Intred (ITD) Investor presentation summary

Business overview and market position

• Provides broadband, ultrabroadband, FWA, voice, and hosting services via a proprietary fiber network, with a strong presence in Lombardy and a customer churn rate below 5%.

• Over 90% of revenues are recurring, ensuring high visibility and resilience.

• Nearly 15,000 km of proprietary fiber network, with ongoing investments focused on FTTH development.

• Leads the Italian FTTH market with a 46.6% share, well above the national average.

• Strategic shift toward ultra-wideband connectivity and network expansion through agreements with major telecom operators.

Financial performance and structure

• FY2025 revenues reached €55.8 million (+1.1% YoY), with EBITDA at €24 million and a margin of 44.9%.

• Recurring revenues accounted for over 95% of total, growing 7.2% YoY to €51.7 million.

• Organic revenue growth of 8.4% YoY, excluding one-off effects.

• Net financial position at -€37.4 million in 1H2025, reflecting ongoing investment cycles.

• EBITDA margin reached an all-time high of 44.9% in 1H2025, driven by operational efficiency.

Investment and growth strategy

• Over €180 million invested since 2016, with €12.2 million in 1H2025 focused on FTTH in Lombardy.

• Strategic plan 2024-2027 targets monetization of the fiber backbone, upselling, and expansion into data centers.

• Data center market entry supported by a preliminary contract for a new facility in the Milan-Brescia-Bergamo corridor.

• Data center investments expected to drive EBITDA margin to 50% by 2027, with positive contributions from late 2027.

• Net debt expected to peak in 2025 due to data center investments, then decline sharply with strong cash generation.