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 revenue up 4.6% and EBITDA after lease up 5.5%, driven by smart infrastructure and cost efficiency. Guidance for the year is confirmed, with strong shareholder returns and continued investment in 5G and digital infrastructure.
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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 robust revenue and EBITDA growth, margin expansion, and strong cash flow, despite a transitional year for key clients and slow OLO market. Long-term growth is underpinned by anchor tenant commitments, new site rollouts, and expanding new services, with capital flexibility supporting future investments.
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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.