Dear Shareholders and Stakeholders,

the consolidated results at 31 December 2025 confirm the solidity of Iren's industrial model, capable of intrinsically combining economic dimensions with those of sustainability, as stated in the Integrated Report, a document encompassing the synergy between industrial, human and environmental development that guides all our strategic actions.

Our industrial strategy is based on the transition for which we have developed a long-term plan until 2040: in 2025 we have allocated 63% of our 925 million euros of technical investments to sustainable projects eligible for the European Taxonomy in the areas of decarbonisation, circular economy, water resources and resilient cities.

We have achieved an installed renewable capacity of 851 MW and reduced the carbon intensity of energy production to 313 gCO2/kWh. As part of the circular economy, separate waste collection grew further, reaching 70.5% at Group level and 73% in historical territories.

These results truly demonstrate Iren Group's ability to create value and financial solidity also through sustainable growth and innovation.

The strengthening of Iren's presence in its reference territories is also represented by the acquisition of Egea, which has allowed the Group to accelerate its growth in all business areas, enhancing synergies and economies of scale. The Group also strengthened its presence in Tuscany in the environmental sector and in Sicily in the water sector, thanks to the consolidation of Sienambiente and the full integration of Acquaenna.

Sustainable finance then increased during the year, mainly thanks to the issuance of two new Green Bonds with a total value of 1 billion euro.

Financial operations, as the early consolidation of the EGEA Group and the acquisition of the minority stake of Iren Acqua, supported by the issue of a 500 million euros hybrid bond, have given a strong acceleration to our economic and industrial growth in the "core" sectors, strengthening our territorial presence.

A team of 11,900 employees and with over 940 hires during the year. We constantly invest in human capital, as demonstrated by more than 260 thousand training provided and a constant commitment to safety, which has led to a further reduction in the accident incidence index.

People are a fundamental pillar for Iren's success.

The solid bond with communities and our 2.3 million customers in the energy sector has been further strengthened through a widespread and capillary territorial presence with 208 physical stores and the enhancement of digital channels such as the IrenYou App, which has exceeded 2.1 million users.

We have fortified our partnership with our suppliers, by means of 6,500 actives during the year, an engagement plan on sustainability matters and commitments and also through the adoption of environmental and social standards in both selection and evaluation systems.

11.908

employees

73%

separate waste collection in historical territories

6.500

suppliers active during the year

We look to 2026 with indisputable confidence. Leveraging a 74% regulated or semi-regulated business portfolio, we expect EBITDA growth of +4% and a technical investment plan of around 950 million euros and thus focusing on the resilience of electricity grids, the modernisation of water infrastructure to further reduce losses and the development of new photovoltaic and waste treatment plants.

With your constant support, we will continue to build a Group that is increasingly resilient and close to the needs of communities. We confirm our dividend policy discussed in the Business Plan with a proposed dividend growth of +8% compared to the previous year.

Together, we shape tomorrow, every day.

The Chairman

Luca Dal Fabbro

The Deputy Chairman

Moris Ferretti

The Chief Executive Officer

Gianluca Bufo

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