Inwit stock holds 2026 targets after third-quarter profit falls

Infrastrutture Wireless Italiane S.p.A. reported mixed third-quarter results on Tuesday, November 10, with lower revenue and profit but stronger recurring free cash flow. In the same press release, the Italian tower operator confirmed its 2026 guidance and medium-term outlook.

Inwit stock traded at 7.44 euros on Lang & Schwarz at 12:06 CET on Friday, November 13.

Profit declines as cash flow improves

Revenue for July through September was 268.6 million euros, down 0.9% from 271.1 million euros a year earlier, according to INWIT's press release. The company attributed the change to challenging market conditions and uncertainty surrounding master service agreements with key customers.

EBITDA fell 2.2% to 241.9 million euros, reducing the margin to 90.1% from 91.3%. EBITDA after lease costs declined 2.8% to 192.3 million euros, while its margin narrowed to 71.6% from 73.0%. Net profit dropped 11.8% to 81.3 million euros, with higher financial charges contributing to the decline.

Cash generation moved in the opposite direction. Recurring free cash flow rose 9.6% to 186.0 million euros from 169.7 million euros. Investments fell 30.6% to 40.9 million euros, which INWIT linked to market conditions, tensions with anchor tenants over the MSAs and the completion of the national 5G plan.

Guidance remains the central support

INWIT retained its 2026 revenue target of 1.05 billion to 1.09 billion euros. The company continues to expect an EBITDA margin of approximately 90%, an EBITDA after lease costs margin of approximately 72% 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 financial leverage of 5.5 times net debt to EBITDA. Its structural leverage target remains between five and six times. At the end of the third quarter, net debt stood at 5.314 billion euros, including IFRS 16 financial liabilities, while leverage was down from 5.7 times at the end of the second quarter.

For the first nine months, revenue decreased 0.8% to 799.6 million euros and net profit fell 12.7% to 241.5 million euros. Recurring free cash flow was broadly stable at 486.1 million euros, compared with 485.7 million euros in the same period of 2025.

Contract disputes remain a risk

Visibility remains constrained by disputes involving master service agreements with Fastweb and TIM. INWIT said it considers the agreements valid through 2038 and has taken legal action to protect its interests. The company also said it expects to return to growth in 2027.

Management's medium-term baseline assumes low-single-digit annual revenue growth, further expansion of the EBITDA after lease costs margin and annual investment of around 200 million euros, including land acquisitions. That outlook gives the stock a combination of stable cash distribution and long-dated infrastructure exposure, but the customer-contract disputes remain a material source of uncertainty for future growth.

Italian equities remain exposed to the broader direction of the FTSE MIB.

INWIT's 2027 corporate calendar schedules approval of the 2026 draft financial statements for March 9, 2027, followed by the annual shareholders' meeting on April 21, 2027. More news and analyses on Inwit stock.

Infrastrutture Wireless Italiane at a glance

• Company: Infrastrutture Wireless Italiane S.p.A.
• ISIN: IT0005090300
• Lang & Schwarz price: 7.44 euros on November 13, 2026, at 12:06 CET
• Third-quarter revenue: 268.6 million euros
• Third-quarter net profit: 81.3 million euros
• Third-quarter recurring free cash flow: 186.0 million euros
• 2026 recurring free cash flow target: 550 million to 590 million euros