INTRED S.p.A: Board of Directors approves draft financial statements at 31 december 2025.

Press Release

PROPRIETARY FIBRE NETWORK CONTINUES EXPANSION START OF UPLISTING ON EURONEXT MILAN

• REVENUE at € 55.8 million, growing organically by 8.4% versus 2024; recurring

  component exceeds 95%

• EBITDA1 at € 25.5 million, up 4.1% versus € 24.5 million in 2024 (EBITDA margin at

  45.8% versus 44.4% in 2024)

• EBIT at € 12.4 million versus € 12.6 million in 2024 (EBIT margin at 22.3%)

• Net profit at € 8.3 million, up 4.2% versus € 8.0 million in 2024

• Expenditure of € 21.2 million, focused on the development of the proprietary network, which grew by 9.9% versus the prior year, reaching approximately 15,000 km at end 2025

• Net Financial Debt (NFD) at € 42.1 million versus € 35.7 million at 31 December 2024, including the effects of applying IFRS 16 (rights of use). Cash NFP stands at € 39.5 million

• Ordinary dividend of € 0.12 per share proposed, payable in two equal tranches

• Resolution on calling of Ordinary Shareholders' Meeting

2024 COMPARISON AMOUNTS INCLUDE CHANGES RESULTING FROM THE ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS

‌EBITDA: Alternative Performance Measure: EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), 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/depreciation 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. The EBITDA margin is calculated as the ratio of EBITDA to Revenue from Sales.

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 2025, prepared pursuant to the EGM Italy Issuer Regulation and in accordance with IAS/IFRS.

In the words of Daniele Peli, Co-Founder and CEO of Intred S.p.A.: "2025 confirms the robustness of our business model and its ability to generate value, even during a phase of profound evolution in the business mix. Despite the expected and natural conclusion of activities related to the so-called School Tenders, core revenue grew by 8.4%, bringing recurring services to over 95% of the total. This result, combined with an outstanding EBITDA margin approaching 46%, demonstrates our ability to focus on achieving high margins. We have continued to invest with determination, expanding our proprietary fibre network to over 15,000 km and consolidating our position as the key player in Lombardy. The transition to IAS/IFRS and the path to uplisting on Euronext Milan are not merely formal requirements, but strategic steps to enhance our visibility in the financial market and support our growth ambitions. We look forward to 2026 with great confidence, supported by a resilient customer base and revenue visibility that allows us to plan infrastructure development optimistically".

FOREWORD

The 2025 financial statements represent the first to be prepared in accordance with IAS/IFRS, consistent with the path of growth and gradual alignment with the best market standards undertaken by the Company, also in view of the uplisting project (see press release of 3 February 2026).

In this context, comparative figures for 2024 have been restated under IFRS 1, with retrospective application of key relevant standards, including IAS 38, IAS 16, IFRS 16, IAS 19, and IFRS 2. Accordingly, the figures for 2024 are not fully comparable with those previously reported by the Company.

Revenue dynamics show a more favourable trend, supported by a gradual shift in mix towards higher-quality and more recurring components. Specifically, the gradual conclusion of activations related to the School Tenders - which in prior years had contributed non-recurring revenue - resulted in a natural reduction in these components, offset by a structural strengthening of recurring revenue. At the same time, the integration of Connecting Italia continued through a review of the operating scope, with the gradual divestment of lower-margin or non-strategic services, in favour of a greater focus on core activities and more sustainable revenue streams over the medium to long term.

Core revenue totalled € 47.4 million, up 8.4% YoY, reflecting the gradual improvement in business mix towards higher-quality and more recurring components, driven by the gradual normalization of non-recurring components and the rationalization of the operating scope.

Recurring fee services accounted for over 95.6% of revenue, confirming the strength, visibility and quality of the Company's business model.

The growth in core revenue was supported mainly by the positive performance of Ultra Broadband connections, up 11%, and by the development of Voice and Data services, which increased by 6.8% versus 31 December 2024.

Datacenter services, delivered through the Company's existing and proprietary infrastructure, recorded significant YoY growth (+42.4%) to € 1.9 million, reflecting progressively strengthening customer demand for dedicated infrastructure solutions.

From a geographical perspective, the main growth dynamics continued to be concentrated in the provinces of Brescia, Milan, Bergamo, Como and Cremona, confirming Intred's established local positioning.

By customer type, overall growth was driven mainly by the Professional segment, which made the largest contribution in absolute terms, up 6.1% versus 2024. The Wholesale

‌2Calculated on Revenue from sales under IAS/IFRS accounting standards

versus the same period of the prior year.

The churn rate on revenue is confirmed at levels significantly below the market benchmark, at 4.4%, reflecting high customer loyalty and the resilience of the business model.

The number of users with data lines exceeded 57 thousand at 31 December 2025, marking a 9.2% increase versus the same period of the prior year.

margin of 45.8% versus 44.4% in the prior year.

year.

STATEMENT OF FINANCIAL POSITION

For improved comparability with prior periods, net financial debt on a cash basis, calculated mainly by excluding lease liabilities recognized under IFRS 16, was approximately € 39.5 million at 31 December 2025, versus € 32.9 million at 31 December 2024.

The adoption of IAS/IFRS resulted in a different presentation of certain financial items, including mainly the accounting of leases under IFRS 16 and the reclassification of certain financial instruments, with an overall incremental effect on net financial debt.

Excluding the effects of the transition to IAS/IFRS, the increase in debt is attributable mainly to the significant expenditure made during the period to support infrastructure development.

2024.

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In 2025, the proprietary fibre network continued to expand, reaching approximately 15,000 km at 31 December, versus 13,500 km at end 2024, a growth of 9.9%. This expansion was supported by total expenditure of € 21.2 million, focused mainly on upgrading the backhauling network and extending the fibre access network in FTTH mode across Lombardy.

Expenditure was directed mainly towards strengthening and expanding the proprietary infrastructure to support growing demand for connectivity and improve the quality and reach of the service. Specifically, 83% of network expenditure related to tangible fixed assets, attributable mainly to civil works for laying fibre, optical cables, shelters, manholes and electronic equipment.

The remaining 17% related to intangible fixed assets, consisting mainly of the acquisition of Indefeasible Right of Use (IRU) for dark fibre and/or cable ducts, with durations ranging from 15 to 22 years. This expenditure enables the Company to expand its network efficiently, enhancing the value of existing infrastructure and supporting medium to long-term growth.

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On 29 April 2025, the Ordinary Shareholders' Meeting approved the financial statements for the year ended 31 December 2024, and also appointed the members of the Board of Statutory Auditors who will serve from 2025 to 2027 with the election of all members from the only list submitted by the controlling shareholder DM Holding S.r.l..

On 7 May 2025, the Board of Directors of Intred also resolved, based on the new authorization granted by the Shareholders' Meeting on 29 April 2025, to revoke the previous mandate and grant a new one for the purchase of treasury shares to Intermonte Sim S.p.A., as the appointed intermediary, in compliance with current legislation, in particular the provisions of Article 132 of the TUF and Article 144-bis of CONSOB Regulation no. 11971/ 1999 ("Issuer Regulation"), with the operating procedures established by the Regulations of Markets organized and managed by Borsa Italiana S.p.A..

On 19 May 2025, the Board of Directors of Intred, pursuant to Article 84-bis of CONSOB Regulation no. 11971/1999, announced the allocation of rights related to the "2024-2026 Stock Grant Plan" approved by the Shareholders' Meeting on 18 April 2024. The vesting of a total of 31,550 free awarding rights was approved, confirming that the conditions set forth in the relevant regulations were met.