The Business Plan envisages a high EBITDA growth which will reach EUR 1.87 billion in 2030, boosted by the positive contribution of all business segments.

The greatest support for growth is provided by the regulated and semi-regulated activities, with a constant contribution over the plan period at 70%.

The positive increase in EBITDA is also reflected in the expected Net Profit of EUR 460 million in 2030. The growth margin, visible in the graph, generates value in both the short and long term.

Growth is determined by the following drivers:

• Organic growth +580€M, as an effect of the investment plan and in particular due to the contribution of the new renewable capacity, increased waste treatment and recovery capacity and integrated water service
  
  
• Inorganic growth +170€M, as an effect of planned M&A activity that includes 1.2 billion Euro for acquisitions and tenders particularly in the Water services and Waste Management BU
  
  
• Asset rotation -60m€, related to the divestment of Turbigo, the only thermoelectric generation plant not functional for district heating
  
  
• Performance improvement +100€M, net of the related emerging costs, are a result of a granular list of several performance improvement projects across all BUs and mainly linked to processes optimization and digitalization
  
  
• Scenario and regulation +30M, as a normalization of the energy scenario compared to 2022 with a profitability recovery at our Market BU and normalized hydro volumes; while PUN is expected to gradually decrease over the years impacting renewables and WTEs prices, combined with a contraction of the capacity market and by the expiration of our energy certificates over the period.

Iren's commitment to a balanced capital structure aimed at maintaining the current Fitch and S&P ratings is confirmed. Despite the significant investment plan, the financial profile is expected to be balanced in terms of NFP/EBITDA ratio which is expected to remain below 3.4x over the plan period.

The financial requirements in the plan period are expected to remain constant with a slight increase in the last three years. These financing needs will be managed with the most suitable instruments to ensure an adequate diversification of sources and investors, favouring the use of sustainable finance instruments. The average cost of debt is expected to fall over the next 10 years, thanks to the favourable market rate scenario, sitting in a range of between 1.4% and 1.6%.