Company Reports

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new build-to-suit towers for areas with poor coverage.

Inwit reported second-quarter results in line with guidance, with revenue reaching EUR 267 million and EBITDAaL reaching EUR 191 million.

Inwit's first-quarter results were in line with its reduced 2026 guidance as the dispute with two key customers, Vodafone-Fastweb and Telecom Italia, continues. Revenue declined 0.8% to EUR 264 million, and EBITDA was down 1.9% to EUR 240 million.

Inwit’s fourth-quarter results were in line with company-compiled consensus, and management reiterated its conservative guidance for 2026, which had already been released on March 19.

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new build-to-suit towers for areas with poor coverage.

Inwit faces a crucial legal dispute with its anchor tenant Fastweb-Vodafone, which has given notice to terminate its contract with Inwit by 2028, an action Inwit considers unlawful. The case is going to court, and if termination occurs, it could put 40% of Inwit’s tower revenue at risk.

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage).

Inwit reduced its 2026 and 2030 financial targets after reporting third-quarter results and now expects to reach revenue at the lower end of its previous guidance.

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage). Inwit expects its main customers will deploy 14,000 new points of presence in the coming years, reaching 72,000 total points of presence by 2030, which implies a tenancy ratio north of 2.60 times. We estimate Inwit will keep deploying new capital at double-digit internal rates of return through BTS towers, distributed antenna systems, and fiber-to-the-tower projects.

Inwit undertook several debt refinancing transactions in early October, while it also accelerated share repurchases in the third quarter.

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage). Inwit expects its main customers will deploy 14,000 new points of presence in the coming years, reaching 72,000 total points of presence by 2030, which implies a tenancy ratio north of 2.60 times. We estimate Inwit will keep deploying new capital at double-digit internal rates of return through BTS towers, distributed antenna systems, and fiber-to-the-tower projects.

Inwit’s first-quarter 2025 results were broadly in line with our expectations and company-compiled consensus. Revenue grew 4.6% year on year to EUR 266 million and EBITDA after leases grew 5.5% to EUR 194 million.

Inwit ended 2024 with revenue of EUR 1.04 billion and EBITDAaL of EUR 750 million, an 8% and 9.3% year-on-year increase, respectively. The firm launched its 2030 business plan, where it expects to grow revenue and EBITDAaL at a 4.5% and 6.0% CAGR, respectively, in line with our estimates. In the next five years Inwit’s revenue growth profile will moderate from the high-single-digit range to the mid-single-digit range, as Italian networks are already much denser and Telecom Italia and Vodafone have lower needs of deploying extra points of presence. Still, Inwit provides a growing and predictable revenue stream with inflation protection, something that can be attractive for investors with a lower risk profile and looking for maintainable and growing dividends. Dividends are expected to grow at a 7.5% CAGR until 2026, and a 5% thereafter, reaching EUR 0.72 per share in 2030. We are maintaining our EUR 12.60 fair value estimate.

Inwit’s is a local tower player in Italy, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage). Inwit's customers, mainly Telecom Italia and Vodafone, have already committed to deploy more than 2,200 new towers from 2024 to 2026, with each newly deployed tower having two tenants. This, together with more colocation growth from other operators like Iliad, Wind Tre should result in tenants per tower (the tenancy ratio) getting above the 2.5 range beyond 2026. We estimate Inwit will keep deploying new capital at double-digit internal rates of return through BTS towers, distributed antenna systems, and fiber-to-the-tower projects.

Narrow-moat Inwit continued its steady trajectory one more quarter with revenue and EBITDAaL up 7.6% and 9.0% year over year, respectively. Revenue and EBITDAaL were EUR 260.3 and EUR 189.5 million respectively, with tenancy ratios growing to 2.30 times from 2.28 times last quarter and 2.21 one year ago. Network densification from Telecom Italia and Vodafone plus colocation demand from alternative clients, like utility companies and other mobile operators, continues to be the main growth driver. We are maintaining our EUR 12.60 fair value estimate with shares offering 30% upside at this point.

Inwit sales were up 8% organically year over year to EUR 257.1 million in the second quarter. Given the inherent operating leverage of the business, EBITDA after leases grew by 11% to EUR 186 million, a 72.4% margin. Sales growth was supported by inflation escalators, new organic points of presence in wireless towers, and new services. We expect improved operating leverage in the second half of the year to get closer to the firm's 73% EBITDAaL margin target for the full year.

Inwit's revenue grew 9% year over year as the firm's tenancy ratio expanded to 2.26 times from 2.23 times last quarter and 2.19 times one year ago. EBITDAaL grew by 11% year on year with margins expanding 130 basis points to 72.2%. New services revenue for indoor cells keeps growing strongly and was up 61% year on year, although it is still a very small amount of revenue. Inwit expects to generate EUR 620 million to EUR 640 million in recurring free cash flow this year. We are maintaining our EUR 12.60 fair value estimate.

Inwit reported a steady fourth quarter with 12.1% organic revenue growth. Inwit deployed 4,200 new points of presence and only 905 new towers in 2023, resulting in an expansion in tenancy ratios from 2.16 tenants per tower one year ago to 2.23 today. Operating leverage keeps flowing to the EBITDA after leases profit line, which grew by 13.4% in the quarter, with margins expanding 80 basis points year on year to 72.3%. New services revenue for indoor cells, which are used to boost wireless signals in indoor spaces, keeps growing strongly, up 90% year on year, although it only represents 5% of the group’s revenue. We maintain our EUR 12.60 fair value estimate and see 20% upside for the shares at this point. Investors in Inwit get exposure to a company with double-digit revenue growth, healthy tenancy ratios and market dynamics, high EBITDAal margins, and growing dividends. Management will pay a EUR 0.48 dividend per share this May and expects an increase to EUR 0.52 in 2025 and EUR 0.60 in 2026. Inwit’s net debt/EBITDAaL ratio was 4.4 times this quarter as the company keeps deleveraging its balance sheet, thanks to EBITDAaL growth.

Inwit’s strategy is to remain a local tower player in Italy, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage). Telecom Italia and Vodafone have already committed to deploy more than 12,000 new tenancies from 2021 to 2026, approximately 8,000 on existing towers and almost 5,000 on new towers, which should result in tenants per tower (the tenancy ratio) getting above the 2.5 range, also aided by other tenants (Iliad and Wind Tre, and other nonmobile tenants like utility companies) also deploying new equipment in Inwit’s towers. We estimate Inwit will keep deploying new capital at double-digit internal rates of return through BTS towers, distributed antenna systems, and fiber-to-the-tower projects.

Inwit is well positioned to close a very strong 2023. In the third quarter, it reported organic revenue growth of 12.6% (12.8% last quarter) and 18.5% growth in EBITDAaL (16.7% last quarter). It expects to close the year in the low end of its revenue range but with EBITDA after leases and free cash flow above guidance. The tenancy ratio kept expanding and reached 2.21 tenants per tower compared with 2.20 times last quarter and 2.12 times one year ago. Going forward, we expect the tenancy ratio will keep growing, resulting in further operating leverage. We are maintaining our EUR 12.60 fair value estimate and believe this is a good opportunity for investors to invest in a defensive, high-quality name, with growing revenue, profits and dividends.