Infrastrutture Wireless Italiane S.p.A.

Good afternoon. This is the Corusco Conference Operator. Welcome and thank you for joining the INWIT Q1 2022 Financial Results Conference Call. 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 call, 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 Q1 2022 results conference call. 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 of the presentation. Following the presentation, as usual, we will be happy to take your questions. Over to you, Giovanni.

Thank you, Fabio, and welcome, everyone. Just over two months ago, we presented a strategic update confirming our business plan targets with more visibility on growth also supported by the positive external scenario and a further acceleration in 2022. Today's results show a further step up in revenue growth, earning expansion, and cash generation. All metrics are materially up year on year at top level in the industry in organic terms. We achieved the 9% growth cruising speed needed to meet our 2022 guidance. And we expect limited volatility across quarters. This is consistent with our business model. On industrial KPIs, new sites and new POPs, we continue to expand our infrastructure. POPs growth was 9% year on year although new ads were light in Q1. This is due to timing of new contracts in a context of still positive structural demand. Current pipeline allows us to say that from the second quarter of the year, we will show a material improvement in new sites and new POPs. We continue to benefit from positive trends in wireless infrastructure services. The Italian market needs to improve coverage to allow for 5G densification, with positive implications for towers. Location owners need dedicated coverage with us. To capture this demand, we count on an ecosystem of macro grid and micro grid and established commercial relationship with all players. We are a clear beneficiary of the current inflationary trend and our MSA is best in class. We see benefits already in this quarter. Finally, Important tenders of Next Generation EU are now live. We are working hard to support clients and play an important role. So, a material acceleration of financial KPIs to 9% revenue growth and a solid pipeline of new sites and new pops allow us to continue to be confident on our outlook. Let's move forward. to page four, ANCORs. ANCOR POPs are up 8% year on year on the back of the new sites and of the common grid. We added nearly 3,000 new tenants over the last four quarters. This is a key feature of Hingwith, the partnership with Tim and Vodafone in the technological shift to 5G and the network optimization. After a strong Q4 with 170 new sites, Q1 2022 was softer. The lower pots in Q1 are related to timing, not underlying trends. Operational plans continue to be strong, as visible in the delivery pipeline and in line with the contractual commitments of MSAs. We are working to reduce quarterly volatility of industrial KPIs. We have a new organization and processes in place. We confirm the expectation of an acceleration of new sites and new ports in Q2 2022. aiming to reach more than 500 new sites in the current year. Turning to our other client on page five. Tenancies by other clients were up in double digits, in the double digits year on year for a total of more than 1,300 in the last 12 months. This is one of the best organic performance trends in the sector. Structurally, our assets are attractive to all operators in the market because of their location and technology. Beyond MNOs, there is a wide client base interested in placing active equipment and sensors on our towers for a limited incremental cost and low electromagnetic spectrum. After a pickup in the later part of the last year, Q1 new apps were below our expected run rate, discounting mainly two factors. In fixed wireless clients, as reported by the press, there were several corporate and organizational changes, which slowed down the contractualization of new pods. We believe this is temporary, and our discussion with clients confirms it. Also, we keep on working to strengthen our organization and processes on the technology and commercial front. The objective is a more stable delivery of new POPs going forward. Regarding MNOs, we continue to add POPs in towns below 35,000 populations. No material updates on the remedies front. As you know, our short-term and medium-term targets are derisked from this factor. There could be upside in case of a quick resolution of the ongoing legal dispute in Bruxelles. Finally, based on the current pipeline, we expect Q2 new POPs to be more than 400. a material acceleration from Q1 and more in line with our run rate. Moving to new services on page six. New services was a key contributor to grow in 2021 and a similar trend is expected for the current year. There are synergies between in-width ecosystem of macro grid towers, and microgrid for dedicated coverage. Thus, repeaters and more cells, a material opportunity to provide better coverage on high density areas in need of optimal network capacity and ultra-low latency. We are well-positioned to capture this demand because of our location and relationship advantage with our two anchors. Early results are evident from the revenue run rate. It's more than doubled over the course of the year because we added more tenants onto our installed base and added new assets. There are more than 3,000 locations in Italy which will need to be covered by 2026, and we target about one-third of the market. Over the course of Q1, we added new projects mostly in the healthcare and entertainment verticals. Also, there is a material opportunity in rail and road infrastructure coverage. Today, we cover about 1,000 kilometers of road and highway tunnels, and we monitor the market for additional opportunities. Going forward, We expect a further pickup in new services, which will grow at rates above Inuit average in the coming years, also supported by the next generation EU. With this, I hand it over to Diego to discuss our edge in the inflationary environment. Thank you.