Iren : Board of Directors to approve the half-year financial report at 30 June 2022

PRESS RELEASE

Iren, the Board of Directors approves the results at the first half of 2022

• Gross investments, mainly located in the reference territories and amounting to € 739

million, had a growth of 2.2 times when compared to 30 June 2021, and were allocated	1
to the development of the 220 MW of renewable capacity installed or under
construction and to the building of 3 new treatment plants (in addition to the 4 that
were commissioned at the end of 2021).

• The results achieved during the first half of 2022 show an EBITDA of € 563 million supported by organic growth, particularly in the energy and waste management sectors, and confirm the resilience of the business model with respect to volatile energy and climate scenarios. Overall, the impact of government measures to lower prices represented a burden in the six-month period for approximately € 42 million.
• Confirmed also in 2022 a commercial policy, for Iren gas-energy customers with fixed- price contracts, with an average saving of 30% compared to the prices of contracts under protected market.

Main indicators

• Gross Operating Margin (EBITDA) in the amount of € 563 million (+9% compared to € 516 million as at 30/06/2021). The EBITDA increase of € 47 million is mainly driven by the capacity market, organic growth and investments in renewables. The overall increase was partially reduced by the impact of the drought on the energy chain.
• Group net profit attributable to shareholders of € 133 million (-31%compared to € 193 million as at 30/06/2021). The 2022 result includes the full negative impact of the "Contributo di solidarietà" estimated at EUR 31 million for the year and compares with the 2021 result, which was positively impacted by EUR 32 million in non-recurringtax income and EUR 12 million in other contingent assets. Excluding non-recurringeffects on both periods, Group net income attributable to shareholders would have stood at €164 million, therefore resulting in an increase of 7.6%.
• Net financial debt at € 3,398 million (+16.9% compared to € 2,906 million as at 31/12/2021). The period's investments and dividend payments contributed to the growth of net debt, which remains under control thanks to cash generation and excellent net working capital management.
• Gross investments amounting to € 739 million, up 2.2x compared to 30/06/2021, of which € 338 million in technical investments, € 279 million in financial investments and € 122 million in energy efficiency projects.
• Numerous ESG performance indicators continue to be ahead of Plan forecasts: green energy sold had doubled when compared to last year, strong increase in energy efficiency activities and service quality with a -2% drop in water withdrawal per inhabitant per day.

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PRESS RELEASE

Reggio Emilia, 28 July 2022 - The Board of Directors of IREN S.p.A. today approved the consolidated financial statements as at 30 June 2022.

2

"In a highly complex and challenging energy scenario, characterised by an extraordinary increase in the price of raw materials that is putting citizens and businesses to the test, the Iren Group has significantly increased investments in its reference territories, combining development with a focus on energy and circular transition. - declares Luca Dal Fabbro, Chairman of Iren - In a context further aggravated by the persistent drought, Iren has also demonstrated a strong sensitivity by contributing to alleviate the difficulties of agriculture by guaranteeing a regular flow of water releases from its reservoirs. It is an unprecedented crisis, which will force us to review our consumption habits and the management of energy and water resources: as a Group we are and will be at the side of citizens and territories to promote innovative solutions that reduce consumption and waste"

"The positive results that have just been approved confirm the Group's solid foundations and clear strategic vision capable of showing resilience in the face of a highly volatile energy scenario - states Gianni Vittorio Armani, CEO and General Manager of Iren - The doubling of investments, which amounted to € 739 million, highlights Iren's ability to respect its established targets, in particular in the circular economy with four new waste treatment plants already realised, and in renewables with 220 MW installed capacity or in construction in only six months from the approval of the Business Plan. In view of the difficult energy context and the rising cost of raw materials, Iren has guaranteed its customers with fixed-price contracts an average saving of 30% compared to the prices of contracts under protected market. In the first half of 2022, these trade policies partially calmed commodity price increases on end customers, saving each household an extra cost of approximately € 600 for energy and heating gas."

IREN GROUP: CONSOLIDATED RESULTS AT 30 June 2022

Consolidated Revenues as at 30 June 2022 amounted to € 3,711.6 million, up +85.2% compared to € 2,003.8 million in the first half of 2021. The main factors contributing to the increase include higher energy revenues, which were influenced by the rise in commodity prices (over € 1,400 million) and the climate effect and consumption (approximately € 16 million). Energy upgrading and building renovation activities, favoured by tax breaks (façade bonus and 110% superbonus), also contributed approximately

• 125 million to the change in turnover. Finally, changes in the scope of consolidation impacted revenues by € 27 million, largely due to the consolidation of Puglia Holding (now Iren Green
  Generation).

Gross Operating Profit (EBITDA) amounted to € 562.7 million, a significant increase (+9.0%) compared to € 516.3 million for the first half of 2021. Contributing positively to the improvement of EBITDA is the trend in the energy scenario characterised by a sharp increase in the price of electricity and thermal energy compared to the first half of 2021. Indeed, the integrated management of the energy supply chain has enabled, in a highly volatile context, to offset the positive effects (margins on electricity and heat production up, consideration for the capacity market) and the negative effects (margins on gas and electricity sales down sharply, significant decrease of the volumes of energy produced the hydroelectric sources as a result of the drought). The organic growth related to the tariff increases of the network services linked to the investments made to improve the infrastructures, the development of the activities related to the energy requalification works and the full operation of the new

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PRESS RELEASE

biodigesters in Cairo Montenotte and Santhià also had a positive effect. About € 20 million of the increase in margin is due to the expansion of the consolidation scope primarily related to the acquisition

of Puglia Holding.3 Overall, the increase in gross operating profit with reference to the individual business units is broken down as follows: Waste Management (+27.7%), Energy (+54.5%), Networks (+4.3%) while the Market business unit declined (-68.0%), the latter trend being related to the increase in the Energy BU in the logic of integrated management of the energy supply chain.

Operating profit (EBIT) amounted to € 282.9 million, an increase of +13.1% compared to € 250.2 million for the first half of 2021. Amortisation and depreciation for the period rose by € 23.4 million, due to the start-up of new investments and expansion of the consolidation scope, and to higher allocations to the provision for impairment of receivables and provisions for risks for € 2.0 million. There were also higher releases of provisions of € 11 million, mainly related to the settlement of disputes with suppliers.

Group net profit attributable to shareholders amounted to € 133 million, a decrease (-31.0%) from the result recorded at 30/06/2021. The 2022 result includes the full negative impact of the "Contributo di solidarietà" estimated at EUR 31 million for the year and compares with the 2021 result, which was positively impacted by EUR 32 million in non-recurring tax income and EUR 12 million in other contingent assets. Excluding non-recurring effects on both periods, Group net income attributable to shareholders would have stood at € 164 million, therefore resulting in an increase of 7.6%.

Net financial debt stood at € 3,398 million as of 30 June 2022, an increase (+16.9%) compared to the 31 December 2021 figure. In this regard, the cash flow generated by operating activities helped mitigate the effect of disbursements made for investments and M&A transactions in the period and dividends paid out.

Gross investments made in the period amounted to € 739 million, up (+2.2x) from € 338 million in the same period of 2021, of which € 338 million in technical investments, € 279 million in financial investments (mainly related to the acquisition of the photovoltaic parks in some locations in Puglia by Puglia Holding, the acquisition of the sales company Alegas, the increase of the equity investment in the associate SEI Toscana, the acquisition of some gas distribution assets and the hydroelectric generation plants of Valle Dora Energia) and € 122 million related to energy efficiency projects.

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IREN GROUP: MAIN RESULTS BY BUSINESS AREA

(millions of Euro)	30/6/2022	30/6/2021	Change %	4
Revenue	3,712	2,004	85.2%
Networks BU (energy and water infrastructures)	528	442	19.6%
Waste Management BU	486	435	11.6%
Energy BU (Generation, TLR, Energy Efficiency)	2,139	715	(*)
Market BU	2,888	1,159	(*)
Services and other	14	10	41.2%
Netting and adjustments	-2,343	-757	(*)
Gross Operating Profit (EBITDA)	563	516	9.0%
Networks BU (energy and water infrastructures)	198	190	4.3%
Electrical infrastructure	37	40	-7.0%
Gas infrastructures	41	46	-10.6%
Water infrastructures	120	104	15.3%
Waste Management BU	126	99	27.7%
Energy BU (Generation, TLR, Energy Efficiency)	207	134	54.5%
Market BU	30	93	-68.0%
Electricity	-31	21	(*)
Gas and other services	60	71	-15.5%
Services and Other	2	1	60.8%
Operating Profit (EBIT)	283	250	13.1%
Networks BU (energy and water infrastructures)	99	94	6.3%
Waste Management BU	63	44	45.2%
Energy BU (Generation, TLR, Energy Efficiency)	144	65	(*)
Market BU	-25	49	(*)
Services and Other	0	0	-

(*) Change of more than 100%

NETWORKS (ENERGY AND WATER INFRASTRUCTURES)

Revenues from the segment amounted to € 527.9 million, an increase of +19.6% from € 441.5 million in the first half of 2021. The increase in revenue is attributable for about € 34 million to the effect generated by the recognition in 2021, both as revenue and expenses, of the obligation of energy efficiency certificates (TEE) related to previous years, and no longer repeatable.

There were also increases in revenues related to the construction of assets under concession falling within the scope of IFRIC 12, and contingent assets related to the ruling of the Council of State on tariff awards from previous years.

Gross operating profit (EBITDA) amounted to € 198.0 million, up +4.3% compared to € 189.8 million in the first half of 2021. The increase in margins, which can be attributed to the positive effect of higher investments on the RAB, is partially reduced by the ARERA tariff measures, which provided for a reduction in the WACC remuneration of invested capital (total impact of € 7 million). The results reported by the different business lines reflect Iren's long-term strategy of growing the RAB of the integrated water service in electricity distribution and maintaining a stable RAB in gas distribution. There were also extraordinary items with a positive impact of € 6 million for the financial year 2021 and € 11 million for the first half of 2022.

During the reference period, the Group distributed 1,821 GWh of electricity, 714 million cubic metres of gas and 84 million cubic metres of water.

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As at 30 June 2022, gross investments in the sector amounted to € 130 million, up (+14.3%) compared

to the previous year, and were allocated to the modernisation of the gas and electricity networks and 5 the construction of the infrastructure envisaged by the Integrated Water Cycle Sector Plans, the digitalisation of activities and the development of electric mobility.

WASTE MANAGEMENT

In the Waste Management segment, revenues came to € 485.9 million, up +11.6% from € 435.2 million in the same period of 2021. The increase is due to energy revenues (up € 22 million) as a result of the rise in electricity prices, revenues from the sale of recovered materials (up € 12 million) and revenues from disposal (up € 8 million), and from the sale of collected materials (up € 8 million).

Gross operating profit (EBITDA) amounted to € 125.9 million, up +27.7% compared to € 98.5 million in the first half of 2021. The increase in the margin is due to the strong improvement in energy margins following the increase in the sale price of electricity and thermal energy, the collection and sale of recovered materials and the treatment and valorisation of organic waste mainly due to the entry into operation of the new biodigesters in Cairo Montenotte (SV) and Santhià (VC).

During the first quarter of 2022, the waste managed amounted to over 1,714 thousand tonnes.

As at 30 June 2022, gross investments in the sector amounted to € 66.9 million, up +41.4% compared to € 47.3 million in the first half of 2021. Investments related to the purchase of collection vehicles and equipment and the construction of plants; in particular, the latter include the wood treatment and recycling plant in Vercelli, the FORSU plant in Reggio Emilia and the paper and plastic treatment plant in Borgaro Torinese.

ENERGY (GENERATION, DISTRICT HEATING AND ENERGY EFFICIENCY)

Revenues from the Energy segment amounted to € 2,138.9 million, a strong increase compared to €

714.8 million in the first half of 2021. The increase in revenues is primarily due to the higher sales prices for electricity (around 1,140 million euro). Revenues from heat production are also up, for over € 120 million, mainly as a result of higher sales prices, correlated to the increased costs of combustible gas, as well as revenues from activities connected with energy requalification and building restructuring favoured by recent tax breaks and other activities of energy services (up € 125 million). Finally, contributing to the increase in revenues was the consolidation of the photovoltaic parks (121.5 MW of installed capacity) of Puglia Holding, acquired at the beginning of the year.

Gross operating profit (EBITDA) of the segment stood at € 207.3 million, an increase of +54.5% compared to the first half of 2021. The trend in the energy scenario was characterised by a sharp increase in electricity prices and in the price of gas used as a raw material in Generation activities. These dynamics led to an increase in generation margins from which the Electricity and Heat Cogeneration and Thermoelectric sectors benefited. On the other hand, there was a deterioration in the margin of Hydroelectric production, which, despite the sharp increase in sales prices, suffered a sharp reduction in the quantities produced due to the low level of the reservoirs at the end of 2021 and the continuing lack of hydraulicity in the course of the first half of 2022, also leading to a reduction in the number of green certificates earned. These effects are partly mitigated by the greater margin in the Photovoltaic

Investor Relations	Media Relations	Barabino & Partners
Giulio Domma	Roberto Bergandi	Tel. [phone]
Tel. + 39 0521.248410	Tel. + 39 011.5549911	Giovanni Vantaggi + 39 328
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