Iren (IRE) Pre-Close Presentation summary

Financial performance and guidance

• Q1 2025 revenues reached €1,274M, with EBITDA at €418M and group net profit at €136M; FY 2025 EBITDA guidance is €1,340–1,360M and net profit €300–310M.

• Technical capex for Q1 2025 was €185M, with FY 2025 guidance at ~€900M; NFP at Q1 2025 was €3,972M.

• NFP/EBITDA ratio remains stable at 3.2x; sound operating cash flow offsets technical capex and M&A outflows.

• Depreciation increased due to capex and integrations; higher provisions to bad debt linked to gradual protection service clients and waste tariffs.

• Tax rate stable at 30%, with lower minorities following the purchase of Iren Acqua's minority stake.

Business unit performance and outlook

• Networks EBITDA in Q1 2025 was €131M, with organic growth and Egea consolidation contributing; technical capex focused on power distribution.

• Waste EBITDA reached €70M in Q1 2025, with growth in collection and treatment activities; recovery in plant profitability of about €10M expected.

• Energy EBITDA was €117M in Q1 2025, supported by higher hydro production and positive thermoelectric results; Egea contributed €6M, mainly in heat.

• Market EBITDA stood at €100M in Q1 2025, with Egea adding around €10M and 200k clients; absence of 2024 gas extra-marginality offset by Egea's contribution.

• Energy efficiency activities saw lower volumes; IrenPlus product/service growth was counterbalanced by temporary margin reduction.

Strategic initiatives and corporate actions

• Issued inaugural €500M hybrid bond at 4.5% coupon, oversubscribed nearly 8x.

• Acquired 40% of Iren Acqua, achieving full control of the integrated water cycle operator in Genoa.

• Secured 2,055 MW of capacity in the 2027 Capacity Market auction at €47,000/MW/year.

• Board confirmed existing Chairman, Vice-Chairman, and CEO.

• Finalized acquisition of 47.23% of Egea Holding, consolidating full control by May 2025.