Press Release
BOARD OF DIRECTORS APPROVES
DRAFT FINANCIAL STATEMENTS AT 31 DECEMBER 2024
INVESTMENT ON PROPRIETARY NETWORK DRIVES
REVENUE TO € 55.2 MN
EBITDA REACHES BEST EVER RESULT AT € 24.0 MN, WITH
EBITDA MARGIN AT 43%
• REVENUE at € 55.2 million, up 10.3% versus € 50.1 million in 2023
• EBITDA1 at € 24.0 million, up 6.7% versus € 22.5 million in 2023 (EBITDA margin at 43.0%)
• EBIT at € 11.8 million versus € 12.7 million in 2023 (EBIT margin at 21.0%)
• Net profit at € 6.9 million versus € 8.2 million in 2023, due to higher investment and financial expense
• Investment of € 32.2 million, focused on the development of the proprietary network, which grew by approximately 14.6% versus the prior year, exceeding 13,500 km at end 2024
• Net financial debt (NFD) at € 32.9 million versus € 20.9 million at 31 December 2023
• Proposed ordinary dividend of € 0.10 per share
• Resolution on calling of Ordinary Shareholders' Meeting
Brescia, 25 March 2025 - Intred S.p.A. ("Intred" or the "Company"), a telecommunications company listed since July 2018 on the Euronext Growth Milan market of Borsa Italiana (symbol: ITD.MI), met today and reviewed and approved the draft financial statements at 31 December 2024, prepared in accordance with the EGM Italy Issuer Regulation and in accordance with Italian accounting standards.
In the words of Daniele Peli, Co-Founder and CEO of Intred S.p.A.: "We closed 2024 on a strong note, with over 10% growth and revenue exceeding € 55 million, driven mainly by
1 EBITDA: Alternative Performance Measure: EBITDA (Earnings Before Interest Taxes Depreciations and Amortizations), an APM not defined by the Italian accounting standards, but used by Management to monitor and measure its performance, as it is not affected by volatility, due to the effects of the range of criteria for determining taxable income, the amount and nature of capital employed and the associated amortization/depreciati on policies. This measure is defined by Intred as Profit/(Loss) for the period before amortization and depreciation of tangible and intangible fixed assets, financial income and expense, and income tax.
Ultra Broadband services and recurring fees. Our network expansion, now reaching 13,500 km, has reinforced our presence across Lombardy, enabling more widespread connections. 2024 was a pivotal year for our market positioning. Alongside organic growth, we completed strategic deals including the acquisition of Connecting Italia and the purchase of land for our future Data Center in Brescia. This project is a cornerstone of our 2024-2027 Strategic Plan and will allow us to broaden our offerings and strengthen our role in the telecom sector. We also stepped up our communications, raising brand visibility and reinforcing our image as a leader in quality connectivity. The choice of Andrea Pirlo as brand ambassador and the launch of the 'Connessi al domani' format were just some of the initiatives that highlighted our commitment to a more connected future.
We approach 2025 with great enthusiasm, ready to take on the challenges and opportunities ahead. Our strategy remains focused on targeted infrastructure investment, the development of the Data Center project, and the consolidation of our market presence. Against this backdrop, the recent merger of Connecting Italia into Intred enhances the integration of our resources and expertise, opening the door to further expansion opportunities through external growth".
KEY INCOME-FINANCIAL RESULTS AT 31 DECEMBER 2024
FOREWORD
The figures shown at 31 December 2024 include for the first time, and for the full year, the results of Connecting Italia S.r.l., acquired on 3 April 2024 and merged by incorporation later that year (seepress release of 21 November 2024). The merger became effective for statutory purposes on 1 January 2025, with accounting and tax effects retroactive to 1 January 2024.
Below is a statement of reclassified income statement items up to profit/loss before tax, which shows the 2024 figures of Intred and Connecting Italia S.r.l., both of which are considered stand-alone.
INTRED | % | CONNECTING | % | FY2024 | % |
REVENUE FROM SALES | 52,547,662 | 98.9% | 2,689,133 | 97.4% | 55,236,794 | 98.8% |
VALUE OF PRODUCTION | 53,129,871 | 100.0% | 2,760,266 | 100.0% | 55,890,047 | 100.0% |
OPERATING COSTS | 29,502,326 | 55.5% | 2,350,364 | 85.1% | 31,852,690 | 57.0% |
EBITDA | 23,627,455 | 44.5% | 409,902 | 14.9% | 24,037,358 | 43.0% |
EBIT | 11,414,341 | 21.5% | 348,325 | 12.6% | 11,762,666 | 21.0% |
PROFIT BEFORE TAX | 9,805,012 | 18.5% | 337,209 | 12.2% | 10,142,219 | 18.1% |
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In 2024, Intred S.p.A. alone recorded an EBITDA margin of 44.5% or € 23.6 million. This result was achieved despite a significant marketing investment of approximately € 4.2 million (7% of sales) aimed at boosting brand awareness.
The merger of Connecting Italia S.r.l. into Intred S.p.A., through business integration and cost rationalization, will drive margin growth and strengthen the Company's operational efficiency and profitability.
RECLASSIFIED INCOME STATEMENT
The following reclassified income statement shows the results of the merger of the merged Connecting Italia S.r.l. into Intred S.p.A.
FY2024 | % | FY2023 | % | Change | % |
REVENUE FROM SALES | 55,236,794 | 98.8% | 50,072,032 | 99.1% | 5,164,763 | 10.3% |
VALUE OF PRODUCTION | 55,890,047 | 100.0% | 50,520,771 | 100.0% | 5,369,277 | 10.6% |
OPERATING COSTS | 31,852,690 | 57.0% | 27,991,271 | 55.4% | 3,861,419 | 13.8% |
EBITDA | 24,037,358 | 43.0% | 22,529,500 | 44.6% | 1,507,858 | 6.7% |
EBIT | 11,762,666 | 21.0% | 12,668,657 | 25.1% | (905,991) | -7.2% |
PROFIT BEFORE TAX | 10,142,219 | 18.1% | 11,514,219 | 22.8% | (1,372,000) | -11.9% |
PROFIT (LOSS) FOR THE YEAR | 6,889,934 | 12.3% | 8,191,480 | 16.2% | (1,301,546) | -15.9% |
The value of production at 31 December 2024 stood at € 55.9 million, while revenue from sales at end 2024 was € 55.2 million, up 10.3% versus the same period of the prior year (€ 50.1 million), and in line with the forecasts in the guidance of the 2024-2027 Strategic Plan (seepress release of 24 September 2024).
The increase in sales was driven mainly by Ultra Broadband connections, which totaled € 33.9 million, up 11.5% versus the same period last year.
The strongest growth came from services with recurring fees - the Company's core business - which accounted for approximately 88.5% of revenue, reaching € 48.9 million, up 13.1%. Revenue from one-off products and services amounted to approximately € 6.4 mi llion. By customer segment, the highest growth was recorded in the Professional sector, up 16.1% to € 30.6 million. Sales in the Residential segment rose significantly by 4.6% to € 9.6 million, while the Wholesale segment grew by 9.1% to € 4.2 million. Public Adm inistration revenue also rose, up 1.2% to € 10.7 million.
The churn rate remains well below market benchmarks, at 4.7%, confirming the Company's high customer loyalty.
The number of users with data lines exceeded 52,500 at 31 December 2024, marking an 8.1% increase versus the same period of the prior year.
EBITDA in 2024 came to € 24.0 million, up 6.7% versus € 22.5 million in 2023, with an EBITDA margin of 43.0%.
EBIT came to € 11.8 million, slightly down from € 12.7 million at 31 December 2023, with an EBIT margin of 21.0%. The decline was due mainly to higher amortization and depreciation linked to increased investment in infrastructure and technology in the year, aimed at supporting the Company's long-term growth and improving operational efficiency.
Net profit at 31 December 2024 amounted to € 6.9 million, down from € 8.2 million in the prior year, reflecting mainly higher amortization and depreciation and financial expense tied to greater borrowing to fund investment in the proprietary network in support of the School Tender.
STATEMENT OF FINANCIAL POSITION
Net financial debt stood at € 32.9 million versus € 20.9 million at 31 December 2023. This trend is attributable to the significant investment in support of the School Tender, as shown by payables to banks of € 43.1 million versus € 28.8 million at 31 December 2023. Cash amounted to € 10.3 million versus € 7.9 million at 31 December 2023.
Equity at 31 December 2024 amounted to € 59.7 million, up 8.6% from € 55.0 million at 31
December 2023.
***
INVESTMENT AND NETWORK DEVELOPMENT
In 2024, Intred's proprietary fibre network continued to grow, expanding from approximately 11,700 km at 31 December 2023 to over 13,500 km at year-end 2024, an increase of 14.6%. This development was supported by € 32.2 million in investment, focused mainly on upgrading the backhauling network and expanding the FTTH access network across the territory.
Infrastructure investment was directed mainly toward improving and expanding network capacity to meet growing connectivity demand. The majority - 81% of total network-related investment - was allocated to tangible fixed assets. These funds were used for civil works to lay fibre and ensure network efficiency and security.
The remaining 19% was allocated to intangible fixed assets, mainly for acquiring Indefeasible Rights of Use (IRU) for dark fibre and/or cable ducts. These rights, lasting 15, 18, or 22 years, allow Intred to expand its infrastructure without investing in new civil works, leveraging existing assets to support long-term network growth.
SIGNIFICANT EVENTS IN THE PERIOD
On 29 January 2024, Intred announced that it had signed a binding agreement with Aliedo S.p.A., as the seller, on the acquisition of 100% of the share capital of Connecting Italia S.r.l., a company with registered office in Milan that carries out activities in the development, production, trading, offering, supply and maintenance of telecommunications services and, in particular, telephony and broadband data transmission services. The closing of the transaction is tentatively expected by end April.
On 11 March 2024, Intred announced the appointment of Egon Zanagnolo as its new General Manager, effective 28 March 2024, following the resignation of Federico Protto to pursue new professional opportunities internationally.
On 3 April 2024, Intred announced the closing of the transaction for the acquisition of 100% of the share capital of Connecting Italia S.r.l., completed through the purchase of the relevant shares from Aliedo S.p.A. (for details on the structure and terms of the transaction, see the press releases issued by the Company on 29 January 2024 and 3 April 2024).
On 9 May 2024, Intred announced the payment of an ordinary dividend of € 0.10 per share, totaling € 1,588,160, gross of tax.
On 14 May 2024, Intred announced that the number of activated Internet connection lines had exceeded 50 thousand. A result achieved also by the expansion of the proprietary fibre network.
On 20 May 2024, Intred's Board of Directors, pursuant to Article 84-bis of CONSOB Regulation No. 11971/1999, announced the allocation of rights related to the "2021 -2023 Stock Grant Plan" approved by the Shareholders' Meeting on 29 April 2021. The vesting of a total of 27,800 free awarding rights was approved, confirming that the conditions set forth in the relevant regulations were met.
On 18 June 2024, Intred's Board of Directors approved the Sustainability Reports for 2022 and 2023. The plan to merge Connecting Italia S.r.l. into Intred S.p.A. was also approved (for more details, see the press release issued on 18 June 2024). The Board of Directors al so resolved, based on the authorization granted by the Shareholders' Meeting on 18 April 2024, to appoint Intermonte Sim S.p.A. as the intermediary in charge of the purchase of treasury shares, in accordance with current regulations, in particular the provisions of Article 132 of the TUF and Article 144-bis of CONSOB Regulation No. 11971/1999 with the operating procedures established by the Regulations of Markets organized and managed by Borsa Italiana S.p.A. The buy-back plan was initiated on 24 June 2024 (for more details, see the press release issued on 18 June 2024).
On 21 June 2024, Intred disclosed, pursuant to and for the purposes of Article 85-bis of CONSOB Regulation No. 11971/99, the new composition of the share capital resulting from •••
the assignment of 27,800 ordinary shares following the exercise of 27,800 rights attributable free of charge envisaged in the "2021-2023 Stock Grant Plan". The shares assigned are from the share capital increase approved by the Shareholders' Meeting of 29 April 2021 to service the Plan itself and are therefore newly issued.
On 12 July 2024, Intred, further to the announcements made on 29 January 2024 and 3 April 2024, paid Aliedo S.p.A. the balance of € 1.2 million for the acquisition of 100% of the share capital of Connecting Italia S.r.l., following the price adjustment provided for in the acquisition agreement.
On 17 September 2024, Intred announced the signing of a preliminary contract for the purchase of a buildable area of approximately 28,000 square meters in Brescia, located in a strategic area undergoing environmental remediation and targeted for the redevelopment of a key part of the city. The acquisition is intended for the construction of a Data Center, a core project in the new 2024-2027 Strategic Plan.
On 24 September 2024, Intred's Board of Directors approved the Group's 2024-2027 Strategic Plan, which outlines significant business development and sustainable growth. The Plan prioritizes strategic investment - particularly in Data Centers - and aims to improve profitability and cash generation over the coming years. It also includes continued expansion through M&As and a strengthening of the financial position to optimize resources and progressively reduce debt.
***
SIGNIFICANT EVENTS AFTER YEAR END
No significant events occurred after the end of the period.
***
OUTLOOK FOR THE CURRENT YEAR
The early months of the current year show promising signs versus the performance seen last year; this positive outlook is further corroborated by the growth in sales volumes. Investment will continue to focus on developing the proprietary network, a key tool for generating solid revenue growth for the company. Investment will be made particularly in the FTTH access network, expanding the reach of the network throughout Lombardy, by developing the activation plans envisaged by the two School Tenders.
An important driver of business development for the current year will be the attainment of the necessary permits for the data center project, for which the final contract was signed last year. The project's implementation is subject to securing the required permits, approvals, and certifications in line with applicable regulations. Beginning in 2026, investment is expected to gradually decline, generating significant liquidity. This process will support the further consolidation of the Company's financial strength by enhancing its cash generation capacity.
PROPOSED ALLOCATION OF PROFIT FOR THE YEAR
The Board of Directors resolved to propose to the Shareholders' Meeting the allocation of profit for the year of € 6,889,934 as follows: € 5,298,994 to the Extraordinary Reserve, and the remaining € 1,590,940 to an ordinary dividend from 2024 profits, gross of tax, equal to € 0.10 per share, with ex-dividend date of 12 May 2025. Those who are shareholders of Intred S.p.A. at the end of the accounting day of 13 May 2025 (record date) will be entitled to the dividend. The payment date is indicated as 14 May 2025.
***
CALLING OF ORDINARY SHAREHOLDERS' MEETING
The Board of Directors also resolved to convene an Ordinary Shareholders' Meeting on 29 April 2025, at the company's registered office in Brescia, via Pietro Tamburini 1, to resolve on the following:
- Approval of the financial statements and allocation of profit for the year.
- Appointment of members of the Board of Statutory Auditors and determination of its fees.
-
Revocation of the current authorization to purchase and dispose of treasury shares approved by the shareholders' meeting on 28 April 2024, and granting of a new authorization to purchase and dispose of treasury shares for a period of 18 months, pursuant to Articles 2357 and 2357-ter of the Civil Code.
***
FILING OF DOCUMENTATION
The notice of call and the related documentation envisaged by applicable regulations, including the draft financial statements at 31 December 2024, the Report on Operations, the directors' report on the items on the agenda of the Shareholders' Meeting, the report of the Board of Statutory Auditors, the report of the independent auditors, as well as further documentation relevant to the items on the agenda, will be made publicly available, within the time limits of law, at the registered office (via Pietro Tamburini, 1, 25136 Brescia) as well as by publication on the Company websitewww.intred.it, "Investitori/Bilanci e Relazioni" and "Governance/Assemblea degli Azionisti" sections.
***
This press release is online atwww.1info.it and on the Issuer's websitewww.intred.it (Investitori / Comunicati Stampa Price Sensitive section).
Intred
A leading telecoms player in Lombardy, Intred was founded in 1996 by Daniele Peli, the company's current Chairman and CEO, and has been listed since 2018 on the EGM (formerly AIM Italia) market of Borsa Italiana (symbol: ITD.MI). With a proprietary fibre network exceeding 13,500 kilometers, Intred offers broadband and ultra- broadband connectivity, fixed wireless access, fixed telephony, cloud services, and related ancillary services to Professional, Public Administration, and Residential customers. Direct infrastructure management ensures efficiency, profitability, service quality, and a guaranteed high level of performance. With solid assets and a well-established and highly scalable business model - generating over € 55.2 million in revenue at 31 December 2024 - Intred positions itself as the ideal infrastructure technology partner, delivering a complete portfolio of reliable, high-quality, and secure solutions.www.intred.it
Euronext Growth Advisor Banca Profilo S.p.A.
+39 02 584081intred@bancaprofilo.it
Investor Relation Advisor CDR Communication Simone Rivera
Tel. +39 366 8780742simone.rivera@cdr-communciation.it
Specialist
Integrae SIM S.p.A. +39 02 87208720info@integraesim.it Vincenza Colucci Tel. +39 335 6909547vincenza.colucci@cdr-communciation.it
Investor Relation Intred
CFO & Investor Relations Officer Filippo Leone
Tel. +39 391 4143050ir@intred.it
Media Relation
CDR Communication Angelo Brunello
Tel. +39 329 2117752angelo.brunello@cdr-communication.it
Attached are the Income Statement, Statement of Financial Position and Statement of Cash Flows of Intred S.p.A at 31 December 2024
INCOME STATEMENT
FY2024 | % | FY2023 | % | Change | % |
VALUE OF PRODUCTION | 55,890,047 | 100.0% | 50,520,771 | 100.0% | 5,369,277 | 10.6% |
PRODUCTION COSTS | 22,959,812 | 41.1% | 19,893,613 | 39.4% | 3,066,199 | 15.4% |
ADDED VALUE | 32,930,236 | 58.9% | 30,627,158 | 60.6% | 2,303,078 | 7.5% |
EBITDA | 24,037,358 | 43.0% | 22,529,500 | 44.6% | 1,507,858 | 6.7% |
PROFIT BEFORE TAX | 10,142,219 | 18.1% | 11,514,219 | 22.8% | (1,372,000) | -11.9% |
Revenue from sales and | 55,236,794 | 98.8% | 50,072,032 | 99.1% | 5,164,763 | 10.3% |
services | ||||||
Other revenue | 653,253 | 1.2% | 448,739 | 0.9% | 204,514 | 45.6% |
Purchases | 1,510,897 | 2.7% | 2,342,198 | 4.6% | (831,301) | -35.5% |
Services | 9,703,152 | 17.4% | 8,039,888 | 15.9% | 1,663,263 | 20.7% |
Rentals and leases | 10,466,744 | 18.7% | 9,170,890 | 18.2% | (1,295,853) | 14.1% |
Changes in inventory | 474,539 | 0.8% | (507,206) | -1.0% | 981,745 | -193.6% |
Sundry operating expense | 804,480 | 1.4% | 847,841 | 1.7% | (43,361) | -5.1% |
Personnel expense | 8,892,878 | 15.9% | 8,097,658 | 16.0% | 795,220 | 9.8% |
Amortization, depreciation | 12,274,692 | 22.0% | 9,860,843 | 19.5% | 2,413,848 | 24.5% |
and write-downs | ||||||
EBIT | 11,762,666 | 21.0% | 12,668,657 | 25.1% | (905,991) | -7.2% |
Financial and investment | 285,345 | 0.5% | 285,121 | 0.6% | 224 | 0.1% |
income | ||||||
Interest and other financial | (1,906,881) | -3.4% | (1,439,870) | -2.9% | (467,011) | 32.4% |
expense | ||||||
Foreign exchange gains and | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% |
losses | ||||||
Write-backs and write-downs | 1,090 | 0.0% | 312 | 0.0% | 778 | 0.0% |
Current/deferred/prepaid tax | 3,252,285 | 5.8% | 3,322,739 | 6.6% | (70,453) | -2.1% |
PROFIT (LOSS) FOR THE | 6,889,934 | 12.3% | 8,191,480 | 16.2% | (1,301,546) | -15.9% |
YEAR | ||||||
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CURRENT ASSETS | 13,044,619 | 14.1% | 15,748,687 | 20.7% | (2,704,069) | -17.2% |
CURRENT LIABILITIES | (51,254,546) | -55.4% | (47,431,679) | -62.5% | (3,822,867) | 8.1% |
NET WORKING CAPITAL | (38,209,927) | -41.3% | (31,682,991) | -41.7% | (6,526,936) | 20.6% |
TOTAL FIXED ASSETS | 133,105,513 | 143.8% | 109,458,845 | 144.2% | 23,646,668 | 21.6% |
NET CAPITAL EMPLOYED | 92,581,601 | 100.0% | 75,902,891 | 100.0% | 16,678,710 | 22.0% |
EQUITY | (59,721,109) | -64.5% | (54,996,048) | -72.5% | (4,725,061) | 8.6% |
STATEMENT OF FINANCIAL POSITION |
FY2024 |
% | FY2023 | % | Change | % | ||
Trade receivables | 9,458,300 | 10.2% | 12,027,964 | 15.8% | (2,569,664) | -21.4% |
Inventory | 460,028 | 0.5% | 934,567 | 1.2% | (474,539) | -50.8% |
Other assets | 1,310,153 | 1.4% | 1,300,525 | 1.7% | 9,627 | 0.7% |
Accrued income and deferred | 1,816,138 | 2.0% | 1,485,631 | 2.0% | 330,507 | 22.2% |
expense | ||||||
Trade payables | (18,515,297) | -20.0% | (21,037,099) | -27.7% | 2,521,801 | -12.0% |
Advances | 0 | 0.0% | (1,380,679) | -1.8% | 1,380,679 | -100.0% |
Tax position | (298,897) | -0.3% | (391,639) | -0.5% | 92,742 | -23.7% |
Accrued expense and deferred | (30,564,197) | -33.0% | (22,761,460) | -30.0% | (7,802,738) | 34.3% |
income | ||||||
Other liabilities | (1,876,154) | -2.0% | (1,860,802) | -2.5% | (15,352) | 0.8% |
Intangible fixed assets | 37,187,988 | 40.2% | 30,785,714 | 40.6% | 6,402,274 | 20.8% |
Tangible fixed assets | 95,895,091 | 103.6% | 78,654,038 | 103.6% | 17,241,053 | 21.9% |
Financial fixed assets | 22,434 | 0.0% | 19,094 | 0.0% | 3,340 | 17.5% |
Post-employment benefits | (1,635,709) | -1.8% | (1,531,989) | -2.0% | (103,720) | 6.8% |
Provisions for risks and charges | (678,276) | -0.7% | (340,973) | -0.4% | (337,303) | 98.9% |
Share capital | (10,037,696) | -10.8% | (10,019,904) | -13.2% | (17,792) | 0.2% |
Reserves | (43,139,795) | -46.6% | (36,889,209) | -48.6% | (6,250,586) | 16.9% |
Profit (loss) for the year | (6,889,934) | -7.4% | (8,191,480) | -10.8% | 1,301,546 | -15.9% |
Negative reserve for shares in | 346,315 | 0.4% | 104,545 | 0.1% | 241,770 | 0.0% |
portfolio | ||||||
Ready cash | 10,279,759 | 11.1% | 7,863,963 | 10.4% | 2,415,796 | 30.7% |
Payables to banks - within 12m | (21,171,060) | -22.9% | (7,421,480) | -9.8% | (13,749,580) | 185.3% |
Payables to banks - over 12m | (21,969,190) | -23.7% | (21,349,326) | -28.1% | (619,864) | 2.9% |
NET FINANCIAL POSITION | (32,860,491) | -35.5% | (20,906,843) | -27.5% | (11,953,648) | 57.2% |
••• |