Slide 1: Q1 2026 Results
Q1 2026 RESULTS May 11th, 2026
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 Q1 2025 RESULTS HIGHLIGHTS KEY FINANCIALS NETWORKS WASTE FY 2026 Guidance ENERGY A quarter laying the Net debt below 4.2€B Efficiency plan confirmed groundwork for full- Increase in regulated after +3% increase in MARKET on track year growth and semi-regulated technical capex acti
Slide 3: Q1 '26 Results at a Glance
Q1 ‘26 RESULTS AT A GLANCE 3 Q1 2026 EBITDA EVOLUTION RESULTS €M Q1 '25 - HIGHLIGHTS Q1 '26 Δ Δ% restated Revenues 2.093 1.814 -279 -13% (€M) KEY FINANCIALS EBITDA 418 418 0 0% 418 7 1 418 NETWORKS -4 -4 EBIT 224 212 -12 -5% Group net profit 135 129 -6 -5% WASTE ENERGY Technical capex 185 190 5 3% M
Slide 4: Networks: Growth driven by water cycle investments
NETWORKS Growth driven by water cycle investments 4 Q1 2026 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +5% HIGHLIGHTS +1% 82 81 KEY FINANCIALS 10 - 10 131 6 - 1 138 23 29 -20% NETWORKS WASTE 41 +16% 48 (€M) ENERGY Q1 '25 Q1 '26 Water Electricity Gas MARKET Q1 ’25 Water Electricity Gas Q1 ’26 RAB 3,491
Slide 5: Waste: Material recovery plants improve their profitability
WASTE Material recovery plants improve their profitability 5 Q1 2026 EBITDA EVOLUTION RESULTS TOTAL ENERGY SOLD €M HIGHLIGHTS 304 +3% 312 +1% KEY FINANCIALS 70 - 2 71 188 +5% 198 NETWORKS -1 116 -2% 114 WASTE (GWh) Q1 '25 Q1 '26 ENERGY Electricity Heat Q1 ’25 Collection WTE Treatment Q1 ’26 MARKET p
Slide 6: Energy: Lower hydro volumes partially offset by heat distribution
ENERGY Lower hydro volumes partially offset by heat distribution 6 Q1 2026 RESULTS HEAT SOLD EBITDA EVOLUTION €M HIGHLIGHTS -4% - 1,306 1,306 KEY FINANCIALS NETWORKS 116 8 112 1 -10 -3 WASTE (GWht) ENERGY Q1 '25 Q1 '26 Q1 ’25 RES CCGT & thermo Heat Energy efficiency Q1 ’26 MARKET & others ELECTRICIT
Slide 7: Market: Margins normalization and gas volumes reduction
MARKET Margins normalization and gas volumes reduction 7 Q1 2026 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M -4% -1% -7% HIGHLIGHTS 1.68 1.65 360 335 2 KEY FINANCIALS 100 1 96 -7 NETWORKS (TWh) (Mcm) WASTE Q1 ‘25 Q1 ‘26 Q1 ‘25 Q1 ‘26 ENERGY POWER GAS Q1 ’25 Electricity Gas Iren Plus & Others
Slide 8: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 8 Q1 2026 RESULTS €M HIGHLIGHTS Q1 '25 Q1 '26 Δ Δ% Restated KEY FINANCIALS EBITDA 418 418 0 0,0% D&A -173 -182 NETWORKS ▪ Higher depreciation due to investments Provisions to bad debt -20 -23 made last year WASTE Other provisions and write-downs -2 -2 EBIT 2
Slide 9: Net Debt Evolution (Q1 2026 vs FY2025)
NET DEBT EVOLUTION (Q1 2026 VS FY2025) 9 Q1 2026 RESULTS €M 4.222 -45€M (-1%) HIGHLIGHTS 192 20 4.177 KEY FINANCIALS 227 -54 -12 NETWORKS -418 WASTE Operating cash flow levered -257€M ENERGY MARKET FY ’25 Ebitda Other operational Eco-Super bonus Changes in WC Capex & M&A MtM Derivatives Q1 ’26 chang
Slide 10: Closing Remarks
CLOSING REMARKS 10 Q1 2026 RESULTS HIGHLIGHTS 2026 OUTLOOK GUIDANCE 2026 KEY FINANCIALS NETWORKS ▪ The growth trend in regulated and semi-regulated activities continues WASTE ▪ EBITDA: around +4% vs FY2025 ▪ Ongoing improvement in material recovery plant ENERGY margins. ▪ Gross technical capex: ~0.9
Slide 11: Annexes
ANNEXES
Slide 12: Q1 2026 Business Units' Results
Q1 2026 BUSINESS UNITS’ RESULTS 12 Q1 2026 NETWORKS WASTE RESULTS €M Q1 '25 Q1 '26 Δ Δ% HIGHLIGHTS €M Q1 '25 Q1 '26 Δ Δ% Revenues 322 328 6 2% Revenues 345 350 5 2% KEY FINANCIALS Ebitda 131 138 7 5% Ebitda 70 71 1 1% Electricity 27 27 0 0% Collection 31 31 0 0% NETWORKS Gas 25 26 1 4% Water 79 85 6
Slide 13: A Sound and Sustainable Debt Structure
A SOUND AND SUSTAINABLE DEBT STRUCTURE 13 Q1 2026 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS KEY FINANCIALS 4% 6% 10% NETWORKS 26% WASTE 55% 29% 70% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS 96% 4.8 years 2.35%
Slide 14: Industrial KPIs
INDUSTRIAL KPIS 14 Q1 2026 RESULTS HIGHLIGHTS Q1 ’25 Q1 ‘26 Δ% KEY FINANCIALS Electricity distributed (GWh) 926 969 +5% NETWORKS Gas distributed (mcm) 499 497 - Water sold (mcm) 46 46 - WASTE Waste collected (Kton) 573 553 -4% ENERGY Waste treated (Kton) 703 645 -8% MARKET Biomethane produced (Mcm)
Slide 15: Scenario
SCENARIO 15 Q1 2026 RESULTS HIGHLIGHTS KEY FINANCIALS Q1 ’25 Q1 ‘26 Δ% NETWORKS PSV €/000 scm 51 44 -14% WASTE ENERGY PUN (€/MWh) 138 130 -6% MARKET CO2 €/Ton 73 76 +4% EBITDA - Green Cert. Hydro (€/MWh) 55 51 -7% NET PROFIT Clean spark spread (€/MWh) 4.2 4.9 +17% NFP CLOSING REMARKS ANNEXES
Slide 16: Disclaimer
DISCLAIMER 16 Q1 2026 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