1. The Veolia of Northern Italy.

2. A diversified Italian utility, comparable to a regional Engie with significant water and waste operations.

3. An integrated public services company, like a regional E.ON that also manages water and waste for municipalities.

• Electricity and Gas Supply: Sale of electricity and natural gas to residential, business, and public administration customers.
• District Heating: Production and distribution of heat and electricity through combined heat and power plants to provide heating and hot water to urban areas.
• Integrated Water Service: Management of the entire water cycle, including sourcing, treatment, distribution (aqueduct), collection (sewerage), and purification.
• Waste Management: Collection, treatment, and recovery of urban and special waste, including material recovery and energy generation from waste.
• Public Lighting: Design, installation, and maintenance of public lighting systems for municipalities.

IREN (symbol: IREN) is an Italian multi-utility company that provides essential services such as electricity, gas, water, waste management, and district heating. Given the nature of its business, IREN serves a broad and diversified customer base across different segments rather than having a few "major customer companies." Its sales are primarily directed to a vast number of users within its operational territories.

Therefore, IREN primarily serves the following categories of customers:

• Residential Customers (Households): This category includes individuals and families who are end-users of electricity, natural gas, water, and waste collection services for their homes. They represent a significant portion of IREN's customer base by volume.
• Business Customers (Commercial and Industrial): This segment encompasses a wide range of enterprises, from small shops and offices to medium and large industrial clients. These customers utilize IREN's services for their operational needs, including energy (electricity and gas), water supply, and specialized waste management solutions.
• Public Administration and Municipalities: IREN often works in partnership with local government bodies. This category includes municipalities and public institutions that consume utilities for public buildings, infrastructure (e.g., street lighting), and often contract IREN for waste management services, water infrastructure maintenance, and other public services within their respective jurisdictions.

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Daniel Roberts, Co-Founder and Co-CEO

Daniel Roberts co-founded IREN Limited (formerly Iris Energy Limited) with his brother William Roberts in 2018. Prior to IREN, he was a co-owner of Palisade Investment Partners, where he helped grow the firm from a startup to managing $6 billion in infrastructure assets, including airports, ports, wind farms, and gas pipelines.

William Roberts, Co-Founder and Co-CEO

William Roberts co-founded IREN Limited (formerly Iris Energy Limited) in 2018 alongside his brother Daniel Roberts. His background is closely associated with the founding and development of IREN.

Anthony Lewis, Chief Financial Officer

Anthony Lewis was appointed Chief Financial Officer of IREN in September 2025, having initially joined the company in July 2025 as Chief Capital Officer. Before joining IREN, Mr. Lewis spent 22 years at Macquarie Group, a global financial services and asset management firm, where he most recently served as Co-Treasurer. In this role, he was responsible for global funding, liquidity, capital management, and group financial planning and regulatory reporting.

David Shaw, Chief Operating Officer

David Shaw serves as the Chief Operating Officer for IREN. He joined the company on October 21, 2021.

Denis Skrinnikoff, Chief Technology Officer

Denis Skrinnikoff holds the position of Chief Technology Officer at IREN. He has been with the company since September 30, 2021.

The following are clear emerging threats for IREN:

• Increasing Prosumerism and Decentralized Energy Generation: The rapid proliferation of rooftop solar photovoltaic (PV) systems, coupled with declining battery storage costs, is enabling more consumers to generate and store their own electricity. This trend, often referred to as prosumerism, directly reduces the demand for electricity purchased from traditional grid operators like IREN and impacts grid revenue streams. As homes and businesses become more self-sufficient, the traditional utility model of centralized generation, distribution, and retail sales faces a fundamental shift, akin to how streaming services reduced reliance on physical media rentals.
• Accelerated Shift Towards a Circular Economy and Waste Reduction: European and national policies are increasingly focused on aggressive waste reduction targets, promoting reuse, recycling, and overall resource efficiency. This push for a circular economy aims to significantly reduce the volume of residual waste that requires collection, treatment, and disposal (e.g., incineration or landfilling). As waste streams are diverted or eliminated upstream, IREN's traditional revenue sources from waste collection and treatment facilities could be significantly impacted, requiring a fundamental re-evaluation of its waste management business model.

IREN S.p.A. (IREN) is a multi-utility company operating primarily in Italy. Its main products and services encompass electricity, gas, integrated water services, waste management, and district heating. The addressable markets for these services in Italy are substantial:

• Waste Management: The Italian waste management market generated an estimated revenue of USD 66.1 billion in 2024 and is projected to reach USD 105.3 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.4% from 2025 to 2033.
• Integrated Water Service: The Water Utilities industry in Italy is estimated to have a market size of €12.7 billion (approximately USD 13.9 billion) in 2025.
• Electricity: The Italian power generation industry recorded revenues of approximately USD 27.6 billion in 2024. The Italy power market size, in terms of installed base, is expected to grow from 144.86 gigawatts in 2025 to 182.54 gigawatts by 2030, with a CAGR of 4.73%.
• Gas: The Italy natural gas and renewable energy market reached an estimated size of USD 48.5 billion in 2024 and is anticipated to grow to USD 98.5 billion by 2033, exhibiting a CAGR of 8.2% during 2025-2033.
• District Heating: In 2023, district heating in Italy accounted for 3% of the total heat demand (329 TWh), with a production of 7,485.87 GWh_t for heating. While a specific overall market revenue for Italian district heating is not readily available, the broader European district heating market was valued at USD 134.23 billion in 2024 and is projected to reach USD 169.71 billion by 2033, with a CAGR of 2.64% from 2025 to 2033. Italy's installed district heating generation capacity was 9,747 MW_th in 2023.

Capital Allocation Decisions for IREN (Gruppo Iren)

Outbound Investments

• In February 2025, IRETI, an IREN group company, finalized the acquisition of the remaining 40% stake in Iren Acqua, an operator of integrated water services, for €282.5 million.
• The EGEA Holding group was consolidated into IREN's scope, effective January 1, 2025.

Capital Expenditures

• IREN's 2021-2030 Business Plan projects total gross investments of €12.7 billion over a decade, with €8.7 billion allocated to sustainable investments, comprising 80% of organic investments in the plan.
• The 2020-2025 Business Plan anticipated total investments of €3.7 billion, with €2.25 billion designated for sustainable initiatives focused on networks, waste management, district heating, and increasing retail customers.
• For the first half of 2025, IREN reported over €900 million in technical investments, a 14% increase, primarily directed towards electricity distribution networks, waste chain development, and the extension of the district heating network.