Iren (IRE) Investor presentation summary

Strategic vision and transformation

• €6.4 billion technical capex allocated for 2025–2030 to accelerate transformation as a focused multi-utility, with 70% of investments aligned with EU Taxonomy sustainability criteria.

• Five strategic pillars: green transition, value creation for communities, service quality, infrastructure resilience, and process optimization.

• Emphasis on regulated and semi-regulated activities, targeting 75% of EBITDA from these segments by 2033.

• Expansion in water, waste, energy, and market services, including three new waste-to-energy plants and district heating network growth.

• Clear sustainability targets for decarbonization, circular economy, water resource management, resilient cities, and people development through 2040.

Financial performance and guidance

• FY2025 EBITDA reached €1.353 billion (+6%), net profit €301 million (+12%), and technical capex €925 million (+12%).

• H1 2026 EBITDA at €732 million (+1% YoY), with net profit at €182 million (-1% YoY) and technical capex €409 million (+4% YoY).

• Operating cash flow consistently covers investment needs, supporting financial stability.

• 2026 guidance: EBITDA +3% vs FY2025, net profit +2%, gross technical capex ~€950 million, NFP/EBITDA ~3.1x.

• Dividend policy ensures 8% DPS growth YoY until 2027, then 6% until 2030, with a 60% payout ratio.

Business unit highlights

• Networks: Strong growth from investments, with RAB expected to reach €4.4 billion by 2030 (+42%).

• Waste: Leadership in urban waste management, with three new WTE plants and sorted collection rates rising to ~75% by 2030.

• Energy: Flexible generation portfolio, expansion of renewables (+200MW), and district heating volumes to reach 135 Mcm by 2040.

• Market: Focus on customer retention, digitalization, and cross-selling, with a stable customer base and new service offerings.