Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q2 2026 Earnings Presentation
26 slides from Infrastrutture Wireless Italiane's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Financial Results
Q2 2026 Q2 2026 Financial Results July 29th, 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
Key messages Q2 results: financials and industrial KPIs consistent with FY26 guidance and reflecting market context Short-term context: MSA dispute continues, stalled relations with anchor tenants and minimum investments from operators Mid-term market outlook: confirmed need for digital infra driven
Slide 4: Q2 results in line with FY26 guidance
Q2 results in line with FY26 guidance New Towers New PoPs Real Estate +50 ~400 ~400 New Towers in Q2’26 New PoPs in Q2’26 Real Estate Transactions in Q2’26 MSA + Next Gen EU Tenancy ratio 2.40x vs 2.36x in Q2’25 Revenues Margin Cash Flow Shareholder Remuneration -1% ~72% ~ €124m ~ €500m Revenues Gro
Slide 5: Industrial KPIs progression reflecting current market dynamics
Industrial KPIs progression reflecting current market dynamics New Towers (# Towers) New PoPs (Anchors, MNOs, FWAs, Others) Tenancy Ratio (#PoPs) 2.36x 2.37x 2.38x 2.39x 2.40x >2.4x ~1,500 240 720 210 180 ~200 670 650 380 30 50 290 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026E Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 20
Slide 6: 2026 is a transition year, with MSAs dispute overshadowing revenue growth
2026 is a transition year, with MSAs dispute overshadowing revenue growth 1H26 Data in €m ~20 535 531 ~515 1 2 3 4 5 Total 1H'25 Discretionary Total H1'26 Revenues Inflation Anchor OLOs Smart Infra Total 1H'26 Revenues revenues Normalized Commitment Growth Growth Revenues 1 Discretionary revenues: u
Slide 7: Structural operational efficiency to support substantial investments
Structural operational efficiency to support substantial investments (€m) Q2 2025 Q1 2026 Q2 2026 YoY Highlights Total Revenues 269.0 264.1 267.0 -0.8% ▪ Revenues growth more than offset by the lack of project-based non-committed revenues Towers – Anchors1 215.8 219.2 221.7 2.8% ▪ ~3% normalized rev
Slide 8: Solid cash flow generation on track towards full-year target
Solid cash flow generation on track towards full-year target H1 2026 cash flow build up (€m) Highlights ▪ ~ €300m RFCF in H126 in line with FY26 guidance run rate (€124m in Q2) 480.3 ▪ Structurally low recurring capex 14.0 63% cash -9.2 conversion ▪ Low taxes due to goodwill tax schemes (FY26E: ~€50
Slide 9: 2026 financial targets and medium-term baseline outlook confirmed
2026 financial targets and medium-term “baseline” outlook confirmed 2026 Medium-term “baseline” outlook Guidance Revenues 1,050-1,090 ▪ Low single-digit annual revenue growth o/w CPI (prior year avg. FOI index)1 1.4% EBITDA margin ~90% EBITDAaL margin ~72% ▪ Continued margin expansion CAPEX ▪ Annual
Slide 10: Competitive MSA fees; Sales & lease back transaction has long term payback
Competitive MSA fees; Sales & lease back transaction has long term payback and drives total fees Anchor tenant fee: European benchmarks INWIT Average Fee Components Sales&Lease Back Economics NewStreet Research (March 2026) Price per Tower paid by INWIT to Anchors ~€500k Margin per €28k Total Fee To
Slide 11: INWIT assets | High quality and non-replicable portfolio of locations
INWIT assets | High quality and non-replicable portfolio of locations 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 reasons) Naples Rome North Sardinia Legend: INWIT
Slide 12: Industry needs material investment for densification
Industry needs material investment for densification 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 additional sites capacity in Rails &
Slide 13: MSAs dispute
MSAs dispute ▪ We remain fully confident in the strength of our legal position ▪ INWIT remained at any point in time until August 2022 under the joint control of TIM and Vodafone Group ▪ Joint control was sealed by the shareholder agreement which remained valid until August 2022 ▪ Internal reorganiz
Slide 14: Key take-aways
Key take-aways Tower 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 Industry needs material investment for densification, which will unlock materia
Slide 15: Annex
INWIF Annex
Slide 16: Vodafone internal reorganizations in 2020 | no Change of Control event
Vodafone internal reorganizations in 2020 | no Change of Control event March 2020 November 2020 December 2020 Vodafone Vodafone Vodafone Group Group Group 100% 100% 100% Vodafone Vodafone Shareholder Gmbh Europe B.V. 2 Agreement 100% Vodafone Vantage 100% Europe B.V. 2 Towers Special share with gove
Slide 17: Guidance 2026 | Low single digit revenue growth in 2026
Guidance 2026 | Low single digit revenue growth in 2026, from normalized 2025 revenues FY 2025 Results Presentation Updated 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 2
Slide 18: Overview of key tax assumptions
Overview of key tax assumptions FY 2025 Results Presentation ▪ 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.
Slide 19: ESG 1H26 Update | Continuing to invest in sustainability
ESG 1H26 Update | Continuing to invest in sustainability as an integral part of our business model DIGITAL INFRASTRUCTURE E S G COMPANY ▪ Net Zero Strategy ▪ Hospitalities in white/vulnerable areas ▪ ESG Rating and Index PILLARS ▪ Biodiversity projects ▪ People Training and development ▪ Sustainable
Slide 20: ESG 1H26 Update | Overview of Ratings and Index Memberships
ESG 1H26 Update | Overview of Ratings and Index Memberships ESG Index Membership Equileap Gender Equality Eurozone 100 Index 20
Slide 21: 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 3M26 6M26 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 22: 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 Q1 26 Q2 26 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 23: 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 6M25 9M25 FY25 3M26 6M26 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 24: 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 3M26 6M26 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 25: Data book: Operational KPIs
Data book: Operational KPIs 1 3 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 6M25 9M25 FY25 3M26 6M26 Figures in #k (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan
Slide 26: Any questions? Ask INWIT Investor Relations
Any questions? Ask INWIT Investor Relations ir@inwit.it 26
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