Q2 2024 Infrastrutture Wireless Italiane SpA Earnings Call Transcript

Jul 31, 2024 / 08:30AM GMT

Release Date Price: €10.05 (-0.99%)

Transcript

Key Points

Positve

Infrastrutture Wireless Italiane SpA (IFSUF) reported an 8% revenue growth in Q2 2024, driven by inflation-linked adjustments, new services, and new site additions.
The company achieved an 11% growth in EBITDA after lease, with a margin increase of two percentage points.
Strong industrial delivery was noted with over 200 new sites and nearly 1,000 new PoPs, aligning with full-year targets.
The company provided compelling shareholder remuneration through additional dividends and buybacks.
Infrastrutture Wireless Italiane SpA (IFSUF) is well-positioned to capture structural growth opportunities in Italy's digital infrastructure market, which is currently lagging behind European standards.

Negative

Net debt to EBITDA ratio increased to 4.9 times, reflecting the impact of increased shareholder remuneration.
The FWA market remains stable at low levels of growth, with no significant acceleration expected in the near term.
The company's leverage remains high, with a structural leverage target of up to six times, indicating potential financial risk.
Inflation in Italy is expected to be lower than the company's base assumption, potentially impacting future revenue growth.
The IoT revenue per unit is lower, which affects the overall revenue mix and growth potential.

Operator

Good morning. This is the Chorus Call conference operator. Welcome and thank you for joining the second-quarter 2024 INWIT financial results conference call. (Operator Instructions)

At this time, I would like to turn the conference over to Mr. Fabio Ruffini, Head of Investor Relations and Corporate Development of INWIT. Please go ahead, sir.

Fabio Ruffini

Infrastrutture Wireless Italiane SpA - Head of Investor Relations & Corporate Development

Good morning, everyone. Thanks for joining us. With me today are Diego Galli, INWIT General Manager, and Emilia Trudu, Chief Financial Officer, who will begin, please allow me to draw your attention to the safe harbor statement on page 2. For a brief presentation of the quarterly results. As usual, we will open the floor to questions. Over to you, Diego.

Diego Galli

Infrastrutture Wireless Italiane SpA - General Manager

Thank you, and good morning, everyone. Looking at Q2 results, I would like to highlight a continued solid execution of industrial operation with

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