EBITDA increased by +2.4% to €1,027 million, supported by €25 million in organic growth and €17 million in synergies. Group Net Profit reached €222 million, up 1.2%. The Group’s increasing focus on regulated and semi-regulated activities, which account for 74% of EBITDA, further strengthens its resilience in the current challenging environment. At the same time, the investment plan continues to progress, with technical investments reaching €647 million (+5.5%), mainly allocated to strategic infrastructure and digital transformation projects.

Main economic-financial indicators

• Gross Operating Margin (EBITDA) of 1,027 million euro (+2.4% vs. 30/09/2025). The result was driven by organic growth and the synergies achieved, despite low water levels and fewer opportunities in the field of energy efficiency.
• Group net profit attributable to shareholders amounted to 222 million euros, a decrease (+1.2% vs 30/09/2025). The trend reflects the performance of EBITDA and the higher taxes linked to the extraordinary increase in the tax rate.
• Net financial debt amounted to 4,416 million euros (+4.6% vs 31/12/2025). The increase is attributable to the continuation of the investment plan, the payment of dividends, the seasonal growth in net working capital and the higher non-tariff receivables in regulated businesses for around 90 million euro.
• Technical investments amounted to 647 million euros (+5.5% vs 30/09/2025). In line with the Strategic Plan, investments during the period mainly concerned the development of water and electricity networks, waste treatment and disposal plants, and digital transformation through IT projects.

Main sustainability indicators

• European taxonomy eligible investments of 66%
• Carbon intensity of 331 gCO2/kWh, increasing due to the greater thermoelectric production
• Increase in renewable capacity of 251 MW, up 8.5 MW compared to last year, due to the commissioning of a photovoltaic plant in the province of Bologna
• Separate waste collection of 71%, up 1 percentage point vs last year
• District heating volumes of 116 million cubic metres, up compared to last year
• The total number of Group employees exceeds 12,160 people, following the consolidation of ETAmbiente

The Board of Directors of IREN S.p.A. today approved the consolidated financial statements as at 30 September 2026.

Luca Dal Fabbro, Executive Chair of the Iren Group, said: “The results for the first nine months once again confirm the soundness of our strategy to strengthen regulated and semi-regulated activities, which now account for 74% of EBITDA and ensure greater stability for the Group, even in a volatile external environment. EBITDA grew by 2.4% and Group Net Profit by 1.2%, confirming the strength of the Group’s performance. Finally, the acceleration seen in the third quarter, in line with our expectations, allows us to confirm our guidance for 2026 and to press ahead with determination along the growth path outlined in the new Business Plan.”

Gianluca Bufo, Chief Executive Officer and General Manager of the Group, said: “The results for the first nine months confirm the effectiveness of the levers we have chosen to invest in to support growth, operational excellence and the strengthening of strategic infrastructure. EBITDA reached 1.027 billion euro, with 25 million in organic growth and 17 million in synergies, while technical CAPEX increased by 6% to 647 million euro and was allocated in particular to the water cycle (+5%), electricity distribution (+6%), environmental facilities and the Group’s digital transformation (+16%). This trend confirms the Group’s ability to combine investment, efficiency and growth, while also sustaining Net Profit, which reached 222 million euro.”

Moris Ferretti, Executive Deputy Chair of the Group said: “Despite the challenging environment, we continue to pursue industrial growth while advancing sustainability and supporting the communities we serve. In line with our approved Business Plan, investments in our local communities will remain a key priority. In the first nine months of the year, more than 350 people joined the Group on permanent contracts, confirming our commitment to investing in skills and stable employment. In the environmental sector, our average separate waste collection rate stands at 71%, reaching peaks of 84%: figures that reflect increasingly virtuous communities and our growing ability to turn waste into new resources.”

IREN GROUP: CONSOLIDATED RESULTS AT 30 September 2026

Consolidated Revenues as at 30 September 2026 come to Euro 5,015.1 million, an increase of 3.6% compared to Euro 4,839.8 million in the first nine months of 2025. Among the main drivers of growth was the increase in energy revenues, supported by rising commodity prices, with a positive impact of over 350 million euro, partially offset by the effect of lower energy supply volumes, amounting to 270 million euro.

The Gross Operating Margin (EBITDA) amounts to 1,027.3 million euro, an increase of 2.4% compared to 1,003.5 million euro in the first nine months of 2025. The energy scenario was characterised by high volatility in commodity prices, with divergent trends in individual months and overall positive effects on production margins. These benefits were partly offset by the high level of hedging on energy commodities, which was established in advance during 2025. Overall, price trends had a positive impact on the energy production margin of 12 million euro. Despite the positive effects of the energy scenario, the lower production volumes had a negative impact on earnings of approximately 30 million euro. The decline mainly affected hydroelectricity generation (-24%), which was penalised by extraordinary maintenance work on the reservoirs, resulting in their complete emptying at the end of 2025, and by the low water levels this year. Compared to the first nine months of 2025, the reduction in hydroelectric volumes had a negative impact of 28 million euro due to lower production and 7 million euro due to fewer green certificates. These effects were only partially offset by the increase in photovoltaic production (+4 million euro), also supported by the commissioning of the Noto plant in September 2025 and a plant in the province of Bologna in March 2026. The Dispatching Services Market (+18 million euro) and the Capacity Market fee (+3 million euro) made a positive contribution to the margin. The marketing of energy commodities declined by 5 million euro, attributable to the expected reduction in margins on gas sales (-7 million euro), mainly due to lower volumes sold, and electricity sales (-1 million euro). This decline was only partially offset by the contribution from the sale of other Iren Plus-branded services (+3 million euro). The organic growth of the Integrated Water Service in the Networks BU made a positive contribution of 11 million euro to the margin, mainly thanks to tariff adjustments linked to investments made in previous years, as well as positive regulatory effects of around 5 million euro, partially offset by the absence of the biennial technical and commercial quality awards recorded in 2025. Gas distribution activities recorded a decline in margins of 11 million euro, due to the cessation of contingent assets related to ARERA Resolution ARERA Resolution No. 570 recorded in 2025. Electricity networks increased their margins by approximately 7 million euro, due to the increase in constraints and the efficiency of operating costs. The Waste Management sector also recorded an improvement, mainly attributable to the separate waste collection recovery plants. In addition to achieving operational improvements, these plants benefited from significant tariff adjustments relating to previous periods.

The change in margin for the individual business units is broken down as follows: Waste Management +13.7%, Networks +2.0%, Market -0.9% and Energy -4.7%.

The Operating Result (EBIT) amounts to Euro 411.1 million, an increase of +2.4% compared to Euro 401.5 million in the first nine months of 2025. The period saw higher depreciation and amortisation of 17 million euro due to the entry into service of new investments, lower provisions for doubtful accounts of 1 million euro, lower provisions for risks and higher releases totalling 4 million euro, partly offset by higher write-downs for 2 million euro.

Group net profit attributable to shareholders amounted to 221.7 million euros, an increase (+1.2%) from the same period last year, when it was 219.0 million. The growth reflects the trend in EBIT and the higher taxes linked to the extraordinary increase in the tax rate.

Net Financial Debt amounted to 4,416 million euro as at 30 September 2026, an increase of 194.5 million compared to 31 December 2025 (+4.6%). The increase is attributable to the payment of dividends and the partly seasonal growth in working capital. Also noteworthy is the inflow of 68 million euro from the sale to COGESI of the branch relating to the Integrated Water Service in the province of Cuneo, partially offset by the consolidation of ETAmbiente for 28 million euro.

Comprehensive investments for the period amounted to 647 million euros and consisted of technical investments (+5.5%) and 31 million euros financial investments related to the purchase of equity investments, in particular ETAmbiente.

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