The Group consolidates its objective of leadership in closing the municipal waste management chain, from collection to recovery and disposal, with an investment plan of approximately Euro 1.2 billion. Specifically, around 63% of the investments are allocated for the development of plants related to energy recovery, including 2 new waste-to-energy plants and the construction of a fourth line to enhance the existing plant in Turin, which is already well advanced in the authorisation process, to enable all associated areas to achieve full independence in municipal waste management. A further 37% of investments is directed towards collection activities for the development of territorial systems, through new consolidations in historical areas, the increase of separate collection, for the improvement of service quality together with cost optimisation, through the adoption of automated municipal waste collection processes, thanks also to digitisation.

These investments allow for an EBITDA of Euro 330 million in 2030 (+Euro 74 million compared to 2024), which is an increase of +29%.

Despite the slowdown in the development of new photovoltaic capacity, the goal of the Energy business unit remains to invest in renewable energy sources: on one hand, through the modernisation and upgrading of our hydroelectric infrastructure, also considering a plan based on renewing expired concessions as the basis of the advanced public-private partnership proposal; on the other hand, by doubling the photovoltaic capacity to reach 430 MW by 2030. Regarding natural gas-fired thermoelectric plants, the next few years will be characterised by the completion of efficiency and flexibility improvements for cogeneration units, also thanks to the installation of air-cooling systems and the further development of the district heating network. Energy efficiency activities will be oriented towards energy upgrading projects and the development of photovoltaic systems with business clients and the public administration through public and private partnerships.

In support of these projects, Euro 1.6 billion of investments are planned to support the achievement of an EBITDA at the end of the plan of Euro 350 million (+Euro 67 million compared to 2024), an increase of 24%.

Iren is committed to enhancing customer value by retaining high-value clients, developing medium- to long-term procurement and sales contracts through 'power purchase agreements' (PPAs), strengthening both physical and digital contact channels, and expanding its portfolio to offer a wider range of services, including home solutions, insurance, and connectivity offers. The objective is to maintain the current levels of customer base (2.3 million customers) in a highly competitive scenario, through retention actions.

To support this commitment, Euro 600 million in investments are planned, facilitating an EBITDA of Euro 230 million (consistent with 2024, excluding the normalisation of gas sales).