Infrastrutture Wireless Italiane (INW) H1 2025 earnings summary

Executive summary

• Q2 2025 revenues rose 4.6% year-over-year to €269 million, with H1 2025 revenues up 4.6% to €535.3 million, driven by hosting growth, smart infrastructure, and inflation-linked fee adjustments.

• EBITDA for Q2 2025 increased 4.4% year-over-year to €246 million, with a margin of 91.4%; H1 2025 EBITDA reached €490 million, up 4.6%.

• Net profit in Q2 2025 was €93.4 million, up 4.6% year-over-year; H1 2025 net profit totaled €184.6 million, up 3.1%.

• Shareholder remuneration reached €600 million in Q2 2025, including a 7.5% dividend increase and share buybacks, with a target of over 10% of market capitalization returned by end-2025.

• The company expanded digital infrastructure assets, including 210 new towers, 720 new POPs, and increased land ownership, while maintaining leadership in indoor coverage and advancing ESG initiatives.

Financial highlights

• Q2 2025 EBITDAAL rose 5.5% year-over-year to €196.4 million; H1 2025 EBITDAAL was €390.6 million, up 5.5%.

• Recurring free cash flow was €158 million in Q2 2025 and €316 million in H1 2025, with a 64% cash conversion rate.

• Net financial debt at June 30, 2025, was €4,938 million, with leverage at 5.0x net debt/EBITDA.

• Q2 2025 EBIT was €145.9 million (+3.8% year-over-year); H1 2025 EBIT was €288.2 million (+3.5%).

• Capex for H1 2025 was €147.9 million, slightly down 2.8% year-over-year.

Outlook and guidance

• 2025 revenue expected in the €1,070–1,090 million range, with EBITDA margin above 91% and EBITDAAL margin over 73%.

• Recurring free cash flow forecast at €630–640 million; dividend per share to rise 7.5%.

• Full-year targets for 800 new towers and approximately 2,500 new POPs are on track.

• 2030 targets include +6% EBITDAAL CAGR, >5% dividend yield, and progressive leverage reduction.

• Guidance excludes €400 million share buyback and €200 million extraordinary dividend.