H1 2026 RESULTS
July 30th, 2026
H1 2026
RESULTS
ANNEXESNETWORKS
WASTE
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EBITDA -
NET PROFIT
NFP
CLOSING
REMARKSENERGYKEY FINANCIALSHIGHLIGHTS2
KEY HIGHLIGHTS2
H1’26 EBITDA
supported by organic growth and efficiencies, setting the stage for H2 ’26 growth momentum
Sustained portfolio
quality, with regulated and semi -regulated
activities accounting
for 73% of total
EBITDA
Operating cash flow
exceeded investment
requirements, funding
€410m of capex
(+4% YoY)
Lower rainfall
weighed on hydro
generation, negatively
affecting H1’26
performance
H1 2026
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H1 ‘26 RESULTS AT A GLANCE
H1 '25 H1 '26 Δ Δ%
Revenues 3,486 3,257 -229 -7%
EBITDA 726 732 6 1%
EBIT 326 318 -8 -2%
Group net profit 184 182 -2 -1% Technical capex 393 409 16 4% Net Financial Position 4.222* 4,276 54 1%
€MEBITDA EVOLUTION
(€M)
726 732 3 16 H1 ’25 Networks Waste Energy Market H1 ’26-9 -4 + -
+1%3
*FY 2025
Tailwinds
▪Organic growth and regulation in networks
▪Energy prices
▪Synergies as expected Headwinds
▪Hydroelectric production
▪Gas margins normalization ▪Slowdown of energy efficiency activities
H1 2026
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GROSS CAPEX
(€M)
104 106
56 48
22 22
H1 '25 H1 '26
Water Electricity Gas 182
177 -3%
-14%-
+2%NETWORKS
Growth driven by investments, recovering LY extraordinary items & premiums4
€MEBITDA EVOLUTION
▪Higher regulated revenues (+10€M), in water cycle and electricity, driven by organic growth and regulation ▪RAB increased by +4%, giving priority to water and electricity networks ▪H1 2025 results included premium on water technical quality (8€M), water balance (3€M) and recognition of past opex in gas (10€M) ▪Water balance (5€M) booked in H1 20261,866 1,980 644 669 837 843
FY '25 H1 '26
Water Electricity Gas
3,347 +4%
+4%+1%
+6%RAB
(€M)
3,492271 274 8 5 H1 ’25 Water Electricity Gas H1 ’26-10+1%
H1 2026
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TOTAL ENERGY SOLD
(GWh)
242 247
232 234
H1 '25 H1 '26
Electricity Heat
474
481 +1%
+1% +2%
▪Collection activities in line with last year despite higher operational costs ▪WTEs ’contribution isat~60€Mdown vsLYdue totemporary fault ▪Treatment & landfills benefits mainly from the roll out of recovery plan (+6€M) partially counterbalanced by landfills’ saturation (-4€M) ▪Recognition of extraordinary contribution for 16€M on sorted waste treatment plants and 4€M of insurance claimWASTE Result supported by extraordinary contribution in treatment plants5 €M
WASTE MANAGED
1,644
1,545
449 391
H1 '25 H1 '26
Urban waste Other waste
2,093
1,935-8%
-13%
-6%
(kTon )132148
116 H1 ’25 Collection WTE Treatment plants & landfillsH1 ’26-1+12%EBITDA EVOLUTION
H1 2026
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H1 '25 H1 '26
▪RES affected by lower Hydro volumes (-190GWh) partially counterbalanced byhigher captured prices ▪CCGT & thermo benefitted from higher CSS and MSD (+6€M) ▪Higher spark spread in heat partially offset by lower volumes ▪Energy efficiency affected by reduced opportunities in rebuildingENERGY Lower hydro volumes partially offset by CSS & MSD6
€MHEAT SOLD
ELECTRICITY SOLD175166 56
H1 ’25 RES CCGT & thermo Heat Energy efficiency & othersH1 ’26-13 -7
(GWht )
890 716
3,475
3,692
H1 '25 H1 '26
RES Gas plants
4,365
4,408 +1%
+6%
-20%(GWh)
1,532
1,474 -4%EBITDA EVOLUTION*
-5%
* Includes Other services contribution for 3€M
H1 2026
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REMARKSENERGYKEY FINANCIALSHIGHLIGHTS
3.14
3.13
POWER
452 414
GASFINAL CLIENTS’ VOLUMES
- -9%
H1 ‘25 H1 ‘26 H1 ‘25 H1 ‘26(Mcm ) (TWh)
▪Margins normalization in gas of -5€/clients as expected ▪Gas volumes down 9%, reflecting lower unitary customer consumption and a reduced customer base following a selective
commercial strategyMARKET
Gas margins normalization in a competitive scenario €M
148 14432
H1 ’25 Electricity Gas Iren Plus & Others H1 ’26-9EBITDA EVOLUTION -2%
2.35
2.30
CUSTOMER BASE RETAIL &
SMALL BUSINESSCUSTOMER
-2% FY ‘25 H1 ‘26(M customers)7 42% 41%
IREN PLUS(penetration
rate)
H1 ‘25 H1 ‘26
H1 2026
RESULTS
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REMARKSENERGYKEY FINANCIALSHIGHLIGHTS
▪Tax rate at 30.5% ▪Lower results at some subsidiaries
H1 '25 H1 '26 Δ Δ%
EBITDA 726 732 6 0.8%
D&A -350 -363
Provisions to bad debt -45 -47 Other provisions and write-downs -5 -4
EBIT 326 318 -8 -2.4%
Financial charges -55 -56 Companies consolidated at equity method 9 7 Others -4 2
EBT 276 272 -4 -1.4%
Taxes -83 -83 Minorities -9 -7 Group net profit 184 182 -2 -1.0%▪Higher depreciation due to investments
made last year€MEBITDA TO GROUP NET PROFIT RECONCILIATION
▪Cost of debt stable at 2.36% ▪Lower contribution from equity -method
companies8
H1 2026
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REMARKSENERGYKEY FINANCIALSHIGHLIGHTS
7628340918942
Ebitda Other
operational
changesEco-Super
bonusChanges
in WCCapex M&A and disposalDividends H1 ’264,222
-733-146-664,276
MtM
Derivatives
& otherFY ’25+54€M (+1 %) ▪Net debt slightly increase despite operating cash flow more than offset investments ▪Sale of Eco -super bonus booked in our balance sheet ▪Higher net working capital due to seasonal effect and long -term credit on regulated businesses for 50€M ▪M&A includes the cash inflow generated by COGESI through the sale of a water network in Piedmont (former Egea asset)NET DEBT EVOLUTION (H1 2026 VS FY2025) €M Operating cash flow levered -520€M9
H1 2026
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CLOSING REMARKS
GUIDANCE 2026
▪EBITDA: around +3% vs FY2025 ▪Gross technical capex : ~0.95€B ▪Net profit: around +2% vs. FY2025 ▪NFP/EBITDA: ~3.1x▪Networks: growth trend in regulated activities continues with a strong acceleration in Q4 ▪Waste: growth is expected in line with H1, stripping out
extraordinary elements
▪Energy: growth skewed in the second half of the year supported by positive contribution of the energy value chain ▪Market: persistent competitive scenario in H22026 OUTLOOK10
ANNEXES
H1 2026
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€M H1 '25 H1 '26 Δ Δ%
Revenues 677 681 4 1% Ebitda 271 274 3 1% Electricity 51 56 5 10% Gas 62 52 -10 -16% Water 158 166 8 5% Ebit 150 150 0 0% Technical capex 182 177 -5 -3%
€M H1 '25 H1 '26 Δ Δ%
Revenues 689 709 20 3% Ebitda 132 148 16 12% Collection 57 58 1 2% Treatment & disposal 75 90 15 20% Ebit 22 33 11 50% Technical capex 74 68 -7 -9% WASTE
€M H1 '25 H1 '26 Δ Δ%
Revenues 1,442 1,308 -134 -9% Ebitda 175 166 -9 -5% Hydro&Renewables 72 59 -13 -18% Thermo/Coge, DH 97 108 11 11% Energy eff. 6 -1 -7 -117% Ebit 83 71 -12 -14% Technical capex 57 76 19 33%
ENERGY MARKET
€M H1 '25 H1 '26 Δ Δ%
Revenues 1,963 1,815 -148 -8% Ebitda 148 144 -3 -2% Electricity 70 73 3 4% Gas 73 64 -9 -12% Iren Plus & others 5 7 2 40% Ebit 71 64 -7 -10% Technical capex 45 47 2 5%H1 2026 BUSINESS UNITS’ RESULTS12 Others services: EBITDA 2.6€M in 2026, EBIT 1.5€M and capex for 42€M
H1 2026
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A SOUND AND SUSTAINABLE DEBT STRUCTURE
INTEREST RATE
54%
30%11%5%
Green Bond EIB-CEB ESG Loans Bonds LoansDEBT STRUCTURE
69%27%4%
Fixed Fixed-rate swap Variable
4.6 years
Average duration96%
Fixed rate debt2.36 %
Average cost84%
Sustainable debt13
H1 2026
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H1 ’25 H1 ‘26 Δ%
Electricity distributed (GWh) 1,737 1,901 +9% Gas distributed (mcm) 642 635 -1% Water sold (mcm) 93 92 -1% Waste collected ( Kton ) 1,213 1,140 -6% Waste treated ( Kton ) 1,422 1,329 -7% Biomethane produced ( Mcm ) 6.6 6.3 -5% Renewables energy sold (GWh) 890 716 -20% Hydro volumes sold (GWh) 744 554 -25% Solar volumes sold (GWh) 147 162 +10%INDUSTRIAL KPIS14
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H1 ’25 H1 ‘26 Δ%
PSV€/000scm 43 44 +2%
PUN(€/MWh) 120 127 +6%
CO2€/Ton 71 76 +7% GreenCert.Hydro(€/MWh) 55 51 -7% Clean spark spread (€/MWh) -1.7 -1.6 +6%SCENARIO15
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REMARKSENERGYKEY FINANCIALSHIGHLIGHTSThe Manager incharge ofdrawing upthe corporate accounting documents and the Chief Financial Officer of IREN S.p.A.,Mr.Giovanni Gazza ,hereby declares, pursuant toparagraph 2ofarticle 154 bisoftheConsolidated Finance Act(Legislative Decree No58/1998 ),that theaccounting information contained inthispresentation isconsistent with the accounting documents, records and books .
Thisdocumentwasprepare dbyIRENmainlyforusedurin gmeetingswithinvestorsandfinan cialanal ysts.This
documentdoesnotconstituteanoffertosellorasolicitationtobuyorsubscribe sharesandneitherthisentire
documentoranyportionofitmayconstituteabasisorprovideareferenceforanycontractorcommitment.
Someoftheinformationcontainedinthisdocumentmaycontainprojecteddataorestimatesthatarebasedon
currentexpectationsandonopinionsdevelopedbyIRENandarebasedoncurrentplans,estimates,proje ctions
andproje cts.Consequen tly,itisrecommende dthattheybeviewedasindicativeonly.
Projecteddataandestimatesentailrisksanduncertainties.Thereareanumberoffactorsthatcouldproduce
significantdifferencesbetweenprojectedresultsandactualresults.Inaddition,resultsmaybeaffectedbytrends
thatareoftendifficulttoanticipate,aregenerally beyondIREN’scontrolandcouldproduceresultsanddevelop ments
thataresubstantiallydifferentfrom thoseexplicitlyorimplicitlydescribedorcomputedintheabovementioned
projecteddataandestimates.Thenon-exhaustivelistthatfollowsbeingprovidedmerelybywayofexample,these
risksinclude:significantchangesintheglobalbusinessscenario,fluctuationsinthepricesofcertaincommodities,
changesinthemarket’scompetitiveconditionsandchangesinthegeneralregulato ryframework.
Notice isalso given that projected data arevalid only onthedate they areproduced .Except forthose cases inwhich the applicable statutes require otherwise, IREN assumes noobligation toprovide updates oftheabovementioned estimates and projected data .DISCLAIMER16