Inwit stock holds 2026 guidance as third-quarter profit falls

Infrastrutture Wireless Italiane reported weaker third-quarter revenue and profit on November 10, while recurring free cash flow improved and management kept its 2026 targets. The results were released through the company's investor-relations materials on INWIT investor relations.

Inwit stock traded at 7.41 euros on Lang & Schwarz at 17:46 CET on Thursday, November 12, 2026. The change from the 7.50 euros reported at 18:38 CET on Wednesday, November 11, was -1.20 percent.

Cash Flow Offsets Weaker Activity

Revenue for July through September fell 0.9 percent year over year to 268.6 million euros. EBITDA declined 2.2 percent to 241.9 million euros, while EBITDA after lease costs fell 2.8 percent to 192.3 million euros and its margin narrowed to 71.6 percent from 73.0 percent.

Net profit dropped 11.8 percent to 81.3 million euros, with higher financial charges contributing to the decline. Recurring free cash flow rose 9.6 percent to 186.0 million euros, while investment in digital infrastructure fell 30.6 percent to 40.9 million euros.

2026 Targets Remain Unchanged

INWIT retained its 2026 revenue target of 1.05 billion to 1.09 billion euros, an EBITDA margin of about 90 percent, an EBITDAaL margin of about 72 percent and recurring free cash flow of 550 million to 590 million euros. The company also confirmed a dividend of at least 0.55 euros per share and leverage of 5.5 times net debt to EBITDA.

General Manager Diego Galli said the nine-month figures were in line with guidance and that INWIT expects a return to growth in 2027. Nine-month revenue declined 0.8 percent to 799.6 million euros, while recurring free cash flow was broadly stable at 486.1 million euros.

Customer Contracts Limit Visibility

Fastweb and TIM served notices of non-renewal for master service agreements in March 2026. INWIT maintains that the agreements remain valid through 2038 and has pursued legal action. The Court of Milan rejected interim-relief applications in October without ruling on the underlying merits, while assisted negotiations in the TIM dispute ended unsuccessfully on October 15.

Italy's communications authority has summoned the parties to a November 26 meeting to explore conciliation in the TIM matter. The combination of resilient cash generation and unchanged guidance supports the current capital-allocation framework, but contract uncertainty continues to limit visibility for investors.

Italian equities are tracked in the FTSE MIB.

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