INTRED S.p.A.: the Board of directors approved the draft financial statements as of december 31, 2023.

Press Release

THE BOARD OF DIRECTORS APPROVED

THE DRAFT FINANCIAL STATEMENTS AS OF DECEMBER

31, 2023

INVESTMENTS ON PROPRIETARY NETWORK DROVE

REVENUES TO € 50.1M

BEST-EVER EBITDA AT € 22.5M, WITH EBITDA MARGIN

CLOSE TO 45%

• REVENUES at € 50.1 million, up 10.0% from € 45.5 million in 2022
• EBITDA1 at € 22.5 million, up 13.5% from € 19.9 million in 2022 (EBITDA margin at
  44.6%)
• EBIT at € 12.7 million, up 4.2% from € 12.2 million in 2022 (EBIT margin at 25.1%)
• Net income at € 8.2 million compared to € 8.7 million in 2022, due to higher investments and financial expenses
• Capital expenditures of € 31.0 million, mainly on the development of the proprietary network that expanded by about 25% over the previous year, exceeding 11,700 km at the end of 2023
• Net financial position (NFP) at € 21.0 million compared to € 11.5 million as of Dec. 31,
  2022
• Ordinary dividend of € 0.10 per share proposed
• Proposal to Shareholders' Meeting regarding authorization to purchase and dispose of treasury shares approved
• Guidelines of the "Stock Grant Plan 2024-2026" approved
• Ordinary and Extraordinary General Meeting convened
• Application criteria for assessing the independence of directors pursuant to Art. 6- bis of the Euronext Growth Milan Regulation approved

1 EBITDA: Alternative Performance Indicator: EBITDA (Earnings Before Interest Taxes Depreciations and Amortizations - Gross Operating Margin) represents an alternative performance indicator not defined by Italian accounting standards but used by the company's management to monitor and evaluate the operating performance of the itself, as it is not influenced by the volatility due to the effects of the various criteria for determining the taxable income, by the amount and characteristics of the capital employed as well as by the related amortization policies. This indicator is defined for Intred as Profit / (Loss) for the period gross of depreciation and write-downs of tangible and intangible assets, financial income and charges and income taxes.

Brescia, 18 March 2024 - Intred S.p.A. ("Intred" or the "Company"), a telecommunications operator listed on the EGM market of Borsa Italiana (ITD.MI) since July 2018, met today to review and approve the draft financial statements as of December 31, 2023, drafted in accordance with the EGM Italia Issuers' Regulations and in compliance with Italian accounting standards.

Daniele Peli, Co-Founder and Managing Director of Intred S.p.A., commented, "We are satisfied with the results achieved in 2023, which highlight record volumes for the company as well as growing and positive margins, thus validating the strategic choices of the past. It is worth noting that during the period concerned we continued to invest in our proprietary fiber optic infrastructure, which expanded by almost 25 percent compared to the year before, a key factor for Intred in the future. Only through an extensive proprietary network will it be possible to compete in the market and maintain high margins. Finally, I am proud to have appointed as General Manager Egon Zanagnolo, a manager who knows Intred very well and who has contributed to turning it into a leading company in our relevant industries and who will undoubtedly make his own contribution to driving the company into the future.".

MAIN ECONOMIC AND FINANCIAL RESULTS AS AT 31 DECEMBER 2023

RECLASSIFIED PROFIT AND LOSS ACCOUNT

	2023	%	2022	%	DELTA	%
Revenues From Sales And Services	50,072,032	99.1%	45,515,209	98.8%	4,556,823	10.0%
TOTAL VALUE OF PRODUCTION	50,520,771	100.0%	46,082,433	100.0%	4,438,338	9.6%
TOTAL COST OF PRODUCTION	19,893,613	39.4%	18,297,470	39.7%	1,596,143	8.7%
ADDED VALUE	30,627,158	60.6%	27,784,963	60.3%	2,842,195	10.2%

GROSS OPERATING MARGIN - EBITDA	22,529,500	44.6%	19,852,545	43.1%	2,676,956	13.5%
OPERATING INCOME - EBIT	12,668,657	25.1%	12,160,074	26.4%	508,583	4.2%
INCOME BEFORE TAX	11,514,219	22.8%	12,177,406	26.4%	(663,187)	-5.4%
OPERATING INCOME	8,191,480	16.2%	8,674,619	18.8%	(483,139)	-5.6%

The value of production as of Dec. 31, 2023 stood at € 50.5 million, while the value of sales revenue at the end of 2023 was € 50.1 million, up 10 percent from the same period last year (€ 45.5 million).

The increase in turnover was mainly driven by sales of fibre-optic connections amounting to € 30.4 million, up 16.1% compared to the same period last year.

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Services with recurring fees, the company's core business, which account for about 85.2% of sales, amounted to € 42.6 million with a growth of 8.7%. Revenues from so-called "one- off" products and services increased by 20.8 percent to € 6.9 million, mainly on the back of the Schools Calls for Tenders. With regard to customer type, the greatest growth comes from sales in the public administration sector, with a 41.3 percent increase to € 10.6 million, thanks to the Schools Calls for Tenders. Sales in the Professional sector were also excellent, with +5,0% to € 26.4 million.

The churn rate on sales remained well below the market benchmark, at 4.4%, confirming the high level of customer loyalty to the Company.

Continued growth in the number of users with data lines, exceeding 48,600 as of December 31, 2023, up 4.4 percent from the same period last year.

Gross operating margin (EBITDA) for the year 2023 was € 22.5 million up 13.5%, with an EBITDA margin of 44.6%.

Operating income (EBIT) was € 12.7 million, up 4.2% from € 12.2 million as of December 31, 2023, with an EBIT margin of 25.1%.

Net income as of December 31, 2023 was € 8.2 million, slightly down from € 8.7 million in the same period last year, due to higher financial expenses related to the Company's increased debt to finance new investments on the proprietary network

BALANCE SHEET

Net financial debt was € 21.0 million compared to € 11.5 million as of December 31, 2022. This is the result of the significant investments in support of the Schools Calls for Tenders, as shown by bank debt of € 28.8 million compared to December 31, 2022. Cash and cash equivalents amounted to € 7.9 million compared to € 17.6 million as of December 31, 2022.

Shareholders' equity as of December 31, 2022 was € 55.0 million, up 14.6 percent from € 48.0 million as of December 31, 2022.

***

INVESTMENTS AND NETWORK DEVELOPMENT

At the infrastructure level, the owned fiber-optic network continued to grow in 2023: it rose from over 9,500 kilometers as of December 31, 2022 to about 11,700 kilometers at the end of 2023, an increase of about 25 percent. Investments in 2023 amounted to € 31.0 million, mainly focused on the development of the fiber optic backhauling and access network in the FTTH mode in Lombardy. The strong acceleration in investments was necessary to achieve the targets of the Schools Calls for Tenders, which later can be used to activate connections for other local PA users, professional and residential customers. The bulk of investments in Intred's network infrastructure are tangible fixed assets (88 percent of total

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investments in the network), consisting of civil works for cable-laying, fiber optic cables, shelters, manholes, and electronic equipment; on the other hand, the 12% share of investments in intangible assets for the network is made up of acquisitions of multi-year rights of use for dark fibers and/or cable ducts, in IRU (Indefeasible Right of Use) mode with a duration of 15/18/22 years.

***

MAIN SIGNIFICANT EVENTS OF THE PERIOD

On 2 February 2023, Intred announced that it had started work on the preparation and publication of the Company's first Sustainability Report to report on its activities in the area of ESG (Environment - Social - Governance) sustainability in line with the principles of the UN 2030 Agenda. In order to make Sustainability an integral part of the Company's business, it has appointed an internal multidisciplinary team that will follow the issue.

The drafting of the Sustainability Report (or "Report") will be the result of the close cooperation between the specially identified internal team and a team of experts from the University of Brescia, which has prepared an ad hoc project for the Company. The work will take place throughout 2023.

On 31 May 2023, Intred announced the allocation of rights related to the "Stock Grant Plan 2021-2023" approved by the Shareholders' Meeting on 29 April 2021. The vesting of a total of 16,300 bonus rights was approved. As a result of the foregoing, the share capital of Intred S.p.A. will therefore be increased free of charge through available reserves for a maximum total of € 10,432, resulting in 15,881,600 outstanding ordinary shares with no express par value.

On July 6, 2023, Intred announced, pursuant to and for the purposes of Article 85-bis of Consob Regulation No. 11971/99, the new composition of the share capital resulting from the allocation of 16,300 ordinary shares following the exercise of 16,300 bonus rights relating to the "2021-2023 Stock Grant Plan".

On September 5, 2023, Intred announced that it has entered into a multi-year framework agreement with Vodafone Italia for the Indefeasible Right of Use (IRU) supply of fiber optic network sections owned by Intred. The value of the first supply lot, exceeding €3 million, further emphasizes the importance and magnitude of this project.

On December 4, 2023, Intred announced the signing of a binding agreement to hire Mr. Federico Protto as General Manager at first and later also as Managing Director.

MAIN SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

On January 29, 2024, Intred announced the signing of a binding agreement with Aliedo S.p.A., as the seller, for the acquisition of 100 percent of the share capital of Connecting Italia S.r.l., a company headquartered in Milan that is engaged in the development, production, trading, offering, supply and maintenance of telecommunications services and, specifically,

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broadband voice and data transmission services. The closing of the transaction is expected roughly by the end of April.

On March 11, 2024 Intred announced the appointment of Egon Zanagnolo as its new General Manager effective March 28, 2024, following the resignation of Federico Protto, who seized new professional opportunities abroad.

***

BUSINESS OUTLOOK FOR THE CURRENT YEAR

The results of the first few months of the current fiscal year confirm a positive outlook compared to the trend recorded during the fiscal year just ended, as moreover confirmed by the increase in sales volumes. Investments will continue to be focused on the development of the proprietary network, a key tool for generating solid revenue growth for the company. Above all, investment will be made in the FTTH access network, expanding the capillarity of the network in Lombardy by developing the activation programs envisaged by the two School Calls for Tenders.

***

DIVIDEND PROPOSAL

The Board of Directors will sumbit to the Shareholders' Meeting the distribution of an ordinary dividend from 2023 profits, gross of withholding taxes, equal to € 0.10 per share, for a total amount of € 1,588,160, with an ex-dividend date of May 6, 2024. Those who are shareholders of Intred S.p.A. at the end of the accounting day of May 7, 2024 (record date) will be entitled to the dividend. The payment date is indicated as May 8, 2024.

***

BUY-BACK PLAN

The Board of Directors also resolved to submit to the Shareholders' Meeting for approval the plan for the purchase and disposal of treasury shares pursuant to Articles 2357 and 2357- ter of the Civil Code.

***

STOCK GRANT PLAN NAMED "STOCK GRANT PLAN 2024-2026"

The Board of Directors of the Company also resolved to approve the guidelines of the stock incentive plan named "Stock Grant Plan 2024-2026" (the "Stock Grant Plan" or the "Plan") targeted at employees, including executives and general managers (if appointed) of Intred; its approval will be submitted to the Shareholders' Meeting of the Company to be convened, in a single call, on 18 April 2024; the plan is in continuity with the previous 2021- 2023 plan, already approved and expiring. The Board of Directors also resolved on the proposal to increase the share capital to support the Plan, pursuant to Article 2349 of the Italian Civil Code.

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Reasons for the Plan

The Plan is meant to be an incentive, loyalty and attraction tool for certain key employees of Intred; it is aimed at engaging them in the Company's value creation by contributing to its growth and development, as well as aligning the interests of individuals who, in the opinion of the Board of Directors, may be strategic for the Company with those of the shareholders; it is also meant to orienting the company's key resources towards strategies for medium-long term results.

Beneficiaries of the Plan

The Stock Grant Plan is targeted at the employees of the Company, including executives and general managers (if appointed), as identified from time to time - following the approval of the Plan by the Shareholders' Meeting of the Company - by the Board of Directors, also upon proposal of the Executive Directors.

Characteristics of the financial instruments

The Plan provides for the free assignment to the beneficiaries of up to a maximum of 200,000 ordinary Intred shares as a result of the conversion of the rights granted under the terms and conditions set forth in the relevant regulation that will be adopted, and, in particular, upon fulfilment of the conditions for the vesting of the rights (i.e. achievement of both performance and personal targets) as well as maintenance of the existing employment relationship with the Company.

The rights will be granted during three allocation periods, all relating to a financial year of application of the Plan (2024, 2025 and 2026), and for each allocation period the Board of Directors will define the applicable performance or personal targets.

For further information on the details of the Plan, please refer to the explanatory report of the Board of Directors that will be made available to the public by the publication deadline of the notice of call of the Shareholders' Meeting, in accordance with the applicable regulations.

***

NOTICE OF CALL OF ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETINGS

The Board of Directors also resolved to convene the Ordinary and Extraordinary Shareholders' Meeting for 18 April 2024, at the company's registered office in Brescia, via Pietro Tamburini 1, to resolve on the following:

Ordinary session

• Approval of the financial statements and allocation of the operating income;
• Renewal of the governing body for the three-year period 2024-2026;
• Approval of the buy-back plan;

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• Approval of the guidelines of the stock grant plan called "Stock Grant Plan 2024- 2026"; and
• Increase of a profit reserve tied to the execution of one or more share capital increases to service one or more share incentive plans, including, among others, the Stock Grant Plan.

In extraordinary session

• Approval of some amendments to the Articles of Association aimed at incorporating recent regulatory changes and providing the Company with greater flexibility in its operation and management; and
• Approval of the share capital increase to service the Stock Grant Plan, pursuant to Article 2349 of the Italian Civil Code.

***

APPLICATION CRITERIA FOR THE ASSESSMENT OF DIRECTORS' INDEPENDENCE

In accordance with the provisions of Article 6-bis of the Euronext Growth Milan Issuers' Regulations - as last amended on 4 December 2023 -, the Board of Directors has defined the quantitative and qualitative criteria of potentially relevant relations for the purposes of assessing the independence of directors (the "Criteria"), also in view of the renewal of the governing body, so as to give shareholders who decide to file their lists a benchmark for the requirements.

The Criteria are available to the public on the Company's website at www.intred.it(Governance /Procedures section).

***

FILING OF DOCUMENTATION

The notice of call and the related documentation prescribed by the applicable regulations, including the draft financial statements as of December 31, 2023, the management report, the directors' report on the items on the agenda of the Shareholders' Meeting, the report of the Board of Statutory Auditors, the report of the independent auditors, as well as further documentation pertaining to the items on the agenda, will be available to the public, within the terms of the law, at the registered office (via Pietro Tamburini, 1, 25136 Brescia) as well as by publication on the institutional website www.intred.it,"Investors/Financial Statements and Reports" and "Governance/Shareholders' Meeting" sections.

* * *

This press release is online at www.1info.itand on the Issuer's website www.intred.it(Investors / Price Sensitive Press Releases section).

Intred

Reference telecommunications operator in Lombardy founded in 1996 by Daniele Peli, the company's current Chairman and CEO, and listed on the Italian Stock Exchange EGM market since 2018 (symbol: ITD.MI). With an

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optical fiber network over 11,700 km, Intred provides business, PA and retail customers with broadband and ultra- broadband connectivity, fixed access wireless, landline telephone services, cloud services and related services. The direct management of the infrastructures allow efficiency, profitability, quality of service and a guaranteed and extremely high level of assistance. Its high-value assets and consolidated, highly scalable business model, combined with a turnover of € 50.1 million as at 31 December 2023, make Intred an ideal infrastructure technology partner with a full range of high-quality, reliable and secure solutions. www.intred.it

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Intred S.p.A.'s Income Statement and Balance Sheet as at and for the year ended 31 December 2023 are attached

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Pag. 8

INCOME STATEMENT

	2023	%	2022	%	DELTA	%
Revenues From Sales And Services	50,072,032	99.1%	45,515,209	98.8%	4,556,823	10.0%
Other Revenues	448,739	0.9%	567,224	1.2%	(118,485)	-20.9%
TOTAL VALUE OF PRODUCTION	50,520,771	100.0%	46,082,433	100.0%	4,438,338	9.6%
Purchases	2,342,198	4.6%	880,365	1.9%	1,461,833	166.0%
Services	8,039,888	15.9%	6,691,563	14.5%	1,348,325	20.1%
Use of Third Party Assets	9,170,890	18.2%	9,237,406	20.0%	(66,515)	-0.7%
Changes in inventories	-507,206	-1.0%	760,732	1.7%	(1,267,938)	-166.7%
Other operating expenses	847,841	1.7%	727,403	1.6%	120,438	16.6%
TOTAL COST OF PRODUCTION	19,893,613	39.4%	18,297,470	39.7%	1,596,143	8.7%
ADDED VALUE	30,627,158	60.6%	27,784,963	60.3%	2,842,195	10.2%
Personnel Costs	8,097,658	16.0%	7,932,419	17.2%	165,239	2.1%
GROSS OPERATING MARGIN - EBITDA	22,529,500	44.6%	19,852,545	43.1%	2,676,956	13.5%
Depreciation, Amortization and write-downs	9,860,843	19.5%	7,692,471	16.7%	2,168,373	28.2%
OPERATING INCOME - EBIT	12,668,657	25.1%	12,160,074	26.4%	508,583	4.2%
Financial and Investment Income	285,121	0.6%	258,081	0.6%	27,040	10.5%
Interest and other financial expenses	-1,439,870	-2.9%	(241,436)	-0.5%	(1,198,435)	496.4%
Foreign exchange gains and losses	0	0.0%	0	0.0%	0	0.0%
Revaluations and Write-downs	312	0.0%	687	0.0%	(375)	0.0%
INCOME BEFORE TAX	11,514,219	22.8%	12,177,406	26.4%	(663,187)	-5.4%
Current/deferred/prepaid taxes	3,322,739	6.6%	3,502,787	7.6%	(180,048)	-5.1%
OPERATING INCOME	8,191,480	16.2%	8,674,619	18.8%	(483,139)	-5.6%

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BALANCE SHEET

	2023	%	2022	%	DELTA	%
Trade Receivables	12,027,964	15.8%	13,974,134	23.5%	(1,946,170)	-13.9%
Inventory	934,567	1.2%	427,361	0.7%	507,206	118.7%
Other Assets	1,300,525	1.7%	1,350,028	2.3%	(49,503)	-3.7%
Accruals and deferrals	1,485,631	2.0%	1,559,850	2.6%	(74,219)	-4.8%
CURRENT ASSETS	15,748,687	20.7%	17,311,374	29.1%	(1,562,687)	-9.0%
Trade Payables	(21,037,099)	-27.7%	(19,661,988)	-33.0%	(1,375,110)	7.0%
Advances	(1,380,679)	-1.8%	(5,006,897)	-8.4%	3,626,219	-72.4%
Tax position	(391,639)	-0.5%	2,377,887	4.0%	(2,769,526)	-116.5%
Accruals and deferrals	(22,761,460)	-30.0%	(17,468,920)	-29.3%	(5,292,540)	30.3%
Other Liabilities	(1,860,802)	-2.5%	(4,799,460)	-8.1%	2,938,658	-61.2%
CURRENT LIABILITIES	(47,431,679)	-62.5%	(44,559,379)	-74.9%	(2,872,300)	6.4%
NET WORKING CAPITAL	(31,682,991)	-41.7%	(27,248,005)	-45.8%	(4,434,986)	16.3%
Intangible fixed assets	30,785,714	40.6%	30,121,989	50.6%	663,724	2.2%
Tangible fixed assets	78,654,038	103.6%	58,442,305	98.2%	20,211,733	34.6%
Financial fixed assets	19,094	0.0%	18,782	0.0%	312	1.7%
TOTAL FIXED ASSETS	109,458,845	144.2%	88,583,076	148.8%	20,875,769	23.6%
Severance pay	(1,531,989)	-2.0%	(1,798,359)	-3.0%	266,370	-14.8%
Provisions for Risks and Charges	(340,973)	-0.4%	(10,860)	0.0%	(330,113)	3039.6%
NET INVESTED CAPITAL	75,902,891	100.0%	59,525,852	100.0%	16,377,040	27.5%
Share capital	(10,019,904)	-13.2%	(10,009,472)	-16.8%	(10,432)	0.1%
Reserves	(36,889,209)	-48.6%	(29,328,482)	-49.3%	(7,560,727)	25.8%
Net income for the year	(8,191,480)	-10.8%	(8,674,619)	-14.6%	483,139	-5.6%
Negative reserve for shares in portfolio	104,545	0.1%	19,482	0.0%	85,063	0.0%
SHAREHOLDERS' EQUITY	(54,996,048)	-72.5%	(47,993,091)	-80.6%	(7,002,957)	14.6%
Cash on hand	7,863,963	10.4%	17,593,425	29.6%	(9,729,463)	-55.3%
Payables to banks - within 12m	(7,550,753)	-9.9%	(13,911,297)	-23.4%	6,360,544	-45.7%
Payables to banks - over 12m	(21,220,053)	-28.0%	(15,214,889)	-25.6%	(6,005,164)	39.5%
NET FINANCIAL POSITION	(20,906,843)	-27.5%	(11,532,760)	-19.4%	(9,374,083)	81.3%

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