Infrastrutture Wireless Italiane S.p.a. · MIL:INW
Infrastrutture Wireless Italiane — Q1 2026 Earnings Presentation
23 slides from Infrastrutture Wireless Italiane's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Q1 2026 Financial Results May 13th, 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 Q1 results: consistent with FY guidance, reflecting the current market context Short-term context: stalled relations with anchor tenants and minimum investments Mid-term market outlook: confirmed need for digital infra driven by 5G network densification 2026 guidance and mid-term “basel
Slide 4: Q1 results are consistent with FY26 guidance
Q1 results are consistent with FY26 guidance New Towers New PoPs Real Estate +30 ~300 ~400 New Towers in Q1’26 New PoPs in Q1’26 Real Estate Transactions in Q1’26 MSA + Next Gen EU Tenancy ratio 2.39x vs 2.35x in Q1’25 Revenues Margin Cash Flow -1% ~72% €176m Revenues Growth YoY EBITDAaL Margin RFCF
Slide 5: Operational KPIs reflect the current context
Operational KPIs reflect the current context New Towers (# Towers) New PoPs (Anchors, MNOs, FWAs, Others) Tenancy Ratio (#PoPs) 2.35x 2.36x 2.37x 2.38x 2.39x >2.4x ~1,500 210 240 ~200 740 720 670 650 150 180 290 30 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 2026E Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 2026E ▪ New tower r
Slide 6: Low single-digit normalized revenue growth in Q1’26
Low single-digit normalized revenue growth in Q1’26 Data in €m 266.2 4 5 264.1 3 1 2 Total Q1'25 Discretionary Normalized 1Q'25 Inflation Anchor OLOs Smart Infra Total Q1'26 Revenues revenues Revenues Commitment Growth Growth Revenues 1 Discretionary revenues: uncommitted revenues linked to discreti
Slide 7: Best in class margins thanks to structural operational efficiency
Best in class margins thanks to structural operational efficiency (€m) Q1 2025 Q4 2025 Q1 2026 YoY Highlights Total Revenues 266.2 270.8 264.1 -0.8% ▪ Revenues growth more than offset by the lack of project-based non-committed revenues Towers – Anchors1 215.0 216.8 219.2 2.0% ▪ >3% normalized revenu
Slide 8: FY26 RFCF front-end loaded profile
FY26 RFCF front-end loaded profile, with 74% cash conversion in Q1’26 Q1 2026 cash flow build up (€m) Highlights ▪ €176m RFCF (+11% YoY) with 74% cash conversion 239.5 10.5 74% cash - conversion ▪ Structurally low recurring capex -3.9 ▪ No taxes cash out (payments in Q2 and Q4, as usual) 176.2 -57.5
Slide 9: 2026 financial targets and medium-term 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: Legal roadmap
Legal roadmap ORDINARY TRIAL PROCESS TIMELINE 25 March 2026 2029 Estimated 3 years Fastweb started the Civil Estimated end of the ordinary Possible appeal Possible appeal proceedings to validate their trial «giudizo di merito» (Second instance Court) Supreme Court alleged right to terminate (First i
Slide 11: Competitive MSA fees
Competitive MSA fees, including the financial component, integral to the sales & lease back transaction Anchor tenant fee: European benchmarks INWIT Average Fee Components Average historical inflation NewStreet Research (March 2026) €28k Total Fee €25k Average Fee €24k €24k per PoPs €23k €22k €22k €
Slide 12: 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 13: 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 14: Annex
INWIF Annex
Slide 15: Low single digit revenue growth in 2026
Low single digit revenue growth in 2026, from normalized 2025 revenues FY 2025 Results Presentation 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 reve
Slide 16: 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 17: Change of control triggered in 2022
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 18: 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 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-De
Slide 19: 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 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-J
Slide 20: Data book: Balance Sheet
Data book: Balance Sheet 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 6M24 9M25 FY25 3M26 Currency: €m (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-Mar) (Jan-Jun) (Jan-Se
Slide 21: Data book: Cash Flow
Data book: Cash Flow 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M24 FY24 3M25 6M25 9M25 FY25 3M26 Currency: €m (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-Mar) (Jan-Jun) (Jan-Sep) (
Slide 22: Data book: Operational KPIs
Data book: Operational KPIs 1Q21 1 2Q21 3Q21 4Q21 3 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 3M21 6M21 9M21 FY21 3M22 6M22 9M22 FY22 3M23 6M23 9M23 FY23 3M24 6M24 9M23 FY24 3M25 6M25 9M25 FY25 3M26 Figures in #k (Jan-Mar) (Jan-Jun) (Jan-Sep) (Jan-Dec) (Jan
Slide 23: Any questions?
Any questions? Ask INWIT Investor Relations ir@inwit.it 23
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