Slides
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EUROPEAN MIDCAP CONFERENCE FRANKFURT FEBRUARY 5th2026
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OVERVIEW 2
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33 3 BRIEF DESCRIPTION KEY FINANCIALS NETWORK INVESTMENTS REVENUES FY2025 BREAKDOWN INTRED is a telecommunications and internet operator founded in 1996 by Daniele Peli, offering Broadband, Ultrabroadband, FWA, Voice, and Hosting services through its proprietary fiber network With a strong presence in Lombardy INTRED serves a highly fragmented customer base and maintains a very low churn rate of less than 5%. More than 90% of its revenues are recurring, ensuring strong visibility REVENUES(€ MN) FY2024 EBITDA(€ MN) CAPEX(€ MN) 11.5 12.5 1H20251H2024 +9.1% MARGIN 43.6% 44.9% 22.4 12.6 ▪ Almost 15,000 km of proprietary fiber network ▪ Strategic shift toward Ultra-Wideband connectivity, fiber network expansion supported through IRU agreements with major telecom operators ▪ 1H2025 investments of €12.6 million focused on FTTH network development in Lombardy 1.3% MANTOVA 1.5% PAVIA OTHERS 3.3% MONZA 13.2% MILANO 2.7% COMO 2.0% LECCO CREMONA2.7% VARESE 13.2% BERGAMO 52.9%BRESCIA 5.0% 16.8% PUBLIC ADMINISTRATION 56.1% BUSINESS 8.9%WHOLESALE 18.2% RESIDENTIAL CUSTOMERS AREA 1H20251H2024 INTRED AT A GLANCE +1.1% YoY FY2025 55.855.2
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44 4 STOCK AND SHAREHOLDERS’ STRUCTURE SHAREHOLDERS’ STRUCTURE DM HOLDING S.R.L. 60.38% FIRST SICAV S.P.A. 9.43% OWN SHARES 0.40% MARKET 29.80% 67% DANIELE PELI 33% MARISA PRATI SHAREHOLDER SHARES % DM HOLDING S.R.L. 9,625,549 60.38% VALUE FIRST SICAV 1,500,000 9.41% OWN SHARES 64,281 0.40% MARKET 4,751,120 29.80% TOTAL 15,940,950 100.00% STOCK PERFORMANCE 80 90 100 110 120 130 140 30/01/2025 30/04/2025 31/07/2025 31/10/2025 INTRED FTSE MIB FTSE ITALIA GROWTH
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▪ Revenue performance reflects an evolving mix toward a more efficient and sustainable business model, driven by the strengthening of recurring revenues and a sharper focus on core, higher-margin services ▪ Organic revenue growth of +8.4% YoY, net of one-off effects related to school tenders and the perimeter rationalisation following the integration of Connecting Italia ▪ Recurring revenue reached €51.7 million up +7.2% YoY, accounting for over 95% of total revenues and confirming the high visibility and resilience of the business model ▪ Results confirm the robustness of the business model and the continued expansion of the customer base 5 5 5 FY2025 – ROBUST ORGANIC GROWTH 43.8 47.4 FY2024 FY2025 +8.4% ORGANIC REVENUES(€ MN)* 48.2 51.7 FY2024 FY2025 RECURRING REVENUES(€ MN) +7.2% *ORGANIC REVENUES exclude the one-off effects of school tenders and the integration of Connecting Italia 55.2 55.8 REVENUES(€ MN) +1.1% FY2025FY2024
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66 6 FY2025 – REVENUES BREAKDOWN 58.3% ULTRA BROADBAND CONNETTIVITY 0.7% OTHER 5.7% ANCILLARY SERVICES 3.7% DATA CENTER 4.7% FWA CONNECTIVITY 1.9%BROADBAND CONNETTIVITY 6.5% LANDLINE TELEPHONY 18.2% VOICE & DATA 0.3% MOBILE BREAKDOWN BY SERVICE BREAKDOWN BY AREA BREAKDOWN BY CUSTOMERS 1.3% MANTOVA 1.5% PAVIA OTHERS 3.3% MONZA 13.2% MILANO 2.7% COMO 2.0% LECCO CREMONA 2.7% VARESE 13.2% BERGAMO 52.9%BRESCIA 5.0% 16.8% PUBLIC ADMINISTRATION 56.1% BUSINESS 8.9%WHOLESALE 18.2% RESIDENTIAL
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INTRED Network INTRED Backbone 7 A NETWORK ALMOST 15,000KM, +10% YOY 7 7 BergamoMilano Brescia Como & Lecco Monza - Brianza > 300 K > 100 K > 80 K > 60 K > 60 K > 3.24 M > 1.26 M > 1.11 M > 0.93 M > 0.87 M Source: Eurostat and Unioncamere Lombardia POPULATION: > 10 M ACTIVE COMPANIES: > 800 K POPULATION: > 59 M ACTIVE COMPANIES: > 2.65 M ITALY LOMBARDY Source: Eurostat and Unioncamere Lombardia
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€ /MN>€ 180 MN SINCE 2016 CAPEX TO BUILD,DEVELOP AND STRENGTHTHE NETWORK 8 ▪ 1H2025 investments at € 12.2 MN focused on FTTH network development in Lombardia area ▪ Development of Ultra Wideband connectivity , disinvesting from broadband connectivity by using the proprietary network ▪ Development of the fiber network through IRU contracts with major TLC operators 8 8 INVESTING TO SUPPORT GROWTH 0 10 20 30 40 50 60 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Capex Revenues
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99 9 ▪ Intred leads with 46.6%, far surpassing the market average of 32.9% ▪ FTTH destined to replace all the other data lines Source: AGCOM – Osservatorio Sulle Comunicazioni N4/2025; the remaining 1.2% of the market includes the categories other NGA, other not NGA, and Satellite. FWA FTTH FTTC COPPER 4.6% 12.5% 46.6% 32.9% 40.1% 41.6% 8.7% 11.8% Intred Market ITALIAN FIXED LINES BREAKDOWN STRONG FOCUS IN FTTH
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STRATEGIC PLAN 10
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1111 11 STRATEGIC PLAN 2024-2027: PILLARS PROPRIETARY NETWORK • Monetization of fiber backbone and FTTH • Upselling and multi-year recurring contracts EXTERNAL LINES • Selective bolt-on options from FY26 • Focus on accelerating on-net utilization and synergies DATA CENTER • Expansion into a high- growth adjacent market • Scalable, fully interconnected infrastructure leveraging Intred’s proprietary network Strong cash generation will support growth investments and accelerate net debt reduction
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1212 12 CUMULATED CAPEX 2020-2023 2024E-2027E 100 80 2027E Value of Production 67-73 EBITDA EBITDA Margin 50%34-36 ✓ ✓ ✓ ▪ Growth driven by core business, with Data Centers ramping up and EBITDA margin targeted at 50% by 2027 despite lower school tender impact INTRED 2027 HORIZON 2023 2024 2025E 2026E 2027E CAGR 2023-2027E Value of Production 50.5 56 67-73 High single Digit EBITDA 22.5 24 34-36 Double digit EBITDA margin 44.6% 44.5% 50% €/MN
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1313 13 ▪ Net Debt expected to peak in 2025 due to Data Center investments (~€13 MN by 2027), followed by strong cash generation and lower capex, driving a sharp deleveraging with Net Financial Debt close to zero by 2028; current dividend policy maintained, with potential for review from 2027 STRONG CASH GENERATION AS OF 2026 NET FINANCIAL POSITION EVOLUTION FINANCIAL TARGETS 2027 2023 2024 2025E 2026E 2027E EBITDA 22.5 24 34-36 CAPEX 31.0 32.2 EBITDA – CAPEX (8.5) (8.2) Net Financial Position 20.9 32.9 €/MN -40 -30 -20 -10 0 10 20 30 2023 2024 2025E 2026E 2027E Net Financial Position EBITDA - Capex
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1414 14 ▪ Data center market in Italy set for a +14.4% CAGR expected over the next years ▪ Intred is strategically positioned, leveraging a non-real estate, fully interconnected network approach ▪ Brescia location and customer mix enable targeted upselling, thanks to proximity to Milan and an efficient bundle strategy Source: https://www.mordorintelligence.com/industry-reports/italy-data-center-market IT LOAD CAPACITY (2024)Market Size in 2029 € 3,7 B CAGR (2024- 2029) 14.4% 411.4 MW The IT load capacity of the Italian data center market may grow steadily and reach 805.2 MW by 2029. Media & entertainment, manufacturing, BFSI, and e- commerce primarily catalyse growing IT load capacity by increasing data consumption. Market Shares Others 2.0% 2.0% 3.0% 13.0% 3.0% 4.0% 5.0% 6.0% 10.0%13.0% 13.0% 26.0% TOTAL SUPPLY 301 MW Source: 451 Research Datacenter Knowledgebase and Company Assumptions LOOKING AHEAD: DATA CENTERS
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1515 15 DATA CENTERS: CURRENT STATUS ▪ The Data Center combines technological innovation, urban regeneration, and sustainability, fully aligned with the company’s strategic plan and the structural growth ▪ Positive EBITDA contribution expected from late 2027, with EBITDA projected to exceed Capex starting in 2029 ▪ IRR above 20% over the 2025–2036 period, based on a financing structure with two-thirds debt leverage ▪ Demand-driven investment, supported by significant pre-commitments already secured Preliminary contract signed in September 2025 with DBA S.p.A. for design & construction Initial IT capacity: up to 2 MW, scalable Strategic position in the Milan–Brescia–Bergamo corridor, close to PA tenders and underserved mid-market demand
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16 ▪ Intred confirms its approach to cash re-investments in high growth businesses leveraging on its customer base: School tender Capex close to an end allow the positioning in the appealing Data Centers business ▪ A double-digit growth rate for EBITDA in the 2023-27 period leading to a marging at 50% is possible despite returns on Data Centers will be visible only after 2027 ▪ Strong cash generation as of 2026 will allow the group to bring Net Debt close to zero by 2028 ▪ Medium long-term growth – beyond this Industrial Plan – will be supported by 1)Constant investments in core business to support higher than peers' development 2)Return of Data Center business area 16 16 16 KEY TAKEAWAYS
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APPENDIX 17
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35.4 40.4 45.5 50.1 55.2 27.8 13.9 17.6 19.9 22.5 24.0 12.5 8.1 11.8 12.2 12.7 11.8 6.0 6.1 8.6 8.7 8.2 6.9 3.6 0.4 5.4 -11.5 -20.9 -32.9 -37,4 1H2025 HIGHLIGHTS– GROWTH CONFIRMED EBITDA(€ MN) EBIT(€ MN) NETPROFIT(€ MN) REVENUES(€ MN) NETFINANCIALPOSITION(€ MN) 22.3% 28.6% 26.4% 25.1% 38.4%EBITDA MARGIN EBIT MARGIN 42.8% 43.1% 44.6% 18 2020 2021 2022 2023 +1.1% YoY +9.1% YoY +3.0% YoY +1.6% YoY 1818 18 2024 2020 2021 2022 2023 2024 43.0% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 21.0% 2020 2021 2022 2023 2024 1H2025 1H2025 44.9% 1H2025 21.6% 1H2025 1H2025
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19 1H 2025 - BEST EVER EBITDA MARGIN €/000 1H2025 1H2024 YOY% REVENUES 27,767 25,894 7.2% VALUE OF PRODUCTION 27,893 26,290 6.1% OPERATING COSTS 10,879 10,435 4.3% EBITDA* 12,513 11,466 9.1% EBITDA Margin 44.9% 43.6% EBIT 6,015 5,842 3.0% EBIT Margin 21.6% 22.2% EBT 5,270 5,108 3.2% EBT Margin 18.9% 19.4% NET Income 3,599 3,541 1.6% Net Income Margin 12.9% 13.5% ▪ Connecting Italia merged in 2024 ▪ Turnover at € 27.8 MN, + 7.2% YoY driven by recurring fees which account for about 92.2% ▪ Cost of services growth includes marketing activities to improve brand awareness ▪ EBITDA margin at 44.9% 19 19 * The level of profitability achieved represents an all-time high in both absolute terms and as a percentage, reflecting the Company's operational strength
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20 1H2025 - BALANCE SHEET €/000 1H2025 FY2024 VAR VAR% CURRENT ASSETS 13,564 13,045 519 4.0% CURRENT LIABILITIES (51,285) (51,255) (30) (0.1%) NET WORKING CAPITAL (37,721) (38,210) 489 (1.3%) TOTAL FIXED ASSETS 139,299 133,106 6,193 4.7% Staff severance indemnity (1,691) (1,636) (55) 3.4% Provisions for risks and charges (848) (678) (170) 25.0%. NET INVESTED CAPITAL 99,039 92,582 6,458 7.0% SHAREHOLDERS' EQUITY (61,648) (59,721) (1,927) 3.2% Cash&cash equivalents 7,035 10,280 (3,245) (31.6%) Due to banks within 12 months (25,951) (21,171) (4,197) 19.3% Due to banks after 12 months (18,476) (21,969) 2,911 (13.6) NET FINANCIAL POSITION (37,392) (32,860) (4,531) 13.8% 20 20 ▪ NFP: slightly higher vs FY2024, reflecting the investment cycle and a solid financial structure ▪ NIC: up vs FY2024, driven by continued capex on the proprietary fiber network
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21 EBITDA ANALYSIS:1H2024 –1H2025 €/MN 21 21 21 EBITDA 1H2024 1.9 INCREASE IN REVENUES (0.3) OTHER REVENUES STOCK&RAW MATERIALS (0.1) PERSONNEL COST (0.4) SERVICES COST (0.5) COST OF ACCESS EBITDA 1H2025 11.5 12.50.4
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22 NFP ANALYSIS:2024 –1H2025 €/M N 22 22 NFP 2024 12.5 EBITDA 1H2025 (12.2) CAPEX 1H2025 (0.5) NWC (1.7) TAXES (2.7) OTHER NFP 1H2025 (32.9) (37.4)
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€/MN 23 1H2025FREE CASH FLOW 23 23 ■ 2022 ■ 2023 ■ 2024 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES NET INCREASE/ DECREASE IN CASH & CASH EQUIVALENTS 22.9 (38.8) 18.2 2.3 22.4 (30.6) (1.6) (9.7) 21.7 (31.8) 12.5 2.4 9.8 (12.6) (0.4) (3.2) ■ 1H2025
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INVESTORRELATIONS INTRED CFO & Investor Relations Officer Filippo Leone Tel. +39 3914143050 ir@intred.it CDR Communication IR Advisor Vincenza Colucci Tel. +39 335 6909547 vincenza.colucci@cdr -communication.it Next events March 23, 2026 Board of Directorsmeeting to approve the Financial Statements as at 31.12.2025 April 28,2026 Shareholders’ meeting to approve the Financial Statements as at 31.12.2025 May 5, 2026 Board of Directors’ meeting to approve turnover for the first quarter of 2026 July 30,2026 Board of Directors to approve turnover for the first half of 2026 September 24,2026 Board of Directors’ meeting to approve the Half- Yearly Financial Report as at 30 June 2026 November 5, 2026 Board of Directors to approve turnover for the third quarter of 2026 GENERAL INFORMATION ABOUT THE COMPANY NAME HEAD OFFICES SHARE CAPITAL FULLYPAID-UP VATREG.NO. TAXCODE REA NUMBER LEGAL FORM INTRED S.P.A. VIA PIETRO TAMBURINI, 1- 25136BRESCIA (BS) 10.057.888,00 02018740981 11717020157 BS - 366982 JOINT-STOCK COMPANY WWW.INTRED.IT • INFO@INTRED.IT • 1949 25 25