Intred (ITD) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 10.6% year-over-year to €40.7 million, including contributions from the acquired Connecting Italia S.r.l.

• Growth driven by ultra-broadband connections and recurring service revenues, with significant expansion in Lombardy, especially in Milan, Brescia, Pavia, Lecco, Mantova, and Sondrio.

• Over 4,200 schools activated under the Bandi Scuole initiative, generating €6.2 million in revenue.

Financial highlights

• Standalone Intred revenue reached €38.6 million, up 5.0% year-over-year; Connecting Italia contributed €2.1 million.

• Ultra-broadband connection sales totaled €24.6 million, up 10.7% year-over-year.

• Recurring service revenues accounted for 88.8% of total, at €36.2 million, up 13.5% year-over-year.

Segment performance

• Professional segment sales grew 16.8% to €22.8 million; residential up 4.0% to €7.1 million.

• Wholesale segment increased 4.6% to €3.1 million; public administration up 2.7% to €7.6 million.