Infrastrutture Wireless Italiane S.p.A.

Good morning. This is the Coruscall Conference operator. Welcome and thank you for joining the first quarter 2025 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 of Inuit. Please go ahead, sir.

Good morning, everyone. Thanks for joining. We meet today at Diego Galli, Inuit general manager, and Emilia Trudo, CFO. Before we begin, please allow me to draw your attention to the safe harbor statement on page two. And as usual, we will hold a brief presentation and then open the floor to Q&A. Over to you, Diego.

Thank you, Fabio, and good morning, everyone. First quarter results display a solid start of the year in line with the 2025-2030 business plan. Revenues were up in the mid-single digits with a further expansion in EBITDA margins. MSA commitments are on track. There is continued momentum in smart infra, with revenues up more than 50%. Land acquisition pushes on, benefiting profitability and positive cash flow generation. From an industrial point of view, INWIT continues to invest in shared digital infrastructure at accretive returns. This means more sites, more POPs, more smart infra locations, and land ownership. These results were achieved in the context of the Italian telecommunication industry, which is evolving fast, with several important transactions announced and perhaps more to come. Two more results confirmed the resilience of the business model, based on shared economics, an enabler of greater efficiency for the telco value chain. We are well positioned in this evolving scenario. Counting on a strong market position with best locations. Exposed to Tier 1 anchors, incumbent and third challenger. Very protective MSA with all or nothing close and active sharing protection. Focus on the Italian market. In need to catch up on digitalization efficiency. Moving to main trends of the quarter on page 4. The key figures for the quarter, 150 new towers rolled out across MSA commitments and 5G next generation EU program. 740 new POPs, keeping us on track to meet the full year target. Tenancy ratio improving further to a record 2.35. Continued push on real estate transactions, reaching 450 in the quarter. Revenue growth by 4.6%, with smart infra up by 52% year-on-year. EBITDA after lease up by 5.5%, with margin up by 1% touchpoint to 72.9%. And recovering free cash flow growth by 5.4%, with leverage reduced to 4.6 times, improving quarter-on-quarter. Also, in-width and aims shareholder remuneration policy is now full in execution, with the first €300 million tranche of share buyback plans started in April. Ordinary dividends, special dividends and buybacks amount to about €1 billion in 2025, about 10% of market cap, confirming inuitability to combine growth and shareholder remuneration. In summary, a solid start of the year, confirming the strength and resilience of the business in an evolving industry environment. Now, I will turn it over to Emilia for a more detailed review of the results. Thank you.