Infrastrutture Wireless Italiane (INW) Q3 2025 earnings summary

Executive summary

• Q3 2025 and the first nine months showed continued growth in revenues, EBITDA, and net profit, supported by infrastructure expansion, DAS projects, and efficiency initiatives despite a challenging telecom market.

• Over 2,000 new PoPs and 180 new towers were added in nine months, with a tenancy ratio reaching 2.37x, the highest in Italy.

• Smart Infrastructure and DAS coverage expanded, supporting 5G and digitalization projects nationwide.

• The business model demonstrated resilience, with ongoing network densification, new hostings, and real estate efficiency.

• Guidance was updated to the low end for 2026–2030 due to industry headwinds, but margins and dividend policy remain robust.

Financial highlights

• Revenues grew 4.4% year-over-year to €806.4M for nine months and 4.1% in Q3 2025 to €271.1M; EBITDA margin stable at 91.3%–91.5%.

• EBITDAAL increased 4.4% year-over-year to €197.8M in Q3, with a margin of 73.0%.

• Net income rose 5.9% year-over-year to €92.1M in Q3; nine-month net profit was €276.7M (+4.0%).

• Recurring free cash flow reached €485.7M for nine months (+3.8%), with a 69% cash conversion rate.

• Net debt/EBITDA increased to 5.0x–5.1x, reflecting share buybacks and higher shareholder remuneration.

Outlook and guidance

• 2025 revenue guidance confirmed at €1,070–1,090M, EBITDA margin above 91%, EBITDAAL margin over 73%, and recurring free cash flow €630–640M.

• Dividend per share to grow 7.5% in 2025, with extraordinary dividend of €0.2147 per share.

• 2026–2030 guidance updated to the lower end of previous ranges due to market conditions and lower inflation.

• EBITDAAL margin expected to expand to ~78% by 2030; leverage targeted at 5.0x by 2030.

• More than 50% of future revenues are contractually committed via inflation and anchor MSAs.