Infrastrutture Wireless Italiane S.p.A.

Good morning, this is the Coruscant conference operator welcome and thank you for joining the invite first quarter 2026 results conference call. As a reminder, all participants are in a 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. Luigi Minerva, Strategy, M&A, and Investor Relations Director of Inuit. Please go ahead, sir.

Thank you, and good morning, everyone. Thanks for joining us today. I have with me Diego Galli, Inuit General Manager, and Emilia Trudo, Chief Financial Officer. Before we begin, please allow me to draw your attention to the Safe Harbor Statement on page two of the presentation. Following a brief presentation on the Q1 2026 result, we will open the floor to questions. Over to you, Diego.

Thank you, Luigi, and good morning, everyone. In today's session, we share our Q1 2026 results, which are consistent with our full year 2026 guidance, reflecting the current telephone market context. A reminder of our 2026 guidance and medium-term baseline outlook, both of which are fully reiterated. And a recap of our key strategic points of strength quality and unique network. The telco sector in Italy continues to go through a challenging phase with low returns and the minimum investment from operators. Neutral host infra players can play a key role in this context, leveraging on sharing economics to deliver investments in digitalization in the most efficient way. Our MSAs create value thanks to the consolidation of infrastructure and the unlocking of sharing synergies to the benefits of all parties. As you already know, our anchor tenants sent us early termination notices in March. We have been clear that both fall outside the legal framework of the MSAs and have taken legal actions to protect them. Anyway, our wish is to move from DeWitt remains committed to invest while collaborating with its customers to identify shared value-for-value solutions. Moving to the next slide, PUA results are consistent with our full year 2026 guidance. New signs and new pops reflect the current market context, while the pace of real estate transactions remains sustained. As we anticipated, revenues on reported basis are declining year-on-year by around 1%. Revenues are impacted by the absence of uncommitted revenues linked to discretionary project-based revenues. If we were to remove such discretionary project-based A bid after leases margins at around 72% are in line with guidance. Our leverage ratio remains stable quarter over quarter at 5.2 times. In a few days, we will pay about $500 million in ordinary dividend, which implies a dividend yield of more than 7% at current levels. reflecting the current undervalued share price. I hand it over to Emilia now for a review of KPIs and the financials.