INTRED S.p.A.: strategic plan 2024 2027 EBITDA MARGIN at 50% and investments of € 80 million for strong growth also expected in the medium to long term. Half Year report as at 30 june 2024 approved.

Press Release

STRATEGIC PLAN 2024-2027: EBITDA MARGIN AT 50% AND INVESTMENTS OF € 80 MILLION FOR STRONG GROWTH ALSO EXPECTED IN THE MEDIUM TO LONG TERM

HALF-YEAR REPORT TO 30 JUNE 2024 APPROVED

Strategic Plan 2024-2027

• Double-digitweighted average EBITDA growth and a 50% margin at the end of the plan
• Significant investments over the period, particularly in the data centre business
• Hefty cash generation from 2026 and net debt towards zero in 2028

Half-Year Report of Intred S.p.A. as at 30 June 2024

• Revenues at € 25.9 million, compared to € 24.5 million in 1H2023. Cumulative revenue including Connecting Italia S.r.l. at € 27.5 million, up 12.1%.
• EBITDA1 at € 11.5 million, against € 10.7 million in 1H2023 (EBITDA margin at 43.6%)
• Net profit at € 3.5 million vs. € 3.9 million in 1H2023 due to higher depreciation, amortisation and financial expenses
• Capital expenditure of € 18.7 million, mainly targeted to developing the proprietary network, which reached almost 13,000 km in the first half of the year
• Net Financial Position (NFP) at € 27.4 million against € 20.9 million as at 31 December 2023

Brescia, 24 September 2024 - The Board of Directors of Intred S.p.A. ("Intred" or the "Company"), a telecommunications operator listed on the EGM market of Borsa Italiana (ITD.MI) since July 2018, which met today, approved the Group's Strategic Plan 2024-2027and the Half-YearFinancial Report as at 30 June 2024.

1 EBITDA: Alternative Performance Indicator: EBITDA (Earnings Before Interest Taxes Depreciations and Amortizations - Gross Operating Margin) represents an alternative performance indicator not defined by Italian accounting standards but used by the company's management to monitor and evaluate the operating performance of the itself, as it is not influenced by the volatility due to the effects of the various criteria for determining the taxable income, by the amount and characteristics of the capital employed as well as by the related amortization policies. This indicator is defined for Intred as Profit / (Loss) for the period gross of depreciation and write-downs of tangible and intangible assets, financial income and charges and income taxes

STRATEGIC PLAN 2024-2027

The Plan features a striking growth in results over the plan period and a marked support for sizeable development in the following years. The expected performance should result in

1. double-digitweighted average growth in EBITDA in 2023-2027, whose margin on Value of Production is expected to be 50% in 2027.
   Investments of € 80 million are expected in 2024-2027, of which about € 13 million for the construction of the Brescia Data Centre, whose impact on revenues will only be visible from 2028 onwards.

The sharp growth rate in 2024-2027 despite investments in areas providing a return after the end of the Plan is driven by the powerful performance of Intred's traditional businesses. In addition, the gradual phasing out of the investments for the so-called Schools Tenders and - starting from 2026 - for the Data Centre, will allow Intred to generate a robust cash flow starting from 2026.

Daniele Peli, Co-Founder and CEO of Intred S.p.A., commented:

"The Strategic Plan 2024-2027, presented to the market today, well represents Intred's entrepreneurial approach based on targeted infrastructure investments and focus on growth, the best guarantee for long-term sustainable development. In particular, it shows how operating in a segment with a high development rate and strong cash generation, such as TLC, provides a great opportunity to re-allocate excess capital in adjacent business areas with a high rate of return, such as Data Centres, currently a fast-growing market and mostly covered by international players. This Strategic Plan not only features significant margins growth, but it also lays the foundations for the following years. We are therefore proud of the path outlined in this Plan, the basis for sustainable growth in the medium and long term. Moreover, we are very pleased with the 2024 half-yearly report, which shows a solid and growing reality, the most suitable support for the Industrial Plan approved today".

CONFIDENCE IN THE DATA CENTRES PROJECT THANKS TO A HISTORY OF HIGH RETURNS ON INVESTMENT

As it has done in the past (with the acquisition of QCom, but also with the School Tenders), Intred is about to use the cash generated by its traditional business in an adjacent area: data centres. This is a business with high expected growth rates in our country, especially in the Lombardy region. Intred is not a new player in the sector: it already owns two data centres and has many years of operational management know-how. Intred has thus decided to invest in this sector also to support the demand of the market and current customers. The goal is to interconnect the data centres with the company's own fibre- optic network through an approach focused on technology infrastructure rather than property ownership, thus differentiating itself from most current competitors. This aims to achieve an IRR exceeding 20% (assuming financing for two thirds of the investments).

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TRADITIONAL BUSINESS: SHARP REDUCTION IN INVESTMENTS FOR SCHOOL TENDERS FREES UP CASH GENERATION

Investments related to the development of infrastructure linked to the School Tenders are set to fall sharply from 2025 onwards and to be phased out by 2027. This will allow the excess EBITDA from 2025 onwards to be used for the development of the Brescia Data Centre. Starting in 2026, the group is expected to generate strong cash flow, enabling Intred to significantly reduce net debt, almost eliminating it by 2028".

GROWTH THROUGH M&A REMAINS PROFITABLE

This plan does not include any extraordinary transactions other than the integration with the newly acquired Connecting Italia S.r.l., which will be merged by incorporation within the current fiscal year. The rationale behind the M&A transactions carried out so far is the acquisition of companies in the Lombardy region that lack a proprietary network, which can be easily integrated and brought to profitability similar to that of Intred by achieving significant cost synergies and switching customers to its own network.

FINANCIAL TARGETS FOR 2027: VALUE OF PRODUCTION TOWARDS € 70 MILLION AND 50% EBITDA MARGIN.

Intred expects a Value of Production between € 56 million and € 58 million for the current fiscal year, with an EBITDA margin between 42% and 44%.

The financial targets for 2027 envisage high single-digit growth of the Value of Production over the course of the Plan, reaching between € 67 million and € 73 million in 2027. The contribution from the Data Centre area is expected to be almost negligible that year, with visibility starting in 2028.

The weighted average growth of EBITDA is expected to be in double digits, reaching a 50% margin in 2027. The profitability growth, combined with a decline in investments starting in 2026, should allow for strong cash generation from that year onwards. Net debt is expected to peak in 2025 - coinciding with he Data Center-relatedinvestments-then significantly decrease from the following year. Assuming a dividend policy consistent with recent years, the Net Financial Position is expected to approach zero by 2028.

EXPECTED GROWTH BEYOND THE PLAN

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The timing of investments and the expected returns from the areas in which Intred operates allow us to state that the company's performance will be characterised by strong growth in both operating and net profitability even after the end of the Plan, Similarly, significant cash generation capacity is expected beyond the Plan's horizon. The dividend payout in the 2024-2027 period will be consistent with what the company has implemented so far; the strong cash generation expected from 2026 onwards may also allow for more generous policies, should this be in the shareholders' interest.

INNOVATION AND SOCIAL RESPONSIBILITY FOR INCLUSIVE CONNECTIVITY

As part of the 2024-2027 Strategic Plan, Intred will continue its commitment to sustainability through an ESG Plan aimed at integrating environmental, social and governance principles into all activities. The Plan includes the formalisation of the ESG team, the publication of the third sustainability report and has been designed to ensure transparent and responsible company management.

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The Board of Directors of Intred S.p.A. has reviewed and approved the Half-Year Report as at 30 June 2024, prepared in accordance with Italian GAAP and subject to limited audit. The Half-YearReport refers solely to Intred S.p.A. and does not include the financial data of Connecting Italia S.r.l.. The legal effects of the merger will take place within the year, while the accounting and tax effects will be effective from 1 January 2024.

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MAIN ECONOMIC AND FINANCIAL RESULTS AS AT 30 JUNE 2024

RECLASSIFIED PROFIT AND LOSS ACCOUNT

The value of production as at 30 June 2024 stands at € 26.3 million, up 6.4% year-on-year, while the sales revenue in the first six months of the year amounted to € 25.9 million, up 5.6% year-on-year (€ 24.5 million). The cumulative revenues as at 30 June 2024, including the subsidiary Connecting Italia S.r.l., acquired on 3 April 2024, are over € 27.5 million, reflecting a growth of 12.1% compared to the same period last year.

The increase in cumulative turnover was mainly driven by sales of fiber-optic connections, which amounted to € 16.8 million, up 13.3% against the same period last year.

In detail, services with recurring fees, the company's core business, which account for more than 87.0% of sales, stood at € 24.1, million up 14.1%. Revenues from so-called"one-off" products and services amounted to € 1.7 million, mainly as a result of the School Tenders.

In terms of geographies, the most significant percentage growth was reported in the provinces of Milan, Bergamo, Mantua, Varese, Como, Monza e Lecco. Thanks to the Schools Tenders, Intred is vigorously supporting the expansion of sales in all provinces of Lombardy, especially in the local PA and Professional sectors.

With regard to the Schools Tenders, more than 3,900 schools out of a total of approximately 5,000 schools, of which 3,500 related to the first tender, or 88.4% of the total, and over 400 schools related to the second tender, or 11.6% of the total, for a total turnover of € 4.4 million, in the first semester of 2024.

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In terms of customer type, the greatest growth came from sales in the P.A., +4.5% or € 2.8 million. Sales in the Professional sector were also excellent, growing by 18-3% to € 15.4 million, and in the Wholesale segment, which increased by 11.9% to € 2.1 million.

The churn rate on sales remained well below the market benchmark at 4.6%, confirming the high level of customer loyalty towards the company.

The gross operating margin (EBITDA) achieved in the first six months of the year was € 11.5 million, up 6.7% from € 10.8 million for the same period last year, with an EBITDA margin of 43.6% (43.5% as at 30 June 2023).

Operating Income (EBIT) amounted to € 5.8 million, largely in line with the figure from 30 June 2023 (€ 6.0 million) and with an EBIT margin of 22.2%.

Net income as of 30 June 2024 stands at € 3.5 million, down from € 3.9 million for the same period last year, due to higher financial expenses resulting from an increase in average debt to support the investment plan.

BALANCE SHEET

The Net Financial Position amounted to € 27.4 million, compared to € 20.9 million as at 31 December 2023.

Cash and cash equivalents stood at € 8.7 million, up from € 7.9 million as at 31 December 2023. Short-term bank debts amounted to € 16.3 million, compared to € 7.4 million at the end of 2023. This trend is driven by significant investments in support of the School Tenders. Medium- and long-term debts are € 19.7 million, down from € 21.3 million as at 31 December 2023.

Shareholders' equity as at 30 June 2024 amounted to € 57.0 million, up from € 55.0 million as at 31 December 2023.

INVESTMENTS AND NETWORK DEVELOPMENT

The proprietary fibre-optic network grew by 10.1%, from over 11,700 km on 31 December 2023 to almost 13,000 km at the end of June 2024.

Investments in the first half of 2024 amounted to € 18.7 million, compared to € 16.4 million in the first half of 2023, mainly focused on the development of backhauling and fibre-optic access network in the FTTH mode in the Lombardy region. The significant acceleration of investments over the past three years was necessary to meet the commitments related to the School Tenders, which can be used to activate connections for other local PA users, as well as for business and residential customers. The majority of Intred's investments in network infrastructure consists of tangible fixed assets, including civil works for installation, fiber optic cables, shelters, manholes, and electronic equipment. The portion of investments

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in intangible assets consists of acquisitions of multi-year rights of use for dark fiber and/or ducts, under the IRU (Indefeasible Right of Use) framework.

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CONNECTING ITALIA S.R.L.

For the sake of full disclosure, below re the main financial highlights of the subsidiary Connecting Italia S.r.l. as at 30 June 2024.

On 12 July 2024, Intred, following 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 contract.

On 17 September 2024, Intred announced the signing of a preliminary agreement for the purchase of a building area of approximately 28,000 square metres located in Brescia, in a strategic area for the redevelopment of an important part of the city, subject to environmental remediation interventions. The purchase is intended for the construction of a Data Centre, a central project of the new Strategic Plan2024-2027.

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EXPECTED DEVELOPMENT OF THE BUSINESS

The growth forecasts for the remainder of the fiscal year are largely positive. In the second half of 2024, revenue growth will also be supported by sales of ultra-broadband services. Business development will be driven by the ongoing investment program aimed at extending the network throughout the Lombardy region. We are therefore confident that the acceleration of results can continue in the second half of the year, especially due to the positive effects of the School Tenders; the steady increase in the number of customers and good visibility on recurring revenues allows us to be optimistic about achieving even more impressive results.

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NOTICE OF THE ORDINARY SHAREHOLDERS' MEETING

The Board of Directors has also resolved to convene the Shareholders' Meeting, in an ordinary session, for November 12, 2024, in the first call, regarding the proposal to terminate the current legal audit contract and simultaneously appoint a new legal audit engagement.

Following the changes introduced by Law No. 21 of March 5, 2024 (the so-called "Capital Law"), Intred is no longer classified as an "entity subject to an intermediate regime," resulting in the disapplication of part of the regulations applicable to so-called "public interest entities" under Art. 19-ter of Legislative Decree No. 39/2010. Consequently, the Company is no longer required to commit to a nine-year engagement with the audit firm specified in the aforementioned Legislative Decree No. 39/2010, but will be required to grant a three-year engagement instead.

This circumstance makes it appropriate to proceed with the early termination of the ongoing nine-year audit engagement with BDO Italia S.p.A., pursuant to Art. 17 of Legislative Decree No. 39/2010, and simultaneously appoint a new audit engagement pursuant to Art. 13 of the aforementioned Legislative Decree.

The notice of the meeting, with detailed information on the agenda and participation procedures, as well as the remaining documentation relating to the Meeting required by current regulations - including the illustrative report approved by the Board of Directors on each item on the agenda of the aforementioned Meeting, prepared on a voluntary basis - will be available, within the applicable legal and regulatory deadlines, on the Company's website www.intred.it, in the Governance/Shareholders' Meeting section, as well as on the website of Borsa Italiana S.p.A. www.borsaitaliana.it, in the Shares/Documents section.

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This press release is online on the Issuer's website www.intred.it/news.

The Strategic Plan will be presented to the financial community today at "The Westin Palace" in Milan at 4.30 p.m. It will also be streamed live at https://lite.owncast.live/intred/strategicplan.

Intred

Reference telecommunications operator in Lombardy founded in 1996 by Daniele Peli, the company's current Chairman and CEO, and listed on the Italian Stock Exchange EGM market since 2018 (symbol: ITD.MI). With an optical fiber network of almost 13,000 km, Intred provides business, PA and retail customers with broadband and ultra-broadband connectivity, fixed access wireless, landline telephone services, cloud services and related services. The direct management of the infrastructures allow efficiency, profitability, quality of service and a guaranteed and extremely high level of assistance. Its high-value assets and consolidated, highly scalable business model, combined with a turnover over € 27.5 million as at 30 June 2024, make Intred an ideal infrastructure technology partner with a full range of high-quality, reliable and secure solutions. www.intred.it

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Attached are the Income Statement, Balance Sheet and Cash Flow Statement of Intred S.p.A as at 30 June 2024

INCOME STATEMENT

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