Infrastrutture Wireless SpA: In-Line Results and Incremental Guidance

INWIT's 1Q26 results were in line with consensus, with the company reiterating its long-term guidance. The core investment case remains tied to resolving legal disputes with Swisscom and Telecom Italia.

Key Takeaways

• 1.INWIT's 1Q26 results and new guidance were in-line with consensus, leading to expectations of minimal share price movement.
• 2.The investment case is centered on resolving legal disputes with Swisscom and Telecom Italia regarding their contract withdrawals.
• 3.Organic growth is currently depressed due to stalled uncontracted sales and overall Italian market tenancy growth slowdown.

Table of Contents

• In detail
• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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