olivLaw · European equity research
INFRASTRUTTURE WIRELESS ITALIANE S.P.A. (INWIT S.P.A.) INW.MI
Italy · Euronext Milan · ISIN IT0005090300 · Vertical: Listed companies from Italy
INWIT is the largest digital infrastructure company in Italy, owning and operating shared telecom towers used by mobile operators. Its shared-infrastructure model matters as mobile data traffic and 5G network needs grow, and the company reports it saved operators costs of 15.8 billion euro over 2015-2024.
At the close of 05 Nov 2026, INFRASTRUTTURE WIRELESS ITALIANE S.P.A. (INWIT S.P.A.) (INW.MI) stock was 7.29 EUR (−0.82% on the day), with beta 0.29, 52-week range 6.02–9.54 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.4
- strong (55–70)
- Bollinger (20, 2)
- 7.03 – 7.47
- in the upper half of the band · %B 0.59 · band width 6.0%
- SMA 50 / 200
- 6.75 / 7.00
- mixed trend
- MACD (12, 26, 9)
- 0.17 / 0.19
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.0% | −0.6% | +9.6 pp | — |
| 3 months | +13.0% | −4.2% | +17.2 pp | — |
| 6 months | +0.3% | +4.3% | −4.0 pp | — |
| Year to date | −7.5% | +7.5% | −15.1 pp | — |
| 1 year | −22.7% | +9.9% | −32.6 pp | −6.1% |
| 3 years | −32.2% | +49.8% | −82.1 pp | +7.7% |
| 5 years | −25.2% | +42.8% | −68.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 960.3 m | 1.0 bn | 1.1 bn |
| Revenue YoY | unavailable | +7.9% | +4.0% |
| Net income | 339.5 m | 353.9 m | 361.5 m |
| Net income YoY | unavailable | +4.3% | +2.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 35.4% | 34.2% | 33.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.5 bn EUR
- Total assets
- 9.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.59x
- ROE
- 9.6%
- ROA
- 3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 960.3 m | 1.0 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Operating income | 508.7 m | 558.9 m | 578.3 m | esef· 15 Apr 2026verified |
| Interest expense | 113.4 m | 135.1 m | 147.0 m | esef· 15 Apr 2026verified |
| Pre-tax income | 395.8 m | 424.3 m | 437.7 m | esef· 15 Apr 2026verified |
| Income tax | 56.3 m | 70.5 m | 76.9 m | esef· 15 Apr 2026verified |
| Net income | 339.5 m | 353.9 m | 361.5 m | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Receivables | 180.3 m | 199.0 m | 232.9 m | esef· 15 Apr 2026verified |
| Current assets | 275.8 m | 315.2 m | 444.5 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.3 bn | 1.4 bn | esef· 15 Apr 2026verified |
| Goodwill | 6.2 bn | 6.2 bn | 6.2 bn | esef· 15 Apr 2026verified |
| Total assets | 9.4 bn | 9.5 bn | 9.6 bn | esef· 15 Apr 2026verified |
| Accounts payable | 237.7 m | 266.3 m | 328.7 m | esef· 15 Apr 2026verified |
| Current liabilities | 703.4 m | 851.6 m | 753.8 m | esef· 15 Apr 2026verified |
| Total liabilities | 5.0 bn | 5.4 bn | 6.1 bn | esef· 15 Apr 2026verified |
| Equity | 4.3 bn | 4.1 bn | 3.5 bn | esef· 15 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 811.2 m | 765.9 m | 799.6 m | esef· 15 Apr 2026verified |
| Investing cash flow | -269.9 m | -305.8 m | -281.9 m | esef· 15 Apr 2026verified |
| Financing cash flow | -519.1 m | -441.2 m | -423.2 m | esef· 15 Apr 2026verified |
| Dividends paid | 336.2 m | 452.2 m | 674.7 m | esef· 15 Apr 2026verified |
| Share repurchases | 136.2 m | 163.0 m | 300.1 m | esef· 15 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 33.6% | 92 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial92/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INFRASTRUTTURE WIRELESS ITALIANE S.P.A. O, IN FORMA ABBREVIATA, INWIT S.P.A. (INW.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn EUR in 2025; YoY growth 4.0%; net margin 33.6%; ROE 9.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 33.6%
What contradicts it
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for INW.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
INWIT is the largest digital infrastructure company in Italy, owning and operating shared telecom towers used by mobile operators. Its shared-infrastructure model matters as mobile data traffic and 5G network needs grow, and the company reports it saved operators costs of 15.8 billion euro over 2015-2024 1.
SWOT
Strengths
- The sharing-based business model generates recurring revenue and is supported by economic and environmental efficiency evidence reported by the company 1.
- The company holds integrated system certifications covering all operational sites, which strengthens credibility with clients.
- Financing linked to sustainability targets, including the first Sustainability-linked Bond, gives access to capital tied to environmental performance 1.
Weaknesses
- Dependence on a small number of mobile operator clients exposes the company to their investment and cost-cutting decisions.
- Activity depends on land access and local permits, which could slow network expansion.
- The company has significant Scope 3 emissions tied to purchases and capital goods, which it can only partly reduce through its own decisions 1.
Opportunities
- 5G development and the need for coverage in poorly served areas could create new demand for sites and indoor solutions.
- Smart services such as smart meters and environmental monitoring could diversify revenue beyond hosting telecom equipment.
- Reinforcing its role in the country's digital transition, supported by public opinion surveys, could attract new public and private partnerships.
Threats
- Mobile operators could decide to build their own infrastructure, reducing demand for shared towers.
- Rising energy costs and emissions regulation could affect operating margins.
- Regulatory changes on telecom infrastructure could alter contract terms or site access conditions.
Risks
- Client concentrationhigh
A limited number of mobile operators generates a significant part of revenue. If one client reduces or ends its contracts, the impact could be material.
- Emissions regulationmedium
The European ETS and CBAM mechanisms could raise energy and steel costs, although the company currently considers the risk non-material 1.
- Climate targets and net zeromedium
Reaching carbon neutrality by 2040 depends on executing the decarbonisation plan and on the availability of renewable sources 1.
- Land access and permitsmedium
Site expansion can be delayed by permitting procedures and land availability, which could affect growth plans.
- Telecom policy changeslow
Changes in the regulatory framework for mobile infrastructure could influence the sharing model and market conditions.
Investment thesis
What would need to be true (bull case)
- If mobile data traffic and 5G demand keep growing, demand for shared tower space could support rising recurring revenue.
- The sharing model, supported by evidence of economic efficiency, could make the company a preferred partner for operators seeking to cut costs.
- If the company meets its sustainability targets, it could benefit from lower cost of capital through KPI-linked instruments.
What would break the thesis
- If mobile operators decide to build their own infrastructure, demand for shared towers could fall, with an impact on revenue.
- Concentration on a small number of clients could amplify the effects of cost-cutting decisions by those clients.
- Rising energy costs or environmental regulation could compress margins, especially if they cannot be passed on to clients.
What to watch
- Trend in the tenancy ratio and in new clients per site2027
- Progress toward the 2040 net zero target and Scope 1 and Scope 3 emissionsnext 10-K
- Mobile operator investment in 5G and in their own infrastructure2027
- Impact of ETS and CBAM rules on energy and materials costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
INWIT builds its business model on shared towers, where several mobile operators install their equipment on the same infrastructure. According to the 2025 annual report, the model is inherently sustainable because it reduces duplication of assets, land use and CO2 emissions 1. The company presents itself as a digital infrastructure provider that helps reduce the digital divide and supports 5G deployment 1.
The sustainability strategy rests on a Sustainability Plan with three pillars (Environment, Social, Governance), approved by the board and integrated into the industrial plan. The company holds certifications covering 100% of its operational sites and adheres to the UN Global Compact 1. Its stated commitment is net zero by 2040 1.
On the financial side, the company funds sustainability projects through credit lines tied to environmental KPIs, and in October 2025 it issued its first Sustainability-linked Bond 1. These instruments link the cost of capital to reducing emissions 1.
Segments
Shared site management
The core activity is leasing space on towers and micro-installations to mobile operators, generating recurring revenue. The report indicates a tenancy ratio of 2.38, showing the average number of operators hosted per site 1.
Indoor and outdoor coverage solutions
The company develops coverage solutions for areas with weak signal and for buildings, including DAS systems. In 2025 it added new sites and DAS systems, focusing on reducing the digital divide in lagging areas 1.
Smart and data services
Beyond hosting telecom equipment, the company offers hosting for smart gas and water meters and wildfire monitoring projects, including a smart city project in Rome 1.
Market context
Demand for mobile connectivity in Italy keeps growing, and AGCOM data cited by the company show mobile network data traffic rising 12% between 2024 and 2025 1. This growth supports the need for additional infrastructure, and the report considers the sharing model economically and environmentally efficient 1.
The market context is shaped by operator investment in 5G and pressure to cut network costs through asset sharing. A survey commissioned by the company shows 87% of Italians view the development of shared infrastructure positively 1.
Trends
- Growth in mobile data traffictailwind
Mobile network data traffic is rising quickly, which increases demand for tower space and network capacity. If this trend holds, it could support occupancy of existing sites.
- Rollout of 5G networkstailwind
5G expansion requires new sites and network densification, which could stimulate operator investment in shared infrastructure.
- Energy cost and ETS and CBAM regulationheadwind
The company notes that ETS and CBAM mechanisms could affect electricity and steel costs, although it considers this risk non-material in its analysis.
- Consolidation of mobile operatorsmixed
A possible reduction in the number of mobile operators could lower the number of clients per site, with an impact on revenue. The effect depends on the future market structure.
Competitive position
The Italian mobile infrastructure market includes other tower companies competing for contracts with telecom operators. The report does not give a full list of competitors, and the information in the source is limited.
The competitive advantage the company declares rests on portfolio scale, sustainability certifications and the ability to offer coverage and smart services. The source does not detail market share against other players.
- Other tower companies active in Italy
Local or European companies offering passive infrastructure to mobile operators; the source does not name them.
- Integrated mobile operators building their own network
Clients could decide to build their own infrastructure, which would reduce demand for shared towers.
- Indoor and DAS solution providers
Companies offering indoor coverage systems may compete for building coverage projects.
- European digital infrastructure providers
Players in other European countries running the same business model could influence sector standards and pricing.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / INFRASTRUTTURE WIRELESS ITALIANE S.P.A. (INWIT S.P.A.) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.