Iren S.p.a. · MIL:IRE
Iren — Investor Presentation (February 2026)
50 slides from Iren's investor presentation, February 2026
Slide 1: Building Strength in a Dynamic Landscape
BUILDING STRENGTH IN A DYNAMIC LANDSCAPE INVESTOR PRESENTATION February 2026
Slide 2: Strategy
STRATEGY 9M 25 RESULTS INVESTOR DAY 2025 ANNEXES BP ANNEXES RESULTS
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
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
Slide 5: Ambitious goals, built on our strengths
Ambitious goals, built on our strenghts LEADING THE RENEWAL OF HYDROELECTRIC CONCESSIONS The only operator in Italy to have put forward an EXCELLENCE IN NETWORK advanced public-private partnership proposal for the SERVICES renewal of hydroelectric concessions Among the leading national ENERGY player
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
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€ 78% 31% 6.4B€ ~60% ▪ ▪ High predictability of results High investments in sustainable projects/activities 23%
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: 5 FOCUS AREAS MEDIUM- AND LONG-TERM ▪ Political and economic scenario SUSTAINABILITY TARGETS ▪ Financial u
Slide 9: Sustainability: an ambitious long-term vision
Sustainability: an ambitious long-term vision Water resources 28% 33% ~70% SUSTAINABLE INVESTMENTS FOR THE Circular economy Decarbonization 4.3B€ EUROPEAN TAXONOMY Sustainable Resilient cities Capex* 26% 13% * Eligible for the European Taxonomy Water losses Material recovery Carbon intensity Distric
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% 6.4 B€ amortizati
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,
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* ≤ 2.9% 5 M€ 820 ≤ 2.5% Average duration 2.17% years FY2024 593 546 558 94% Fixed rate debt FY2024 80 2024 2025-2026 2027-2030 2026 2027 2028 2029 2030 *Including the repayment of a project financing; excl
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
Slide 14: 9M 25 Results
STRATEGY 9M 25 RESULTS INVESTOR DAY 2025 ANNEXES BP ANNEXES RESULTS
Slide 15: 9M '25 Results at a Glance
9M ‘25 RESULTS AT A GLANCE €M FY 2025 GUIDANCE 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
Slide 16: 9M '25 EBITDA Evolution
9M ‘25 EBITDA EVOLUTION EBITDA EVOLUTION €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
Slide 17: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 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 EB
Slide 18: Net Debt Evolution (9M 2025 vs FY2024)
NET DEBT EVOLUTION (9M 2025 VS FY2024) €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 c
Slide 19: A sound and sustainable debt structure as of September 25
A sound and sustainable debt structure as of 30 September 2025 DEBT STRUCTURE MATURITY PROFILE AND LIQUIDITY 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 506 ~2.2€B credit lines Green Bond EIB-CEB ESG Loans 500 500 48
Slide 20: Annexes BP
STRATEGY 9M 25 RESULTS ANNEXES BP INVESTOR DAY 2025 ANNEXES RESULTS
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 and 1,280 km of grids GW renewables 22% 1.27 B
Slide 22: Business Unit Structure
BUSINESS UNIT 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
Slide 23: Networks: excellence on quality of service through targeted investments
NETWORKS: 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 pl
Slide 24: Waste: from leader in collection to leader in energy recovery
WASTE: from leader in collection to leader in energy recovery from municipal waste COLLECTION CAPEX BASIN 4.2M Inhabitants in SERVED 2030 Consolidations in legacy areas • 37% 4.1 million inhabitants in Efficiency of operating costs along with high 2024 EBITDA • quality of service through digitalizat
Slide 25: Energy: flexible plants supporting the electrical system
ENERGY: 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% through PPPs EBITDA 25% GROWTH 1.6B€ Mcm DISTRICT HEATING VOLUMES 4%
Slide 26: Market: long-term value of our customers
MARKET: long-term value of our customers CAPEX CLIENTS CUSTOMER BASE (M) at 2030 2.3 • Retention of high-value customer EBITDA Increase in power volumes due to GROWTH 0.6B€ • electrification of consumption TWh ELECTRICITY SOLD TO RETAIL Medium-long term PPA development with end 0% CAGR* • customers
Slide 27: Synergy plan to further support profitability
Synergy plan to further support profitability 200 120M€ Identified projects to support corporate synergies by 120 transformation 2030 80 16M€ ~65% 6% Already done in 9M ‘25 20 synergies achieved by reduction of 2028 addressable 2025 2028 2030 costs ~20 M€ synergies per year in line Overall synergies
Slide 28: Synergies: 200 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
Slide 29: Solid growth net profit +7% yoy
Solid growth net profit +7%yoy EBITDA GROUP NET PROFIT GROWTH DRIVERS BY 2030 4% 7% +270M€ Organic growth CAGR M€ CAGR M€ 4% 7% +120M€ Efficiencies & synergies CAGR CAGR ~1.600 ~400 1.480 1.530 360 +60M€ Inorganic growth 330 1.274 268 Normalization of power & -45M€ gas Margins -40M€ Energy scenario
Slide 30: Dividend policy: long term visibility
Dividend policy: long term visibility DIVIDEND POLICY maximum between: ▪ 60%PAY-OUT of ordinary Group’s net income 8% CAGR 6% CAGR ▪ 8% DPS growth YoY until 2027 and 6% DPS 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 INVES
Slide 31: 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 Framework: 400€M ✓ Scope 1 GHG emissions reduction ✓ Water leaks ▪ 500€M Green B
Slide 32: 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
Slide 33: 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 IREN’S ELIGIBLE ACTIVITIES Eligible activities – aligned 33% 36% 58% NETWORKS Power Gas Water 3% Eligible activities – not aligned 20% Treatment and material
Slide 34: 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
Slide 35: 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
Slide 36: 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,
Slide 37: 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
Slide 38: 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
Slide 39: 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 Networks 325 330 0,7 255 0,5 100 110 39 Waste 283 340 350 1 150 160 0,6 99 Energy 257 245 230 0,4 132 0,2 75 65 Mercato EBITDA 0,3 EBIT 0,2 Investments Corporate 2024 2028 2030 2025-2
Slide 40: 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
Slide 41: 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
Slide 42: 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 42
Slide 43: 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
Slide 44: 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
Slide 45: Annexes Results
STRATEGY 9M 2025 RESULTS INVESTOR DAY 2025 ANNEXES BP ANNEXES RESULTS
Slide 46: Networks: Tariffs increase, EGEA consolidation and non-recurring items
NETWORKS Tariffs increase, EGEA consolidation and non-recurring items EBITDA EVOLUTION GROSS CAPEX €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 RAB +9% 3,348 3,064 ▪ Organic growth (+18€M) support
Slide 47: Waste: Growth underpinned by collection and energy revenues
WASTE Growth underpinned by collection and energy revenues EBITDA EVOLUTION GROSS CAPEX +3% €M 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 WASTE MANAGED ▪ Collection activities continue a growth path due
Slide 48: Energy: Reduction in hydro volumes offset by gas production
ENERGY Reduction in hydro volumes offset by gas production HEAT SOLD EBITDA EVOLUTION €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 ELECTRICITY SOLD ▪ RES benefited by lower hydro production in Q3 5,950 -7% 5,539 ▪ CCGT
Slide 49: Market: EGEA consolidation more than counterbalanced lower gas margins
MARKET EGEA consolidation more than counterbalanced lower gas margins EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €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 CUSTOMER ▪ Egea consolidation positive cont
Slide 50: 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