Slide 1: H1 2026 Results
H1 2026 RESULTS July 30th, 2026
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 H1 2026 RESULTS HIGHLIGHTS KEY FINANCIALS NETWORKS WASTE Sustained portfolio Operating cash flow ENERGY H1’26 EBITDA Lower rainfall exceeded investment supported by organic quality, with regulated MARKET weighed on hydro requirements, funding growth and efficiencies, and semi-re
Slide 3: H1 '26 Results at a Glance
H1 ‘26 RESULTS AT A GLANCE 3 H1 2026 EBITDA EVOLUTION RESULTS €M +1% HIGHLIGHTS H1 '25 H 1 ' 26 Δ Δ% Revenues 3,486 3,257 -229 -7% (€M) KEY FINANCIALS EBITDA 726 732 6 1% 726 3 16 732 NETWORKS -9 -4 EBIT 326 318 -8 -2% WASTE Group net profit 184 182 -2 -1% ENERGY Technical capex 393 409 16 4% MARKET
Slide 4: Networks
NETWORKS Growth driven by investments, recovering LY extraordinary items & premiums 4 H1 2026 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +1% HIGHLIGHTS 182 -3% 177 KEY FINANCIALS 5 22 - 22 271 8 274 56 -14% 48 -10 NETWORKS WASTE 104 +2% 106 (€M) ENERGY H1 '25 H1 '26 Water Electricity Gas MARKET H1 ’25
Slide 5: Waste
WASTE Result supported by extraordinary contribution in treatment plants 5 H1 2026 EBITDA EVOLUTION RESULTS TOTAL ENERGY SOLD +12% €M HIGHLIGHTS 16 148 474 +1% 481 132 1 KEY FINANCIALS -1 232 234 +1% NETWORKS 242 247 +2% WASTE (GWh) H1 '25 H1 '26 ENERGY Electricity Heat H1 ’25 Collection WTE Treatme
Slide 6: Energy
ENERGY Lower hydro volumes partially offset by CSS & MSD 6 H1 2026 RESULTS HEAT SOLD EBITDA EVOLUTION* €M HIGHLIGHTS -5% -4% 1,474 1,532 KEY FINANCIALS 175 5 6 166 NETWORKS -13 -7 WASTE (GWht) ENERGY H1 '25 H1 '26 H1 ’25 RES CCGT & thermo Heat Energy efficiency H1 ’26 MARKET & others ELECTRICITY SOL
Slide 7: Market
MARKET Gas margins normalization in a competitive scenario 7 H1 2026 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M -2% - -9% HIGHLIGHTS 3.14 3.13 452 414 3 KEY FINANCIALS 148 2 144 -9 NETWORKS (TWh) (Mcm) WASTE H1 ‘25 H1 ‘26 H1 ‘25 H1 ‘26 ENERGY POWER GAS H1 ’25 Electricity Gas Iren Plus & Othe
Slide 8: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 8 H1 2026 RESULTS €M HIGHLIGHTS H1 '25 H1 '26 Δ Δ% KEY FINANCIALS EBITDA 726 732 6 0.8% D&A -350 -363 NETWORKS ▪ Higher depreciation due to investments Provisions to bad debt -45 -47 made last year WASTE Other provisions and write-downs -5 -4 EBIT 326 318 -8
Slide 9: Net Debt Evolution (H1 2026 vs FY2025)
NET DEBT EVOLUTION (H1 2026 VS FY2025) 9 H1 2026 RESULTS +54€M (+1%) €M 4,222 189 42 4,276 HIGHLIGHTS 409 KEY FINANCIALS -66 283 76 NETWORKS -733 -146 WASTE Operating cash flow levered -520€M ENERGY MARKET FY ’25 Ebitda Other Eco-Super Changes Capex M&A and Dividends MtM H1 ’26 operational bonus in
Slide 10: Closing Remarks
CLOSING REMARKS 10 H1 2026 RESULTS HIGHLIGHTS 2026 OUTLOOK GUIDANCE 2026 KEY FINANCIALS NETWORKS ▪ Networks: growth trend in regulated activities continues with a strong acceleration in Q4 WASTE ▪ EBITDA: around +3% vs FY2025 ▪ Waste: growth is expected in line with H1, stripping out ENERGY extraord
Slide 11: Annexes
ANNEXES
Slide 12: H1 2026 Business Units' Results
H1 2026 BUSINESS UNITS’ RESULTS 12 H1 2026 NETWORKS WASTE RESULTS €M H1 '25 H1 '26 Δ Δ% HIGHLIGHTS €M H1 '25 H1 '26 Δ Δ% Revenues 677 681 4 1% Revenues 689 709 20 3% KEY FINANCIALS Ebitda 271 274 3 1% Ebitda 132 148 16 12% Electricity 51 56 5 10% Collection 57 58 1 2% NETWORKS Gas 62 52 -10 -16% Wat
Slide 13: A Sound and Sustainable Debt Structure
A SOUND AND SUSTAINABLE DEBT STRUCTURE 13 H1 2026 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS KEY FINANCIALS 4% 5% 11% NETWORKS 27% WASTE 54% 30% 69% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS 96% 4.6 years 2.36%
Slide 14: Industrial KPIs
INDUSTRIAL KPIS 14 H1 2026 RESULTS HIGHLIGHTS H1 ’25 H1 ‘26 Δ% KEY FINANCIALS Electricity distributed (GWh) 1,737 1,901 +9% NETWORKS Gas distributed (mcm) 642 635 -1% Water sold (mcm) 93 92 -1% WASTE Waste collected (Kton) 1,213 1,140 -6% ENERGY Waste treated (Kton) 1,422 1,329 -7% MARKET Biomethane
Slide 15: Scenario
SCENARIO 15 H1 2026 RESULTS HIGHLIGHTS KEY FINANCIALS H1 ’25 H1 ‘26 Δ% NETWORKS PSV €/000 scm 43 44 +2% WASTE ENERGY PUN (€/MWh) 120 127 +6% MARKET CO2 €/Ton 71 76 +7% EBITDA - Green Cert. Hydro (€/MWh) 55 51 -7% NET PROFIT Clean spark spread (€/MWh) -1.7 -1.6 +6% NFP CLOSING REMARKS ANNEXES
Slide 16: Disclaimer
DISCLAIMER 16 H1 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