Iren (IRE) investor relations material

Executive summary

• Q1 2026 EBITDA was stable year-over-year at approximately €418–480 million, with regulated and semi-regulated activities rising to 73% of EBITDA, up 4 percentage points.

• Net financial debt decreased to about €4.18 billion, reflecting strong cash flow that covered over €190 million in investments, up 2–3% year-over-year.

• Group net profit was about €129 million, down 5% year-over-year, mainly due to higher depreciation, amortization, and provisions.

• Revenue declined 13.3% year-over-year to €1,814 million, mainly due to lower energy volumes and commodity prices.

• The company confirmed its 2026 guidance, expecting 4% EBITDA growth and a 2–3% increase in net profit for the full year.

Financial highlights

• EBITDA: €418–480 million, flat year-over-year, driven by organic growth in regulated networks and renewables.

• EBIT: €212 million, down 5% due to higher D&A and provisions.

• Net profit: €129 million, down 5% year-over-year, with a tax rate at 29.6%.

• Technical investments: €190–192 million, up 3%, focused on water networks, waste, and IT.

• Net financial debt: €4.18 billion, down €44.5–45 million from year-end 2025.

Outlook and guidance

• 2026 guidance confirmed: 4% EBITDA growth and 2–3% net profit growth expected for the year.

• Investments for 2026 projected at nearly €1 billion, focused on regulated sectors and infrastructure resilience.

• EBITDA leverage ratio (NFP/EBITDA) expected to remain stable at 3.1x.

• Growth to be driven by regulated businesses, material recovery plant profitability, synergy plan continuation, and new photovoltaic capacity.