Today, the Board of Directors of IREN S.p.A. approved the consolidated financial statements at 30 September 2025.

Luca Dal Fabbro, Chair of the Group, said: "The results for the period are very positive, reflecting the efficacy of our strategy and the quality of our management, marked by a 9% growth in EBITDA and a 12% increase in net profit. We have effectively maintained a strong balance between organic and inorganic growth, enhancing the synergies among the different business areas. We uphold the guidance for the current financial year, predicting—as previously anticipated—a more moderate growth in the remaining part of the year. In particular, we expect a 2025 EBITDA of Euro 1,350 million, a net profit of Euro 300 million, and technical investments exceeding Euro 900 million"

Gianluca Bufo, Chief Executive Officer and General Manager of the Group, said: " The results for the period confirm the strength of our industrial model and the Group's capacity to generate sustainable value, thanks to a technical investment plan exceeding Euro 610 million, largely allocated to regulated businesses. The growth of Euro 80 million during the period was driven by positive contributions from all business lines and the implementation of the synergies plan, which is yielding tangible results in terms of operational efficiency and profitability (+Euro 16 million). The achieved results serve as a solid foundation for advancing along the development path and for achieving the goals of the new business plan, further supported by an improvement in the IFN/EBITDA ratio expected to be 3.1x by year-end".

Moris Ferretti, Deputy Chairman of the Group said: "The growing results confirm the commitment and professionalism of the almost 12,000 people who work in the Iren Group and who are the real engine of the successes we are reporting. Furthermore, we persist in our path of sustainable growth with determination, focusing 68% of investments mainly on environmental and social projects, which serve as a strategic foundation providing further strength and stability to our company's development model. In particular, during the period, we recorded a 12% increase in district heating volumes due to the consolidation of Egea and the stabilisation of 70% of separate collection, facilitated by the expansion of best practices to other serviced territories."

IREN GROUP: CONSOLIDATED RESULTS AT 30 September 2025

Consolidated Revenues as at 30 September 2025 amounted to Euro 4,839.8 million, an increase of +16.4% compared to Euro 4,156.6 million in the first nine months of 2024. The main drivers of the turnover increase are linked to energy revenues, influenced by approximately Euro 90 million due to rising commodity prices and around Euro 160 million from higher energy sales volumes. The consolidation of the EGEA Holding group, effective as of 1 January 2025, for Euro 313 million and energy efficiency activities amounting to approximately Euro 59 million contribute positively.

The Gross Operating Margin (EBITDA) amounts to Euro 1,003.5 million, an increase of 8.7% compared to Euro 923.5 million in the first nine months of 2024. The margin increase for the period is primarily attributable to the consolidation of the EGEA Holding group (+Euro 43 million), organic growth (+Euro 18 million), and the synergy plan (+Euro 16 million). The increase in the Networks business unit, in addition to being related to the tariff awards due to the investments made in recent years and the regulatory effects for the revision of the tariff parameters, has also benefited from some positive one-offs (water quality premiums and concerning the ARERA 570/R/ gas resolution) that have more than compensated for the loss of the capital gains related to the tariff adjustments for the recovery of inflation for the Integrated Water Service, which had positively characterised the year 2024 (-Euro 9 million) and are no longer repeatable, and the reduction, starting from the beginning of the year, of the WACC recognised in the gas and electricity distribution sectors. The energy scenario was characterised by growing commodity prices compared to 2024, but these slowed during the third quarter of 2025. Price trends, for energy production margins, led to contrasting and overall negative effects (-Euro 4 million), with slight decreases in margins for both electricity production (-Euro 1 million) and heat production (-Euro 3 million). The decline in the margin is also due to lower production levels, particularly in hydroelectric generation (-Euro 12 million) owing to the limited hydraulic capacity during the summer, partially offset by higher heat production (+Euro 8 million) and the activities of the Environment business unit (+Euro 2 million). Conversely, the positive contribution of the 'Capacity market' fee (+Euro 20 million) is particularly noteworthy, only partially offset by the reduced contribution from the Dispatching Services Market -MSD- (-Euro 9 million). The trading business for energy commodities saw a decline (-Euro 3 million), primarily due to the anticipated reduction in margin from gas sales (-Euro 10 million), an activity that had benefited from an extraordinary positive margin in the early months of 2024, which cannot be replicated, whereas margins from electricity sales showed improvement (+Euro 7 million).

The change in margin with reference to the individual business units is broken down as follows: Networks business unit +12.6%, Market +10.2%, Energy +5.7%, and Environment +3.1%.

The Operating Result (EBIT) amounts to Euro 401.5 million, an increase of 6.6% compared to Euro 376.6 million in the first nine months of 2024. During the period, higher depreciation of Euro 45 million was recorded due to the commissioning of new investments and the expansion of the consolidation perimeter (Euro 25 million), attributable to the EGEA Holding Group, higher accruals to the provision for bad debts of Euro 9 million, higher accruals to the provision for risks of Euro 2 million, and a lower release of provisions of Euro 2 million.

The Group Net Profit attributable to shareholders amounted to Euro 219 million, up 12.2% compared to the result for the first nine months of 2024. The growth reflects the trend in EBITDA and benefits from the reduction of the net result attributable to third parties due to the acquisition of the minority stake in Iren Acqua and a 28% tax rate reduced by extraordinary, non-replicable effects.

Net Financial Indebtedness stood at Euro 4,287.4 million as of 30 September 2025, an increase of Euro 204.7 million compared to 31 December 2024. Regarding this, the operating cash flow amounted to Euro 566 million, almost fully covering the technical investments made, amounting to Euro 613 million, while the Euro 500 million raised through the hybrid bond issuance was, as planned, fully utilised for the financial investments for the period, amounting to Euro 511 million.

Total investments made during the period amounted to Euro 1,124 million, up compared with 2024, of which Euro 613 million in technical investments (+9.5%) and Euro 511 million in financial investments attributable to the acquisition of the minority stake in Iren Acqua (Euro 283 million), the exercise of the call and consolidation of EGEA Holding (Euro 238 million), and the sale of the business unit related to the integrated water service in Imperia (-Euro 11 million). It should also be noted that 68% of investments are aligned with the European Taxonomy and are earmarked for sustainability projects, in line with business plan forecasts.

[More information can be found in the attached document]