Iren S.p.a. · MIL:IRE
Iren — Investor Day (November 2025)
40 slides from Iren's investor day presentation, Nov 13, 2025
Slide 1: Building Strength in a Dynamic Landscape
BUILDING STRENGTH IN A DYNAMIC LANDSCAPE Business Plan at 2030 INVESTOR DAY 2025 November 13th 2025
Slide 2: Strategy
STRATEGY ACTION PLAN INVESTOR DAY 2025 FINANCIALS ANNEXES
Slide 3: 2021-2024: 4 years of robust growth, further accelerated by strategic operations
2021-2024: 4 years of robust growth, further accelerated by strategic operations +34% Regulated Asset Base (RAB) +37% +8.3% 2x EBITDA EBITDA CAGR Material recovered from waste 3.9B CUMULATIVE CAPEX 10x +110M€* EBITDA from executed Renewable M&A Capacity +5% Steady District Heating RATIO NFP/EBITDA V
Slide 4: Greater focus, greater visibility: increased weight on regulated businesses
Greater focus, greater visibility: strategic positioning with increased weight on regulated businesses STRATEGIC REVIEW OF THE STRATEGIC FOCUS PROFITABILITY FINANCIAL FLEXIBILITY MULTI-UTILITY STRUCTURE IMPROVEMENT Business model review Capital allocation Profitability recovery Financial discipline
Slide 5: Consistency and vision: confirmation of the strategic pillars
Consistency and vision: confirmation of the strategic pillars confermata confermata direzione è direzione è nostra nostra visione: la visione: la Coerenza e Coerenza e GREEN TRANSITION VALUE CREATION FOR LOCAL COMMUNITIES SERVICE QUALITY AND TERRITORIES ▪ Managing business operations in ▪ Commitment
Slide 6: 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 un
Slide 7: 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 8: 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 9: 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 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: Action Plan
STRATEGY ACTION PLAN INVESTOR DAY 2025 FINANCIALS ANNEXES
Slide 12: The macrotrends driving the definition of the action plan
The macrotrends driving the definition of the action plan ▪ Protection of water resources NETWORKS ▪ Electrification of consumptions WASTE ▪ Circular economy development ACTION ▪ Energy transition and decarbonization PLAN ENERGY ▪ Growth in electricity demand MARKET ▪ Increased competition INVESTOR
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: Financials
STRATEGY ACTION PLAN FINANCIALS INVESTOR DAY 2025 ANNEXES
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: Closing remarks: solid growth with higher profitability and reduced execution risk
Closing remarks: solid growth with higher profitability and reduced execution risk READY TO SEIZE NEW HIGHER PROFITABILITY VALUE SHARING GROWTH OPPORTUNITIES Boost to growth in Commitment to sharing The new focused multi- regulated sectors and value creation with utility model enables increased prof
Slide 27: Annexes
STRATEGY ACTION PLAN INVESTOR DAY 2025 FINANCIALS ANNEXES
Slide 28: 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 29: 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 30: Circular Economy
Circular Economy 2020 2024 2028 2030 2040 75,5% 72,1% 74,2% 69,3% 80,0% Sorted waste ▪ Legacy collection (%) regions 74,0% 69,9% 70,8% 63,1% 65,5% ▪ Other areas 1.533 1.539 Material recovery from waste in 1.062 Group facilities (kton) 1.522 492 31,1 Biomethane from 9,9 biodegradable waste 0,0 31,1 3
Slide 31: Water Resources
Water Resources 2020 2024 2028 2030 2040 4.438 Waste water treatment 3.785 4.438 4.243 capacity (kP.E.) (across all 3.527 territories) Water withdrawals from the 260 246 245 240 228 environment (liters/inhabitant/day) (across all territories) 33,3% 30,4% ▪ Legacy regions Water network leaks (%) 27,8
Slide 32: Resilient cities
Resilient cities 2020 2024 2028 2030 2040 125 135 District heated volumes (million cubic meters) 102 97 122 53% Eco-vehicles on total fleet (% of electric and biomethane vehicles 35% 29% over total fleet) 19% 22% 3.000 2.395 2.500 2.000 Green electricity sold to retail customers (GWh) 326 587 473 51
Slide 33: People
People 2020 2024 2028 2030 2040 Employment, +4.384 development, +9.400 and ▪ New hires (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% ▪ Employees evaluated 54% on performance** (%) Diversity & 30,0% 25,9% 26,5% 27,0% Inclusion 22,8
Slide 34: 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 35: 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 36: 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 37: 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 DAY 2025 STRATEGY ACTION PLAN FINANCIALS ANNEXES 37
Slide 38: 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 39: 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 40: 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