Infrastrutture Wireless Italiane S.p.A.

Good morning, this is the Coruscall conference operator. Welcome and thank you for joining the second quarter 2025 Inuit Financial Results conference call. As a reminder, all participants are in this and 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 us. With me today are Diego Galli, Inuit GM, and Emilio Trudo, CFO. Before we begin, please allow me to draw your attention to the Safe Harbor Statement on page two. And as usual, following a brief presentation, we will open the floor to questions. Over to you, Diego.

Thank you, Fabio, and good morning, everyone. We are pleased to share a satisfactory set of results today. Execution is in line with the business plan trajectory. All key metrics expanded in KUTO. From an industrial standpoint, we recorded steady growth in new towers, new POPs, and real estate transactions. Revenues were up in the mid-single digits. in EBITDA margins. Growth continues to be driven by smart infrastructure, indoor DARTs, IoT solutions, and large connectivity projects. We added new locations in multiple verticals, affirming our leadership. In the quarter, we also delivered material shareholder remuneration, €600 million between ordinary dividends, up 7.5% year-on-year, and share-by-back. Looking ahead, the need for substantial 5G investment remains a key driver in Italy. Mobile data traffic is growing at double-digit rates. Data per user is expected to more than double by 2030. Relevant areas of the country lack appropriate coverage outdoor and indoor. At the same time, our clients are conscious of margins and cash flow generation. They are limiting discretionary investments. The Italian telecom sector continues to face challenges. In this context, we are conscious of our role as an enabler of investment and a driver of efficiency for our customers. We take a proactive approach, acting on all levers under our control, delivering on MSA commitments, pushing on smart infrastructure, particularly indoor, where there is a growing market, doubling down on cost efficiency, particularly on real estate, investing in land buyout, and in a renewable energy project. Neutral host adds value in multiple ways, in that specialization, sharing economics, a model of long-term return, and an efficient cost structure to continue to offer competitive prices to clients. Our role is even more important in the current industry context. Moving to main trends of the quarter on page four. The key figures for the quarter show 210 new towers, a pickup versus Q1, in line with 2025 targets. 720 new POPs, with tenancy ratio approaching 2.4. 370 real estate transactions, mainly land buyout. Revenue growth by 4.6%, with smart infrastructure up almost 40% year-on-year. EBITDA after lease up by 5.5%, with margin up by about 1% to 73%. The currency cash flow at 158 million euros, with 64% cash conversion. and net debt to EBITDA at five times, reflecting a stronger shareholder remuneration. In summary, with an industry in transition, INWIT continues to deliver solid growth and cost efficiency and expand its digital infrastructure assets to offer hosting services at the most competitive terms. We remain committed to supporting our clients in advancing mobile networks