Infrastrutture Wireless Italiane (INW) H2 2024 earnings summary

Executive summary

• FY2024 saw revenue growth of 7.9% to €1.036 billion, EBITDAAL up 9.4% to €750.3 million, and a tenancy ratio of 2.32x, with over 900 new sites and expansion in DAS indoor coverage.

• Smart infrastructure revenues more than doubled in two years, driven by strong demand for indoor DAS and flagship project wins.

• Strategic focus on new towers, smart infrastructure, real estate efficiency, and solar energy projects, with sustainability progress including MIB ESG index inclusion and a Climate Transition Plan.

• Approved a 2025–2030 business plan targeting 6% annual EBITDAAL growth, 78% margin, and significant capital returns to shareholders.

Financial highlights

• FY2024 revenues reached €1.036 billion, up 7.9% year-over-year; EBITDA rose 7.7% to €946.7 million, with a margin of 91.4%.

• EBITDAAL increased 9.4% to €750.3 million, margin up 1pp to 72.4%.

• Net income grew 4.2% to €353.8 million, with a net income margin of 34.2%.

• Recurring Free Cash Flow was €621 million, with a 65% cash conversion rate.

• Investments reached €316 million (+8.9%), and return on capital employed was 7.9%.

Outlook and guidance

• 2025–2030 plan targets revenue CAGR of 4.5% and EBITDAAL CAGR of 6%, with EBITDAAL margin expected to reach ~78% by 2030.

• Dividend per share to grow 7.5% until 2026, then at least 5% through 2030.

• CapEx of €1.5 billion planned by 2030, with €600 million in the next two years.

• Financial leverage projected to decrease from 4.8x in 2024 to 4.4x by 2030.