Intred Spa · MIL:ITD
Intred Spa — TP ICAP Midcap Conference 2026
22 slides from Intred Spa's conference presentation, May 7, 2026
Slide 1: TP ICAP Midcap Conference
TP ICAP Midcap Conference MAY 7th 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: A Network Almost 15,000km, +7% YoY
A NETWORK ALMOST 15,000KM, +7% YOY OVERVIEW 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 > 1.11
Slide 5: >€190 MN Capex Since 2016
INVESTING TO SUPPORT GROWTH OVERVIEW >€ 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 6: Strong Focus in FTTH
STRONG FOCUS IN FTTH OVERVIEW ITALIAN FIXED LINES BREAKDOWN Intred 4.6% Market FWA 12.5% ▪ Intred leads with 46.6%, far surpassing the 46.6% FTTH 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 7: Stock and Shareholders' Structure
STOCK AND SHAREHOLDERS’ STRUCTURE OVERVIEW SHAREHOLDER SHARES % SHAREHOLDERS’ STRUCTURE DM HOLDING S.R.L. 9,625,549 60.38% VALUE FIRST SICAV 1,500,000 9.41% OWN SHARES 82,021 0.51% MARKET MARKET 4,736,539 29.69% 29.69% TOTAL 15,940,950 100.00% 1Y - STOCK PERFORMANCE INTRED FTSE MIB FTSE ITALIA GROWT
Slide 8: Section 2: Financials
INTRED FINANCIALS SECTION 2 FINANCIALS
Slide 9: 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 FINANCIALPOSITION (€ MN) 2024 2025 8.3 +4.2% YoY 8.0 -32.9
Slide 10: 1Q2026 – Robust Organic Growth
1Q2026 – ROBUST ORGANIC GROWTH FINANCIALS REVENUES (€ MN) ORGANIC REVENUES (€ MN)* +2.0% +6.8% ▪ Revenue performance reflects a progressive 13.9 14.2 11.9 12.7 shift toward a higher-quality and more recurring business mix, supported by the normalization of non-recurring components and the ongoing ra
Slide 11: 1Q2026 – Revenues Breakdown
1Q2026 – REVENUES BREAKDOWN FINANCIALS MOBILE PAVIA OTHERS MANTOVA MONZA 0.4% 1.0% VOICE & DATA 0.6% 2.9% 5.0% 20.2% MILANO 12.0% COMO 2.1% LANDLINE BREAKDOWN 1.9% LECCO TELEPHONY 7.2% BREAKDOWN CREMONA BY SERVICE 53.5% ULTRA BY AREA 1.8% VARESE BROADBAND BROADBAND 1.8% CONNETTIVITY BRESCIA CONNETTI
Slide 12: Outlook
INTRED OUTLOOK OUTLOOK
Slide 13: Key Takeaways
KEY TAKEAWAYS OUTLOOK ▪ Sustainable growth driven by highly recurring revenues and proprietary infrastructure, with 94% 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 retent
Slide 14: Appendix
INTRED APPENDIX APPENDIX
Slide 15: FY2025 – Robust Organic Growth
FY2025 – ROBUST ORGANIC GROWTH APPENDIX REVENUES (€ MN) ORGANIC REVENUES (€ MN)* ▪ Revenue performance reflects a progressive shift toward a higher-quality and more recurring +1.1% +8.4% business mix, supported by the normalization of 55.2 55.8 non-recurring components and the ongoing 47.4 rationali
Slide 16: FY2025 - Expanding Margins
FY2025 - EXPANDING MARGINS APPENDIX ▪ Turnover at € 55.8 MN, + 1.1% €/M FY2025 FY2024 YOY% YoY, reflecting the phase-out of non-recurring school REVENUES 55.8 55.2 1.1% tenders and a stronger focus OTHER INCOME 0.5 0.7 -29.0% on recurring revenues, which OPERATING COSTS 30.8 31.4 -2.0% account for o
Slide 17: FY2025 – Revenues Breakdown
FY2025 – REVENUES BREAKDOWN APPENDIX 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 BROADBA
Slide 18: EBITDA Analysis: FY2024 – FY2025
EBITDA ANALYSIS: FY2024 – FY2025 APPENDIX €/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 1818
Slide 19: FY2025 - Balance Sheet
FY2025 - BALANCE SHEET APPENDIX €/MN NET WORKING CAPITAL SHAREHOLDERS’ EQUITY FY2025 FY2024 FY2025 FY2024 17.2 20.5 67.9 61.1 NET INVESTED CAPITAL NET FINANCIAL 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 i
Slide 20: FY2025 – Free Cash Flow
FY2025 – FREE CASH FLOW APPENDIX 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 20
Slide 21: Investor Relations – Next Events
INVESTOR RELATIONS Next events July 30, 2026 INTRED CDR Communication IR Board of Directors to approve turnover for the first CFO & IR Officer Advisor half of 2026 Filippo Leone Vincenza Colucci Tel. +39 391 4143050 Tel. +39 335 6909547 September 24, 2026 Board of Directors’ meeting to approve the H
Slide 22: SINTRED
SINTRED DA 30 ANNI CONNESSI SEMPRE