July 29th, 2026Q2 2026 Financial ResultsQ2
2026
Safe Harbor
2This presentation contains statements that constitute forward -looking statements .These statements mentioned repeatedly inthis presentation and include statements regarding the intent, belief orcurrent expectations ofthe customer base, estimates regarding future growth ofthe business, market share, financial results and other aspects ofthe activities and situations relating toInfrastrutture Wireless Italiane S.p.A.(INWIT) .Such forward -looking statements are not guaranteed offuture performance and involve risks and uncertainties, and actual results may differ materially from those projected orimplied intheforward -looking statements asaresult ofvarious factors .Consequently, INWIT makes norepresentation, whether expressed orimplied, astotheconformity oftheactual results with those projected intheforward -looking statements .
Forward -looking information forthe Business Plan are based oncertain key assumptions which webelieve tobereasonable asofthe date hereof, but forward -
looking information byitsnature involves risks and uncertainties, which areoutside ourcontrol, and could significantly affect expected results .Analysts and investors arecautioned nottoplace undue reliance onthose forward -looking statements, which speak only asofthedate ofthis presentation .INWIT undertakes noobligation topublicly release the results ofany review tothese forward -looking statements which may bemade toreflect events and circumstances after the date ofthis presentation, including, without limitation, changes toINWIT business oracquisition strategy orplanned capital expenditures ortoreflect the occurrence of unanticipated events, except asand totheextent required bylaw.
The information contained inthis presentation does notconstitute orform any part of,and should notbeconstrued as,any offer, invitation orrecommendation to purchase, sellorsubscribe forany securities inany jurisdiction and neither theissue oftheinformation noranything contained herein shall form thebasis oforbe relied upon inconnection with, oractasany inducement toenter into, any investment activity .This presentation does notpurport tocontain alloftheinformation that may berequired toevaluate any investment inthe Company orany ofitssecurities and should not berelied upon toform the basis of,orberelied onin connection with, any contract orcommitment orinvestment decision whatsoever .
The financial information ofINWIT were prepared inaccordance with the International Financial Reporting Standards issued bythe International Accounting Standards Board and endorsed bytheEuropean Union (designated as“IFRS”) .Itisworth toremind that theCompany has been merged with Vodafone Towers asof31 March 2020 .Following theadoption ofIFRS 16,INWIT uses theadditional alternative performance indicator ofEBITDA after Lease ("EBITDAaL "),calculated byadjusting the EBITDA fortheground lease costs .Such alternative performance measure isnotsubject toaudit .
The Recurring FCF formula isthefollowing :Recurring Free Cash Flow calculated asEBITDA recurring IFRS 16-ground lease payment -recurring CAPEX +change innet working capital notrelated todevelopment CAPEX –cash taxes –financial interest payment .
Byattending this presentation, you agree tobebound bytheforegoing terms .
3Key messages
3 INWIT remains committed to invest and open to collaborate with clients to identify shared value -for-value solutions protecting the MSA integrityShort -term context: MSA dispute continues, stalled relations with anchor tenants and minimum investments from operators Mid -term market outlook: confirmed need for digital infra driven by 5G network densification Outlook confirmed: on track to deliver 2026 guidance and mid -term “baseline” outlook reiteratedQ2 results: financials and industrial KPIs consistent with FY26 guidance and reflecting market context
4Q2 results in line with FY26 guidance
4New Towers
+50 New Towers in Q2’26 MSA + Next Gen EUNew PoPs
~400
New PoPs in Q2’26 Tenancy ratio 2.40x vs 2.36x in Q 2’25
Revenues
-1% Revenues Growth YoY
in Q2’26
~3% normalized revenues growth YoY Margin
~72%
EBITDAaL Margin
in Q2’26
-2.8% EBITDAaL YoY
in Q2’26Cash Flow
~ €124m
RFCF in Q2’26
5.7x Net Debt / EBITDA vs 5.2x in Q1’26Real Estate
~400
Real Estate Transactions
in Q2’26
Shareholder
Remuneration
~ €500m
Dividend Paid
0.55 DPS (FY25)
+7.5% YoY
Smart Infrastructure Locations covered Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026EIndustrial KPIs progression reflecting current market dynamics 5▪New tower rollout driven by MSA commitments and Next Gen EU ▪Next Gen EU -program: completed coverage of 500 km² to close Italy's digital divide▪New PoPs growth: Anchor MSA commitments and all other client categories (MNOs, FWAs, IoT) ▪Q2 new PoPs in line with the 2026 quarterly run rate, confirming FY26 targetsTenancy Ratio ▪Growth led by Indoor Coverage Solutions through DAS (Distributed Antenna Systems) ▪ROMA 5G Smart City Project: on track ▪1.6k transactions per year on average (acquisitions and renegotiations) ▪Strong track record: dedicated real estate team + local agency networkNew Towers (# Towers) New PoPs (Anchors, MNOs, FWAs, Others) Real Estate Transactions 210180240
30 50~200
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026E720670
290380~1,5002.36x 2.37x 2.38x 2.39x >2.4x 700 730 790 850 855 ~900
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026E370 360 380 410 390
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026E(#PoPs)
(#Locations) (#RE Transactions)2.40x 650
~1,600
535 531~20
~515
Total 1H'25
RevenuesDiscretionary
revenuesTotal H1'26 Revenues
NormalizedInflation Anchor
CommitmentOLOs
GrowthSmart Infra
GrowthTotal 1H'26
Revenues1H26
Data in €m 2026 is a transition year, with MSAs dispute overshadowing revenue growth 6Discretionary revenues: uncommitted revenues linked to client discretionary budget such as p roject -based revenues (work and studies, installation upgrades) Inflation: CPI link, based on 2025 average FOI index at 1.4% Anchor commitment: new Towers, new PoPs and DAS in line with MSA commitments OLOs: ongoing business development with other MNOs and IoT clients Smart infra: growth driven by DAS indoor across premium locations and “Smart City” verticals1 1 2 3 4 52 3 45
(€m) Q2 2025 Q1 2026 Q2 2026 YoY
Total Revenues 269.0 264.1 267.0 -0.8% Towers –Anchors1215.8 219.2 221.7 2.8% Towers –OLOs and others231.2 27.7 27.0 -13.4% Smart Infra –DAS, Fiber, others322.1 17.2 18.3 -17.3% Opex 23.0 24.6 26.3 14.0%
EBITDA 246.0 239.5 240.7 -2.1%
EBITDA margin 91.4% 90.7% 90.2% -1.3pp
D&A 100.1 101.5 102.9 2.9%
Interests 32.2 41.9 43.5 35.1% Taxes 20.3 15.2 15.1 -25.9% Net Income 93.4 81.0 79.3 -15.2% Net Income margin 34.7% 30.7% 29.7% -5.0pp Lease costs 49.6 49.6 49.8 0.5%
EBITDAaL 196.4 189.9 190.9 -2.8%
EBITDAaL margin 73.0% 71.9% 71.5% -1.5ppStructural operational efficiency to support substantial investments
Highlights
▪Revenues growth more than offset by the lack of project -based non -committed revenues ▪~3% normalized revenues growth driven by:
▪CPI link, based on 2025 average FOI index at 1.4% ▪Towers Anchors: MSA committed New PoPs on New and Existing Towers ▪Towers OLOs: volume growth from all client categories (MNOs, FWAs and IoT) ▪Smart Infra: increasing tenancy on existing portfolio ▪Opex growth in line with FY26 guidance ▪EBITDA margin at 90% ▪Tax rate at ~16% benefiting from the goodwill tax schemes in place ▪Net income down YoY mainly due to interest charges reflecting higher debt balance ▪Lease cost efficiency plan limiting lease cost growth ▪c. 400 land acquisition and renegotiation transactions in Q2 ▪EBITDAaL margin at about 72%
77Notes:
1) Towers –Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone ; previously referred to as “Anchors MSA Macro Sites” 2) Towers –OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, e tc. previously referred to as “ OLOs macro sites and others ” 3) Smart Infra –DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLO s); previously referred to as “ New Services”.
5.0x 5.0x 5.2x 5.2x 5.7x
0.02.04.06.08.010.0
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26Solid cash flow generation on track towards full -year target
EBITDA
recurringCash
taxesRecurring
CAPEXChange in
NWCLease
Cash outFinancial
chargesRFCF Growth
Capex &
othersFCFE▪~ €300m RFCF in H126 in line with FY26 guidance run rate (€124m in Q2) ▪Structurally low recurring capex ▪Low taxes due to goodwill tax schemes (FY26E: ~€50m) ▪NWC slightly positive (€3.5m in Q2) in line with FY26 guidance ▪Financial charges in line with expected FY26 phasing (€47m in Q2 ) ▪Higher overall capex in 1H26, due to phasing; FY26 guidance confirmed
Note:
1) Leverage ratio calculated as Net Debt on ann ualized quarterly EBITDA ▪Moderate leverage increase due to dividend payment:
▪~€500m dividend cash out in Q2 ▪Confirmed FY26 guidance at ~5.5x ▪Efficient debt profile:
▪~ 80% fixed / ~ 20% floating ▪Current average cost: ~3.0% ▪Average bond maturity: 4.1 years
88Financial
Debt
IFRS 16Net Financial
PositionLeverage
Ratio
4,124
9334,938 4,979
4,103
9175,025
4,510
905H12026 cash flow build up (€m) Leverage Ratio1and Net Financial Position Highlights
5,106
4,402
923Highlights
5,453
8954,657480.3
-9.2 -22.9 14.0
-102.5
-59.7 300.1
-160.4 139.7 63%cash
conversion
2026 financial target s and medium -term “baseline” outlook confirmed 9Euro million unless otherwise stated Note: 1) Inflation impact on current year figures, based on prior year average FOI index as published by ISTATRevenues o/w CPI (prior year avg. FOI index)1
EBITDA margin
EBITDAaL margin
Recurring FCF (RFCF) Ordinary DPS (€) Net Debt / EBITDA2026
Guidance
1,050 -1,090
~90%
~72%
5.5x550-590
0.551.4%▪ Low single -digit annual revenue growthMedium -term “baseline” outlook ▪ Continued margin expansion ▪ Dividend pershare ofatleast €0.55 ▪ Confirmation ofthefinancial structural leverage target of5xto6xCAPEX ▪ Annual Capex (including land acquisitions) ofaround €200m
Competitive MSA fees; Sales & lease back transaction has long term payback and drives total fees 10Note: 1) INWIT Italy and Cellnex UK have two anchor tenants per site ; 2) Financial component related to the consideration of the sales and lease back transaction of €5.7bn assuming indicative financ ialcharges at 4%Anchor tenant fee: European benchmarks NewStreet Research (March 2026)
€28k
€25k
€24k€23k
€20k
€19k €16k€22k €22k€21k €21k €20k
Other
1
Cellnex Vantage
Towers1INWIT Average Fee Components
~€20k
Hosting Fee
Component
~€9kFinancial
Component2
~€11kTotal Fee
Average Fee
per PoPs
Co-locations Market rateSales &Lease Back Economics
Payback
~20 years ~€500k ~€25k Price per Tower paid by INWIT to
Anchors
Margin per
Tower
EBITDAaL
EBITDAaL Price per Tower Implied in the Sales & Lease Back
consideration
INWIT assets | High quality and n on-replicable portfolio of locations
1135%
Unique locations
(no other Towers within relevant range) 40% Non alternative locations (no other Towers space available for technical/real estate reasons)
Naples 75%
non-replicable network
Legend: INWIT Unique locations Other TowerCo Towers INWIT site adjacent to other TowerCo sites High -value tower portfolio offered exclusively on an 'All -or-Nothing’ basis Rome North Sardinia = +
~40% of
unmet
demand▪Data traffic growth creating unmet traffic demand vs. network capacity ▪Unmet traffic demand require new sites in short -term and small cells in medium -term 4G layers in sub -urbans areas allows for a robust
coverage
5G 3.7 GHz upgrade requires additional sites to ensure same coverage
TBytesx106 Traffic
NW Capacity
2024 2025 2026 2030Industry needs material investment for densification Traffic -driven densification Coverage -driven densification Rails & Road 5G coverage ▪Upgrade to 5G from 4G requires additional sites to ensure similar coverage ▪5G densification requires approx. 1 new site every 6 upgrades to 5G in low traffic areas▪Structural need to increase coverage and capacity in Rails & Roads infra, sustained by EU funds and Private/Public initiative s ▪Smart transportation programs potentially requiring 5G base statio ns
TOWERS MARKET POTENTIAL
+7-12k
New Towers Addressable
Market
Km 9k
Rail and road 121 2 3
INJUNCTION
PROCESS
TIMELINE MSAs dispute 1325 Mar.
2026
Fastweb started the Civil proceedings to validate their alleged right to terminate Estimated end of the
ordinary trial
«giudizo di merito» (First instance Court)
First decision
on the
injunctionsFinal
DecisionINWIT
appealORDINARY
TRIAL
PROCESS
TIMELINE1
29 Estimated 2/3 years
Possible appeal
(Second
instance Court)2029
Possible
appeal
Supreme Court1
2
INWIT
injunction
vs Fastweb
TIM
termination
noticeINWIT
injunction
vs TIM Fastweb
termination
notice25 Mar. ‘26 April ‘26 28 2 27/28 13/14 July ‘26 By Nov. 26 (Day)▪We remain fully confident inthe strength of our legal position ▪INWIT remained at any point in time until August 2022 under the joint control of TIM and Vodafone Group ▪Joint control was sealed by the shareholder agreement which remained valid until August 2022 ▪Internal reorganization within the Vodafone Group in 2020 had no impact on the joint control rights
Key take -aways 14 Industry needs material investment for densification , which will unlock material opportunities over and above the “baseline” Outlook Telco industry under pressure offloading challenges on Infra players Mid -term “baseline” Outlook delivers low single -digit revenues growth, margin expansion, solid cash generation and dividend sustainability INWIT is protecting MSA integrity via the legal path while remaining committed to collaborating with customers to identify shared value -for-value solutionsTower model , based on long -term contracts, creates value for all parties thanks to sharing of economics and specialized industrial model
Annex
15
December 2020Vodafone internal reorganizations in 2020 | no Change of Control event 16▪INWIT stake transferred from Vodafone Europe B.V. to Central Tower Holding Company B.V. (“CTHC”) a subsidiary of Vodafone Gro up ▪CTHC enters into the Shareholders’ Agreement with TI and Vodafone Europe B.V. and issue a special share to Vodafone Europe B. V.,granting to Vodafone Europe B.V.
the exercise of the governance rights on INWIT as per the Shareholders’ Agreement ▪CTHC is transferred under Vantage Towers (a subsidiary of Vodafone Group), carrying its stake in INWIT and adherence to the s hareholders' agreement. Vodafone Europe B.V. retains the special share with the attached governance rights on INWITVodafone
Group
TIShareholder
Agreement Vodafone
Group
CTHC TI100%Vodafone
Europe B.V.
Vodafone
Europe B.V.Shareholder
Agreement Vodafone
Group
100%
CTHC TI100%Vodafone
Europe B.V.
November 2020 March 2020
Joint control
11 3
22 3Joint control Joint control TI and Vodafone Group (through its fully -controlled entities) retained joint control of INWIT until August 2022Special share
with governance
rights 2
Special share with governance rights Shareholder
Agreement 100%
100%100%
Vantage
Towers Vodafone
Gmbh100%
1,077
Total 2025
RevenuesDiscretionary
revenuesNormalized 2025
RevenuesInflation Anchor
CommitmentOLOs
GrowthSmart Infra
GrowthGuidance
2026Data in €m 1,050 -1,090Guidance 2026 | L ow single digit revenue growth in 2026, from normalized 2025
revenues
17Discretionary revenues: uncommitted revenues linked to client discretionary budget such as project -based revenues (work and studies, installation upgrad es) Inflation : CPI link, based on 2025 avg FOI index at 1.4% Anchor commitment: new Towers, new PoPs and DAS in line with MSA commitments OLOs: growth mainly driven by steady pace with other MNOs and IoT clients Smart infra: growth refers to DAS indoor across premium locations and “Smart City” verticals1 1 2 3 4 52345FY 2025 Results Presentation
Updated
2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030Taxes▪Two tax schemes with long -term benefits and 2 -digit IRRs ▪Presented in November 2020 ▪Applied on €2bn goodwill from Vodafone merger ▪€114m p.a. cash benefits in 2022 -2026 (RFCF) ▪Normalized P&L and Cash Flow from 2027▪Presented in March 2021, subsequently modified ▪Applied on €1.4bn goodwill at YE 2019 ▪€8m p.a. cash benefits in 2022 -2072 (RFCF)
P&L:
Effective
Tax rateCash
Flow:
Tax cash
out12
From 17% in 2024A to <20% in 2026E About stable from 2024A to 2026E at ~€50m 18Overview of key tax assumptions 18End of €114m cash tax benefits FY 2025 Results Presentation
1919
E G S
PILLARSDIGITAL
INFRASTRUCTURE
COMPANY
▪1,17 GWh savings from energy efficiency ▪New biodiversity monitoring project in the Castelporziano Presidential Estate (Rome) ▪98% materials recovery▪FTSE4Good, Euronext Equileap Gender Equality ▪Sustainable criteria for procurement ▪Cyber contract Audit ongoing▪520+ new hospitalities in white/vulnerable areas ▪11 hours pro -capite training ▪H&S Audit on contractor: >2501H26
PROGRESS
A15 / 100
Low RiskAA C+ A 4.1 / 5 ▪Net Zero Strategy
▪Biodiversity projects
▪Circular Economy▪Hospitalities in white/vulnerable areas ▪People Training and development ▪Health and safety▪ESG Rating and Index ▪Sustainable supply chain ▪Information Security Management System 84 / 100ESG 1H26 Update | Continuing to invest in sustainability as an integral part of our
business model
ESG Rating & Index Integrated Management System Equileap Gender Equality Eurozone 100 Index
ESG Index MembershipESG 1H26 Update | Overview of Ratings and Index Memberships 20 Equileap Gender Equality Eurozone 100 Index
Currency: €m3M21
(Jan-Mar)6M21
(Jan-Jun)9M21
(Jan-Sep)FY21
(Jan-Dec)3M22
(Jan-Mar)6M22
(Jan-Jun)9M22
(Jan-Sep)FY22
(Jan-Dec)3M23
(Jan-Mar)6M23
(Jan-Jun)9M23
(Jan-Sep)FY23
(Jan-Dec)3M24
(Jan-Mar)6M24
(Jan-Jun)9M24
(Jan-Sep)FY24
(Jan-Dec)3M25
(Jan-Mar)6M25
(Jan-Jun)9M25
(Jan-Sep)FY25
(Jan-Dec)3M26
(Jan-Mar)6M26
(Jan-Jun)
Revenues 190.2 383.1 581.2 785.1 207.0 417.7 632.5 853.0 233.6 471.2 713.2 960.3 254.6 511.7 772.1 1,036.0 266.2 535.3 806.4 1,077.2 264.1 531.1 Towers – Anchors (TIM) 1 82.1 165.7 250.1 333.7 85.7 173.3 259.9 345.1 95.6 195.7 293.5 391.4 104.6 207.1 312.3 416.1 105.5 211.8 316.8 423.8 107.4 216.1 Towers – Anchors (FASTWEB+VOD) 1 82.0 164.9 247.9 331.6 86.6 173.5 262.2 354.0 98.3 194.4 294.6 395.8 105.5 213.5 319.7 429.2 109.5 218.9 330.1 440.0 111.8 224.8 Towers – OLOs and others 2 22.9 45.8 70.4 99.6 27.1 55.5 86.6 121.7 30.8 60.8 93.1 125.3 30.3 60.8 91.0 119.6 29.5 60.6 93.1 123.0 27.7 54.7 Smart Infra – DAS, Fiber, others 3 3.3 6.7 12.7 20.2 7.6 15.5 23.9 32.2 8.9 20.3 32.0 47.8 14.3 30.4 49.1 71.1 21.8 43.9 66.4 90.4 17.2 35.5 Operating Expenses (17.3) (34.3) (51.5) (70.3) (18.9) (37.8) (57.4) (73.8) (19.8) (41.1) (60.0) (81.0) (21.6) (43.1) (66.3) (89.3) (22.2) (45.2) (68.9) (92.7) (24.6) (50.8) Other OpEx (11.8) (24.1) (37.2) (51.9) (14.0) (27.6) (41.6) (52.4) (14.6) (31.3) (46.3) (62.4) (15.6) (31.8) (50.0) (66.5) (16.1) (32.7) (50.0) (66.0) (16.8) (35.2) Personnel Costs (5.4) (10.2) (14.3) (18.4) (4.9) (10.2) (15.8) (21.4) (5.2) (9.7) (13.8) (18.6) (6.0) (11.3) (16.3) (22.8) (6.1) (12.5) (18.9) (26.7) (7.8) (15.6) EBITDA 173.0 348.9 529.8 714.9 188.1 379.8 575.1 779.2 213.8 430.2 653.2 879.2 233.0 468.6 705.8 946.7 244.1 490.0 737.5 984.4 239.5 480.3 D&A and Write-off (89.2) (177.9) (268.0) (360.1) (92.4) (182.0) (271.5) (363.7) (91.3) (184.1) (278.8) (370.5) (95.3) (190.3) (287.5) (387.8) (101.8) (201.9) (301.1) (406.2) (101.5) (204.4) EBIT 83.8 171.0 261.8 354.7 95.7 197.9 303.6 415.5 122.5 246.0 374.4 508.7 137.8 278.3 418.3 558.9 142.2 288.2 436.4 578.3 138.1 275.9 Interest (21.5) (47.9) (70.1) (90.1) (18.8) (37.8) (57.5) (81.2) (25.0) (51.8) (82.1) (112.9) (30.0) (62.5) (98.3) (134.6) (32.3) (64.5) (101.6) (140.6) (41.9) (85.4) Taxes & Others (18.9) (28.0) (42.1) (73.3) (8.9) (18.1) (29.1) (40.9) (14.6) (30.5) (43.4) (56.3) (18.0) (36.8) (54.0) (70.5) (18.7) (39.1) (58.1) (76.9) (15.2) (30.2) NET INCOME 43.5 95.0 149.6 191.4 68.1 142.0 217.0 293.3 82.9 163.7 248.9 339.5 89.7 179.1 266.0 353.8 91.2 184.6 276.7 360.8 81.0 160.3 of which attributable to the Parent Company 353.9 91.4 185.2 277.4 361.5 81.2 161.1 of which attributable to the Minorities (0.1) (0.2) (0.7) (0.7) (0.7) (0.2) (0.8)
One-off details
One-off Revenues 0.6 0.7 1.6 3.3 0.6 0.2 0.3 0.5 0.6 One-off Expenses (2.5) (0.9) (0.9) (2.8) (2.8) EBITDAaL 123.9 251.1 383.4 520.0 139.3 282.8 429.4 587.0 165.6 333.1 506.9 685.6 184.0 370.1 559.6 750.3 194.1 390.6 588.4 785.9 189.9 380.9 EBITDA Margin 90.9% 91.1% 91.1% 91.1% 90.9% 90.9% 90.9% 91.3% 91.5% 91.3% 91.6% 91.6% 91.5% 91.6% 91.4% 91.4% 91.7% 91.6% 91.5% 91.4% 90.7% 90.4% TAX rate (on EBT) 30.3% 22.8% 22.0% 27.7% 11.6% 11.3% 11.8% 12.2% 15.0% 15.7% 14.9% 14.2% 16.7% 17.0% 16.9% 16.6% 17.1% 17.5% 17.3% 17.6% 15.8% 15.9% Net Income on Sales 22.8% 24.8% 25.7% 24.4% 32.9% 34.0% 34.3% 34.4% 35.5% 34.7% 34.9% 35.4% 35.2% 35.0% 34.5% 34.2% 34.2% 34.5% 34.3% 33.5% 30.7% 30.2%Data book: Cumulated P&L
21Notes:
1) Towers –Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone ; previously referred to as “Anchors MSA Macro Sites” 2) Towers –OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, e tc. previously referred to as “ OLOs macro sites and others ” 3) Smart Infra –DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLO s); previously referred to as “ New Services”.
Currency: €mQ1 21
(Jan-Mar)Q2 21
(Apr-Jun)Q3 21
(Jul-Sep)Q4 21
(Oct-Dec)Q1 22
(Jan-Mar)Q2 22
(Apr-Jun)Q3 22
(Jul-Sep)Q4 22
(Oct-Dec)Q1 23
(Jan-Mar)Q2 23
(Apr-Jun)Q3 23
(Jul-Sep)Q4 23
(Oct-Dec)Q1 24
(Jan-Mar)Q2 24
(Apr-Jun)Q3 24
(Jul-Sep)Q4 24
(Oct-Dec)Q1 25
(Jan-Mar)Q2 25
(Apr-Jun)Q3 25
(Jul-Sep)Q4 25
(Jul-Sep)Q1 26
(Jan-Mar)Q2 26
(Apr-Jun)
Revenues 190.2 192.9 198.1 203.9 207.0 210.7 214.8 220.5 233.6 237.6 242.0 247.1 254.6 257.1 260.3 263.9 266.2 269.0 271.1 270.8 264.1 267.0 Towers – Anchors (TIM) 1 82.1 83.6 84.4 83.6 85.7 87.5 86.6 85.2 95.6 100.1 97.8 97.9 104.6 102.6 105.2 103.8 105.5 106.3 105.0 107.0 107.4 108.7 Towers – Anchors (FASTWEB) 1 82.0 82.9 83.0 83.6 86.6 86.9 88.7 91.9 98.3 96.0 100.2 101.2 105.5 108.0 106.2 109.5 109.5 109.5 111.2 109.8 111.8 113.0 Towers – OLOs and others 2 22.9 23.0 24.6 29.2 27.1 28.3 31.1 35.1 30.8 30.1 32.3 32.2 30.3 30.5 30.2 28.6 29.5 31.2 32.4 29.9 27.7 27.0 Smart Infra – DAS, Fiber, others 3 3.3 3.4 6.0 7.5 7.6 7.9 8.4 8.3 8.9 11.5 11.7 15.8 14.3 16.1 18.8 22.0 21.8 22.1 22.5 24.0 17.2 18.3 Operating Expenses (17.3) (17.0) (17.2) (18.8) (18.9) (19.0) (19.6) (16.4) (19.8) (21.3) (19.0) (21.0) (21.6) (21.5) (23.1) (23.1) (22.2) (23.0) (23.7) (23.8) (24.6) (26.3) Other OpEx (11.8) (12.3) (13.1) (14.7) (14.0) (13.6) (14.0) (10.8) (14.6) (16.8) (14.9) (16.2) (15.6) (16.2) (18.2) (16.5) (16.1) (16.6) (17.3) (16.0) (16.8) (18.4) Personnel Costs (5.4) (4.7) (4.1) (4.1) (4.9) (5.3) (5.6) (5.6) (5.2) (4.5) (4.0) (4.8) (6.0) (5.4) (5.0) (6.5) (6.1) (6.4) (6.4) (7.8) (7.8) (7.9) EBITDA 173.0 175.9 180.9 185.1 188.1 191.7 195.2 204.1 213.8 216.4 223.0 226.1 233.0 235.6 237.2 240.9 244.1 246.0 247.4 247.0 239.5 240.7 D&A and Write-off (89.2) (88.7) (90.1) (92.2) (92.4) (89.6) (89.5) (92.2) (91.3) (92.9) (94.6) (91.7) (95.3) (95.1) (97.2) (100.3) (101.8) (100.1) (99.2) (105.1) (101.5) (102.9) EBIT 83.8 87.1 90.8 93.0 95.7 102.2 105.7 111.9 122.5 123.5 128.4 134.4 137.8 140.5 140.1 140.6 142.2 145.9 148.2 141.9 138.1 137.8 Interest (21.5) (26.4) (22.1) (20.0) (18.8) (19.0) (19.8) (23.7) (25.0) (26.8) (30.3) (30.9) (30.0) (32.5) (35.9) (36.3) (32.3) (32.2) (37.1) (39.0) (41.9) (43.5) Taxes & Others (18.9) (9.2) (14.0) (31.2) (8.9) (9.2) (11.0) (11.8) (14.6) (15.9) (12.9) (12.9) (18.0) (18.8) (17.2) (16.5) (18.7) (20.3) (19.0) (18.8) (15.2) (15.1)
NET INCOME 43.5 51.5 54.6 41.8 68.1 73.9 75.0 76.3 82.9 80.8 85.1 90.6 89.7 89.3 87.0 87.8 91.2 93.4 92.1 84.1 81.0 79.3
of which attributable to the Parent Company 87.9 91.4 93.9 92.2 84.1 81.2 79.8 of which attributable to the Minorities (0.1) (0.2) (0.4) (0.0) (0.0) (0.2) (0.6)
One-off details
One-off Revenues 0.6 0.1 0.9 1.7 0.6 0.2 0.2 0.2 0.2 One-off Expenses (2.5) (0.9) (1.9) EBITDAaL 123.9 127.2 132.3 136.6 139.3 143.5 146.6 157.6 165.6 167.6 173.8 178.7 184.0 186.1 189.5 190.7 194.1 196.4 197.8 197.5 189.9 190.9 EBITDA Margin 90.9% 91.2% 91.3% 90.8% 90.9% 91.0% 90.9% 92.6% 91.5% 91.1% 92.2% 91.5% 91.5% 91.6% 91.1% 91.3% 91.7% 91.4% 91.3% 91.2% 90.7% 90.2% TAX rate (on EBT) 30.3% 15.1% 20.5% 42.7% 11.6% 11.1% 12.8% 13.4% 15.0% 16.4% 13.2% 12.4% 16.7% 17.4% 16.5% 15.9% 17.1% 17.9% 17.1% 18.2% 15.8% 16.0% Net Income on Sales 22.8% 26.7% 27.6% 20.5% 32.9% 35.1% 34.9% 34.6% 35.5% 34.0% 35.2% 36.7% 35.2% 34.7% 33.4% 33.3% 34.2% 34.7% 34.0% 31.1% 30.7% 29.7%Data book: Quarterly P&L
22Notes:
1) Towers –Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone ; previously referred to as “Anchors MSA Macro Sites” 2) Towers –OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, e tc. previously referred to as “ OLOs macro sites and others ” 3) Smart Infra –DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLO s); previously referred to as “ New Services”.
Currency: €m3M21
(Jan-Mar)6M21
(Jan-Jun)9M21
(Jan-Sep)FY21
(Jan-Dec)3M22
(Jan-Mar)6M22
(Jan-Jun)9M22
(Jan-Sep)FY22
(Jan-Dec)3M23
(Jan-Mar)6M23
(Jan-Jun)9M23
(Jan-Sep)FY23
(Jan-Dec)3M24
(Jan-Mar)6M24
(Jan-Jun)9M24
(Jan-Sep)FY24
(Jan-Dec)3M25
(Jan-Mar)6M25
(Jan-Jun)9M25
(Jan-Sep)FY25
(Jan-Dec)3M26
(Jan-Mar)6M26
(Jan-Jun)
Goodwill 6,113 6,113 6,113 6,147 6,147 6,147 6,147 6,147 6,147 6,156 6,156 6,154 6,163 6,165 6,165 6,167 6,168 6,170 6,170 6,162 6,162 6,162 Tangible assets 802 815 821 876 877 886 903 933 964 998 1,047 1,110 1,149 1,185 1,216 1,340 1,378 1,382 1,394 1,434 1,472 250 Other intangible fixed assets 744 722 696 693 666 640 617 589 556 523 498 480 469 425 406 377 350 333 304 324 301 1,473 Other fixed assets (deferred taxes) Rights of Use on Third Party Assets 1,107 1,072 1,050 1,078 1,096 1,094 1,091 1,092 1,128 1,185 1,175 1,149 1,155 1,162 1,150 1,160 1,168 1,172 1,176 1,179 1,178 1,206 Fixed assets 8,766 8,722 8,679 8,794 8,786 8,767 8,758 8,761 8,794 8,862 8,876 8,892 8,936 8,936 8,936 9,045 9,064 9,057 9,045 9,097 9,113 9,091 Net Working Capital (9) 343 370 214 225 288 281 216 248 202 153 57 65 67 57 (23) (15) (2) (35) (120) (133) (104)
Shareholders dividend
Current assets/liabilities (9) 343 370 214 225 288 281 216 248 202 153 57 65 67 57 (23) (15) (2) (35) (120) (133) (104) ARO fund (221) (223) (224) (228) (229) (229) (230) (225) (226) (230) (233) (235) (237) (238) (240) (282) (283) (283) (283) (283) (284) (284) Deferred taxes Fund (296) (301) (314) (239) (232) (226) (220) (204) (202) (202) (198) (165) (167) (169) (170) (134) (137) (141) (144) (103) (101) (100) Other LT Net Assets/liabilities (3) (3) (4) (4) (4) (4) (4) (4) (5) (5) (5) (5) (5) (6) (6) (7) (7) (7) (6) (7) (8) (8) Non-Current assets/liabilities (521) (527) (542) (471) (465) (459) (454) (433) (433) (437) (436) (405) (410) (413) (416) (423) (426) (430) (433) (393) (393) (392) Invested Capital 8,236 8,538 8,508 8,537 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,622 8,624 8,576 8,584 8,587 8,595 Share Capital 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 600 Legal Reserve 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 120 Reserves 3,860 3,572 3,572 3,572 3,762 3,453 3,453 3,453 3,747 3,404 3,348 3,277 3,592 3,033 3,010 3,003 3,359 2,772 2,590 2,387 2,749 2,249 CY P&L (Fully distributable) 43 95 150 191 68 142 217 293 83 164 249 339 90 179 266 354 91 185 277 362 81 161 Equity attributable to the Parent 4,624 4,387 4,442 4,484 4,550 4,315 4,390 4,466 4,550 4,288 4,317 4,336 4,402 3,932 3,996 4,077 4,170 3,677 3,588 3,468 3,550 3,130 Non-controlling interests 6 8 9 10 10 12 12 Total Net Equity 4,082 4,178 3,687 3,598 3,478 3,562 3,141 Long-Term Debt 2,769 2,767 3,018 3,018 3,018 3,018 3,019 3,069 3,030 3,031 3,032 3,033 3,034 3,235 3,236 3,242 3,226 4,020 3,821 4,099 4,233 4,234 IFRS16 Long term debt 843 824 806 831 834 828 822 810 826 873 853 822 814 816 816 820 820 812 811 812 814 812 IFRS16 Short term debt 172 153 150 151 151 151 150 152 153 157 160 160 159 149 138 144 126 121 107 111 91 83 Short term debt 17 432 141 149 58 326 242 121 102 380 289 287 229 495 448 435 339 104 282 303 277 423 Other financial assets (1) (1) (1) (10) (9) (10) (9) (10) (9) (1) Cash & Cash equivalents (188) (25) (49) (96) (64) (41) (38) (73) (52) (104) (59) (95) (45) (36) (56) (115) (57) (110) (32) (210) (382) (98) Total Net Financial Position 3,612 4,151 4,066 4,053 3,997 4,282 4,195 4,079 4,060 4,339 4,275 4,207 4,190 4,658 4,581 4,517 4,444 4,937.7 4,979 5,106 5,025 5,453.3 Total sources of financing 8,236 8,538 8,508 8,537 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,622 8,624 8,576 8,584 8,587 8,595 NFP/EBITDA 5.2 x 5.9 x 5.6 x 5.5 x 5.3 x 5.6 x 5.4 x 5.0 x 4.7 x 5.0 x 4.8 x 4.7 x 4.5 x 4.9 x 4.8 x 4.7 x 4.6 x 5.0 5.0 x 5.2 x 5.2 x 5.7Data book: Balance Sheet 23
Currency: €m3M21
(Jan-Mar)6M21
(Jan-Jun)9M21
(Jan-Sep)FY21
(Jan-Dec)3M22
(Jan-Mar)6M22
(Jan-Jun)9M22
(Jan-Sep)FY22
(Jan-Dec)3M23
(Jan-Mar)6M23
(Jan-Jun)9M23
(Jan-Sep)FY23
(Jan-Dec)3M24
(Jan-Mar)6M24
(Jan-Jun)9M24
(Jan-Sep)FY24
(Jan-Dec)3M25
(Jan-Mar)6M25
(Jan-Jun)9M25
(Jan-Sep)FY25
(Jan-Dec)3M26
(Jan-Mar)6M26
(Jan-Jun)
EBITDA Recurring 172.4 348.2 528.1 714.1 189.0 380.7 577.9 781.4 213.6 429.9 652.7 878.6 233.0 468.6 705.8 946.7 244.1 490.0 737.5 984.4 239.5 480.3 Recurring CAPEX (1.8) (8.0) (11.6) (17.4) (5.4) (12.3) (19.2) (23.2) (5.6) (9.5) (15.6) (20.6) (5.2) (10.3) (14.5) (20.1) (4.2) (8.9) (13.3) (20.5) (3.9) (9.2) EBITDA - Recurring CAPEX 170.7 340.1 516.5 696.7 183.6 368.5 558.7 758.2 208.1 420.3 637.0 858.0 227.9 458.3 691.4 926.7 239.9 481.2 724.2 964.0 235.6 471.1 Change in Net Working Capital (18.2) 10.1 4.4 27.1 4.0 (1.0) 0.7 10.9 (5.5) 31.2 49.4 42.2 (2.3) 15.0 24.7 23.2 3.4 1.3 8.3 14.8 10.5 14.0 Change in Net Working Capital non Recurring Operating Free Cash Flow 152.5 350.3 521.0 723.8 187.7 367.5 559.3 769.1 202.5 451.6 686.4 900.2 225.6 473.3 716.0 949.8 243.3 482.5 732.5 978.7 246.2 485.1 Tax Cash-Out (51.9) (56.3) (110.2) (23.8) (23.8) (27.9) (1.4) (6.2) (6.2) (13.6) (0.0) (30.4) (30.4) (48.8) 0.0 (19.5) (19.5) (41.0) (0.0) (22.9) Lease payment Recurring (51.1) (103.6) (151.6) (201.9) (58.4) (103.0) (150.0) (200.0) (58.5) (106.4) (154.4) (209.0) (56.3) (103.4) (149.9) (199.8) (61.7) (108.7) (163.4) (218.7) (57.5) (102.5) Financial Charges (8.3) (10.3) (31.6) (45.3) (2.7) (13.0) (35.0) (49.8) (6.0) (15.5) (48.0) (66.1) (19.3) (30.6) (67.6) (80.3) (23.5) (38.2) (63.9) (85.5) (12.4) (59.7) Recurring Cash Flow 93.1 184.4 281.4 366.5 126.6 227.7 350.5 491.4 136.7 323.5 477.8 611.5 150.0 309.0 468.1 621.0 158.1 316.0 485.7 633.5 176.2 300.1 One-off Items 0.6 0.7 1.6 0.7 (0.9) (0.9) (2.8) (2.2) 0.2 0.3 0.5 0.6 Change in trade payables related to Dev. CAPEX (6.2) (9.9) (27.2) 56.3 (62.9) (66.7) (66.9) (37.3) (24.7) (36.9) (25.9) (12.9) 8.7 (1.3) (4.2) 22.7 (23.1) (27.7) (18.8) 16.0 (16.1) (41.7) Development CAPEX (16.2) (46.4) (69.8) (199.1) (26.4) (58.2) (98.7) (163.8) (51.6) (107.5) (177.9) (269.4) (86.4) (141.8) (202.3) (295.9) (79.3) (139.1) (193.6) (293.3) (78.0) (122.5) Goodwill tax scheme pre-payment (334.0) (334.0) (334.0) (14.0) (14.0) (14.0) (14.0) (14.0) (14.0)
Price adjustment
Other Change in Net Working Capital (3.0) (2.6) (1.6) (0.0) 32.7 (1.2) (8.2) (6.5) (7.7) 6.7 5.2 63.3 (37.9) (39.5) (53.6) (43.8) (5.9) (19.9) (14.2) (5.7) 5.5 3.8 Free Cash Flow to Equity 68.2 (207.9) (149.7) (109.6) 69.1 86.7 159.9 267.5 52.7 172.0 265.6 379.1 34.4 126.4 208.0 304.0 49.7 129.4 259.1 350.4 87.6 139.7 Purchase/sale of treasury shares (0.5) (0.5) (0.5) (0.5) (2.1) (2.1) (2.1) (2.1) (8.6) (64.5) (136.2) (24.9) (130.6) (155.2) (163.0) (107.8) (289.8) (300.1) Other variations (5.6) (21.3) (15.1) (13.8) (8.7) (11.7) (3.4) (4.4) (11.9) (21.5) (10.8) (14.5) (1.2) (13.0) (2.8) (16.2) 5.0 4.0 1.6 (5.9) 2.3 2.3 Dividend Paid (283.9) (284.1) (286.8) (0.0) (305.2) (306.5) (307.5) (3.3) (332.8) (335.1) (336.2) 0.0 (450.7) (452.1) (452.2) (0.6) (477.8) (479.5) (674.7) (498.8) Net Cash Flow 62.1 (513.5) (449.3) (410.8) 58.3 (232.3) (152.1) (46.5) 37.4 (190.9) (144.8) (107.9) 8.3 (468.0) (402.0) (327.3) 54.1 (452.2) (508.7) (630.2) 89.8 (356.9) Other non-cash financial movements 37.2 74.3 95.2 69.3 (1.9) 3.9 10.4 20.9 (18.5) (69.2) (51.5) (20.7) 9.3 17.6 28.2 17.5 19.0 31.6 47.2 41.4 (8.5) 9.5 Net Cash Flow after adoption IFRS16 99.4 (439.2) (354.2) (341.4) 56.3 (228.4) (141.7) (25.6) 18.9 (260.0) (196.4) (128.6) 17.5 (450.4) (373.8) (309.8) 73.1 (420.6) (461.5) (588.8) 81.3 (347.4) Net Debt Beginning of Period 3,711.7 3,711.7 3,711.7 3,711.7 4,053.1 4,053.1 4,053.1 4,053.1 4,078.7 4,078.7 4,078.7 4,078.7 4,207.3 4,207.3 4,207.3 4,207.3 4,517.1 4,517.1 4,517.1 4,517.1 5,105.9 5,105.9 Net Debt End of Period Inwit 3,612.3 4,150.9 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6 5,105.9 5,024.6 5,453.3 Fastweb + Vodafone contribution Net Debt End of Period 3,612.3 4,150.9 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6 5,105.9 5,024.6 5,453.3 CAPEX (total) (18.0) (54.4) (81.4) (216.5) (31.8) (70.5) (117.9) (187.0) (57.2) (117.1) (193.6) (290.0) (91.6) (152.1) (216.8) (315.9) (83.5) (147.9) (206.8) (313.8) (81.9) (131.7)Data book: Cash Flow 24
Data book: Operational KPIs
Notes:
1) 1Q21 New Tenants excluding terminations.
2) Total sites figure restated starting from April 1, 2020 following the reporting system integration of INWIT pre -merger and Vodafone Towers 3)New Small Cells & DAS Remote Units in Q4'21 include impact of Highway Tunnel investment (ca. 800 Remote Units) 25
1Q21 12Q21 3Q21 4Q21 31Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
Figures in #k3M21
(Jan-Mar)6M21
(Jan-Jun)9M21
(Jan-Sep)FY21
(Jan-Dec)3M22
(Jan-Mar)6M22
(Jan-Jun)9M22
(Jan-Sep)FY22
(Jan-Dec)3M23
(Jan-Mar)6M23
(Jan-Jun)9M23
(Jan-Sep)FY23
(Jan-Dec)3M24
(Jan-Mar)6M24
(Jan-Jun)9M23
(Jan-Sep)FY24
(Jan-Dec)3M25
(Jan-Mar)6M25
(Jan-Jun)9M25
(Jan-Sep)FY25
(Jan-Dec)3M26
(Jan-Mar)6M26
(Jan-Jun)
Tenancy Ratio 1.91x 1.95x 1.98x 2.01x 2.05x 2.09x 2.12x 2.16x 2.19x 2.20x 2.21x 2.23x 2.26x 2.28x 2.30x 2.32x 2.35x 2.36x 2.37x 2.38x 2.39x 2.40x Number of Tenants 42.8 44.0 44.9 46.0 46.8 47.9 48.9 50.1 51.2 52.3 53.3 54.3 55.3 56.2 57.1 58.0 58.8 59.5 60.2 60.9 61.2 61.6 Anchor Tenants 33.6 34.5 35.1 35.8 36.4 36.9 37.5 38.2 38.9 39.6 40.2 40.8 41.4 41.8 42.3 42.8 43.1 43.4 43.7 44.0 44.1 44.2 Anchors New Tenants 0.9 0.9 0.6 0.7 0.6 0.5 0.6 0.7 0.7 0.7 0.6 0.6 0.6 0.4 0.5 0.5 0.3 0.4 0.3 0.3 0.1 0.1
OLOs 9.2 9.5 9.8 10.2 10.4 10.9 11.4 11.9 12.3 12.7 13.1 13.5 13.9 14.4 14.8 15.2 15.7 16.1 16.5 16.9 17.1 17.4
OLOs New Tenants 0.4 0.3 0.3 0.5 0.2 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.4 0.4 0.4 0.2 0.3 Organic Number of Sites222.4 22.5 22.6 22.8 22.8 22.9 23.0 23.2 23.3 23.5 23.8 24.1 24.3 24.5 24.7 25.0 25.1 25.3 25.5 25.7 25.8 25.8
Other KPIs
Small Cells & DAS Remote Units 4.9 5.2 5.3 6.4 6.6 6.8 6.9 7.0 7.3 7.8 7.8 7.9 8.1 8.7 9.4 10.0 10.5 10.7 11.0 11.6 12.1 12.4 New Remote Units 0.4 0.4 0.1 1.1 0.2 0.2 0.1 0.1 0.3 0.5 - 0.1 0.2 0.6 0.7 0.7 0.5 0.2 0.3 0.6 0.5 0.3 Backhauling links 1.3 1.3 1.3 1.3 1.5 1.5 1.6 1.7 1.8 1.8 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 New backhauling links 0.1 0.0 0.0 0.0 0.2 - 0.1 0.1 0.1 0.0 0.2 0.1 - - - 0.1 - - - - - -
Lease Renegotiations/Buyouts (#) 400 570 400 475 360 650 700 510 320 510 495 500 440 390 315 410 450 370 360 380 410 390
26Any questions?
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