Infrastrutture Wireless Italiane S.p.A.

Good afternoon. This is the Coruscall Conference operator. Welcome and thank you for joining the Inuit Third Quarter 2021 Financial Results Conference School. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference school, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Fabio Ruffini, Head of Investor Relations. Please go ahead, sir.

Good evening, everyone. Thank you for taking the time to join us for INWIT's Third Quarter 21 results presentation. With me today are Giovanni Ferrigo, our Chief Executive Officer, and Diego Galli, our Chief Financial Officer. Before we begin, please allow me to draw your attention to the safe harbor statement on page two. We will begin with a short presentation, followed by a Q&A session. Over to you, Giovanni.

Thank you, Fabio, and welcome, everyone. Q3 results display an acceleration of all financial KPIs in line with the guidelines, which is confirmed. Expansion of industrial KPIs despite summer seasonality and the long administrative processes needed to build infrastructure in Italy, and our ability to execute on new projects, adding additional sources of growth. Just a few numbers. Hospitalities growing 10% year on year, purely in organic terms. Revenues up 6% in organic terms, Strong EBITDA growth of over 9% and margin expansion from 65% to 67%. Level reduction ahead of schedule and already hitting the year-end 21 target. Looking ahead, Q4 is expected to accelerate revenues further and pick up in terms of industrial activity with a strong increase in new sites. More in general, market demand, commercial pipeline, and a favorable external scenario allow us to look at the future with confidence. Towers are a beneficiary of digital and infrastructure investment and are key node in the digital ecosystem of the future. Let's now move to anchor KPIs on page four, please. Anchor POPs are up 9% year-on-year due to progress on the common grid and the initial benefits on the new site rollout plan. Q-Trade POPs are up more than three times year-on-year, but reflects two temporary factors. Summer seasonality due to reduced volume of activity. Lengthy approval processes in the various layers of the bureaucracy needed to develop our grid, which today don't benefit yet from the new simplification decree. There is a high level of commitment by ANCOR to continuing optimizing and developing coverage, rolling out 5G. As a result, we expect both new sites and new ports to accelerate further in Q4. For new sites, we expect to build approximately 400 by the end of the year. Keep in mind that we are already up three times year on year at more than 210. Turning to our clients on page five, Q3 recorded 300 new POPs with other science or a total of plus 11% year-on-year despite no major update in the remedies process. This is thanks to progress with MNOs in towns below 35,000 inhabitants and fixed water access demand with continuous to develop well. This is despite short-term softness in anticipation of the Italian at-one-gigabit funding. With regard to the remedies, as you know, there is a pending legal appeal against the process since November 2020. At the same time, discussion around the process continues with the involvement of all parties. We are hopeful that an agreement will be found so that we can unlock the strong demand we see for our sites. We believe the remedies are a question of when, not if. In the meantime, we are working to support our growth next year, assuming Iliad in line with this year and counting on several additional sources of growth. This scenario will be better should a solution be reached quickly. As we will discuss later on, 2021 has shown a step change in our quarterly rate of new POPs, with important positive impact also in 2022, when the full P&L potential of 2021 POPs will be realized. Let's move to new services and dust on next slide, slide six. This is another area, like new sites, where we are working to accelerate the business with an initial contribution in 2021 and a meaningful one in 2022. Revenues from new services increased by nearly three times year-on-year on the back of progressive tenancy growth on the DAS-installed base, leading up the asset operators and initial contribution in the interim period between the signing and closing of the tunnel investment projects we keep adding remote units and securing a location in key vertical ahead of the next generation european funds which have the potential to be a tailwind to advanced technology for indoor coverage our solution enable important use cases in fields like medicine, airport, and transportation apps. That demand continues to develop favorably towards larger projects. We provide a complex portfolio of assets and solutions in the context of private and public debt, which returns in line with our internal threshold and not dissimilar to macro-sites. Recent example of this, confirming our leadership in this field, are the investments dedicated to highway coverage. We are also very proud of our role in keeping the buildings hosting the G20 Summit in Rome this past weekend with our DAS solution and coverage. In summary, Q3 results So we continue now in our growth path, and they support our guidance expectation. With this, I hand over to Diego.