In a complex macroeconomic environment, there are three main risks with potential impact on the Group's results: interest rate trends, commodity price volatility and inflationary dynamics. Iren's continuous monitoring of the aforementioned trends allows it to adopt timely mitigation actions aimed at achieving the expected economic-financial results.

2024 will be characterised by the continuation of the investments envisaged in the Business Plan updated in June 2024. Approximately EUR 1 billion of investments are planned for the current year, primarily for the efficiency upgrading of distribution networks, the development of waste collection and treatment plants, the development of renewable capacity, and the acquisition of a minority stake in EGEA. Iren has issued the fifth Green Bond for a total of EUR 500 million and signed two credit lines for a further EUR 280 million. These instruments further strengthen the Group's financial structure, improving liquidity ratios, and at the same time confirm its strong commitment to expanding its sustainable financing portfolio.

The economic results are expected to grow compared to those of 2023 due to the improvement of the regulatory parameters for distribution activities and waste collection, the development of plants and the consolidation of Siena Ambiente in the waste sector, and the maintenance of a solid profitability of the customer portfolio, together with its growth as a result of the market liberalisation. As far as the energy business is concerned, energy prices are expected to fall, only partially offset by higher volumes from renewable sources and the lower contribution of energy efficiency activities, due to the disappearance of the 110% Superbonus incentives.

On the strength of a robust investment plan and expected growth in economic results, the Group can confirm the development trend in respect of financial sustainability, as envisaged by the recent update of its Business Plan.