Iren S.p.a. · MIL:IRE

Iren — H1 2024 Earnings Presentation

17 slides from Iren's earnings presentation, Jul 29, 2024

  1. Slide 1: H1 2024 Results

    H1 2024 RESULTS July 29th, 2024

  2. Slide 2: H1 2024 Results Highlights

    2 2 H1 2024 RESULTS HIGHLIGHTS ESG KEY FINANCIALS NETWORKS WASTE EBITDA growth (+5% YoY), NFP at 4 €B after Industrial achievements Business plan update Guidance confirmed ENERGY driven mainly by dividend payment and in renewables capacity approved MARKET regulatory framework capex of almost EBITDA

  3. Slide 3: ESG: Green transition, local presence, service quality

    3 3 H1 2024 RESULTS Green transition Local presence Service quality HIGHLIGHTS ESG Municipalities served in waste collection Stores’ Customer Satisfaction Index Carbon Intensity On track On track On track KEY FINANCIALS 327 489 gCO2/kWh 313 # # 418 9,9 9,8 NETWORKS H1 '23 H1 '24 H1 '23 H1 '24 H1 '23

  4. Slide 4: Key Financials

    4 H1 2024 RESULTS €M +5% HIGHLIGHTS H1 '23 H 1 ' 24 Δ Δ% ESG Revenues 3.214 2. 698 -516 -16% (€M) EBITDA 606 636 30 5% 48 Energy Efficiency 46 636 KEY FINANCIALS 606 Generation -7 EBIT 248 281 33 13% -31 -26 NETWORKS Group net profit 143 145 2 2% -57 WASTE Capex 402 369 -33 -8% ENERGY Net Financial

  5. Slide 5: Networks

    NETWORKS NETWORKS 5 H1 2024 RESULTS €M +26% HIGHLIGHTS +12% 163 146 ESG 7 3 238 17 39 20 -15% 42 KEY FINANCIALS 189 36 +17% NETWORKS 90 104 +16% (€M) WASTE H1 '23 H1 '24 ENERGY Water Electricity Gas H1 ’23 Water Gas Electricity H1 ’24 MARKET EBITDA - +11% 3,058 NET PROFIT  Increased allowed revenue

  6. Slide 6: Waste

    NETWORKS 6 H1 2024 RESULTS €M -5% 91 -23% HIGHLIGHTS 14 132 70 ESG 125 54 -21 -26% 40 KEY FINANCIALS NETWORKS 37 30 -19% (€M) WASTE H1 '23 H1 '24 Collection Treatment & Disposal ENERGY H1 ’23 Collection Treatment & disposal H1 ’24 MARKET 1,961 +2% 2,005 EBITDA -  Positive results in Collection, due

  7. Slide 7: Energy

    NETWORKS 7 H1 2024 RESULTS €M HIGHLIGHTS -30% 1,224 +5% 1,283 +9% ESG 11 192 KEY FINANCIALS -9 -28 135 NETWORKS -31 (GWht) WASTE H1 '23 H1 '24 ENERGY H1 2023 RES Heat CCGT & thermo Energy efficiency H1 2024 MARKET 3,949 -1% 3,902 EBITDA - NET PROFIT  RES benefited from higher volumes (almost +50% Y

  8. Slide 8: Market

    NETWORKS 8 H1 2024 RESULTS €M +48% HIGHLIGHTS 3,302 3,051 +8% +9% ESG 14 4 138 848 668 +27% 27 709 768 KEY FINANCIALS 93 +8% 1.674 1.685 NETWORKS +1% (GWh) WASTE H1 '23 H1 '24 Retail & SMEs Business Wholesale ENERGY H1 ’23 Electricity Gas Iren Plus & Others H1 ’24 MARKET  Effectiveness commercial p

  9. Slide 9: EBITDA to Net Profit

    9 H1 2024 RESULTS €M HIGHLIGHTS H1 '23 H1 '24 Δ Δ% ESG EBITDA 606 636 29 4.8%  Depreciation increase linked to investments D&A -287 -320 KEY FINANCIALS made and new companies’ integrations Provisions to bad debt -36 -34 (Sienambiente and Acquaenna) NETWORKS Other provisions and write-downs -36 -1 

  10. Slide 10: Net Financial Position

    10 H1 2024 RESULTS +80€M (+2%) €M 179 4.013 HIGHLIGHTS 3.933 345 24 -3 ESG 113 306 KEY FINANCIALS -636 NETWORKS -248 WASTE Operating cash flow levered -465€M ENERGY MARKET FY ’23 Ebitda Other Superbonus Changes Capex M&A Dividends MtM H1 ’24 operational 110% & tax in WC Derivatives changes credits E

  11. Slide 11: Closing Remarks: 2024 Guidance

    11 H1 2024 RESULTS HIGHLIGHTS ESG KEY FINANCIALS  EBITDA 1,240M€ (+4% vs. FY2023) NETWORKS  Net profit 260/270M€ (+4% vs. FY2023) WASTE ENERGY  Gross Investments: ~1B€ (including EGEA’s minority stake cash out) MARKET  NFP/EBITDA: ~3.3x EBITDA - NET PROFIT NFP CLOSING REMARKS ANNEXES

  12. Slide 12: Annexes

    ANNEXES

  13. Slide 13: Networks, Waste, Energy and Market results

    13 H1 2024 NETWORKS WASTE RESULTS €M H1 '23 H1 '24 Δ Δ% HIGHLIGHTS €M H1 '23 H1 '24 Δ Δ% Revenues 545 621 76 14% Revenues 595 616 21 4% ESG Ebitda 189 238 49 26% Ebitda 132 125 -7 -5% Electricity 41 44 3 7% Collection 38 52 14 37% KEY FINANCIALS Gas 41 48 7 17% Water 107 146 39 36% Treatment & dispo

  14. Slide 14: Debt structure

    14 H1 2024 RESULTS HIGHLIGHTS ESG 11% 1% 20% KEY FINANCIALS 19% NETWORKS 50% WASTE 70% 29% ENERGY MARKET Fixed Fixed-rate swap Variable Green Bond EIB-CEB ESG Loans Bonds Loans EBITDA - NET PROFIT NFP CLOSING REMARKS ANNEXES Fixed rate debt Average duration Average cost Sustainable debt

  15. Slide 15: Operating data

    15 H1 2024 RESULTS HIGHLIGHTS H1 ’23 H1 ‘24 Δ% ESG Electricity distributed (GWh) 1,756 1,748 -0% KEY FINANCIALS Gas distributed (mcm) 601 593 -1% NETWORKS Water sold (mcm) 87 88 +1% WASTE Waste collected (Kton) 1,053 1,149 +9% ENERGY Waste treated (Kton) 1,383 1,463 +6% MARKET WTE’s electricity sold

  16. Slide 16: Market scenario

    16 H1 2024 RESULTS HIGHLIGHTS ESG H1 ’23 H1 ‘24 Δ% KEY FINANCIALS NETWORKS PSV €/000 scm 50 33 -34% WASTE PUN (€/MWh) 136 93 -32% ENERGY CO2 €/Ton 87 64 -26% MARKET Green Cert. Hydro (€/MWh) 0 42 n.s. EBITDA - NET PROFIT Clean spark spread (€/MWh) -1.6 -6.1 n.s. NFP CLOSING REMARKS ANNEXES

  17. Slide 17: Disclaimer and manager declaration

    17 H1 2024 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 58/1998), that t

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