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Visual21 Nov 2025
Data center suppliers
Infrastrutture Wireless Italiane (INW) investor relations material
Infrastrutture Wireless Italiane Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 and the first nine months showed continued growth in revenues, EBITDA, and net profit, supported by infrastructure expansion, DAS projects, and efficiency initiatives despite a challenging telecom market.
Over 2,000 new PoPs and 180 new towers were added in nine months, with a tenancy ratio reaching 2.37x, the highest in Italy.
Smart Infrastructure and DAS coverage expanded, supporting 5G and digitalization projects nationwide.
The business model demonstrated resilience, with ongoing network densification, new hostings, and real estate efficiency.
Guidance was updated to the low end for 2026–2030 due to industry headwinds, but margins and dividend policy remain robust.
Financial highlights
Revenues grew 4.4% year-over-year to €806.4M for nine months and 4.1% in Q3 2025 to €271.1M; EBITDA margin stable at 91.3%–91.5%.
EBITDAAL increased 4.4% year-over-year to €197.8M in Q3, with a margin of 73.0%.
Net income rose 5.9% year-over-year to €92.1M in Q3; nine-month net profit was €276.7M (+4.0%).
Recurring free cash flow reached €485.7M for nine months (+3.8%), with a 69% cash conversion rate.
Net debt/EBITDA increased to 5.0x–5.1x, reflecting share buybacks and higher shareholder remuneration.
Outlook and guidance
2025 revenue guidance confirmed at €1,070–1,090M, EBITDA margin above 91%, EBITDAAL margin over 73%, and recurring free cash flow €630–640M.
Dividend per share to grow 7.5% in 2025, with extraordinary dividend of €0.2147 per share.
2026–2030 guidance updated to the lower end of previous ranges due to market conditions and lower inflation.
EBITDAAL margin expected to expand to ~78% by 2030; leverage targeted at 5.0x by 2030.
More than 50% of future revenues are contractually committed via inflation and anchor MSAs.
FCF impact from 2027 tax benefit expiry
Explain 'greater selectivity in investments'
Reconcile Q3 site/hosting decline with growth plan
MNO budget impact on non-committed growth?
New verticals: edge data centers or active equipment?
Why maintain margins with lower revenue guidance?
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Next Infrastrutture Wireless Italiane earnings date
Q4 202527 Feb, 2026
Next Infrastrutture Wireless Italiane earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Infrastrutture Wireless Italiane S.p.A. is an Italian company specializing in the operation and management of telecommunications infrastructure. It primarily provides tower hosting services for mobile network operators, facilitating the transmission of wireless signals. INWIT's infrastructure portfolio includes towers, masts, and other facilities that support mobile communication, broadcasting, and digital network services. The company is headquartered in Milan, Italy, and its shares are listed on Borsa Italiana.
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