Infrastrutture Wireless Italiane S.p.A.

Good afternoon. This is the Coral School Conference Operator. Welcome and thank you for joining the INVID full year 2025 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 send an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Luigi Minevra, Strategy, M&A, and Investor Relations Director of Inwit. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining us. With me today, I have Diego Galli, Inwit's General Manager, and Emilia Prudu, Chief Financial Officer. Before we begin, please allow me to draw your attention to the safe harbor statement on page two. Following a brief presentation of the full year 2025 results, we will open the floor to questions. Over to you, Gemma.

Thank you. Good afternoon, everyone, and welcome to our third Unrisked Call in two weeks. Today, no surprises, so in a way, no news is good news. And after this, we all deserve a good long weekend. In today's session, we share a solid set of fiscal year 2025 results, with revenues up by 4% and EBITDA by 4.8%, confirming our dividend per share of €0.55. A reminder of our 2026 guidance and medium-term baseline outlook, as already communicated on March 19, a recap of our key strategic points of strength, even in the current phase of tension with our customers. The telco sector in Italy continues to go through a challenging moment, and neutral host players can help, leveraging on sharing economics to deliver investments in digitalization in the most efficient way. The MSAs are structured in a way that creates value for both Inuit and its customers, thanks to the consolidation of the infrastructure and the unlocking of sharing synergies to the benefits of all parties. Our ANCORs, FASB and team, sent us early termination notices. We have been clear that both acts have no legal ground and fall outside the legal framework of the MSAs. Legal certainty is fundamental not only for INWIP, but more generally for the industry, in order to safeguard the ability to attract capital and execute the critical and strategic infrastructure investments that the country requires. Despite this challenging backdrop, we have delivered our 2025 guidance and our shareholders will receive a dividend per share of €0.55, which at current levels implies an attractive dividend of 7.7%. We continue to expand our asset base with another solid set of industrial KPIs in the full year. We built about 800 new sites in the year, bringing the total to about 26,000. We added 2,800 new POPs, tenancy ratio improving further to an industry-leading level of 2.4 times. We delivered 1.6 thousand real estate transactions, which continue to drive our efficiency gains. Ebitda was up by almost 5%, with margin up by half percentage point to 73%, supported by the least cost efficiency plan. Recurring free cash flow was up by 2% year-on-year at 634 million. Year-on-year growth reflects also higher cash leases and financial charges, partially offset by lower cash taxes. Leverage ratio stands at 5.2 times, well within our target corridor. This reflects extraordinary shareholder remuneration of 500 million, 300 shareback and 200 special dividends, on top of the 500 million ordinary dividends. 2025 remained intense from a commercial perspective. We developed further the indoor coverage connectivity markets through dust technology in a number of verticals. We continued with major projects like Roma Smart City. In summary, in a context of transition for the industry, INWIT continues to display a resilient growth trajectory and grow the asset base, affirming its leadership. We continue to support clients in their effort to improve the mobile network and stand ready to capture additional growth opportunities. However, KUFOR showed the signs of a slowing market with AMGORS, pulling from non-committed projects. Let's now skip a few pages to slide 11. In this page, we showed industrial and financial progress of Inuit over the past few years. We had more than 300 million Euro in revenues, growing high single digit. Smart infrastructure revenues up more than 4.5 times. Cash flow was up in the double digits. Nearly 3.5 thousand new towers, tenancy ratio moving from 1.9 to 2.4 times, land ownership All of this translated in a growing return on capital employed, now exceeding 8%, confirming the soundness of INWIT business model with visible impact on our investments already in terms of cash flow generation and return on capital. Let me now hand it over to Emilia for a recap of our 2026 guidance.