Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — FY2025 Earnings Presentation
36 slides from Infrastrutture Wireless Italiane's earnings presentation, Apr 2, 2026
Slide 1: FY 2025 Financial Results
FY 2025 FY 2025 Financial Results April 2nd, 2026
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 of today's presentation
Key messages of today’s presentation 1 FY2025 results: Performance in line with guidance, confirming the resilience of INWIT business model. DPS confirmed 2 Short-term: Slowing growth and market stuck with operators in negotiation mode on all fronts 3 Mid –term: ”Baseline” outlook still allows for g
Slide 4: Q4 & FY 2025 Financial Results
Q4 & FY 2025 Financial Results 4
Slide 5: Q4 and FY highlights | resilient business model in challenging environment
Q4 and FY highlights | resilient business model in challenging environment New Towers New PoPs Real Estate +240 +650 +380 New sites in Q4’25 New PoPs in Q4’25 Real Estate Transactions in Q4’25 +2.8k PoPs in FY25 +780 in FY25 2.4x Tenancy Ratio +1.6k in FY25 Revenues EBITDAaL Cash Flow +2.6% +3.6% ~1
Slide 6: New Towers | ~800 New Towers in FY25 consistent with targets
New Towers | ~800 New Towers in FY25 consistent with targets Total Towers (k Sites) New Towers (# Sites) Tenancy 2.32x 2.35x 2.36x 2.37x 2.38x Ratio +3% 25.5 25.7 YoY +780 25.1 25.3 in 2025 25.0 270 240 60 210 180 150 100 100 70 210 60 110 110 140 90 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q
Slide 7: New PoPs | +2.8k New Tenants in FY25 from all client categories
New PoPs | +2.8k New Tenants in FY25 from all client categories Total PoPs (Anchors, MNOs, FWAs, Others) New PoPs (Anchors, MNOs, FWAs, Others) +5% (#PoPs) (k PoPs) YoY 58.0 58.8 59.5 60.2 60.9 +2.8k LTM 915 ~625 43.4 43.7 44.0 740 720 42.8 43.1 670 650 2025 guidance run rate Anchors 485 290 360 260
Slide 8: Smart Infrastructure | Expanded coverage to new premium locations YoY
Smart Infrastructure | Expanded coverage to 180 new premium locations YoY Smart Infrastructure Revenues Smart Infrastructure Assets: Locations and remote units (€m) ~12k ~800 1,000km DAS Highway and Remote Units Locations Roadway Tunnels (DAS, Small Cells) +27% YoY 90 # Locations 790 700 730 670 71
Slide 9: P&L Q4 2025 | +3% revenues growth and margin expansion
P&L Q4 2025 | +3% revenues growth and margin expansion (€m) Q4 2024 Q3 2025 Q4 2025 YoY Highlights Total Revenues 263.9 271.1 270.8 2.6% ▪ 2.6% revenue growth driven by: Towers – Anchors1 213.3 216.2 216.8 1.6% ▪ CPI link, based on 2024 avg FOI index at 0.8% Towers – OLOs and others2 28.6 32.4 29.9
Slide 10: Cash flow | 64% cash conversion in FY25; leverage well within the corridor
Cash flow | 64% cash conversion in FY25; leverage well within the corridor FY 2025 cash flow build up (€m) Highlights 984.4 ▪ €634m RFCF, in line with guidance 14.8 -20.5 >64% cash ▪ Structurally low recurring capex -41.0 conversion ▪ Low cash taxes, benefiting from tax schemes -218.7 633.5 -85.5 ▪
Slide 11: 2020-2025 execution | continued progress
2020-2025 execution | continued progress Financial Figures +7% CAGR +36% CAGR +11% CAGR +15% CAGR +3.9p.p. +1.4x +4.6x +1.7x +2.0x +1.9x 1,077 786 634 8.4% 751 90 Margin % 476 +10pp 317 4.5% 73% 20 63% 2020PF 2025 2020 2025 2020PF 2025 2020PF 2025 2020 2025 1 Revenues (€m) Smart Infra Revenues (€m)
Slide 12: 2026 Guidance / Refinancing schedule
2026 Guidance / Refinancing schedule 12
Slide 13: 2026 Financial Targets
2026 Financial Targets 2026 2025A Guidance Revenues 1,077 1,050-1,090 o/w CPI (prior year avg. FOI index)1 0.8% 1.4% EBITDA margin 91.4% ~90% EBITDAaL margin 73% ~72% Recurring FCF (RFCF) ~635 550-590 Ordinary DPS (€) 0.55 0.55 ▪ DPS flat YoY Net Debt / EBITDA 5.2x 5.5x ▪ Confirmed structural levera
Slide 14: Low single digit revenue growth in 2026, from normalized 2025 revenues
Low single digit revenue growth in 2026, from normalized 2025 revenues Data in €m 1,077 1,050-1,090 5 4 3 1 2 Total 2025 Discretionary Normalized 2025 Inflation Anchor OLOs Smart Infra Guidance Revenues revenues Revenues Commitment Growth Growth 2026 1 Discretionary revenues: uncommitted revenues li
Slide 15: Balanced debt profile with first relevant maturity in 2027
Balanced debt profile with first relevant maturity in 2027 Debt maturities1 €m 1,250 1,000 750 500 250 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 Highlights ▪ Efficient debt profile: ▪ First relevant maturity in 2027: €500m sustainability-linked term loan ▪ 85% fixed / 15% floating ▪ Ratings con
Slide 16: Medium-term "baseline" Outlook
Medium-term “baseline” Outlook A unique, strategic asset 16
Slide 17: Medium-term baseline outlook
Medium-term baseline outlook ▪ Medium-term baseline outlook reflects the current environment characterized by: ▪ Dry market with no additional investments beyond commitments and tense relationship with anchors Revenues ▪ Low single-digit annual revenue growth EBITDAaL margin ▪ Continued margin expan
Slide 18: Tower infra market | Confirmed coverage and densification needs
Tower infra market | Confirmed coverage and densification needs FY24 Results Presentation 1 Traffic-driven densification 2 Coverage-driven densification 3 Rails & Road 5G coverage ▪ Structural need to increase coverage and ▪ Data traffic growth creating unmet traffic ▪ Upgrade to 5G from 4G requires
Slide 19: INWIT assets | High quality and non-replicable portfolio of locations
INWIT assets | High quality and non-replicable portfolio of locations INWIT Market Update Presentation - Updated 35% 40% Unique locations + Non alternative locations = 75% (no other Towers within relevant range) (no other Towers space available for non-replicable network technical/real estate reason
Slide 20: INWIT Anchors fees | Fees in line with European benchmark
INWIT Anchors fees | Fees in line with European benchmark INWIT Market Update Presentation NewStreet Research March 2026 | Anchor tenant fee: European benchmarks €28k €25k €24k €24k €23k €22k €22k €21k €21k €20k €20k €19k €19k €16k 1 1 MSA (€k/Tower) Other Cellnex Vantage Note: 1) INWIT Italy and Ce
Slide 21: Change of control triggered in 2022 | MSA extended for 16-years to 2038
Change of control triggered in 2022 | MSA extended for 16-years to 2038 Dissolution of the shareholder agreement 2020 2022 1 JOINT CONTROL JOINT CONTROL Daphne 3 (90% owned by Vodafone Group ESTABLISHED TIM Vodafone Group CEASED Ardian with full and exclusive control) All parties locked in INWIT not
Slide 22: Conclusion
Conclusion Towers model based on long-term contracts creates value for all parties thanks to sharing of economics and specialized industrial model Telco industry under pressure offloading challenges on Infra players. Still, we delivered 2025 guidance Mid-term baseline outlook delivers low single dig
Slide 23: Annex
INWIF Annex
Slide 24: P&L FY 2025
P&L FY 2025 (€m) FY 2024 FY 2025 YoY Highlights Recurring Revenues 1,036.0 1,077.2 4.0% ▪ 4.0% Revenue growth driven by Towers – Anchors1 845.3 863.8 2.2% ▪ CPI link, based on 2024 avg FOI index 2 Towers – OLOs and others 119.6 123.0 2.8% ▪ Towers: New PoPs on New Towers and non-TLC co-location PoPs
Slide 25: Overview of key tax assumptions
Overview of key tax assumptions ▪ Two tax schemes with long-term benefits and 2-digit IRRs 1 ▪ Presented in November 2020 2 ▪ Presented in March 2021, subsequently modified ▪ Applied on €2bn goodwill from Vodafone merger ▪ Applied on €1.4bn goodwill at YE 2019 ▪ €114m p.a. cash benefits in 2022-2026
Slide 26: INWIT MSAs are solid and provide value for all parties
INWIT MSAs are solid and provide value for all parties INWIT Market Update Presentation MSA structure consistent with the infrastructure business model; based on long-term contracted revenue streams: ▪ 8+8 automatic renewal cycles ▪ “All or Nothing” clause Up to€5.7bn ▪ Change of Control protection
Slide 27: Change of control triggered in 2022 | MSA extended for 16-years to 2038
Change of control triggered in 2022 | MSA extended for 16-years to 2038 INWIT Market Update Presentation ▪ INWIT since 2020 was jointly controlled by TIM and Vodafone as per their Shareholder Agreement ▪ The Change of Control was triggered in August 2022, following: ▪ The dissolution of the Sharehol
Slide 28: Anchors fees embed upfront consideration of the Sales & lease back transaction
Anchors fees embed upfront consideration of the Sales & lease back transaction; Payback requires long term contracts INWIT Market Update Presentation Price per Tower Margin per Total Fee paid by INWIT Tower Average Fee to Anchors EBITDAaL per PoPs ~€500k ~€20k Hosting Fee Component ~€9k Payback Fina
Slide 29: Despite COVID peaks, average inflation at normal levels over the longer term
Despite COVID peaks, average inflation at normal levels over the longer term INWIT Market Update Presentation +2.9% +2.0% +1.9% Average inflation Average inflation Average inflation 2020-2025 2016-2025 2000-2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8.1% 8.0% 5.4% 5.0% 1.9% 2.0% 1.1
Slide 30: Initiatives to protect the Fastweb MSA | Flow
Initiatives to protect the Fastweb MSA | Flow INWIT Market Update Presentation Nov25- March26 INWIT invited Fastweb to resolve the dispute through an amicable, swift, and timely settlement (arbitration and assisted negotiations) 25 March Fastweb sent the termination notice and start the Civil procee
Slide 31: 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 FY25 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) (J
Slide 32: 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 Q4 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) (J
Slide 33: 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 FY25 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) (J
Slide 34: 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 FY25 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-M
Slide 35: 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 3Q25 4Q25 3M20 6M20 9M20 FY20 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 6M25 9M25 FY25 Figures in #k (Jan-Mar) (jan
Slide 36: Any questions? Ask INWIT Investor Relations
Any questions? Ask INWIT Investor Relations ir@inwit.it 36
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