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Infrastrutture Wireless Italiane SpA Investor Presentation 2026

May 12, 2026

4380_rns_2026-05-12_b2580492-0303-4e29-9591-c2a8c040844c.pdf

Investor Presentation

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INWI
Infrastructure Wireless Italiane
Q
INSTALLATION
2026

Q1 2026 Financial Results

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May 13th, 2026

Safe Harbor

INWIT

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 forward-looking 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.

INWIT

Key messages

Q1 results: consistent with FY guidance, reflecting the current market context

Short-term context: stalled relations with anchor tenants and minimum investments

Mid-term market outlook: confirmed need for digital infra driven by 5G network densification

2026 guidance and mid-term "baseline" Outlook confirmed: Updated business plan H2 2026, as visibility allows it

INWIT critical infrastructure: leveraging on sharing economics to efficiently deliver investments in digitalization

INWIT

Q1 results are consistent with FY26 guidance

| ### New Towers

+30

New Towers in Q1'26

MSA + Next Gen EU | ### New PoPs

~300

New PoPs in Q1'26

Tenancy ratio 2.39x vs 2.35x in Q1'25 | ### Real Estate

~400

Real Estate Transactions in Q1'26 |
| --- | --- | --- |
| ### Revenues

~1%

Revenues Growth YoY in Q1'26

+3% normalized revenues growth YoY | ### Margin

~72%

EBITDAaL Margin in Q1'26

-2.2% EBITDAaL YoY in Q1'26 | ### Cash Flow

€176m

RFCF in Q1'26

5.2x Net Debt / EBITDA in line to Q4'25 |
| --- | --- | --- |

4

INWIT

Operational KPIs reflect the current context

New Towers (# Towers)

Tenancy Ratio

2.35x 2.36x 2.37x 2.38x 2.39x >2.4x
150 210 180 240 30 ~200
Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 2026E
  • New tower rollout driven by MSA commitments and Next Gen EU
  • Soft rollout in Q1, expecting a pickup in H2 in line with 2026 run rate

Real Estate Transactions

(#RE Transactions)

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  • 1.6k transactions per year on average (acquisitions and renegotiations)
  • Strong track record: dedicated real estate team + local agency network

New PoPs (Anchors, MNOs, FWAs, Others)

(#PoPs)

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  • New PoPs growth: Anchor MSA commitments and all other client categories (MNOs, FWAs, IoT)
  • Q1 new PoPs lower than quarterly 2026 run rate. Ramp-up expected in H2

Smart Infrastructure Locations covered

(#Locations)

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  • Growth led by Indoor Coverage Solutions through DAS (Distributed Antenna Systems)
  • +60 new projects YTD across multiple verticals

INWIT

Low single-digit normalized revenue growth in Q1'26

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  1. Discretionary revenues: uncommitted revenues linked to discretionary budget such as project-based revenues (DAS, work and studies, installation upgrades)
  2. Inflation: CPI link, based on 2025 average FOI index at 1.4%
  3. Anchor commitment: new Towers, new PoPs and DAS in line with MSA commitments
  4. OLOs: steady growth, mainly driven by other MNOs and IoT clients
  5. Smart infra: growth driven by DAS indoor across premium locations and "Smart City" verticals

INWIT

Best in class margins thanks to structural operational efficiency

(€m) Q1 2025 Q4 2025 Q1 2026 YoY
Total Revenues 266.2 270.8 264.1 -0.8%
Towers – Anchors^{1} 215.0 216.8 219.2 2.0%
Towers – OLOs and others^{2} 29.5 29.9 27.7 -6.0%
Smart Infra – DAS, Fiber, others^{3} 21.8 24.0 17.2 -21.2%
Opex 22.2 23.8 24.6 10.8%
EBITDA 244.1 247.0 239.5 -1.9%
EBITDA margin 91.7% 91.2% 90.7% -1.0p.p.
D&A 101.8 105.1 101.5 -0.3%
Interests 32.3 39.0 41.9 29.5%
Taxes 18.7 18.8 15.2 -19.1%
Net Income 91.2 84.1 81.0 -11.1%
Net Income margin 34.2% 31.1% 30.7% -3.6p.p.
Lease costs 49.9 49.4 49.6 -0.6%
EBITDAaL 194.1 197.5 189.9 -2.2%
EBITDAaL margin 72.9% 72.9% 71.9% -1.0p.p.

Highlights

  • Revenues growth more than offset by the lack of project-based non-committed revenues
  • >3% normalized revenues growth driven by:
  • CPI link, based on 2025 average FOI index at 1.4%
  • Towers Anchors: MSA committed New PoPs on New and Existing Towers
  • Towers OLOs: volume growth from all client categories (MNOs, FWAs and IoT)
  • Smart Infra: new DAS indoor projects across multiple verticals
  • Opex growth mainly driven by new projects set up costs
  • EBITDA margin at 91%
  • Interest charges reflect the higher debt balance
  • Tax rate at -16% benefiting from the goodwill tax schemes in place
  • Lease cost efficiency plan limiting lease cost growth
  • c. 400 land acquisition and renegotiation transactions in Q1
  • EBITDAaL margin at about 72%

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”.

INWIT

FY26 RFCF front-end loaded profile, with 74% cash conversion in Q1'26

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Q1 2026 cash flow build up (€m)

Highlights

  • €176m RFCF (+11% YoY) with 74% cash conversion
  • Structurally low recurring capex
  • No taxes cash out (payments in Q2 and Q4, as usual)
  • NWC slightly positive in Q1, in line with FY26 guidance
  • Financial charges reflect efficient debt profile and phasing of interest payments
  • Higher overall capex in Q1, due to phasing

Leverage Ratio¹ and Net Financial Position

Leverage Ratio 4.6x 5.0x 5.0x 5.2x 5.2x
Q1'25 Q2'25 Q3'25 Q4'25 Q1'25
Net Financial Position 4,444 4,938 4,979 5,106 5,025
Financial Debt 3,565 4,124 4,103 4,402 4,510
IFRS 16 946 933 917 923 905

Note:
1) Leverage ratio calculated as Net Debt on annualized quarterly EBITDA

Highlights

  • Leverage at 5.2x in line to Q4'25
  • Efficient debt profile:
  • 85% fixed / 15% floating
  • Current average cost: ~3.0%
  • Average bond maturity: 4.3 years

INWIT

2026 financial targets and medium-term "baseline" outlook confirmed

2026 Guidance Medium-term "baseline" outlook
Revenues 1,050-1,090 • Low single-digit annual revenue growth
o/w CPI (prior year avg. FOI index)1 1.4%
EBITDA margin ~90%
EBITDAaL margin ~72% • Continued margin expansion
CAPEX • Annual Capex (including land acquisitions) of around €200m
Recurring FCF (RFCF) 550-590
Ordinary DPS (€) 0.55 • Dividend per share of at least €0.55
Net Debt / EBITDA 5.5x • Confirmation of the financial structural leverage target of 5x to 6x

Euro million unless otherwise stated

Note: 1) Inflation impact on current year figures, based on prior year average FOI index as published by ISTAT

Legal roadmap

INWIT

ORDINARY TRIAL PROCESS TIMELINE

25 March 2026

Fastweb started the Civil proceedings to validate their alleged right to terminate

Estimated 3 years

2029

Estimated end of the ordinary trial «giudizo di merito» (First instance Court)

Possible appeal (Second instance Court)

Possible appeal Supreme Court

INJUNCTION PROCESS TIMELINE

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INWIT

Competitive MSA fees, including the financial component, integral to the sales & lease back transaction

Anchor tenant fee: European benchmarks

NewStreet Research (March 2026)
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INWIT Average Fee Components

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Average historical inflation

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Note: 1) INWIT Italy and Cellnex UK have two anchor tenants per site; 2) Financial component related to the consideration of the sales and lease back transaction of €5.7bn assuming indicative financial charges at 4%

INWIT

INWIT assets | High quality and non-replicable portfolio of locations

35%
Unique locations
(no other Towers within relevant range)
+ 40%
Non alternative locations
(no other Towers space available for technical/real estate reasons)
= 75%
non-replicable network

Naples
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Legend: ● INWIT Unique locations ● Other TowerCo Towers ● INWIT site adjacent to other TowerCo sites

Rome
img-11.jpeg
Other TowerCo Towers ● INWIT site adjacent to other TowerCo sites

img-12.jpeg
North Sardinia

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img-14.jpeg

img-15.jpeg

img-16.jpeg

img-17.jpeg

High-value tower portfolio offered exclusively on an 'All-or-Nothing' basis

Key take-aways
INWIT

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Tower model, based on long-term contracts, creates value for all parties thanks to sharing of economics and specialized industrial model

Telco industry under pressure offloading challenges on Infra players

Industry needs material investment for densification, which will unlock material opportunities over and above the "baseline" Outlook

INWIT remains committed to collaborate with its customers and identify shared value-for-value solutions

Mid-term "baseline" Outlook delivers low single-digit revenues growth, margin expansion, solid cash generation and dividend sustainability

Updated business plan in H2 2026, as visibility allows it

13

INWIT

Annex

INWIT

FY 2025 Results Presentation

Low single digit revenue growth in 2026, from normalized 2025 revenues

Data in €m

img-19.jpeg

  1. Discretionary revenues: uncommitted revenues linked to discretionary budget such as project-based revenues (DAS, work and studies, installation upgrades)
  2. Inflation: CPI link, based on 2025 avg FOI index at 1.4%
  3. Anchor commitment: new Towers, new PoPs and DAS in line with MSA commitments
  4. OLOs: growth mainly driven by steady pace with other MNOs and IoT clients
  5. Smart infra: growth refers to DAS indoor across premium locations and "Smart City" verticals

Overview of key tax assumptions

INWIT

FY 2025 Results Presentation

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)

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Change of control triggered in 2022 | MSA extended for 16-years to 2038

INWIT

INWIT Market Update Presentation

INWIT since 2020 was jointly controlled by TIM and Vodafone as per their Shareholder Agreement
The Change of Control was triggered in August 2022, following:

  • The dissolution of the Shareholder Agreement and termination of the joint control
    The Change of Control was triggered by TIM and notified by INWIT to TIM and Vodafone, locking in all parties

  • Prior to 2022, NO Change of Control had occurred, as:

  • In December 2020 Vodafone carried out an intra-group transfer of the INWIT stake between entities fully owned by the Vodafone Group

  • This transaction had no impact on the joint control of INWIT, and therefore did not trigger the change of control clause
  • Consistently, it did not trigger any mandatory tender offer either

Data book: Cumulated P&L

INWIT

Currency MAS (Jan.-Mar.) MAS (Jan.-Jun.) MAS (Jan.-Mar.) F10 (Jan.-Mar.) MAS (Jan.-Mar.) MAS (Jan.-Jun.) MAS (Jan.-Mar.) F10 (Jan.-Mar.) MAS (Jan.-Mar.) MAS (Jan.-Jun.) MAS (Jan.-Mar.) F10 (Jan.-Jun.) MAS (Jan.-Mar.) MAS (Jan.-Jun.) 2018 (Jan.-Mar.) 2019 (Jan.-Mar.) MAS (Jan.-Mar.) 2018 (Jan.-Mar.) F10 (Jan.-Mar.) MAS (Jan.-Mar.)
Revenues 190.2 303.1 581.2 705.1 207.9 417.7 532.5 653.0 233.6 471.2 713.2 560.3 244.6 511.7 772.1 1,039.0 266.2 535.3 806.4 1,577.2
Towers - Anchors (T&F) 82.1 155.7 250.1 333.7 85.7 173.3 258.9 345.1 95.6 195.7 293.5 319.4 104.6 207.1 312.3 416.1 135.5 29.8 319.8 423.6
Towers - Anchors (FASTH&H-VISU) 82.0 164.9 247.9 331.6 86.8 173.5 262.2 354.0 98.3 194.4 294.6 395.8 105.5 213.5 319.7 429.2 139.5 218.9 330.1 440.0
Towers - OLOs and others 22.9 46.8 70.4 99.6 27.1 119.5 86.6 121.7 30.8 60.8 93.1 125.3 30.3 60.8 91.0 119.6 29.5 60.6 93.1 123.6
Smart Infra - DAS, Fiber, others 3.3 6.7 12.7 20.2 7.6 15.5 23.9 32.2 8.9 20.3 32.0 47.8 14.3 30.4 49.1 71.1 21.8 43.9 66.4 90.4
Operating Expenses (17.2) (34.3) (31.5) (76.3) (18.9) (37.6) (57.4) (73.8) (16.8) (41.1) (66.0) (81.0) (21.6) (43.1) (66.3) (86.3) (32.2) (45.2) (68.9) (92.7)
Other Op&s (11.6) (24.1) (37.2) (51.9) (14.0) (27.6) (41.6) (50.4) (14.6) (31.3) (46.3) (63.4) (19.6) (31.8) (50.0) (66.5) (18.7) (30.7) (60.0) (66.1)
Personnel Costs (5.4) (10.2) (14.3) (16.4) (4.9) (10.2) (15.6) (21.4) (5.2) (9.7) (13.6) (16.6) (6.0) (11.3) (16.3) (22.6) (8.1) (12.5) (18.9) (26.7)
EBITDA 173.0 348.9 525.8 714.9 188.1 375.8 575.1 775.2 213.8 430.2 653.2 875.2 233.8 468.6 705.8 948.7 244.1 490.0 737.9 984.4
D&A and Write-off (68.2) (177.9) (268.0) (360.1) (92.4) (103.0) (271.5) (363.7) (31.3) (84.1) (278.8) (370.5) (95.3) (180.3) (267.5) (387.9) (38.8) (201.8) (301.1) (406.2)
EBIT 83.8 171.0 261.8 354.7 95.7 187.9 303.6 415.5 122.5 246.0 374.4 508.7 137.8 278.3 418.3 558.9 142.2 288.2 436.4 578.3
Interest (21.5) (47.9) (70.1) (96.1) (18.8) (37.6) (57.5) (81.2) (25.0) (19.8) (82.1) (92.9) (30.0) (62.5) (96.3) (134.6) (32.2) (64.5) (60.6) (140.6)
Tones & Others (16.9) (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) (79.5) (18.7) (39.1) (58.1) (76.5)
NET INCOME 43.5 95.0 149.6 191.4 68.1 142.0 217.0 293.3 82.9 183.7 248.9 339.5 89.7 179.1 266.0 353.0 91.2 184.6 278.7 360.8
a) It attributable to the Parent Company of which attributable to the Minorities

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 (2.6) (3.6) (0.6) (2.6) (2.6)
EBITDAoL 123.9 251.1 383.4 520.0 139.3 282.8 429.4 587.0 165.6 333.1 506.9 685.0 184.0 370.1 559.6 750.3 164.1 390.6 588.4
EBITDA Margin 90.9% 91.1% 91.1% 91.1% 90.9% 90.9% 90.9% 91.3% 91.9% 91.3% 91.6% 91.6% 91.9% 91.6% 91.4% 91.4% 91.7% 91.6% 91.6%
TAS rate (on EBT) 30.3% 22.8% 22.0% 27.7% 11.8% 11.3% 11.8% 12.2% 15.0% 15.7% 14.9% 14.2% 16.7% 17.9% 16.9% 16.6% 17.1% 17.9% 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%

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

INWIT

| Currency | 12.0
Exp.-Wed. | 12.0
Exp.-Jun. | 12.0
Exp.-Dec. | 12.0
Exp.-Wed. | 12.1
Exp.-Wed. | 12.1
Exp.-Jun. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. | 12.1
Exp.-Wed. | 12.1
Exp.-Dec. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenues | 190.2 | 192.9 | 198.1 | 203.9 | 207.9 | 210.7 | 214.8 | 220.5 | 233.6 | 237.6 | 242.0 | 247.1 | 254.6 | 257.1 | 260.3 | 263.5 | 266.2 | 269.0 | 271.1 |
| Towers - Anchors (TNS) | 82.1 | 83.9 | 84.4 | 83.9 | 85.7 | 87.5 | 86.6 | 85.2 | 85.6 | 100.1 | 97.8 | 97.9 | 104.6 | 102.6 | 103.2 | 103.8 | 105.3 | 106.3 | 105.0 |
| Towers - Anchors (FASTHKB) | 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 | 111.2 | 109.0 |
| Towers - OLOs and others * | 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 | 28.4 | 29.5 | 31.2 | 32.4 |
| Smart Infra - DAS, Fiber, others * | 3.3 | 3.4 | 6.0 | 7.5 | 7.6 | 7.9 | 8.4 | 8.3 | 8.9 | 11.5 | 9.7 | 15.8 | 14.3 | 16.1 | 18.8 | 22.0 | 21.9 | 22.1 | 22.5 |
| Operating Expenses | (17.2) | (17.0) | (17.2) | (18.0) | (18.9) | (19.0) | (19.6) | (16.4) | (16.8) | (21.3) | (19.0) | (21.0) | (21.6) | (21.9) | (23.1) | (23.1) | (23.0) | (23.7) | (23.8) |
| Other Op&s | (11.6) | (12.3) | (13.1) | (14.7) | (14.0) | (13.6) | (14.0) | (10.6) | (14.6) | (14.6) | (14.6) | (14.0) | (15.6) | (16.2) | (16.2) | (16.1) | (16.1) | (16.6) | (17.0) |
| 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 | 228.1 | 233.9 | 235.6 | 237.2 | 240.9 | 244.1 | 246.0 | 247.4 |
| D&A and Write-off | (69.2) | (68.7) | (69.1) | (62.2) | (62.4) | (69.6) | (69.9) | (82.2) | (81.0) | (82.8) | (84.6) | (81.7) | (85.3) | (85.1) | (87.2) | (88.3) | (88.8) | (89.1) | (89.2) |
| 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) | (30.9) | (30.1) | (32.2) | (32.2) | (37.1) |
| Tones & Others | (16.9) | (9.2) | (14.0) | (31.2) | (8.9) | (9.2) | (9.9) | (9.8) | (14.6) | (15.9) | (12.9) | (12.9) | (18.0) | (18.8) | (17.2) | (16.5) | (18.7) | (20.0) | (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 | | | | | | | | | | | | | | | | 87.8 | 91.6 | 92.9 | 93.2 |
| of which attributable to the Minorities | | | | | | | | | | | | | | | | (0.1) | (0.2) | (0.4) | (0.6) |

One-off details

One-off Revenues 0.6 0.1 0.9 1.7 0.6 0.2 0.2 0.2 0.2
One-off Expenses (2.0) (3.9) (1.9)
EBITDAoL 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% 91.2% 91.7% 91.4% 91.3%
TAS rate (on EBT) 33.3% 15.1% 20.5% 42.7% 11.6% 11.1% 12.8% 13.4% 15.0% 16.4% 12.2% 12.4% 16.7% 17.4% 16.5% 15.0% 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% 25.5% 34.0% 35.2% 35.7% 35.2% 34.7% 33.4% 33.3% 34.2% 34.7% 34.0%

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

INWIT

Currency (£) 1997 (Long-term) 1997 (Year) 1997 (1998) 1997 (1998) 1997 (1999) 1998 (1999) 1998 (2000) 1998 (2000) 1998 (2001) 1998 (2001) 1998 (2001) 1998 (2001) 1997 (2001) 1997 (2001) 1997 (2001) 1997 (2001) 1998 (2001) 1997 (2001) 1998 (2001)
Goodwill 8,112 8,147 8,147 8,147 8,147 8,147 8,147 8,156 8,156 8,154 8,163 8,165 8,165 8,161 8,165 8,176 8,176 8,162 8,162
Tangible assets 831 876 877 886 903 933 964 998 1,047 1,110 1,149 1,185 1,216 1,340 1,379 1,382 1,394 1,434 1,473
Other intangible fixed assets 696 693 666 640 617 589 556 523 498 480 469 425 406 377 350 333 304 324 301
Other fixed assets (deferred taxes)
Rights of Use on Third Party Assets 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 1,166 1,172 1,176 1,179 1,179
Fixed assets 8,679 8,794 8,786 8,767 8,758 8,761 8,794 8,862 8,876 8,892 8,936 8,936 8,936 9,045 9,064 9,057 9,045 9,097 9,110
Net Working Capital 370 214 225 288 281 216 248 202 153 57 65 67 57 (23) (16) (2) (35) (120) (130)
Shareholders dividend
Current assets/liabilities 370 214 225 288 281 216 248 202 153 57 65 67 57 (23) (16) (2) (35) (120) (133)
AKO fund (324) (228) (229) (229) (230) (225) (226) (230) (233) (235) (237) (238) (240) (282) (283) (283) (283) (283) (284)
Deferred taxes Fund (314) (239) (232) (226) (220) (204) (202) (202) (196) (195) (197) (169) (170) (134) (137) (141) (144) (103) (191)
Other LT Net Assets/liabilities (4) (4) (4) (4) (4) (4) (5) (5) (5) (5) (5) (6) (6) (7) (7) (7) (6) (7) (6)
Non-Current assets/liabilities (542) (471) (465) (459) (454) (433) (433) (437) (436) (406) (410) (413) (416) (420) (426) (430) (433) (393) (393)
Invested Capital 8,508 8,527 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,621 8,624 8,576 8,584 8,587
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 3,572 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 3,773 3,590 3,387 3,745
CY P&L (Fully distributed) 150 161 68 142 217 293 83 164 249 339 80 179 266 354 91 185 277 382 362
Equity attributable to the Parent 4,442 4,484 4,550 4,315 4,390 4,466 4,550 4,288 4,317 4,336 4,402 3,932 3,996 4,077 4,170 3,677 3,588 3,468 3,550
Non-controlling interests 6 5 8 10 10 72
Total Net Equity 4,082 4,170 3,687 3,598 3,479 3,582
Long-Term Debt 3,018 3,018 3,018 3,018 3,019 3,069 3,030 3,031 3,032 3,033 3,034 3,235 3,236 3,242 3,226 4,020 3,821 4,099 4,233
IFRSS Long term debt 806 831 834 828 822 810 826 873 853 822 814 816 816 820 820 812 811 812 814
IFRSS Short term debt 150 151 151 151 150 152 153 157 160 160 159 149 138 144 129 121 107 91 91
Short term debt 141 149 58 326 242 121 102 380 289 287 229 495 448 435 339 104 282 303 277
Other financial assets
Cash & Cash equivalents (49) (96) (64) (41) (38) (73) (52) (104) (59) (36) (45) (36) (56) (95) (67) (110) (32) (210) (180)
Total Net Financial Position 4,066 4,053 3,987 4,282 4,195 4,079 4,060 4,339 4,275 4,207 4,190 4,658 4,581 4,517 4,444.0 4,558 4,579 5,106 5,024.6
Total sources of financing 8,508 8,527 8,546 8,596 8,585 8,545 8,609 8,626 8,592 8,544 8,591 8,590 8,577 8,599 8,622 8,624 8,576 8,584 8,587

20

Data book: Cash Flow

INWIT

Currency (Rs) 9603 7731 9603 9602 9602 7722 9603 9602 9602 7722 9604 9604 9604 7724 9605 9605 9605 7724 9605
(Jan-Mar) (Jan-Mar) (Jan-Mar) (Jan-Jun) (Jan-May) (Jan-May) (Jan-Mar) (Jan-Jun) (Jan-May) (Jan-May) (Jan-Jun) (Jan-May) (Jan-Jun) (Jan-May) (Jan-Jun) (Jan-May) (Jan-Jun) (Jan-May) (Jan-Jun)
EBITDA Recurring 528.1 714.1 169.0 380.7 577.9 781.4 213.6 429.9 652.7 878.6 233.0 468.6 705.8 946.7 244.7 480.0 737.5 984.4 235.5
Recurring CAPEX (9.6) (17.4) (5.4) (13.3) (18.2) (20.2) (5.6) (9.5) (15.6) (20.6) (5.2) (10.3) (14.5) (20.1) (4.2) (8.9) (13.3) (20.5) (5.6)
EBITDA + Recurring CAPEX 516.5 696.7 183.6 368.5 558.7 758.2 208.1 420.3 637.0 858.0 227.9 458.3 691.4 926.7 239.9 481.2 724.2 964.0 235.6
Change in Net Working Capital 4.4 27.1 4.0 (1.0) 0.7 10.9 (5.5) 31.2 49.4 42.2 (2.3) 15.0 24.7 23.2 3.4 1.3 8.3 14.8 10.5
Change in Net Working Capital non-Recurring
Operating Free Cash Flow 521.0 723.8 187.7 367.5 559.3 769.1 202.5 451.6 686.4 900.2 225.6 473.3 716.0 949.8 243.3 482.5 732.5 978.7 240.2
Tax Cash-Out (56.3) (93.2) (23.8) (23.8) (27.9) (1.4) (6.2) (9.2) (13.6) (0.0) (30.4) (30.4) (46.6) 0.0 (19.5) (19.5) (41.0) (0.0)
Lease payment Recurring (50.6) (201.6) (58.4) (103.0) (150.0) (200.0) (58.5) (106.4) (154.4) (209.0) (56.3) (103.4) (149.9) (199.6) (81.7) (108.7) (163.4) (218.7) (57.5)
Financial Charges (31.6) (45.3) (2.7) (13.0) (35.0) (49.8) (6.0) (15.5) (48.0) (66.1) (19.3) (30.6) (67.6) (80.3) (23.5) (38.2) (63.9) (85.5) (31.4)
Recurring Cash Flow 281.4 366.5 126.6 227.7 350.5 491.4 126.7 323.5 477.8 611.5 150.0 309.0 468.1 621.0 156.1 316.0 485.7 633.5 176.2
One-off Items 1.6 0.7 (0.9) (0.9) (2.6) (2.2) 0.2 0.3 0.5 0.6
Change in trade payables related to Dev. CAPEX (27.2) 56.3 (62.9) (66.7) (66.9) (37.3) (24.7) (36.9) (25.9) (12.9) 8.7 (1.3) (4.2) 22.7 (23.1) (27.7) (18.8) 16.0 (16.1)
Development CAPEX (69.8) (199.1) (26.4) (58.2) (68.7) (163.8) (51.6) (107.5) (177.9) (269.4) (86.4) (141.8) (202.3) (295.9) (79.3) (139.1) (193.6) (293.3) (78.0)
Goodwill tax scheme pre-payment (334.0) (334.0) (14.0) (14.0) (14.0) (14.0) (14.0) (14.0)
Price adjustment
Other Change in Net Working Capital (1.6) (0.0) 32.7 (1.2) (8.2) (6.5) (7.7) 6.7 5.2 63.3 (37.9) (39.5) (53.6) (43.8) (5.9) (19.9) (14.2) (5.7) 5.5
Free Cash Flow to Equity (145.7) (105.6) 69.1 86.7 159.9 267.5 52.7 172.0 265.6 379.1 34.4 126.4 208.0 304.0 49.7 129.4 259.1 350.4 87.6
Purchase/sale of treasury shares (0.5) (0.5) (2.1) (2.1) (2.1) (2.1) (8.6) (64.5) (136.2) (24.9) (130.6) (155.2) (163.0) (107.8) (289.8) (300.1)
Other variations (16.1) (13.8) (8.7) (9.7) (3.4) (4.4) (9.9) (21.5) (10.8) (14.5) (1.2) (13.0) (2.6) (16.2) 5.0 4.0 1.6 (9.9) 2.1
Dividend Paid (284.1) (286.8) (0.0) (305.2) (306.5) (307.5) (3.3) (332.8) (335.1) (336.2) 0.0 (450.7) (452.1) (452.2) (0.6) (477.8) (479.5) (674.7)
Net Cash Flow (449.3) (416.8) 58.3 (232.3) (152.1) (46.5) 37.4 (190.9) (144.8) (107.0) 8.3 (468.0) (402.0) (327.3) 54.1 (452.2) (508.7) (630.2) 89.8
Other non-cash financial movements 35.2 69.3 (1.9) 3.9 10.4 20.9 (18.5) (69.2) (51.5) (20.7) 8.3 17.6 28.2 17.5 13.2 13.6 47.2 41.4 (9.5)
Net Cash Flow after adoption IFRS16 (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) (305.6) 73.1 (420.6) (401.5) (588.8) 81.3
Net Debt Beginning of Period 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 4,207.3 4,207.3 4,207.3 4,307.3 4,517.1 4,517.1 4,517.1 4,517.1 5,105.9
Net Debt End of Period Inwit 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6 5,105.9 5,324.6
Fastweb + Vodafone contribution
Net Debt End of Period 4,065.9 4,053.1 3,996.8 4,281.5 4,194.9 4,078.7 4,059.8 4,338.7 4,275.1 4,207.3 4,189.8 4,657.7 4,581.1 4,517.1 4,444.0 4,937.7 4,978.6 5,105.9 5,324.6
CAPEX (total) (81.4) (216.9) (31.8) (70.9) (117.9) (187.0) (57.2) (117.1) (193.6) (290.0) (91.6) (192.1) (216.8) (315.9) (83.9) (147.9) (206.8) (313.8) (81.6)

Data book: Operational KPIs

INWIT

1Q21¹ 2Q21 3Q21 4Q21² 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Figures in KPIs INWIT (Jan.-Jun) INWIT (Jan.-Sep) LCL (Jan.-Sep) INVIS (Jan.-Mar) INVIS (Jan.-Jun) INVIS (Jan.-Sep) LCL (Jan.-Sep) INVIS (Jan.-Mar) INVIS (Jan.-Jun) INVIS (Jan.-Sep) LCL (Jan.-Sep) INVIS (Jan.-Mar) INVIS (Jan.-Jun) INVIS (Jan.-Sep) LCL (Jan.-Sep) INVIS (Jan.-Mar) INVIS (Jan.-Jun) INVIS (Jan.-Sep) LCL (Jan.-Sep) INVIS (Jan.-Mar)
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 2.33x 2.36x 2.37x 2.39x 2.40x
Number of Tenants 42.8 44.0 44.9 46.0 46.8 47.9 48.9 50.1 51.2 52.3 53.3 54.3 55.3 56.2 57.1 58.0 58.8 59.5 60.2 60.9 61.2
Anchor Tenants 33.6 34.5 35.1 35.8 36.4 36.9 37.5 38.2 38.9 39.6 40.2 40.8 41.4 41.8 42.3 42.8 43.1 43.4 43.7 44.0 44.1
Anchors New Tenants 0.9 0.9 0.6 0.7 0.6 0.5 0.6 0.7 0.7 0.7 0.6 0.6 0.6 0.4 0.5 0.5 0.3 0.4 0.3 0.3 0.1
OLCs 9.2 9.5 9.8 10.2 10.4 10.9 11.4 11.9 12.3 12.7 13.1 13.5 13.9 14.4 14.8 15.2 15.7 16.1 16.5 16.9 17.1
OLCs New Tenants 0.4 0.3 0.3 0.5 0.2 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.5 0.4 0.4 0.4 0.2
Organic Number of Sites³ 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 25.7 25.8
Other KPIs
Small Cells & DAS Remote Units 4.9 5.2 5.2 6.4 6.6 6.8 6.9 7.0 7.3 7.8 7.8 7.9 8.1 8.7 9.4 10.0 10.5 10.7 11.0 11.6 12.1
New Remote Units 0.4 0.4 0.1 1.1 0.2 0.2 0.1 0.1 0.3 0.5 - 0.1 0.2 0.6 0.7 0.7 0.5 0.2 0.3 0.6 0.5
Backhauling links 1.3 1.3 1.3 1.3 1.5 1.5 1.6 1.7 1.8 1.8 2.0 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1
New backhauling links 0.1 0.0 0.0 0.0 0.2 - 0.1 0.1 0.1 0.0 0.2 0.1 - - - 0.1 - - - - -
Lease Renegotiations/Buyouts (#) 400 570 400 475 360 650 700 510 320 510 495 500 440 390 315 410 450 370 360 380 410

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

INWIT

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