Italy · Delayed Price · Currency is EUR Infrastrutture Wireless Italiane Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 results align with guidance, showing normalized revenue growth above 3% despite a reported decline due to reduced discretionary revenues. Legal action is ongoing over anchor tenant MSA terminations, but the company maintains a strong balance sheet, stable leverage, and reiterates its 2026 outlook.
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The MSA extension to 2038 is legally supported, but Fastweb disputes this, leading to ongoing legal proceedings and a request for interim measures. Fees are market-aligned, and the network is largely non-replicable, supporting INWIT's confidence in its business model and financial policy.
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2026 guidance reflects a challenging market, with revenue set at €1.05–1.09 billion and a 72% EBITDA margin. The outlook assumes only committed MSA revenues, excludes potential upsides, and factors in possible legal disputes, while maintaining a €0.55 dividend.
Fiscal Year 2025
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FY2025 saw 4% revenue and 4.8% EBITDA growth, with a €0.55 dividend per share and strong cash flow. Despite anchor tenant disputes and a challenging market, guidance for 2026 remains intact, with continued asset expansion and a resilient outlook.
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Revenue and net income grew 4.1% and 5.9% year-over-year, respectively, with strong cash flow and margin expansion. Guidance was revised to the low end due to delayed non-committed revenues, but over half of future growth remains contractually secured.
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Q2 2025 saw 4.6% revenue growth, strong expansion in smart infrastructure, and improved margins. Shareholder returns were robust, with guidance and targets for towers and POPs reaffirmed. The company remains focused on 5G, cost efficiency, and exploring new growth avenues.
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Q1 2025 saw 4.6% revenue growth and a 52% surge in smart infrastructure, with strong cash flow and reduced leverage. Shareholder returns remain robust, and the business is well-positioned for further growth in digital and 5G infrastructure.
Fiscal Year 2024
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FY2024 saw 8% revenue and 9% EBITDA growth, with strong KPIs and a robust business model. The 2025–2030 plan targets 6% annual EBITDA growth, 78% margin, and significant shareholder returns, supported by disciplined capital allocation and expansion in smart infrastructure and real estate.
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Q3 2024 saw 7.6% revenue growth and 9% EBITDA after lease growth, with strong new service momentum and continued expansion of tower assets. Leverage improved, and capital allocation remains balanced between shareholder returns and growth, despite a slow OLO market and lower inflation.
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Q2 2024 saw 8% revenue growth and 11% EBITDA after lease expansion, driven by new sites, indoor coverage, and efficiency actions. Full-year guidance is reaffirmed, with strong cash flow, prudent leverage, and continued shareholder returns amid a transforming Italian telco market.