2025 Results Highlights
2 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 technical MARKET capex
Slide 3: Green transition, Local presence, Service quality
3 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 99 NETWORKS FY '24 FY '25 FY '24 FY '25 FY '24 F
Slide 4: Key Financials
4 FY 2025 RESULTS €M FY '24 FY '25 Δ Δ% +6% HIGHLIGHTS 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 Technical capex 830 925 95 12% ENERGY Net Financial Position 4,083 4,222 139 3
Slide 5: Networks
5 FY 2025 RESULTS €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 Electricity Gas FY ’25 +9% 3,347 EBITDA - 3,065 NET PROFIT Organic growth (+22€M) mainly in wate
Slide 6: Waste
6 FY 2025 RESULTS €M +8% +9% HIGHLIGHTS 16 5 277 895 256 822 ESG 320 389 +22% KEY FINANCIALS 502 506 NETWORKS +1% (€M) WASTE FY '24 FY '25 Electricity Heat ENERGY FY ’24 Collection Treatment & disposal FY ’25 MARKET Collection activities continue a growth path due to the regulatory tariffs update
Slide 7: Energy
7 FY 2025 RESULTS €M HIGHLIGHTS -2% +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 & others MARKET RES affected by Hydro lower volumes (-165GWh) and prices. 8,485 - 8,496 EBITDA - CCGT & the
Slide 8: Market
8 FY 2025 RESULTS €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 Gas Iren Plus & Others FY ’25 MARKET EBITDA - Egea consolidation positive contribution for around 29€M (+13€M
Slide 9: From EBITDA to Net Profit
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 -74 -86 waste collection tariffs NETWORKS Ot
Slide 10: Net Financial Position
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 operational 110% & tax in WC Derivativ
Slide 11: Closing Remarks
11 FY 2025 RESULTS HIGHLIGHTS 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 leverage) ENERGY NFP/EBITDA*: ~3.1x Eff
Slide 12: Annexes
ANNEXES
Slide 13: Results by Business Unit
13 FY 2025 NETWORKS WASTE RESULTS €M FY '24 FY '25 Δ Δ% HIGHLIGHTS €M FY '24 FY '25 Δ Δ% Revenues 1,269 1,378 109 9% Revenues 1,291 1,424 133 8% ESG Ebitda 478 529 51 11% Ebitda 256 277 21 8% Electricity 89 102 13 15% KEY FINANCIALS Collection 108 124 16 15% Gas 95 116 21 21% Water 294 311 17 6% Tre
Slide 14: Debt Structure
14 FY 2025 RESULTS 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 ANNEXES Fixed rate debt Average duration Average cost Sustainable debt
Slide 15: Operating Data
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 Biomethane produ
Slide 16: 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 duration (SAID
Slide 17: Energy Scenario Prices
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: Environmental Indicators: Emissions
18 2023 2024 2025 FY 2025 RESULTS Carbon intensity (scope 1) HIGHLIGHTS (gCO2/kWh) ESG KEY FINANCIALS Certified renewable electricity NETWORKS purchased (%) WASTE ENERGY Use of sold products (gas) Scope 3 emissions MARKET Fuel and energy related activities EBITDA - NET PROFIT Energy saving in produc
Slide 19: Waste and Circular Economy Indicators
19 2023 2024 2025 FY 2025 RESULTS HIGHLIGHTS Legacy regions ESG Sorted waste collection (%) KEY FINANCIALS Other regions NETWORKS WASTE Waste to material recovery in Group plants (kton) ENERGY MARKET EBITDA - NET PROFIT Biomethane from biodegradable waste (Mcm) NFP CLOSING REMARKS Reuse of water fro
Slide 20: Water Indicators
20 2023 2024 2025 FY 2025 RESULTS HIGHLIGHTS Wastewater plants capacity (k equivalent ESG inhabitants) KEY FINANCIALS NETWORKS Water withdrawals from the environment WASTE (liters/inhabitant/day) ENERGY Legacy regions MARKET Water network leaks (%) EBITDA - NET PROFIT All regions NFP CLOSING Network
Slide 21: District Heating and Green Energy Indicators
21 2023 2024 2025 FY 2025 RESULTS HIGHLIGHTS District heated volumes (mln mc) ESG KEY FINANCIALS NETWORKS Eco-vehicles on total fleet (%) WASTE ENERGY MARKET Green electricity sold to retail EBITDA - clients (GWh) NET PROFIT NFP CLOSING REMARKS Energy saving from Iren products/services (kTep) ANNEXE
Slide 22: Employment, Skills and Diversity & Inclusion
22 2023 2024 2025 FY 2025 RESULTS Employment, development and HIGHLIGHTS enhancement of skills New hires* (N.) ESG Training hours per capita (N.) KEY FINANCIALS NETWORKS Performance evaluated employees ** (%) WASTE Diversity & Inclusion ENERGY Women in managerial roles (%) MARKET Share of new hires
Slide 23: Disclaimer
23 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 58/1998), that t