Q4 2025 Infrastrutture Wireless Italiane SpA Earnings Call Transcript

Apr 02, 2026 / 04:30PM GMT

Release Date Price: €7.1 (+2.09%)

Transcript

Key Points

Positve

Revenues increased by 4% and EBITDA by 4.8% for the fiscal year 2025.
Dividend per share confirmed at EUR0.55, implying an attractive yield of 7.7%.
Expanded asset base with 800 new sites built, bringing the total to about 26,000.
Tenancy ratio improved to an industry-leading level of 2.4x.
Recurring free cash flow increased by 2% year-on-year to EUR634 million.

Negative

The telco sector in Italy is facing a challenging moment, impacting market dynamics.
Q4 showed signs of a slowing market with costs arising from noncommitted projects.
Leverage ratio stands at 5.2x, reflecting extraordinary shareholder remuneration.
Discretionary revenues are expected to be minimal in 2026 due to limited budgets.
Ongoing complexities in cotenant relations and potential legal disputes over MSA termination.

Operator

Good afternoon. This is the Chorus Call conference operator. ending the INWIT Full Year 2025 Financial Results Conference Call. (Operator Instructions).

At this time, I would like to turn the conference over to Mr. Luigi Minerva Strategy, M&A and Investor Relations Director of English. Please go ahead, sir.

Emilia Trudu

Infrastrutture Wireless Italiane SpA - Administration, Finance & Control Director

Good afternoon, everyone, and thank you for joining us. With me today I have Diego Galli, English's General Manager; and Emilia Dudu, Chief Financial Officer. Before we begin, please allow me to draw your attention to the safe harbor statement on Page 2. Following a brief presentation of the full year 2025 results, we will open the floor to questions. Over to you, Jago.

Diego Galli

Infrastrutture Wireless Italiane SpA - General Manager

Thank you. Good afternoon, everyone, and welcome to our third analyst call in 2 weeks. Today, no surprises. So in a way, no news is good news. And after this, we all

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