INTRED S.p.A.: Board of directors approves half year report at 30 june 2025.

Press Release

HALF-YEAR TOTAL REVENUE AT € 27.8 MILLION (+7.2%1

YoY)

SOLID OPERATING MARGIN AT 44.9%, AN ALL-TIME HIGH SUPPORTED BY RECURRING REVENUE

• Revenue at € 27.8 million, up 7.2% versus € 25.9 million in first half 2024

• EBITDA1 at € 12.5 million, up 9.1% versus € 11.5 million in first half 2024 (EBITDA

  margin at 44.9%)

• EBIT at € 6.0 million versus € 5.8 million in first half 2024 (EBIT margin at 21.6%)

• Net profit at € 3.6 million versus € 3.5 million in first half 2024

• Investment of € 12.2 million, focused on the development of the proprietary network, which grew by approximately 9.9% versus the prior year, exceeding 14,250 km at end 2024

• Net financial debt (NFD) at € 37.4 million versus € 32.9 million at 31 December

2024

In the words of Daniele Peli, Co-Founder and CEO of Intred S.p.A.: "The first half of 2025 confirms the solidity and resilience of our business model, even in a challenging market environment. We take particular pride in having achieved growth in volume and margins while continuing to allocate a substantial share of our sales to innovation and infrastructure. During this period, we invested in the growth of our proprietary network,

‌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/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.

exceeding 14,250 km of fibre throughout Lombardy. In parallel, we are advancing the Data Center project in Brescia, a business close and complementary to ours that is expanding quickly. We look forward to the second half of the year with confidence that the consolidation of our customer base, the development of ultra-broadband services, and the contribution of the School Tenders will continue to generate sustainable growth and create value".

As disclosed on 1 August 2025 (see press release of 1 August 2025), in first half 2025, Intred recorded revenue of over € 27.8 million, reflecting solid organic growth of 7.8%. Compared to the prior six months, total revenue was basically steady (+0.9%), due mainly to two factors:

(i) the gradual reduction of one-off revenue from school tenders, initiated in prior years and now nearing completion, which will mainly convert into recurring revenue in 2025; (ii) the impact of the new management strategy adopted for Connecting, which in first half 2024 was still managed by the previous shareholder base, progressively reducing or divesting non-strategic or unprofitable services to improve efficiency and margins. Organic revenue growth of 7.8% YoY confirms the strength of the business model and the ongoing expansion of the customer base.

The merger of Connecting Italia S.r.l. into Intred S.p.A. will enable further exploitation of synergies from the integration of activities and cost rationalization, fostering growth in margins and improvement in the Company's profitability.

Value of production at 30 June 2025 stood at € 27.9 million, while revenue from sales for first half 2025 amounted to € 27.8 million, up 7.2% versus € 25.9 million reported in the same period of 2024 and consistent with the forecasts outlined in the guidance of the 2024-2027 Strategic Plan (see press release of 24 September 2024).

Growth was driven in particular by sales of Ultra Broadband connections, totaling € 16.2 million, and Voice and Data services, reaching € 5.0 million, up 20.2% versus first half 2024.

The strongest momentum was recorded in recurring fee services, the Company's core business, which represented approximately 92.2% of revenue, or € 25.6 million, up 7.9% YoY. The high share of recurring revenue ensures stability of flows and visibility on future development, underscoring the resilience of the business model even in a competitive context.

By customer type, the clearest progress came from the Wholesale sector, up 7.8% to € 2.2 million. Equally notable was the performance of Public Administration, which posted a 33.1% increase, benefiting particularly from the School Tenders that supported the rollout of recurring and structural services. The Private segment rose by 5.9% with revenue of € 5.0 million, while the Professional segment confirmed its strength with € 15.6 million in revenue, advancing by 6.8%.

The "churn rate" on sales remained well below market benchmarks, at 4.4%, confirming strong customer retention.

The number of users with data lines at 30 June 2025 exceeded 56,500, up 11.4% versus the same period last year.

margin of 21.6%.

STATEMENT OF FINANCIAL POSITION

***

Investment in first half 2025 amounted to € 12.2 million, focused mainly on the development of the fibre backhauling and access network in FTTH mode across Lombardy. At 30 June 2025, Intred's proprietary network exceeded 14,250 km, up 9.9% versus approximately 13,000 km recorded at end first half 2024.

The sharp increase in investment in prior years enabled the Company to meet commitments related to the School Tenders, which serve as a key lever to broaden the connectivity offering to local Public Administration, as well as business and residential customers.

The predominant share of investment is in tangible fixed assets (civil works for laying, fibre cables, shelters, manholes, and electronic equipment). A smaller portion is allocated instead to intangible fixed assets, attributable mainly to the acquisition of long-term rights of use for dark fiber and/or cable ducts, in IRU (Indefeasible Right of Use) mode.

***

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.

***

On 7 July 2025, 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 31,550 ordinary shares following the exercise of 31,550 rights attributable free of charge envisaged in the "2024-2026 Stock Grant Plan". The shares assigned are from the share capital increase approved by the Shareholders' Meeting of 18 April 2024 to service the Plan itself and are therefore newly issued.

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acceleration in results can continue in the second half of the year, driven in particular by the benefits from the SCHOOL TENDERS; the steady growth in the number of clients and the good visibility on recurring revenue give us the conviction of achieving yet again gratifying results.

***

The documents for the Half-Year Report at 30 June 2025, required by current regulations, will be made publicly available at the registered office (via Pietro Tamburini, 1, 25136 Brescia), as well as by publication on the corporate website https://www.intred.it, Investitori/Bilanci e Relazioni section, and on the website of Borsa Italiana https://www.borsaitaliana.it.

***

This press release is online at https://www.1info.it and on the Issuer's website https://www.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 14,250 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 € 27.8 million in revenue at 30 June 2025 - Intred positions itself as the ideal infrastructure technology partner, delivering a complete portfolio of reliable, high-quality, and secure solutions. https://www.intred.it

+39 02 584081 Simone Rivera

intred@bancaprofilo.it Tel. +39 366 8780742 simone.rivera@cdr-communciation.it

+39 02 87208720 Tel. +39 335 6909547

info@integraesim.it vincenza.colucci@cdr-communciation.it

Filippo Leone

Tel. +39 391 4143050

ir@intred.it