INWIT

A Digital Infrastructure Company

INTERIM

INWIT, behind your connectivity.

INWIT

A Digital Infrastructure Company

INWIT voluntarily prepares and publishes Interim Management Reports for the first and third quarters of each fiscal year.

The Interim Management Report as of March 31, 2026 includes the interim management report and the interim consolidated financial statements as of March 31, 2026 prepared in accordance with IFRS accounting standards issued by the IASB and adopted by the EU.

The interim consolidated financial statements as of March 31, 2026 are not subject to audit.

In addition to the conventional financial indicators required by IFRS, INWIT uses certain alternative performance indicators to enable a better assessment of its operating performance and financial position. In particular, alternative performance indicators refer to: EBITDA, EBIT, net financial debt, INWIT net financial debt, and Operating Free Cash Flow.

It should also be noted that the section "Business outlook for the year 2026" contains forward-looking statements regarding management's intentions, beliefs, or current expectations in relation to the financial results and other aspects of the Group's activities and strategies. Readers of this Report should be aware that actual results may differ significantly from those contained in these forecasts as a result of a number of factors, most of which are beyond the Group's control.

CONTENTS

Corporate information and corporate bodies 6
Company profile 9
Highlights at march 31, 2026 18
Management performance and events 19
Operating, capital and financial performance 22
Subsequent events after march 31, 2026 31
Positions or transactions arising from atypical and/or unusual transactions 31
Significant non-recurring events and transactions 31
Business outlook for the year 2026 31
Main risks and uncertainties 32
Internal control and risk management system 37
Related party transactions 40
Alternative performance indicators 40

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 41

Contents 42
Consolidated statement of financial position 43
Consolidated Income Statement 45
Consolidated Statements of Comprehensive Income 46
Consolidated Statements of Changes in Equity 47
Consolidated statements of cash flows 48
Notes to the Interim Consolidated Financial Statements as at March 31, 2026 49
Statement by the Financial Reporting Officer 78

This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails.

Interim Management Report at March 31, 2026

INWIT

REPORT ON OPERATIONS

INWIT

CORPORATE INFORMATION AND CORPORATE BODIES

CORPORATE DATA OF THE PARENT COMPANY

COMPANY NAME	Infrastrutture Wireless Italiane S.p.A.
SHARE CAPITAL	600,000,000 euros
REGISTERED OFFICE	Largo Donegani 2, 20121 Milan
TAX CODE, VAT NO. AND MILAN COMPANY REGISTER NO.	08936640963
WEBSITE	www.Inwit.it

CORPORATE GOVERNANCE SYSTEM

The Corporate Governance system of INWIT is organised according to the traditional model, in accordance with articles 2380 et seq. of the Italian Civil Code, is in line with national and international best practices in the field, and is structured as indicated below:

Shareholders’ Meeting – deliberative body that expresses the will of the shareholders and is convened in ordinary session at least once a year;
Board of Directors – the body with powers of ordinary and extraordinary administration and management of the Company. The Board of Directors has established 5 Committees: Nomination and Remuneration Committee, Sustainability Committee, Risk and Control Committee, Related Parties Committee and Strategy Committee;
Lead Independent Director – a reference point and coordinator for the needs and contributions of the independent Directors;
Supervisory Body – body responsible for overseeing the functioning and compliance with Model 231, as well as for its updating;
Leadership Team – the management governance body.

The Shareholders’ Meeting is competent to resolve – in ordinary or extraordinary session – on: (i) the appointment and removal of members of the Board of Directors and the Board of Statutory Auditors and their related remuneration and liability, (ii) the approval of the Financial Statements and the allocation of profits, (iii) the purchase and disposal of treasury shares, (iv) share ownership plans, (v) amendments to the articles of association (other than those representing a mere adaptation to regulatory provisions), (vi) the issuance of convertible bonds.

INWIT's Articles of Association have not introduced the mechanisms of enhanced voting rights and/or multiple voting rights.

Director Favaro, appointed by co-option by the Board of Directors on September 22, 2025, replacing the resigning Cristian Hillabrant, was confirmed by the shareholders' meeting on April 30, 2026.

The Board of Directors ("BoD"), as of March 31, 2026, is composed of:

() Independent within the meaning of the Consolidated Finance Act (TUF);
(*) Independent under both the TUF and the Corporate Governance Code.

Interim Management Report at March 31, 2026

INWIT

All members of the Board of Directors are domiciled for office at INWIT's registered office. Within the BoD, the Chairman, Oscar Cicchetti, and Directors Ambriola, Bonomo, Bozzoli, Favaro, Le Cloarec, Mahler and Mazza have experience in the infrastructure and telecommunications sector.

On April 17, 2025, the BoD confirmed Diego Galli as General Manager of INWIT, already appointed on October 7, 2022. The General Manager is granted the powers relating to the overall governance of the Company and to ordinary management in its various forms, without prejudice to the powers reserved to the Board of Directors by law or by the Articles of Association.

At the meeting of April 28, 2025, the Board of Directors appointed the following Board sub-committees, which as at March 31, 2026 are composed as follows:

Nomination and Remuneration Committee: Paola Bonomo (Chairperson), Francesco Valsecchi, Rosario Mazza.
Related Parties Committee: Francesco Valsecchi (Chairman), Stefania Bariatti, Vania Petrella.
Risk and Control Committee: Stefania Bariatti (Chairman), Paola Bonomo, Carlo Bozzoli, Barbara Tadolini, Nicolas Mahler.
Sustainability Committee: Giulia Staderini (Chairman), Antonella Ambriola, Barbara Tadolini.
Strategy Committee: Oscar Cicchetti (Chairperson), Antonella Ambriola, Paolo Favaro, Nicolas Mahler, Rosario Mazza.

The Lead Independent Director represents the point of reference and coordination for the requests and contributions of the independent Directors. The Lead Independent Director is entitled to use the corporate structures for the exercise of the tasks entrusted and to convene special meetings of Independent Directors only (Independent Directors' Executive Sessions) to discuss issues affecting the functioning of the Board of Directors or the management of the company. Director Valsecchi is Lead Independent Director.

The Supervisory Body (hereinafter "SB"), introduced as of May 5, 2020, performs the functions set out in Legislative Decree No. 231/2001. The current Supervisory Body was appointed by the Board of Directors on May 22, 2023 and will remain in office for three years; consists of three members, two external members and one internal member in the person of INWIT's Internal Audit Director. The Supervisory Body has the task of "supervising the operation of and compliance with the Organisational Model and ensuring that it is updated", as provided for in Article 6 of Legislative Decree 231/01.

The Supervisory Body as at March 31, 2026 is composed as follows:

As at March 31, 2026, the Leadership Team consists of 9 members, including the General Manager and the heads of business functions, and represents the main management governance body, responsible for overseeing relevant company activities with particular reference to strategic, economic/financial and sustainability plans, assessing strategic alignment, economic sustainability, operational impacts and possible trade-offs between economic and socio-environmental objectives, ensuring their coherence.

Interim Management Report at March 31, 2026

INWIT

BOARD OF STATUTORY AUDITORS

The Shareholders' Meeting of April 23, 2024 appointed the Board of Statutory Auditors, which will hold office until the approval of the financial statements as of December 31, 2026.

The Board of Statutory Auditors of the Company as of March 31, 2026 is composed as follows:

INDEPENDENT AUDITOR

The Shareholders' Meeting held on April 23, 2024, appointed KPMG S.p.A. to audit the accounts for the nine-year period 2024 - 2032.

FINANCIAL REPORTING OFFICER

At its meeting of April 17, 2025, the Board of Directors, after obtaining the favourable opinion of the Board of Statutory Auditors, appointed Emilia Trudu, Administration, Finance & Control Director, as Financial Reporting Officer pursuant to Article 154-bis of the Consolidated Law on Finance.

Interim Management Report at March 31, 2026

INWIT

COMPANY PROFILE

THE CORE BUSINESS OF INWIT

INWIT is one of Italy's leading Digital Infrastructure Companies, a leader in passive infrastructure for mobile telecommunications, with strong industrial and technical expertise, significant investment capacity and a solid financial structure. With major shareholders from around the world, it is listed in the FTSE MIB, the most significant stock index of the Italian Stock Exchange comprising the top 40 companies by capitalisation and liquidity on Euronext Milan and Euronext MIV Milan, and in the STOXX® Europe 600, comprising 600 of the largest market capitalisation companies in Europe.

In terms of credit rating (summary judgment on the creditworthiness of a company provided by independent international agencies), as of March 31, 2026 Fitch Ratings assigned INWIT a BBB- rating with negative credit watch, while S&P Global Ratings assigned a BB+ rating with stable outlook.

The Group builds and manages digital and shared infrastructure that, in a neutral host logic, hosts the radio equipment of its customers, in particular the main players in the mobile telecommunications, FWA and IoT markets. INWIT's activity therefore plays an essential role in the functioning of mobile telecommunications and the development of digitalisation in Italy.

INWIT's infrastructure consists of an integrated ecosystem of Tower Infra (towers, poles, masts, related technology systems, gateways and IoT sensors, and in some cases, fibre and Land), Smart Infra (DAS antennas, Small Cells, repeaters) and Real Estate Infra (Land and photovoltaic panels for self-production of renewable energy).

INWIT's Tower Infra network consists of approximately 26,000 towers, distributed in a capillary manner across the national territory, with a density of one tower every 3 km. Overall, the network hosts over 60,000 hospitality contracts (points of presence, or PoPs), for a tenancy ratio (average number of guests per site) of 2.39 guests per site, the highest in Italy and among the highest in Europe.

INWIT's Smart Infra completes and extends the Tower Infra, providing network coverage and capacity with over 12,000 remote units, DAS, Small Cells and Repeaters that offer coverage to about 850 indoor and outdoor locations and over 1,000 km of road and motorway tunnels.

INWIT Real Estate Infra is responsible for ensuring the management and development of the Company's infrastructure assets and the end-to-end supervision of the life cycle of passive lease contracts and infrastructure assets.

INWIT's assets are open to all telecommunications operators, as well as enterprises and public institutions interested in improving mobile connectivity in areas with high user density and specific coverage needs, such as transportation hubs, subways, exhibition centres, hospitals, hotels, stadiums, schools and universities. INWIT's integrated offering also enables advanced digital applications, from Industry 5.0 to Smart City, as well as Smart Rural and Smart Transportation solutions.

INWIT plays a primary role in the Italian digital ecosystem and a strategic role for national security, operating as critical infrastructure essential for the resilience of communications. By virtue of the strategic nature of the assets managed, the Group is fully integrated within the national regulatory framework for physical and cyber security. The relevance of INWIT's assets is further enshrined by the State's special powers regime (Legislative Decree no. 21/2012 as amended). This regulatory safeguard grants the Executive the power to intervene in the event of resolutions, acts or operations by the management bodies of a company that could compromise the public interest in the security and integrity of mobile communications networks.

INWIT is the market leader in Italy with more than 45% of telecommunications towers, a heritage that originates from the first introduction of mobile technologies in Italy, with towers initially developed by the two main market operators, TIM and Vodafone. With a highly integrated approach and consolidated and distinctive industrial expertise, INWIT continues to invest to expand and optimise its network, serving the demand for mobile data, coverage needs and the ongoing technological transition from 4G to 5G. All this makes INWIT central in enabling telecommunications technologies, contributing significantly to overcoming the digital divide and digitalising the country.

Fastweb S.p.A. and Vodafone Italia S.p.A., as of January 1 2025, have become a single corporate entity Fastweb S.p.A.

Interim Management Report at March 31, 2026

INWIT

THE HISTORY OF INWIT

INWIT was formed in March 2015, following the spin-off of Telecom Italia's Tower business. The merger with Vodafone Towers, finalised at the end of March 2020, significantly transformed its dimensional and strategic profile, creating the largest infrastructural operator for mobile telecommunications in Italy, with a neutral host role, at the service of all operators.

INWIT's activities are directly linked to the emergence and development of mobile telecommunications in Italy at the hands of the two main operators in the sector, TIM and Vodafone Italia. As incumbent and first challenger, the two operators have invested in creating the best networks, distinguished both by the quality of locations and the high standard of infrastructure implementation. INWIT has inherited all of this heritage, along with a wealth of technical and professional knowledge of the highest level, and continues to work to consolidate it, creating a set of systems, processes and knowledge that can create value, serving the rapid and efficient deployment of 5G by operators.

In recent years, INWIT has continued to invest in developing its infrastructure. On the Tower Infra front, the pool of towers has expanded from 22,000 to approx. 26,000 sites, in particular thanks to the new sites provided for by the MSA contract with TIM and Vodafone and the NRRP Italia 5G Densification programme. The hospitality, points of presence, have grown at an even higher rate, reaching over 60,000 and leading to a continuous increase in the Tenancy Ratio, to 2.39 customers per tower. INWIT has also carried out a significant programme of land renegotiation and acquisition, completing over 1,600 transactions on average per year, to the benefit of efficiency, and today owns approximately 18.3% of the land surrounding its towers.

The Group then decided to give a strong impetus to the development of a Smart Infra network, in support of its macro infrastructure, which now has about 850 locations throughout Italy with dedicated network coverage. These include, for example, over 150 hospitals, 10 museums, 50 luxury hotels and over 50 supermarkets and logistics centres.

In 2024, INWIT took the lead in the Roma 5G project, finalising the purchase of an exclusive controlling stake of 52% of the share capital of Smart City Roma S.p.A., the company that won the tender launched by Roma Capitale for the concession of the Roma 5G project (in a public-private partnership model). The project lays the foundations for transforming Rome into a true smart city, developed in collaboration with Roma Capitale and is in support of all operators in the sector to bring 5G connectivity to all the main nerve centres of the city (subways, main squares and streets). The objective is to stably provide the best connectivity and security to a solid base of 3 million residents and over 15 million annual tourists, with a network capacity designed to efficiently respond even to significant traffic increases during major events, as occurred during the 2025 Jubilee. During the first quarter of 2026, the coverage plan for lines B and B1 of the Rome metro continued, with 48 stations already completed. At the same time, within the scope of the Roma 5G project, managed by the subsidiary Smart City Roma, the activation of Wi-Fi in 92 squares and the upgrading of video surveillance systems was completed, marking a further step forward in the digitisation of the capital.

INWIT

THE MAIN MILESTONES IN INWIT'S HISTORY

2015
INWIT IS BORN
Creation and listing of Infrastructure Wireless Italiane S.p.A. Tower Operator Neutral Host.
2018
TOWERS, MICROCELLS AND DAS
Thanks to its towers and the implementation of Microcells and DAS, INWIT is a leader in Italy in the field of mobile telephony infrastructure.
2019
PARTNERSHIP WITH VODAFONE
Thanks to partnership with Vodafone, Italy's largest tower operator is born.
2020
MERGER OF INWIT AND VODAFONE TOWERS
The merger generates a significant transformation of its size.

FTSE MIB AND STOXX® EUROPE 600
INWIT stock is included in the main Italian stock index, the FTSE MIB, and the STOXX® Europe 600.

2021
• PURCHASE OF DAS INSTALLATIONS for coverage of 1,000 km of road and motorway tunnels.
• FIRST FINANCING WITH THE EIB AND SUSTAINABILITY-LINKED TERM LOAN.
2022
• NRRP "PIANO ITALIA 5G" for the reduction of the digital divide.
• ESG INDICES: Inclusion in FTSE4Good.

• NET ZERO TARGET 2040
Target approved by the Science Based Initiative (SBTi)
• WWF AND LEGAMBIENTE PROJECTS
for environmental monitoring to protect biodiversity.

• MILAN METRO LINE M4 CONSTRUCTION OF INFRASTRUCTURE FOR 5G COVERAGE.
• ISO 50001 ENERGY System and UNI PDR 125 for Gender Equality CERTIFICATION.

2023
• RECORD OF OVER 900 NEW SITES BUILT IN THE YEAR
• FIRST SITES OF THE ITALY 5G DENSIFICATION PLAN OF THE NRRP
• TENANCY RATIO AT 2.23
• PROTOCOL WITH ANCI, INFRATEL AND DTD+PROTOCOL WITH UNCEM to reduce the digital divide and for the digital infrastructure of mountain communities.
2025
• TENANCY RATIO 2.38
• OVER 750 NEW SITES of which more than 300 in digital divide areas.
• APPROXIMATELY 800 DAS FOR INDOOR COVERAGE over 150 hospitals, 10 museums and more than 50 supermarkets and logistics centres.

• ROMA 5G PROJECT: coverage of the 31 Rome metro stations completed.
• EIB-INWIT AGREEMENT worth 350 million euros for the development of digital telecommunications infrastructure.
• FIRST SUSTAINABILITY LINKED BOND of €850 million.
• ISO 37001 CERTIFICATION Anti-Corruption Prevention System.

Interim Management Report at March 31, 2026

INWIT

INWIT'S STRATEGY FOR VALUE CREATION

The technological and market context in Italy is characterised by structural trends that support a growing need for digital infrastructure elements for outdoor and indoor connectivity. In fact, mobile data consumption is expected to continue growing at double-digit rates through 2030, driving the need to expand and enhance the network to support the growth of advanced applications such as artificial intelligence. We are also witnessing the transition from 4G mobile technology to 5G, still to be completed, which requires a densification of the network and an extension of coverage, both indoor and outdoor, to reduce the digital divide.

Connectivity starts from the digital infrastructure that enables operators' services and allows things and people to always be connected. In particular, INWIT's towers and DAS (Distributed Antenna System) enable data transmission and interconnection between people, devices, companies and institutions.

To meet the densification requirements of 5G, a greater number of macro sites and points of presence (Tower Infra) will therefore be required to provide performance, security and ease of use for the end user, always and everywhere. In addition, the transition to 5G is a key driver for the development of microgrids (Smart Infra), which are needed to optimise coverage and capacity, provide low indoor latency (with Distributed Antenna Systems - DAS), and complete coverage of roads, highways and railways. In the medium term, the development of small cells is also expected to complement macro sites and indoor DAS coverage.

Added to this is the Next Generation EU, which is planned by the European Union to stimulate post-pandemic COVID-19 recovery and development. The National Recovery and Resilience Plan (NRRP), within the framework of the Next Generation EU, devotes ample space and substantial resources to the issue of the country's digital innovation by fostering a broad round of investment in digitalisation and infrastructure. In particular, INWIT was awarded as agent, with TIM and Vodafone, the "Italy 5G Plan - Densification" tender of the NRRP, strengthening its role as an enabler of digitalisation, supporting mobile operators to reduce the digital divide, with a view to territorial inclusion and 5G development. The digital dimension is a necessity for businesses, citizens and public administration in the process of transformation toward more agile and flexible private and public organisational, production and service models.

In this scenario, towers are confirmed as the centre of the ongoing digitalisation trend: connected assets, close to the end user, equipped and shared, able to provide an efficient response to the infrastructure needs of operators.

The value chain of mobile telecommunications services includes:

spaces, owned or leased, where infrastructure is located;
fibre optic link connecting the site to the operators' "core network";
passive infrastructure consisting of poles and pylons usually owned by tower companies and active with antennas owned by operators;
free or licensed frequencies owned by operators;
connectivity services, offered by operators, that reach end users, consisting of the public, public and private companies (business customers).

INWIT has a clear positioning within the value chain, leveraging its assets (micro and macro grid) to offer infrastructure services to operators with a sharing model open to all mobile operators, FWA (Fixed Wireless Access) and other customers such as OTMO (Other Than Mobile Operator) and IoT (Internet of Things).

Interim Management Report at March 31, 2026

INWIT

THE PILLARS OF GROWTH

In line with INWIT's model of evolution from Tower Company to Digital Infrastructure Company, INWIT's long-term strategy focuses on the following growth directions:

Towers Infra – Rawland and Rooftop Towers
Smart Infra – DAS, IoT, Small Cells and Large Smart Projects
Real Estate Infra – Land and self-consumption of renewable energy

The strategy for Towers aims to confirm INWIT's leadership as the main Italian tower company, through the roll out of new sites. Drivers of the roll out plan are the MSA sites with TIM and Fastweb and the Italia 5G - NRRP plan. In addition, the growing consumption of data will require the development of additional sites related to densification needs in the long term. This will be accompanied by a strengthened focus on co-location, aiming to further increase the current value of guests per site, equal to 2.39, serving Mobile, FWA and IoT customers.

On the Smart Infra front, INWIT aims to consolidate its leadership in the creation of dedicated coverage for indoor DAS locations, expanding the public and private customer base with a focus on large-scale distribution, hospitality, industry, large real estate projects and healthcare. The plan also devotes particular attention to smart city and Smart Transportation projects – including ports, airports, stations, subways and road infrastructure – in continuity with the positive track record gained in initiatives such as Fiera Milano, Roma 5G and the coverage of important metro lines and railway stations.

In this context, INWIT towers will increasingly be integrated with other technologies such as Wi-Fi, IoT and fibre to enable innovative services for smart parking, security in public spaces via smart cameras, consumption monitoring (smart metering) and waste management.

Finally, the Group expects a continuous and constant focus on INWIT's real estate assets with the aim of supporting the growth of the EBITDAAL margin.

INWIT's business is in line with one of the main business models of the circular economy, that of the product as a service, thanks to the possibility of offering more integrated services starting from the infrastructure.

In fact, INWIT shares its assets and infrastructure, including ensuring their maintenance and technology upgrades, to multiple clients, who use them without owning them. This avoids the need for each operator to build its own infrastructure, resulting in detectable environmental benefits across the entire life cycle of the assets, from the use of materials for construction, to energy use in the operation phase, to the end-of-life phase.

The widespread presence of INWIT's towers enables the provision of advanced services even in areas where connectivity through fibre optics will arrive later, thus anticipating the country's digitalisation and the reduction of the digital divide.

A widespread presence that allows INWIT's towers to be considered natural hubs for carrying out environmental and climate event monitoring as well.

In addition, therefore, the strategy calls for the development of adjacent businesses to foster the development of smart city. Among those with the highest potential in the medium to long term are IoT (Internet of Things) and hospitality mini data centres to be placed at the base of our towers for those services that need low latency.

INWIT also has a Sustainability Plan, an integral part of the industrial strategy, through which it aims to make the transition to a sustainable business model, considered an enabler for the Group's growth.

Interim Management Report at March 31, 2026

INWIT

OUR BUSINESS MODEL

INPUT

FINANCIAL CAPITAL
- Financial resources

INFRASTRUCTURE CAPITAL
- Infrastructure
- and real estate
- Technologies (e.g. 5G)
- Technology assets
- Business and technological know-how

SOCIAL AND RELATIONAL CAPITAL
- Relationships with:
- Sales Partner
- Local communities
- Universities ad research centers

HUMAN CAPITAL
- Employees
- Collaborators

NATURAL CAPITAL
- Energy consumption
- Use of resources

BUSINESS MODEL

OUTPUT

FINANCIAL CAPITAL
- Capital fastness

INFRASTRUCTURE CAPITAL
- Communication infrastructure
- Optic-fiber links of transmission sites
- Service innovation

SOCIAL AND RELATIONAL CAPITAL
- Innovative projects with local communities
- Digitalization projects on the territory

HUMAN CAPITAL
- Skills growth
- Well-being of employees

NATURAL CAPITAL
- Emissions
- Waste production

OUTCOMES

Creating added value
Reducing the digital divide and increasing transmission capacity
Development of the productivity of the territory
Dissemination of new technologies (e.g. 5G)
Enterprise network development
Development of local communities
Greater social and digital inclusiveness
Corporate identity and talent attraction
Occupational Health and Safety
Valorization and integration of diversity
Reduction of environmental impacts

Interim Management Report at March 31, 2026

INWIT

INWIT AND THE FINANCIAL MARKET

As of September 22, 2015, INWIT shares traded on the Italian Stock Exchange's Mercato Telematico Azionario (now called Euronext Milan), after a placement at a price of 3.65 euros per share. As of 2020, five years after the first day of listing, INWIT's stock has been included in Italy's main stock index, the FTSE MIB, and in the STOXX® Europe 600, consisting of 600 of the largest market capitalisation companies in Europe. INWIT shares are held mainly by international institutional investors, particularly based in the United Kingdom and the United States, as well as investors from Italy, the rest of Europe and the world. The Company maintains an ongoing dialogue with investors based on the principles of transparency, completeness and timeliness of information, including through participation in meetings, roadshows and industry conferences. In addition, INWIT stock is followed by 24 independent analysts from leading international financial institutions. More information on INWIT stock is available on the company's website www.inwit.it it under "Investor Relations". The following graph illustrates the performance of the stock over the period from the start of trading to March 31, 2026, in relation to a basket composed of Italian and European market indices and comparable companies.

HISTORICAL PERFORMANCE OF INWIT SHARES (SHARE PRICE INDEXED TO 100)

TOTAL SHAREHOLDER RETURN STOCK INWIT COMPARATOR TO OTHER TOWER COMPANIES (INDEXED AT 100)

Interim Management Report at March 31, 2026

INWIT

During the first quarter of 2026, the share recorded a performance (total shareholder return) of -13.1% compared to -4.1% for the peer group (Cellnex, Crown Castle, American Tower, SBA), closing the quarter at €6.86.

This performance was set against a complex macroeconomic and sector context, characterised by volatility linked to trade tensions, inflation growth expectations and restrictive monetary policies, which had a downward impact on the entire infrastructure sector.

At the corporate level, although solid industry trends continue (growing need for digital infrastructure and increase in mobile data traffic), the quarter's quotations were affected by the increase in conflict with the anchor tenants and the consequent downward revision of the 2026-2030 estimates (communicated on 19 March) by the Company, factors that exacerbated an already challenging market context, characterised by the slowdown in investments by mobile operators in Italy and the uncertainties linked to the consolidation processes underway in some European markets.

Over a five-year horizon, the Company confirms its position as leader in the peer group in terms of Total Shareholder Return.

SHARE CAPITAL OF INWIT AS AT MARCH 31, 2026

8,722 million euros

Market capitalisation (on average prices from January 1, 2026 to March 31, 2026)

600 million euros

Share capital

931,890,010

Number of ordinary shares (no par value)

INWIT

SHAREHOLDING STRUCTURE

COMPOSITION OF INWIT'S SHAREHOLDER BASE

Daphne 3
Central Tower Holding
Lazard Asset Management
Treasury shares
Free Float

At present, it should be noted that Daphne 3 S.p.A. is 100% controlled by Impulse I S.à.r.l. (in turn controlled by Impulse II S.C.A.); Central Tower Holding Company B.V. is indirectly owned by Oak Holdings 1 GmbH (itself co-controlled by Vodafone GmbH and OAK Consortium GmbH).

TREASURY SHARES

As at March 31, 2026, INWIT holds 29,545,167 treasury shares representing 3.17% of the share capital, purchased since 2020 to service the incentive plans known as the Share Ownership Plan and the Long Term Incentive Plan 2023-2027, and the treasury share buyback plan approved by the Shareholders’ Meeting on April 15, 2025. The shares are deposited in a securities account held by INWIT S.p.A. with Intesa Sanpaolo S.p.A.

Please refer to the paragraph “Subsequent Events” for updates on the allocation of treasury shares in the portfolio approved by the Shareholders’ Meeting of April 30, 2026.

DIVIDEND POLICY AND SHAREHOLDER REMUNERATION

In line with the company’s dividend policy for the period 2024-2026, the shareholders’ meeting of April 30, 2026, upon proposal of the Board of Directors, approved the payment of a dividend for the 2025 financial year, including the use of part of the available reserves, equal to 0.5543 euros per share, representing an increase of 7.5% compared to the previous year.

In view of the limited visibility of market developments, the medium-term baseline outlook forecasts a dividend per share (DPS) of at least €0.55 (previously, a 7.5% annual dividend per share growth until 2026 and at least +5% annual dividend per share growth in the period 2027-2030 were expected).

HISTORICAL TREND ORDINARY DIVIDEND PER SHARE

Interim Management Report at March 31, 2026

18 Interim Management Report at March 31, 2026

HIGHLIGHTS

AT MARCH 31, 2026

| REVENUES | 264.1
million euros | -0.8%
compared to March 2025 | INVESTMENTS | 81.9
million euros | -1.9%
compared to March 2025 |
| --- | --- | --- | --- | --- | --- |
| EBITDA | 239.5
million euros | -1.9%
compared to March 2025 | NFP | 5,024.6
million euros | +13.1%
compared to March 2025 |
| NET PROFIT | 81.0
million euros | -11.1%
compared to March 2025 | LEVERAGE | 5.2x | +0.7x
compared to March 2025 |
| EBITDAaL | 189.9
million euros | -2.2%
compared to March 2025 | RECURRING
FREE CASH FLOW | 176.2
million euros | +11.5%
compared to March 2025 |

INWIT

MANAGEMENT PERFORMANCE AND EVENTS

OPERATING PERFORMANCE³

Main indicators	unit of measurement		March 31, 2025	% Change
Number of sites	in thousands	25.8	25.1	2.8%
Total hospitality	in thousands	61.1	58.8	3.9%
of which with OLOs	in thousands	17.1	15.7	8.9%
Tenancy Ratio	ratio	2.39x	2.35x	0.04x
Remote Units SC/DAS	in thousands	12.5	10.5	19.0%
Real estate transactions	number	410	450	(8.9%)
Total Revenues	€ M	264.1	266.2	(0.8%)
EBITDA	€ M	239.5	244.1	(1.9%)
EBITDA margin	%	90.7%	91.7%	(1)p.p.
EBIT	€ M	138.1	142.2	(2.9%)
EBT	€ M	96.2	109.9	(12.5%)
Profit for the period	€ M	81.0	91.2	(11.1%)
EBITDAaL	€ M	189.9	194.1	(2.2%)
EBITDAaL margin	%	71.9%	72.9%	(1)p.p.
Recurring Free Cash Flow	€ M	176.2	158.1	11.5%
Capex	€ M	81.9	83.5	(1.9%)
Net Cash Flow	€ M	81.8	73.1	12.0%
Net Debt	€ M	5,024.6	4,444.0	13.1%
Net Debt/EBITDA	ratio	5.2x	4.6x	0.7x

The development of our infrastructure continues, with the expansion of the sites by 30 units, for a total of approximately 26 thousand. The new hospitalities contracted in the period, amounting to 290, reflect both demand from Anchors (Tim and Fastweb + Vodafone) and growth in hospitalities from other Customers.

Percentage changes are calculated on point values and not on the rounded data in the table.

International Management Report on March 31, 2026

During the period, rental cost optimisation activities continued, amounting to 410 transactions including renegotiations of lease agreements and land acquisitions.

Total Revenues amounted to 264.1 million euros, a slight decrease of 0.8% (-2.1 million euros) compared to the same period of the previous year. This deviation is mainly attributable to the reduction in Smart Infra revenues — in particular of the DAS component — due to a lower demand by the Anchor Tenants for additional services out of the contracted MSA plans. The trend for MNO customers is positive, while the FWA segment is affected by the absence of project-based services. Revenues from MSA are growing, supported by the contractual adjustment to inflation and the execution of the MSA and NRRP plan, as well as the revenues of the subsidiary Smart City Roma.

The performance of revenues, together with an increase in operating expenses, partly influenced by a different phasing of certain expense items, led to a decrease of 1.9% in EBITDA which amounted to 239.5 million euros (compared to 244.1 million recorded at March 31, 2025). As a result, despite the continuous rental cost optimisation, EBITDAaL, amounting to 189.9 million euros, recorded a reduction of 2.2% with a margin on revenues of 71.9%, down of 1 percentage point compared to the same period in 2025. Net profit for the period amounted to €81.0 million, down by 10.1 million euros compared to March 2025, as a result of both lower EBITDA and the increase in finance expenses resulting from higher financial debt.

The Recurring Free Cash Flow, equal to 176.2 million euros, improved of 18.1 million euros (+11.5%) compared to the same period in 2025. This result was mainly driven by the favourable trend of net working capital, lower lease payments and the decrease in financial expenses, the latter facilitated by a reduced use of short-term credit lines and a decrease in Euribor rates on the ESG KPI-linked Term Loan. These benefits more than offset the EBITDA reduction.

Net cash generation showed a positive balance of 81.8 million euros against net industrial investments of 81.9 million euros. The Group's net financial debt, amounting to 5,024.6 million euros, increased by 13.1% compared to the same period of the previous year, essentially due to the increase in long-term debt to cover investments, dividends and the share buyback plan. Leverage, represented by the Net Debt/EBITDA^{4} ratio, stands at 5.2x and is up compared to March 31, 2025 (4.6x), due to the greater increase in net financial debt compared to the trend in EBITDA.

Management events

The main management events since the beginning of the year are:On January 14, 2026, INWIT announced the successful completion of an additional issue, for a nominal amount of 150 million euros (“Tap Issue”) relating to the 750-million-euro bond issued in April 2025 (coupon 3.75% and maturity April 1, 2030). The securities were placed at an issue price of 101.364%, implying a yield of 3.393%, and corresponding to a yield of 95 basis points above the mid-swap rate, allowing a further improvement in the terms of the original issue.On February 24, 2026, a new three-year shareholders' agreement was formalised between Oak Holdings 1 GmbH, Oak Consortium TopCo and its subsidiary Epeo, companies situated at the top of the ownership structure of Central Tower Holding (“CTHC”), which holds 37.60% of INWIT's share capital. The agreement relates to the 350,409,870 INWIT ordinary shares held directly by CTHC, as well as the INWIT ordinary shares arising from the prepaid total return swap forward entered into by Epeo, which grants it the right to acquire a stake of up to 1.5% of the share capital and provides for settlement by physical delivery of the securities. For the contents of the agreement, reference is made to the Key Information Document and the extract from the agreement published on the website www.inwit.it.On March 18, 2026 TIM S.p.A. notified the Company of alleged serious breaches in the execution of the Master Service Agreement (MSA), which INWIT promptly contested, fully rejecting the claims; on March 19, 2026, TIM S.p.A. and Fastweb S.p.A. publicly announced a non-binding agreement to establish a joint venture to build and operate 6,000 mobile towers in Italy.On March 25, 2026, INWIT received from Fastweb S.p.A. (a subsidiary of Swisscom SA, which incorporated Vodafone Italia S.p.A.) notice of non-renewal of the Master Service Agreement (MSA) -- which the Company considers valid and effective, through to 2038 -- together with a writ of summons before the Court of Milan seeking a declaration of the alleged validity of such non-renewal. As part of the proceedings, the Company has filed an application for interim relief seeking the urgent adoption of measures to safeguard its rights, with a view to preventing the risk of economic and financial destabilization, which could potentially affect the continuity of its business operations, as well as the continuity and security of essential services for the community. The Company, however, reiterates that approximately 75% of its infrastructure, which is of critical national interest, is not replicable.

INWIT

On March 27, 2026, the Company also submitted a complaint to CONSOB requesting that the Market Supervisory Authority assess any conduct potentially capable of causing abnormal movements in the Company's share price.

On March 29, 2026, INWIT further received from TIM S.p.A. a notice of non-renewal of the Master Service Agreement (MSA), indicated as effective August 2030 or, alternatively, March 31, 2028, should it be determined that the intra-group transactions carried out by Vodafone in 2020 resulted in a change of control relevant to the exercise of the option right invoked by TIM and INWIT in August 2022.

In this regard, the Company specifies that, in the event of a change of control, the MSA provides that each party has the right to exercise an option to renew the agreement for a period of 8 years, subject to renewal for a further 8 years, without the party notified the option having the right to terminate at the end of the 8 year (resulting in a total of 16 years). Both TIM and INWIT exercised the right of automatic renewal until 2038 on August 4, 2022; consequently, the duration of the MSA was extended for a period of 8+8 years (for a total of 16 years) starting from August 4, 2022, and therefore until August 4, 2038. The Company further clarifies that any judicial determination relating to the MSA between INWIT and Fastweb would apply solely to that relationship and would not extend to TIM. Accordingly, TIM's termination appears ineffective and, in the Company's view, serves only to exert undue pressure on INWIT with the aim of renegotiating the MSA's financial terms.

The Company considers both Fastweb's and TIM's initiatives to be unlawful, without legal foundation, self-serving and spurious, aimed at securing an unbalanced and unjustified revision of the original terms of the MSAs. It has therefore expressly instructed its legal counsel to pursue all appropriate actions before the competent authorities in order to fully protect its interests and those of all stakeholders, including against TowerCo should its conduct facilitate the implementation of unlawful strategies to the detriment of the Company.

Following the receipt of the notice of termination of the MSA by Fastweb and TIM, the rating agencies – pending the resolution of the legal disputes – have confirmed the ratings but updated the outlook on INWIT: Fitch revised it from stable outlook to negative credit watch, while S&P moved it from positive credit watch to stable outlook.

INWIT

OPERATING, CAPITAL AND FINANCIAL PERFORMANCE

CONSOLIDATED OPERATING PERFORMANCE

Main Operating Values (€ M)	1.1 – 03/31/2026	1/1 – 03/31/2025	% Change
Total Revenues	264.1	266.2	(0.8%)
Material purchases and external services	(13.7)	(12.7)	(7.1%)
Employee benefits expenses	(7.8)	(6.1)	(27.3%)
Other operating expenses	(3.2)	(3.3)	5.3%
EBITDA	239.5	244.1	(1.9%)
Depreciation and amortisation, losses on disposals and impairment losses on non-current assets	(101.5)	(101.8)	0.3%
EBIT	138.1	142.2	(2.9%)
Financial income/(expense)	(41.9)	(32.3)	(29.5%)
EBT	96.2	109.9	(12.5%)
Income taxes	(15.2)	(18.7)	19.1%
Profit for the period	81.0	91.2	(11.1%)
EBITDAaL	189.9	194.1	(2.2%)
Main Economic Indicators	1.1 – 03/31/2026	1/1 – 03/31/2025	% Change
---	---	---	---
EBITDA margin	90.7%	91.7%	(1.0)pp
EBIT margin	52.3%	53.4%	(1.1)pp
Profit for the period/Total revenues	30.7%	34.3%	(3.6)pp
EBITDAaL margin	71.9%	72.9%	(1.0)pp

Percentage changes are calculated on point values and not on the rounded data in the table.

INWIT

REVENUES

Detail Total revenues (€ M)	1.1 – 03/31/2026	1/1 – 03/31/2025	% Change
Towers - Anchors	219.2	215.0	2.0%
Towers - OLO&Others	27.7	29.5	(6.0%)
Smart Infra - Das, Fiber, others	17.2	21.8	(21.2%)
Total	264.1	266.2	(0.8%)

As of March 31, 2026, the Group reported consolidated revenues of 264.1 million euros, showing a slight decrease of -0.8% compared to 266.2 million euros in the same period of 2025.

The change in consolidated revenues is mainly attributable to:

the growth in Tower Anchors revenues (+2.0%), which benefited from the development of new hospitality and higher MSA fees due to the adjustment, contractually provided for, to the inflation rate recorded in the previous year;
the reduction in Tower revenues - Olo&Others (-6.0%), impacted in particular by the decrease in the project-based revenues component;
the reduction in revenues for Smart Infra (-21.2%) generated mainly by the decrease in demand for extra MSA services by Anchor Tenants (in particular DAS) partially offset by the growth in revenues of Smart City Roma.

EBITDA

The Group's EBITDA amounted to 239.5 million euros and recorded a decrease of 1.9% compared to March 31, 2025, with a ratio to revenues for the period of 90.7%, down by one percentage point compared to the same period in 2025.

EBITDA for the period, in addition to the slight reduction in revenues, was affected by:

purchases of materials and external services, amounting to 13.7 million euros, up compared to the amount spent in the same period in 2025 (12.7 million euros). The following are included in the item: the costs of equipment (DAS, Repeaters and WIFI) intended for sale, costs related to the maintenance of sites and equipment, and costs related to services, mainly consisting of ancillary rental charges for infrastructure located on civil buildings and site surveillance costs. The increase recorded compared to the same period of the 2025 financial year is mainly due to higher rental costs for base radio stations of 0.5 million euros and higher costs for fees for the use of repeaters and DAS equipment of 0.4 million euros;
employee benefits expenses, net of the impact of capitalisations relating to the use of internal resources on projects and activities with long-term benefits, equal to 7.8 million euros, up compared to March 31, 2025 (6.1 million euros) due to different timing in the accounting of annual premiums, for lower internal capitalisations and for consolidation of the workforce in support of the growing complexity of the business;
other operating costs amounting to 3.2 million euros, substantially in line with the same period in 2025 (3.3 million euros).
For the determination of EBITDA, please refer to the section "Alternative Performance Indicators".

Interim Management Report at March 31, 2026

INWIT

EBIT

The Group's EBIT amounted to 138.1 million euros, showing a reduction of -2.9% compared to the same period in 2025, mainly due to the decrease in EBITDA. Depreciation and impairment losses for the period amounted to 101.5 million euros, in line with the same period of 2025 (101.8 million euros).

Financial income/(expense)

The balance of financial income and expenses showed an expense of 41.9 million euros, an increase of 29.5% compared to the same period of the previous year, when the net expense was 32.3 million euros. The increase is mainly attributable to the increase in financial debt following the issue of Corporate Bonds in April 2025, October 2025 and January 2026, partially offset by the repurchase of the bond with maturity in 2026, as well as higher interest rates applied to the new issued bonds.

Income taxes

Taxes for the period, which amounted to 15.2 million euros, decreased compared to the same period of 2025 by 3.6 million euros, mainly due to the lower pre-tax profit. The estimated tax burden was determined based on the assumed theoretical tax rates of 24.0% for IRES and 4.5% for IRAP.

Taxes for the period benefit from a net tax advantage of 14.3 million euros relating to the realignment of goodwill recognised in the financial statements in 2015, arising from the contribution of a business unit by TIM, as well as that generated by the merger with Vodafone Towers in 2020.

Net profit for the period

Net profit for the period amounted to 81.0 million euros, down 3.6% compared to the first three months of the previous year as a result of the performance of the pre-tax result, partially offset by a lower tax burden.

EBITDAaL

EBITDAaL of 189.9 million euros showed a margin of 71.9%, down by one percentage point compared to 2025, mainly as a result of the reduction in EBITDA. Rental cost optimisation actions such as the purchase of Land and surface rights and contractual renegotiations continue, which have made it possible to contain the inflationary pressure and the increase in costs deriving from the greater perimeter of infrastructure assets.

INWIT

CONSOLIDATED FINANCIAL PERFORMANCE

Reclassified Balance Sheet (€ M)		December 31, 2025	% Change
Fixed assets	9,113.4	9,097.5	0.2%
Net working capital	(123.3)	(109.9)	(12.2%)
Provisions	(403.5)	(403.4)	(0.0%)
Net invested capital	8,586.6	8,584.1	0.0%
Equity	3,562.0	3,478.2	2.4%
Net Financial Debt	5,024.6	5,105.9	(1.6%)
Total coverage	8,586.6	8,584.1	0.0%

Fixed assets, amounting to 9,113.4 million euros, increased compared to December 31, 2025 (9,097.5 million euros). The increase in the change of 15.9 million euros was due to the following factors:

increase in property, plant and equipment of 38.6 million euros, generated by investments of 46.6 million euros, depreciation of (20.4) million euros, disposals of (1.0) million euros and other changes of 13.4 million euros;
decrease in intangible assets of (22.0) million euros due to the combined effect of investments of 26.0 million euros, amortisation of (28.9) million euros and other changes of (19.1) million euros;
decrease in rights of use of (0.6) million euros, mainly due to investments of 9.3 million euros, net lease increases of 35.2 million euros, amortisation of (50.3) million euros and other changes of 5.2 million euros.

For more information on the details of investments for the period, see Notes 5, 6, 7, and 8 to the interim consolidated financial statements as of March 31, 2026.

Net working capital, as at March 31, 2026, is reduced by a further 13.4 million euros, mainly attributable to the decrease in non-commercial receivables, including receivables for substitute taxes from realignment and release of goodwill, and by the increase in trade receivables and other current liabilities.

Provisions amount to 403.5 million euros, substantially in line with the values at December 31, 2025 (403.4 million euros). The item includes: the provision for deferred taxes (111.6 million euros), the provision for restoration costs (284.0 million euros), the provision for legal disputes and other risks (5.3 million euros), the provision for employee benefits (2.1 million euros) and other provisions (0.5 million euros).

For more information on changes in provisions for the period, see Note 12 to the interim consolidated financial statements as of March 31, 2026.

Interim Management Report at March 31, 2026

INWIT

Equity amounts to 3,562.0 million euros, up from the value as of December 31, 2025 (3,478.2 million euros), and is composed of:

(million euros)	03/31/2026	12/31/2025
Equity attributable to owners of the Parent Company	3,549.8	3,468.2
Non-controlling interests	12.2	10.0
Total	3,562.0	3,478.2

For more details on the composition and changes in Equity attributable to owners of the Parent Company, please refer to Note 11 of the Interim Consolidated Financial Statements as at March 31, 2026.

Net financial debt, including IFRS16 financial liabilities, amounted to 5,024.6 million euros, a decrease of -1.6% (81.3 million euros) compared to December 31, 2025. This result is mainly attributable to the combined effect of the increase in Corporate Bonds by 178.8 million euros following the issue of the Bond in January 2026, reduction in bank loans by 70.8 million euros, decrease in finance lease liabilities by 18.1 million euros and increase in cash and cash equivalents by 172.2 million euros.

The leverage represented by the Net Debt/EBITDA ratio⁸ of 5.2x is in line with the end of the previous year (5.2x) and up compared to March 31, 2025 (4.6x), due to the greater increase in net financial debt compared to the performance of EBITDA.

For more details, please refer to the following section "Financial Performance", which also includes cash flow analysis and determination of recurring free cash flow.

Further detail of individual items is also provided in Note 14 to the interim consolidated financial statements as of March 31, 2026.

Interim Management Report at March 31, 2026

For the determination of EBITDA, please refer to the section "Alternative Performance Indicators". Leverage is calculated based on pro-forma EBITDA.

INWIT

FINANCIAL PERFORMANCE

Net Financial Debt

The table below shows a summary of the INWIT Group's net financial debt as at March 31, 2026 and December 31, 2025, determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" issued by the European Securities & Markets Authority (ESMA) on March 4, 2021 (ESMA32-382-1138) and acknowledged by Consob with Warning no. 5/21 of April 29, 2021.

The table also includes the reconciliation of net financial debt calculated according to the criteria established by ESMA and those used by INWIT to monitor its own financial position.

Net Financial Debt (€ M)*			December 31, 2025	change
a) Cash		-	-	-
b) Cash equivalents		381.8	209.6	172.2
c) Securities held for trading		-	-	-
d) Liquidity	(a+b+c)	381.8	209.6	172.2
e) Current financial receivables		-	-	-
f) Current financial payables		-	-	-
g) Current portion of financial payables (medium/long-term)		(136.8)	(209.6)	72.8
Of which:
- Financial payables due within 12 months		(45.8)	(98.2)	52.4
- Liabilities for financial leases due within 12 months		(91.0)	(111.4)	20.4
h) Bonds issued		(227.3)	(201.0)	(26.3)
i) Other current financial payables		(3.6)	(3.6)	(0.0)
j) Current financial debt	(f+g+h+i)	(367.6)	(414.2)	46.5
k) Net current financial debt	(j+d+e)	14.1	(204.5)	218.7
l) Financial payables (medium/long-term)		(2,054.9)	(2,071.0)	16.1
Of which:
- Financial payables due beyond 12 months		(1,240.8)	(1,259.2)	18.4
- Liabilities for financial leases due beyond 12 months		(814.1)	(811.8)	(2.3)
m) Bonds issued		(2,986.2)	(2,833.7)	(152.6)
n) Other non-current financial payables		(6.5)	(6.4)	(0.1)
o) Non-current financial debt	(l+m+n)	(5,047.6)	(4,911.0)	(136.6)
p) Net Financial Debt as per ESMA recommendations	(k+o)	(5,033.5)	(5,115.6)	82.1
Other financial receivables and current and non-current financial assets		8.9	9.7	(0.8)
- Other financial receivables and other non-current financial assets		7.5	7.7	(0.2)
-Other financial receivables and other current financial assets		1.4	1.9	(0.6)
INWIT Net Financial Debt		(5,024.6)	(5,105.9)	81.3
Liabilities for financial leases maturing within 12 months		(91.0)	(111.4)	20.4
Liabilities for financial leases maturing beyond 12 months		(814.1)	(811.8)	(2.3)
INWIT Net Financial Debt - excluding IFRS 16		(4,119.5)	(4,182.7)	63.2

(*) Changes are calculated on point values and not on the rounded data in the table.

Interim Management Report at March 31, 2026

INWIT

The Group's financial debt as at March 31, 2026 is mainly composed of the following items.

Bank debt of 1,374.9 million euros, generated by the following loans:

ESG KPI-linked term loan for a nominal amount of 500.0 thousand euros with bullet repayment and maturity in April 2027;
loan from the EIB with an original nominal amount of 298.0 million euros with amortising repayment starting from February 2026 and maturity in August 2033;
loan from the EIB with a nominal value of 350.0 million euros with amortising repayment beginning in November 2029 and maturing in May 2039;
bank loans with a total nominal amount of 150.0 million euros, bullet repayment and maturity between October 2027 and January 2028.

Bonds issued, net of the relevant accruals, relate to:

bond loan originally issued in July 2020 with a nominal value of 1,000.0 million euros currently outstanding for a nominal value of 173.3 million euros maturing July 8, 2026, coupon 1.875%, issue price 99.809%;
bond issued in October 2020 with a nominal value of 750.0 million euros maturing October 21, 2028, coupon 1.625%, issue price 99.755%;
bond issued in April 2021 with a nominal value of 500.0 million euros maturing April 19, 2031, coupon 1.75%, issue price 99.059%;
bond issued in April 2025 with a nominal value of 750.0 million euros maturing April 1, 2030, coupon 3.75%, issue price 99.584%;
Sustainability-Linked bond issued in October 2025 with a nominal value of 850.0 million euros, maturing October 13, 2032, coupon 3.625%, issue price 99.11%;
bond issued in January 2026 (so-called TAP on the bond issued in April 2025) with a nominal value of 150.0 million euros, maturity April 1, 2030, coupon 3.75%, issue price 101.364%.

Other financial payables refer to the payable with a significant financial component.

Finance lease liabilities refer to finance lease contracts.

The Group's financial structure at March 31, 2026 shows a percentage of fixed-rate debt of 85%, while the remaining 15% is at a variable rate.

Finally, it should be noted that the cash flow statement, prepared according to the configuration expressed as change in cash and cash equivalents, is presented at the opening of the "Interim consolidated financial statements as of March 31, 2026".

INWIT

CASH FLOWS

Cash flows (€ M)*	1.1 – 03/31/2026	1/1 – 03/31/2025	change
EBITDA	239.5	244.1	(4.5)
Investments for the period	(82.0)	(83.5)	1.5
EBITDA – investments (industrial capex)	157.6	160.6	(3.0)
Change in net operating working capital:	(8.7)	(26.9)	18.2
Change in trade receivables	(10.8)	(0.8)	(9.9)
Change in trade payables (**)	2.1	(26.0)	28.1
Other changes in operating receivables/payables	6.3	3.3	3.0
Change in provisions for employee benefits	(0.1)	(0.0)	(0.1)
Change in operating provisions and Other changes	(0.0)	(0.3)	0.3
Free cash flow	a)	155.2	136.7
% on EBITDA	64.8%	56.0%	8.8pp
Financial income and expenses balance	(41.9)	(32.3)	(9.5)
Total income taxes for the year	(15.2)	(18.7)	3.6
Total Other P&L Items	b)	(57.0)	(51.1)
Change in miscellaneous receivables and payables	14.7	18.6	(3.9)
Other non-monetary changes	1.4	1.6	(0.2)
Other changes in non-current assets	0.5	0.0	0.5
Other causes of change in NFP	(35.2)	(36.4)	1.2
Total changes in receivables and payables and other assets/liabilities	c)	(18.6)	(16.1)
NET CASH FLOW (before payment of dividends and purchase of treasury shares) on NFP (a+b+c)	d) = (a+b+c)	79.6	69.5
Treasury shares acquired	0.0	0.0	0.0
Dividend payment	0.0	(0.6)	0.6
Capital increases/repayments	2.3	4.3	(2.0)
Total changes in Equity	e)	2.3	(1.3)
NET CASH FLOW	(d+e)	81.8	73.1
NET FINANCIAL DEBT AT THE BEGINNING OF THE YEAR	5,105.9	4,517.1	588.8
NET FINANCIAL DEBT AT THE END OF THE YEAR	5,024.6	4,444.0	580.5
CHANGE IN DEBT	81.3	73.1	8.3

() Changes are calculated on point values and not on the rounded data in the table.
(*) Includes change in trade payables for investment activities.

INWIT

RECURRING FREE CASH FLOW

Recurring Free Cash Flow as of March 31, 2026 stood at 176.2 million euros, an increase of 11.5% compared to the corresponding previous period.

A description of the affected items is given in the table below:

Recurring Free Cash Flow (€ M)	1.1 – 03/31/2026	1/1 – 03/31/2025	% Change
EBITDA	239.5	244.1	(1.9%)
recurring investments	(3.9)	(4.2)	6.2%
Recurring EBITDA net of investments	235.6	239.9	(1.8%)
taxes paid	0.0	0.0	(100.0%)
change in net working capital *	10.5	3.4	209.7%
lease payment	(57.5)	(61.7)	6.8%
recurring financial expenses	(12.4)	(23.5)	47.2%
Recurring Free Cash Flow	176.2	158.1	11.5%

*Excluding the change in liabilities for assets

recurring investments refer to extraordinary maintenance interventions which, given the number of infrastructures, are required in rotation at different sites;
The positive change of 10.5 million euros in net working capital is due to several factors, including: overall positive impact of 15.8 million euros from the change in receivables and trade payables (net of the change in liabilities for assets), negative change in trade income and liabilities of (3.1) million euros, negative change in other receivables and payables of (2.5) million euros and positive change in Provisions of 0.3 million euros;
lease payments made during 2026 amounted to 57.5 million euros, down from the previous year;
recurring financial expenses, amounting to 12.4 million euros, relate to expenses incurred for bank fees and interest.
Percentage changes are calculated on point values and not on the rounded data in the table.

INWIT

SUBSEQUENT EVENTS AFTER MARCH 31, 2026

On April 17, 2026, INWIT signed the extension of the maturity to March 2031 of the following financings:

ESG KPI-linked term loan of 500 million euros with Cassa Depositi e Prestiti, Intesa San Paolo, Mediobanca and Unicredit;
ESG KPI-linked revolving credit facility of 500 million euros with Banco BPM, Bank of America, BBVA, BNP Paribas, Credit Agricole, HSBC, Intesa Sanpaolo, Mediobanca and Unicredit.

On April 30, 2026, the Shareholders' Meeting of INWIT:

approved the 2025 Integrated Financial Statements, which closed with a consolidated net profit of 360.8 million euros and an operating profit for INWIT S.p.A. of 362.6 million euros; approved the distribution of an ordinary dividend for the 2025 financial year of 0.5543 euros (before applicable withholding taxes) - representing an increase of 7.5% compared to the previous year - for each of the ordinary shares outstanding at the coupon date, excluding treasury shares held in the portfolio. The ex-dividend date is May 18, 2026, the payment date is May 20, 2026 with record date, pursuant to Article 83-terdecies of the TUF, on May 19, 2026.
approved the Long-Term Equity Incentive Plan (LTI) 2026 - 2030, under the terms set out in the related information document published, pursuant to the applicable regulations, on the Company's website at https://www.inwit.it/en/governance/shareholders-meeting/shareholders-meeting-april-30-2026/.
appointed the director Paolo Favaro (already appointed by co-option at the Board of Directors' meeting on September 22, 2025) until the approval of the financial statements as at December 31, 2027, attributing to him the same remuneration as each non-executive director in compliance with the total amount determined by the Shareholders' Meeting on April 15, 2025.
approved, in an extraordinary session, the annulment of 27,895,167 treasury shares without reduction of the share capital and the consequent amendment of Art. 5 of the articles of association. The resolutions will be effective from the date of registration in the Register of Companies.

POSITIONS OR TRANSACTIONS ARISING FROM ATYPICAL AND/OR UNUSUAL TRANSACTIONS

Pursuant to Consob Communication No. DEM/6064293 of July 28, 2006, it should be noted that no atypical and/or unusual operations, as defined by the Communication, were conducted in the first quarter of 2026.

SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS

Pursuant to Consob Communication no. DEM/6064293 of July 28, 2006, with regard to the impact of non-recurring events and transactions on INWIT's economic, financial and equity results, it should be noted that in the first quarter of 2026 under review, no significant occurrence was identified.

BUSINESS OUTLOOK FOR THE YEAR 2026

In the short term, significant elements of difficulty persist in the Italian Telecommunications market, including high competition and limited cash generation, with an impact on investments in digital infrastructure.

In this context, INWIT's business model, thanks to the synergies deriving from the sharing of assets and solid industrial experience, guarantees maximum efficiency to its customers, creating value for all parties involved.

INWIT, in fact, owns and manages a widespread and non-replicable digital infrastructure of national critical interest, with sites in strategic locations throughout Italy and quality standards of excellence, capable of guaranteeing high performance, maximum reliability and operational efficiency.

In recent months, however, there has been an increase in conflict with anchor tenants aimed at obtaining an unbalanced and unjustified renegotiation of the MSA contracts, which are valid and effective, in the Company's opinion, until 2038. This conflict aggravates an already challenging current market context, implying the interruption of activities envisaged in the plans, but not guaranteed, and the blocking of new business initiatives.

Therefore, on March 19, the Company revised downwards the estimates for the period 2026-2030 as also reported in the 2025 Integrated Financial Statements.

Interim Management Report at March 31, 2026

INWIT

Guidance 2026 and medium-term outlook

Revenues in the range of 1,050-1,090 million euros
EBITDA margin of approximately 90%
EBITDAaL margin of approximately 72%
Recurring Free Cash Flow in the range of 550-590 million euros
Dividend per share at least equal to the value for the 2025 financial year (confirmed at €0.55 per share);
Leverage at 5.5x, confirming the structural leverage target between 5x and 6x

INWIT believes that the medium-term baseline outlook, in a context of limited visibility on the evolution of market conditions, is based on the following pillars:

Annual "low single digit" revenue growth	Continued EBITDAaL margin expansion	Annual Capex (including purchase of Land) of approximately €200M	Dividend per share of at least €0.55	Confirmed the structural target of leverage between 5x and 6x

This outlook does not include the potential upsides related to the re-establishment of a constructive relationship with the Anchors, to the objective need for densification required both by the continuous growth of mobile data traffic, and by the need to complete and densify indoor and outdoor coverage and the opportunity to expand along the digital infrastructure supply chain.

INWIT therefore confirms its commitment to support the evolution of mobile networks and to collaborate with its customers within a framework of certainty, transparency and stability, pursuing, with strict industrial logic, value solutions that guarantee efficiency and shared benefits for all parties.

MAIN RISKS AND UNCERTAINTIES

The outlook for FY2026 could be affected by risks and uncertainties dependent on multiple factors. The following are the main risks concerning the Group's activities, which may affect, to varying degrees, the ability to achieve business objectives. The identified risks are classified into the following macrocategories:

global economic conditions and arising from specific aspects of the industry in which INWIT operates;
asset management and infrastructure implementation;
business objectives of the Group;
compliance with the relevant legal and regulatory framework and sustainability issues;
other risks.

Interim Management Report at March 31, 2026

INWIT

Risks related to global economic conditions and arising from sector-specific aspects

In this context, the following risks related to global and sectoral economic conditions have been identified.

Inflation

The Group has inflation-indexed contracts and, in particular, the MSA contracts are 100% inflation-indexed, with no cap and a floor at zero. However, there could be an indirect impact relating to a reduced capacity for investment by INWIT's customers in further development plans. Inflation also has an impact on the Group's operating expenses, investments and financial leases, as well as on interest rate trends.

Geopolitical context

It is a risk that relates to the uncertainty of the political environment with particular reference to the current situations in Europe and the Middle East as well as the ongoing changes in the balance of power between states, with impacts on rising raw material costs, import strategies and potential supply delays. In particular, recent war events, although having a limited direct impact on the Group's procurement, could lead to imbalances in the global macroeconomic context with potential indirect effects on customers and suppliers.

Interest rates and financing contracts

This risk is related to unfavourable fluctuations in interest rates, with impacts on the cost of debt and on the expenditure incurred for borrowing expenses. In this regard, it should be noted that as of March 31, 2026, approximately 85% of the Group's debt is characterised by fixed-rate instruments; therefore, interest rate fluctuations concern only the variable component of debt, equal to the residual 15%. With reference to the additional financing required for the implementation of the Group's development plans and the bond debt, both existing and with upcoming maturity, the conditions of access to new loans may be impacted by the market rate prevailing at the date of issuance of the new debt or by any significant events capable of negatively impacting the performance of the Group's business and, consequently, the cost and/or the capacity to refinance the existing debt. In particular, the Group cannot exclude the risk of premature unilateral termination of the effects of the MSA, due to the cancellation communicated by both Fastweb and TIM and the results of the consequent ongoing disputes (see also the risk of Development and/or Satisfaction of customer demand).

For further details of financial risks, please refer to the note "Financial risk management and other risks" and the note "Financial liabilities (non-current and current) of the condensed interim consolidated financial statements".

Telecommunications (TLC) Market Consolidation

The Group's objectives are influenced by the current TLC sector context, characterised by discontinuity factors compared to the recent past, such as the progressive consolidation among the main sector players, accompanied by increasing financial pressures arising from the contraction of revenues and low return on invested capital, which impact on the development plans and investments of these operators. The concentration and consolidation phenomena in the TLC market, together with the dependence on a limited number of customers who contribute a significant share of overall revenues, make this scenario an emerging risk for the business. This is in particular a risk connected to potential unexpected changes in the market context and demand structure, capable of producing significant impacts on medium-to-long-term growth prospects. The Group mitigates this risk through constant monitoring of market trends, scouting of new commercial opportunities and the progressive diversification of the customer base.

Technological evolution

The market in which the Group operates is characterised by a constant evolution of technology as well as alternative technologies that are bringing out new competitors with disruptive business models and new competitive dynamics. In view of these aspects, the risk is assessed as an emerging risk for the Group and is mitigated primarily through continuous monitoring of technological developments, and ongoing investments in innovative solutions and technological upgrades.

Interim Management Report at March 31, 2026

INWIT

Risks related to asset management and infrastructure implementation

As part of the management of the existing site stock and the construction of new infrastructure, the following main risks have been identified.

Site capacity management

This is a risk related to possible difficulties or slowdowns in managing new hospitality on sites due to both infrastructural and electromagnetic limitations. The risk is managed by the Group which, given the relevance of the risk in relation to the core business and its development plans in the contractual and regulatory sphere, has developed internal competencies and processes with the aim of optimising the management of site capacity.

Physical Security

This is a risk related, inter alia, to the management of the existing sites with potential negative impacts from unauthorised access or damage and theft. The risk is monitored by the Group through actions aimed at strengthening security measures on the Group's sites.

Infrastructure implementation

This is a risk that reflects possible difficulties or slowdowns in the implementation of new infrastructure that may jeopardise the achievement of business objectives as well as customer satisfaction. The risk is also affected by the relevance of some strategic projects that will be implemented through the use of public fund allocations (in particular the Call for Proposals Italia 5G Plan - NRRP and the "Roma 5G" Call for Proposals). The Group oversees this risk through end-to-end management of the process, from scouting areas to designing and building the site. Scouting areas for implementation and the availability of new areas for the development of projects consistent with customer requests, as well as the issuance of authorisations within appropriate timeframes, are of particular importance.

Energy supply and management

This is a risk related to the energy market environment. The Company has adopted a power purchase policy aimed at optimising purchase costs. Furthermore, INWIT is committed to and invests in the reduction of energy consumption and in initiatives for the self-production of energy. However, the current external geopolitical context highlights factors of uncertainty that significantly affect the risk profile.

Renegotiation of leases

Risk that reflects the management complexity deriving from the renegotiation of existing passive lease contracts. This risk, given the high number of contracts that represent a significant component of the Group's operating expenses structure, is also connected to relations with the Public Administration, due to the application of the legislation on the Single Equity Fee (CUP). The risk is overseen by the Group through the definition of a structured process for the constant management and monitoring of passive lease agreements and related contractual obligations.

Litigation

In the context of INWIT's activities, litigation generated by the application of the CUP is of particular importance, also due to the cumbersome nature of the regulatory framework and the consequent legal fluctuations, as well as the denials opposed in the authorisation process site construction. The risk is managed through an organisational structure dedicated to the management of litigation and pre-litigation matters. Notwithstanding the foregoing, as of the closing date of this document, the Group considers the Provisions set aside in the Financial Statements as of March 31, 2026 to be adequate.

Risks relating to the group's business objectives

The main risks relating to the Group's strategic and commercial objectives are related to possible difficulties in meeting or developing customer demand from both Anchor and third parties, as well as the relevance of the Master Service Agreements in place with Anchor customers. In this area, the following risks have been identified.

Development and/or meeting customer demand

The Group's ability to increase its revenues and improve profitability also depends on the success in implementing its growth strategy, which is based on the development and satisfaction of customer demand. Possible contraction or lack of growth in demand due to, for example, concentration, budget unavailability or customer dissatisfaction could lead to negative impacts on growth targets. The Group guards against this risk towards anchor tenants mainly through MSA agreements

Interim Management Report at March 31, 2026

(both with an 8-year term and tacit renewal for a further 8 years with an "all or nothing" clause), which provide for guaranteed services by the anchor tenants themselves. In particular, in the event of a change of control, the possibility of exercising the renewal option for a further 8 + 8 years (and therefore a total of 16 years) is provided. This right of automatic renewal was exercised by TIM and INWIT on August 4, 2022, thus extending the duration of the MSA for a period of 8+8 years until 2038.

As already communicated, on March 25 and 29, 2026 respectively, Fastweb S.p.A. (a subsidiary of Swisscom SA that incorporated Vodafone Italia S.p.A.) and TIM S.p.A. notified the non-renewal of the MSA. Fastweb S.p.A. has also served a preventive writ of summons before the Court of Milan, to ascertain and declare the alleged validity of the cancellation. The Company considers both Fastweb's and TIM's initiatives to be unlawful, without legal foundation, self-serving and spurious, aimed at securing an unbalanced and unjustified revision of the original terms of the MSAs. It has therefore expressly instructed its legal counsel to pursue all appropriate actions before the competent authorities in order to fully protect its interests and those of all stakeholders, including against TowerCo should its conduct facilitate the implementation of unlawful strategies to the detriment of the Company. The Company has therefore filed an urgent precautionary appeal, pursuant to Art. 700 of the Italian Code of Civil Procedure, in order to prevent the risk of destabilisation of the economic-financial balance, with potential impacts on the going concern assumption, as well as on the continuity and security of essential services for the community. The Company also reiterates that approximately 75% of its infrastructure, of critical national interest, is not replicable. On March 27, 2026, the Company also submitted a statement to CONSOB so that the Market Supervisory Authority can fully assess the relevance of any conduct that may cause abnormal trends in the stock. Third-party customers are provided with multi-year (mainly 6-9 year duration) commercial contracts and dedicated functions. Activities aimed at measuring customer satisfaction are also planned. The company has also strengthened the development of micro-grid demand by establishing a dedicated micro-grid hospitality organisation.

This is a risk related to possible breaches of contract and/or incorrect execution of the obligations provided for (such as, for example, compliance with the technical maintenance SLA), which could result in the application of penalties to the Company. To mitigate this risk, the Group has established a dedicated MSA management function, responsible for monitoring the fulfilment of contractual obligations and the roll-out of commitments undertaken, through periodic reporting to the company's top management. On March 18, 2026, TIM challenged the Company for serious breaches in the execution of the MSA, to which INWIT promptly replied by fully rejecting the objections contained therein and inviting TIM to an assisted negotiation to settle the dispute.

Risks related to compliance with the current legal and regulatory framework and sustainability issues

The Group operates in a complex legal and regulatory framework and, in this context, aims to implement all actions to ensure the adequacy of business processes with respect to the applicable legal and regulatory framework in terms of procedures, supporting information systems and required business behaviours. INWIT is, moreover, oriented toward the pursuit of sustainable success of business goals. In this context, the following main risks have been identified.

It is a risk that reflects the significant market presence and the impact, including reputational, both direct and indirect, associated with proceedings against the Group and consequent sanctions in a complex regulatory environment. Safeguards in line with compliance best practices have been introduced (Antitrust Compliance Program and Antitrust Officer Compliance), and there is an ongoing commitment to staff training and awareness initiatives.

It is a risk that reflects the complex regulatory framework of reference and is related to compliance with the commitments imposed by the Commission ("Impegni Remedies") pursuant to Article 6(2) of the Merger Regulation. Under these commitments, TIM and Fastweb^{5}, through INWIT, will need to provide access on equal terms to approximately 4,000 sites over eight years (by 2028) to third parties that request it in municipalities with a population of over 35,000 inhabitants. The Group ensures the control of this risk within the framework of a specific process (Transparency Register) supervised by a third party (Monitoring Trustee).

INWIT

Regulations pursuant to Legislative Decree 231/01

This is a risk related to the legislation referred to in Legislative Decree 231/01, which introduced the administrative liability of entities into Italian law for offences committed in the interest or for the benefit of the entities themselves. The risk reflects the impact related to criminal proceedings against the Group and consequent penalties arising from crimes relevant for the purposes of 231, as well as reputational impact. In line with compliance best practices (Organisational Model 231 and Supervisory Body), INWIT is also constantly engaged in periodic staff training and awareness initiatives.

Occupational health and safety regulations and environmental protection

In this regard, the Group is committed to ensuring compliance with applicable regulations as well as following industry best practices. The risk reflects the potential negative impacts of workplace accidents and is controlled through organisational, procedural and training initiatives.

IT Continuity, Information & Cyber Security

The management of ICT systems and the need to ensure the security of the systems and their continuous operation are important aspects of corporate management. In this context, data loss, inadequate disclosure of data and/or disruptions in the operation of ICT systems upon the occurrence of accidental events or malicious actions relating to the computer system

may entail potential negative effects on the activities and the economic, equity and financial position of the Group, as well as on the obligations arising as a result of the inclusion of INWIT in the National Cyber Security Perimeter (PSNC) and within the scope of the so-called NIS2 Directive. Risk is monitored through the introduction of dedicated resources and expertise, continuous monitoring and awareness campaigns.

Climate Change Risk

INWIT aims to analyze climate-related risks arising from the scenarios analyzed, as well as to qualitatively and quantitatively assess their effects and impacts on its business.

The risk related to Climate Change is defined as the set of risks related to changes in weather/climate/physical phenomena with direct repercussions on the assets, activities and services provided, and/or related to the legal, technological, reputational or market effects that the transition to a zero-emission economy may have on the company's business.

Starting from the scenario analysis that considered the physical and transitional risks and opportunities associated with climate change, an economic assessment of the impact of key physical risks on INWIT's assets was conducted, considering a time horizon of up to 2050. For further information on scenario analyses, please refer to the paragraph "Climate-related impacts, risks and opportunities" within the chapter "Natural Capital" included in the 2025 Integrated Financial Statements.

For further details, please refer to note 4 "Financial risk management and other risks" of the 2026 condensed interim consolidated financial statements.

Other risks

The evolution of the Organisational Model is a risk related to the adequacy of the organisational structure in terms of organisation, sizing and skills. The evolution of the corporate organisational model has been steady since 2020. The risk is related to the continuous evolution of market scenarios, business objectives, and new growth opportunities that require continuous adjustment and evaluation of the organisational structure and skills necessary for development. The Group constantly monitors the evolution of the Organisational Model and has initiated a project to strengthen the organisational structure to cope with the increase in volumes and complexity of the business.

Interim Management Report at March 31, 2026

INWIT

INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM

In compliance with the principles and criteria of Borsa Italiana's Corporate Governance Code, INWIT has adopted an Internal Control and Risk Management System (ICRMS), in line with Article 6 of the Corporate Governance Code, consisting of the set of rules, procedures and organisational structures aimed at enabling the identification, measurement, management and monitoring of the main corporate risks. This System, defined on the basis of the reference best practices, aims at a healthy, fair and coherent management of the company, in compliance with the provisions of the Code of Ethics and the Corporate Governance Principles of the Group approved by the Board of Directors.

The ICRMS is an integral part of the overall organisational structure of the Group and contemplates a plurality of actors acting in a coordinated manner according to their assigned responsibilities: the Board of Directors, which plays a role in guiding and assessing the adequacy of the system, including defining the nature and level of risk compatible with the company's specific strategic objectives; the General Manager, as the person in charge of setting up and maintaining the internal control and risk management system; the Audit and Risk Committee, which is responsible for supporting the board's evaluations and decisions related to the internal control and risk management system and the approval of periodic financial and non-financial reports; the head of the Internal Audit Department, responsible for verifying that the internal control and risk management system is functioning, adequate and consistent with the guidelines set by the governing body; the other corporate functions involved in controls and the control body, which monitors the effectiveness of the internal control and risk management system.

In order to ensure the adequacy and the effective and actual application of the defined rules and controls, the ICRMS is subject to periodic review and verification, taking into account the evolution of the Group's business and the macroeconomic context in which it operates, as well as national and international best practices.

INWIT has also implemented a "combined assurance" system with the aim of increasing coordination and alignment between the second-level assurance functions (Compliance, QHSE and other assurance providers based on skills) and third-level (Internal Audit) as well as achieving greater synergies resulting from similar or complementary activities carried out by the different assurance functions.

For more information about the ICRMS, please refer to the appropriate section of the Report on Corporate Governance and Ownership Structure for FY2025. On the website www.inwit.it - Governance section - there are also sections devoted to, inter alia, the Code of Ethics, Model 231 and the aforementioned corporate rules and procedures.

CODE OF ETHICS

The Code of Ethics represents the charter of values and the pillar of INWIT's Governance, guiding the internal control system and risk management. The document defines the programmatic principles - including ethics, compliance, health and safety - to which corporate bodies, management, employees and partners must adhere. In addition to establishing the rules of conduct for every area of internal and external activity, the Code governs reporting procedures to ensure transparent and responsible conduct of business.

The Code of Ethics also upholds the principles of transparency, honesty and fairness, which are the basis of business conduct, and the consolidation of a culture of "ethics & business integrity", as well as the commitments made by INWIT in the ESG sphere. It reinforces the Group's commitment to the promotion and protection of human rights, developed in line with the United Nations Guiding Principles on Business and Human Rights (UNGP) and the OECD Guidelines for Multinational Enterprises, which also extends to its supply chain. The latest version of the Code was approved on November 9, 2023 by the Board of Directors.

In the event of violation of its provisions and principles, including any discriminatory acts, the potential application of disciplinary sanctions is envisaged, in compliance with applicable legislation and collective bargaining. It should be noted, in particular, that in the first quarter of 2026 no confirmed episodes of violation of the principles of the Code of Ethics, including discriminatory acts, occurred within the Group.

In order to spread a culture of business integrity and increase staff awareness, including new hires, of the risks to which work activities are exposed, various initiatives are periodically delivered, normally annually, through, inter alia, webinars and/or e-learning courses and the publication of ad hoc content on the company intranet.

ORGANISATIONAL MODEL 231

In order to ensure that the behaviour of all those acting on behalf of or in the interest of the Company always complies with the principles of legality, fairness and transparency in the conduct of business and corporate activities, INWIT has adopted an Organisational Model of Management and Control pursuant to Legislative Decree 231/01 ("Model 231"). The Model derives from a thorough analysis of corporate processes and identifies the areas potentially exposed to the risks of offences provided for under the Decree.

The Company promotes training initiatives for the entire company population on the topics covered by Legislative Decree 231/01, in detail:

Targeted training, specifically aimed at updating and developing the skills in the area of Legislative Decree 231/01 of the corporate roles most involved in the sensitive activities referred to in Model 231 and the Anti-Corruption Policy.
Widespread training aimed at the entire company population.
Induction training for new recruits.

Interim Management Report at March 31, 2026

Information sessions are periodically held for the corporate population on Compliance & Business Ethics with a focus on liability pursuant to Legislative Decree 231/01 and related predicate offences and whistleblowing, as well as on anti-corruption issues. These initiatives are designed and implemented by the Business Integrity, Security & QHSE Function with the organisational support and coordination of the Human Resources & Organisation Department.

Following its establishment, INWIT adopted its own Model 231, last updated by resolution of the Board of Directors on March 10, 2026, in order to incorporate the organisational and regulatory changes that occurred in the meantime.

The Organisational Model pursuant to Legislative Decree 231/01 is divided into:Code of Ethics: represents INWIT's charter of values and the body of principles by which the behaviour of INWIT people is guided.General Part: containing a brief description of the Company, the contents and purposes of Model 231 and the methodology used for its implementation, the functions of the SB and the whistleblowing system adopted. In the general part, the initiatives for the dissemination and knowledge of the Model 231 and the disciplinary system are also outlined.Special Part: describes in detail, with reference to the specific Sensitive Processes and the types of crime associated with them, the map of Sensitive Activities, as well as the system of controls placed to monitor and protect these activities, divided into general principles of behaviour and specific control principles.List of offences: containing the overall list of predicate offences under Legislative Decree 231/01.List of business processes: containing the reconciliation of the sensitive processes pursuant to Legislative Decree 231/01 with the company's macro-processes.Risk Assessment: containing the mapping of sensitive processes and activities, the associated predicate offences and the assessment of inherent and residual risk.

Pursuant to Article 6 of Legislative Decree 231/01, the Company has entrusted the task of supervising the operation of and compliance with the Model 231 and of updating it to a special Supervisory Body ("SB").

The set of company rules and procedures are considered an integral part of the Model 231, among which are:the Corporate Governance Principles, last updated on June 16, 2025, which supplement the framework of the applicable rules with reference to the duties and functioning of the Company's bodies, referring for the rest to the principles and criteria of the Corporate Governance Code.the Anti-Corruption Policy, most recently updated on November 5, 2024, drafted in accordance with the main national and international regulations and best practices of reference and the requirements of ISO 37001, with the aim of strengthening awareness of the potential risks to which the work activity is exposed, empowering each in the proper management of relations with internal or external subjects, whether public or private.The Whistleblowing Policy, most recently updated on June 16, 2025, which regulates the process of transmitting, receiving, managing and archiving reports sent or transmitted by anyone, in line with current legislation.The Procedure for transactions with related parties, adopted pursuant to Consob Regulation no. 17221/2010 and subsequent amendments, and most recently updated on June 16, 2025.The Inside Information and Internal Dealing Procedure, last updated on November 9, 2023.

During the first quarter of 2026, no sanctions12 were imposed for significant cases of non-compliance with laws and regulations and, more specifically, no significant cases of violations in social and environmental matters were found. INWIT declares that it has not caused actual or potential negative impacts such that its stakeholders have expressed concerns in this regard through grievance mechanisms.

INWIT has also obtained a positive assessment in the context of the Legality Rating promoted by the Antitrust Authority (AGCM) in agreement with the Ministries of the Interior and Justice, which certifies companies capable of complying with the highest legality standards.

INWIT

ENTERPRISE RISK MANAGEMENT

As part of the risk management system, the Group has adopted a dedicated Enterprise Risk Management Framework (hereinafter ERM), aimed at identifying and assessing potential events whose occurrence may affect the achievement of the main corporate objectives defined within the Strategic Plan.

Responsibility for the process lies with the Head of Business Integrity & QHSE, with the aim of ensuring integrated governance for risks and supported compliance of corporate management and risk owners, which are a determining factor in strengthening the corporate Risk Culture. The INWIT ERM framework, as provided for by the ERM Policy, is articulated in a cyclical process – carried out annually – that begins with risk identification (Risk Identification), understood as the identification of the list of risks that could impact the Group in terms of the sustainable achievement of the Group's activities, that is, by keeping risks within a level that does not compromise the financial, operational and reputational stability of the Group and the achievement of corporate objectives. Risk identification is carried out both through analysis of the main company documents, sector documentation, as well as through direct discussions with the managers of the structure in order to cyclically intercept any emerging risks or intercept developments on the impact of existing risks.

These risks are subject to a detailed assessment (Risk Evaluation):

Assessment of the risk at the inherent level, through the identification of the levels of impact and probability of occurrence assuming the absence of control controls and subsequent selection of the Inherent Top Risks, understood as the risks with the highest level of inherent risk. The probability of the occurrence of risks is assessed both on the basis of the frequency with which the risk has historically occurred and on the probability that it will occur in the future over the Plan's time horizon.
Residual risk assessment for the Inherent Top Risks, through the assessment of the existing control controls and determination of the level of Residual Risk, combining the impact and probability values following the application of the reduction coefficient calculated on the basis of the existing controls. The selection of the Residual Top Risks is carried out because of the positioning on the residual risk matrix (impact * probability following the application of the safeguards) or by identifying those risks that are positioned in the orange and / or red area of the matrix that, being higher than the levels of risk acceptability, must therefore be mitigated with specific actions.

For each Residual Top Risk determined during the Risk Evaluation phase, mitigation actions (Risk Mitigation) are periodically monitored to verify their effective implementation. The process concludes with reporting to the Audit and Risk Committee (CRC) and the Board of Directors (BoD), which approves the outcomes and mitigation strategies (Risk Reporting phase). Furthermore, on a quarterly basis, the CRC receives a report including indications on the status of progress of Action Plans and in-depth analyses on specific risks.

There is an integration of risk issues with sustainability aspects through the association of risks to the pillars of the Sustainability Plan, Environmental (E), Social (S), Governance (G), as well as to the objectives of the Plan, where applicable.

This integration allows INWIT to have a comprehensive and strategic view of risks considering both financial and sustainability aspects in its decision making and long-term planning. In fact, the sustainability issues that are significant for the Group, identified pursuant to Legislative Decree 125/2024, regarding sustainability reporting, are integrated into the Risk Universe.

With reference to the main risks to which the Group is exposed, including emerging risks that are new or impact the exposure level of already known risks, please refer to the section "Main Risks and Uncertainties".

Interim Management Report at March 31, 2026

INWIT

RELATED PARTY TRANSACTIONS

Pursuant to Article 5, paragraph 8 of Consob Regulation no. 17221/2010 concerning "related party transactions" and the subsequent Consob Resolution no. 17389/2010, in the three months of 2026, there were no related party transactions of greater significance, as defined by Article 4, paragraph 1, letter a) of the aforementioned regulation, nor other related party transactions that have materially affected the Group's financial position or results as at March 31, 2026.

Related party transactions, when not dictated by specific regulatory conditions, were settled at arm's length; their implementation took place in compliance with a specific internal procedure (available on the website www.inwit.it, Governance section), which defines the terms and methods of verification and monitoring.

The information on related party transactions required by Consob Communication no. DEM/6064293 of July 28, 2006 is presented in the financial statement schedules and in the "Related Parties" Note of the interim consolidated financial statements as of March 31, 2026.

ALTERNATIVE PERFORMANCE INDICATORS

In this interim management report as of March 31, 2026 of the INWIT Group, in addition to the conventional financial indicators required by IFRS, a number of alternative performance indicators are presented in order to allow for a better assessment of the economic performance and the statement of financial position and financial situation. These indicators, which are also presented in other financial reports (interim), should not, however, be considered as substitutes for conventional IFRS indicators.

The alternative performance indicators used are outlined below:

☑ EBITDA: this indicator is used by the Group as a financial target in internal (business plan) and external (to analysts and investors) presentations and is a useful unit of measurement for assessing the Group's operating performance in addition to EBIT. This indicator is determined as follows:

Profit (loss) before tax from continuing operations
+ Financial expenses
- Financial income
EBIT - Operating profit (loss)
+/- Impairment losses (reversals) on non-current assets
+/- Losses (gains) on disposals of non-current assets
+ Depreciation and amortisation
EBITDA - Operating profit (loss) before depreciation and amortisation, Capital gains (losses) and Impairment reversals (losses) on non-current assets

☑ EBITDA: this indicator is used by the Group as a financial target in internal (business plan) and external (to analysts and investors) presentations and represents a useful unit of measurement for assessing the Group's operating performance in addition to EBITDA. This indicator is determined as follows:

EBITDA - Operating profit (loss) before depreciation and amortisation, Capital gains (losses) and Impairment reversals (losses) on non-current assets
+ IFRS16 lease payments relating to leases active in the year
EBITDAaL - Operating profit (loss) before depreciation and amortisation, capital gains (losses) and impairment reversals (losses) on non-current assets after Lease

☑ ESMA Net Financial Debt and INWIT Net Financial Debt: The Group's ESMA Net Financial Debt is determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" issued by ESMA as reported in the "Net Financial Debt" section included in the "Operating, capital and financial performance" section.

To monitor the performance of its financial position, INWIT Group also uses the financial indicator "INWIT Net Financial Debt," which is defined as ESMA Net Financial Debt less, where applicable, non-current financial receivables and assets.

ESMA Net Financial Debt
Other financial receivables and non-current financial assets (*)
INWIT Net Financial Debt

(*) This accounting item refers to loans disbursed to certain Group employees.

☑ Operating Free Cash Flow: Is determined as follows:

EBITDA
Investment (Capex)
EBITDA - Investments (Capex)
Change in trade receivables
Change in trade payables (*)
Other changes in operating receivables/payables
Change in provisions for employee benefits
Change in operating provisions and Other changes
Change in net operating working capital:
Operating free cash flow

(*) Excluding trade payables for investment activities.

Interim Management Report at March 31, 2026

CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS AS AT MARCH 31, 2026

42 Interim Management Report at March 31, 2026

NOTES

Condensed consolidated quarterly financial statements as at March 31, 2026 43
Consolidated statements of financial position 43
Consolidated Income Statement 45
Consolidated Statements of Comprehensive Income 46
Consolidated Statements of Changes in Equity 47
Consolidated statements of cash flows 48
Note 1 - Form, content, and other general information 49
Note 2 - Accounting policies 51
Note 3 - Scope of consolidation 53
Note 4 - Financial risk management and other risks 54
Note 5 - Goodwill 58
Note 6 - Intangible assets with a finite useful life 59
Note 7 - Property, plant and equipment 60
Note 8 - Right-of-use assets 61
Note 9 - Non-current and current financial receivables 62
Note 10 - Trade and miscellaneous receivables and other assets (non current and current) 63
Note 11 - Equity 65
Note 12 - Provisions 66
Note 13 - Financial liabilities (non-current and current) 67

Note 14 - Net Financial Debt 68
Note 15 - Trade payables, miscellaneous payables and other liabilities (non-current and current) 69
Note 16 - Revenues 70
Note 17 - Acquisition of goods and services 71
Note 18 - Finance income and expenses 72
Note 19 - Contingent liabilities, commitments and guarantees 73
Note 20 - Related parties 73
Note 21 - Significant non-recurring events and transactions 77
Note 22 - Positions or transactions resulting from atypical and/or unusual operations 77
Note 23 - Events after March 31, 2026 77
Statement by the Financial Reporting Officer 78

NOTES

INWIT

CONDENSED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS AS AT MARCH 31, 2026

Consolidated statements of financial position

Assets
(thousands of euros)	Notes 13	03/31/2026	of which with related parties	12/31/2025
Assets
Non-current assets
Intangible assets
Goodwill	5)	6,161,862		6,161,862
Intangible assets with a finite useful life	6)	301,494		323,516
Tangible assets
Property, plant and equipment	7)	1,472,148		1,433,582
Right-of-use assets	8)	1,177,885		1,178,522
Other non-current assets
Non-current financial assets	9)	7,542		7,741
Miscellaneous receivables and other non-current assets	10)	25,306		41,392
Deferred tax assets	10)	10,175		10,175
Total Non-current assets		9,156,412		9,156,790
Current assets
Trade and miscellaneous receivables and other current assets	10)	246,801		232,931
Financial receivables and other current financial assets	9)	1,361		1,938
Current income tax receivables		-		-
Cash and cash equivalents		381,763		209,611
Total Current assets		629,925		444,480
Total Assets		9,786,337		9,601,270

The explanatory notes below are an integral part of these Consolidated Financial Statements.

INWIT

Equity and Liabilities
(thousands of euros)	Notes14	03/31/2026	of which with related parties	12/31/2025	of which with related parties
Equity	11)
Share capital issued		600,000		600,000
Treasury shares		(29,545)		(29,545)
Share capital		570,455		570,455
Share premium reserve		1,319,624		1,319,624
Legal reserve		120,000		120,000
Other reserves		1,096,966		1,096,611
Retained earnings (losses) including earnings (losses) for the period		442,747		361,525
Equity attributable to owners of the Parent Company		3,549,792		3,468,215
Non-controlling interests		12,194		9,997
Total Equity		3,561,986		3,478,212
Liabilities
Non-current liabilities
Liabilities for employee benefits		2,086		2,124
Deferred tax liabilities	12)	111,646		112,696
Provisions	12)	289,333		288,171
Non-current financial liabilities	13)	5,047,598		4,911,040
Miscellaneous payables and other non-current liabilities	15)	56,149		55,274
Total Non-current liabilities		5,506,812		5,369,305
Current liabilities
Current financial liabilities	13)	367,633		414,154
Trade and miscellaneous payables and other current liabilities	15)	339,044	2,786	328,737	2,314
Provisions	12)	450		450
Current income tax payables	15)	10,412		10,412
Total current Liabilities		717,539		753,753
Total liabilities		6,224,351		6,123,058
Total Equity and Liabilities		9,786,337		9,601,270

The explanatory notes below are an integral part of these Consolidated Financial Statements.

Interim Management Report at March 31, 2026

INWIT

Consolidated Income Statement

(thousands of euros)	Notes^{15}	1st Quarter 2026	of which with related parties	1st Quarter 2025	of which with related parties
Revenues	16)	264,116		266,248	235,684
Acquisition of goods and services	17)	(13,654)		(12,748)	(1,563)
Employee benefits expenses		(7,771)	(697)	(6,105)	(626)
Other operating expenses		(3,157)		(3,332)	(696)
Operating profit (loss) before depreciation and amortisation, capital gains (losses) and impairment reversals (losses) on non-current assets (EBITDA)^{16}		239,534		244,063
Depreciation and amortisation, gains/losses on disposals and impairment losses on non-current assets		(101,475)		(101,823)
Operating profit (loss) (EBIT)		138,059		142,240
Financial income	18)	543		396
Financial expenses	18)	(42,418)		(32,723)	(1,332)
Profit (loss) before tax		96,184		109,913
Income taxes		(15,161)		(18,746)
Profit for the period		81,023		91,167
attributable to
Owners of the Parent		81,222		91,369
Non-controlling interests		(199)		(202)
Basic and Diluted Earnings Per Share		0.090		0.098

The explanatory notes below are an integral part of these Consolidated Financial Statements.
For the determination of the EBITDA indicator, please refer to Note 1 – Form, content and other general information.

Interim Management Report at March 31, 2026

INWIT

Consolidated Statements of Comprehensive Income

(thousands of euros)	Notes^{17}	1st Quarter 2026	1st Quarter 2025
Profit for the period	(a)	81,023	91,167
Other components of the Consolidated Statement of Comprehensive Income
Other components that will not subsequently be reclassified in the Consolidated Income Statement		-	-
Re-measurements of employee defined benefit plans (IAS 19):
Actuarial gains (losses)		-	-
Net fiscal impact		-	-
Total other components that will not subsequently be reclassified in the Consolidated Income Statement	(b)	-	-
Other components that will subsequently be reclassified in the Consolidated Income Statement		-	-
Total other components that will subsequently be reclassified in the Consolidated Income Statement	(c)	-	-
Total other components of the Consolidated Statement of Comprehensive Income	(d=b+c)	-	-
Total Comprehensive income for the period	(e=a+d)	81,023	91,167
attributable to
Owners of the Parent		81,222	91,369
Non-controlling interests		(199)	(202)

The explanatory notes below are an integral part of these Consolidated Financial Statements.

46 Interim Management Report at March 31, 2026

INWIT

Consolidated Statements of Changes in Equity

Changes in equity from January 1, 2025 to March 31, 2025
(thousands of euros)	Share capital	Treasury share reserve in excess of nominal value	Share premium reserve	Other reserves and earnings (losses) carried forward, including the result for the period	Total	Non-controlling interests	Total Equity
Amounts at January 1, 2025	599,884	(1,520)	1,639,816	1,838,366	4,076,546	5,623	4,082,169
Total Comprehensive income for the period	-	-	-	91,369	91,369	(202)	91,167
Other changes	-	-	-	2,240	2,240	2,613	4,853
Amounts as of March 31, 2025	599,884	(1,520)	1,639,816	1,931,975	4,170,155	8,034	4,178,189
Changes in equity from January 1, 2026 to March 31, 2026
---	---	---	---	---	---	---	---
(thousands of euros)	Share capital	Treasury share reserve in excess of nominal value	Share premium reserve	Other reserves and earnings (losses) carried forward, including the result for the period	Total	Non-controlling interests	Total Equity
Amounts as at January 1, 2026	570,455	(271,324)	1,319,624	1,849,460	3,468,215	9,997	3,478,212
Total Comprehensive income for the period	-	-	-	81,222	81,222	(199)	81,023
Other changes	-	-	-	355	355	2,396	2,751
Amounts as at March 31, 2026	570,455	(271,324)	1,319,624	1,931,037	3,549,792	12,194	3,561,986

Interim Management Report at March 31, 2026

INWIT

Consolidated statements of cash flows

On November 6, 2017, EU Regulation no. 2017/1990 was issued which implemented certain amendments to IAS 7 (Statement of cash flows) at the EU level.

(thousands of euros)	1st Quarter 2026	1st Quarter 2025
Cash flows from operating activities:
Profit for the period	81,023	91,167
Adjustments for:
Depreciation and amortisation, losses/gains on disposals and impairment losses on non-current assets	101,475	101,823
Net change in deferred tax assets and liabilities	(1,050)	2,536
Change in provisions for employee benefits	(55)	(5)
Change in trade receivables	(10,757)	(838)
Change in trade payables	(21,851)	(21,011)
Net change in miscellaneous receivables/payables and other assets/liabilities	22,084	19,627
Other non-monetary changes	1,415	1,639
Cash flows from operating activities (a)	172,284	194,938
Cash flows from investing activities:
Total purchases of tangible and intangible assets for the period and right-of-use assets	(81,955)	(84,090)
Of which change in amounts due to fixed asset suppliers	23,917	(5,021)
Total purchases of tangible and intangible assets and right-of-use assets on a cash basis	(58,038)	(89,111)
Capital grants received	-	-
Change in financial receivables and other financial assets	776	277
Other non-current changes	30	(1)
Cash flows used in investing activities (b)	(57,232)	(88,835)
Cash flows from financing activities:
Change in current and non-current financial liabilities	54,834	(168,007)
Dividends paid	-	(641)
Treasury shares acquired	-	-
Capital increases	2,266	4,253
Cash flow generated /(absorbed) by financing activities (c)	57,100	(164,395)
Aggregate cash flows (d=a+b+c)	172,152	(58,292)
Net cash and cash equivalents at beginning of the period (e)	209,611	115,133
Net cash and cash equivalents at end of the period (f=d+e)	381,763	56,841

Interim Management Report at March 31, 2026

INWIT

Note 1 - Form, content, and other general information

Form and content

The INWIT Group's condensed consolidated quarterly financial statements as at March 31, 2026 (hereinafter the "condensed consolidated quarterly financial statements as at March 31, 2026") have been prepared on a going concern basis (see Note 2 "Accounting policies" below for further details) and in compliance with the International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the European Union (defined as "IFRS"), as well as the legislative and regulatory provisions in force in Italy.

Specifically, the INWIT Group's condensed consolidated quarterly financial statements as at March 31, 2026 have been prepared in accordance with IAS 34 - Interim Financial Reporting and, as permitted by this standard, do not include all the information required in consolidated financial statements for the full year; therefore, should be read in conjunction with the consolidated financial statements of the INWIT Group prepared for the financial year 2025.

The consolidated figures as at March 31, 2026 are compared with the figures in the statement of financial position as at December 31, 2025 as well as with the figures in the separate income statement, statement of comprehensive income, cash flow statement and the changes in equity for the first quarter of 2025.

The Group's financial year-end is December 31.

The INWIT Group's condensed consolidated financial statements as at March 31, 2026 have been prepared in accordance with the general cost principle, except for the initial recognition of financial assets and financial liabilities for which the application of the fair value criterion is mandatory, and have been prepared in units of euro.

The values presented in the notes to these consolidated financial statements are presented in thousands of euro, unless otherwise indicated.

The publication of the INWIT Group's condensed consolidated quarterly financial statements as at March 31, 2026 was approved by a resolution of the Board of Directors on May 12, 2026.

Financial Statement Structure

The structure of the Financial Statements is in keeping with that provided for by IAS 1; specifically:

the Consolidated Statement of Financial Position has been prepared by classifying assets and liabilities according to the "current and non-current" principle. Current assets are those intended to be realised, sold or consumed during the normal Group operating cycle or in the twelve months following the end of the period. Current liabilities are those which are expected to be extinguished during the normal Group operating cycle or which must be extinguished within twelve months of the reporting date or for which the Group does not have an unconditional right to defer settlement for at least twelve months following the end of the period;
the Consolidated Income Statement has been prepared by classifying operating costs according to their nature, in that this method of reporting is deemed better capable of representing the Group's specific business, complies with internal reporting methods, and is in line with practices in the industrial sector in question;
the Consolidated Income Statement includes, in addition to EBIT (Operating Earnings), the alternative performance indicator called EBITDA (operating earnings before amortisation, depreciation, gains/(losses), and Impairment reversals (losses) on non-current assets);
specifically, the Group utilises EBITDA, in addition to EBIT, as a financial target in internal presentations (business plans) and external presentations (to analysts and investors); the indicator represents a useful unit of measurement for the evaluation of INWIT's operating performance.

EBIT and EBITDA are calculated as follows:

Profit (loss) before tax from continuing operations
+ Financial expenses
- Financial income
EBIT - Operating profit (loss)
+ / - Impairment losses (reversals) on non-current assets
+ / - Losses (gains) on disposals of non-current assets
+ Depreciation and amortisation
EBITDA - Operating profit (loss) before depreciation and amortisation, Capital gains (losses) and Impairment reversals (losses) on non-current assets

Interim Management Report at March 31, 2026

INWIT

the Consolidated Statement of Comprehensive Income includes, besides the earnings (losses) for the period, as per the Consolidated Income Statement, the other changes in Net Equity other than those connected to transactions with Shareholders;
the Consolidated Statement of cash flows was prepared by showing the cash flows deriving from operating activities in accordance with the "indirect method", as allowed by the IAS 7 - (Statement of financial position).

Furthermore, as required by CONSOB resolution no. 15519, of July 27, 2006, in the case of the consolidated income statement, income and expenses deriving from transactions which by their very nature do not regularly occur during normal business transactions (non-recurring transactions), are specifically identified and the corresponding effects on the main interim results are reported separately when of a significant entity.

Specifically, non-recurring expenses/income include, for example: income/expenses deriving from the sale of property, plant and equipment, business units and shareholdings; expenses deriving from corporate reorganisation and rationalisation processes/projects, including those connected to corporate transactions (mergers, demergers, etc.); expenses arising from regulatory sanctions and related liabilities; other provisions for risks and charges, and the corresponding write-offs; expenses for the settlement of disputes; impairment losses on goodwill and/or other intangible and tangible assets.

In regard, once again, to the aforementioned CONSOB resolution, the amounts of positions or transactions with related parties have been reported separately.

Interim Management Report at March 31, 2026

INWIT

Segment reporting

Disclosures relating to business sectors have been prepared in accordance with IFRS B "Operating Sectors", which provides for the presentation of disclosures in accordance with the procedures adopted by management for making operational decisions. Therefore, the identification of the operating sectors and the disclosures presented are defined on the basis of internal reporting used by management for the allocation of resources to the different sectors and for the analysis of their performance.

An operating segment is a component of an entity:

☑ that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);

☑ whose operating results are reviewed periodically by the top operating level of the entity (the Board of Directors for INWIT) in order to adopt decisions concerning the resources to be allocated and to assess the results;

☑ for which discrete financial information is available.

The Group has identified only one operating segment (which also represents the level at which the goodwill is monitored by management and will be tested for impairment), namely the Integrated Site Management business.

Specifically, the management information note prepared and made available to the Board of Directors for the aforementioned purposes considers the business activity carried out by the Group as a unified whole; therefore, the financial statements do not contain any segment reporting. The geographical area coincides with the territory of Italy.

Note 2 - Accounting policies

The main accounting policies and the most significant valuation criteria used to prepare these Consolidated Financial Statements are briefly described below.

Going concern

The condensed consolidated quarterly financial statements of the INWIT Group as at March 31, 2026 have been prepared on a going concern basis as there is a reasonable expectation that the Group will continue its operating activities in the foreseeable future (and in any event with a time horizon of more than twelve months).

Accounting policies

The accounting policies adopted in the preparation of the condensed consolidated quarterly financial statements as at March 31, 2026 are consistent with those used in the consolidated financial statements as of December 31, 2025, to which reference should be made, except for the adjustments required by the nature of interim reporting.

In addition, in the condensed consolidated financial statements as at March 31, 2026, income taxes for the period are determined on the basis of the best possible estimate in relation to the available information and on the reasonable expectation of the performance of the year until the end of the tax period. By convention, liabilities for taxes (current and deferred) on income for the interim period are recorded net of advance payments and tax credits (limited to those for which reimbursement has not been requested), as well as deferred tax assets and classified as an adjustment to the "Provision for deferred taxes"; if said balance is positive it is entered, conventionally, under "Deferred Tax Assets".

Business combinations

Business combinations are accounted for using the acquisition method when all the goods and assets acquired meet the definition of a business activity and the Group gains control of them. In determining whether a given set of goods and assets represents a business activity, the Group assesses whether that set includes, at a minimum, a substantial input and process and whether it has the capacity to create production.

According to the acquisition method, the consideration transferred and the identifiable net assets acquired are usually recognised at fair value at the date of acquisition of control.

The positive difference, if any, between the consideration transferred (plus the value assigned to any non-acquired third-party shareholdings) and the value of the identifiable net assets is recognised as goodwill. Any negative difference ("gain from a purchase at favourable prices") is recognised in profit or loss at the date of acquisition of control.

Third-party holdings are initially valued in proportion to their share of the identifiable net assets of the acquired entity at the date of acquisition.

If applicable, the consideration transferred is increased by any contingent consideration (subject to conditional future consideration) measured at fair value and by any equity investment previously held by the Group in the acquired entity, also remeasured at fair value. If contingent consideration meets the definition of a financial instrument and is classified as equity, it is not subsequently measured and future extinguishment is accounted for directly in equity.

Other contingent consideration is measured at fair value at each reporting date and changes in fair value are recognised in profit or loss for the period.

Goodwill arising from a business combination is not amortised, but is subject at least annually to impairment tests in the presence of impairment indicators. Any impairment losses of goodwill are never recovered in subsequent periods. (See paragraph "Impairment of intangible and tangible assets (Goodwill)" below.

Interim Management Report at March 31, 2026

INWIT

Consolidation principles

Included in the consolidated financial statements as at March 31, 2026 are the financial statements of all subsidiaries from the date control is assumed until such control ceases.

The Financial Statements of the subsidiary alone have a reporting date coinciding with that of the Parent Company.

Control exists when the Parent INWIT simultaneously has:

decision-making power, that is, the ability to direct the relevant activities of the investee, i.e., those activities that have a significant influence on the results of the investee;
the right to variable (positive or negative) results derived from its shareholding in the entity;
the ability to use its decision-making power to determine the amount of results derived from its shareholding in the entity.

The existence of control is verified whenever facts and circumstances indicate a change in one or more of the three qualifying elements of control.

The scope of reporting of economic data and non-financial information is the same as that of the consolidated financial statements, therefore composed of the Parent Company and the companies belonging to the Group as at March 31, 2026 consolidated using the full method.

In the preparation of the Condensed Consolidated Quarterly Financial Statements, the assets, liabilities, as well as expenses and revenues of the consolidated enterprises are assumed line by line in their total amount, allocating to non-controlling interests, if any, in appropriate items of the consolidated financial position, the Consolidated Income Statement and the Consolidated Statements of Comprehensive Income the share of equity and net income for the year to which they are entitled.

Pursuant to IFRS 10 (Consolidated Financial Statements), comprehensive loss (including profit/loss for the year) is attributed to the owners of the parent and non-controlling interests, even when the equity attributable to non-controlling interests has a negative balance.

In the preparation of the condensed consolidated quarterly financial statements, all balance sheet, income statement, and financial balances between Group companies, as well as unrealised gains and losses on intragroup transactions, are eliminated.

The carrying amount of the investment in the subsidiary is eliminated against the corresponding share of the equity of the subsidiary, including any fair value adjustments as of the date of acquisition of control. On that date, goodwill, determined as explained below, is recorded under intangible assets, while any "gain deriving from a purchase at favourable prices (or negative goodwill)" is recorded in the consolidated income statement.

Pursuant to IFRS 10, changes in the parent's ownership interest in a subsidiary that do not result in the loss or acquisition of control are accounted for as equity transactions. In such circumstances, the carrying amounts of controlling and non-controlling interests are adjusted to reflect changes in their relative interests in the subsidiary. Any difference between the value by which non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent.

Under IFRS 10, the parent, in the event of loss of control over the subsidiary:

derecognises from the accounts:
assets (including goodwill) and liabilities;
the carrying amount of any non-controlling interests;
recognises in the accounts:
the fair value of any consideration received;
the fair value of any remaining interest held in the former subsidiary;
any gain or loss from the transaction in the consolidated income statement;
the reclassification to the consolidated income statement of amounts related to the subsidiary previously recognised in other comprehensive income.

Use of accounting estimates

The preparation of the Condensed Consolidated Quarterly Financial Statements and related notes, in accordance with the IFRS, requires company management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.

Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the amount of revenues and costs during the period. Actual results could thus differ, even significantly, from such estimates owing to possible changes in the factors considered in the determination of such estimates.

Estimates are reviewed periodically and any changes resulting from changes in estimates are recognised prospectively.

The most significant accounting estimates involving a high reliance on assumptions and subjective judgments are reported in the consolidated financial statements as at December 31, 2025, to which reference is made.

Interim Management Report at March 31, 2026

INWIT

New standards and interpretations incorporated by the eu and in force from January 1, 2026

The following accounting standards, amendments and IFRS interpretations have been applied for the first time as of January 1, 2026:

Amendment to IFRS 9 and IFRS 7: "Classification and Measurement of Financial Instruments" (issued on 30 May 2024).
Annual Improvements to IFRS Accounting Standards - Volume 11 (issued 18 July 2024).
Amendment to IFRS 9 and IFRS 7: "Contracts Referencing Nature-dependent Electricity" (issued on 18 December 2024).

These amendments had no impact on the Group's financial statements as at March 31, 2026.

Accounting standards, amendments and interpretations ifrs and ifric endorsed by the european union, not yet mandatorily applicable and not early adopted by INWIT SPA as of March 31, 2026

At the reference date of this financial report, the following principle, new and amended, is present but not yet in force:

IFRS 18: "Presentation and Disclosure in Financial Statements" (issued on 9 April 2024). The amendments apply from fiscal years beginning on or after January 1, 2027.

Accounting standards, amendments and interpretations ifrs and ifric not yet endorsed by the european union

As of the date of this financial report, the competent bodies of the European Union have not yet completed the endorsement process necessary for the adoption of the amendments and standards described below. The directors are currently evaluating the possible effects of introducing these changes on the INWIT Group's condensed consolidated quarterly financial statements:

IFRS 19: "Subsidiaries without Public Accountability: Disclosures" (issued on 9 May 2024). The amendments apply from fiscal years beginning on or after January 1, 2027.
Amendment to IAS 21: "The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency" (issued on 13 November 2025). The amendments apply from fiscal years beginning on or after January 1, 2027.
Amendment to IFRS 19: "Subsidiaries without Public Accountability: Disclosures" (issued on 21 August 2025). The amendments apply from fiscal years beginning on or after January 1, 2027.

The potential impacts on the consolidated financial statements from application of these new standards and interpretations are currently being assessed.

Note 3 - Scope of consolidation

The number of INWIT Group's subsidiaries and associated companies is broken down as follows:

	03/31/2026
Companies:	Italy	Outside Italy	Total
subsidiaries consolidated on a line-by-line basis	1	-	1
Joint ventures accounted for using the equity method	-	-	-
associates accounted for using the equity method	-	-	-
Total companies	1	-	1

Subsidiary of the INWIT Group:

Company	Shareholding of INWIT SPA	Month of acquisition
Smart City Roma S.p.A.	52.08%	October 2024

Interim Management Report at March 31, 2026

INWIT

Note 4 - Financial risk management and other risks

Market risk

The market risk consists in the possibility that changes of the interest and exchange rates or of the rating of the counterparts with which liquidity is utilised, could impact negatively on the value of the assets, liabilities, or expected cash flows.

Interest rate risk

At March 31, 2026, the fixed-rate loans entered into by the INWIT Group include:

the bond with a nominal value of 173.3 million euros, issued for a nominal amount of 1 billion euros in July 2020 (partially repurchased in April 2025 for 300 million euros and in October for 526.7 million euros);
the bond equal to 750 million euros nominal issued in October 2020;
the bond equal to 500 million euros nominal issued in April 2021;
the bond equal to 750 million euros nominal issued in April 2025;
the Sustainability-Linked bond security with a nominal value of 850 million euros, issued in October 2025;
the bond (so-called TAP on the bond issued in April 2025) with a nominal value of 150 million euros issued in January 2026;
loan agreements totalling 629.4 million euros signed with the European Investment Bank.

The floating rate debt component as at March 31, 2026 includes:

the 500 million euro KPI-linked ESG financing contract;
bank loans of 150 million euros stipulated in May 2024;
the ESG KPI-linked revolving credit facility (RCF) of 500 million euros, undrawn as at March 31, 2026.

In view of the Group's current financial structure, which has a percentage of fixed-rate debt equal to 85% of the total financial debt, the Group considers its exposure to the risk of interest rate fluctuations to be under control and has not considered it necessary to enter into derivative contracts to mitigate this risk.

Exchange rate risk

The Group operates exclusively in euros and therefore, is not exposed to exchange rate risk.

Credit risk

The Group's exposure to credit risk consists of the potential losses that could derive from the failure of the counterparts, both commercial and financial, to fulfil the obligations undertaken. Such exposure mainly stems from general economic and financial factors, the potential occurrence of specific insolvency situations of some borrowers and other more strictly technical-commercial or administrative factors.

The maximum theoretical exposure of the Group to credit risk is the book value of the financial assets and trade receivables recorded in the Financial Statements.

The Group's main customers are TIM and Fastweb[18] which, during the reference period of these consolidated financial statements, generated total revenues of 233,574 thousand euros, equal to 88.4% of total revenues.

The Group's other customers include, in addition to the main Italian mobile operators, also fixed wireless access (FWA) operators, broadcasting service operators and various public and private entities with which the Group predominantly has multi-year contracts for the provision of hospitality and ancillary services.

Therefore, the Group is exposed to the risk of concentration of revenues and to credit risk arising from the possibility that its commercial counterparts are not capable or able to meet their obligations, a risk that is considered moderate in view of the financial solidity of the counterparties.

Any failure by one of its commercial or financial counterparties to perform its obligations, or the premature unilateral termination of agreements with counterparties due to events beyond its control, would result in a contraction of operating cash flows with impacts on the Group's creditworthiness and Credit Rating (see also the Risks and Uncertainties paragraph on 'Interest rates and Financing Agreements' and/or 'Development/Satisfaction of customer demand').

With regard to counterparty risk, formalised procedures for the assessment and assignment of commercial and financial partners are adopted for credit management and financial risk management.

Liquidity risk

To meet its liquidity needs, the Group has a number of uncommitted bank lines and a revolving credit facility (RCF) ESG KPI-linked of 500 million euros issued by a pool of domestic and international banks and available until March 2031 (maturity extension signed on April 17, 2026), to be used to support working capital and for general cash needs.

As at March 31, 2026, the RCF line is completely undrawn, as are the uncommitted bank lines.

Fastweb S.p.A. and Vodafone Italia S.p.A., as of January 1, 2025 have become a single corporate entity Fastweb S.p.A.

Interim Management Report at March 31, 2026

INWIT

Climate change risks

As part of its sustainability strategy, the Group is committed to identifying and assessing climate risks, analysing their effects and impact on its business both qualitatively and quantitatively.

Climate Change risk includes all risks arising from extreme weather events or long-term climate variations with possible direct repercussions on the assets, activities and services provided, as well as Transition Risks related to legal, technological, reputational or market effects in the transition to a zero-emission economy.

The following Physical Risks due to climate change have been identified:

Windstorms - Can cause damage to towers. For each site, the gust velocity is associated with a probability of failure of the tower (e.g., tower failure with velocity >180 km/h);
Fires - If occurring near INWIT assets can cause damage to rawland sites, resulting in the need for intervention and repair costs;
Flooding - Can cause damage to electrical equipment at rawland sites. In addition, for rooftop sites, the height of water can cause damage to the tower support structure to the point of failure;
Heat Waves - Impact assets by both increasing the number of maintenance operations and energy consumption for cooling systems.

An economic assessment of the impact on the Group's assets was conducted for these risks, based on the different climate scenarios analysed.

The Group has defined a Climate Transition Plan, approved by the Shareholders' Meeting, which integrates decarbonisation, climate resilience and governance commitments to ensure transparency and long-term value towards the Net Zero 2040 goal.

In addition, the following Transition Risks have been identified:

Increased cost of technology: this risk would result in INWIT having to adapt infrastructure assets (piling, power supply and air conditioning);
Increased fossil fuel electricity prices: the Group monitors this risk through the implementation of a specific process guided by a dedicated unit, aimed at managing issues relating to energy procurement.

As of 2023, INWIT publishes a TCFD Report (to which readers should refer) incorporating the reporting framework set out by the Task Force on Climate-related Financial Disclosure (TCFD) and provides key information regarding the functions and processes used by the company to monitor and manage climate-related risks and opportunities, the climate goals it has set itself, with associated metrics for monitoring them, and the strategy developed to achieve them.

In any case, there are no effects on the condensed consolidated quarterly financial statements as at March 31, 2026.

INWIT

Risks related to global economic conditions

In this context, the following risks related to global economic conditions have been identified, including with reference to ongoing conflicts:

Inflation: the Group has inflation-indexed contracts and, in particular, the MSA contracts are 100% inflation-indexed, with no cap and a zero floor. However, there could be an indirect impact relating to a reduced capacity for investment by the Group's customers in further development plans. Inflation also has an impact on the Company's operating expenses, investments and financial leases, as well as on the trend in interest rates;
Geopolitical context: this is a risk that relates to the uncertainty of the political environment with particular reference to the current situations in Europe and the Middle East as well as the ongoing changes in the balance of power between states, with impacts on rising commodity costs, import strategies for supplies and potential supply delays. In particular, recent military events, although having a limited direct impact on the Company's procurement, could lead to imbalances in the global macroeconomic context with potential indirect effects on customers and suppliers;
Interest rates and financing contracts: this risk is related to unfavourable fluctuations in interest rates, with impacts on the cost of debt and on the expenditure incurred for finance expenses. In this regard, it should be noted that in the first quarter of 2026 approximately 85% of the Company's debt is characterised by fixed-rate instruments; therefore, interest rate fluctuations concern only the variable component of debt equal to the residual 15%. With reference to the additional financing required for the implementation of the Company's development plans and the bond debt, both existing and approaching maturity, the conditions of access to new loans may be impacted by the market rate prevailing at the date of issuance of the new debt or by any significant events capable of negatively impacting the performance of the Group's business

and, consequently, the cost and/or the capacity to refinance the existing debt. In particular, the company cannot exclude the risk of premature unilateral termination of the effects of the MSA, due to the notice of termination communicated by both Fastweb and TIM and the results of the consequent ongoing disputes;

Consolidation of the telecommunications market (TLC): the Group's objectives are influenced by the current TLC sector context, characterised by discontinuity factors compared to the recent past, such as the progressive consolidation among the main sector players, accompanied by increasing financial pressures arising from the contraction of revenues and low return on invested capital, which impact on the development plans and investments of these operators. The concentration and consolidation phenomena in the TLC market, together with the dependence on a limited number of customers who contribute a significant share of overall revenues, make this scenario an emerging risk for the business. This is in particular a risk connected to potential unexpected changes in the market context and demand structure, capable of producing significant impacts on medium-to-long-term growth prospects. The Group mitigates this risk through constant monitoring of market dynamics, scouting of new commercial opportunities and the progressive diversification of the customer base;
Technological evolution: the market in which the Group operates is characterised by a constant evolution of technology as well as alternative technologies that are bringing out new competitors with disruptive business models and new competitive dynamics. In consideration of these aspects, the risk is assessed as an emerging risk for the Company and is mitigated primarily through continuous monitoring of technological developments, and by ongoing investments in innovative solutions and technological upgrades.

For a comprehensive detail of the main risks and uncertainties, please refer to the specific section "Enterprise Risk Management" in this Interim Management Report as at March 31, 2026.

Financial assets and liabilities by category

For the purpose of providing information to allow a comparison between the book value and fair value of the financial instruments (required by IFRS 7), it is pointed out that the following assumptions were made to determine the fair value (fair value level 2):

for fixed- and variable-rate loans: the nominal repayment amount has been assumed;
for trade payables and receivables and for current financial assets and liabilities, it is believed that their book value is a reasonable approximation of their fair value.

Interim Management Report at March 31, 2026

INWIT

The following table shows the assets and liabilities as at March 31, 2026 based on the categories provided for by IFRS 9.

Amounts recorded in the financial statements pursuant to IFRS 9
(thousands of euros)	03/31/2026	Amortised cost	Cost	Fair value recognised in equity	Fair value recognised in the Income Statement
ASSETS
Non-current assets
Non-current financial assets
of which loans and receivables	7,542	7,542
(a)	7,542	7,542
Current assets
Trade and miscellaneous receivables and other current assets
of which loans and receivables	91,458	91,458
Financial receivables and other current financial assets
of which loans and receivables	1,361	1,361
Cash and cash equivalents	381,763	381,763
(b)	474,582	474,582
Total (a+b)	482,124	482,124
LIABILITIES
Non-current liabilities
Non-current financial liabilities
of which liabilities at amortised cost	5,047,598	5,047,598
(c)	5,047,598	5,047,598
Current liabilities
Current financial liabilities
of which liabilities at amortised cost	367,633	367,633
Trade and miscellaneous payables and other current liabilities
of which liabilities at amortised cost	273,484	273,484
(d)	641,117	641,117
Total (c+d)	5,688,715	5,688,715

INWIT

Note 5 - Goodwill

As at March 31, 2026, goodwill amounted to 6,161,862 thousand euros and showed no changes compared to December 31, 2026:

(thousands of euros)	12/31/2025	Investments	03/31/2026
Goodwill	6,161,862	-	6,161,862
Total	6,161,862	-	6,161,862

Goodwill, in accordance with IAS 36, is not subject to amortisation but is tested for impairment at least annually or more frequently if specific events or circumstances occur that may indicate an impairment.

Specifically, as of March 31, 2026, no new events have emerged with respect to December 31, 2025 that would require a new impairment test.

INWIT

Note 6 – Intangible assets with a finite useful life

Intangible assets with a finite useful life comprised the following, with the following changes:

(thousands of euros)	12/31/2025	Investments	Depreciation and amortisation	Disposals/ Write-downs	Other changes	03/31/2026
Patent rights and utilisation of intellectual property	17,345	2,889	(3,081)	-	657	17,810
Concession	10,359	-	(113)	-	-	10,246
Other intangible assets	250,278	-	(25,793)	-	(1)	224,484
Intangible assets under development and advances	45,534	23,157	-	-	(19,737)	48,954
Total	323,516	26,046	(28,987)	-	(19,081)	301,494

The item "Concession" refers to the surplus value allocated to the concession with the municipality of Rome following the Purchase Price Allocation (PPA) of the consideration paid for the participation in Smart City Roma.

The "Other intangible assets" item mainly comprises the customer list arising from the merger with Vodafone Tower and from the acquisition of business units. These intangible assets are amortised over the term of the active contracts.

Investments for the period amounted to a total of 26,046 thousand euros and mainly refer to IT development projects, technological projects and other intangible investments.

Interim Management Report at March 31, 2026

INWIT

Note 7 - Property, plant and equipment

Owned property, plant and equipment

Property, Plant and Equipment comprised the following, with the following changes:

(thousands of euros)	12/31/2025	Investments	Disposals/Write-downs	Depreciation and amortisation	Other changes	03/31/2026
Land	183,559	11,582	(135)	-	1,086	196,092
Plant and equipment	1,130,725	12,592	(909)	(19,951)	22,201	1,144,658
Manufacturing and distribution equipment	3,844	48	-	(296)	2	3,598
Other goods	1,829	107	-	(136)	135	1,935
Construction in progress and advance payments	113,625	22,294	-	-	(10,054)	125,865
Total	1,433,582	46,623	(1,044)	(20,383)	13,370	1,472,148

The investments made during the period, amounting to 46,623 thousand euros, mainly relate to the construction of new sites, extraordinary maintenance, the purchase of land, the construction of DAS, Labour Cost Capitalization, and the purchase of backhauling sections.

The gross value and accumulated depreciation as at March 31, 2026 are detailed as follows:

(thousands of euros)	Gross value as at 03/31/2026	Accumulated impairment losses	Depreciation Provision^{18}	Net value as of 03/31/2026
Land	196,092	-	-	196,092
Plant and equipment	2,377,098	(526)	(1,231,914)	1,144,658
Manufacturing and distribution equipment	5,965	-	(2,367)	3,598
Other goods	3,434	-	(1,499)	1,935
Construction in progress and advance payments	125,865	-	-	125,865
Total	2,708,454	(526)	(1,235,780)	1,472,148

The property, plant, and equipment are not subject to liens, mortgages, or other charges.

Interim Management Report at March 31, 2026

INWIT

Note 8 – Right-of-use assets

Right-of-use assets comprised the following, with the following changes:

(thousands of euros)	12/31/2025	Investments	Lease increases/ (Decreases)	Depreciation and amortisation	Other changes	03/31/2026
Rights of use on civil and industrial buildings	164,152	2,313	(108)	(2,070)	188	164,475
Rights of use on plant and equipment	1,013,394	6,973	34,980	(48,103)	4,983	1,012,227
Rights of use on other assets	976	-	331	(124)	-	1,183
Total	1,178,522	9,286	35,203	(50,297)	5,171	1,177,885

Investments made during the period, amounting to 9,286 thousand euros, are represented mainly by the purchase of surface rights and the capitalisation of labour costs relating to capitalised assets.

Interim Management Report at March 31, 2026

INWIT

Note 9 - Non-current and current financial receivables

Non-current and current financial receivables as at March 31, 2026 are composed as follows:

(thousands of euros)	12/31/2025	Changes	03/31/2026
Financial receivables (medium/long-term):
Staff loans	16	-	16
Income from financial expenses	7,725	(199)	7,526
Total non-current financial receivables (a)	7,741	(199)	7,542
Financial receivables (short-term):
Staff loans	33	(13)	20
Short-term financial receivables	593	(593)	-
Income from financial expenses	1,312	29	1,341
Total current financial receivables (b)	1,938	(577)	1,361
Total financial receivables (a+b)	9,679	(776)	8,903

Medium/long-term and short-term financial receivables relate to the amount of:

☑ of financial income (8,867 thousand euros);
☑ loans granted to employees (36 thousand euros).

INWIT

Note 10 – Trade and miscellaneous receivables and other assets (non current and current)

The item "Trade and miscellaneous receivables and other current and non-current assets" is detailed in the following table:

(thousands of euros)	12/31/2025	of which IFRS 9 Financial Instruments	Changes	03/31/2026	of which IFRS 9 Financial Instruments
Other non-current assets	4,326	-	125	4,451	-
Other non-current miscellaneous receivables	37,066	-	(16,211)	20,855	-
Total Miscellaneous receivables and other non-current assets (a)	41,392	-	(16,086)	25,306	-
Deferred tax assets (b)	10,175	-	-	10,175	-
Total trade receivables (c)	80,701	80,701	10,757	91,458	91,458
Other current assets	11,924	-	4,282	16,206	-
Non-current miscellaneous receivables - short-term share	5,329	-	463	5,792	-
Miscellaneous operating receivables	70,135	-	(1,632)	68,503	-
Miscellaneous non-operating receivables	64,842	-	-	64,842	-
Total miscellaneous receivables and other current assets (d)	152,230	-	3,113	155,343	-
Total trade and miscellaneous receivables and other current assets (c+d)	232,931	80,701	13,870	246,801	91,458
Total Income tax receivables (e)	-	-	-	-	-
Total (a+b+c+d+e)	284,498	80,701	(2,216)	282,282	91,458

Miscellaneous receivables and other non-current assets, amounting to 25,306 thousand euros, mainly relate to the medium/long-term portion of the substitute taxes paid by the Group for the realignment and franking of goodwill recognised in the financial statements, which will be deferred over the period of the fiscally recognised amortisation of the goodwill.

Deferred tax assets, amounting to 10,175 thousand euros, derive from the recognition, in the condensed consolidated quarterly financial statements as at March 31, 2026, of deferred tax assets on temporary differences between the values of assets and liabilities shown in the financial statements and the values recognised for tax purposes.

Trade receivables, amounting to 91,458 thousand euros, mainly relate to hospitality services. Receivables are stated net of the provision for doubtful debts of 5,332 thousand euros, as detailed below:

Interim Management Report at March 31, 2026

INWIT

(thousands of euros)	12/31/2025	Provision charged	Utilisation	03/31/2026
Provision for Bad Debts	5,332	-	-	5,332
Total	5,332	-	-	5,332

Miscellaneous receivables and other current assets, amounting to 155,343 thousand euros, mainly refer to security deposits, advances to suppliers, receivables from the tax authorities for taxes and duties, and the short-term portion of substitute taxes settled by the Company for the realignment and franking of goodwill recorded in the financial statements, which will be deferred over the duration of the fiscally recognised amortisation of the goodwill.

The book value of the trade and miscellaneous receivables and other assets (non-current and current) is considered a reasonable approximation of their respective fair value.

INWIT

Note 11 - Equity

This item consisted of:

(thousands of euros)	12/31/2025	Changes	03/31/2026
Equity attributable to owners of the Parent Company	3,468,215	81,577	3,549,792
Non-controlling interests	9,997	2,197	12,194
Total	3,478,212	83,774	3,561,986

As at March 31, 2026, the Equity attributable to owners of the Parent Company amounts to 3,549,792 thousand euros and is composed as follows:

(thousands of euros)	12/31/2025	Changes	03/31/2026
Share capital issued	600,000	-	600,000
Minus treasury shares	(29,545)	-	(29,545)
Share capital	570,455	-	570,455
Share premium reserve	1,319,624	-	1,319,624
Other reserves and earnings (losses) carried forward, including the result for the period	1,216,611	355	1,216,966
Legal reserve	120,000	-	120,000
Provision for instruments representing equity	4,043	485	4,528
Treasury share reserve in excess of nominal value	(271,324)	-	(271,324)
Locked-up Reserve under Law 178/2020^{20}	1,361,880	-	1,361,880
Other reserves	2,012	(130)	1,882
Retained earnings (losses) including earnings (losses) for the period	361,525	81,222	442,747
Total	3,468,215	81,577	3,549,792

The Locked-up Reserve provided for by Law 178/2020 provides that the company, following the realignment of the tax value to the statutory value of the intangible assets recognised in the Financial Statements as of December 31, 2019, including goodwill, has the obligation to restrict an equity reserve for an amount equal to the tax revaluation, net of the substitute tax due on the realignment, subjecting it to the tax suspension regime.

Benefit plans in the form of employee stock options

The "Provision for instruments representing equity", amounting to 4,528 thousand euros, refers to:

LTI plans (4,489 thousand euros) in existence as at March 31, 2026, used for retention and long-term incentive purposes for managers;
the broad-based share option plan (39 thousand euros) in existence and subscribed to by INWIT employees.

Interim Management Report at March 31, 2026

INWIT

Note 12 – Provisions

The item has the following breakdown and movements:

(thousands of euros)	12/31/2025	Increase	Decrease	Other changes	03/31/2026
Provision for restoration costs	283,294	1,167	(427)	-	284,034
Deferred tax liabilities	112,696	-	(1,050)	-	111,646
Provision for legal disputes and other risks	5,327	436	(14)	-	5,749
Total	401,317	1,603	(1,491)	-	401,429
Of which:
Non-current amount	400,867				400,979
Current amount	450				450

The Provision for restoration costs is increased by the provisioning of costs expected for the dismantling of new sites (1,167 thousand euros). The decrease in the Provision for restoration costs relates to the use to cover decommissioning costs incurred in the period (427 thousand euros).

Deferred Tax Liabilities are mainly moving downward as a result of the release of deferred taxes relating to the exclusively statutory amortisation of the Customer List recognised on the merger with Vodafone Towers.

The provision for legal disputes and other risks increases by 422 thousand euro, as the net balance of new provisions, utilisations, releases and other changes relating to possible disputes arising from contributions following agreements entered into during the quarter.

Interim Management Report at March 31, 2026

INWIT

Note 13 – Financial liabilities (non-current and current)

Financial liabilities (non-current and current) (gross financial debt) were broken down as follows:

(thousands of euros)	12/31/2025	Changes	03/31/2026
Amounts due to banks	1,259,185	(18,398)	1,240,787
Corporate Bonds	2,833,669	152,556	2,986,225
Other financial payables	6,396	63	6,459
Leasing liabilities	811,790	2,337	814,127
Total non-current financial liabilities (a)	4,911,040	136,558	5,047,598
Financial payables (short-term):
Amounts due to banks	98,163	(52,363)	45,800
Corporate Bonds	201,019	26,270	227,289
Other financial payables	3,579	1	3,580
Leasing liabilities	111,393	(20,429)	90,964
Total current financial liabilities (b)	414,154	(46,521)	367,633
Total Financial liabilities (Gross financial debt) (a+b)	5,325,194	90,037	5,415,231
Gross financial debt excluding IFRS16	4,402,011		4,510,140

Financial payables (medium/long-term):

☑ Amounts due to banks mainly refer to the loans net of related accruals and deferrals:

ESG KPI-linked term loan for a nominal amount of 500,000 thousand euros with bullet repayment and maturity in April 2027;
loan from the EIB with an original nominal amount of 298,000 thousand euros with amortising repayment beginning in February 2026 and maturity in August 2033, outstanding for the amount of 279,375 thousand euros;
a loan from the EIB with a nominal value of 350,000 thousand euros with amortising repayment beginning in November 2029 and maturing in May 2039;
bank loans with a total nominal amount of 150,000 thousand euros with bullet repayment and maturity between October 2027 and January 2028.

☑ Corporate Bonds refer to the following, net of related accruals and deferrals:

bond originally issued in July 2020 with a nominal value of 1,000,000 thousand euros currently outstanding for a nominal value of 173,276 thousand euros with maturity July 8, 2026, coupon 1.875%, issue price 99.809%;
bond issued in October 2020 with a nominal value of 750,000 thousand euros maturing October 21, 2028, coupon 1.625%, issue price 99.755%;
bond issued in April 2021 with a nominal value of 500,000 thousand euros maturing April 19, 2031, coupon 1.75%, issue price 99.059%;
bond issued in April 2025 with a nominal value of 750,000 thousand euros maturing April 1, 2030, coupon 3.75%, issue price 99.584%;
Sustainability-Linked bond issued in October 2025 with a nominal value of 850,000 thousand euros, with maturity on October 13, 2032, coupon 3.625%, issue price 99.11%;
bond issued in January 2026 (so-called TAP on the bond issued in April 2025) with a nominal value of 150,000 thousand euros, maturity April 1, 2030, coupon 3.75%, issue price 101.364%.

☑ Other financial payables refer to payables with a significant financial component.

☑ Finance lease liabilities refer to leases.

Financial payables (short-term):

☑ Amounts due to banks refer mainly to the repayment instalments of the EIB loan of a nominal amount originally equal to 298,000 euros, net of the related accruals and deferrals,

☑ Corporate Bonds refer to the accruals of the coupons of the Bonds and repayment of the Bond issued in July 2020 for a nominal value of 173,276 thousand euros with maturity on July 8, 2026;

☑ Other financial payables refer to payables with a significant financial component;

☑ Finance lease liabilities refer to leases.

Interim Management Report at March 31, 2026

INWIT

"Covenants", "negative pledges" and other contractual conditions in effect at March 31, 2026

The loan agreements include some general pledges and covenants, both positive and negative, in line with market practice for loans of similar amounts and nature, which give the lending Banks the right to cancel the commitments undertaken and/or request the early repayment of the sums drawn by the Group.

The bonds issued by the Group and the bank loans do not contain financial covenants.

The EIB loan agreement in support of the Digital Infrastructure Development Project, granted for 298 million euros in August 2021 and November 2022, as well as the EIB loan agreement in support of the Digital Infrastructure Development II Project, granted for 350 million euros in February 2025, contain a rating loss clause under which, in certain circumstances, the bank is granted the right to request the provision of security in support of the loan agreement itself.

The same contracts also include a Change of Control clause to reflect the new shareholder structure, which allows the EIB, in certain circumstances, to request repayment of the loans.

With reference to the other bank loan and bond agreements, the Group is also required to notify a change of control, for which the cases and consequences – including the provision of guarantees or early repayment of the amount disbursed and cancellation of the commitment unless otherwise agreed – are specifically regulated in the individual agreements.

It should be noted that as at March 31, 2026, no covenant, negative pledge or other clause relating to the above-described debt position had been breached or violated.

Note 14 – Net Financial Debt

The following table shows the composition of the INWIT Group's net financial debt as at March 31, 2026 and December 31, 2025, determined in accordance with the "Guidance on Disclosure Requirements under the Prospectus Regulation" issued by the European Securities & Markets Authority (ESMA) on March 4, 2021 (ESMA32-382-1138) and adopted by Consob with Warning no. 5/21 of April 29, 2021.

The table also includes the reconciliation of net financial debt calculated according to the aforementioned criteria established by ESMA with that calculated according to the criteria of the INWIT Group.

(thousands of euros)	03/31/2026	12/31/2025^{21}
A Cash	-	-
B Cash and cash equivalents	381,763	209,611
C Total current financial liabilities	-	-
D Liquidity (A + B + C)	381,763	209,611
E Current financial payables	-	-
F Current portion of financial payables (medium/long-term)	367,633	414,154
G Current financial debt (E+F)	367,633	414,154
H Net current financial debt (G-D)	(14,130)	204,543
I Financial payables (medium/long-term)	2,054,914	2,070,975
J Bonds issued	2,986,225	2,833,669
K Trade payables and other non-current payables	6,459	6,396
L Non-current financial debt (I+J+K)	5,047,598	4,911,040
M Net Financial Debt as per ESMA recommendations (H+L)	5,033,468	5,115,583
Other financial receivables and non-current financial assets	(7,542)	(7,741)
Other financial receivables and other current financial assets	(1,361)	(1,938)
INWIT Group Net Financial Debt	5,024,565	5,105,904

Interim Management Report at March 31, 2026

INWIT

Note 15 – Trade payables, miscellaneous payables and other liabilities (non-current and current)

As at March 31, 2026, the item is composed as follows:

(thousands of euros)	12/31/2025	of which IFRS 9 Financial Instruments	Changes	03/31/2026	of which IFRS 9 Financial Instruments
Other non-current liabilities	55,276	-	875	56,151	-
Miscellaneous non-current operating payables	(2)	-	-	(2)	-
Total miscellaneous payables and other non-current liabilities (a)	55,274	-	875	56,149	-
Total trade payables (b)	271,418	271,418	2,066	273,484	273,484
Other current liabilities	32,804	-	10,575	43,379	-
Miscellaneous current operating payables	24,474	-	(2,333)	22,141	-
Miscellaneous current non-operating payables	41	-	(1)	40	-
Total miscellaneous payables and other current liabilities (c)	57,319	-	8,241	65,560	-
Total trade and miscellaneous payables and other current liabilities (b+c)	328,737	271,418	10,307	339,044	273,484
Total income tax payables (d)	10,412	-	-	10,412	-
Total (a+b+c+d)	394,423	271,418	11,182	405,605	273,484

The miscellaneous payables and other non-current liabilities, amounting to 56,149 thousand euros, mainly relate to accruals on contracts receivable from customers.

Trade payables, amounting to 273,484 thousand euros, mainly relate to services rendered, electricity supplies, and lease payments for operating leases that do not fall within the scope of IFRS 16 (leases with a term under 12 months, surface rights, etc.).

It should also be noted that the Group has entered into reverse factoring agreements whose terms do not alter the commercial nature of the payables.

The miscellaneous payables and other current liabilities, amounting to 65,560 thousand euros, mainly relate to deferred income on active contracts with customers, tax payables, and payables to personnel.

Current income tax payables, amounting to 10,412 thousand euros, refer to IRES and IRAP debts net of advance payments during the year.

The book value of trade and miscellaneous payables and other current liabilities is considered a reasonable approximation of their respective fair value.

Interim Management Report at March 31, 2026

INWIT

Note 16 - Revenues

They amount to 264,116 thousand euros in total and are composed as follows:

(thousands of euros)	1st Quarter 2026	1st Quarter 2025
Revenues
Revenues from TIM	112,825	111,923
Revenues from Fastweb	120,749	123,761
Revenues from third parties	30,542	30,564
Total	264,116	266,248

Revenues from TIM and Revenues from Fastweb mainly refer to services under the Master Service Agreements in place with the two Anchor customers.

The item Revenues from third parties, refers essentially to hospitality services offered by the Group to Italian mobile operators. Relationships with these operators are regulated by long-term commercial agreements.

The following is a breakdown of the composition of Revenue divided by service business area:

(thousands of euros)	1st Quarter 2026	1st Quarter 2025
Revenues
Towers - Anchors	219,233	214,963
Towers - OLO & Others	27,710	29,436
Smart Infra - Das, Fiber, others	17,173	21,849
Total	264,116	266,248

As regards the breakdown by geographical area, it should be noted that revenues are entirely generated in Italy.

Interim Management Report at March 31, 2026

INWIT

Note 17 – Acquisition of goods and services

They amount to 13,654 thousand euros in total and are detailed below:

(thousands of euros)		1st Quarter 2026	1st Quarter 2025
Purchases of materials and goods for resale	(a)	131	163

Costs for services
Maintenance		3,609	3,153
Professional services		935	1,444
Other service expenses		5,393	5,353
	(b)	9,937	9,950
Lease and rental costs	(c)	3,586	2,635
Total	(a+b+c)	13,654	12,748

The growth in the acquisition of goods and services mainly reflects the increase in costs for the use of third party assets.

INWIT

Note 18 – Finance income and expenses

Financial income

Finance income is broken down as follows:

(thousands of euros)	1st Quarter 2026	1st Quarter 2025
Financial income
Interest income on bank deposits	543	396
Total	543	396

Financial income, amounting to 543 thousand euros, refers to interest income on current account balances and bank deposits.

Finance expenses

Finance expenses amount to 42,418 thousand euros, broken down as follows:

(thousands of euros)	1st Quarter 2026	1st Quarter 2025
Interest expenses and other financial expenses
Interest to banks	10,298	13,185
Finance expenses for corporate bonds	22,735	10,478
Interest expense for finance leases	7,613	7,617
Bank fees	562	1,092
Other financial expenses	1,210	351
Total	42,418	32,723

Interest to banks refers to the interest paid during the period under the loan agreements described in Note 13 - Financial liabilities (non-current and current).

Finance expenses for corporate bonds refer to commissions, issuance inconveniences and corporate bond coupons for the period in question.

Interest expense for finance leases relate to finance leases following the application of IFRS 16.

Bank fees mainly refer to the fees paid for non-use of the 500 million euro ESG KPI-linked Revolving Credit Facility and to the guarantee fees.

The other financial expenses chiefly refer to the adjustment of the provision for restoration charges.

Interim Management Report at March 31, 2026

INWIT

Note 19 – Contingent liabilities, commitments and guarantees

Main disputes and pending legal actions

As at March 31, 2026, the INWIT Group is involved in 810 disputes, of which 8 are tax-related and 54 initiated by the Group in criminal proceedings by means of a complaint.

The litigations to which a “probable” risk of losing the case has been associated, based on the opinions of external lawyers supporting the Company in its defence, as at March 31, 2026, are 51.

On the basis of the progress of the aforementioned legal proceedings and the information available at the time of closing these condensed consolidated quarterly financial statements as at March 31, 2026, a total amount of 3,760 thousand euros has been allocated to the provision, which correctly reflects the contingent liabilities in existence.

Commitments and guarantees

With regard to guarantees issued by banks or insurance companies to owners of the land where the infrastructure is located, the Group has undertaken to reimburse all sums that for any reason whatsoever the bank or the insurance company were to bear due to failure to comply with contractual obligations, the Company waiving any objection or opposition, including any legal action.

In particular, we highlight the following:

the bank and insurance guarantees, amounting to 14.6 million euros and 1 million euros respectively, relate to guarantees provided by banks/insurance companies mainly for leases or concessions of the spaces on which the Group’s infrastructure is located;
the bank guarantees totalling 163.5 million euros relate to guarantees provided by banks to Infratel under the Italy 5G Plan called “Densification” for the Temporary Grouping of Enterprises composed of INWIT as mandated and TIM and Fastweb as principals; In this context, INWIT received specular bank counter-guarantees totalling 111.2 million euros. Finally, the bank guarantees amounting to a total of 8.9 million euros refer to guarantees provided by banks to the Municipality of Roma Capitale under the Rome 5G tender.

Note 20 – Related parties

Related party transactions as at March 31, 2026 are attributable to the relationships maintained with TIM and Fastweb as well as with the Key Managers of INWIT S.p.A. (“Senior management”). It should be noted that TIM and Fastweb, already excluded from the scope of related parties pursuant to IAS 24 even if voluntarily subject to the rules on related party transactions, as at March 31, 2026 were qualified as Significant Customers.

In fact, the governance rules adopted by the Group ensure that all transactions with related parties are carried out in compliance with the criteria set forth in the CONSOB Regulation adopted with Resolution No. 17221 of March 12, 2010, as amended.

To this end, the Group has adopted a procedure governing related party transactions, which can be consulted at the following link “Policies and procedures – INWIT”, last updated on September 16, 2025.

It should be noted that, in the first three months of 2026, no transactions of major significance within the meaning of the aforementioned CONSOB Regulations were carried out.

The tables summarising the balances of related party transactions in absolute amounts and as a percentage of the corresponding values of the consolidated income statement, the statement of financial position and the statement of cash flows are shown below.

INWIT

Items of the consolidated statement of financial position

The effects of related party transactions on the items of the statement of financial position at December 31, 2025 and March 31, 2026 are shown below:

Items of the consolidated statement of financial position as of 12/31/2025

(thousands of euros)	Total (a)	Senior management	Total related parties (b)	% of the financial statement item (b)/(a)
Trade and miscellaneous payables and other current liabilities	(328,737)	(2,314)	(2,314)	0.7%

Items of the consolidated statement of financial position as at 03/31/2026

(thousands of euros)	Total (a)	Senior management	Total related parties (b)	% of the financial statement item (b)/(a)
Trade and miscellaneous payables and other current liabilities	(339,044)	(2,786)	(2,786)	0.8%

Payables to Senior Management refer to amounts payable to key managers of the Company.

Interim Management Report at March 31, 2026

INWIT

Items of the income statement

The effects of related party transactions on the items of the Income Statement as at March 31, 2026, and for the corresponding period of the previous financial year, are as follows:

Items of the consolidated income statement as of 03/31/2025

(thousands of euros)	Total (a)	TIM	Fastweb	Senior management	Total related parties (b)	As a % of the financial statement item (b)/(a)
Revenues	266,248	111,923	123,761	-	235,684	88.5%
Acquisition of goods and services	(12,748)	(196)	(1,367)	-	(1,563)	12.3%
Employee benefits expenses	(6,105)	-	-	(626)	(626)	10.3%
Other operating expenses	(3,332)	(207)	(489)	-	(696)	20.9%
Financial expenses	(32,723)	(413)	(919)	-	(1,332)	4.1%

Items of the consolidated income statement as at 03/31/2026

(thousands of euros)	Total (a)	Senior management	Total related parties (b)	As a % of the financial statement item (b)/(a)
Employee benefits expenses	(7,771)	(697)	(697)	9.0%

Employee benefits expenses for senior management refer to compensation due to Company key managers.

Interim Management Report at March 31, 2026

INWIT

Items of the statement of cash flows

The effects of related party transactions on the items of the cash flow statement as at March 31, 2026, and in the corresponding period of the previous financial year, are as follows:

Items of the consolidated cash flow statement as of 03/31/2025

(thousands of euros)	Total (a)	TIM	Fastweb	Senior	Total related parties (b)	As a % of the financial statement item (b)/(a)
Operating activities:
Change in trade receivables	(838)	(8,808)	4,389	-	(4,419)	527.3%
Change in trade payables	(21,011)	15,659	752	-	16,411	-78.1%
Net change in miscellaneous receivables/payables and other assets/liabilities	19,627	1,402	2,181	155	3,738	19.0%
Change in financial assets	277	-	198	-	198	71.5%
Change in current and non-current financial liabilities	(168,007)	(4,947)	(2,927)	-	(7,874)	4.7%

Items of the consolidated cash flow statement as at 03/31/2026

(thousands of euros)	Total (a)	Senior	Total related parties (b)	As a % of the financial statement item (b)/(a)
Operating activities:
Net change in miscellaneous receivables/payables and other assets/liabilities	22,084	472	472	2.1%

Interim Management Report at March 31, 2026

INWIT

Remuneration of key managers

The remuneration recorded on an accrual basis for Key Managers amounted to 697 thousand euros.

Short-term compensation is paid during the financial year to which it refers and, in any case, within the six months following the end of the financial year (the entitlements related to the 2026 MBO will be paid in the second quarter of 2027).

The contributions paid in to defined contribution plans (Assidim/Fasi, Fontedir) on behalf of Key Managers amounted to 20 thousand euros.

The Company's "key managers", that is, those who have the power and responsibility to plan, manage, and control, directly or indirectly, the Company's activities, including the directors, are identified as follows:

INWIT SPA
Managers:
Diego Galli	General Manager
Lucio Golinelli	Sales Director
Andrea Mondo	Technology & Operations Director
Emilia Trudu	Administration Finance and Control Director

Note 21 – Significant non-recurring events and transactions

Pursuant to Consob Communication no. DEM/6064293 of July 28, 2006, it should be noted that no significant non-recurring events and transactions occurred during the period.

Note 22 – Positions or transactions resulting from atypical and/or unusual operations

Pursuant to Consob Communication no. DEM/6064293 of July 28, 2006, no atypical and/or unusual transactions, as defined by the above Communication, were carried out during the period.

Note 23 – Events after March 31, 2026

On April 17, 2026, INWIT signed the extension of the maturity to March 2031 of the following financings:

ESG KPI-linked term loan of 500 million euros with Cassa Depositi e Prestiti, Intesa San Paolo, Mediobanca and Unicredit;
ESG KPI-linked revolving credit facility of 500 million euros with Banco BPM, Bank of America, BBVA, BNP Paribas, Credit Agricole, HSBC, Intesa Sanpaolo, Mediobanca and Unicredit.

On April 30, 2026, the Shareholders’ Meeting of INWIT:

approved the 2025 Integrated Financial Statements, which closed with a consolidated net profit of 360.8 million euros and an operating profit for INWIT S.p.A. of 362.6 million euros; approved the distribution of an ordinary dividend for the 2025 financial year of 0.5543 euros (before applicable withholding taxes) – representing an increase of 7.5% compared to the previous year – for each of the ordinary shares outstanding at the coupon date, excluding treasury shares held in the portfolio. The ex-dividend date is May 18, 2026, the payment date is May 20, 2026 with record date, pursuant to Article 83-terdecies of the TUF, on May 19, 2026.
approved the Long-Term Equity Incentive Plan (LTI) 2026 – 2030, under the terms set out in the related information document published, pursuant to the applicable regulations, on the Company's website at https://www.inwit.it/en/governance/shareholders-meeting/shareholders-meeting-april-30-2026/.
appointed the director Paolo Favaro (already appointed by co-option at the Board of Directors’ meeting on September 22, 2025) until the approval of the financial statements as at December 31, 2027, attributing to him the same remuneration as each non-executive director in compliance with the total amount determined by the Shareholders’ Meeting on April 15, 2025.
approved, in an extraordinary session, the annulment of 27,895,167 treasury shares without reduction of the share capital and the consequent amendment of Art. 5 of the articles of association. The resolutions will be effective from the date of registration in the Register of Companies.

Interim Management Report at March 31, 2026

INWIT

Statement by the Financial Reporting Officer

The Financial Reporting Officer declares, pursuant to paragraph 2, Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this Interim Management Report of the INWIT Group as at March 31, 2026 corresponds to the documentary evidence, books and accounting records.

The Financial Reporting Officer

Emilia Trudu

11 Interim Management Report - March 31, 2026

INFRASTRUTTURE WIRELESS ITALIANE S.P.A.

Registered office
Largo Donegani, 2 - 20121 Milan
email: [email protected]

Headquarter
Piazza Trento, 10 - 00198 Rome

INWIT

A Digital Infrastructure Company

AI assistant

Infrastrutture Wireless Italiane SpA — Interim / Quarterly Report 2026

4380_rns_2026-05-14_7dd36b32-ab65-43e9-bc3e-867364f40380.pdf

INWIT

INWIT

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 41

REPORT ON OPERATIONS

CORPORATE INFORMATION AND CORPORATE BODIES

CORPORATE DATA OF THE PARENT COMPANY

CORPORATE GOVERNANCE SYSTEM

BOARD OF STATUTORY AUDITORS

INDEPENDENT AUDITOR

FINANCIAL REPORTING OFFICER

COMPANY PROFILE

THE CORE BUSINESS OF INWIT

THE HISTORY OF INWIT

INWIT'S STRATEGY FOR VALUE CREATION

The value chain of mobile telecommunications services includes:

THE PILLARS OF GROWTH

OUR BUSINESS MODEL

INPUT

BUSINESS MODEL

OUTPUT

OUTCOMES

INWIT AND THE FINANCIAL MARKET

SHARE CAPITAL OF INWIT AS AT MARCH 31, 2026

SHAREHOLDING STRUCTURE

COMPOSITION OF INWIT'S SHAREHOLDER BASE

TREASURY SHARES

DIVIDEND POLICY AND SHAREHOLDER REMUNERATION

HISTORICAL TREND ORDINARY DIVIDEND PER SHARE

HIGHLIGHTS

MANAGEMENT PERFORMANCE AND EVENTS

Management events

OPERATING, CAPITAL AND FINANCIAL PERFORMANCE

CONSOLIDATED OPERATING PERFORMANCE

REVENUES

EBITDA

EBIT

Financial income/(expense)

Income taxes

Net profit for the period

EBITDAaL

CONSOLIDATED FINANCIAL PERFORMANCE

FINANCIAL PERFORMANCE

Net Financial Debt

CASH FLOWS

RECURRING FREE CASH FLOW

SUBSEQUENT EVENTS AFTER MARCH 31, 2026

POSITIONS OR TRANSACTIONS ARISING FROM ATYPICAL AND/OR UNUSUAL TRANSACTIONS

SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS

BUSINESS OUTLOOK FOR THE YEAR 2026

Guidance 2026 and medium-term outlook

MAIN RISKS AND UNCERTAINTIES

Risks related to global economic conditions and arising from sector-specific aspects

Inflation

Geopolitical context

Interest rates and financing contracts

Telecommunications (TLC) Market Consolidation

Technological evolution

Risks related to asset management and infrastructure implementation

Site capacity management

Physical Security

Infrastructure implementation

Energy supply and management

Renegotiation of leases

Litigation

Risks relating to the group's business objectives

Development and/or meeting customer demand

Risks related to compliance with the current legal and regulatory framework and sustainability issues

Regulations pursuant to Legislative Decree 231/01

Occupational health and safety regulations and environmental protection

IT Continuity, Information & Cyber Security

Climate Change Risk

Other risks

INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM

CODE OF ETHICS

ORGANISATIONAL MODEL 231

ENTERPRISE RISK MANAGEMENT

RELATED PARTY TRANSACTIONS

Infrastrutture Wireless Italiane SpA Interim / Quarterly Report 2026