(Alliance News) - Inwit Spa reported Thursday that it closed 2023 with a profit of EUR339.5 million, up 16 percent from EUR293.3 million as of Dec. 31, 2022.

The company proposed a dividend of EUR0.48 per share, up 38 percent from EUR0.3467 in 2022.

Revenues stood at EUR960.3 million from EUR853 million in 2022 and up 13%.

Ebitda was EUR879.2 million, up 13% from EUR779.2 million, with Ebitda margin at 91.6%.

Ebit as of Dec. 31 stands at EIR508.7 million from EUR415.5 million in 2022.

Investments amounted to EUR290 million from EUR187 million in 2022.

Net financial debt is EUR4.2 billion, including IFRS16 financial liabilities, up EUR128.6 million from December 31, 2022.

Looking ahead, for fiscal year 2024, the company expects revenue growth in the range of EUR1.03-1.06 billion,Ebitda margin above 91 percent, stable compared to 2023, EbitdaaL margin of about 73 percent, up more than 1 percentage point compared to 2023, and Recurring Free Cash Flow growing in the range of EUR620-640 million.

In addition, the company approved the business plan to 2026, which confirms the guidelines approved already in 2023 and "Inwit's ability to invest to develop its infrastructure by developing the main industrial, economic and financial indicators, reflecting the recent evolution of the macroeconomic, industrial and market environment," as the company explained in a note.

In detail, the plan to 2026 forecasts revenues increasing over the period at an average annual "high-single-digit" rate in the range of EUR1,160-1,240 million in 2026, with Ebitda margin expanding to around 92 percent.

In addition, margin growth is expected to result in cash generation expansion in the range of EUR720-740 million in 2026. Investments totaling about EUR800 million are planned between 2024 and 2026, up by about EUR150 million from what was planned in March 2023.

On Thursday, Inwit closed 0.5 percent in the red at EUR0.44 per share.

By Claudia Cavaliere, Alliance News reporter

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