Iren : Presentation to analysts (Iren Analyst presentation 9M 2025 v1)

‌9M 2025 RESULTS‌

November 13th, 2025

‌2

9M 2025 RESULTS

Guidance confirmed

HIGHLIGHTS

KEY FINANCIALS

All business lines supported the growth also through 16M€ of synergies (EBITDA +9% and Net Profit +12%)

Egea's integration

contributed 43€M

Net debt at 4.3€B after technical investments at 613M€ (+10% vs. last year) and dividend payment

EBITDA EVOLUTION

P&L

NFP

ANNEXES

‌3

€M

	9M '24	9M '25	Δ	Δ%
Revenues	4.157	4.840	683	16%
EBITDA	924	1.003	80	9%
EBIT	377	401	25	7%
Group net profit	195	219	24	12%
Technical capex	560	613	53	10%
Net Financial Position 4,083*		4.287	205	5%

* FY 2024 data

+ Tailwinds -

• Egea consolidation

• Regulated business organic growth and non-recurring items

• Synergies and efficiencies

• EBITDA: ~1,350€M

• Net profit: ~300€M

• Gross technical capex: ~0.9€B

• M&A outflow already finalized: ~0.5€B

• NFP/EBITDA*: ~3.1x

*Including hybrid bond

Headwinds

• Hydro volumes and margins

  
  
  

• Gas supply margins and volumes

  9M 2025 RESULTS
  
  

  HIGHLIGHTS

  KEY FINANCIALS

  EBITDA EVOLUTION

  P&L

  NFP

  ANNEXES

  
  
  

  ‌4

  
  
  9M 2025

  €M

  +9%

  19

  -

  -

  1,003

  6

  3

  16

  2

  4

  14

  10

  19

  -14

  924

  ENERGY +9

  MARKET +19

  NETWORKS +45

  WASTE +6

  RESULTS

  
  
  

  HIGHLIGHTS

  KEY FINANCIALS

  
  
  

  EBITDA EVOLUTION

  P&L

  9M '24	Water Electricity	Gas	CollectionTreatment	RES	CCGT &	Heat	En.	Electricity	Gas	IrenPlus	9M '25
  			& Disposal		Thermo		Efficiency			& Others

  NFP

  Growth driven by all business units and Egea's consolidation

  ANNEXES

  
  
  
  
  

  ‌5

  
  
  9M 2025

  €M	EBITDA		9M '24* 924	9M '25 1003	Δ 80	Δ% 8,7%
  		D&A	-483	-528			▪
  		Provisions to bad debt	-56	-65
  		Other provisions and write-downs	-8	-9			▪
  	EBIT		377	401	25	6,6%

  Capex and the integration of EGEA (25€M) drove the depreciation growth

  Higher provisions to bad debt related to waste collection tariffs and EGEA consolidation

  	Financial charges	-66	-91
  Companies	consolidated at equity method	8	11
  	Others	2	0
  EBT		320	321	1	0,3%
  	Taxes	-95	-90
  	Minorities	-29	-12
  Group net profit		195	219	24	12,2%

  • Higher cost of debt, now at 2.4% (vs. 2.1% in 9M 2024)

RESULTS

HIGHLIGHTS

KEY FINANCIALS

EBITDA EVOLUTION

*Restated

• Temporary lower tax rate at 28%, following Egea non recurrent elements. FY2025 tax rate is expected ~29%

• Lower minorities due to the purchase of Iren Acqua's minority stake

P&L

NFP

ANNEXES

‌6

9M 2025

€M

4.083

-1.003

204

209 24

+204€M (+5%)

613

511

-494

177

-37

4.287

RESULTS

HIGHLIGHTS

KEY FINANCIALS

Operating cash flow levered -566€M

EBITDA EVOLUTION

changes

credits

P&L

FY '24	Ebitda	Other Superbonus	Changes	Capex	M&A	Hybrid Bond	Dividends	MtM	9M '25
		operational 110% & tax	in WC					Derivatives

NFP

• Strong operating cash flow covers almost entirely technical investments

• Higher NWC due to seasonal effects, receivables for tariffs in regulated activities and Egea's consolidation,

• M&A outflow (Iren Acqua and EGEA) is almost completely offset by hybrid bond

ANNEXES

‌ANNEXES

‌8

NETWORKS

WASTE

€M	9M '24	9M ' 25	Δ	Δ%
Revenues	937	1. 049	112	12%
Ebitda	194	200	6	3%
Collection	82	84	2	2%
Treatment & disposal	112	116	4	4%
Ebit	39	33	-6	-15%
Technical capex	107	113	6	6%

€M	9M '24	9M ' 25	Δ	Δ%
Revenues	939	1. 016	77	8%
Ebitda	359	404	45	13%
Electricity	67	77	10	15%
Gas	74	90	16	22%
Water	218	237	19	9%
Ebit	193	221	28	15%
Technical capex	254	279	25	10%

9M 2025 RESULTS

€M	9M '24	9M ' 25	Δ	Δ%
Revenues	1.437	1. 836	399	28%
Ebitda	192	202	10	5%
Hydro&Renewables	119	105	-14	-12%
Thermo/Coge, DH	69	89	20	29%
Energy eff. & others	4	8	4	100%
Ebit	62	61	-1	-2%
Technical capex	107	107	0	0%

€M	9M '24	9M ' 25	Δ	Δ%
Revenues	2.311	2. 577	266	12%
Ebitda	179	198	19	11%
Electricity	83	102	19	23%
Gas	88	88	0	0%
Iren Plus & others	8	8	0	0%
Ebit	84	87	3	4%
Technical capex	54	66	12	22%

ENERGY & others

MARKET

Energy includes others: EBITDA 4€M in 2024 and 4€M in 2025

HIGHLIGHTS

KEY FINANCIALS

EBITDA EVOLUTION

P&L

NFP

ANNEXES

‌9

9M 2025

€M +14%

359 19 10

182

35

79

RESULTS

HIGHLIGHTS

KEY FINANCIALS

			163	+10%
16	404		27	+30%
			63	+25%

163

+1%

164

(€M)

EBITDA EVOLUTION

9M '24 9M '25

Water Electricity Gas

9M '24 Water Electricity Gas 9M '25

3,064 +9%

3,348

P&L

• Organic growth (+18€M) supported by investments

• Positive contribution of +9€M from Egea consolidation since January '25 (+5€M Water and +4€M Gas)

• Premium on water technical quality in H1 '25 (8€M), water balance (3€M) and recognition of past opex in gas (10€M)

  782

  602

  1,680

  +7%

  +7%

  +11%

  838

  644

  1,866

  (€M)

  NFP

  ANNEXES

• Inflation's extraordinary recovery in water accounted in Q1 '24 (9€M)

  FY '24 9M '25

  
  
  Water Electricity Gas
  
  
  
  
  
  

  ‌€M

  194

  +3%

  2 4

  200

  
  
  

  	58	+5%	61
  	49	+6%	52

  
  
  

  107

  +6%

  113

  10

  9M 2025 RESULTS

  HIGHLIGHTS

  KEY FINANCIALS

  9M '24 9M '25

  (€M)

  EBITDA

  Collection Treatment & Disposal
  
  

  EVOLUTION

  9M '24 Collection Treatment & disposal 9M '25

  • Collection activities continue a growth path due to the regulatory tariffs update and Egea Consolidation (+2€M)

  • Treatment & disposal activities are the result of:

    • Positive contribution of WTEs, supported mainly by energy revenues

    • Recovery plan roll out

    • Lower contribution from landfills saturation. Expansion projects already

3,092

+2%

1,599

640

-

+3%

642

3,150

1,644

(kTon)

P&L

NFP

ANNEXES

underway

9M '24 9M '25

Urban waste Other waste

‌€M

188

-14

+5%

14 6 4

198

1,350

+9%

1,465

11

9M 2025 RESULTS

HIGHLIGHTS

KEY FINANCIALS

9M '24 9M '25

(GWht)

EBITDA EVOLUTION

9M '24 RES CCGT & thermo Heat Energy efficiency

& others

• RES benefited by lower hydro production in Q3

  9M '25

  4,247

  4,553

  5,950

  P&L

• CCGT & thermo positive results thanks to increased clean spark spread achieved and higher capacity market contribution

• Heat volumes increased due to capacity expansion (+12Mcm thanks also

  to EGEA), partially offset by lower margins

• Energy efficiency: positive results supported by higher rebuilding activities on non-profit organizations

  -7%

  -7%

  1.397

  -8%

  5,539

  1.292

  (GWh)

  NFP

  ANNEXES

• Positive contribution of Egea for 8€M

9M '24 9M '25

RES Gas plants

‌€M +11%

+20% +8%

4,8

12

H1 2025 RESULTS

HIGHLIGHTS

19 0

179

0 198

4,0

503

465

ESG

KEY FINANCIALS

(TWh)

9M '24 9M '25 9M '24 9M '25

(Mcm)

NETWORKS

WASTE

9M '24 Electricity Gas Iren Plus & Others 9M '25

• Egea consolidation positive contribution for around 22€M (+12€M in electricity and 10€M in gas)

• Lower margins compared to last year, mainly in gas for the absence of last

  year's gas extra-marginality

• Higher churn rate due to strong competitions

(M customers)

POWER

+3%

2,3 2,3

GAS

+2%

40% 42%

(penetration rate)

ENERGY

MARKET

EBITDA -NET PROFIT

NFP CLOSING

REMARKS

ANNEXES

FY '24 9M '25 FY '24 9M '25

CUSTOMER BASE IREN PLUS

‌13

9M 2025 RESULTS 2% 26% 6% 11%

HIGHLIGHTS

KEY FINANCIALS

72% 27% 56%

EBITDA EVOLUTION

Fixed Fixed-rate swap Variable

Green Bond EIB-CEB ESG Loans Bonds Loans

P&L

NFP

Fixed rate debt

Average duration

Average cost Sustainable debt

ANNEXES

‌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 information contained in this presentation is consistent with the accounting documents, records and books.

This document was prepared by IREN mainly for use during meetings with investors and financial analysts. This document does not constitute an offer to sell or a solicitation to buy or subscribe shares and neither this entire document or any portion of it may constitute a basis or provide a reference for any contract or commitment.

Some of the information contained in this document may contain projected data or estimates that are based on current expectations and on opinions developed by IREN and are based on current plans, estimates, projections and projects. Consequently, it is recommended that they be viewed as indicative only.

Projected data and estimates entail risks and uncertainties. There are a number of factors that could produce significant differences between projected results and actual results. In addition, results may be affected by trends that are often difficult to anticipate, are generally beyond IREN's control and could produce results and developments that are substantially different from those explicitly or implicitly described or computed in the abovementioned projected data and estimates. The non-exhaustive list that follows being provided merely by way of example, these risks include: significant changes in the global business scenario, fluctuations in the prices of certain commodities, changes in the market's competitive conditions and changes in the general regulatory framework.

Notice is also given that projected data are valid only on the date they are produced. Except for those cases in which the applicable statutes require otherwise, IREN assumes no obligation to provide updates of the abovementioned estimates and projected data.

14

9M 2025 RESULTS

HIGHLIGHTS

KEY FINANCIALS

EBITDA EVOLUTION

P&L

NFP

ANNEXES