Inwit S p A : Interim Report as of March 31, 2024

INTERIM MANAGEMENT

REPORT AS OF MARCH 31, 2024

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CONTENTS

CONTENTS

INTERIM MANAGEMENT REPORT AS OF MARCH 31, 2024

Corporate Information and Corporate Bodies	6
The core business of INWIT	9
Highlights at March 31, 2024	16
Management performance and events	17
Operating, capital and financial performance	20
Events after March 31, 2024	28
Positions or transactions arising from atypical and/or unusual transactions	28
Significant non-recurring events and transactions	28
Outlook for the year 2024	29
Main risks and uncertainties	30
Internal control and risk management system	34
Related party transactions	37
Alternative performance indicators	38

CONDENSED CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS AS OF MARCH 31, 2024

Contents	42
Consolidated statements of financial position	44
Consolidated Income Statement	46
Consolidated Statements of Comprehensive Income	47
Consolidated Statements of Changes in Equity	48
Consolidated statements of cash flows	49

Interim Management Report as of March 31, 2024

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Inwit voluntarily prepares and publishes Interim Management Reports for the first and third quarters of each fiscal year.

The Interim Management Report as of March 31, 2024 includes the Interim Management Report and the Condensed Consolidated Quarterly Financial Statements as of March 31, 2024 prepared in accordance with IFRS accounting standards issued by the IASB and transposed by the EU;

The Condensed Consolidated Financial Statements as of March 31, 2024 are unaudited.

It should also be noted that the section "Outlook for the year 2024" contains forward-looking statements regarding management's intentions, beliefs, or current expectations regarding the financial results and other aspects of the Company's activities and strategies.

The reader of this Report should not place undue reliance on such forward-looking statements because actual results could differ significantly from those contained in such forecasts as a result of multiple factors, most of which are beyond the Company's control.

2

3

REPORT ON OPERATIONS

This document has been translated into English for the convenience of the readers. In the event of discrepancy, the Italian language version prevails

CORPORATE INFORMATION

AND CORPORATE BODIES

CORPORATE DATA OF THE PARENT COMPANY (1)

Company Name	Infrastrutture Wireless Italiane S.p.A.
Share capital	600,000,000 euros
Registered Office	Largo Donegani 2, 20121 Milan
Tax Code, VAT No. and Milan Company Register no.	8936640963
Website	www.inwit.it

BOARD OF DIRECTORS IN OFFICE AS OF MARCH 31, 2024

On October 4, 2022, the Ordinary Shareholders' Meeting of Infrastrutture Wireless Italiane S.p.A. appointed the Board of Directors of INWIT (the "BoD"), which will remain in office until the approval of the annual financial statements as of December 31, 2024.

The Board of Directors as of March 31, 2024 is composed as follows:

Chairman	Oscar Cicchetti
Directors	Stefania Bariatti (independent)
	Laura Cavatorta (independent)
	Antonio Corda (independent) (2)
	Pietro Guindani (independent) (2)
	Sonia Hernandez
	Christine Roseau Landrevot (independent)
	Quentin Le Cloarec (independent)
	Rosario Mazza
	Secondina Giulia Ravera (independent)
	Francesco Valsecchi (independent)
Secretary	Salvatore Lo Giudice

(1): Effective April 1, 2023, INWIT acquired 100% of the share capital of "36Towers S.r.l." subject to management and coordination by INWIT S.p.A. More details in the section "Management Events - Business Combinations."

(2): On March 14, 2024, the Board of Directors ascertained that Directors Corda and Guindani met the independence requirements established by the TUF.

Interim Management Report as of March 31, 2024

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All members of the Board of Directors are domiciled for office at INWIT's registered office.

The Board of Directors, on October 7, 2022, appointed Diego Galli as General Manager of INWIT, to whom it conferred powers relating to the overall governance of the company and ordinary management in its various expressions, without prejudice to the powers reserved to the Board of Directors by law or the Bylaws.

At its meeting on October 20, 2022, the BoD appointed the following board committees:

• Nomination and Remuneration Committee: Christine Roseau Landrevot (Chairman), Laura
  Cavatorta, Pietro Guindani, Rosario Mazza, Francesco Valsecchi.
• Related Parties Committee: Secondina Giulia Ravera (Chairman), Stefania Bariatti, Christine
  Roseau Landrevot.
• Audit and Risk Committee: Stefania Bariatti (Chairman), Quentin Le Cloarec, Pietro Guindani,
  Secondina Giulia Ravera, Francesco Valsecchi.
• Sustainability Committee: Laura Cavatorta (Chairman), Oscar Cicchetti, Sonia Hernandez.

On October 7, 2022, the Board of Directors appointed Francesco Valsecchi as Lead Independent Director.

The Supervisory Board, which was renewed by the Board of Directors on May 22, 2023 for a term of three years until May 22, 2026, performs the functions required by Legislative Decree 231/2001 and is composed of Eleonora Montani (Chairman), Romina Guglielmetti and Alessandro Pirovano.

BOARD OF STATUTORY AUDITORS IN OFFICE AS OF MARCH 31, 2024

The Company's Board of Statutory Auditors as of March 31, 2024 is composed as follows:

Chairman	Stefano Sarubbi
Standing Auditors	Maria Teresa Bianchi
	Giuliano Foglia
Alternate Auditors	Roberto Cassader
	Michela Zeme

The Shareholders' Meeting of April 23, 2024 appointed the Board of Statutory Auditors, which will hold office until the approval

of the financial statements as at December 31, 2026. The following were appointed: Stefano Sarubbi Chairman, Annalisa Raffaella Donesana and Giuliano Foglia, Standing Auditors; Matteo Carfagnini and Annalisa Firmani were appointed Alternate Auditors.

6		Corporate Information and Corporate Bodies	7

INDEPENDENT AUDITOR

The Shareholders' Meeting of February 27, 2015 appointed PricewaterhouseCoopers S.p.A. to audit the Company's financial statements for the nine-year period 2015-2023.

The Shareholders' Meeting held on April 23, 2024, appointed KPMG S.p.A. to audit the accounts for the nine-year period 2024 - 2032.

FINANCIAL REPORTING OFFICER

The Board of Directors in its meeting of October 20, 2022, appointed Rafael Giorgio Perrino, Head, Financial, Reporting, Accounting & Tax Function, within the Administration, Finance & Control Department, to the position of Financial Reporting Officer.

Interim Management Report as of March 31, 2024

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THE CORE BUSINESS OF INWIT

INWIT is the largest operator in the wireless infrastructure sector in Italy, with a market share of more than 45%.

INWIT builds and operates digital and shared infrastructures that host the radio transmission equipment of mobile telecom operators, FWA and IoT.

INWIT's infrastructure consists of an integrated ecosystem of macro grids (towers, poles, pylons and related technology facilities) and micro grids (DAS, small cells, repeaters), with an offering that follows technological development, serving all mobile operators.

INWIT's macro grid consists of more than 24 thousand towers, distributed widely throughout the country, with a density of one tower every 3 km. The technological content and strategic nature of the locations make INWIT sites attractive to all telecom market players, present today with more than 54 thousand hosting contracts, for a tenancy ratio of more than 2 hosted customers per site, among the highest in the industry. INWIT continues to invest in expanding and optimizing its network to serve the growing demand for mobile data and the coverage and technology upgrade needs of operators.

INWIT's micro grid complements and supports the macro grid, providing coverage and network capacity over 470 Distributed Antenna Systems (DAS) equipment, small cells and repeaters installed in indoor and outdoor locations characterized by high user density and specific dedicated coverage needs.

More than 8 thousand remote units of the micro grid cover sites such as stations, hospitals, shopping malls, offices and manufacturing areas, as well as roads and highways. To date, INWIT covers about 1,000 km of road and highway tunnels that include some of the major national roadways. The demand for dedicated coverage provided by the micro grid is supported by the technology transition from 4G to 5G and the increasing mobile data consumption.

All this makes INWIT central in enabling telecommunications technologies, contributing significantly to overcoming the digital divide and digitizing the country.

THE HISTORY OF INWIT

The story of INWIT began in March 2015, following the spin-off of the "Tower" arm of Telecom Italia. The merger with Vodafone Towers, finalized in late March 2020, significantly transformed its size and strategic profile.

INWIT's activities are directly linked to the emergence and development of mobile telecommunications in Italy at the hands of the two main operators in the sector, TIM and Vodafone Italia. As incumbent and first challenger, the two operators have invested in creating the best networks, distinguished both by the quality of locations and the high standard of infrastructure implementation. INWIT has inherited all of this heritage, along with a wealth of technical and professional knowledge of the highest level, and continues to work to consolidate it, creating a set of systems, processes and knowledge that can create value, serving the rapid and efficient deployment of 5G by operators.

8		Corporate Information and Corporate Bodies	The core business of INWIT	9

The main milestones in INWIT's history

2015

INWIT is born

Creation and listing of Infrastrutture Wireless Italiane S.p.A. Tower Operator Neutral Host.

Towers, microcells and DAS

2018

Thanks to its towers and the construction of Microcells and DAS, INWIT is a leader

in Italy in the field of mobile telephony infrastructure.

2019

Partnership with Vodafone

Thanks to partnership with Vodafone, Italy's largest tower operator is born.

Merger of INWIT and Vodafone Towers

FTSE MIB and STOXX® Europe 600

2020

The merger generates a significant change in its dimensional

INWIT stock is included in the main stock index,

profile.

the FTSE MIB and the STOXX® Europe 600.

First loan from the EIB

2021

Purchased from Vodafone Italia

radio installations and DAS to cover

and Sustainability-linked term loan,

1000 km of road and motorway tunnels.

tied to specific sustainability indicators.

Agreements to reduce the digital divide

ESG Indices

2022

NRRP "Italia 5G" plan call. Agreement with Open Fiber.

Inclusion in the FTSE4Good and the Bloomberg Gender Equality Index.

Record of over 900 new sites built in the year.

ESG Certifications

Tenancy ratio at 2.23.

Construction of the first sites of the Italy

ISO 50001 UNI PdR 125 Energy Management System for Gender Equality.

2023

5G-Densification Plan of the NRRP has begun.

Net Zero Target 2040

Protocol with UNCEM

Target approved by the Science Based Initiative (SBTi).

for the digital infrastructure of municipalities and mountain communities.

WWF and Legambiente projects

Protocol with ANCI, Infratel, DTD

for environmental monitoring to protect biodiversity.

to reduce the digital divide.

2024

INWIT's growth continues

INWIT'S STRATEGY FOR VALUE CREATION

In Italy, the market and technology environment is rising rapidly due to the steady increase in mobile data consumption and the evolution of wireless technology that is extending 5G coverage and related densification requirements, a key driver for wireless infrastructure development.

The transition to 5G network architecture has major implications for the digital infrastructure industry and towers in particular, as more macro sites and points of presence (macro grids) are needed to address the densification needs of 5G to provide performance, security, and ease of use by the end user anytime, anywhere. In addition, the transition to 5G is a key driver for the development of micro coverage (micro grid), which is needed to optimize coverage and capacity by offering low latency indoors (with Distributed Antenna Systems, DAS) and, in the future, outdoors through small cells.

Interim Management Report as of March 31, 2024

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Added to this is the Next Generation EU, which is planned by the European Union to stimulate post- pandemic COVID-19 recovery and development. The National Recovery and Resilience Plan (NRRP), within the framework of the Next Generation EU, devotes ample space and substantial resources to the issue of the country's digital innovation by fostering a broad round of investment in digitization and infrastructure. In particular, INWIT was awarded as agent, with TIM and Vodafone, the "Italy 5G Plan - Densification" tender of the NRRP, strengthening its role as an enabler of digitalization, supporting mobile operators to reduce the digital divide, with a view to territorial inclusion and 5G development.

The digital dimension is a necessity for businesses, citizens and public administration in the process of transformation toward more agile and flexible private and public organizational, production and service models.

This context opens up opportunities for tower operators, and INWIT is excellently positioned to play a relevant role in the development of digital infrastructure, supporting telecom operators

The value chain of mobile telecommunications services includes:

• spaces, owned or leased, where the infrastructures are located;
• fiber optic connection that connects the site to the operators' "core network";
• passive infrastructure consisting of poles and pylons usually owned by tower companies and active with antennas owned by operators;
• free or licensed frequencies, owned by operators;
• connectivity services, offered by operators, that reach end users, consisting of the state, public companies and private (business customers).

INWIT has a clear positioning within the value chain, leveraging its assets (micro and macro grid) to offer infrastructure services to operators with a sharing model open to all mobile operators, FWA (Fixed Wireless Access) and other customers such as OTMO (Other Than Mobile Operator) and IoT (Internet of Things).

INWIT's Industrial Plan envisions a path of significant organic growth, supported by investments aimed at strengthening the company's macro grid and micro grid infrastructure to better serve operators and contribute to the digital evolution in the market. In particular, new sites and hosting growth are planned for TIM and Vodafone to support the efficient and fast deployment of 5G and the continuous improvement of territorial coverage. In addition, the "neutral host" role allows INWIT to be able to meet the demand of all major market players, both mobile and FWA. Another pillar of the industrial strategy is the rapid development of micro-coverages, particularly DAS distributed antenna systems that enable efficient mobile phone signal management even in busy areas such as stadiums, hospitals, universities, stations, museums or industrial facilities. The development of DAS systems has seen significant momentum over the past two years, thanks to the growth in the number of hostings on the installed infrastructure, the increasing number of equipped locations, and an investment in dedicated roofing along about 1,000 km of road and highway tunnels.

10		The core business of INWIT	11

In line with this growth, INWIT's business is increasingly evolving toward the concept of tower as a service, thanks to the ability to offer more integrated services starting with the infrastructure, in line with one of the main circular economy business models, that of product as a service. In fact, INWIT shares its assets and infrastructure, including ensuring their maintenance and technology upgrades, to multiple clients, who use them without owning them. This avoids the need for each operator to build its own infrastructure, resulting in detectable environmental benefits across the entire life cycle of the assets, from the use of materials for construction, to energy use in the operation phase, to the end-of-life phase.

At the same time, towers can already now offer various services to operators, through a transformation from infrastructure for hosting radio transmission systems, to an advanced technology center, where IoT components and communication systems merge and become an integral part of the 5G ecosystem and enabler of all related innovative use cases.

Indeed, INWIT's Industrial Plan outlines an evolution toward increasingly intelligent towers: distributed and protected digital assets that will be able to make a solid contribution to the digital transformation of the country's economic and social activities.

The widespread presence of INWIT's towers enables the provision of advanced services even in areas where connectivity through fiber optics will arrive later, thus anticipating the country's digitization and the reduction of the digital divide. A ubiquity that allows INWIT's towers to be considered natural hubs for carrying out environmental and climate event monitoring as well. In addition, therefore, the Industrial Plan calls for the experimentation and development of adjacent businesses to foster the development of smart cities. Among those with the highest potential in the medium to long term are IoT (Internet of Things) and hosting mini data centers to be placed at the base of our towers for those services that need low latency.

INWIT also has a Sustainability Plan, an integral part of its industrial strategy, through which it aims to make the transition to a sustainable business model, considered an enabler for the Company's growth.

Strong and sustainable growth thanks to the pillars of our Business Plan

GROWTH		1 MACRO GRID	2MACRO GRID	3MICRO GRID	4REAL ESTATE
	ANCHORS	OLOs
		PARTNER	DEVELOP	BOOST	OPTIMISE
		WITH ANCHORS	CLIENTS' DEMAND	DAS INDOOR	LAND OWNERSHIP
		FOR EFFICIENT 5G	PROACTIVELY	COVERAGE AND	& LEASES
		DEPLOYMENT		LARGE PROJECTS
ENABLERS		PEOPLE: DEEPER AND BROADER SKILLS FOR DIFFERENTIATION
	DIGITAL: KEY PROCESS AUTOMATION

SUSTAINABILITY: DIGITAL DIVIDE, ENERGY TRANSITION, INCLUSION

Interim Management Report as of March 31, 2024

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INWIT's market positioning, strengthened by a significant investment plan, allows it to pursue some of the most ambitious organic growth targets in the sector, according to four main guidelines:

• partnership with anchor tenants for efficient 5G development;
• proactive business development with OLOs, MNOs, FWAs and others;
• the acceleration of the network of DAS indoor micro-coverage and large projects (e.g. smart cities);
• optimisation of leasing costs.

In March 2024, the Board of Directors reviewed and approved INWIT's Industrial Plan for the period 2024- 2026 (the "2024 Industrial Plan"), which confirms the guidelines approved in March 2023 and INWIT's ability to invest to develop its infrastructure by developing key industrial, economic and financial indicators, reflecting the recent evolution of the macroeconomic, industrial and market environment. Confirming the growth path of the Industrial Plan approved in March 2023, the 2024-2026 Industrial Plan forecasts revenues to increase over the period at an average annual "high-single-digit" rate in the range of 1,160- 1,240 million euros in 2026, with EBITDA margin expanding to about 92% and EBITDAaL margin to about 76%. Growth in margins is expected to result in an expansion of cash generation (Recurring Free Cash Flow) in the range of 720-740 million euros in 2026.

INWIT AND THE FINANCIAL MARKET

As of June 22, 2015, INWIT shares traded on the Italian Stock Exchange's Mercato Telematico Azionario (now called Euronext Milan), after a placement at a price of 3.65 euros per share. As of 2020, five years after the first day of listing, INWIT's stock has been included in Italy's main stock index, the FTSE MIB, and in the STOXX® Europe 600, consisting of 600 of the largest market capitalization companies in Europe.

INWIT shares are held mainly by international institutional investors, particularly based in the United Kingdom and the United States, as well as investors from Italy, the rest of Europe and the world.

The Company maintains an ongoing dialog with investors based on the principles of transparency, completeness and timeliness of information, including through participation in meetings, road-shows and industry conferences. In addition, INWIT stock is followed by 26 independent analysts from leading international financial institutions. More information on INWIT stock is available on the company's website www.inwit.it under "Investor Relations."

The following graph shows the performance of the stock over the period from the start of trading to March 31, 2024, in relation to a basket composed of Italian and European market indices and comparable companies.

12		The core business of INWIT	13

Historical performance of INWIT shares (share price indexed to 100)

500	Cellnex
400	DJ Brookfield Europe Infrastructure Composite
INWIT
							282
300	STOXX 600 Europe Telecoms
FTSEMIB Index							275
200								155
100								113
	2016	2017	2018	2019	2020	2021	2022	55
	2023

INWIT SHARE CAPITAL AS OF MARCH 31, 2024

Share capital	€ 600,000,000
Number of ordinary shares (no par value)	960,200,000
Market capitalization (on average prices from 1/12024 to 03/31/2024)	10,417 million euros
SHAREHOLDING STRUCTURE
The composition of INWIT's shareholder base is shown in the following chart

Interim Management Report as of March 31, 2024

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TREASURY SHARES

As of March 31, 2024, INWIT holds 14,821,993 treasury shares representing 1.54% of the share capital, purchased from 2020 to service the Long Term Incentive Plan 2023-2027, the 2023-2024 Diffuse Share Ownership Plan, and the share buyback and cancellation plan approved by the Shareholders' Meeting of April 18, 2023.

The shares are deposited in a securities account held by INWIT S.p.A. with Intesa Sanpaolo S.p.A.

DIVIDEND POLICY AND SHAREHOLDER REMUNERATION

With the update of the 2021-2023 Industrial Plan in November 2020, INWIT defined its dividend policy. Based on the economic-financial development envisaged in the plan itself, a dividend per share of €0.30 was planned to be recognized in 2021 following the approval of the 2020 budget - and an increase in the subsequent years of the three-year plan of 7.5% annually until the approval of the 2026 budget.

On March 3, 2023, at the time of the approval of the 2023 Industrial Plan, the Board of Directors approved the updated dividend policy for the period 2023-2026, which is expanded with an additional payment of 100 million euros from the 2023 earnings allocation (payment in 2024), confirming a dividend growth rate of 7.5% per year overall.

On April 23, 2024, the General Shareholders' Meeting approved the distribution of a dividend for fiscal year 2023 of approximately 0.48 euros for each of the ordinary shares outstanding on the ex-dividend date, excluding treasury shares in the portfolio.

In March 2023, the Board also resolved to submit to shareholders, for the first time, a form of indirect realization of its investment in the Group through the repurchase and subsequent cancellation of treasury shares, without a concomitant reduction in share capital. The repurchase and subsequent cancellation transactions, which are unitary in nature, will concern a maximum of 31,200,000 ordinary shares, representing about 3.25% of the share capital, and in any case for a maximum amount of 300 million euros. Both are conditional on the favorable vote of the majority of the Group's shareholders, present at the meeting, other than the shareholder or shareholders who hold, even jointly, the majority shareholding, even relative, as long as it exceeds 10% (so-called whitewash) as well as CONSOB's

Daphne 3 S.p.A.

36.9% 29.9%

favorable orientation on the applicability to the cancellation of the whitewash exemption provided for in Article 44-bis, paragraph 2, of CONSOB Regulation no. 11971 of 1999.

On June 15, 2023 INWIT initiated, following the authorization granted by the shareholders' meeting of April 18, 2023 and the clearance received from CONSOB, the first tranche of share buyback (of a maximum

Central Tower Holding Company B.V.

amount of 150 million euros), which was completed on February 8, 2024.

More information is available on the Company's website under "Governance," "Shareholders' Meeting."

Free Float

33.2%

Historical trend dividend per share and total

0,48

+38%

At present, it should be noted that Daphne 3 S.p.A. is 90% controlled by Impulse I S.à.r.l. (in turn controlled by Impulse II S.C.A.); the remaining 10% is held by TIM S.p.A.

Central Tower Holding Company B.V. is indirectly owned by Oak Holdings 1 GmbH (itself co-controlled by Vodafone GmbH and OAK Consortium GmbH).

DPS €	0,30	0,32	0,35
per share
		310	333	453
€mln	288

2021

2022

2023

2024

14		The core business of INWIT	15

HIGHLIGHTS AT MARCH 31, 2024

REVENUES	+ 9.0 %
€ 254.6 MLN	COMPARED TO MARCH 2023
EBITDA	+ 9.0 %
€ 233.0 MLN	COMPARED TO MARCH 2023
NET PROFIT	+ 8.3 %
€ 89.7 MLN	COMPARED TO MARCH 2023
EBITDAaL	+ 11.1 %
€ 184.0 MLN	COMPARED TO MARCH 2023
INVESTMENTS	+ 60.1 %
€ 91.6 MLN	COMPARED TO MARCH 2023
NFP	+ 3.2 %
€ 4,190 MLN	COMPARED TO MARCH 2023
Leverage	- 0.3 x
4.5 X	COMPARED TO MARCH 2023
Recurring Free Cash Flow	+ 9.7 %
€ 150.0 MLN	COMPARED TO MARCH 2023

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MANAGEMENT PERFORMANCE AND EVENTS

MANAGEMENT PERFORMANCE

Main indicators	unit of	March 31	March 31	change
	measurement	2024	2023
Number of sites	in thousands	24.3	23.3	4.3%
Number of hosting arrangements in place	in thousands	55.3	51.2	8.0%
with Tenants
Number of hosting arrangements in place
with Tenants, excluding Anchor Tenants,	in thousands	13.9	12.3	13.0%
TIM and Vodafone
Average number of Tenants per site	ratio	2.26x	2.19x	0.07x
(Tenancy Ratio)
Real estate transactions	number	440	320	37.5%
Total Revenues	€ mln	254.6	233.6	9.0%
EBITDA	€ mln	233.0	213.8	9.0%
EBITDA margin	%	91.5%	91.5%	-
EBIT	€ mln	137.8	122.5	12.4%
EBT	€ mln	107.7	97.5	10.5%
Profit for the period	€ mln	89.7	82.9	8.3%
EBITDAaL	€ mln	184.0	165.6	11.1%
EBITDAaL margin	%	72.2%	70.9%	1.4pp
Recurring Free Cash Flow	€ mln	150.0	136.7	9.7%
Capex	€ mln	91.6	57.2	60.1%
Net Cash Flow	€ mln	(17.5)	18.9	(192.6%)
Net Debt	€ mln	4,189.8	4,059.8	3.2%
Net Debt/EBITDA	ratio	4.5x	4.7x	(0.3x)

16		Highlights at march 31, 2024	17

Results for the first quarter of 2024 show continued growth in all major indicators. The development of our infrastructure continues with the expansion of our site park by about 200 units in the first quarter of 2024, for a total of 24.3 thousand. New hostings contracted in the first quarter of the year numbered about 960, confirming both the steady demand from anchor customers (Tim and Vodafone) and the development of hosting with other customers.

Lease cost efficiency activities continued in the quarter with more than 400 lease renegotiation and/or land purchase transactions.

Economic results for the period show solid revenue growth, up 9.0% from the previous year. This increase is attributable to the further development of contracted hospitality with all major customers, the provision of new services, and the growth of DAS hosting.

Positive revenue performance contributed to EBITDAaL growth of +11.1% over Q1 2023, with the EBITDA Margin improving from 70.9% to 72.2%. Profit for the period, at 89.7 million euros, increased by 8.3% from the previous year.

Recurring Free Cash Flow of 150.0 million euros registered a growth of 9.7% over the previous year, confirming the strong cash generation of the business.

Net cash generation showed a positive balance of 17.5 million euros in the first quarter of 2024 after investments of 91.6 million euros (+60.1% over the previous year). The Group's net financial position of 4,190.0 million euros showed a slight increase of 3.2% from the previous year. However, leverage, represented by the Net Debt/EBITDA ratio, improved further from 4.7x to 4.5x due to the increase in EBITDA.

MANAGEMENT EVENTS

The main management events since the beginning of the year involving Inwit can be summarized as follows:

• On January 8, 2024, INWIT, formalized the option to extend from April 2025 to April 2027 the maturity term of the 500 million euros sustainability-linked Term Loan.
  The option allows the extension of the loan maturity term at the same economic conditions and with the same lenders. The sustainability-linked Term Loan, a floating-rate instrument linked to specific sustainability indices, had been signed in April 2021 with an original term of four years and with a pool of leading financial institutions.
  The transaction allows INWIT to further improve its debt structure by extending maturities, shifting the first refinancing need to 2026.
  The company has BB+ and BBB- ratings assigned by Standard and Poor's and Fitch Ratings, respectively, with stable outlooks from both agencies.
• Within the framework of the authorization granted by the shareholders' meeting of April 18, 2023 ("Shareholders' Meeting") and the clearance received from Consob, Inwit initiated on March 8, 2024, the second tranche of share buyback (the "Second Tranche"), which follows a first tranche of purchases executed between June 15, 2023 and February 8, 2024 with the purchase of 13,453,175 shares for a gross equivalent of approximately 150 million euros.
  As stated in the press release of April 18, 2023, the Shareholders' Meeting authorized the Board of Directors

Interim Management Report as of March 31, 2024

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to repurchase a maximum of 31,200,000 shares up to 300 million euros within 18 months from the date of the Shareholders' Meeting. The Second Tranche will have a maximum amount of 150 million euros, will be completed by October 15, 2024, and will be carried out in line with the terms set and conditions defined by the Shareholders' Meeting authorization. The repurchase will be for the sole purpose of canceling the shares in question, with the main objective of providing non-selling shareholders with an indirect return on their investment in the Company, in addition to the dividend policy.

The purchases will be executed on Euronext Milan and multilateral trading systems through Goldman Sachs International, as a third-party intermediary, which will act independently, including in relation to the timing of the transactions, and will be disclosed to the market in accordance with the terms and conditions set forth in applicable laws and regulations.

As of March 31, taking into account the treasury shares already in its portfolio, INWIT held 14,821,993 treasury shares equal to about 1.54% of the share capital

• The INWIT Shareholders' Meeting, which met on April 23, 2024, approved the 2023 annual financial statements, which closed with a net profit of 339.3 million euros. The Shareholders' Meeting approved the distribution of a dividend for fiscal year 2023 of 0.48 euros (before applicable withholding taxes) for each of the ordinary shares outstanding on the ex-dividend date, excluding treasury shares in the portfolio.
  The total dividend, which will be distributed based on the number of ordinary shares outstanding on the ex-dividend date, is 452,810,632.77 euros.
  The dividend will be paid from May 22, 2024, with ex-dividend date on May 20, 2024 (in accordance with the calendar of the Italian Stock Exchange) and record date (i.e., the date of entitlement to the payment of the dividend itself pursuant to Article 83-terdecies of the TUF) on May 21, 2024.
  The INWIT Shareholders' Meeting also appointed the Board of Statutory Auditors, which will remain in office for the three-year period 2024-2026, until the approval of the annual financial statements as of December 31, 2026. The new Board of Statutory Auditors consists of three standing auditors and two alternate auditors.
  More details in the section "Corporate Information and Corporate Bodies" on page 5.

Finally, the Shareholders' Meeting of INWIT, on the basis of the recommendation of the Board of Statutory Auditors made pursuant to Article 16 of European Regulation no. 537/2014 as well as Legislative Decree No. 39/2010, resolved to award the assignment of the statutory audit for the nine-year period 2024- 2032 to the company KPMG S.p.A., as it is characterized by a higher overall score, both in qualitative and economic aspects.

BUSINESS COMBINATIONS THAT OCCURRED DURING THE PERIOD

• On March 31, 2024, an agreement was finalized regarding the acquisition of a business unit of Vodafone Italia S.p.A., consisting of a complex of Assets represented by passive infrastructures for the realization of transmission systems for mobile telephony and radio networks and the related legal relationships and related contracts, both assets and liabilities.
  The price for the sale and purchase of the Vodafone Italia S.p.A. Business Unit was 10,450 thousand euros.
  More details of the transactions described can be found in Note 5 "Business Combinations" contained in the Condensed Consolidated Financial Statements as of March 31, 2024.

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