Infrastrutture Wireless Italiane S.p.A.

Good afternoon, this is the course call conference operator. Welcome and thank you for joining the INWIT first quarter 2024 results presentation. As a reminder, all participants are on 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 Development. Please go ahead, sir.

Thank you. Good evening, everyone. Thanks for joining us. With me today is Diego Galli, UNB 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 two. As usual, following a brief presentation of the results, we will open the floor to Q&A. Over to you, Diego.

Thank you, Fabio, and good evening, everyone. First quarter results display an overall improvement in industrial and financial indicators, confirming the company's execution track record. EWIC business model is based on investments in digital infrastructure, creating value through sharing best quality assets. In Q1, we pressed forward on this front with higher investments in new sites, new indoor coverage dust, and land ownership, making the company stronger. New services, particularly dust, are confirmed as the fastest-growing line in the business, up 60% year-on-year. The market is expanding as clients are asking for turnkey solutions for managed infrastructure services, with different connectivity technologies involved, making locations more smart and sustainable. Our goal is to continue leading the development of this market. The Italian telephone industry continues to be under pressure with limited returns and budget constraints for operators. However, demand for digital infrastructure is confirmed as structurally solid. and neutral players are recognized as an efficiency driver. In 2024, we are witnessing several transformative corporate transactions, which have the potential to improve market fundamentals and unlock more discretionary investments. In this context, the 2026 guidance is confirmed, implying high single-digit revenue growth, highly visible, an industry-leading 76 percent EBITDA margin, and a progressively growing balance sheet flexibility. Providing a balanced profile of growth and yield, in 2024, in with enhanced shareholder operation policy is in full execution with an increased dividend to be paid in a couple of weeks and the share buyback plan ongoing. Moving to the main trends of the quarter on page four, revenues were up 9 percent year-on-year on the back of CPI applying 2023 inflation, asset expansion with more new sites and more DAS, tenancy ratio growth now up to 26, and strong new services. A bid after lease was up 11 percent with more than one percentage point margin expansion. This was underpinned by least cost efficiency, which resulted in more than 400 real estate transactions in the first three months of the year. The current cash flow was about €150 million, up 10% year-on-year, leading to leverage reduction with net debt to a bid up of 4.5 times, despite strong investment activity and continued share-by-back activity. We continue to be pleased about INWIT's industrial capabilities. We added more than 200 sites in Q1, confirming our leadership in the market and providing fuel for future tenancy growth. New POPs were nearly 1,000 in Q1, up year-on-year and consistent with our full-year targets when taking seasonality into account. In brief, Q1 marks a solid beginning of the year, displaying growth and resilience in the current industry context. Now, I will turn it over to Emilia for a more detailed review of the results. Thank you.