Infrastrutture Wireless Italiane S.p.A.

Good morning, this is the Coruscall conference operator. Welcome and thank you for joining the second quarter 2024 Inuit 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 and Corporate Development of Inuit. Please go ahead, sir.

Good morning, everyone. Thanks for joining us. With me today are Diego Galli, Inuit General Manager, and Emilia Trulli, Chief Financial Officer. Before we begin, please allow me to draw your attention to the safe harbor statement on page two. Following the brief presentation we will open the floor to questions. Over to you, Diego.

Thank you, and good morning, everyone. Looking at Q2 results, I would highlight a continued solid execution of industrial operations with a high volume of new sites and real estate transactions, growing financials with MSA commitments on track, strong revenue growth in indoor coverage solutions, and a double-digit expansion in EBITDA after lease. In the quarter, we also delivered a compelling shareholder remuneration in the form of additional dividends and buybacks. More broadly, INWIC business model based on shared digital infrastructure investments continues to be resilient in the context of transformative year for the Italian telcos. We view the ongoing transition as positive. We can count on a strong and positive MSA. There is potential to improve market fundamentals and unleash additional investments. Investments needed to meet the need for digital infrastructure in Italy, which today is lagging behind European standards. This is a structural growth trend in which it is well positioned to capture it. Moving to main trends on the quarter of page 4. A few key numbers. 8% revenue growth on the back of inflation link, new pots, and new services. 11% growth in EBITDA after lease, with margin up by 2 percentage points. Recurring cash flow at €150 million. Net debt to EBITDA at 4.9 times, reflecting the increased shareholder remuneration. We reduced leverage by half a turn since a year ago, when excluding only the additional portion of dividends just paid and then buyback. Strong industrial delivery with more than 200 new sites across three programs. Nearly 1,000 new posts on track for the full-year target for a tenancy ratio of 2.3 times. Almost 400 real estate transactions are our main source of efficiency. In summary, Q2 and first half results show resilient execution with growth trends in line with targets. We keep on investing at accretive returns to expand our infrastructure assets. More sites, more indoor coverage locations, more land ownership. The industry context is one of transformation for many clients, which will be in a structurally different position from 2025 onwards. Now, I will turn it over to Emilia for a more detailed review of the results. Thank you.