Infrastrutture Wireless Italiane SpA
MIL:INW

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Infrastrutture Wireless Italiane SpA
MIL:INW
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Price: 7.585 EUR -2.44% Market Closed
Market Cap: 7.1B EUR

Infrastrutture Wireless Italiane SpA
Investor Relations

In the bustling landscape of Italy's telecommunications industry, Infrastrutture Wireless Italiane SpA, commonly known as INWIT, emerges as a pivotal player supporting the digital backbone of the country. Established as a spin-off from Telecom Italia in 2015, INWIT has carved a niche for itself by operating as a vital tower infrastructure provider. The company's core business revolves around managing and leasing a vast network of wireless infrastructure assets, primarily mobile towers. INWIT's network facilitates swift connectivity, enabling mobile operators to enhance their service coverage and quality. By serving as the landlords of these critical structures, INWIT plays a behind-the-scenes yet essential role in keeping Italy connected and ensuring that data flows seamlessly across the nation.

INWIT's business model hinges on long-term tenancy agreements with major telecommunication operators. These agreements provide a steady and predictable income stream, as mobile operators depend on INWIT's infrastructure to deploy and expand their network coverage efficiently. Additionally, the growth of data consumption and the advent of 5G technology have further bolstered demand for INWIT's services, prompting an expansion of their tower portfolio. The recurring revenues generated from leasing agreements, coupled with strategic partnerships and technological advancements, illustrate how INWIT monetizes its assets while contributing to Italy's digital transformation. Through this infrastructure-first approach, INWIT ensures it's not just a passive facilitator but a proactive partner in propelling the telecom landscape forward.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 11, 2025
AI Summary
Q3 2025

Growth Guidance Cut: INWIT lowered its 2026–2030 revenue outlook to the low end of its target range, now expecting about 4% annual growth, mostly from contractually committed sources.

Non-Committed Revenue Delay: Growth slowdown is driven by delays and reductions in non-committed densification projects, as operators postpone investments due to budget constraints.

Q3 Resilience: Despite the tough environment, Q3 results showed revenue up 4.1%, EBITDA after lease up 4.4%, and recurring cash flow at EUR 170 million with a 69% cash conversion rate.

Shareholder Returns: INWIT completed the first EUR 300 million tranche of its share buyback program and will pay a EUR 200 million special dividend, emphasizing strong shareholder remuneration.

Industry Headwinds: Management highlighted continued financial difficulties in the Italian telco sector, with investments remaining subdued and structural improvement in the market yet to materialize.

Margin Stability: EBITDA margins remained stable, and INWIT confirmed its margin outlook despite the revenue downgrade.

Key Financials
EBITDA margin
91.3%
EBITDA after lease margin
73%
Recurring free cash flow
EUR 170 million
Cash conversion
69%
Net income
EUR 92 million
New towers (Q3)
180
New PoPs (Q3)
670
Smart infrastructure revenue (Q1)
More than EUR 22 million
Leverage (Net debt to EBITDA)
5x
Share buyback (completed tranche)
EUR 300 million
Earnings Call Recording
Other Earnings Calls

Management

Ms. Emilia Trudu
Head of Planning & Control Department, CFO and Administration, Finance & Control Director
No Bio Available
Mr. Andrea Mondo
Director of Technology & Operations
No Bio Available
Mr. Fabio Ruffini
Head of Investor Relations
No Bio Available
Mr. Salvatore Lo Giudice
Secretary and Director of Legal & Corporate Affairs
No Bio Available
Lucio Golinelli
Sales Director
No Bio Available
Ms. Donatella Colantoni
Human Resources & Organization Director
No Bio Available
Mr. Francesco Piccirillo
Head of Real Estate
No Bio Available
Alessandro Pirovano
Head of the Audit department
No Bio Available

Contacts

Address
ROMA
Rome
Piazza Trento, 10
Contacts