Iren S.p.a. · MIL:IRE

Iren — Investor Presentation (February 2026)

51 slides from Iren's investor presentation, February 2026

  1. Slide 1: Building Strength in a Dynamic Landscape

    BUILDING STRENGTH IN A DYNAMIC LANDSCAPE INVESTOR PRESENTATION February 2026

  2. Slide 2: Investor Day 2025 / 9M 25 Results / Annexes

    9M 25 RESULTS INVESTOR DAY 2025 ANNEXES BP ANNEXES RESULTS

  3. Slide 3: Consistency and vision: confirmation of the strategic pillars

    Consistency and vision: confirmation of the strategic pillars GREEN TRANSITION VALUE CREATION FOR LOCAL COMMUNITIES SERVICE QUALITY AND TERRITORIES  Managing business operations in  Commitment to meeting the  Strengthening infrastructure harmony with the environment infrastructural and facility n

  4. Slide 4: Selectivity in investments to drive transformation

    Selectivity in investments to drive transformation Selective asset allocation aimed at recovery and maximization of profitability through a careful focus on strategic priorities, seizing all opportunities offered by our territories 7% 6.9 6.4 9% 40% 0.5 NETWORKS NEW BP WASTE 25% 6.4B€ ENERGY 2025-20

  5. Slide 5: Ambitious goals, built on our strengths

    Ambitious goals, built on our strenghts The only operator in Italy to have put forward an advanced public-private partnership proposal for the renewal of hydroelectric concessions Among the leading national players in integrated water services and electricity distribution Extension of the district h

  6. Slide 6: Adaptability and Vision: Iren's Positioning in the New Scenario

    Adaptability and Vision: Iren's Positioning in the New Scenario MACRO TREND TAILWIND/HEADWIND IREN ACTIONS Preservation of water  High demand for infrastructure investments  Investments in the water service to increase resources resource availability NETWORK  Stable regulatory framework supportin

  7. Slide 7: 6.4B€ technical CAPEX to support the development of regulated businesses

    6.4B€ technical CAPEX to support the development of regulated businesses CUMULATED CAPEX 6.4 B€ 10% Balanced distribution of 36%  22% investments over the period Low execution risk 6.4B€ 6.4B€  78% High predictability of results ~60%  31%  High investments in sustainable projects/activities 23%

  8. Slide 8: Looking ahead to 2040: building tomorrow's transition today

    Looking ahead to 2040: building tomorrow’s transition today THE GREEN TRANSITION IN EUROPE IS IREN HAS CONFIRMED ITS: AND DEFINED THE FOLLOWING: CURRENTLY FACING A PERIOD OF UNCERTAINTY DUE TO:  Political and economic scenario  Financial uncertainties WATER RESOURCES BASED ON CHALLENGING SCENARIOS

  9. Slide 9: Sustainability: an ambitious long-term vision

    Sustainability: an ambitious long-term vision Water resources 28% 33% Circular economy Decarbonization 4.3B€ Resilient cities Sustainable Capex* 26% 13% * Eligible for the European Taxonomy Water losses Material recovery Carbon intensity District heating scope 1 volumes % 33% 31% 29% 332 315 315 135

  10. Slide 10: Clear vision, towards concrete results

    Clear vision, towards concrete results ~1,600 Confirmation of 1,530 the commitment 1,274 to achieve EBITDA: efficiencies and Cagr 4% synergies 2024 2028 2030 Group net profit growth 360 ~400 GROUP 268 supported by EBITDA NET PROFIT: increase, improvement in depreciation and Cagr 7% amortization dyna

  11. Slide 11: Financial soundness supporting strategic options

    Financial soundness supporting strategic options 3.5x Financial leverage BBB Stable FINANCIAL 3.2x 3.1x 3.0x LEVERAGE BBB Stable 2024 2028 2030 NET DEBT SOURCES AND USES 2025-2030 7,7 7,7 B€ 0.5 4.9 Incremental 4.1 1.3 0.1 debt 0,8 Dividends 5.9 1,3 (0.5) (6.5) Operating Net organic cash flow 6,4 5,

  12. Slide 12: Low exposure to interest rate risk, high financial reliability

    Low exposure to interest rate risk, high financial reliability AVERAGE COST OF DEBT MATURITIES* 820 ≤ 2.9% M€ ≤ 2.5% Average duration 2.17% FY2024 593 546 558 Fixed rate debt FY2024 80 2024 2025-2026 2027-2030 2026 2027 2028 2029 2030 *Including the repayment of a project financing; excluding the 50

  13. Slide 13: Beyond the base plan: additional growth pathways delivering +100M€ in EBITDA

    Beyond the base plan: additional growth pathways delivering +100M€ in EBITDA The multi-utility model and multi-territorial footprint provide additional development opportunities that are not included in the base plan, due to their current limited visibility or uncertainties in assessing the economic

  14. Slide 14: Strategy

    STRATEGY INVESTOR DAY 2025 ANNEXES BP ANNEXES RESULTS

  15. Slide 15: 9M 2025 results summary

    €M 9M '24 9M '25 Δ Δ% 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%  Gross technical capex: ~0.9€B Group net profit 195 219 24 12%  M&A outflow already finalized: ~0.5€B Technical capex 560 613 53 10%  NFP/EBITDA*: ~3.1x Net Financi

  16. Slide 16: Growth driven by all business units and Egea's consolidation

    €M +9% 19 - - 1,003 6 3 2 4 14 16 10 -14 19 924 ENERGY +9 MARKET +19 WASTE +6 NETWORKS +45 9M ’24 Water Electricity Gas CollectionTreatment RES CCGT & Heat En. Electricity Gas IrenPlus 9M ’25 & Disposal Thermo Efficiency & Others Growth driven by all business units and Egea’s consolidation INVESTOR

  17. Slide 17: Capex and the integration of EGEA drove the depreciation growth

    17 9M '24* 9M '25 Δ Δ% €M EBITDA 924 1003 80 8,7% 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 bad debt related to waste EBIT 377 401 25 6,6% collection tariffs and

  18. Slide 18: Strong operating cash flow covers almost entirely technical investments

    €M +204€M (+5%) 511 177 4.287 4.083 613 -37 -494 204 209 24 -1.003 Operating cash flow levered -566€M FY ’24 Ebitda Other Superbonus Changes Capex M&A Hybrid Bond Dividends MtM 9M ’25 operational 110% & tax in WC Derivatives changes credits  Strong operating cash flow covers almost entirely technic

  19. Slide 19: Debt structure and maturities

    6% 11% Green Bonds Traditional Bonds Loans 820 56% 27% 593 320 550 5% Cash 546 558 555 555 93 74 55 55 50 28% Undrawn committed credit lines Green Bond EIB-CEB ESG Loans 506 500 500 484 500 500 500 Bonds Loans 80 Undrawn 49 67% uncommitted credit 80 40 49 lines 2026 2027 2028 2029 2030 2031 2032 203

  20. Slide 20: Strategy

    STRATEGY 9M 25 RESULTS INVESTOR DAY 2025 ANNEXES RESULTS

  21. Slide 21: Iren at a Glance

    Iren at a Glance National player with 4.5 M National player 20% 1° inhabitants served in the in electricity 38% waste collection generation with National player in District a capacity of 3.4 EBITDA FY 2024 2° Heating volumes with 113 Mcm GW of which 0.8 GW renewables 1.27 B€ and 1,280 km of grids 3°

  22. Slide 22: Business units structure

    Networks Power Gas Water Waste Collection Treatment and energy recovery Energy RES, Hydro Thermoelectric/CCGT District Heating Energy efficiencies Market Gas Power Iren Plus Corporate INVESTOR PRESENTATION STRATEGY 9M 25 RESULTS ANNEXES BP ANNEXES RESULTS 22

  23. Slide 23: Networks: excellence on quality of service through targeted investments

    excellence on quality of service as a result of targeted investments INTEGRATED WATER SERVICE CAPEX PURIFICATION CAPACITY 4.4 ⃝ Confirmation of the concession perimeter 12% Millions inhabitants ⃝ Network replacement and modernization 3.8 million inhabitants in 5 new wastewater treatment plants 2024

  24. Slide 24: Waste: from leader in collection to leader in energy recovery

    from leader in collection to leader in energy recovery from municipal waste COLLECTION CAPEX BASIN 4.2M SERVED Inhabitants in 2030 Consolidations in legacy areas • 37% 4.1 million inhabitants in Efficiency of operating costs along with high 2024 EBITDA • quality of service through digitalization • P

  25. Slide 25: Energy: flexible plants supporting the electrical system

    flexible plants supporting the electrical system RES CAPEX REBUILDING ~200 • Development of greenfield renewable capacity PROJECTS 2025-30 (+200MW) supported by incentives Renewal of expired hydroelectric concessions 21% EBITDA • through PPPs 25% 1.6B€ GROWTH Mcm DISTRICT HEATING VOLUMES 4% CAGR CCG

  26. Slide 26: Market: long-term value of our customers

    long-term value of our customers CLIENTS CAPEX CUSTOMER BASE (M) at 2030 2.3 • Retention of high-value customer EBITDA Increase in power volumes due to 0.6B€ GROWTH • electrification of consumption TWh ELECTRICITY SOLD TO RETAIL 0% CAGR* • Medium-long term PPA development with end customers CUSTOMER

  27. Slide 27: Synergy plan to further support profitability

    Synergy plan to further support profitability Identified projects to support corporate synergies by 120 transformation 2030 80 Already done 20 in 9M ‘25 synergies achieved by reduction of 2028 addressable 2025 2028 2030 costs synergies per year in line Overall synergies of 120M€ to offset and exceed

  28. Slide 28: Synergies: projects for a cumulative saving of 120M€ by 2030

    Synergies: 200 projects for a cumulative saving of 120M€ by 2030 OBJECTIVES QUALIFYING EXAMPLES PEOPLE EGEA INTEGRATION OPTIMIZE • Managerial turnover • Rationalization of EGEA’s corporate structure and subsequent Processes revision • Generational change integration of its companies into the Group’s

  29. Slide 29: Solid growth net profit +7% yoy

    Solid growth net profit +7%yoy EBITDA GROUP NET PROFIT GROWTH DRIVERS BY 2030 Organic growth M€ M€ Efficiencies & synergies ~1.600 ~400 1.530 360 Inorganic growth 1.480 330 1.274 268 Normalization of power & gas Margins Energy scenario 2024 2027 2028 2030 2024 2027 2028 2030 Emerging personnel costs

  30. Slide 30: Dividend policy: long term visibility

    Dividend policy: long term visibility DIVIDEND POLICY maximum between:  of ordinary Group’s net income 8% CAGR 6% CAGR  growth YoY until 2027 and growth YoY until 2030 19,20 18,10 17,10 Dividend per share, 16,16 c€ 14,97 13,86 12,83 2024 2025 2026 2027 2028 2029 2030 INVESTOR PRESENTATION STRATEGY

  31. Slide 31: Strong commitment to maintaining a financial solidity

    Strong commitment to maintaining a financial solidity 2025 Guidance confirmed on NFP/EBITDA at 3,2x. Rating KPIs are expected to be in line with metrics and to maintain financial flexibility, targeting an 78% of EBITDA coming from regulated and quasi-regulated activities. BBB/Stable BBB/Stable DEBT1

  32. Slide 32: Sustainable finance

    Sustainable finance  Sustainability-Linked Loans to enhance Group’s commitment in terms of long-term ESG sustainable strategy KPI-LINKED  ESG KPI-Linked Loans envisage LOANS core KPIs included in Sustainable Financing 400€M Framework:  Scope 1 GHG emissions reduction  Water leaks  500€M Green B

  33. Slide 33: Framework components

    Framework components Green Financing Component Sustainability-Linked Component Category Eligible Projects/Activities SDG KPI Target SDG • Hydroelectric power electricity -4.5% -10% -47% Renewable generation Energy • Solar PV electricity generation KPI#1 317 328 332 317 298 • Wind power electricity g

  34. Slide 34: Focus on EU Taxonomy in 2024

    Focus on EU Taxonomy in 2024 Eligible, aligned and non-eligible activities related to the KPIs required by the EU Taxonomy €M 6,043 1,761 956 Eligible activities – aligned 33% 36% 58% NETWORKS Power Gas Water 3% Eligible activities – not aligned 20% Treatment and material WASTE Collection recovery 5

  35. Slide 35: Decarbonization

    Decarbonization 2020 2024 2028 2030 2040 332 315 Carbon intensity of energy production 315 312 129 (Scope 1) (gCO₂/kWh) 100% Certified renewable electricity 50% purchased (%) (Scope 2 emissions 16% 25% reduction target) 0% -10%  Use of sold -26% products (gas) Scope 3 emissions -14% -17%  Fuel and

  36. Slide 36: Circular Economy

    Circular Economy 2020 2024 2028 2030 2040 75,5% 72,1% 74,2% 69,3% 80,0% Separate waste  Core collection in the Territories 74,0% 69,9% 70,8% served area (%) 65,5% 63,1%  Other Territories 1.533 1.539 Material recovery from waste in 1.062 Group facilities (kton) 1.522 492 31,1 Biomethane from 9,9 b

  37. Slide 37: Water Resources

    Water Resources 2020 2024 2028 2030 2040 4.438 Purification capacity (kP.E.) 3.785 4.438 4.243 (across all territories) 3.527 Water withdrawals from the 260 246 245 240 228 environment (liters/inhabitant/day) (across all territories) 33,3% 30,4%  All Territories Water distribution network 27,8% 26,

  38. Slide 38: Resilient cities

    Resilient cities 2020 2024 2028 2030 2040 125 135 Urban district heating extension (million cubic meters) 102 97 122 53% Eco-friendly company vehicle fleet (% of electric and biomethane 35% 29% vehicles over total fleet) 19% 22% 3.000 2.395 2.500 2.000 Green electricity sold to retail customers (GWh

  39. Slide 39: People

    People 2020 2024 2028 2030 2040 Employment, +4.384 development, +9.400 and  Hiring (N.) +5.900 +6.740 enhancement 24,5 21,6 22,9 23,8 25,0 of skills  Training hours per capita (N.) 86% 85% 89% 90%  Performance- 54% evaluated employees** (%) Diversity & 30,0% 25,9% 26,5% 27,0% Inclusion 22,8%  Wo

  40. Slide 40: Investments and profitability by business unit

    Investments and profitability by business unit EBITDA - EBIT M€ GROSS INVESTMENTS B€ 705 1,7 615 479 405 0,9 251 340 325 330 0,7 255 0,5 100 110 39 283 340 350 1 150 160 0,6 99 257 245 230 0,4 132 0,2 75 65 EBITDA 0,3 EBIT 0,2 Investments Corporate 2024 2028 2030 2025-2028 2029-2030 INVESTOR PRESENT

  41. Slide 41: Regulatory Framework

    Regulatory Framework INTEGRATED WASTE SERVICE GAS ELECTRICITY WATER AND ESSENTIAL FACILITIES Regulatory period 6 + 2 years (2020 – 2027) 4 years (2024 – 2027) 6 years (2024 – 2029) 4 years (2026 – 2029) Adjustment of the 6 years (2022 – 2027) 6 years (2022 – 2027) 6 years (2024 – 2029) 6 years (2022

  42. Slide 42: Industrial Kpis

    Industrial Kpis 2024 2028 2030 Waste collected (Mton) 2,3 2,3 2,3 Waste treated in Iren plants (Mton) 2,9 3,5 3,5 Electricity sold from WTE plants (TWh) 0,5 0,5 0,5 Biomethane produced from organic waste (Mmc) 10 31 31 Hydropower generation (TWh) 1,5 1,3 1,3 Photovoltaic and wind power generation (T

  43. Slide 43: Energy scenario underlying the business plan

    Energy scenario underlying the business plan 2024 2028 2030 PUN (€/MWh) 109 103 97 PSV (€/MWh) 36 31 27 ETS (€/Ton) 65 90 105 Clean spark spread Iren -1,3 2,9 3,2 (€/MWh) INVESTOR PRESENTATION STRATEGY 9M 25 RESULTS ANNEXES BP ANNEXES RESULTS 43

  44. Slide 44: Network Concessions

    Network Concessions CONCESSIONS CONCESSIONS CONCESSIONS GAS WATER ELECTRICITY ATEM END DATE AREA END DATE AREA END DATE Expired Piacenza 2040 Genova 1 Torino 2030 (under statutory extension) Reggio Emilia 2043 Expired Parma Parma 2030 (under statutory extension) Genova 2032 Expired Vercelli 2030 Reg

  45. Slide 45: Hydropower and Waste collection concessions

    Hydropower and Waste collection concessions CONCESSIONS MAIN CONCESSIONS HYDROPOWER WASTE COLLECTIONS HYDROPOWER AREA END DATE AREA POWER (MW) END DATE PLANT Piemonte 1 Pont Ventoux-Susa 157 2034 Parma 2037 Expired 2010 Piacenza 2037 PPP proposals Piemonte 2 Valle Orco e S. Mauro 300 assessed as Exp

  46. Slide 46: Annexes BP

    STRATEGY 9M 2025 RESULTS INVESTOR DAY 2025 ANNEXES BP

  47. Slide 47: Networks 9M 2025 results

    €M +14% 182 163 +10% 35 10 16 404 27 +30% 359 19 79 63 +25% 163 +1% 164 (€M) 9M '24 9M '25 Water Electricity Gas 9M ’24 Water Electricity Gas 9M ’25 +9% 3,348 3,064  Organic growth (+18€M) supported by investments 838 782 +7%  Positive contribution of +9€M from Egea consolidation since January ’25

  48. Slide 48: Waste 9M 2025 results

    €M +3% 194 2 4 200 113 107 +6% +5% 58 61 49 +6% 52 (€M) 9M '24 9M '25 Collection Treatment & Disposal 9M ’24 Collection Treatment & disposal 9M ’25  Collection activities continue a growth path due to the regulatory tariffs update 3,092 +2% 3,150 and Egea Consolidation (+2€M) 640 - 642  Treatment

  49. Slide 49: Energy 9M 2025 results

    €M +5% +9% 1,465 1,350 188 6 4 198 14 -14 (GWht) 9M '24 9M '25 9M ’24 RES CCGT & thermo Heat Energy efficiency 9M ’25 & others  RES benefited by lower hydro production in Q3 5,950 -7% 5,539  CCGT & thermo positive results thanks to increased clean spark spread achieved and higher capacity market c

  50. Slide 50: Market 9M 2025 results

    €M +11% +20% 4,8 +8% 4,0 503 19 0 0 198 465 179 (TWh) (Mcm) 9M ‘24 9M ‘25 9M ‘24 9M ‘25 POWER GAS 9M ’24 Electricity Gas Iren Plus & Others 9M ’25  Egea consolidation positive contribution for around 22€M (+12€M in +3% electricity and 10€M in gas) 2,3 2,3  Lower margins compared to last year, main

  51. Slide 51: Disclaimer

    Disclaimer The Manager in charge of drawing up the corporate accounting documents and the Chief Financial Officer of 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 the accounting infor

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