Inwit stock holds guidance as Q3 profit and revenue decline

Infrastrutture Wireless Italiane S.p.A. reported third-quarter 2026 results that remained in line with its full-year guidance, although revenue and profit declined from a year earlier. The company published the figures on Tuesday, November 10, ahead of its investor conference call on Wednesday, November 11.

INWIT stock traded at 7.33 euros on Lang & Schwarz at 12:07 CET on Wednesday, November 11, 2026.

Revenue Pressure Meets Cash Generation

Revenue for July through September was 268.6 million euros, down 0.9% from 271.1 million euros in the same quarter of 2025. EBITDA fell 2.2% to 241.9 million euros, while EBITDA after lease costs, INWIT's main operating margin, declined 2.8% to 192.3 million euros. Its EBITDAaL margin narrowed to 71.6% from 73.0%.

Net profit fell 11.8% to 81.3 million euros, with the company citing higher financial charges as one factor. Recurring free cash flow moved in the opposite direction, rising 9.6% to 186.0 million euros. Investment declined 30.6% to 40.9 million euros, reflecting market conditions, pressure from anchor tenants over master service agreements and the completion of the National Recovery and Resilience Plan 5G program.

The nine-month picture was similar on the income statement. Revenue fell 0.8% to 799.6 million euros and net profit dropped 12.7% to 241.5 million euros, while recurring free cash flow was broadly stable at 486.1 million euros. Net financial debt stood at 5.3142 billion euros at September 30, and leverage improved to 5.5 times from 5.7 times at the end of June.

Contract Dispute Remains Central Risk

INWIT said the market remains affected by uncertainty surrounding master service agreements with key customers. Fastweb and TIM served notices of non-renewal in March, despite INWIT's assertion that it had extended the agreements through 2038. The company has pursued legal action, while a meeting convened by Italy's communications authority for November 26 is intended to explore conciliation in the TIM matter.

Operational activity also slowed. INWIT added 50 sites and 310 new hostings in the quarter, compared with 180 sites and 670 hostings a year earlier. The tenancy ratio nevertheless increased to 2.41 times from 2.37 times, indicating that the existing network continued to support additional tenants.

Targets Remain Unchanged

Management retained its 2026 revenue target of 1.050 billion to 1.090 billion euros, an EBITDA margin of about 90%, an EBITDAaL margin of about 72% and recurring free cash flow of 550 million to 590 million euros. The company also confirmed a dividend per share of at least 0.55 euros and leverage of 5.5 times, within its structural range of 5 to 6 times.

General Manager Diego Galli said INWIT expects a return to growth in 2027 despite continued uncertainty around the agreements. The medium-term plan assumes low-single-digit annual revenue growth, continued EBITDAaL margin expansion and annual investment of about 200 million euros, including land purchases.

For investors, the results show resilient cash generation and a stable capital-allocation framework, but weaker discretionary activity and the unresolved customer agreements continue to limit visibility. Italy's broader equity market can be followed through the FTSE MIB market overview.

Further company-specific developments are available in More news and analyses on Inwit stock.

INWIT's press release provides the detailed financial results, contract update and guidance.