BUILDING STRENGTH IN A DYNAMIC LANDSCAPE
Business Plan at 2030
INVESTOR DAY 2025
November 13th 2025
ACTION PLAN
INVESTOR DAY 2025
FINANCIALS ANNEXES2021-2024: 4 years of robust growth, further accelerated by strategic operations
+34%
Regulated Asset Base (RAB)
2x
Material recovered from waste
+37%
EBITDA
+8.3%
EBITDA CAGR
10x
Renewable
Capacity
+5%
District Heating
Volumes
CUMULATIVE CAPEX
+110M€*
EBITDA from executed M&A
Steady
RATIO NFP/EBITDA
*Unieco, I.Blu, Acquaenna, Sienambiente, Egea included from 2025
+22%
Customers
550M€
Dividends paid out
Greater focus, greater visibility: strategic positioning with increased weight onregulated businesses
STRATEGIC REVIEW OF THE MULTI-UTILITY STRUCTURE
Business model review aimed at optimizing the multi-utility structure, driven by a strategic focus on core activities.
STRATEGIC FOCUS
Capital allocation increasingly focused on organic growth within regulated activities.
PROFITABILITY IMPROVEMENT
Profitability recovery enabled by a more selective asset allocation and the implementation of a defined synergy plan.
FINANCIAL FLEXIBILITY
Financial discipline to accelerate growth beyond the baseline plan, by capturing further organic and inorganic growth opportunities.
Consistency and vision: confirmation of the strategic pillars
GREEN TRANSITION VALUE CREATION FOR LOCAL COMMUNITIES SERVICE QUALITY
AND TERRITORIES
Managing business operations in harmony with the environment and natural ecosystem
Sustainable and responsible use of natural resources
Recovery of materials and energy
from waste
Commitment to meeting the infrastructural and facility needs of local territories
Strengthening infrastructure resilience
Enhancing engagement and proximity to customers and local communities
Process optimization
Strengthening territorial presence by completing the range of service portfolio
IREN HAS CONFIRMED ITS:
AND DEFINED THE FOLLOWING:
WATER RESOURCES
RESILIENT CITIES
BASED ON CHALLENGING SCENARIOS WITH REALISTIC CHANCES OF SUCCESS AND IN LINE WITH THE TECHNICAL AND OPERATIONAL FEASIBILITY OF TECHNOLOGIES AND INVESTMENTS
DECARBONIZATION
CIRCULAR ECONOMY
base year target 2020
mid term target 2028
mid term target 2030
long term target 2040
PEOPLE
Looking ahead to 2040: building tomorrow's transition today
THE GREEN TRANSITION IN EUROPE IS CURRENTLY FACING A PERIOD OF UNCERTAINTY DUE TO:
Political and economic scenario
Financial uncertainties
Slowdown in infrastructure development
Delay in the industrialization of key
technological innovations
Inconsistency between regulatory and economic constraints to renewable energy development and the plans
for energy independence and critical
raw materials
Reduced transparency and clarity regarding regulatory constraints
Among the leading national players in integrated water services and electricity distribution
The only operator in Italy to have put forward an advanced public-private partnership proposal for the renewal of hydroelectric concessions
Extension of the district heating network to fully utilize plants capacity
We are closing the urban waste cycle by developing 3 new Waste-to-Energy (WTE) plants
With a renewed portfolio of products and services, an excellent customer base, and a widespread territorial presence, we will become the main point of reference for our customers
Selectivity in investments to drive transformationSelective 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%
0.5
40%
25%
NEW BP
6.4B€
2025-2030
Total Investments
M&A 2025
Technical Investments
19%
6.4B€ technical CAPEX to support the development of regulated businessesCUMULATED CAPEX 6.4B€
Balanced distribution of
investments over the period
Low execution risk
High predictability of results
High investments in
sustainable projects/activities
10%
36%
31%
6.4B€
23%
22%
6.4B€
78%
~60%
Development free market
/ semi-regulated
Development Regulated Business (RAB)
* Includes investments in district heating, hydropower, air coolers and renewables with FER-X
Clear vision, towards concrete results2025-2030
CUMULATIVE TECHNICAL CAPEX
EBITDA:
Cagr 4%
1,530 ~1,600
1,274
2024 2028 2030
Confirmation of the commitment to achieve efficiencies and synergies
GROUP
NET PROFIT:
Cagr 7%
268
360 ~400
Group net profit growth supported by EBITDA increase, improvement in depreciation and amortization dynamics
2024 2028 2030
and acquisition of Iren
Acqua minority
FINANCIAL LEVERAGE
3.5x
3.2x
3.1x
3.0x
Maximum threshold of
3.5x consistent with our portfolio of regulated and semi-regulated businesses
2024 2028 2030
STRATEGYINVESTOR DAY 2025
FINANCIALS ANNEXESThe macrotrends driving the definition of the action plan
NETWORKS
Protection of water resources
Electrification of consumptions
WASTE ▪ Circular economy development
ENERGY
Energy transition and decarbonization
Growth in electricity demand
MARKET ▪ Increased competition
INVESTOR DAY 2025
STRATEGY ACTION PLAN FINANCIALS
ANNEXES 12
INTEGRATED WATER SERVICE
⃝ Confirmation of the concession perimeter
⃝ Network replacement and modernization
PURIFICATION CAPACITY
CAPEX
12%
28%
2.6B€
EBITDA GROWTH
7% CAGR
60%
M€
EBITDA
478
95
89
615
115
115
705
120
125
460
294
385
2024
Integrated Water Service
2028
Power
2030
Gas
3.8 million inhabitants in 2024
4.4
Millions inhabitants
⃝ 5 new wastewater treatment plants
and revamping of existing facilities
⃝ Operational efficiency and service quality
DURATION OF POWER
POWER
⃝ Renewal of concessions supported by
extraordinary investment plans
⃝ Network strengthening to enhance resilience
⃝ 4 new HV/MV primary substations to support increasing electricity demand
⃝ Improvement in performance and commercial quality
GRID INTERRUPTION (SAIDI)
RAB
B€
-18%
2030 vs FY2024
3.1
0.8
0.6
3.9
0.9
0.8
0.9
1
1.7
2.2
2.5
4.4
GAS
⃝ Confirmation of the concession perimeter
⃝ Network replacement to enhance safety
2024 2028 2030
13
INVESTOR DAY 2025
STRATEGY ACTION PLAN FINANCIALS
ANNEXES
Consolidations in legacy areas
BASIN SERVED
million inhabitants in 2024
M
Inhabitants in 2030
Efficiency of operating costs along with high
quality of service through digitalization
Push to increase sorted waste collection
SORTED COLLECTION
TREATMENT
AND DISPOSAL
Capacity expansion in
energy recovery (3 WTE/extensions)
Completion of the
waste treatment plant fleet (3 new plants)
Optimization of waste supply chain
Consolidation of minority stakes in waste
treatment companies
70% in 2024
Mt
WASTE FLOWS
2.9
2.3
2.3
2.3
3.5
~75%
2030
3.5
CAPEX
37%
1.2B€
63%
EBITDA GROWTH
4% CAGR*
M€ EBITDA
325
330
256
2024
Collection
2028
Treatment and disposal
2030
147
108
140
190
135
190
* 3 fully operational WTEs in 2033 will increase EBITDA by around €120M, resulting in a CAGR of 6.5%
2024 2028 2030
Collection
Treatment and disposal
flexible plants supporting the electrical systemRES
Development of greenfield renewable capacity (+200MW) supported by incentives
CAPEX
REBUILDING PROJECTS
~200
2025-30
Renewal of expired hydroelectric concessions
through PPPs
CCGT, THERMO
25%
1.6B€
21%
EBITDA GROWTH
Mcm
DISTRICT HEATING VOLUMES
AND DISTRICT HEATING
Installation of air coolers on CCGTs to increase availability
Extension of district heating network
ENERGY EFFICIENCY
Energy efficiency and development of FTV plants (18MW) for business customers
M€ EBITDA
101
28 20
132
283 2
19%
340
4% CAGR
350
135
70
40
100
125
70
35
100
10
5
122 125
102
2024 2028 2030
MW
RENEWABLE CAPACITY
837
217
620
370
430
625
636
1.000 1.070
PPP proposals with PA clients
2024 2028 2030
Hydro RES Thermo Distr. Heat. Energy eff.
2024 2028 2030
FV/Wind
Hydrolong-term value of our customers
CLIENTS
CAPEX
CUSTOMER BASE (M)
at 2030
2.3
Retention of high-value customer
Increase in power volumes due to electrification of consumption
Medium-long term PPA development with end
0.6B€
EBITDA GROWTH
TWh
ELECTRICITY SOLD TO RETAIL
CUSTOMERS
customers
Further strengthening of pull, digital and physical store channels
0% CAGR*
4.4 4.7
SERVICES
M€ EBITDA
257
3.9
2024 2028 2030
20 245 230
Cross-selling of Iren Plus products and services
Further development of bundle offerings, including connectivity, and stand-alone insurance
8 20 20
106 95 80
123 130 130
INSURANCE AND CONNECTIVITY CONTRACTS (K)
Mt
120
110
50
2024 2028 2030
Power Gas Iren plus & other
2024 2028 2030
*Net of normalization of gas margins: -2% EBITDA cagr vs FY24 reported
Sustainability: an ambitious long-term vision
Water resources Circular economy Decarbonization Resilient cities
28%
26%
4.3B€
Sustainable Capex*
33%
13%
Water losses
24%
%
33% 31% 29% 28%
Material recovery
Carbon intensity
scope 1
312
gCo2
/KWh
332 315 315
* Eligible for the European Taxonomy
122
125
135
97
102
Mcm
District heating volumes
Mt
1.5
1.5
1.5
1.0
0.5
129
2020 2024 2028 2030 2040
2020 2024 2028 2030 2040
2020 2024 2028 2030 2040
2020 2024 2028 2030 2040
Synergy plan to further support profitability
synergies by 2030
120
80
Identified projects to support corporate transformation
reduction of addressable costs
Already done
in 9M '25
20
2025 2028 2030
synergies achieved by 2028
18
Overall synergies of 120M€ to offset and exceed increase in costs, estimated over the plan period in roughly 35M€, due to the increase in personnel costs for contractual adjustments (beyond expected inflation)
synergies per year in line
with past performance
INVESTOR DAY 2025
STRATEGY ACTION PLAN FINANCIALS
ANNEXES
Synergies: 200 projects for a cumulative saving of 120M€ by 2030
OBJECTIVES
PEOPLE
Managerial turnover
Generational change
Organization: simplification, integration
QUALIFYING EXAMPLES
EGEA INTEGRATION
Rationalization of EGEA's corporate structure and subsequent integration of its companies into the Group's Business Units
OPTIMIZE
Processes revision and organization
STREAMLINE
Recovery of profitability through synergies
ACCELERATE
Simplification of organizational structures
INVESTOR DAY 2025
TRANSFORMATION
Corporate digitization
Optimization of businesses portfolio
Competence and specialization centers
EFFICIENCY
CORPORATE DIGITIZATION 2026-2030
Dissemination of a digital culture through the introduction of digital tools to increase productivity and automation of low intellectual value processes
CALL CENTER AND BILLING MERGER
Progressive unification of customer management call centers and
integration of billing activities under a single function
Corporate model extended to new subsidiaries
Centralization of spending categories
Zero-based-budget
Office optimization
OFFICE OPTIMIZATION 2025-2027
Reduce organizational, communication, and operational dispersion between locations, thus improving efficiency
STRATEGY ACTION PLAN FINANCIALS ANNEXES 19
STRATEGY ACTION PLAN
INVESTOR DAY 2025
ANNEXESSolid growth net profit +7%yoy
M€
1.480
1.530
~1.600
330
360
268
~400
GROUP NET PROFIT
M€
EBITDA
GROWTH DRIVERS BY 2030
Organic growth
Efficiencies & synergies
Inorganic growth
1.274
Normalization of power &
gas Margins
Energy scenario
2024 2027 2028 2030
2024 2027 2028 2030
Emerging personnel costs
Growth including profitability generated by the 3
new WTE plants in 2032/2033
EBITDA from regulated and semi-regulated activities
INVESTOR DAY 2025
STRATEGY ACTION PLAN FINANCIALS
ANNEXES 21
Financial soundness supporting strategic options
FINANCIAL LEVERAGE
3.2x
3.1x 3.0x
3.5x
Financial leverage
BBB Stable
BBB Stable
2024 2028 2030
NET DEBT SOURCES AND USES 2025-2030
B€
4.1
5.9 1.3 0.5
(0.5)
0.1
4.9
Incremental
debt
7,7 7,7
0,5
5,9
1,3
Dividends
(6.5)
2024 Operating cash flow
2024
Net investments
Dividends M&A 2025 Hybrid Bond Others 2030
Operating cash flow and others
Hybrid
6,4
0,8
0,5
Net organic investments
Inorganic
- 2028 (4.1) 3.8 0.8 0.5
(0.5)
0.1
Bond
SOURCES USES
investments
INVESTOR DAY 2025
STRATEGY ACTION PLAN FINANCIALS
ANNEXES 22
Low exposure to interest rate risk, high financial reliability
AVERAGE COST OF DEBT MATURITIES*
2.17%
≤ 2.5%
≤ 2.9%
M€
Average duration FY2024
593 546
820
558
2024 2025-2026 2027-2030
Fixed rate debt FY2024
80
2026 2027 2028 2029 2030
*Including the repayment of a project financing; excluding the 500M€ hybrid bond, which will lose its equity content in 2030
SUSTAINABLE FINANCE
2030 2040
Dividend policy: long term visibility
DIVIDEND POLICY maximum between:
of ordinary Group's net income
8% CAGR
6% CAGR
growth YoY until 2027 and
growth YoY until 2030
Dividend per share,
c€
13,86
14,97
16,16
17,11 18,14
19,23
12,83
2024 2025 2026 2027 2028 2029 2030
Beyond the base plan: additional growth pathways delivering +100M€ in EBITDAThe 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 impact given the stage of technological maturity
INORGANIC GROWTH
strengthen the Group's profitability with no impact on financial
investments in networks
Speed up of
Automated sorting
profile
in reference areas:Bolt-on acquisitions, in water and waste
systems and WTE revamping for urban waste
ORGANIC GROWTH
centers and further development of heating network
StrongData
Public-private partnership proposals in the water sector
integration of the energy supply chain thanks to PPAs for 1.5
TWh with a modulated profile
Closing remarks: solid growth with higher profitability and reduced execution riskHIGHER PROFITABILITY
VALUE SHARING
READY TO SEIZE NEW GROWTH OPPORTUNITIES
Boost to growth in regulated sectors and increased profitability (ROI +90bps)
Commitment to sharing value creation with shareholders through the financial sustainability of our Dividend Policy
The new focused multi-utility model enables further development options in the short/medium term that can accelerate growth in core businesses
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IREN S.p.A. published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 15:34 UTC.
