Infrastrutture Wireless Italiane (INW) Q2 2026 earnings summary

Executive summary

• Q2 and H1 2026 results aligned with guidance, reflecting resilience amid challenging Italian telco market conditions, ongoing MSA disputes, and limited operator investments.

• Revenue for H1 2026 was €531.1M, down 0.8% year-over-year, mainly due to lower demand for Smart Infra and project-based revenues.

• EBITDA decreased by 2.0% to €480.3M, with margin dropping to 90.4% from 91.6% in H1 2025.

• Net profit fell 13.2% to €160.3M, impacted by lower EBITDA and higher finance expenses from increased debt and interest rates.

• Strategic projects advanced, including 5G densification, digital transformation in Rome, and ESG initiatives.

Financial highlights

• Q2 2026 revenues at €267M, down 0.8% year-over-year; H1 2026 revenues at €531.1M, down 0.8%.

• EBITDA margin at 90.4% for H1 2026; Q2 EBITDA at €240.7M (margin 90.2%), down 2.1% year-over-year.

• Net income for Q2 2026 at €79.3M, down from €93.4M in Q2 2025, mainly due to higher interest charges.

• Recurring free cash flow for H1 2026 at €300.1M, down 5% year-over-year; Q2 at €123.9M, down 21.6%.

• Net financial debt rose 10.4% to €5,453.3M, with leverage at 5.7x EBITDA.

Outlook and guidance

• 2026 guidance confirmed: revenues €1,050–1,090M, EBITDA margin ~90%, EBITDAAL margin ~72%, recurring FCF €550–590M, dividend per share at least €0.55, leverage target 5.5x.

• Medium-term outlook: low single-digit revenue growth, expanding EBITDAAL margin, annual capex ~€200M.

• Dividend per share of at least €0.55 maintained; structural leverage target between 5x and 6x.