Slide 1: Full Year 2025 Results
FULL YEAR 2025 RESULTS MARCH 30th 2026
Slide 2: Section 1: Overview
INTRED OVERVIEW SECTION 1 OVERVIEW
Slide 3: Intred at a Glance
INTRED AT A GLANCE OVERVIEW BRIEF DESCRIPTION KEY FINANCIALS INTRED is a telecommunications and internet operator REVENUES (€ MN) EBITDA (€ MN) CAPEX (€ MN) founded in 1996 by Daniele Peli, offering Broadband, MARGIN 44.4% 45.8% +1.1% YoY Ultrabroadband, FWA, Voice, and Hosting services through its
Slide 4: Section 2: Financials
INTRED FINANCIALS SECTION 2 FINANCIALS
Slide 5: FY2025 – Profitable Growth
FY2025 – PROFITABLE GROWTH FINANCIALS REVENUES (€ MN) EBITDA (€ MN) EBIT (€ MN) EBIT 22.8% 22.3% MARGIN EBITDA 44.4% 45.8% 12.6 MARGIN 12.4 -1.4% YoY 55.8 +1.1% YoY +4.1% YoY 25.5 55.2 24.5 2024 2025 2024 2025 2024 2025 NET PROFIT (€ MN) NET FINANCIAL POSITION (€ MN) 2024 2025 8.3 +4.2% YoY 8.0 -32.
Slide 6: FY2025 – Robust Organic Growth
FY2025 – ROBUST ORGANIC GROWTH FINANCIALS REVENUES (€ MN) ORGANIC REVENUES (€ MN)* ▪ Revenue performance reflects a progressive shift toward a higher-quality and more +1.1% +8.4% recurring business mix, supported by the 55.2 55.8 normalization of non-recurring components 47.4 and the ongoing rationa
Slide 7: A Network Almost 15,000km, +10% YoY
A NETWORK ALMOST 15,000KM, +10% YOY FINANCIALS ITALY LOMBARDY POPULATION: POPULATION: > 59 M > 10 M ACTIVE ACTIVE COMPANIES: COMPANIES: > 2.65 M > 800 K Source: Eurostat and Unioncamere Lombardia INTRED Network INTRED Backbone Milano Brescia Bergamo Como & Lecco Monza - Brianza > 3.24 M > 1.26 M > 1
Slide 8: FY2025 - Expanding Margins
FY2025 - EXPANDING MARGINS FINANCIALS ▪ Turnover at € 55.8 MN, + €/M FY2025 FY2024 YOY% 1.1% YoY, reflecting the phase-out of non-recurring REVENUES 55.8 55.2 1.1% school tenders and a OTHER INCOME 0.5 0.7 -29.0% stronger focus on recurring OPERATING COSTS 30.8 31.4 -2.0% revenues, which account for
Slide 9: FY2025 – Revenues Breakdown
FY2025 – REVENUES BREAKDOWN FINANCIALS MOBILE PAVIA OTHERS MANTOVA MONZA VOICE & DATA 0.3% 1.3% 1.5% 3.3% 18.2% 5.0% MILANO 13.2% LANDLINE TELEPHONY 6.5% BREAKDOWN 2.7% COMO BREAKDOWN BROADBAND 1.9% BY SERVICE BY AREA 2.0% LECCO CONNETTIVITY CREMONA 4.7% 58.3% ULTRA 52.9% 2.7% FWA CONNECTIVITY BROAD
Slide 10: EBITDA Analysis: FY2024 – FY2025
EBITDA ANALYSIS: FY2024 – FY2025 FINANCIALS €/MN (0.1) (0.2) (0.2) 25.5 1.1 (0.2) 0.6 24.5 EBITDA FY2024 INCREASE IN OTHER REVENUES STOCK&RAW PERSONNEL SERVICES COST COST OF ACCESS EBITDA FY2025 REVENUES MATERIALS COST 1010
Slide 11: FY2025 - Balance Sheet
FY2025 - BALANCE SHEET FINANCIALS €/MN NET WORKING CAPITAL SHAREHOLDERS’ EQUITY FY2025 FY2024 FY2025 FY2024 17.2 20.5 67.9 61.1 NET FINANCIAL NET INVESTED CAPITAL POSITION FY2025 FY2024 FY2025 FY2024 110.0 96.8 42.1 35.7 CASH NFP 39.5 32.9 ▪ NFP: vs FY2024, mainly reflecting sustained investments in
Slide 12: FY2025 – Free Cash Flow
FY2025 – FREE CASH FLOW FINANCIALS CASH FLOW CASH FLOW CASH FLOW NET INCREASE/ €/MN FROM OPERATING FROM INVESTING FROM FINANCING DECREASE IN CASH & ACTIVITIES ACTIVITIES ACTIVITIES CASH EQUIVALENTS 21.7 17.3 12.5 2.4 -0.6 -5.4 -22.1 -31.8 ■ 2024 ■ 2025 12
Slide 13: Key Takeaways
KEY TAKEAWAYS OUTLOOK ▪ Sustainable growth driven by highly recurring revenues and proprietary infrastructure, with over 95% of revenues recurring ensuring strong visibility and supporting consistent expansion of the owned fiber network ▪ Churn rate at ~4% well below market levels, confirming high r
Slide 14: Appendix
INTRED APPENDIX APPENDIX
Slide 15: Stock and Shareholders' Structure
STOCK AND SHAREHOLDERS’ STRUCTURE APPENDIX SHAREHOLDER SHARES % SHAREHOLDERS’ STRUCTURE DM HOLDING S.R.L. 9,625,549 60.38% VALUE FIRST SICAV 1,500,000 9.41% OWN SHARES 78,862 0.49% MARKET MARKET 4,736,539 29.71% 29.71% TOTAL 15,940,950 100.00% 1Y - STOCK PERFORMANCE INTRED FTSE MIB FTSE ITALIA GROWT
Slide 16: >€190 MN Since 2016: Investing to Support Growth
INVESTING TO SUPPORT GROWTH APPENDIX >€ 190 MN SINCE 2016 € /MN CAPEX TO BUILD, DEVELOP 60 AND STRENGTH THE NETWORK 50 ▪ FY2025 investments at € 21.2 MN focused on FTTH network development in Lombardia area 40 ▪ Development of Ultra Wideband 30 connectivity, disinvesting from broadband connectivity
Slide 17: Strong Focus in FTTH
STRONG FOCUS IN FTTH APPENDIX ITALIAN FIXED LINES BREAKDOWN Intred 4.6% Market FWA 12.5% ▪ Intred leads with 46.6%, far surpassing 46.6% FTTH the market average of 32.9% 32.9% ▪ FTTH destined to replace all the other 40.1% FTTC data lines 41.6% 8.7% COPPER 11.8% Source: AGCOM – Osservatorio Sulle Co
Slide 18: Investor Relations: Next Events
INVESTOR RELATIONS Next events April 28, 2026 INTRED CDR Communication IR Shareholders’ meeting to approve the Financial CFO & IR Officer Advisor Statements as at 31.12.2025 Filippo Leone Vincenza Colucci Tel. +39 391 4143050 Tel. +39 335 6909547 May 5, 2026 Board of Directors’ meeting to approve tu
Slide 19: SINTRED
SINTRED DA 30 ANNI CONNESSI SEMPRE