Infrastrutture Wireless Italiane (INW) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered consolidated revenues of €266.2 million, up 4.6% year-over-year, driven by new hostings, indoor coverage, and Smart Infra momentum, in line with the 2025-2030 business plan.

• EBITDA rose 4.7% to €244.1 million, with a margin of 91.7%; EBITDAAL increased 5.5% to €194.1 million, margin at 72.9%.

• Net profit reached €91.2 million, up 1.6% year-over-year; recurring free cash flow grew 5.4% to €158.1 million.

• Investments totaled €83.5 million, focused on new towers, land acquisition, and indoor coverage; 150 new towers and 740 new hostings added.

• Enhanced shareholder returns with a €1 billion ordinary dividend, special dividend, and €400 million share buyback program in 2025.

Financial highlights

• Revenues: €266.2 million (+4.6% YoY); EBITDA: €244.1 million (+4.7% YoY, 91.7% margin); EBITDAAL: €194.1 million (+5.5% YoY, 72.9% margin).

• Net profit: €91.2 million (+1.6% YoY); EBIT: €142.2 million (+3.3% YoY); recurring free cash flow: €158.1 million (+5.4% YoY).

• Capex: €83.5 million (-8.9% YoY); net cash flow: €73.1 million; net financial debt: €4,444.0 million (+6.1% YoY), leverage at 4.6x.

• Tenancy ratio increased to 2.35x; number of sites grew to 25,100; hosting arrangements up 6.3% YoY.

• Lease cost per site reduced by 2% year-over-year.

Outlook and guidance

• 2025 revenue expected at €1,070–1,090 million; EBITDA margin above 91%; EBITDAAL margin over 73%.

• Recurring free cash flow forecast at €630–640 million; dividend per share to rise 7.5% per year until 2026.

• Leverage projected at 4.7x; guidance excludes €400 million share buyback and €200 million extraordinary dividend.

• Tenancy ratio expected to reach 2.6x by 2030, driven by mobile, FWA, and other clients.

• Land ownership targeted to exceed 30% by 2030, supporting further lease cost reduction.