Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q1 2025 Earnings Presentation
24 slides from Infrastrutture Wireless Italiane's earnings presentation, May 14, 2025
Slide 1: Q1 2025 Financial Results
Q1 2025 Q1 2025 Financial Results May 14th, 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 start of year: revenue growth, margin expansion and cash flow generation in line with 2025-2030 Business Plan Continued Digital Infra asset base expansion: more New Sites, more Smart Infra locations, more land owned Strong growth in Smart Infra revenues: recent wins across multipl
Slide 4: Q1 2025 results: Solid start of the year
Q1 2025 results: Solid start of the year New Towers New PoPs More Real Estate +150 +740 +450 New Towers in Q1’25 New PoPs in Q1’25 Real Estate Transactions in Q1’25 MSA sites + Tenancy ratio 2.35x Lower average lease cost Next Gen EU vs 2.26x in Q1’24 per site (-2% YoY) Revenues EBITDAaL Cash Flow S
Slide 5: New Towers: Q1 paves the way for another year of high volumes
New Towers: Q1 paves the way for another year of high volumes Total Towers (k Towers) New Towers (# Towers) Tenancy 2.26x 2.28x 2.30x 2.32x 2.35x Ratio +3% YoY +860 25.0 25.1 in LTM 24.5 24.7 24.3 270 240 205 200 60 60 150 45 80 210 60 160 180 120 90 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'24 Q2'24 Q3'24 Q
Slide 6: New PoPs: +6% YoY growth with quarterly run-rate in line with expectations
New PoPs: +6% YoY growth with quarterly run-rate in line with expectations Total PoPs (Anchors, MNOs, FWAs, Others) New PoPs (Anchors, MNOs, FWAs, Others) +6% (#PoPs) (k PoPs) YoY 55.3 56.2 57.1 58.0 58.8 +3.5k LTM 960 920 910 915 41.4 41.8 42.3 42.8 43.1 740 Anchors Anchors 610 400 490 485 290 MNOs
Slide 7: Smart Infrastructure: growth momentum continues with +52% YoY
Smart Infrastructure: growth momentum continues with +52% YoY Growing asset base for indoor coverage Smart InfrastructureRevenues (Eur m) >650 >10k 1,000km +52% DAS Highway and Remote Units YoY Projects/Locations Roadway Tunnels (DAS, Small Cells) 22.0 21.8 18.8 Progress across multiple verticals 16
Slide 8: P&L Q1 2025: +5% EBITDAaL growth with margin up to 73%
P&L Q1 2025: +5% EBITDAaL growth with margin up to 73% (Eur m) Q1 2024 Q4 2024 Q1 2025 YoY Highlights Total Revenues 254.6 263.9 266.2 4.6% Towers – Anchors1 210.1 213.3 215.0 2.3% ▪ +4.6% revenue growth driven by: Towers – OLOs and others2 30.3 28.6 29.5 -2.6% ▪ MSA growth commitments, focused on N
Slide 9: Cash flow Q1 2025: leverage reduction despite strong investment activity
Cash flow Q1 2025: leverage reduction despite strong investment activity Q1 2025 cash flow build up (€m) Highlights ▪ €158m RFCF (+5% YoY) with 65% cash conversion 244.1 0.0 3.4 RFCF growth -4.2 +5.4% YoY ▪ NWC about stable in Q1; positive in FY’25E ▪ Structurally low recurring capex -61.7 158.1 ▪ N
Slide 10: Delivering a compelling mix of growth and yield, with additional optionality
Delivering a compelling mix of growth and 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 b
Slide 11: Annex
INWIF Annex
Slide 12: 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 >650 60% Raw Land 40% Rooftop ~60k Tenants DAS Locations >45% Market Share1 2.35x Tenancy ratio Higher share in city centres2 1 site every 3km ~15% >10k sites close to rail
Slide 13: ESG: overview of Ratings and Index Memberships
ESG: overview of Ratings and Index Memberships ESG Index Membership 13
Slide 14: 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 15: 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) 30.3 30.5 30.9 8.1 8.0 7.9 2.26 2.32 2.35 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 EBITDAaL 72% 72% 73% margin Strong track record Material and highly visible
Slide 16: 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 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 others) of pri
Slide 17: Financial Targets: +6% EBITDAaL CAGR, >5% dividend yield
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% EBITDAaL margin3 72.4%
Slide 18: Data book: Cumulated P&L
Data book: Cumulated P&L 3M20 6M20 9M20 FY20 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 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-De
Slide 19: Data book: Quarterly P&L
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 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-J
Slide 20: Data book: Balance Sheet
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 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-De
Slide 21: Data book: Cash Flow
Data book: Cash Flow 3M20 6M20 9M20 FY20 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 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) (
Slide 22: Data book: Operational KPIs
Data book: Operational KPIs 1 3 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 3M20 6M20 9M20 FY20 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 Figures in #k (Jan-Mar) (jan-Jun) (Jan-Sep) (Jan-Dec) (Jan
Slide 23: 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 24: Fabio Ruffini
More questions? Ask Investor Relations Fabio Ruffini Strategy, M&A e Investor Relations Director fabio.ruffini@inwit.it ir@inwit.it
Infrastrutture Wireless Italiane — Q1 2025 Earnings Presentation on 6ix