Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q3 2025 Earnings Presentation
25 slides from Infrastrutture Wireless Italiane's earnings presentation, Nov 11, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 Q3 2025 Financial Results November 11th, 2025
Slide 2: Safe Harbor
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
Slide 3: Key messages
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 finan
Slide 4: Q3 2025 results: further expansion despite a challenging TLC industry scenario
Q3 2025 results | further expansion despite a challenging TLC industry scenario New Towers New PoPs More Real Estate +180 +670 +360 New Towers in Q3’25 New PoPs in Q3’25 Real Estate Transactions in Q3’25 MSA + Tenancy ratio 2.37x Land ownership up to 17% Next Gen EU vs 2.30x in Q3’24 vs 13% in Q3’24
Slide 5: New Towers: New sites roll-out continues at sustained pace
New Towers | New sites roll-out continues at sustained pace Total Towers (k Towers) New Towers (# Towers) Tenancy 2.30x 2.32x 2.35x 2.36x 2.37x Ratio +3% 25.5 YoY +810 25.1 25.3 in LTM 25.0 24.7 270 200 60 210 180 150 80 100 70 210 60 120 90 110 110 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2
Slide 6: New PoPs: +5% year-on-year underpinning tenancy ratio expansion
New PoPs | +5% year-on-year underpinning tenancy ratio expansion Total PoPs (Anchors, MNOs, FWAs, Others) New PoPs (Anchors, MNOs, FWAs, Others) (k PoPs) +5% (#PoPs) YoY +3.0k LTM 57.1 58.0 58.8 59.5 60.2 910 915 740 ~625 720 670 2025 guidance run rate 42.8 43.1 43.4 43.7 Anchors 490 485 42.3 290 An
Slide 7: Smart Infrastructure: Expanded coverage to new locations YoY
Smart Infrastructure | Expanded coverage to 150 new locations YoY Smart Infrastructure Revenues Smart Infrastructure Assets: Locations and remote units (€m) >700 11k 1,000km +20% DAS Remote Units Highway and Projects/Locations (DAS, Small Cells) Roadway Tunnels YoY 22.1 22.5 22.0 21.8 # Locations 70
Slide 8: P&L Q3 2025: Resilient financial performance with >+4% EBITDAaL growth
P&L Q3 2025 | Resilient financial performance with >+4% EBITDAaL growth (Eur m) Q3 2024 Q2 2025 Q3 2025 YoY Highlights Total Revenues 260.3 269.0 271.1 4.1% ▪ Q3’25 revenue growth driven by: Towers – Anchors1 211.4 215.8 216.2 2.3% ▪ CPI link, based on 2024 avg FOI index at 0.8% Towers – OLOs and ot
Slide 9: Cash flow Q3 2025: 69% cash conversion and improved debt profile
Cash flow Q3 2025 | 69% cash conversion and improved debt profile Q3 2025 cash flow build up (€m) Highlights ▪ ~€170m RFCF (+7% YoY) with 69% cash conversion 247.4 - 7.0 69% cash -4.4 conversion ▪ Structurally low recurring capex ▪ No taxes cash out (payments in Q2 and Q4) -54.6 169.7 -25.7 ▪ NWC sl
Slide 10: Updated Financial Targets: 5% EBITDAaL CAGR + 6% dividend yield
Updated Financial Targets | 5% EBITDAaL CAGR + 6% dividend yield 2025E 2026E YoY% 2030E ’25-’30 CAGR Highlights (confirmed) (previous) (previous) +5% +4% low-end low-end ▪ Lower non-committed revenues due to TLC market trend Revenues 1,070-1,090 (1,135-1,165) >50% (1,325-1,375) >50% ▪ 2025 inflation
Slide 11: Resilient growth and attractive yield, with additional optionality
Resilient growth and attractive yield, with additional optionality Solid structural outlook: need for digital infra driven by data traffic in urban areas, coverage in semi urban, rail and road corridors Best Assets: #1 TowerCo and leading digital infrastructure player in Italy, with first-mover loca
Slide 12: Annex
INWIF Annex
Slide 13: Italian digital infra market: ongoing TLC evolution and structural growth ahead
Italian digital infra market: ongoing TLC evolution and structural growth ahead 2Q2025 Results Presentation ITALIAN TLC ▪ Need for mobile infrastructure investments, though discretionary CapEx has been limited by financial constraints of MNOs MARKET ▪ Several transactions announced (consolidation an
Slide 14: ESG: overview of Ratings and Index Memberships
ESG: overview of Ratings and Index Memberships ESG Index Membership 14
Slide 15: INWIT assets: #1 TowerCo and leading digital infrastructure player in Italy
INWIT assets | #1 TowerCo and leading digital infrastructure player in Italy FY 2024 Results Presentation - Updated >25k Towers >700 60% Raw Land 40% Rooftop >60k Tenants DAS Locations >45% Market Share1 2.37x Tenancy ratio Higher share in city centres2 1 site every 3km ~17% >10k sites close to rail
Slide 16: Overview of key lease cost, financial charges and tax assumptions
Overview of key lease cost, financial charges and tax assumptions FY 2024 Results Presentation - Updated % Land Owned EBITDAaL Margin % ▪ Continued work on lease cost, through renegotiations and acquisitions 2024A 2026E 2030E 2024A 2026E 2030E Ground Lease ▪ Strong track record in lease cost reducti
Slide 17: Asset and cost optimization continues with tangible results
Asset and cost optimization continues with tangible results Tenancy ratio1 Lease cost per site2 EBITDAaL per site3 (x) (€k) (€k) 30.7 31.0 31.0 7.7 7.8 7.8 2.30 2.36 2.37 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 EBITDAaL 72.8% 73.0% 73.0% margin Strong track record Material and highly v
Slide 18: Inflation link: CPI trending to 2% with positive impact on INWIT EBITDAaL
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) 100% 9% Towers (OLOs Assumer in line Linked to 75% and othe
Slide 19: Data book: Cumulated 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-Ma
Slide 20: Data book: Quarterly P&L
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
Slide 21: Data book: Balance Sheet
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-Ma
Slide 22: Data book: Cash Flow
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) (
Slide 23: Data book: Operational KPIs
Data book: Operational KPIs 1 3 1Q21 2Q21 3Q21 4Q21 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
Slide 24: Glossary
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, dist
Slide 25: Fabio Ruffini
More questions? Ask Investor Relations Fabio Ruffini Strategy, M&A e Investor Relations Director fabio.ruffini@inwit.it ir@inwit.it
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