Telco Daily: Elisa/Zegona Results, Freenet /TI/Inwit Roadshows, INWT/SCMN, TI/Poste, TIM pricing

Research evidence excerpt

Telco Daily: Elisa/Zegona Results, Freenet /TI/Inwit Roadshows, INWT/SCMN, TI/Poste, TIM pricing

Barclays | Telco Daily

We update Telefonica group and Telefonica Brasil estimates ahead of 2Q26 results for latest

market trends and forex. Our investment case remains unchanged.

INWIT - Set to appeal Milan court ruling in Fastweb/TI dispute

INWIT has announced that it will appeal a ruling by the Court of Milan that rejected its request

for interim measures in ongoing legal proceedings against Fastweb. Inwit strongly disagrees

with the court’s preliminary assessment, arguing that the ruling failed to consider the origins of

the Master Service Agreement (MSA) within the broader tower sale-and-leaseback transaction

and the concept of joint control exercised by TIM and Vodafone. According to INWIT, the

decision incorrectly suggests that changes in corporate shareholdings could constitute a

relevant change of control affecting the duration of contractual relationships. The company also

noted that Vodafone had previously stated that certain 2020 shareholding transfers were

internal reorganisations that did not alter joint control of INWIT or trigger a mandatory takeover

obligation. INWIT contends that the ruling conflicts with established legal principles on contract

interpretation and confirmed that it will file an appeal within the statutory timeframe while

continuing the ordinary trial proceedings. As discussed in Inwit: Latest in TI/Swisscom Inwit

MSA termination saga the ruling does put some onus on a negotiated settlement, especially as

we believe there are no TowerCos that could replicate the Inwit infrastructure without years of

preparation. This creates a continued overhang on Inwit in our view – we remain Equal Weight.

Source: Company (14 July 2026)