Q3: REVENUES €268.6 MILLION, EBITDAaL €192.3 MILLION, INVESTMENTS FOR €40.9 MILLION.
2026 GUIDANCE AND MEDIUM-TERM BASELINE OUTLOOK CONFIRMED
- CONSOLIDATED REVENUES: €268.6 MILLION IN Q3 2026, DOWN SLIGHTLY (-0.9%) COMPARED WITH THE SAME PERIOD OF 2025 (€271.1 MILLION).
- EBITDA: IN Q3 2026 IT AMOUNTED TO €241.9 MILLION, -2.2% COMPARED WITH THE SAME PERIOD OF 2025.
- EBITDAaL: €192.3 MILLION IN Q3 2026, -2.8% COMPARED WITH THE SAME PERIOD OF 2025. EBITDAaL MARGIN AT 71.6% (-1.4 p.p. COMPARED WITH THE SAME PERIOD OF 2025).
- NET PROFIT: IN Q3 2026, IT WAS €81.3 MILLION, -11.8% ON Q3 2025.
- RECURRING FREE CASH FLOW (RFCF): €186.0 MILLION IN Q3 2026, AN INCREASE OF +9.6% COMPARED WITH THE SAME PERIOD OF 2025.
- INVESTMENTS IN DIGITAL INFRASTRUCTURE: €40.9 MILLION (-30.6% COMPARED WITH THE SAME PERIOD OF 2025 DUE TO MARKET CONDITIONS) EQUAL TO 15% OF REVENUES.
- FINANCIAL LEVERAGE (NET DEBT TO EBITDA): 5.5X, DOWN FROM 30 JUNE 2026 (5.7X).
GENERAL MANAGER DIEGO GALLI: “THE NINE-MONTH RESULTS ARE FULLY IN LINE WITH OUR 2026 GUIDANCE. WE EXPECT A RETURN TO GROWTH IN 2027, DESPITE THE ONGOING PERIOD OF UNCERTAINTY SURROUNDING THE MSAS. WE HAVE TAKEN ALL THE NECESSARY MEASURES TO PRESERVE THEIR INTEGRITY. WE CONTINUE TO INVEST IN THE DEVELOPMENT OF THE COUNTRY’S DIGITAL INFRASTRUCTURE, CONVINCED THAT THE NEUTRAL HOST MODEL AND SHARED INFRASTRUCTURE CREATE VALUE, BRING EFFICIENCIES TO THE SUPPLY CHAIN AND REPRESENT THE BEST WAY TO OPTIMISE INVESTMENT WHILE AVOIDING DUPLICATION.”
Milan, 10 November 2026 – The Board of Directors of Infrastrutture Wireless Italiane S.p.A. (INWIT), meeting today under the chairmanship of Oscar Cicchetti, examined the Interim Report on Operations of the INWIT Group at 30 September 2026.
Q3 2026 main results
The third-quarter 2026 results are in line with the Company’s 2026 guidance and reflect the uncertainty of the current market environment.
| Summary indicators | Unit of measurement | July-Sep 2026 | July-Sep 2025 | YoY growth |
|---|---|---|---|---|
| New Sites | Number | 50 | 180 | (72.2%) |
| New Hostings | Number | 310 | 670 | (53.7%) |
| of which with OLOs | Number | 180 | 410 | (56.1%) |
| Tenancy ratio (period end) | Ratio | 2.41x | 2.37x | 0.04x |
| New SC/DAS remote units | in thousands | 0.1 | 0.3 | (66.7%) |
| Real estate transactions | Number | 290 | 360 | (19.4%) |
| Total Revenues | € mln | 268.6 | 271.1 | (0.9%) |
| EBITDA | € mln | 241.9 | 247.4 | (2.2%) |
| EBITDA margin | % | 90.1% | 91.3% | (1.2) p.p. |
| EBIT | € mln | 141.1 | 148.2 | (4.8%) |
| Earnings for the period | € mln | 81.3 | 92.1 | (11.8%) |
| EBITDAaL | € mln | 192.3 | 197.8 | (2.8%) |
| EBITDAaL Margin | % | 71.6% | 73.0% | (1.4) p.p. |
| Recurring Free Cash Flow | € mln | 186.0 | 169.7 | 9.6% |
| Investments | € mln | 40.9 | 58.9 | (30.6%) |
| Net Financial Position (NFP) | € mln | 5,314.2 | 4,978.6 | 6.7% |
| Financial leverage (NFP/EBITDA) | Ratio | 5.5x | 5.0x | 0.5x |
Main economic and financial indicators
Revenues stood at 268.6 million euros, a slight drop of -0.9% on the same period of 2025 (271.1 million euros). The change is affected by challenging market conditions and the current uncertainty surrounding the MSA.
EBITDA came to 241.9 million euros, corresponding to a revenue margin of 90.1%, down by 1.2 p.p. compared with the third quarter of 2025.
EBITDAaL (EBITDA after Lease costs), the Company’s main operating margin, came to 192.3 million euros, down by -2.8% compared with the previous year. Revenue ratio went from 73% in 2025 to 71.6%.
EBIT is 141.1 million euros, a decrease of -4.8% on the same period of 2025.
Net profit totalled 81.3 million euros, -11.8% compared with the same period of 2025, also due to the increase in financial charges.
Capex for the period came to 40.9 million euros, down by -30.6% on the same quarter of 2025 (58.9 million euros), due to the known tension with the anchor tenants in respect of the MSA and completion of the NRRP 5G Plan.
Recurring Free Cash Flow for Q3 2026 was 186.0 million euros, up by +9.6% compared with the same period of 2025.
Net financial debt, of 5,314.2 million euros (including the IFRS16 financial liabilities) rose (+6.7%) compared with 30 September 2025 (equal to 4,978.6 million euros), essentially in support of investments and shareholder remuneration; down (-2.5%) compared with Q2 2026 (5,453.3 million euros).
Financial leverage, in terms of the ratio of net debt to EBITDA, increased to 5.5x compared with 5.0x in Q3 2025 due to the above-specified increase in net financial debt; down from 5.7x for Q2 2026.
Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) reflect the current slowing market environment and the uncertainty surrounding key customer relationships:
- 50 new sites with 310 new hostings, confirming a growing tenancy ratio of 2.41x, one of the highest in the industry;
- 5 new dedicated DAS (70 since the start of the year) covering prime indoor locations for a total of more than 850;
- around 100 remote units, for a total of over 12,000 units;
- 290 real estate transactions.
Main results at 30 September 2026
The results of the first nine months of 2026 are confirmed to be in line with forecasts.
| Summary indicators | Unit of measurement | Jan-Sep 2026 | Jan-Sep 2025 | YoY growth |
|---|---|---|---|---|
| Total Revenues | € mln | 799.6 | 806.4 | (0.8%) |
| EBITDA | € mln | 722.2 | 737.5 | (2.1%) |
| EBITDA margin | % | 90.3% | 91.5% | (1.1) p.p. |
| EBIT | € mln | 416.9 | 436.4 | (4.5%) |
| Earnings for the period | € mln | 241.5 | 276.7 | (12.7%) |
| EBITDAaL | € mln | 573.1 | 588.4 | (2.6%) |
| EBITDAaL Margin | % | 71.7% | 73.0% | (1.3) p.p. |
| Recurring Free Cash Flow | € mln | 486.1 | 485.7 | 0.1% |
| Investments | € mln | 172.6 | 206.8 | (16.6%) |
| Net Financial Position (NFP) | € mln | 5,314.2 | 4,978.6 | 6.7% |
| Financial leverage (NFP/EBITDA) | Ratio | 5.5x | 5.1x | 0.5x |
Revenues stood at 799.6 million euros, down -0.8% on the same period of 2025 (806.4 million euros). EBITDA was 722.2 million euros, down by -2.1% compared with the same period of 2025. EBITDAaL was 573.1 million euros, down by -2.6% compared with the same period of 2025. Net profit for the period totalled 241.5 million euros, down -12.7% compared with the same period of 2025.
Recurring Free Cash Flow for the first nine months of 2026 was 486.1 million euros, up slightly (+0.1%) compared to the same period of 2025. Capex for the period remained solid, coming to 172.6 million euros, down (-16.6%) on the same period of 2025. These investments were mainly allocated to the construction of new towers, the deployment of indoor microcell coverage using DAS systems and the acquisition of land.
MSA dispute
As previously announced, Fastweb S.p.A. (a subsidiary of Swisscom SA, which has absorbed Vodafone Italia S.p.A.) and TIM S.p.A. served notices of non-renewal of the MSA on 25 and 29 March 2026 respectively, notwithstanding the fact that INWIT had extended the term of the agreement until 4 August 2038 by exercising the contractually provided option right. Fastweb S.p.A. also initiated proceedings before the Court of Milan by serving a writ of summons, seeking a declaration as to the alleged validity of its notice of non-renewal.
Considering these actions to be unlawful, pretextual and intended to secure an unbalanced and unjustified revision of the original terms of the MSAs, the Company has taken appropriate legal action before all competent courts and authorities, including by way of interim relief and before the independent authorities, in order to fully protect its own interests and those of all stakeholders.
In this context, on 19 October 2026, the Court of Milan dismissed the Company’s appeal against the first-instance order in the interim proceedings, finding that, at that stage, the requirement of periculum in mora (and therefore urgency) had not been met. The Court therefore considered it unnecessary to examine the fumus boni iuris, also in order to avoid making a summary assessment in a complex and significant dispute that should be decided following a full examination of the case in main proceedings on the merits.
On 21 October 2026, the Court of Milan also confirmed the dismissal of the Company’s application for interim relief in the parallel dispute with TIM, finding that, at that stage, the requirement of periculum in mora (and therefore urgency) had not been met.
With regard solely to the dispute with TIM, it should be noted that the parties initiated an assisted negotiation procedure on 15 June 2026, which concluded unsuccessfully on 15 October. In this regard, it should also be noted that the Italian Communications Authority (AGCOM) has summoned the parties to a meeting on 26 November 2026 to explore the possibility of resolving the contractual issues that have arisen through a conciliation process.
Other relevant events during the quarter
On 29 September 2026, the Board of Directors appointed Laurent Fayollas as a Director by co-optation, replacing Rosario Mazza who had resigned on 17 September 2026 from his positions as a member of the Board of Directors and of the Nomination and Remuneration Committee and the Strategy Committee.
Events after 30 September 2026
On 5 October 2026, the Company submitted its comments to the Italian Communications Authority (AGCOM) on the consultation document concerning the renewal and extension of radio frequency usage rights expiring on 31 December 2029. Among other things, the Company highlighted the need for mobile network operators to demonstrate full availability and legal entitlement to passive infrastructure, under a valid and effective legal entitlement, for the entire duration of the spectrum usage rights, so that the regulatory option could deliver measurable results in line with the objectives of coverage, quality, capacity, service continuity and efficient spectrum use.
Outlook for the 2026 financial year and the medium term
INWIT is a leading digital infrastructure company and the first Italian tower company. With a network of around 26,000 towers (macro grid) and coverage from more than 850 DAS (Distributed Antenna Systems) for indoor locations, as well as over 12,000 remote units (relating to DAS, repeaters and small cells – micro grid), INWIT provides extensive and integrated territorial coverage to support connectivity, with a tower-as-a-service business model supporting all mobile, FWA and IoT operators.
The macroeconomic environment continues to be marked by persistent uncertainty, particularly regarding inflation expectations and interest rates, which remain elevated.
In the short term, the Italian telecommunications market continues to face significant challenges, including intense competition and limited cash generation, which weigh on investment in digital infrastructure.
In recent months, tensions with anchor tenants have increased, as evidenced by the notices of termination of the MSAs received in March 2026, aimed at securing unbalanced and unjustified renegotiations of the MSA contracts, which the Company considers valid and effective through to 2038.
In this context, however, INWIT’s infrastructure-based business model is confirmed, which, supported by synergies from asset sharing and strong industrial expertise, ensures high efficiency for its customers while creating value for all stakeholders.
INWIT owns and operates a widespread digital infrastructure of critical national importance, with sites in strategic locations across Italy and high-quality standards that ensure strong performance, maximum reliability and operational efficiency. Indeed, a significant portion of this infrastructure is located at sites subject to urban planning, landscape protection and permitting constraints, which make any potential duplication or replacement in the short term inefficient.
The Company has reflected these challenging market conditions in its guidance for 2026 and for the medium term, as already reported in the 2025 Integrated Report.
2026 Guidance
- Revenues in the range of 1,050-1,090 million euros
- EBITDA margin of approximately 90%
- EBITDAaL margin of approximately 72%
- Recurring Free Cash Flow in the range of 550-590 million euros
- Dividend per share at least in line with 2025 (confirmed at 0.55 euros per share);
- Financial leverage at 5.5x, consistent with the structural target range of 5x to 6x.
Mid-term baseline outlook
INWIT believes that its medium-term baseline outlook, against a backdrop of limited visibility of market developments, rests on the following pillars:
- Low single digit annual growth in revenues
- Continued expansion of the EBITDAaL margin
- Annual Capex (including land acquisitions) of around 200 million euros
- Dividend per share of at least 0.55 euro
- Confirmation of the financial leverage structural target of 5x to 6x
This outlook does not take into account potential upsides relating to the re-establishment of a constructive relationship with anchor tenants, the objective need for network densification driven by continued growth in mobile data traffic, the completion and enhancement of indoor and outdoor coverage, and opportunities to expand along the digital infrastructure value chain.
INWIT therefore reaffirms its commitment to supporting the evolution of mobile networks and to working with its customers within a framework of certainty, transparency and stability, pursuing, through disciplined industrial logic, high-value solutions that deliver efficiency and shared benefits for all parties.
Corporate Governance Issues
Integration of internal Board committees
The Board, following the appointment by co-optation of Director Laurent Fayollas to replace Rosario Mazza (see the press release dated 29 September 2026), proceeded to update the composition of the following Board Committees:
- Strategy Committee, appointing the Non-Executive Director Laurent Fayollas.
- Related Parties Committee, appointing the Independent Non-Executive Director Giulia Staderini, in place of the Independent Non-Executive Director Stefania Bariatti who has been appointed as a member of the Nominations and Remuneration Committee.
The Board of Directors unanimously approved, with the favourable vote of all independent Directors, the Regulation provided for under the new Article 125-bis.1 of the Consolidated Law on Finance concerning the procedures for holding Shareholders’ Meetings. The Regulation is currently being published in the Governance section of the Company’s website.
2027 calendar of corporate events
The Board of Directors approved the calendar of Company events for 2027, confirming, for the same financial year, the practice of publishing, on a voluntary basis, the interim reports on operations as at 31 March and 30 September.
| 9 March 2027 | Board of Directors meeting to approve the draft Financial Statements for the year as at 31 December 2026 |
| 21 April 2027 | Shareholders’ Meeting to approve the Financial Statements as at 31 December 2026 |
| 11 May 2027 | Board of Directors meeting to approve the interim report on operations as at 31 March 2027 |
| 29 July 2027 | Board of Directors meeting to approve the half year financial report as at 30 June 2027 |
| 11 November 2027 | Board of Directors meeting to approve the interim report on operations as at 30 September 2027 |
Any changes to the above dates will be communicated without delay. The conference calls to present the accounting data to the financial community will normally be held the day after the Board of Directors meeting for their approval.
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The economic and financial results of INWIT at 30 September 2026 will be illustrated to the financial community during a conference call scheduled for 11 November 2026 at 9.30 a.m. (CET). Journalists may listen to the conference call, without asking questions, by calling: +39 02 8020927. The presentation to support the conference call will be made available in advance in the Investors section of the Company website www.inwit.it.
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Pursuant to subsection 2, Article 154-bis of the Consolidated Law on Finance, the executive responsible for preparing the corporate accounting documents, Emilia Trudu, has declared that the accounting disclosures contained in this press release correspond to the documentary evidence and the accounting books and records.