Infrastrutture Wireless Italiane SpA — Investor Presentation 2025

Jul 29, 2025

Q2 2025 Financial Results

July 30th, 2025

Safe Harbor

2

This presentation contains statements that constitute forward-looking statements. These statements mentioned repeatedly in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth of the business, market share, financial results and other aspects of the activities and situations relating to Infrastrutture Wireless Italiane S.p.A. (INWIT). Such forward-looking statements are not guaranteed of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward-looking statements as a result of various factors. Consequently, INWIT makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements.

Forward-looking information for the Business Plan are based on certain key assumptions which we believe to be reasonable as of the date hereof, but forwardlooking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts and investors are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. INWIT undertakes no obligation to publicly release the results of any review to these forward-looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes to INWIT business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events, except as and to the extent required by law.

The information contained in this presentation does not constitute or form any part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as any inducement to enter into, any investment activity. This presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

The financial information of INWIT were prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the European Union (designated as "IFRS"). It is worth to remind that the Company has been merged with Vodafone Towers as of 31 March 2020. Following the adoption of IFRS 16, INWIT uses the additional alternative performance indicator of EBITDA after Lease ("EBITDAaL"), calculated by adjusting the EBITDA for the ground lease costs. Such alternative performance measure is not subject to audit.

The Recurring FCF formula is the following: Recurring Free Cash Flow calculated as EBITDA recurring IFRS 16 - ground lease payment - recurring CAPEX + change in net working capital not related to development CAPEX – cash taxes – financial interest payment.

By attending this presentation, you agree to be bound by the foregoing terms.

Key messages

Execution advances: growth in financials and industrial KPIs in line with guidance, despite challenges in Italian TLC industry

Expansion in digital infrastructure assets: more New Towers, more Smart Infra locations, more land owned

Strong growth in Smart Infra: affirming INWIT leadership in indoor coverage across multiple verticals

Progress on shareholder remuneration: on track to return >10% of market capitalization by end of 2025

Ready to facilitate network densification: INWIT model enables more efficient capital deployment for the industry, with benefits for all

Q2 2025 results: execution advances

Solid Q2 figures across the board, in a challenging Italian TLC industry context

New Towers: roll out continues at solid pace, with industry leading tenancy ratio

Highlights

• Pick up in Q2'25, in line with FY 2025 target of ~800 New Towers
• New Towers roll-out driven by MSA commitments, and Next Gen EU
• Business Plan market outlook: +7k / +12k New Sites needed by 2030 in Italy
  • Data-traffic-driven densification, coverage-driven densification, Rails & Road 5G coverage

New PoPs: +6% YoY growth with sequential pick-up in Anchors

Highlights

• Six-months 2025 pace (1.5k PoPs) in line with 2025 guidance and quarterly run rate
  • Anchors growth driven by MSA contractual commitments: New PoPs on New Sites and densification/optimization on Existing Sites
  • OLOs mix: steady pace with other MNOs, material volumes with Utility clients for IoT applications (monitoring of real-time consumption data)

Notes:

"New PoPs" or "New Tenant" definition: new contract signed for a specific location, giving the host the right of use of a portion of a site for the installation and use of radio transmission active equipment.

Smart Infrastructure: ~40% growth across multiple verticals

• Revenues growth led by Indoor Coverage Solutions through DAS (Distributed Antenna Systems), with ~30 new projects in Q225 in line with Business Plan trajectory
• Growing asset portfolio with recent wins across multiple verticals, Corporates, Luxury Hotels, Shopping Malls and Hospitals in particular
• Business Plan market outlook: +2k New Locations in Italy by 2030
  • Increasing demand for indoor connectivity to manage traffic growth in dense areas + large projects in "Transportation" and "Smart City" verticals

P&L Q2 2025: solid financial performance with >+5% EBITDAaL growth

1
	ILA/

(Eur m)	Q2 2024	Q1 2025	Q2 2025	YoY
Total Revenues	257.1	266.2	269.0	4.6%
Anchors1 Towers –	210.5	215.0	215.8	2.5%
OLOs and others2 Towers –	30.5	29.5	31.2	2.1%
DAS, Fiber, others3 Smart Infra –	16.1	21.8	22.1	37.5%
Opex	21.5	22.2	23.0	7.1%
EBITDA	235.6	244.1	246.0	4.4%
EBITDA margin	91.6%	91.7%	91.4%	-0.2pp
D&A	95.1	101.8	100.1	5.3%
Interests	32.5	32.3	32.2	-0.8%
Taxes	18.8	18.7	20.3	8.3%
Net Income	89.3	91.2	93.4	4.6%
Net Income margin	34.7%	34.2%	34.7%	0.0pp
Lease costs	49.5	49.9	49.6	0.2%
EBITDAaL	186.1	194.1	196.4	5.5%
EBITDAaL margin	72.4%	72.9%	73.0%	0.6pp

		Highlights

• +4.6% revenue growth driven by:
  • MSA growth commitments, focused on New PoPs on New Sites
  • Continued OLOs volume growth, mainly driven by non-TLC clients
  • New Services up strongly driven by DAS indoor projects
  • CPI link, based on 2024 avg FOI index at 0.8%
• Stable EBITDA margin at 91.4%.
• Higher D&A YoY in line with CapEx cycle
• Interest charges about stable YoY

• Tax rate at ~18% benefiting from the tax schemes in place

• +5% growth in EBITDAaL driven by execution of lease cost efficiency plan:

  • 370 land acquisition and renegotiation transactions in Q2

Notes:

1) Towers – Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone; previously referred to as "Anchors MSA Macro Sites"

2) Towers – OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, etc. previously referred to as "OLOs macro sites and others"

3) Smart Infra – DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLOs); previously referred to as "New Services".

Cash flow Q2 2025: 64% cash conversion and leverage in line with guidance

8 10 Leverage Ratio² and Net Financial Position

Q2 2025 cash flow build up (€m) Highlights

• €158m RFCF underpinning approximately 8% ROCE¹
• Structurally low recurring capex
• Low taxes due to goodwill tax schemes (FY25E: ~€50m)
• NWC slightly negative in Q2; positive in FY'25E
• Better lease payments and financial charges vs Q1'25 in line with expected phasing
• Growth Capex in line with guidance (FY25E: ~€280m):
  • Land buyout, new towers, new smart infra indoor locations

Highlights

• Leverage at 5.0x in Q2'25 reflecting:
  • Ordinary dividend payment and ~€110m buyback plan in Q2'25
• Efficient debt profile:
  • 80% fixed / 20% floating
  • Current average cost: 2.7%
  • Average bond maturity: 3.6 years

Note:

1) ROCE proxy computed as (EBITDAaL - Cash Taxes - Recurring Capex) / Net Invested Capital + accumulated depreciation for the year - Right of Use on Third Party Assets (IFRS16 lease liabilities) 2) Leverage ratio calculated as Net Debt on annualized quarterly EBITDA

Sustainability Plan: Reduction of digital divide, climate commitment and inclusion

Main target 2025-2030

1H 2025 progress

• Carbon Neutrality
• 50+ MWp photovoltaic plants
• -10 GWh from energy efficiency
• Biodiversity projects
• 80% electricity from renewables

• 600 Small Photovoltaic plants

• 2,37 GWh savings from energy efficiency
• Fire monitoring and air quality projects ongoing

• Hospitalities in white/vulnerable areas
• Women in managerial role
• People Training and development
• Health and safety E2E

• 31% women in managerial role
• 23 hours pro-capite training
• 0 injuries

• Tenancy ratio improvement
• ESG Rating and Index
• Sustainable supply chain
• Information Security Management System
• Tenancy Ratio increased to 2.36x
• FTSE4Good Index, upgrade FTSE Russell + Ecovadis
• Sustainable criteria for procurement
• Focus on information & cyber security

Delivering a compelling mix of growth and yield, with additional optionality

Annex

Italian digital infra market: ongoing TLC evolution and structural growth ahead

• Need for mobile infrastructure investments, though discretionary CapEx has been limited by financial constraints of MNOs
• Several transactions announced (consolidation and network sharing) potentially improving market fundamentals and unleashing investments
• INWIT well placed in this context: leading market position, protective MSA offering growth optionality and efficient terms due to 2-Anchor structure

3

5G Infrastructure score¹

Need for better digital infra in Italy INWIT protections and opportunities

1 Protective, All-or-nothing MSA

• 8+8 year tacit renewals on "all or nothing" basis
• CPI link with no cap; committed growth; "first offer & last call" rights
• Change of Control protection

2 Efficient MSA pricing due to 2-Anchor structure

• INWIT-Vodafone Towers Italy integration unlocked material industrial synergies
• Efficiency reflected in competitive pricing for Operators

MSA pricing only includes frequencies owned as of March 2020

• Additional frequencies would trigger additional PoPs/fees
• Opportunity both in case of passive and active sharing scenarios

4 Potential for additional investments

▪ A more sustainable structure in the Italian TLC market would allow for the investments needed to close the gap on digitalization

Source: 1) GSMA Intelligence

Notes: 1) 5G infrastructure score calculated as the weighted average of: spectrum score (low-mid-millimeter wave), network score (5G base stations and 5G coverage Non Stand Alone and Stand Alone), 5G experience score (download and upload speeds , latencies and video quality)

ESG: overview of Ratings and Index Memberships

INWIT assets | #1 TowerCo and leading digital infrastructure player in Italy

Source: 1) TowerXchange, Q4 2023 Note: 2) Market share within a 500m radius of city center for 100 largest Italian cities

Overview of key lease cost, financial charges and tax assumptions

2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030 Ground Lease cost Taxes ▪ Two tax schemes with long-term benefits and 2-digit IRRs ▪ Presented in November 2020 ▪ Applied on €2bn goodwill from Vodafone merger ▪ €114m p.a. cash benefits in 2022-2026 (RFCF) ▪ Normalized P&L and Cash Flow from 2027 ▪ Presented in March 2021, subsequently modified ▪ Applied on €1.4bn goodwill at YE 2019 ▪ €8m p.a. cash benefits in 2022-2072 (RFCF) P&L: Effective Tax rate Cash Flow: Tax cash out 1 2 ▪ Continued work on lease cost, through renegotiations and acquisitions ▪ Strong track record in lease cost reduction despite inflation link kicking-in and broader asset base ▪ Expansion of land acquisition program in 2025-2030 Business Plan Financial charges o Current cost of debt 2.7% o ~80% fixed / ~20% floating rate From 17% in 2024A to <20% in 2026E About stable from 2024A to 2026E at ~€50m 14% >20% % Land Owned EBITDAaL Margin % 2024A 2026E ▪ Balanced debt profile with no maturities in the short-term Debt maturities¹ €m >30% 2030E 72% ~75% ~78% 2024A 2026E 2030E End of €114m cash tax benefits Updated o Average bond maturity about 3.6 years o First bond maturity in 2026 (€700m) 0 200 400 600 800 1,000 2025 2026 2027 2028 2029 2030 2031 2032 2033

Notes: 1) Debt maturities excluding short-term facilities

FY 2024 Results Presentation -

Asset and cost optimization continues with tangible results

INWIT business model ensures highly visible margin expansion

• Two Tier-1 anchors and a role of neutral host resulting in one of the highest tenancy ratio in the sector
• Tenancy ratio expected to reach 2.6x by 2030, driven by mobile (MNOs and OLOs), FWA and other clients, unlocking further operating leverage
• Continued work on lease cost, targeting >30% land ownership by 2030 (16% in 1Q25)

Inflation link: CPI trending to 2% with positive impact on INWIT EBITDAaL

FY 2024 Results Presentation

Financial Targets: +6% EBITDAaL CAGR, >5% dividend yield

FY 2024 Results Presentation

	2024A	2025E	2026E	2030E	CAGR 24-30
Revenues	1,036	1,070-1,090	1,135-1,165	1,325-1,375	+4.5%
o/w CPI (prior year avg. FOI index)1	5.4%	0.8%	1.7%	2.0%
EBITDA margin2	91.4%	>91%	>91%	>91%	+4.5%
margin3 EBITDAaL	72.4%	>73%	~75%	~78%	+6%
Recurring FCF (RFCF)4	621	630-640	680-700	680-700	+2%
scheme5 RFCF ex €114m tax	507	516-526	566-586	680-700	+5%
DPS (€)	0.52	0.55	0.60	≥0.72	+7.5% in '25-'26 ≥+5% in '27-'30
Net Debt / EBITDA4 Ex share buyback and special dividend	4.8x	4.7x	4.5x	4.4x	-0.4x
Net Debt / EBITDA6 Post share buyback and special dividend		5.2x	5.1x	4.8x	-0.4x

Highly visible margin growth and progressive leverage reduction

Notes: 1) Inflation impact on current year figures, based on prior year average FOI index as published by ISTAT (2024 and 2025 actual; 2026-2030 assumptions); 2) CAGR figures refer to EBITDA (not EBITDA margin); 3) CAGR figure refers to EBITDAaL (not EBITDAaL margin); 4) Excluding impact of share buyback and special dividends announced on March 4th 2025; 5) Tax scheme announced in November 2020, based on Eur 2 billion goodwill, resulting in €114m cash benefits in years 2022-2026; 6) impact on Net Debt / EBITDA of share buyback and special dividends announced on March 4th, 2025

Data book: Cumulated P&L

Currency: €m	3M20	6M20	9M20	FY20	3M21	6M21	9M21	FY21	3M22	6M22	9M22	FY22	3M23	6M23	9M23	FY23	3M24	6M24	9M24	FY24	3M25	6M25
	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)
Revenues	103.0	287.4	473.5	663.4	190.2	383.1	581.2	785.1	207.0	417.7	632.5	853.0	233.6	471.2	713.2	960.3	254.6	511.7	772.1	1,036.0	266.2	535.3
Towers – Anchors (TIM) 1	66.3	146.7	228.4	310.0	82.1	165.7	250.1	333.7	85.7	173.3	259.9	345.1	95.6	195.7	293.5	391.4	104.6	207.1	312.3	416.1	105.5	211.8
Towers – Anchors (FASTWEB+VOD) 1		80.9	162.6	244.4	82.0	164.9	247.9	331.6	86.6	173.5	262.2	354.0	98.3	194.4	294.6	395.8	105.5	213.5	319.7	429.2	109.5	218.9
Towers – OLOs and others 2	24.4	45.5	66.1	89.4	22.9	45.8	70.4	99.6	27.1	55.5	86.6	121.7	30.8	60.8	93.1	125.3	30.3	60.8	91.0	119.6	29.5	60.6
Smart Infra – DAS, Fiber, others 3	12.3	14.4	16.5	19.6	3.3	6.7	12.7	20.2	7.6	15.5	23.9	32.2	8.9	20.3	32.0	47.8	14.3	30.4	49.1	71.1	21.8	43.9
Operating Expenses	(14.9)	(27.8)	(41.1)	(59.6)	(17.3)	(34.3)	(51.5)	(70.3)	(18.9)	(37.8)	(57.4)	(73.8)	(19.8)	(41.1)	(60.0)	(81.0)	(21.6)	(43.1)	(66.3)	(89.3)	(22.2)	(45.2)
Ground Lease	(0.4)	(1.0)	(2.0)	(2.3)	(1.5)	(2.1)	(3.5)	(5.2)	(1.1)	(1.1)	(1.3)	(2.5)	(0.1)	(0.1)	(1.0)	(1.9)	(1.0)	(0.7)	(5.1)	(4.9)	(0.8)	(1.9)
Other OpEx	(11.7)	(19.2)	(27.3)	(39.1)	(10.4)	(22.0)	(33.7)	(46.7)	(12.9)	(26.5)	(40.3)	(50.0)	(14.5)	(31.2)	(45.2)	(60.6)	(14.6)	(31.0)	(44.9)	(61.6)	(15.3)	(30.8)
Personnel Costs	(2.8)	(7.6)	(11.8)	(18.2)	(5.4)	(10.2)	(14.3)	(18.4)	(4.9)	(10.2)	(15.8)	(21.4)	(5.2)	(9.7)	(13.8)	(18.6)	(6.0)	(11.3)	(16.3)	(22.8)	(6.1)	(12.5)
EBITDA	88.0	259.6	432.4	603.8	173.0	348.9	529.8	714.9	188.1	379.8	575.1	779.2	213.8	430.2	653.2	879.2	233.0	468.6	705.8	946.7	244.1	490.0
D&A and Write-off	(31.3)	(130.4)	(225.6)	(313.1)	(89.2)	(177.9)	(268.0)	(360.1)	(92.4)	(182.0)	(271.5)	(363.7)	(91.3)	(184.1)	(278.8)	(370.5)	(95.3)	(190.3)	(287.5)	(387.8)	(101.8)	(201.9)
EBIT	56.7	129.2	206.8	290.7	83.8	171.0	261.8	354.7	95.7	197.9	303.6	415.5	122.5	246.0	374.4	508.7	137.8	278.3	418.3	558.9	142.2	288.2
Interest	(9.5)	(26.9)	(47.5)	(69.8)	(21.5)	(47.9)	(70.1)	(90.1)	(18.8)	(37.8)	(57.5)	(81.2)	(25.0)	(51.8)	(82.1)	(112.9)	(30.0)	(62.5)	(98.3)	(134.6)	(32.3)	(64.5)
Taxes & Others	(13.7)	(30.6)	(47.4)	(64.3)	(18.9)	(28.0)	(42.1)	(73.3)	(8.9)	(18.1)	(29.1)	(40.9)	(14.6)	(30.5)	(43.4)	(56.3)	(18.0)	(36.8)	(54.0)	(70.5)	(18.7)	(39.1)
NET INCOME	33.5	71.7	111.9	156.7	43.5	95.0	149.6	191.4	68.1	142.0	217.0	293.3	82.9	163.7	248.9	339.5	89.7	179.1	266.0	353.8	91.2	184.6
of which attributable to the Parent Company																				353.9	91.4	185.2
of which attributable to the Minorities																				(0.1)	(0.2)	(0.7)
One-off details
One-off Revenues	6.8	6.8	6.8	8.2	0.6	0.7	1.6	3.3				0.6	0.2	0.3	0.5	0.6
One-off Expenses	(5.0)	(6.8)	(6.8)	(6.8)				(2.5)	(0.9)	(0.9)	(2.8)	(2.8)
EBITDAaL	57.0	175.9	296.9	418.7	123.9	251.1	383.4	520.0	139.3	282.8	429.4	587.0	165.6	333.1	506.9	685.6	184.0	370.1	559.6	750.3	194.1	390.6
EBITDA Margin	85.5%	90.3%	91.3%	91.0%	90.9%	91.1%	91.1%	91.1%	90.9%	90.9%	90.9%	91.3%	91.5%	91.3%	91.6%	91.6%	91.5%	91.6%	91.4%	91.4%	91.7%	91.6%
TAX rate (on EBT)	29.0%	30.0%	29.7%	29.1%	30.3%	22.8%	22.0%	27.7%	11.6%	11.3%	11.8%	12.2%	15.0%	15.7%	14.9%	14.2%	16.7%	17.0%	16.9%	16.6%	17.1%	17.5%
Net Income on Sales	32.5%	24.9%	23.6%	23.6%	22.8%	24.8%	25.7%	24.4%	32.9%	34.0%	34.3%	34.4%	35.5%	34.7%	34.9%	35.4%	35.2%	35.0%	34.5%	34.2%	34.2%	34.5%

Notes:

1) Towers – Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone; previously referred to as "Anchors MSA Macro Sites"

2) Towers – OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, etc. previously referred to as "OLOs macro sites and others"

3) Smart Infra – DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLOs); previously referred to as "New Services".

Data book: Quarterly P&L

	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Currency: €m	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)
Revenues	103.0	184.4	186.1	189.9	190.2	192.9	198.1	203.9	207.0	210.7	214.8	220.5	233.6	237.6	242.0	247.1	254.6	257.1	260.3	263.9	266.2	269.0
Towers – Anchors (TIM) 1	66.3	80.4	81.7	81.7	82.1	83.6	84.4	83.6	85.7	87.5	86.6	85.2	95.6	100.1	97.8	97.9	104.6	102.6	105.2	103.8	105.5	106.3
Towers – Anchors (FASTWEB+VOD) 1		80.9	81.7	81.8	82.0	82.9	83.0	83.6	86.6	86.9	88.7	91.9	98.3	96.0	100.2	101.2	105.5	108.0	106.2	109.5	109.5	109.5
Towers – OLOs and others 2	24.4	21.1	20.6	23.3	22.9	23.0	24.6	29.2	27.1	28.3	31.1	35.1	30.8	30.1	32.3	32.2	30.3	30.5	30.2	28.6	29.5	31.2
Smart Infra – DAS, Fiber, others 3	12.3	2.1	2.1	3.2	3.3	3.4	6.0	7.5	7.6	7.9	8.4	8.3	8.9	11.5	11.7	15.8	14.3	16.1	18.8	22.0	21.8	22.1
Operating Expenses	(14.9)	(12.9)	(13.3)	(18.5)	(17.3)	(17.0)	(17.2)	(18.8)	(18.9)	(19.0)	(19.6)	(16.4)	(19.8)	(21.3)	(19.0)	(21.0)	(21.6)	(21.5)	(23.1)	(23.1)	(22.2)	(23.0)
Ground Lease	(0.4)	(0.6)	(1.0)	(0.3)	(1.5)	(0.7)	(1.4)	(1.6)	(1.1)	(0.0)	(0.2)	(1.1)	(0.1)	(0.0)	(0.9)	(0.9)	(1.0)	0.2	(4.3)	0.2	(0.8)	(1.2)
Other OpEx	(11.7)	(7.5)	(8.1)	(11.8)	(10.4)	(11.6)	(11.7)	(13.0)	(12.9)	(13.6)	(13.8)	(9.6)	(14.5)	(16.8)	(14.0)	(15.3)	(14.6)	(16.4)	(13.8)	(16.8)	(15.3)	(15.4)
Personnel Costs	(2.8)	(4.8)	(4.2)	(6.4)	(5.4)	(4.7)	(4.1)	(4.1)	(4.9)	(5.3)	(5.6)	(5.6)	(5.2)	(4.5)	(4.0)	(4.8)	(6.0)	(5.4)	(5.0)	(6.5)	(6.1)	(6.4)
EBITDA	88.0	171.6	172.8	171.4	173.0	175.9	180.9	185.1	188.1	191.7	195.2	204.1	213.8	216.4	223.0	226.1	233.0	235.6	237.2	240.9	244.1	246.0
D&A and Write-off	(31.3)	(99.1)	(95.2)	(87.5)	(89.2)	(88.7)	(90.1)	(92.2)	(92.4)	(89.6)	(89.5)	(92.2)	(91.3)	(92.9)	(94.6)	(91.7)	(95.3)	(95.1)	(97.2)	(100.3)	(101.8)	(100.1)
EBIT	56.7	72.5	77.6	83.9	83.8	87.1	90.8	93.0	95.7	102.2	105.7	111.9	122.5	123.5	128.4	134.4	137.8	140.5	140.1	140.6	142.2	145.9
Interest	(9.5)	(17.4)	(20.6)	(22.3)	(21.5)	(26.4)	(22.1)	(20.0)	(18.8)	(19.0)	(19.8)	(23.7)	(25.0)	(26.8)	(30.3)	(30.9)	(30.0)	(32.5)	(35.9)	(36.3)	(32.3)	(32.2)
Taxes & Others	(13.7)	(16.9)	(16.7)	(16.9)	(18.9)	(9.2)	(14.0)	(31.2)	(8.9)	(9.2)	(11.0)	(11.8)	(14.6)	(15.9)	(12.9)	(12.9)	(18.0)	(18.8)	(17.2)	(16.5)	(18.7)	(20.3)
NET INCOME	33.5	38.1	40.3	44.7	43.5	51.5	54.6	41.8	68.1	73.9	75.0	76.3	82.9	80.8	85.1	90.6	89.7	89.3	87.0	87.8	91.2	93.4
of which attributable to the Parent Company																				87.9	91.4	93.9
of which attributable to the Minorities																				(0.1)	(0.2)	(0.4)
One-off details
One-off Revenues	6.8			1.4	0.6	0.1	0.9	1.7				0.6	0.2	0.2	0.2	0.2
One-off Expenses	(5.0)	(1.8)						(2.5)	(0.9)		(1.9)
EBITDAaL	57.0	118.9	121.0	121.7	123.9	127.2	132.3	136.6	139.3	143.5	146.6	157.6	165.6	167.6	173.8	178.7	184.0	186.1	189.5	190.7	194.1	196.4
EBITDA Margin	85.5%	93.0%	92.9%	90.3%	90.9%	91.2%	91.3%	90.8%	90.9%	91.0%	90.9%	92.6%	91.5%	91.1%	92.2%	91.5%	91.5%	91.6%	91.1%	91.3%	91.7%	91.4%
TAX rate (on EBT)	29.0%	30.8%	29.3%	27.4%	30.3%	15.1%	20.5%	42.7%	11.6%	11.1%	12.8%	13.4%	15.0%	16.4%	13.2%	12.4%	16.7%	17.4%	16.5%	15.9%	17.1%	17.9%
Net Income on Sales	32.5%	20.7%	21.7%	23.5%	22.8%	26.7%	27.6%	20.5%	32.9%	35.1%	34.9%	34.6%	35.5%	34.0%	35.2%	36.7%	35.2%	34.7%	33.4%	33.3%	34.2%	34.7%

Notes:

1) Towers – Anchors: Tower hosting revenues from MSA (Master Service Agreement) with Tim and Fastweb+Vodafone; previously referred to as "Anchors MSA Macro Sites"

2) Towers – OLOs & Others: Tower hosting revenues from other clients and other Revenues, such as installation, work & studies, etc. previously referred to as "OLOs macro sites and others"

3) Smart Infra – DAS, Fiber, Others: Revenues related to DAS, fiber backhauling, IoT, Small Cells by all customers (Anchors and OLOs); previously referred to as "New Services".

Data book: Balance Sheet

	3M20	6M20	9M20	FY20	3M21	6M21	9M21	FY21	3M22	6M22	9M22	FY22	3M23	6M23	9M23	FY23	3M24	6M24	9M24	FY24	3M25	6M24
Currency: €m	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)
Goodwill	6,712	6,113	6,113	6,113	6,113	6,113	6,113	6,147	6,147	6,147	6,147	6,147	6,147	6,156	6,156	6,154	6,163	6,165	6,165	6,167	6,168	6,170
Tangible assets	783	778	798	812	802	815	821	876	877	886	903	933	964	998	1,047	1,110	1,149	1,185	1,216	1,340	1,378	1,382
Other intangible fixed assets	13	810	786	762	744	722	696	693	666	640	617	589	556	523	498	480	469	425	406	377	350	333
Other fixed assets (deferred taxes)
Rights of Use on Third Party Assets	1,168	1,230	1,149	1,140	1,107	1,072	1,050	1,078	1,096	1,094	1,091	1,092	1,128	1,185	1,175	1,149	1,155	1,162	1,150	1,160	1,168	1,172
Fixed assets	8,677	8,930	8,846	8,827	8,766	8,722	8,679	8,794	8,786	8,767	8,758	8,761	8,794	8,862	8,876	8,892	8,936	8,936	8,936	9,045	9,064	9,057
Net Working Capital	6 4	94	24	(34)	(9)	343	370	214	225	288	281	216	248	202	153	57	6 5	6 7	57	(23)	(15)	(2)
Shareholders dividend	(570)	(0)
Current assets/liabilities	(506)	94	24	(34)	(9)	343	370	214	225	288	281	216	248	202	153	57	6 5	6 7	57	(23)	(15)	(2)
ARO fund	(217)	(218)	(220)	(221)	(221)	(223)	(224)	(228)	(229)	(229)	(230)	(225)	(226)	(230)	(233)	(235)	(237)	(238)	(240)	(282)	(283)	(283)
Deferred taxes Fund	(81)	(335)	(346)	(277)	(296)	(301)	(314)	(239)	(232)	(226)	(220)	(204)	(202)	(202)	(198)	(165)	(167)	(169)	(170)	(134)	(137)	(141)
Other LT Net Assets/liabilities	(30)	-	(3)	(3)	(3)	(3)	(4)	(4)	(4)	(4)	(4)	(4)	(5)	(5)	(5)	(5)	(5)	(6)	(6)	(7)	(7)	(7)
Non-Current assets/liabilities	(328)	(553)	(569)	(501)	(521)	(527)	(542)	(471)	(465)	(459)	(454)	(433)	(433)	(437)	(436)	(405)	(410)	(413)	(416)	(423)	(426)	(430)
Invested Capital	7,842	8,471	8,301	8,292	8,236	8,538	8,508	8,537	8,546	8,596	8,585	8,545	8,609	8,626	8,592	8,544	8,591	8,590	8,577	8,599	8,622	8,624
Share Capital	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600	600
Legal Reserve	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120	120
Reserves	3,830	3,703	3,703	3,703	3,860	3,572	3,572	3,572	3,762	3,453	3,453	3,453	3,747	3,404	3,348	3,277	3,592	3,033	3,010	3,003	3,359	2,772
CY P&L (Fully distributable)	3 4	7 2	113	157	43	95	150	191	6 8	142	217	293	8 3	164	249	339	90	179	266	354	91	185
Equity attributable to the Parent	4,583	4,495	4,536	4,580	4,624	4,387	4,442	4,484	4,550	4,315	4,390	4,466	4,550	4,288	4,317	4,336	4,402	3,932	3,996	4,077	4,170	3,677
Non-controlling interests																				6	8	9.4
Total Net Equity																				4,082	4,178	3,687
Long-Term Debt	2,196	1,658	2,023	2,767	2,769	2,767	3,018	3,018	3,018	3,018	3,019	3,069	3,030	3,031	3,032	3,033	3,034	3,235	3,236	3,242	3,226	4,020
IFRS16 Long term debt	904	972	933	893	843	824	806	831	834	828	822	810	826	873	853	822	814	816	816	820	820	812
IFRS16 Short term debt	178	176	141	159	172	153	150	151	151	151	150	152	153	157	160	160	159	149	138	144	126	121
Short term debt	21	1,218	788	13	17	432	141	149	58	326	242	121	102	380	289	287	229	495	448	435	339	104
Other financial assets																	(1)	(1)	(1)	(10)	(9)	(10)
Cash & Cash equivalents	(40)	(48)	(118)	(120)	(188)	(25)	(49)	(96)	(64)	(41)	(38)	(73)	(52)	(104)	(59)	(95)	(45)	(36)	(56)	(115)	(57)	(110)
Total Net Financial Position	3,259	3,976	3,765	3,712	3,612	4,151	4,066	4,053	3,997	4,282	4,195	4,079	4,060	4,339	4,275	4,207	4,190	4,657.7	4,581	4,517	4,444	4,937.7
Total sources of financing	7,842	8,471	8,301	8,292	8,236	8,538	8,508	8,537	8,546	8,596	8,585	8,545	8,609	8,626	8,592	8,544	8,591	8,590	8,577	8,599	8,622	8,624
NFP/EBITDA	4.9 x	5.9 x	5.5 x	5.4 x	5.2 x	5.9 x	5.6 x	5.5 x	5.3 x	5.6 x	5.4 x	5.0 x	4.7 x	5.0 x	4.8 x	4.7 x	4.5 x	4.9 x	4.8 x	4.7 x	4.6 x	5.0 x

Data book: Cash Flow

Currency: €m	3M20	6M20	9M20	FY20	3M21	6M21	9M21	FY21	3M22	6M22	9M22	FY22	3M23	6M23	9M23	FY23	3M24	6M24	9M24	FY24	3M25	6M25
	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)
EBITDA Recurring	86.3	259.5	432.4	602.4	172.4	348.2	528.1	714.1	189.0	380.7	577.9	781.4	213.6	429.9	652.7	878.6	233.0	468.6	705.8	946.7	244.1	490.0
Recurring CAPEX		(3.2)	(3.8)	(16.8)	(1.8)	(8.0)	(11.6)	(17.4)	(5.4)	(12.3)	(19.2)	(23.2)	(5.6)	(9.5)	(15.6)	(20.6)	(5.2)	(10.3)	(14.5)	(20.1)	(4.2)	(8.9)
EBITDA - Recurring CAPEX	86.3	256.3	428.6	585.6	170.7	340.1	516.5	696.7	183.6	368.5	558.7	758.2	208.1	420.3	637.0	858.0	227.9	458.3	691.4	926.7	239.9	481.2
Change in Net Working Capital	(4.7)	(15.9)	30.0	54.5	(18.2)	10.1	4.4	27.1	4.0	(1.0)	0.7	10.9	(5.5)	31.2	49.4	42.2	(2.3)	15.0	24.7	23.2	3.4	1.3
Change in Net Working Capital non Recurring	-	-	(57.8)	(57.8)
Operating Free Cash Flow	81.5	240.4	400.8	582.3	152.5	350.3	521.0	723.8	187.7	367.5	559.3	769.1	202.5	451.6	686.4	900.2	225.6	473.3	716.0	949.8	243.3	482.5
Tax Cash-Out		(22.8)	(24.1)	(93.3)		(51.9)	(56.3)	(110.2)		(23.8)	(23.8)	(27.9)	(1.4)	(6.2)	(6.2)	(13.6)	(0.0)	(30.4)	(30.4)	(48.8)	0.0	(19.5)
Lease payment Recurring	(29.7)	(85.4)	(133.2)	(196.7)	(51.1)	(103.6)	(151.6)	(201.9)	(58.4)	(103.0)	(150.0)	(200.0)	(58.5)	(106.4)	(154.4)	(209.0)	(56.3)	(103.4)	(149.9)	(199.8)	(61.7)	(108.7)
Financial Charges	(1.5)	(2.5)	(16.3)	(20.5)	(8.3)	(10.3)	(31.6)	(45.3)	(2.7)	(13.0)	(35.0)	(49.8)	(6.0)	(15.5)	(48.0)	(66.1)	(19.3)	(30.6)	(67.6)	(80.3)	(23.5)	(38.2)
Recurring Cash Flow	50.3	129.8	227.2	271.8	93.1	184.4	281.4	366.5	126.6	227.7	350.5	491.4	136.7	323.5	477.8	611.5	150.0	309.0	468.1	621.0	158.1	316.0
One-off Items	(0.3)	(0.3)	(0.3)	1.1	0.6	0.7	1.6	0.7	(0.9)	(0.9)	(2.8)	(2.2)	0.2	0.3	0.5	0.6
Change in trade payables related to Dev. CAPEX	(10.2)	(2.0)	19.4	29.3	(6.2)	(9.9)	(27.2)	56.3	(62.9)	(66.7)	(66.9)	(37.3)	(24.7)	(36.9)	(25.9)	(12.9)	8.7	(1.3)	(4.2)	22.7	(23.1)	(27.7)
Development CAPEX	(8.1)	(21.5)	(64.2)	(101.9)	(16.2)	(46.4)	(69.8)	(199.1)	(26.4)	(58.2)	(98.7)	(163.8)	(51.6)	(107.5)	(177.9)	(269.4)	(86.4)	(141.8)	(202.3)	(295.9)	(79.3)	(139.1)
Goodwill tax scheme pre-payment						(334.0)	(334.0)	(334.0)		(14.0)	(14.0)	(14.0)		(14.0)	(14.0)	(14.0)
Price adjustment				18.7
Other Change in Net Working Capital			57.8	63.4	(3.0)	(2.6)	(1.6)	(0.0)	32.7	(1.2)	(8.2)	(6.5)	(7.7)	6.7	5.2	63.3	(37.9)	(39.5)	(53.6)	(43.8)	(5.9)	(19.9)
Free Cash Flow to Equity	31.7	106.0	239.9	282.4	68.2	(207.9)	(149.7)	(109.6)	69.1	86.7	159.9	267.5	52.7	172.0	265.6	379.1	34.4	126.4	208.0	304.0	49.7	129.4
Purchase/sale of treasury shares					(0.5)	(0.5)	(0.5)	(0.5)	(2.1)	(2.1)	(2.1)	(2.1)		(8.6)	(64.5)	(136.2)	(24.9)	(130.6)	(155.2)	(163.0)		(107.8)
Financial investments	(2,140.0)	(2,140.0)	(2,140.2)	(2,140.2)
Other Financial Charges	(3.3)	(12.5)	(12.3)	(10.0)	(5.6)	(14.3)	(8.2)	(6.9)	(8.9)	(11.7)	(3.4)	(4.4)	(11.9)	(21.5)	(10.8)	(14.5)	(1.2)	(13.0)	(2.8)	(18.2)	0.7	(2.6)
Other variations	(8.4)	(28.7)	(26.2)	(38.6)		(7.0)	(7.0)	(7.0)	0.2											2.1	4.3	6.5
Dividend Paid		(696.6)	(696.7)	(696.9)		(283.9)	(284.1)	(286.8)	(0.0)	(305.2)	(306.5)	(307.5)	(3.3)	(332.8)	(335.1)	(336.2)	0.0	(450.7)	(452.1)	(452.2)	(0.6)	(477.8)
Net Cash Flow				(2,119.9) (2,771.8) (2,635.5) (2,603.3)	62.1	(513.5)	(449.3)	(410.8)	58.3	(232.3)	(152.1)	(46.5)	37.4	(190.9)	(144.8)	(107.9)	8.3	(468.0)	(402.0)	(327.3)	54.1	(452.2)
Impact of IFRS16	(2.4)	(69.0)	6.0	27.7	37.2	74.3	95.2	69.3	(1.9)	3.9	10.4	20.9	(18.5)	(69.2)	(51.5)	(20.7)	9.3	17.6	28.2	17.5	19.0	31.6
Net Cash Flow after adoption IFRS16				(2,122.3) (2,840.8) (2,629.5) (2,575.6)	99.4	(439.2)	(354.2)	(341.4)	56.3	(228.4)	(141.7)	(25.6)	18.9	(260.0)	(196.4)	(128.6)	17.5	(450.4)	(373.8)	(309.8)	73.1	(420.6)
Net Debt Beginning of Period	712.4	3,258.4	3,976.9	3,765.6	3,711.7	3,711.7	3,711.7	3,711.7	4,053.1	4,053.1	4,053.1	4,053.1	4,078.7	4,078.7	4,078.7	4,078.7	4,207.3	4,207.3	4,207.3	4,207.3	4,517.1	4,517.1
Net Debt End of Period Inwit	2,834.7	3,553.2		3,341.9 3,288.0	3,612.3		4,150.9 4,065.9	4,053.1	3,996.8	4,281.5	4,194.9	4,078.7	4,059.8	4,338.7	4,275.1	4,207.3	4,189.8	4,657.7	4,581.1	4,517.1	4,444.0	4,937.7
Fastweb + Vodafone contribution	423.7	423.7	423.7	423.7
Net Debt End of Period		3,258.4 3,976.9	3,765.6	3,711.7	3,612.3		4,150.9 4,065.9	4,053.1	3,996.8	4,281.5	4,194.9	4,078.7	4,059.8	4,338.7	4,275.1	4,207.3	4,189.8	4,657.7	4,581.1	4,517.1	4,444.0	4,937.7
CAPEX (total)	(8.1)	(33.7)	(68.0)	(118.7)	(18.0)	(54.4)	(81.4)	(216.5)	(31.8)	(70.5)	(117.9)	(187.0)	(57.2)	(117.1)	(193.6)	(290.0)	(91.6)	(152.1)	(216.8)	(315.9)	(83.5)	(147.9)

Data book: Operational KPIs

	1Q20	2Q20	3Q20	4Q20	1Q21 1	2Q21	3Q21	4Q21 3	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25
	3M20	6M20	9M20	FY20	3M21	6M21	9M21	FY21	3M22	6M22	9M22	FY22	3M23	6M23	9M23	FY23	3M24	6M24	9M23	FY24	3M25	6M25
Figures in #k	(Jan-Mar)	(jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)	(Jan-Sep)	(Jan-Dec)	(Jan-Mar)	(Jan-Jun)
Tenancy Ratio	1.96x	1.81x	1.84x	1.88x	1.91x	1.95x	1.98x	2.01x	2.05x	2.09x	2.12x	2.16x	2.19x	2.20x	2.21x	2.23x	2.26x	2.28x	2.30x	2.32x	2.35x	2.36x
Number of Tenants	21.9	40.5	41.0	42.0	42.8	44.0	44.9	46.0	46.8	47.9	48.9	50.1	51.2	52.3	53.3	54.3	55.3	56.2	57.1	58.0	58.8	59.5
Anchor Tenants	10.9	32.0	32.2	32.7	33.6	34.5	35.1	35.8	36.4	36.9	37.5	38.2	38.9	39.6	40.2	40.8	41.4	41.8	42.3	42.8	43.1	43.4
Anchors New Tenants		21.1	0.2	0.5	0.9	0.9	0.6	0.7	0.6	0.5	0.6	0.7	0.7	0.7	0.6	0.6	0.6	0.4	0.5	0.5	0.3	0.4
OLOs	11.1	8.5	8.8	9.2	9.2	9.5	9.8	10.2	10.4	10.9	11.4	11.9	12.3	12.7	13.1	13.5	13.9	14.4	14.8	15.2	15.7	16.1
OLOs New Tenants	0.2	0.1	0.3	0.4	0.4	0.3	0.3	0.5	0.2	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.5	0.4	0.4	0.5	0.4
Organic Number of Sites2	11.2	22.3	22.3	22.3	22.4	22.5	22.6	22.8	22.8	22.9	23.0	23.2	23.3	23.5	23.8	24.1	24.3	24.5	24.7	25.0	25.1	25.3
Other KPIs
Small Cells & DAS Remote Units	3.5	3.7	4.3	4.5	4.9	5.2	5.3	6.4	6.6	6.8	6.9	7.0	7.3	7.8	7.8	7.9	8.1	8.7	9.4	10.0	10.5	10.7
New Remote Units	0.1	0.2	0.6	0.2	0.4	0.4	0.1	1.1	0.2	0.2	0.1	0.1	0.3	0.5	-	0.1	0.2	0.6	0.7	0.7	0.5	0.2
Backhauling links	1.1	1.2	1.2	1.2	1.3	1.3	1.3	1.3	1.5	1.5	1.6	1.7	1.8	1.8	2.0	2.1	2.1	2.1	2.1	2.1	2.1	2.1
New backhauling links	0.2	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.2	-	0.1	0.1	0.1	0.0	0.2	0.1	-	-	-	0.1	-	-
Lease Renegotiations/Buyouts (#)	180	100	800	600	400	570	400	475	360	650	700	510	320	510	495	500	440	390	315	410	450	370

Note:

1) 1Q21 New Tenants excluding terminations; 2) Total sites figure restated starting from April 1, 2020 following the reporting system integration of INWIT pre-merger and Vodafone Towers and 3) New Small Cells & DAS Remote Units in Q4'21 include impact of Highway Tunnel investment (ca. 800 Remote Units) 24

Glossary

	NWIF
1	1	1

Terms	Definition
Anchor	Refers to clients TIM and Fastweb+Vodafone
CPI	Consumer Price Index – INWIT inflation link is based on the Italian FOI Index published by ISTAT, where the 12-month average for the year is applied with a 1 year lag
DAS	Distributed Antenna System: indoor antennas, distributed within a structure, which transmits a multi-operator cellular signal.
DPS	Dividend Per Share excluding special dividend and buyback
EBITDAaL	Earnings Before Interests Taxes Depreciation Amortization after Leases
FCFE	Free Cash Flow to Equity
FWAs	Fixed Wireless Access: 5G or 4G LTE wireless technology that enables fixed broadband access using radio frequencies
IoT	Internet of Things - INWIT hosts IoT devices on its infrastructure
MNOs	Mobile Network Operators (refers to TIM, Fastweb+ Vodafone, Wind3, Iliad)
MSA	Master Service Agreement: long-term agreement between INWIT and its Anchor clients TIM and Fastweb+Vodafone
OLO	Other Licensed Operator: customers other than Anchors, including MNOs, FWAs and other clients (utilities, public administration and DAB radio)
PoPs	PoPs or Tenant: contract signed for a specific location, giving the host the right of use of a portion of a site for the installation and use of radio transmission active equipment
RAN	Radio Access Network
RFCF	Recurring Free Cash Flow (EBITDA – Recurring Capex -/+ NWC – Tax Cash out – Lease Payments – Financial charges)
ROCE	Return on capital employed proxy computed as (EBITDAaL - Cash Taxes - Recurring Capex) / Net Invested Capital + accumulated depreciation for the year - Right of Use on Third Party Assets (IFRS16 lease liabilities)
Small Cell	Transmission device interconnected directly to the operator's network through a fiber connection, offering cellular service in densely populated urban contexts

More questions? Ask Investor Relations

Fabio Ruffini Strategy, M&A e Investor Relations Director

fabio.ruffini@inwit.it ir@inwit.it