Infrastrutture Wireless Italiane S.p.A.

Good morning. This is the Conosco Conference Operator. Welcome and thank you for joining the In with Second Quarter 2026 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. Luigi Minerva, Strategy, M&A, and Investor Relations Director of Inwit. Please, go ahead, sir.

Thank you operator. Good morning everyone and thank you for joining us. With me today I have Diego Galli, English General Manager, and Emilia Trudu, Chief Financial Officer. Before we begin, please allow me to draw your attention to the Safe Harbour Statement on page 2. Following a brief presentation of the second quarter 2026 results,

Thank you Luigi and good morning everyone. Q2 2026 results are very much consistent with our confirmed full year 2026 guidance, which reflects the current market context. The telco sector in Italy continues to go through a challenging phase, with low returns and minimum investments. Moving to the MSA display, to be disagreed with the recent interim decisions and we fight uphill against both ruling. We continue to believe that the MSA early termination notices are instrumental and fall outside the legal framework of the MSAs, which are valid until 2038, in which runs very efficiently the best quality and largely unique network in Italy. There are no rational In which remains committed to invest, while collaborating with its clients to identify shared value-for-value solutions on a fair and rational basis. Moving to Q2 results, new signs in new pots reflect the current market context, while the pace of real estate transactions remains sustained. As we anticipated, revenues on a reported basis are declining year on year by around 1%. Revenues are negatively impacted by the absence of uncommitted revenues linked to discretionary projects. If we were to remove such discretionary project-based revenues from Q2 2025 numbers, Q2 2026 revenues would show normalized annual growth above 3%. and bid after listed margins at around 72% are in line with the 2026 full year guidance. Following the dividend payments in May, our leverage ratio is now 5.7 times and will decline to the midpoint of our 5 to 6 times leverage corridor by ERF. At the current share price, EWIT offers a dividend yield of around 8.6%, reflecting the undervaluation of our stock. I hand it over to Emilia now for a review of KPIs and financials.