Infrastrutture Wireless Italiane S.p.A.

Good afternoon. This is the Coral School conference operator. Welcome and thank you for joining the INWIT second quarter 2023 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 and Corporate of Inuit. Please go ahead, sir.

Thank you. Good evening, everyone. Thanks for joining us. With me today is Gia Dudali, Inuit's General Manager, and Emilia Trudu, Chief Financial Officer. Before we begin, please allow me to draw your attention to the Safe Harbor Statement on page 2. As usual, following a brief presentation, we will open up the floor for questions. Over to you, Daniel.

Thank you, Fabio, and welcome, everyone. The second quarter results show steady progress in the execution of the business plan. Industrial delivery of new sites continues upscale. Organic growth was 13% among the best in the industry, with the new services up by 45%. Margin expansion and cash flow generation were solid. Demand for digital infrastructure is structurally positive, driven by mobile data growth, densification needs, and urgency to optimize coverage, both outdoor and indoor. InWizard is building a solid track record in a challenging environment for the Italian telecom industry. where operators are looking for cost savings and better returns. Shared infrastructure investments can be part of the solution, a source of efficiency. And while this is typical for tower costs, INWIT is unique, with two anchor tenants and also the role of neutral loss. We are extending this model from macro grid outdoor to micro grid indoor and thus. Our companies can be at the center of a virtual cycle between location owners, public and private, and mobile operators with value creation for all. Moving to the key figures of this quarter on page four. Financials and operational indicators maintain the consistent growth rate in Q2 among the best in the industry, starting with revenues, growing consistently at low things since the beginning of the year. Growth with Anchors is material at more than 12%. Holos continued to add the new POPs, offsetting lower other revenues, which were particularly significant in 2022. Increased commercial effort led to a 45% growth in new services. Here, the quarterly revenue figure is two digits for the first time. A bid after lease growth was more than 16%, leading to margin expansion to 71%. And we are on a path to a 76% bid after lease margin by 2026. Cash flow generation was strong. we captured the benefits of networking capital efficiency actions on legacy items. These benefits are structural and support the progress towards full-year targets. After dividend payments, leverage was five times in terms of net debt to EBITDA, against 5.6 times a year ago, confirming our ability to deliver quickly. INWIT Industrial Delivery Machine continues to operate at high level. The rollout of MSA in new sites is in line with targets, and we started the delivery of other two BTS programs, Next Generation EU 5G and Open Fiber. Strong in new sites supported the volume of new POPs at 1,060, with tenancy ratio inching higher at 2.2. Real estate transactions were more than 500, with the majority of acquisitions supporting margin expansion. A quarter of further progress along the trajectory of the business plan. And now, I will turn it over to Emilia for a more detailed review of the results. Thank you.