Intred (ITD) Investor presentation summary

Business overview

• Provides broadband, ultrabroadband, FWA, voice, and hosting services via a proprietary fiber network, with a strong presence in Lombardy and a highly fragmented customer base.

• Maintains a low churn rate (~4%) and over 90% recurring revenues, ensuring high visibility and resilience.

• Nearly 15,000 km of proprietary fiber network, with strategic expansion through IRU agreements and focus on FTTH development.

• Leads the FTTH market with a 46.6% share, well above the national average.

• Over €190 million invested in network development since 2016, with €21.2 million allocated for FY2025.

Financial performance

• FY2025 revenues reached €55.8 million (+1.1% YoY), with EBITDA at €25.5 million (+4.1% YoY) and margin expanding to 45.8%.

• Organic revenues grew 8.4% YoY in FY2025, driven by ultra-broadband and datacenter services.

• Recurring revenues accounted for over 95% of total, supporting high profitability and business model resilience.

• Net profit for FY2025 was €8.3 million (+4.2% YoY), with operating costs reduced by 2.0% YoY.

• 1Q2026 showed continued growth: revenues up 2.0% YoY, organic revenues up 6.8%, and recurring revenues at 94% of total.

Revenue and customer breakdown

• Business customers represent 63.1% of revenues, with residential, public administration, and wholesale making up the rest.

• Brescia is the largest market area (57.9%), followed by Milano (12.0%) and Bergamo (13.2%).

• By service, ultra-broadband connectivity is the largest contributor, with strong growth in data center and voice/data services.

• Customer base continues to expand, with data lines up 9.2% YoY and churn rate at 4.4%.