Goldman Sachs Infrastructure Wireless SpA (INWT.MI)

Research evidence excerpt

Goldman Sachs Infrastructure Wireless SpA (INWT.MI)

Equity Research

28 July 2026 | 9:23PM BST

Infrastrutture Wireless SpA (INWT.MI): In-line 2Q26 results; focus

remains on ongoing contract disputes

INWIT’s in-line 2Q26 results are unlikely to drive a material share price reaction, in Andrew Lee

+44(20)7774-1383 |

our view. The investment case remains centered on the outcome of ongoing contract andrew.j.lee@gs.com

Goldman Sachs International

disputes with key customers Swisscom and Telecom Italia (as we have written here).

Halima Elyas

Today’s results bring no material updates or additional clarity. Investor focus will +44(20)7774-6503 |

more likely be on regulator AGCOM’s update expected tomorrow on its halima.elyas@gs.comGoldman Sachs International

spectrum renewal consultation for operators. Telco operators would like the Mollie Witcombe

spectrum renewal to be for little or no cash consideration but instead be based upon +44(20)7051-6252mollie.witcombe@gs.com|

network investment commitments. This could mean a commitment to greater Goldman Sachs International

Rakicevictower usage for network densification purposes, a potential positive for INWIT. Or Sofija | +44(20)7774-6556

it could see Italian authorities using the decision to bring TI/Swisscom to the sofija.rakicevic@gs.com Goldman Sachs International

table with INWIT to fast-track negotiations and current investment commitments

Mridul Agrawal

as a quid pro quo for spectrum renewal – also a potential positive for INWIT. +1(332)245-7969 |

mridul.y.agrawal@gs.com

AGCOM’s update is a precursor to its final submission of suggestions to the Italian Goldman Sachs India SPL

government in two months’ time. So, we won’t get a final answer to the situation