Infrastrutture Wireless Italiane S.p.A.

good morning this is the chorus call conference operator welcome and thank you for joining the third quarter 2025 in with 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, Strategy M&A and Investor Relations Director of Inuit. Please go ahead, sir.

Good morning, everyone, and thanks for joining us. With me today are Diego, Inuit General Manager, and Emilia, CFO. Before we begin, allow me to draw your attention to the safe harbor statement on page two. As usual, following a brief presentation, we will be happy to take your questions.

Over to you, Diego. Thank you, Fabio, and good morning, everyone. It's a difficult day for English shares, following the updated growth expectation in the 26-23 period. It's important for us to answer the key questions you may have and lay out the priorities going forward. We expect it to grow at the low end of the target range. with revenues at about 4% compounded growth rate, more than 50% of which is contractually committed via inflation and anchor MSAs alone. The update impacts non-committed sources of revenues, densification outdoor and indoor, which are postponed. We are also factoring in slightly lower 2021 inflation at 1.5%, We acknowledge the difficult market environment with protracted financial challenges of Italian Terco sector focused on maximizing efficiency, limiting investments to the bare minimum. In the previous outlook, we implicitly assumed that over the course of 2025, there would have been initial signs of an improved market structure, following transformative transactions this improvement has yet to materialize. Having said that, Q3 results confirmed the resilience of the business expanding all industrial and financial metrics while investing in critical infrastructure from next generation EU and rural areas to Rome smart city. Today is also important to affirm with the need to catch up, since infrastructure investments cannot be postponed indefinitely. INWIC plays in a concentrated market with high barriers to entry, holding two competitive advantages, the best assets and locations in the market, and a true industrial approach to deploying assets from the ground up. In this market context, we are conscious of our role as an enabler of investments, and a driver of efficiency for operators, facilitating densification through sharing economics. This will be even more important in case of additional coverage obligations currently being discussed, linked to the extension of mobile frequency post-29. Moving to main trends of the quarter on page four, the key figures for the quarter, revenue growth by 4.1%, A bid after lease up by 4.4% with margin up 73%. Recurring cash flow at 170 million Euro with 69% cash conversion. In October, we completed the first branch of 300 million Euro share buyback and successfully issued the company's first sustainability bond. In summary, Inuit continues acting in a proactive way on the levers under our control, ready to facilitate further network densification. Now, I will turn it over to Emilia for a more detailed review of the results. Thank you.