Inwit S p A : First Quarter 2021 Financial Report

Contents

INTERIM MANAGEMENT REPORT AT MARCH 31, 2021

Name, Share Capital and registered office of the Company __________________________4

Board of Directors in office at March 31, 2021 ______________________________________4

Board of Statutory Auditors in office at March 31, 2021 _____________________________4

INWIT activities________________________________________________________________5

Highlights at March 31, 2021____________________________________________________10

Business environment _________________________________________________________13

Income, balance sheet and financial performance at March 31, 2021 ________________15

Operating performance in the period ____________________________________________16

Financial Position and Cash Flows Performance__________________________________ 20

Detailed tables _______________________________________________________________27

Events Subsequent to March 31, 2021 ____________________________________________33

Positions or transactions resulting from atypical and/or unusual operations ___________33

Significant non-recurring events and transactions _________________________________33

Business Outlook for the Year 2021 () _____________________________________________34

Main risks and uncertainties ____________________________________________________36

Corporate Bodies at March 31, 2021______________________________________________41

Information for Investors _______________________________________________________43

Related party transactions ____________________________________________________ 46

Alternative Performance Measures ______________________________________________47

CONDENSED FINANCIAL STATEMENTS AT MARCH 31, 2021

Contents____________________________________________________________________ 50

Statement of Financial Position _________________________________________________51

Separate Income Statement ___________________________________________________53

Statement of Comprehensive Income ___________________________________________54

Changes in equity ____________________________________________________________55

Cash flows Statement _________________________________________________________56

Notes to the Condensed financial statements at March 31, 2021 ____________________57

Declaration by the Manager responsible for preparing the company's financial

reports_______________________________________________________________________84

Interim

Management Report

This document has been translated into English for the convenience of the readers.

In the event of discrepancy, the Italian language version prevails

NAME, SHARE CAPITAL AND REGISTERED OFFICE OF THE COMPANY

Name	Infrastrutture Wireless Italiane S.p.A.
Share capital	600,000,000 euros
Registered office	Via G. Negri 1, 20121 Milan
Tax code, VAT no. and registration no. in
the Register of Companies of Milan	08936640963
Website	www.inwit.it

BOARD OF DIRECTORS IN OFFICE AT MARCH 31, 2021

Chairman	Emanuele Tournon
CEO	Giovanni Ferigo
Directors	Giovanna Bellezza (1)
	Laura Cavatorta (Independent)
	Antonio Corda
	Angela Maria Cossellu (Independent)
	Sabrina Di Bartolomeo
	Sonia Hernandez
	Rosario Mazza (Independent) (1)
	Agostino Nuzzolo
	Secondina Giulia Ravera (Independent)
	Fabrizio Rocchio
	Francesco Valsecchi (Independent)
Secretary to the Board	Salvatore Lo Giudice

1. On October 2, 2020, the Board of Directors co-opted Giovanna Bellezza and Rosario Mazza as Directors to replace Carlo Nardello and Filomena Passeggio who had resigned. The appointed Directors will remain in office until the next Shareholders' Meeting, were confirmed by the Shareholders' Meeting on April 20, 2021.

BOARD OF STATUTORY AUDITORS IN OFFICE AT MARCH 31, 2021

Chairman	Stefano Sarubbi
Acting Auditors	Umberto La Commara
	Michela Zeme
Alternate Auditors	Roberto Cassader
	Elisa Menicucci
Management Report	INWIT activities		4
at March 31, 2021

INWIT ACTIVITIES

INWIT history

Infrastrutture Wireless Italiane S.p.A. is the largest operator in Italy in the wireless infrastructure sector, which constructs and manages technological systems and civil structures (such as towers, pylons and poles) that host radio transmission equipment, mainly for telecommunications operators.

In pursuit of the goal of continuing to support the optimization of wireless services and driving the evolution of towers from passive infrastructure to connected, distributed and protected digital infrastructure, INWIT has expanded its offering in recent years with a series of additional services. In particular, INWIT is developing the coverage service for mobile telephony through its DAS (Distributed Antenna System) systems, which enable optimal coverage of sites with high traffic, both outdoors and indoors, which are particularly important for the technological transition underway from 4G to 5G.

As a result, INWIT is ideally positioned to support the ongoing digitalization process and serve the growing demand for connectivity.

INWIT's operations are directly linked to the birth and development of mobile telephony in Italy, at the hands of the two main operators in the sector. In fact, INWIT is the result of the merger between the wireless operations and infrastructure of Telecom Italia and Vodafone. The Company has a wealth of expertise gained over time through the construction and management of the infrastructure hosting the transmission systems of the different generations of mobile radio services that have followed one another over the years. Thanks to this evolution, which began 40 years ago, INWIT today provides its customers access to areas of strategic importance, also in relation to administrative and environmental aspects.

INWIT's history began in March 2015 following the spin-off of Telecom Italia's "Tower" business line dedicated to the operational management, monitoring and maintenance of the group's towers and repeaters. INWIT then underwent a period of intensive organic growth, which was accompanied, in March 2020, by the merger with Vodafone Towers S.r.l., which significantly transformed its size and strategic profile. INWIT's infrastructure now consists of over 22,000 managed sites, spread throughout Italy, which host the transmission equipment of all the major national operators, and thousands of small cells and DAS systems.

INWIT contributes significantly to the coverage for wireless telephony services in Italy, increasing the number sites also in response to the development of new technologies, starting from 5G. All this makes it an essential infrastructure for the development of telecommunications technologies, providing widespread and extensive coverage that will also contribute substantially to overcoming the digital divide in Italy.

Exactly 5 years after their first day of listing, on June 22, 2020 INWIT's shares were included in the main Italian stock index, the FTSE MIB, before their entry in September into the STOXX® Europe 600, made up of 600 of the companies with the largest market capitalization in Europe.

In July 2020, INWIT successfully entered the debt capital market, issuing its inaugural Bond for 1 billion euros, which enabled the Company to optimize its financial structure by diversifying its sources of funding. The Company's second bond issue, for an amount of 750 million euros, was successfully completed in October 2020.

Management Report	INWIT activities	5
at March 31, 2021