Infrastrutture Wireless Italiane (INW) H1 2025 earnings summary

Executive summary

• Q2 2025 and H1 2025 delivered strong financial and operational growth, with all key metrics expanding in line with guidance despite sector challenges.

• Revenues for H1 2025 reached €535.3 million, up 4.6% year-over-year, driven by hosting, smart infrastructure, and inflation-linked fee adjustments.

• EBITDA margin remained above 91%, with EBITDAAL margin at 73%, and net profit for H1 2025 up 3.1% to €184.6 million.

• Infrastructure expanded to over 25,000 sites, with a tenancy ratio of 2.36x and significant progress in land ownership and indoor DAS deployments.

• Shareholder remuneration advanced, with €600 million returned in Q2 2025 through dividends and buybacks, and policies targeting 7.5% annual DPS growth.

Financial highlights

• Q2 2025 revenues rose 4.6% year-over-year to €269 million; H1 2025 revenues up 4.6% to €535.3 million.

• Q2 2025 EBITDAAL grew 5.5% to €196.4 million; H1 2025 EBITDAAL was €390.6 million, up 5.5%.

• Net profit for H1 2025 was €184.6 million (+3.1% YoY); Q2 2025 net profit was €93.4 million (+4.6% YoY).

• Recurring free cash flow for H1 2025 reached €316 million (+2.3% YoY), with a 64% cash conversion rate.

• Net debt/EBITDA at 5.0x as of June 30, 2025, reflecting increased shareholder returns.

Outlook and guidance

• 2025 revenue expected at €1,070–1,090 million, 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%.

• Guidance confirms targets for new towers, POPs, and continued margin improvement through 2030.

• Leverage expected at 4.7x, excluding €400 million share buyback and €200 million extraordinary dividend.

• Market potential for 7,000–12,000 additional towers and 2,000 new indoor DAS locations in Italy by 2030.