INWIT reports 18.9% year-on-year increase in first-quarter core profit

Italy’s biggest telecoms tower firm INWIT reported an 18.9% year-on-year increase in first-quarter core profit on Tuesday, as revenues were boosted by inflation-linked fees, along with the development of indoor coverage and news services.

INWIT said its earnings before interest, taxes, depreciation and amortization (EBITDA) after lease costs stood at 165.6 million euros ($182.3 million) on a like-for-like basis in the first three months of the year.

That was broadly in line with a company-provided analysts’ consensus forecast of 163.3 million euros. Revenues rose 12.8% to 233.6 million euros, meeting expectations of 234 million euros.

The company confirmed the improved financial targets for 2023 it indicated in March.

Spun off from Telecom Italia, INWIT merged in 2020 with Vodafone’s mast business in Italy to create a national champion in charge of over 23,000 towers.

It generates the bulk of its sales through long-term contracts with Telecom Italia and Vodafone to host their mobile antenna infrastructure on its masts. Reuters