Infrastrutture Wireless Italiane S.p.A.

Ladies and gentlemen, good afternoon, and welcome to the Inuit Third Quarter 2020 Financial Results and 2021-2023 Business Plan Update Conference Call. Emanuela Martinelli, Head of Finance and Investor Relations, will introduce the event.

Good evening. Welcome, everyone, and thank you for your attendance. Our CEO, Giovanni Ferrigo, and our CFO, Diego Galli, will provide you with an update on our business and operations in Q3 2020, as well as an update on our business plan with a particular focus on the first three years from 2021 to 2023 and the connection to the 2026 guidance. As usual, the presentation will be followed by a Q&A session. You can book it by pressing star one. In order to let everyone take part of the Q&A session, you will understand that we are going to take only one question per person. Please take note of the disclaimer on slide number two. I leave the floor to Giovanni, who will guide you through the presentation. Giovanni, it's over to you.

Good evening to you all. Today, I would like to leave you in no doubt that ING is on the right trajectory, in line with expectations set out in the past. Specifically, we delivered a step change in growth during Q3. We have a long-term plan which is in line or better than the one from July 2019. We are well-placed to capture the opportunities that this attractive market presents and we will continue to drive strong growth organically. Today, we will go through our Q3 results and we will give you an update of the business plan with focus on 2021-2023. reviewing the market dynamics, strategic pillars, and financial targets. So, let's go to slide number five. Okay. Let's start by looking at our Q3 results, where the business has significantly accelerated, as you see on slide five, as I said. Now, clearly, we are working in unprecedented times. With regards to our operations, we continue our activity without disruption and we have not registered at this time any significant impact on our business due to the pandemic. In fact, The business has significantly accelerated in line with our expectations and, as we said, in July. Revenues were up by 2% year-over-year on an organic basis compared to about 1% in the previous quarter. Moving to the operations, we delivered more than 500 additional tenants, more than 600 new remote units for DAS and also more than 800 renegotiations and land acquisition to optimize the cost base further. All of these are clear evidence of a material change of pace. Also, from a commercial point of view, We made important steps. I'm pleased to say that we won the contract to enable 5G on the new M4 underground in Milan. Another example, Winding, the contract for dust coverage of the Philip Morris plant near Bologna, supporting their drive to industry 4.0 with automation enabled by sensor and robotics. We also joined forces with teams to develop 5G, thanks to small sales starting from Milan and Genoa. And finally, reinforcing the market support for our business, we were able to issue two successful bonds for 1.75 billion, which were four times oversubscribed by primary investors. Q3 showed a real step change in pace across all the dimensions of our business, as you see on slide number six. In particular, we delivered 210 POPs for our anchor tenants, who are at the start of the delivery of the common grid following the standstill period related to the merger process. And we delivered another 300 pots for other tenants, highlighting the attractiveness of our towers portfolio to fixed wire access operators. So we deliver a good part of the more than 1000 tenants we expected by second half of 2020. We also met the antitrust requirements by making 150 locations available to other wireless operators to date. Finally, in Q3, we executed 800 new regulatory negotiations and land acquisitions, proof of the strength of our real estate department in optimizing the ground lease cost. As we said in July, the Q2, we completed several operational steps. And now, in Q3, we have stepped up another new level, which sets the new baseline for the future. So, Diego, over to you.