Iren S.p.a. · MIL:IRE
Iren — Q1 2025 Earnings Presentation
17 slides from Iren's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Results
Q1 2025 RESULTS May 15th, 2025
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 Q1 2025 RESULTS HIGHLIGHTS ESG KEY FINANCIALS NETWORKS Guidance confirmed WASTE +9% YoY EBITDA growth M&A cash out over thanks to solid Q1 More than 20€M coming ENERGY led by organic and 500€M sustained by results from EGEA integration inorganic growth hybrid bond led the net MARK
Slide 3: Sustainable growth continued throughout the quarter
3 SUSTAINABLE GROWTH CONTINUED THROUGHOUT THE QUARTER 3 Q1 2025 RESULTS Green transition Local presence Service quality HIGHLIGHTS ESG Municipalities served in waste collection Power outages duration (SAIDI) Carbon Intensity On track On track On track KEY FINANCIALS 303 307 661 gCO2/kWh # # 489 5 NE
Slide 4: Q1 '25 Results at a Glance
Q1 ‘25 RESULTS AT A GLANCE 4 Q1 2025 EBITDA EVOLUTION RESULTS €M +9% HIGHLIGHTS Q1 '24 Q1 ' 25 Δ Δ% +12% ESG Revenues 1.568 2. 093 525 33% (€M) EBITDA 383 418 35 9% 26 0 418 KEY FINANCIALS 383 7 2 EBIT 213 224 11 5% NETWORKS Group net profit 126 136 10 8% WASTE Technical capex 165 185 20 12% ENERGY
Slide 5: Networks: Investments and Egea integration support continued growth
NETWORKS NETWORKS NETWORKS Investments and Egea integration support continued growth 5 Q1 2025 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +6% HIGHLIGHTS 81 - 81 9 10 ESG +11% 19 +58% 30 KEY FINANCIALS 124 1 5 1 131 NETWORKS 53 -23% 41 (€M) WASTE Q1 '24 Q1 '25 ENERGY Water Electricity Gas MARKET 1Q ’24
Slide 6: Waste: Collection revenues supported the growth
WASTE NETWORKS Collection revenues supported the growth 6 Q1 2025 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +4% HIGHLIGHTS 32 31 ESG +3% 68 2 0 70 +18% KEY FINANCIALS 18 21 NETWORKS 13 -15% 11 (€M) WASTE Q1 '24 Q1 '25 Collection Treatment & Disposal ENERGY Q1 ’24 Collection Treatment & disposal Q1 ’25
Slide 7: Energy: Energy generation activity turnaround
ENERGY NETWORKS Energy generation activity turnaround 7 Q1 2025 RESULTS HEAT SOLD EBITDA EVOLUTION €M HIGHLIGHTS +29% +9% 1,192 +9% ESG 1,095 KEY FINANCIALS 19 0 117 10 -3 NETWORKS 91 (GWht) WASTE Q1 '24 Q1 '25 ENERGY Q1 ’24 RES CCGT & thermo Heat Energy efficiency Q1 ’25 & others MARKET ELECTRICITY
Slide 8: Market: Egea integration sustained the growth
MARKET NETWORKS Egea integration sustained the growth 8 Q1 2025 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M - +24% +9% HIGHLIGHTS 1,7 359 +9% ESG 100 3 100 1,4 329 -2 -1 KEY FINANCIALS NETWORKS (TWh) (Mcm) WASTE Q1 ‘24 Q1 ‘25 Q1 ‘24 Q1 ‘25 POWER GAS ENERGY Q1 ’24 Electricity Gas Iren Plus & O
Slide 9: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 9 Q1 2025 RESULTS €M HIGHLIGHTS Q1 '24 Q1 '25 Δ Δ% ▪ Depreciation increase linked to capex and ESG EBITDA 383 418 35 9,2% companies’ integrations (8€M) D&A -156 -173 KEY FINANCIALS ▪ Higher provisions to bad debt related to Provisions to bad debt -16 -20 gra
Slide 10: Net Financial Position Evolution (Q1 2025 vs FY2024)
NET FINANCIAL POSITION EVOLUTION (Q1 2025 VS FY2024) 10 Q1 2025 RESULTS €M -111 €M (-3%) 532 HIGHLIGHTS ESG 4.083 185 3.972 KEY FINANCIALS 28 -494 -20 47 29 NETWORKS -418 WASTE Operating cash flow levered -314€M ENERGY MARKET FY ’24 Ebitda Other Superbonus Changes Capex M&A Hybrid Bond MtM Q1 ’25 op
Slide 11: Closing Remarks
CLOSING REMARKS 11 Q1 2025 RESULTS HIGHLIGHTS OUTLOOK GUIDANCE 2025 ESG KEY FINANCIALS ▪ Networks: growth confirmed NETWORKS ▪ EBITDA: 1,340 - 1,360M€ ▪ Waste: improvement of plants profitability confirmed WASTE ▪ Net profit: 300 - 310M€ ▪ Energy: higher production and clean spark spread ENERGY ▪ Gr
Slide 12: Annexes
ANNEXES
Slide 13: Q1 2025 Business Units' Results
Q1 2025 BUSINESS UNITS’ RESULTS 13 Q1 2025 NETWORKS WASTE RESULTS €M Q1 '24 Q1 '25 Δ Δ% HIGHLIGHTS €M Q1 '24 Q1 '25 Δ Δ% Revenues 313 322 9 3% Revenues 304 345 41 13% ESG Ebitda 124 131 7 6% Ebitda 68 70 2 3% Electricity 22 27 5 23% KEY FINANCIALS Collection 29 31 2 7% Gas 24 25 1 4% Water 78 79 1 1
Slide 14: A Sound and Sustainable Debt Structure
A SOUND AND SUSTAINABLE DEBT STRUCTURE 14 Q1 2025 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS ESG 4% 3% 10% KEY FINANCIALS 24% NETWORKS 26% 61% WASTE 72% 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.
Slide 15: Industrial KPIs
INDUSTRIAL KPIS 15 Q1 2025 RESULTS HIGHLIGHTS Q1 ’24 Q1 ‘25 Δ% ESG Electricity distributed (GWh) 884 926 +5% KEY FINANCIALS Gas distributed (mcm) 447 499 +12% NETWORKS Water sold (mcm) 44 46 +4% WASTE Waste collected (Kton) 531 548 +3% ENERGY Waste treated (Kton) 707 703 - MARKET WTE’s electricity s
Slide 16: Scenario
SCENARIO 16 Q1 2025 RESULTS HIGHLIGHTS ESG Q1 ’24 Q1 ‘25 Δ% KEY FINANCIALS NETWORKS PSV €/000 scm 31 51 +65% WASTE PUN (€/MWh) 92 138 +50% ENERGY CO2 €/Ton 21 26 +24% MARKET Green Cert. Hydro (€/MWh) 42 55 +31% EBITDA - NET PROFIT Clean spark spread (€/MWh) -4.5 4.2 n.s. NFP CLOSING REMARKS ANNEXES
Slide 17: Disclaimer
DISCLAIMER 17 Q1 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 58/19