Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q2 2025 Earnings Presentation
26 slides from Infrastrutture Wireless Italiane's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Financial Results
Q2 2025 Q2 2025 Financial Results July 30th, 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 Execution advances: growth in financials and industrial KPIs in line with guidance, despite challenges in Italian TLC industry Expansion in digital infrastructure assets: more New Towers, more Smart Infra locations, more land owned Strong growth in Smart Infra: affirming INWIT leadershi
Slide 4: Q2 2025 results: execution advances
Q2 2025 results: execution advances New Towers New PoPs More Real Estate +210 +720 +370 New Towers in Q2’25 New PoPs in Q2’25 Real Estate Transactions in Q2’25 MSA + Tenancy ratio 2.36x Lower average lease cost Next Gen EU vs 2.28x in Q2’24 per site (-3% YoY) Revenues EBITDAaL Cash Flow Shareholder
Slide 5: New Towers: roll out continues at solid pace, with industry leading tenancy ratio
New Towers: roll out continues at solid pace, with industry leading tenancy ratio Total Towers (k Towers) New Towers (# Towers) Tenancy 2.28x 2.30x 2.32x 2.35x 2.36x Ratio +3% YoY +830 25.1 25.3 in LTM 25.0 24.5 24.7 270 240 200 60 210 60 150 80 100 210 60 180 120 90 110 Q2'24 Q3'24 Q4'24 Q1'25 Q2'2
Slide 6: New PoPs: +6% YoY growth with sequential pick-up in Anchors
New PoPs: +6% YoY growth with sequential pick-up in Anchors Total PoPs (Anchors, MNOs, FWAs, Others) New PoPs (Anchors, MNOs, FWAs, Others) (k PoPs) +6% (#PoPs) YoY +3.3k 59.5 LTM 56.2 57.1 58.0 58.8 920 910 915 ~625 740 720 2025 guidance run rate Anchors 400 485 42.3 42.8 43.1 43.4 490 41.8 290 Anc
Slide 7: Smart Infrastructure: ~40% growth across multiple verticals
Smart Infrastructure: ~40% growth across multiple verticals Smart Infrastructure Revenues Smart Infrastructure Assets: Locations and remote units (€m) >680 ~11k 1,000km DAS Remote Units Highway and Projects/Locations (DAS, Small Cells) Roadway Tunnels 22.0 21.8 22.1 # Locations 680 18.8 610 650 580
Slide 8: P&L Q2 2025: solid financial performance with >+5% EBITDAaL growth
P&L Q2 2025: solid financial performance with >+5% EBITDAaL growth (Eur m) Q2 2024 Q1 2025 Q2 2025 YoY Highlights Total Revenues 257.1 266.2 269.0 4.6% ▪ +4.6% revenue growth driven by: Towers – Anchors1 210.5 215.0 215.8 2.5% ▪ MSA growth commitments, focused on New PoPs on New Sites Towers – OLOs
Slide 9: Cash flow Q2 2025: 64% cash conversion and leverage in line with guidance
Cash flow Q2 2025: 64% cash conversion and leverage in line with guidance Q2 2025 cash flow build up (€m) Highlights ▪ €158m RFCF underpinning approximately 8% ROCE1 246.0 64% cash -4.7 conversion ▪ Structurally low recurring capex -19.5 -2.1 ▪ Low taxes due to goodwill tax schemes (FY25E: ~€50m) 15
Slide 10: Sustainability Plan: Reduction of digital divide, climate commitment and inclusion
Sustainability Plan: Reduction of digital divide, climate commitment and inclusion DIGITAL INFRASTRUCTURE E S G COMPANY ▪ Carbon Neutrality ▪ Tenancy ratio improvement ▪ Hospitalities in white/vulnerable areas ▪ 50+ MWp photovoltaic plants Main target ▪ Women in managerial role ▪ ESG Rating and Inde
Slide 11: 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 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 ITALIAN TLC ▪ Need for mobile infrastructure investments, though discretionary CapEx has been limited by financial constraints of MNOs MARKET ▪ Several transactions announced (consolidation and network sharing) potential
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 >680 60% Raw Land 40% Rooftop ~60k Tenants DAS Locations >45% Market Share1 2.36x Tenancy ratio Higher share in city centres2 1 site every 3km ~16% >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) 30.4 30.9 31.0 8.1 7.9 7.8 2.28 2.35 2.36 Q2'24 Q1'25 Q2'25 Q2'24 Q1'25 Q2'25 Q2'24 Q1'25 Q2'25 EBITDAaL 72.4% 72.9% 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 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 19: 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 20: 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 6M25 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) (J
Slide 21: 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 Q2 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)
Slide 22: 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 6M24 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) (J
Slide 23: 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 6M25 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-D
Slide 24: 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 2Q25 3M20 6M20 9M20 FY20 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 6M25 Figures in #k (Jan-Mar) (jan-Jun) (Jan-Sep) (Jan
Slide 25: 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 26: More questions? Ask Investor Relations
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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