In line 2Q26 Results, Guidance Reiterated

Research evidence excerpt

In line 2Q26 Results, Guidance Reiterated

Update

July 28, 2026 07:44 PM GMT

Morgan Stanley & Co. International plc+MInfrastrutture Wireless Italiane SpA | Europe Harrison Williams, CFA

Equity Analyst

In line 2Q26 Results, Guidance Harrison.Williams@morganstanley.comEmmet B Kelly +44 20 7425-6627

Emmet.Kelly@morganstanley.com +44 20 7425-6830

Reiterated Terence Tsui

Terence.Tsui@morganstanley.com +44 20 7425-3095

AlphaSignals Earnings Reaction Lindsey C Zastawny

Unchanged Modest shortfall Largely unchanged Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Infrastrutture Wireless Italiane SpA (INWT.MI, INW IM)

Source: Company data, Morgan Stanley Research

Telecommunications Services | Italy

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target €7.00

We expect a broadly neutral reaction to Inwit's 2Q26 results Shr price, close (Jul 28, 2026) €6.52

52-Week Range €10.29-5.98

Results were in line with consensus at EBITDA, a little below at the bottom line Mkt cap, curr (mn) €6,071

Net debt (12/26e) (mn)* €5,273

driven by financial expenses EV, curr (mn)* €11,190

2026 and medium-term guidance reiterated, and we would not expect material * = GAAP or approximated based on GAAP

earnings revisions on the back of this release

No MSA update, however; likely to be a focal point on conference call

Results broadly in line: 2Q26 Revenue and EBITDA were both in line with

consensus expectations. Net Income of €79m was 8% below driven by higher than

expected D&A and financial expenses; however, we believe part of this to be

phasing, likely to reverse in H2. Revenue and EBITDA declined 1% / 2% YoY

respectively, albeit in line with the trends already seen in Q1.