Intred Spa · MIL:ITD
Intred Spa — Intermonte European Midcap Conference Frankfurt 2026
25 slides from Intred Spa's conference presentation, Feb 5, 2026
Slide 1: European Midcap Conference Frankfurt
EUROPEAN MIDCAP CONFERENCE FRANKFURT FEBRUARY 5th 2026
Slide 2: Overview
OVERVIEW INTRED CONNESSLSEM ERE
Slide 3: Intred at a Glance
INTRED AT A GLANCE 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, +1.1% YoY Ultrabroadband, FWA, Voice, and Hosting services 55.2 55.8 MARGIN 43.6% 44.9% through its
Slide 4: Stock and Shareholders' Structure
STOCK AND SHAREHOLDERS’ STRUCTURE SHAREHOLDER SHARES % SHAREHOLDERS’ STRUCTURE DM HOLDING S.R.L. 9,625,549 60.38% VALUE FIRST SICAV 1,500,000 9.41% OWN SHARES 64,281 0.40% MARKET MARKET 4,751,120 29.80% 29.80% TOTAL 15,940,950 100.00% STOCK PERFORMANCE INTRED FTSE MIB FTSE ITALIA GROWTH 140 OWN SHAR
Slide 5: FY2025 – Robust Organic Growth
FY2025 – ROBUST ORGANIC GROWTH REVENUES (€ MN) ORGANIC REVENUES (€ MN)* ▪ Revenue performance reflects an evolving +1.1% mix toward a more efficient and +8.4% 55.2 sustainable business model, driven by 55.8 47.4 the strengthening of recurring revenues 43.8 and a sharper focus on core, higher-margin
Slide 6: FY2025 – Revenues Breakdown
FY2025 – REVENUES BREAKDOWN MOBILE PAVIA OTHERS MANTOVA VOICE & DATA 0.3% 1.3% 5.0% MONZA 1.5% 3.3% 18.2% MILANO 13.2% LANDLINE TELEPHONY 6.5% BREAKDOWN BREAKDOWN 2.7% COMO BROADBAND 1.9% BY SERVICE BY AREA 2.0% LECCO CONNETTIVITY CREMONA 4.7% 58.3% ULTRA 52.9% FWA CONNECTIVITY 2.7% BROADBAND BRESCI
Slide 7: A Network Almost 15,000km, +10% YoY
A NETWORK ALMOST 15,000KM, +10% YOY 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 M > 0.9
Slide 8: Investing to Support Growth >€180 MN Since 2016
INVESTING TO SUPPORT GROWTH >€ 180 MN SINCE 2016 € /MN CAPEX TO BUILD, DEVELOP 60 AND STRENGTH THE NETWORK 50 ▪ 1H2025 investments at € 12.2 MN focused on FTTH network development in Lombardia area 40 ▪ Development of Ultra Wideband 30 connectivity, disinvesting from broadband connectivity by using
Slide 9: Strong Focus in FTTH
STRONG FOCUS IN FTTH ITALIAN FIXED LINES BREAKDOWN Intred 4.6% Market FWA 12.5% ▪ Intred leads with 46.6%, far 46.6% FTTH surpassing 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 Comunicazio
Slide 10: Strategic Plan
STRATEGIC PLAN INTRED CONNESSLSEM ERE
Slide 11: Strategic Plan 2024-2027: Pillars
STRATEGIC PLAN 2024-2027: PILLARS PROPRIETARY NETWORK EXTERNAL LINES DATA CENTER • Expansion into a high- • Selective bolt-on options growth adjacent market • Monetization of fiber from FY26 backbone and FTTH • Scalable, fully • Focus on accelerating interconnected • Upselling and multi-year on-net
Slide 12: Intred 2027 Horizon
INTRED 2027 HORIZON 2027E CUMULATED CAPEX Value of Production EBITDA EBITDA Margin 2020-2023 2024E-2027E 67-73 34-36 50% 100 80 €/MN CAGR 2023 2024 2025E 2026E 2027E 2023-2027E ✓ Value of Production 50.5 56 67-73 High single Digit ✓ EBITDA 22.5 24 34-36 Double digit ✓ EBITDA margin 44.6% 44.5% 50% ▪
Slide 13: Financial Targets 2027
FINANCIAL TARGETS 2027 €/MN NET FINANCIAL POSITION 2023 2024 2025E 2026E 2027E 30 EVOLUTION 20 EBITDA 22.5 24 34-36 10 0 CAPEX 31.0 32.2 -10 -20 EBITDA – CAPEX (8.5) (8.2) -30 -40 2023 2024 2025E 2026E 2027E Net Financial Position 20.9 32.9 Net Financial Position EBITDA - Capex STRONG CASH GENERATIO
Slide 14: Looking Ahead: Data Centers
LOOKING AHEAD: DATA CENTERS Market Shares Others Market Size in 2029 IT LOAD CAPACITY (2024) 13.0% 26.0% 2.0% 2.0% 3.0% € 3,7 B 411.4 MW 3.0% TOTAL SUPPLY 4.0% The IT load capacity of the Italian CAGR (2024- data center market may grow 301 MW 5.0% steadily and reach 805.2 MW by 2029) 2029. Media & e
Slide 15: Data Centers: Current Status
DATA CENTERS: CURRENT STATUS ▪ Positive EBITDA contribution expected Preliminary contract signed in September 2025 with DBA from late 2027, with EBITDA projected to S.p.A. for design & construction exceed Capex starting in 2029 ▪ IRR above 20% over the 2025–2036 period, based on a financing structur
Slide 16: Key Takeaways
KEY TAKEAWAYS ▪ Intred confirms its approach to cash re-investments in high growth businesses leveraging on its customer base: School tender Capex close to an end allow the positioning in the appealing Data Centers business ▪ A double-digit growth rate for EBITDA in the 2023-27 period leading to a m
Slide 17: Appendix
APPENDIX INTRED CONNESSLSEM FRE
Slide 18: 1H2025 Highlights – Growth Confirmed
1H2025 HIGHLIGHTS – GROWTH CONFIRMED 28.6% 43.1% 44.6% 43.0% 44.9% 26.4% 42.8% 25.1% 22.3% EBITDA 38.4% EBIT 21.0% 21.6% MARGIN MARGIN REVENUES (€ MN) +1.1% EBITDA (€ MN) EBIT (€ MN) YoY 55.2 27.8 50.1 12.7 24.0 11.8 12.2 11.8 45.5 22.5 +9.1% 40.4 +3.0% 19.9 YoY YoY 35.4 17.6 12.5 8.1 6.0 13.9 2020
Slide 19: 1H 2025 - Best Ever EBITDA Margin
1H 2025 - BEST EVER EBITDA MARGIN €/000 1H2025 1H2024 YOY% REVENUES 27,767 25,894 7.2% VALUE OF PRODUCTION 27,893 26,290 6.1% ▪ Connecting Italia merged OPERATING COSTS 10,879 10,435 4.3% in 2024 EBITDA* 12,513 11,466 9.1% EBITDA Margin 44.9% 43.6% ▪ Turnover at € 27.8 MN, + 7.2% YoY driven by EBIT
Slide 20: 1H2025 - Balance Sheet
1H2025 - BALANCE SHEET €/000 1H2025 FY2024 VAR VAR% CURRENT ASSETS 13,564 13,045 519 4.0% CURRENT LIABILITIES (51,285) (51,255) (30) (0.1%) NET WORKING CAPITAL (37,721) (38,210) 489 (1.3%) TOTAL FIXED ASSETS 139,299 133,106 6,193 4.7% Staff severance indemnity (1,691) (1,636) (55) 3.4% Provisions fo
Slide 21: EBITDA Analysis: 1H2024 – 1H2025
EBITDA ANALYSIS: 1H2024 – 1H2025 €/MN (0.3) 0.4 (0.1) (0.4) (0.5) 12.5 1.9 11.5 EBITDA 1H2024 INCREASE IN OTHER REVENUES STOCK&RAW PERSONNEL SERVICES COST COST OF ACCESS EBITDA 1H2025 REVENUES MATERIALS COST 2121
Slide 22: NFP Analysis: 2024 – 1H2025
NFP ANALYSIS: 2024 – 1H2025 €/MN 12.5 (12.2) (0.5) (32.9) (1.7) (2.7) (37.4) NFP 2024 EBITDA 1H2025 CAPEX 1H2025 NWC TAXES OTHER NFP 1H2025 22
Slide 23: 1H2025 Free Cash Flow
1H2025 FREE CASH FLOW CASH FLOW CASH FLOW CASH FLOW NET INCREASE/ €/MN FROM OPERATING FROM INVESTING FROM FINANCING DECREASE IN CASH & ACTIVITIES ACTIVITIES ACTIVITIES CASH EQUIVALENTS 22.9 22.4 21.7 18.2 12.5 9.8 (38.8) (31.8) 2.4 2.3 (30.6) (12.6) (1.6) (0.4) (3.2) (9.7) ■ 2022 ■ 2023 ■ 2024 ■ 1H2
Slide 24: Investor Relations – Next Events
INVESTOR RELATIONS Next events March 23, 2026 INTRED CDR Communication Board of Directors meeting to approve the Financial CFO & Investor Relations Officer IR Advisor Statements as at 31.12.2025 Filippo Leone Vincenza Colucci Tel. +39 391 4143050 Tel. +39 335 6909547 April 28, 2026 Shareholders’ mee
Slide 25: eINTRED
eINTRED CONNESSI SEMPRE
Intred — Intermonte European Midcap Conference Frankfurt 2026 on 6ix