Intred (ITD) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 grew by 10.6% to €40.7 million, including contributions from the newly acquired subsidiary Connecting Italia S.r.l.

• Sustained growth driven by sales of Ultra Broadband connections and recurring-fee services, with significant expansion in Lombardy, especially in Milan, Brescia, Pavia, Lecco, Mantua, and Sondrio.

• High customer loyalty maintained, with churn rate at 4.6%, well below market benchmarks.

Financial highlights

• Intred standalone revenue reached €38.6 million, up 5.0% year-over-year; Connecting Italia contributed €2.1 million.

• Fiber-optic connection sales rose 10.7% to €24.6 million compared to the same period last year.

• Recurring-fee services accounted for over 88.8% of sales, totaling €36.2 million, up 13.5%.

Segment performance

• Professional sector sales grew 16.8% to €22.8 million year-over-year.

• Residential sector sales increased 4.0% to €7.1 million; Wholesale up 4.6% to €3.1 million; Public Administration up 2.7% to €7.6 million.

• Over 4,200 schools served under Schools Tenders, generating €6.2 million in turnover in the first nine months.