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Infrastrutture Wireless Italiane SpA Investor Presentation 2025

Nov 10, 2025

4380_rns_2025-11-10_d9517b98-6ede-4b88-b056-0b48ac942ea2.pdf

Investor Presentation

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Q3 2025 Financial Results

November 11th, 2025

Safe Harbor

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

Solid structural outlook: need for digital infra driven by data traffic in urban areas, coverage in semi urban, rail and road corridors

TLC industry challenges: limited discretionary mobile investments affecting non-committed revenue growth

Resilient Q3 results: all industrial and financial KPIs up year-on-year, sustained by DAS indoor and real estate efficiency

Guidance update to low-end in 2026-2030: mid 1-digit margin CAGR expected, >50% of which based on MSA commitments

Key short-term priorities: facilitate efficient MNO network densification investments while continuing to act on cost and diversification

Q3 2025 results | further expansion despite a challenging TLC industry scenario

New Towers

+180

New Towers in Q3'25

MSA + Next Gen EU

New PoPs

+670

New PoPs in Q3'25

Tenancy ratio 2.37x vs 2.30x in Q3'24

More Real Estate

+360

Real Estate Transactions in Q3'25

Land ownership up to 17% vs 13% in Q3'24

Revenues

+4.1%

YoY in Q3'25

New PoPs, New Smart Infra locations, CPI link

EBITDAaL

+4.4%

YoY in Q3'25

Margin from 72.8% in Q3'24 to 73.0%

Free Cash Flow

~€170m

RFCF in Q3'25 (+7% YoY)

5.0x Net Debt / EBITDA vs 4.8x in Q3'24

Capital Markets execution update

€300m

Share Buyback completed +€100m by H1'26 confirmed

- €850m

Sustainability linked bond issuance

All industrial and financial KPIs up year-on-year, sustained by DAS indoor and real estate efficiency

New Towers | New sites roll-out continues at sustained pace

New Towers (# Towers)

Highlights

  • Continued solid volume of site roll-out, consistent with FY 2025 target of ~800 New Towers
  • Two main BTS programs: Anchors MSA commitments and Next Gen EU plan, in line with targets
  • 2025 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 | +5% year-on-year underpinning tenancy ratio expansion

Highlights

  • Nine-months 2025 pace (>2.0k PoPs) in line with 2025 guidance (run rate of ~2.5k New PoPs per annum in 2025-2026)
  • Anchors growth driven by MSA contractual commitments, phasing in line with New Towers roll out
  • Other clients: steady pace with other MNOs, continued volume support from FWA and IoT clients

Smart Infrastructure | Expanded coverage to 150 new locations YoY

  • Revenues growth led by Indoor Coverage Solutions through DAS (Distributed Antenna Systems) with +120 new projects YTD
  • Investments in critical infrastructure: Roma Smart City, DAS and Tunnels in Winter Olympic Games locations, CEF and Italy-France Colle di Tenda corridors
  • Business Plan market outlook: +2k New Locations in Italy by 2030
  • Structural demand for indoor connectivity to manage traffic growth in dense areas + large projects in "Transportation" and "Smart City" verticals
  • Revenue growth pace linked to MNOs discretionary densification investments

P&L Q3 2025 | Resilient financial performance with >+4% EBITDAaL growth

(Eur m) Q3 2024 Q2 2025 Q3 2025 YoY
Total Revenues 260.3 269.0 271.1 4.1%
Anchors1
Towers –		 211.4 215.8 216.2 2.3%
OLOs and others2
Towers –		 30.2 31.2 32.4 7.5%
DAS, Fiber, others3
Smart Infra –		 18.8 22.1 22.5 19.6%
Opex 23.1 23.0 23.7 2.4%
EBITDA 237.2 246.0 247.4 4.3%
EBITDA margin 91.1% 91.4% 91.3% +0.2pp
D&A 97.2 100.1 99.2 2.1%
Interests 35.9 32.2 37.1 3.4%
Taxes 17.2 20.3 19.0 10.6%
Net Income 87.0 93.4 92.1 5.9%
Net Income
margin		 33.4% 34.7% 34.0% +0.6pp
Lease costs 47.7 49.6 49.6 4.0%
EBITDAaL 189.5 196.4 197.8 4.4%
EBITDAaL
margin		 72.8% 73.0% 73.0% +0.2pp

Highlights

  • Q3'25 revenue growth driven by:
  • CPI link, based on 2024 avg FOI index at 0.8%
  • Towers: New PoPs on New Sites and non-TLC co-location PoPs
  • Smart infra: DAS indoor projects
  • Stable EBITDA margin at more than 91%.
  • D&A YoY in line with CapEx cycle
  • Interest charges reflect gross debt evolution

  • Tax rate at ~17% benefiting from the tax schemes in place

  • Lease costs expected about stable in FY25 despite inflation and growing asset base

  • EBITDAaL margin expansion supported by lease cost efficiency plan:
  • 360 land acquisition and renegotiation transactions in Q3
  • Land ownership up to 17% vs 13% in Q3'24

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 Q3 2025 | 69% cash conversion and improved debt profile

Highlights

  • ~€170m RFCF (+7% YoY) with 69% cash conversion
  • Structurally low recurring capex
  • No taxes cash out (payments in Q2 and Q4)
  • NWC slightly positive in Q3 in line with FY25 guidance
  • Lease payments include €6m due to VAT regime change
  • Growth Capex in line with guidance (FY25E: ~€280m):
  • Land buyout, new towers, new smart infra indoor locations

Leverage Ratio1 and Net Financial Position

Highlights

  • Leverage at 5.0x in Q3'25 reflecting:
  • ~€180m share buyback execution in Q3'25 (€300m tranche)
  • Recent successful Debt Capital Market transactions
  • €850m first sustainability- linked bond maturity 2032
  • ~€520m buyback of 2026 outstanding notes
  • Improved debt profile2: 80% fixed, ~3% cost and 4.8y maturity
  • S&P rating BB+ under credit watch positive

Updated Financial Targets | 5% EBITDAaL CAGR + 6% dividend yield

2025E (confirmed) 2026E (previous) YoY% 2030E (previous) '25-'30 CAGR Highlights
Revenues 1,070-1,090 low-end
(1,135-1,165)		 +5%
>50%
committed		 low-end
(1,325-1,375)		 +4%
>50%
committed
  • Lower non-committed revenues due to TLC market trend
  • 2025 inflation at 1.5% vs 1.7%
o/w CPI (prior year avg. FOI index) 1 0.8% 1.5% (+1.7%) 2.0%
EBITDA margin² >91% >91% +5% >91% +4% ■ EBITDA margins expected flat at >91%
EBITDAaL margin 2 >73% ~75% +7% ~78% +5% ■ EBITDAaL margin expansion to ca. 78%
Recurring FCF (RFCF) 3 630-640 low-end
(655-675)		 +3% low-end
(655-675)		 +1% / +5% ex tax
scheme 4
  • Revenue impact leading to low-end of previously
    communicated range
RFCF ex Share Buyback and Special
Dividend announced in March '25		 630-640 low-end
(680-700)		 +7% low-end
(680-700)		 +1%
Ordinary DPS (€) 0.55 0.60 +7.5% ≥0.72 +7.5% in ′26
≥+5% in ′27-′30		 Dividend policy confirmed
Net Debt / EBITDA 3 5.2x 5.2x
(5.1x)		 +0.0x 5.0x
(4.8x)		 -0.2x ■ De-leveraging to 5.0x in 2030E

Resilient growth and attractive yield, with additional optionality

Best Assets: #1 TowerCo and leading digital infrastructure player in Italy, with first-mover location advantage Strong Industrial expertise: efficient capital deployment in New Sites, Smart Infra and Real Estate Resilient business model: highly visible cash flow growth supported by strong MSAs with tier-1 Anchors Growth, yield, optionality: 2030 targets mid-single-digit EBITDAaL CAGR, best-in-class yield and balance sheet optionality Solid structural outlook: need for digital infra driven by data traffic in urban areas, coverage in semi urban, rail and road corridors

Annex

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

2Q2025 Results Presentation

ITALIAN TLC MARKET CONTEXT

  • 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

5G Infrastructure score1

Need for better digital infra in Italy INWIT protections and opportunities

  • 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 3

  • 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

ESG: overview of Ratings and Index Memberships

ESG Index Membership

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

FY 2024 Results Presentation -Updated

700 DAS Locations

25k Towers
60% Raw Land
40% Rooftop
45% Market Share1
Higher share in city centres2

60k Tenants2.37x Tenancy ratio

~17% Land ownership

  • 1 site every 3km

  • 10k sites close to railways

  • ~5k sites close to highways

Remote Units
DAS and Small Cells

1,000km Highway and Roadway Tunnel Connectivity

2.1k Owned fiber backhaul links

~70%

Towers connected to fiber

Main Clients

Radio DAB

Overview of key lease cost, financial charges and tax assumptions

FY 2024 Results Presentation - Updated

Ground Lease cost

  • 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

  • Balanced debt profile with no maturities in the short-term
  • o Current cost of debt ~3%
  • o ~80% fixed / ~20% floating rate
  • o Average bond maturity about 4.8 years
  • o First bond maturity in 2026 (~€170m)

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
  • 2
  • Presented in March 2021, subsequently modified
  • Applied on €1.4bn goodwill at YE 2019
  • €8m p.a. cash benefits in 2022-2072 (RFCF)

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 (17% in 3Q25)

1) Tenancy ratio: occupancy level of sites, computed as ratio of number of clients hosted and available sites ; 2) Based on annualized quarterly lease cost; 3) Based on annualized quarterly EBITDAaL 17

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

FY 2024 Results Presentation - Updated

Inflation Business Plan assumptions Inflation impact on key variables

Inflation assumptions – year average (applied to Y+1 P&L)

Data book: Cumulated P&L

3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 6M25 9M25
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)
Revenues 190.2 383.1 581.2 785.1 207.0 417.7 632.5 853.0 233.6 471.2 713.2 960.3 254.6 511.7 772.1 1,036.0 266.2 535.3 806.4
Towers – Anchors (TIM) 1 82.1 165.7 250.1 333.7 85.7 173.3 259.9 345.1 95.6 195.7 293.5 391.4 104.6 207.1 312.3 416.1 105.5 211.8 316.8
Towers – Anchors (FASTWEB+VOD) 1 82.0 164.9 247.9 331.6 86.6 173.5 262.2 354.0 98.3 194.4 294.6 395.8 105.5 213.5 319.7 429.2 109.5 218.9 330.1
Towers – OLOs and others 2 22.9 45.8 70.4 99.6 27.1 55.5 86.6 121.7 30.8 60.8 93.1 125.3 30.3 60.8 91.0 119.6 29.5 60.6 93.1
Smart Infra – DAS, Fiber, others 3 3.3 6.7 12.7 20.2 7.6 15.5 23.9 32.2 8.9 20.3 32.0 47.8 14.3 30.4 49.1 71.1 21.8 43.9 66.4
Operating Expenses (17.3) (34.3) (51.5) (70.3) (18.9) (37.8) (57.4) (73.8) (19.8) (41.1) (60.0) (81.0) (21.6) (43.1) (66.3) (89.3) (22.2) (45.2) (68.9)
Ground Lease (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) (3.3)
Other OpEx (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) (46.7)
Personnel Costs (5.4) (10.2) (14.3) (18.4) (4.9) (10.2) (15.8) (21.4) (5.2) (9.7) (13.8) (18.6) (6.0) (11.3) (16.3) (22.8) (6.1) (12.5) (18.9)
EBITDA 173.0 348.9 529.8 714.9 188.1 379.8 575.1 779.2 213.8 430.2 653.2 879.2 233.0 468.6 705.8 946.7 244.1 490.0 737.5
D&A and Write-off (89.2) (177.9) (268.0) (360.1) (92.4) (182.0) (271.5) (363.7) (91.3) (184.1) (278.8) (370.5) (95.3) (190.3) (287.5) (387.8) (101.8) (201.9) (301.1)
EBIT 83.8 171.0 261.8 354.7 95.7 197.9 303.6 415.5 122.5 246.0 374.4 508.7 137.8 278.3 418.3 558.9 142.2 288.2 436.4
Interest (21.5) (47.9) (70.1) (90.1) (18.8) (37.8) (57.5) (81.2) (25.0) (51.8) (82.1) (112.9) (30.0) (62.5) (98.3) (134.6) (32.3) (64.5) (101.6)
Taxes & Others (18.9) (28.0) (42.1) (73.3) (8.9) (18.1) (29.1) (40.9) (14.6) (30.5) (43.4) (56.3) (18.0) (36.8) (54.0) (70.5) (18.7) (39.1) (58.1)
NET INCOME 43.5 95.0 149.6 191.4 68.1 142.0 217.0 293.3 82.9 163.7 248.9 339.5 89.7 179.1 266.0 353.8 91.2 184.6 276.7
of which attributable to the Parent Company 353.9 91.4 185.2 277.4
of which attributable to the Minorities (0.1) (0.2) (0.7) (0.7)
One-off details
One-off Revenues 0.6 0.7 1.6 3.3 0.6 0.2 0.3 0.5 0.6
One-off Expenses (2.5) (0.9) (0.9) (2.8) (2.8)
EBITDAaL 123.9 251.1 383.4 520.0 139.3 282.8 429.4 587.0 165.6 333.1 506.9 685.6 184.0 370.1 559.6 750.3 194.1 390.6 588.4
EBITDA Margin 90.9% 91.1% 91.1% 91.1% 90.9% 90.9% 90.9% 91.3% 91.5% 91.3% 91.6% 91.6% 91.5% 91.6% 91.4% 91.4% 91.7% 91.6% 91.5%
TAX rate (on EBT) 30.3% 22.8% 22.0% 27.7% 11.6% 11.3% 11.8% 12.2% 15.0% 15.7% 14.9% 14.2% 16.7% 17.0% 16.9% 16.6% 17.1% 17.5% 17.3%
Net Income on Sales 22.8% 24.8% 25.7% 24.4% 32.9% 34.0% 34.3% 34.4% 35.5% 34.7% 34.9% 35.4% 35.2% 35.0% 34.5% 34.2% 34.2% 34.5% 34.3%
  • 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 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 Q3 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)
Revenues 190.2 192.9 198.1 203.9 207.0 210.7 214.8 220.5 233.6 237.6 242.0 247.1 254.6 257.1 260.3 263.9 266.2 269.0 271.1
Towers – Anchors (TIM) 1 82.1 83.6 84.4 83.6 85.7 87.5 86.6 85.2 95.6 100.1 97.8 97.9 104.6 102.6 105.2 103.8 105.5 106.3 105.0
Towers – Anchors (FASTWEB+VOD) 1 82.0 82.9 83.0 83.6 86.6 86.9 88.7 91.9 98.3 96.0 100.2 101.2 105.5 108.0 106.2 109.5 109.5 109.5 111.2
Towers – OLOs and others 2 22.9 23.0 24.6 29.2 27.1 28.3 31.1 35.1 30.8 30.1 32.3 32.2 30.3 30.5 30.2 28.6 29.5 31.2 32.4
Smart Infra – DAS, Fiber, others 3 3.3 3.4 6.0 7.5 7.6 7.9 8.4 8.3 8.9 11.5 11.7 15.8 14.3 16.1 18.8 22.0 21.8 22.1 22.5
Operating Expenses (17.3) (17.0) (17.2) (18.8) (18.9) (19.0) (19.6) (16.4) (19.8) (21.3) (19.0) (21.0) (21.6) (21.5) (23.1) (23.1) (22.2) (23.0) (23.7)
Ground Lease (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) (1.4)
Other OpEx (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) (15.9)
Personnel Costs (5.4) (4.7) (4.1) (4.1) (4.9) (5.3) (5.6) (5.6) (5.2) (4.5) (4.0) (4.8) (6.0) (5.4) (5.0) (6.5) (6.1) (6.4) (6.4)
EBITDA 173.0 175.9 180.9 185.1 188.1 191.7 195.2 204.1 213.8 216.4 223.0 226.1 233.0 235.6 237.2 240.9 244.1 246.0 247.4
D&A and Write-off (89.2) (88.7) (90.1) (92.2) (92.4) (89.6) (89.5) (92.2) (91.3) (92.9) (94.6) (91.7) (95.3) (95.1) (97.2) (100.3) (101.8) (100.1) (99.2)
EBIT 83.8 87.1 90.8 93.0 95.7 102.2 105.7 111.9 122.5 123.5 128.4 134.4 137.8 140.5 140.1 140.6 142.2 145.9 148.2
Interest (21.5) (26.4) (22.1) (20.0) (18.8) (19.0) (19.8) (23.7) (25.0) (26.8) (30.3) (30.9) (30.0) (32.5) (35.9) (36.3) (32.3) (32.2) (37.1)
Taxes & Others (18.9) (9.2) (14.0) (31.2) (8.9) (9.2) (11.0) (11.8) (14.6) (15.9) (12.9) (12.9) (18.0) (18.8) (17.2) (16.5) (18.7) (20.3) (19.0)
NET INCOME 43.5 51.5 54.6 41.8 68.1 73.9 75.0 76.3 82.9 80.8 85.1 90.6 89.7 89.3 87.0 87.8 91.2 93.4 92.1
of which attributable to the Parent Company 87.9 91.4 93.9 92.2
of which attributable to the Minorities (0.1) (0.2) (0.4) (0.0)
One-off details
One-off Revenues 0.6 0.1 0.9 1.7 0.6 0.2 0.2 0.2 0.2
One-off Expenses (2.5) (0.9) (1.9)
EBITDAaL 123.9 127.2 132.3 136.6 139.3 143.5 146.6 157.6 165.6 167.6 173.8 178.7 184.0 186.1 189.5 190.7 194.1 196.4 197.8
EBITDA Margin 90.9% 91.2% 91.3% 90.8% 90.9% 91.0% 90.9% 92.6% 91.5% 91.1% 92.2% 91.5% 91.5% 91.6% 91.1% 91.3% 91.7% 91.4% 91.3%
TAX rate (on EBT) 30.3% 15.1% 20.5% 42.7% 11.6% 11.1% 12.8% 13.4% 15.0% 16.4% 13.2% 12.4% 16.7% 17.4% 16.5% 15.9% 17.1% 17.9% 17.1%
Net Income on Sales 22.8% 26.7% 27.6% 20.5% 32.9% 35.1% 34.9% 34.6% 35.5% 34.0% 35.2% 36.7% 35.2% 34.7% 33.4% 33.3% 34.2% 34.7% 34.0%
  • 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

3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 6M24 9M25
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)
Goodwill 6,113 6,113 6,113 6,147 6,147 6,147 6,147 6,147 6,147 6,156 6,156 6,154 6,163 6,165 6,165 6,167 6,168 6,170 6,170
Tangible assets 802 815 821 876 877 886 903 933 964 998 1,047 1,110 1,149 1,185 1,216 1,340 1,378 1,382 1,394
Other intangible fixed assets 744 722 696 693 666 640 617 589 556 523 498 480 469 425 406 377 350 333 304
Other fixed assets (deferred taxes)
Rights of Use on Third Party Assets 1,107 1,072 1,050 1,078 1,096 1,094 1,091 1,092 1,128 1,185 1,175 1,149 1,155 1,162 1,150 1,160 1,168 1,172 1,176
Fixed assets 8,766 8,722 8,679 8,794 8,786 8,767 8,758 8,761 8,794 8,862 8,876 8,892 8,936 8,936 8,936 9,045 9,064 9,057 9,045
Net Working Capital (9) 343 370 214 225 288 281 216 248 202 153 57 6 5 6 7 57 (23) (15) (2) (35)
Shareholders dividend
Current assets/liabilities (9) 343 370 214 225 288 281 216 248 202 153 57 6 5 6 7 57 (23) (15) (2) (35)
ARO fund (221) (223) (224) (228) (229) (229) (230) (225) (226) (230) (233) (235) (237) (238) (240) (282) (283) (283) (283)
Deferred taxes Fund (296) (301) (314) (239) (232) (226) (220) (204) (202) (202) (198) (165) (167) (169) (170) (134) (137) (141) (144)
Other LT Net Assets/liabilities (3) (3) (4) (4) (4) (4) (4) (4) (5) (5) (5) (5) (5) (6) (6) (7) (7) (7) (6)
Non-Current assets/liabilities (521) (527) (542) (471) (465) (459) (454) (433) (433) (437) (436) (405) (410) (413) (416) (423) (426) (430) (433)
Invested Capital 8,236 8,538 8,508 8,537 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,622 8,624 8,576
Share Capital 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
Reserves 3,860 3,572 3,572 3,572 3,762 3,453 3,453 3,453 3,747 3,404 3,348 3,277 3,592 3,033 3,010 3,003 3,359 2,772 2,590
CY P&L (Fully distributable) 43 95 150 191 6 8 142 217 293 8 3 164 249 339 90 179 266 354 91 185 277
Equity attributable to the Parent 4,624 4,387 4,442 4,484 4,550 4,315 4,390 4,466 4,550 4,288 4,317 4,336 4,402 3,932 3,996 4,077 4,170 3,677 3,588
Non-controlling interests 6 8 9 10.0
Total Net Equity 4,082 4,178 3,687 3,598
Long-Term Debt 2,769 2,767 3,018 3,018 3,018 3,018 3,019 3,069 3,030 3,031 3,032 3,033 3,034 3,235 3,236 3,242 3,226 4,020 3,821
IFRS16 Long term debt 843 824 806 831 834 828 822 810 826 873 853 822 814 816 816 820 820 812 811
IFRS16 Short term debt 172 153 150 151 151 151 150 152 153 157 160 160 159 149 138 144 126 121 107
Short term debt 17 432 141 149 58 326 242 121 102 380 289 287 229 495 448 435 339 104 282
Other financial assets (1) (1) (1) (10) (9) (10) (9)
Cash & Cash equivalents (188) (25) (49) (96) (64) (41) (38) (73) (52) (104) (59) (95) (45) (36) (56) (115) (57) (110) (32)
Total Net Financial Position 3,612 4,151 4,066 4,053 3,997 4,282 4,195 4,079 4,060 4,339 4,275 4,207 4,190 4,658 4,581.1 4,517 4,444 4,938 4,978.6
Total sources of financing 8,236 8,538 8,508 8,537 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,622 8,624 8,576
NFP/EBITDA 5.2 x 5.9 x 5.6 x 5.5 x 5.3 x 5.6 x 5.4 x 5.0 x 4.7 x 5.0 x 4.8 x 4.7 x 4.5 x 4.9 x 4.8 x 4.7 x 4.6 x 5.0 x 5.0 x

Data book: Cash Flow

3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 6M25 9M25
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)
EBITDA Recurring 172.4 348.2 528.1 714.1 189.0 380.7 577.9 781.4 213.6 429.9 652.7 878.6 233.0 468.6 705.8 946.7 244.1 490.0 737.5
Recurring CAPEX (1.8) (8.0) (11.6) (17.4) (5.4) (12.3) (19.2) (23.2) (5.6) (9.5) (15.6) (20.6) (5.2) (10.3) (14.5) (20.1) (4.2) (8.9) (13.3)
EBITDA - Recurring CAPEX 170.7 340.1 516.5 696.7 183.6 368.5 558.7 758.2 208.1 420.3 637.0 858.0 227.9 458.3 691.4 926.7 239.9 481.2 724.2
Change in Net Working Capital (18.2) 10.1 4.4 27.1 4.0 (1.0) 0.7 10.9 (5.5) 31.2 49.4 42.2 (2.3) 15.0 24.7 23.2 3.4 1.3 8.3
Change in Net Working Capital non Recurring
Operating Free Cash Flow 152.5 350.3 521.0 723.8 187.7 367.5 559.3 769.1 202.5 451.6 686.4 900.2 225.6 473.3 716.0 949.8 243.3 482.5 732.5
Tax Cash-Out (51.9) (56.3) (110.2) (23.8) (23.8) (27.9) (1.4) (6.2) (6.2) (13.6) (0.0) (30.4) (30.4) (48.8) 0.0 (19.5) (19.5)
Lease payment Recurring (51.1) (103.6) (151.6) (201.9) (58.4) (103.0) (150.0) (200.0) (58.5) (106.4) (154.4) (209.0) (56.3) (103.4) (149.9) (199.8) (61.7) (108.7) (163.4)
Financial Charges (8.3) (10.3) (31.6) (45.3) (2.7) (13.0) (35.0) (49.8) (6.0) (15.5) (48.0) (66.1) (19.3) (30.6) (67.6) (80.3) (23.5) (38.2) (63.9)
Recurring Cash Flow 93.1 184.4 281.4 366.5 126.6 227.7 350.5 491.4 136.7 323.5 477.8 611.5 150.0 309.0 468.1 621.0 158.1 316.0 485.7
One-off Items 0.6 0.7 1.6 0.7 (0.9) (0.9) (2.8) (2.2) 0.2 0.3 0.5 0.6
Change in trade payables related to Dev. (6.2) (9.9) (27.2) 56.3 (62.9) (66.7) (66.9) (37.3) (24.7) (36.9) (25.9) (12.9) 8.7 (1.3) (4.2) 22.7 (23.1) (27.7) (18.8)
CAPEX
Development CAPEX (16.2) (46.4) (69.8) (199.1) (26.4) (58.2) (98.7) (163.8) (51.6) (107.5) (177.9) (269.4) (86.4) (141.8) (202.3) (295.9) (79.3) (139.1) (193.6)
Goodwill tax scheme pre-payment (334.0) (334.0) (334.0) (14.0) (14.0) (14.0) (14.0) (14.0) (14.0)
Price adjustment
Other Change in Net Working Capital (3.0) (2.6) (1.6) (0.0) 32.7 (1.2) (8.2) (6.5) (7.7) 6.7 5.2 63.3 (37.9) (39.5) (53.6) (43.8) (5.9) (19.9) (14.2)
Free Cash Flow to Equity 68.2 (207.9) (149.7) (109.6) 69.1 86.7 159.9 267.5 52.7 172.0 265.6 379.1 34.4 126.4 208.0 304.0 49.7 129.4 259.1
Purchase/sale of treasury shares (0.5) (0.5) (0.5) (0.5) (2.1) (2.1) (2.1) (2.1) (8.6) (64.5) (136.2) (24.9) (130.6) (155.2) (163.0) (107.8) (289.8)
Financial investments
Other Financial Charges (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 (7.0) (7.0) (7.0) 0.2 2.1 4.3 6.5
Dividend Paid (283.9) (284.1) (286.8) (0.0) (305.2) (306.5) (307.5) (3.3) (332.8) (335.1) (336.2) 0.0 (450.7) (452.1) (452.2) (0.6) (477.8) (479.5)
Net Cash Flow 62.1 (513.5) (449.3) (410.8) 58.3 (232.3) (152.1) (46.5) 37.4 (190.9) (144.8) (107.9) 8.3 (468.0) (402.0) (327.3) 54.1 (452.2) (508.7)
Impact of IFRS16 37.2 74.3 95.2 69.3 (1.9) 3.9 10.4 20.9 (18.5) (69.2) (51.5) (20.7) 9.3 17.6 28.2 17.5 19.0 31.6 47.2
Net Cash Flow after adoption IFRS16 99.4 (439.2) (354.2) (341.4) 56.3 (228.4) (141.7) (25.6) 18.9 (260.0) (196.4) (128.6) 17.5 (450.4) (373.8) (309.8) 73.1 (420.6) (461.5)
Net Debt Beginning of Period 3,711.7 3,711.7 3,711.7 3,711.7 4,053.1 4,053.1 4,053.1 4,053.1 4,078.7 4,078.7 4,078.7 4,078.7 4,207.3 4,207.3 4,207.3 4,207.3 4,517.1 4,517.1 4,517.1
Net Debt End of Period Inwit 3,612.3 4,150.9 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6
Fastweb + Vodafone contribution
Net Debt End of Period 3,612.3 4,150.9 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6
CAPEX (total) (18.0) (54.4) (81.4) (216.5) (31.8) (70.5) (117.9) (187.0) (57.2) (117.1) (193.6) (290.0) (91.6) (152.1) (216.8) (315.9) (83.5) (147.9) (206.8)

Data book: Operational KPIs

1Q21 1 2Q21 3Q21 4Q21 3 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 6M25 9M25
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)
Tenancy Ratio 1.91x 1.95x 1.98x 2.01x 2.05x 2.09x 2.12x 2.16x 2.19x 2.20x 2.21x 2.23x 2.26x 2.28x 2.30x 2.32x 2.35x 2.36x 2.37x
Number of Tenants 42.8 44.0 44.9 46.0 46.8 47.9 48.9 50.1 51.2 52.3 53.3 54.3 55.3 56.2 57.1 58.0 58.8 59.5 60.2
Anchor Tenants 33.6 34.5 35.1 35.8 36.4 36.9 37.5 38.2 38.9 39.6 40.2 40.8 41.4 41.8 42.3 42.8 43.1 43.4 43.7
Anchors New Tenants 0.9 0.9 0.6 0.7 0.6 0.5 0.6 0.7 0.7 0.7 0.6 0.6 0.6 0.4 0.5 0.5 0.3 0.4 0.3
OLOs 9.2 9.5 9.8 10.2 10.4 10.9 11.4 11.9 12.3 12.7 13.1 13.5 13.9 14.4 14.8 15.2 15.7 16.1 16.5
OLOs New Tenants 0.4 0.3 0.3 0.5 0.2 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.4 0.4
Organic Number of Sites2 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 25.5
Other KPIs
Small Cells & DAS Remote Units 4.9 5.2 5.3 6.4 6.6 6.8 6.9 7.0 7.3 7.8 7.8 7.9 8.1 8.7 9.4 10.0 10.5 10.7 11.0
New Remote Units 0.4 0.4 0.1 1.1 0.2 0.2 0.1 0.1 0.3 0.5 - 0.1 0.2 0.6 0.7 0.7 0.5 0.2 0.3
Backhauling links 1.3 1.3 1.3 1.3 1.5 1.5 1.6 1.7 1.8 1.8 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1
New backhauling links 0.1 0.0 0.0 0.0 0.2 - 0.1 0.1 0.1 0.0 0.2 0.1 - - - 0.1 - - -
Lease Renegotiations/Buyouts
(#)		 400 570 400 475 360 650 700 510 320 510 495 500 440 390 315 410 450 370 360

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) 23

Glossary

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

[email protected] [email protected]

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