Inwit closes 2025 with growing economic results.
Yesterday the Inwit board of directors, chaired by Oscar Cicchetti, examined and approved the Integrated Financial Statements as of December 31, 2025, which include the Annual Financial Statements and the Consolidated Financial Statements as of December 31, 2025.
The tower company led by Diego Galli (in the photo) closed the 2025 fiscal year with an increase in revenues and key operating indicators, confirming the solidity of its industrial model despite a context characterized by macroeconomic uncertainties and tensions in the telecommunications sector. Especially in this latter case, Inwit is facing the challenge related to the conflict with the operators Fastweb+Vodafone and Tim. Last weekend the former Telecom Italia telecom operator joined Fastweb in requesting the early termination of the Master Service Agreement (Msa) with Inwit for mobile phone towers.
“In the fourth quarter of 2025 there are signs of market slowdown, with the anchors pulling back on projects not yet contracted,” specified Inwit’s CEO Galli during the earnings conference call.
All the details.
REVENUES UP
Inwit closed the 2025 financial statements with revenues of 1.1 billion euros, up 4% compared to the same period in 2024.
MARGINS IMPROVE
EBITDA increased by 4% reaching 984.4 million, while EbitdaaL (Ebitda – Lease cost), the company’s main operating margin, stands at 785.9 million euros, up by +4.8%; the ratio to revenues improves from 72.4% in 2024 to 73.0%, thanks to the growth of Ebitda and containment of leasing costs.
EBIT AND NET PROFIT INCREASE
EBIT amounts to 578.3 million euros, with an increase of +3.5% compared to the same period in 2024, while net profit stands at 360.8 million, up +2% compared to the previous year.
INVESTMENTS AND DIVIDENDS
Industrial investments for the period amounted to 313.8 million, substantially in line with the same period in 2024. In line with the dividend policy for the 2024-2026 horizon, the board of directors has resolved to propose to the shareholders’ meeting, convened for April 30, the payment of a dividend related to the 2025 fiscal year of 0.5543 euros per share, up 7.5% compared to the previous year.
DEBT INCREASES
And it is precisely the shareholder remuneration policy that impacts the worsening of the debt.
Net financial debt, amounting to 5 billion euros, increased (+13%) compared to December 31, 2024 (4.5 billion), “essentially due to the higher remuneration to shareholders in terms of dividends and share buybacks,” the company’s statement specifies. Financial leverage, in terms of the ratio between net debt and Ebitda, increased to 5.2x compared to 4.8x in the same period of 2024 due to the aforementioned increase in net financial debt (financial leverage was 5.0x in the third quarter of 2025).
HOW THE FOURTH QUARTER WENT
In the fourth quarter, revenues amounted to 270.8 million, up +2.6% compared to the same period in 2024; Ebitda stood at 247 million, up +2.5%; EbitdaaL stood at 197.5 million, up +3.6% compared to the previous year. Net profit amounted to 84.1 million, down -4.1% compared to the same period in 2024.
DOWNWARD REVISION OF ESTIMATES AND 2026 OUTLOOK
“In recent months there has been an increase in conflict with the anchor tenants (Tim and Fastweb+Vodafone) aimed at obtaining an unbalanced and unjustified renegotiation of the Msa contracts, which the company considers valid and effective until 2038. This conflict worsens an already challenging current market context, implying the interruption of activities planned in the plans, but not guaranteed, and the blocking of new business initiatives,” Inwit explained in the released statement.
We recall that on March 19 the tower company had already revised downwards the estimates for the 2026-2030 period after the two anchor tenants triggered an escalation of tensions related to the Msa contracts and the project of a new joint venture for mobile towers, with direct impacts on the company’s financial prospects.
For 2026, Inwit’s guidance foresees revenues between 1,050 and 1,090 million euros, an Ebitda margin of about 90%, and an EbitdaaL margin around 72%. The dividend per share is expected to be at least equal to the 2025 value, confirmed at 0.55 euros per share.
TENSIONS WITH FASTWEB AND TIM
The worsening of tensions with Fastweb+Vodafone and Tim has thus impacted financial prospects, and beyond.
On March 29 the board of directors of the telecom operator led by Pietro Labriola resolved to terminate the framework contract with Inwit, which regulates the use of transmission tower infrastructures. This decision follows a similar move by Fastweb + Vodafone: the previous week the Swiss group Swisscom, which controls Fastweb and integrated Vodafone Italy at the end of 2024, communicated the termination of the Master Service Agreement with Inwit, initiating a process that will lead to the contract’s termination by March 2028, in line – the Swiss conglomerate claims – with the stipulated clauses.
The dispute affects contracts fundamental to the tower company’s revenues.
INWIT’S CLARIFICATIONS: CLIENTS’ “ILLEGITIMATE” ACTIONS
For Inwit, the effectiveness of judicial outcomes concerning the Msa with Fastweb is limited to the latter and does not extend to Tim. Tim’s termination, the tower company explains, therefore appears ineffective and solely instrumental to exert undue pressure on Inwit aimed at renegotiating the economic terms of the Msa.
Therefore, Inwit, continues the 2025 earnings statement, considers both Fastweb’s and Tim’s initiatives “illegitimate, without legal basis, instrumental and pretextual to obtain an unbalanced and unjustified revision of the original Msa terms; it has therefore expressly instructed its lawyers to act in all competent judicial forums for the full protection of its own interests and those of all stakeholders, including against TowerCo which, through its conduct, might facilitate the implementation of unlawful strategies to the detriment of the company.”
GOAL: A WIN-WIN AGREEMENT
Concluding the conference call with analysts, referring to the conflict phase with the two anchor tenants Fastweb+Vodafone and Tim, CEO Galli stated that “We aim to achieve a win-win result in terms of positive net present value and business development,” reports Radiocor.
When asked if there had been any dialogue with Swisscom and Tim after the contract terminations, Galli responded negatively, stating “at the moment we are not engaging in dialogue,” and confirming readiness to open a constructive discussion: “we have received the Msa termination and have activated to respond, we have obviously started all legal procedures, I believe there is time to do everything properly, at this moment we have not yet established a dialogue but we are always ready for constructive dialogue.”
TAKEOVER BID IN SIGHT?
Yesterday Inwit’s stock closed up 2.5% at 7.19 euros per share, today at 1 pm it trades at 7.19 euros with an increase of +2.49%.
The performance of the tower company’s shares on the Milan Stock Exchange is also influenced by the hypothesis that the Ardian fund, one of Inwit’s main shareholders, is discussing with the Canadian infrastructure fund Brookfield Asset Management to launch an offer for 100% of the group.
According to Mediobanca, a possible takeover “could attract regulatory scrutiny” through golden power, also in light of developments on Tim with the Poste Italiane takeover bid, which “has strengthened the strategic importance of ownership of telecommunications infrastructure.” Analysts also highlight that “we would not be surprised if European tower companies attracted interest from US competitors and private equity funds,” with possible delisting operations if “valuations remain depressed.”
