Iren S.p.a. · MIL:IRE
Iren — H1 2025 Earnings Presentation
17 slides from Iren's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS July 30th, 2025
Slide 2: Key Highlights
2 KEY HIGHLIGHTS 2 H1 2025 RESULTS HIGHLIGHTS ESG KEY FINANCIALS NETWORKS Guidance confirmed WASTE Double digit growth, with Net debt at 4.2€B after 34€M coming from ENERGY H1 EBITDA up by 90 €M investments and (+14% ) EGEA integration dividend payment MARKET EBITDA - NET PROFIT NFP CLOSING REMARKS
Slide 3: H1 '25 Results at a Glance
H1 ‘25 RESULTS AT A GLANCE 3 H1 2025 EBITDA EVOLUTION RESULTS €M +14% HIGHLIGHTS H1 '24 H 1 ' 25 Δ Δ% ESG Revenues 2,698 3,486 788 29% (€M) EBITDA 636 726 90 14% 40 10 726 KEY FINANCIALS 33 7 636 EBIT 279 326 47 17% NETWORKS Group net profit 148 184 36 24% WASTE ENERGY Technical capex 345 393 48 14%
Slide 4: Networks: Tariffs increase, EGEA consolidation and non-recurring items
NETWORKS Tariffs increase, EGEA consolidation and non-recurring items 4 H1 2025 RESULTS EBITDA EVOLUTION GROSS CAPEX €M +14% HIGHLIGHTS +12% 182 163 ESG +35% 23 14 271 17 12 7 42 +31% 55 238 KEY FINANCIALS NETWORKS 104 - 104 (€M) WASTE H1 '24 H1 '25 ENERGY Water Electricity Gas MARKET H1 ’24 Water E
Slide 5: Waste: Growth underpinned by collection and energy revenues
WASTE Growth underpinned by collection and energy revenues 5 H1 2025 EBITDA EVOLUTION RESULTS GROSS CAPEX +6% €M +6% HIGHLIGHTS 5 2 132 74 125 70 ESG +13% KEY FINANCIALS 40 45 NETWORKS 30 -3% 29 (€M) WASTE H1 '24 H1 '25 Collection Treatment & Disposal ENERGY H1 ’24 Collection Treatment & disposal H1
Slide 6: Energy: Strong EBITDA increase in all business lines
ENERGY Strong EBITDA increase in all business lines 6 H1 2025 RESULTS HEAT SOLD EBITDA EVOLUTION €M HIGHLIGHTS +30% +20% 1,536 ESG 1,283 8 4 175 18 KEY FINANCIALS 10 135 NETWORKS (GWht) WASTE H1 '24 H1 '25 ENERGY H1 ’24 RES CCGT & thermo Heat Energy efficiency H1 ’25 & others MARKET ELECTRICITY SOLD
Slide 7: Market: EGEA consolidation more than counterbalanced lower gas margins
MARKET EGEA consolidation more than counterbalanced lower gas margins 7 H1 2025 RESULTS EBITDA EVOLUTION FINAL CLIENTS’ VOLUMES €M +7% +28% 3.1 +10% HIGHLIGHTS 410 452 ESG 10 1 148 2.5 138 -1 KEY FINANCIALS NETWORKS (TWh) (Mcm) WASTE H1 ‘24 H1 ‘25 H1 ‘24 H1 ‘25 POWER GAS ENERGY H1 ’24 Electricity Ga
Slide 8: EBITDA to Group Net Profit Reconciliation
EBITDA TO GROUP NET PROFIT RECONCILIATION 8 H1 2025 RESULTS €M HIGHLIGHTS H1 '24* H1 '25 Δ Δ% ▪ Capex and the integration of EGEA (17€M) ESG EBITDA 636 726 90 14,2% drove the depreciation growth D&A -321 -350 KEY FINANCIALS ▪ Higher provisions to bad debt related to waste Provisions to bad debt -34
Slide 9: Net Debt Evolution (H1 2025 vs FY2024)
NET DEBT EVOLUTION (H1 2025 VS FY2024) 9 H1 2025 RESULTS €M +145 €M (+4%) 522 HIGHLIGHTS 177 4.228 ESG 4.083 393 -18 -494 214 KEY FINANCIALS 39 38 NETWORKS -726 WASTE Operating cash flow levered -435€M ENERGY MARKET FY ’24 Ebitda Other Superbonus Changes Capex M&A Hybrid Bond Dividends MtM H1 ’25 op
Slide 10: Closing Remarks
CLOSING REMARKS 10 H1 2025 RESULTS HIGHLIGHTS SECOND HALF OUTLOOK GUIDANCE 2025 ESG KEY FINANCIALS ▪ Networks: growth confirmed net of non-recurrent elements NETWORKS ▪ EBITDA: 1,340 - 1,360€M ▪ Waste: growth trend confirmed thanks also to treatment plants WASTE ▪ Net profit: 300 - 310€M recovery EN
Slide 11: Annexes
ANNEXES
Slide 12: H1 2025 Business Units' Results
H1 2025 BUSINESS UNITS’ RESULTS 12 H1 2025 NETWORKS WASTE RESULTS €M H1 '24 H1 '25 Δ Δ% HIGHLIGHTS €M H1 '24 H1 '25 Δ Δ% Revenues 621 677 56 9% Revenues 616 689 73 12% ESG Ebitda 238 271 33 14% Ebitda 125 132 7 6% Electricity 44 51 7 16% KEY FINANCIALS Collection 52 57 5 10% Gas 48 62 14 29% Water 1
Slide 13: A Sound and Sustainable Debt Structure
A SOUND AND SUSTAINABLE DEBT STRUCTURE 13 H1 2025 RESULTS INTEREST RATE DEBT STRUCTURE HIGHLIGHTS ESG 2% 1% 10% KEY FINANCIALS 25% NETWORKS 25% WASTE 64% 73% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS 98% 4.7 years 2.
Slide 14: Industrial KPIs
INDUSTRIAL KPIS 14 H1 2025 RESULTS HIGHLIGHTS H1 ’24 H1 ‘25 Δ% ESG Electricity distributed (GWh) 1,748 1,737 -1% KEY FINANCIALS Gas distributed (mcm) 593 642 +8% NETWORKS Water sold (mcm) 88 96 +10% WASTE Waste collected (Kton) 1,149 1,213 +6% ENERGY Waste treated (Kton) 1,463 1,422 -3% MARKET WTE’s
Slide 15: ESG KPIs
ESG KPIS 15 H1 2025 RESULTS HIGHLIGHTS H1 ’24 H1 ‘25 Δ% ESG Carbon intensity (gCO2/KWh) 313 312 -0.3% KEY FINANCIALS Sorted waste collection (%) 68 69 +0.9% NETWORKS Green energy sold (GWh) 860 877 +1.9% WASTE Material recovery from waste in Iren’s plants 562 525 -6.6% ENERGY District heating volume
Slide 16: Scenario
SCENARIO 16 H1 2025 RESULTS HIGHLIGHTS ESG H1 ’24 H1 ‘25 Δ% KEY FINANCIALS NETWORKS PSV €/000 scm 33 46 +39% WASTE PUN (€/MWh) 93 120 +29% ENERGY CO2 €/Ton 64 71 +11% MARKET Green Cert. Hydro (€/MWh) 42 55 +31% EBITDA - NET PROFIT Clean spark spread (€/MWh) -5.3 -1.7 n.s. NFP CLOSING REMARKS ANNEXES
Slide 17: Disclaimer
DISCLAIMER 17 H1 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