I 
Infrastrutture Wireless Italiane SpA INW.MI · EUR
Communication Services · Borsa Italiana · 🇮🇹 Italy
7.25
-0.82%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.08bn
FY2016FY2025
Net income
€361.5m
FY2016FY2025
Free cash flow
€517.6m
FY2016FY2025
Shareholders' equity
€3.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.08bn | €1.04bn | €960.3m | €853.0m | €785.1m | €663.4m | €395.4m | €378.5m | €356.6m | €333.5m |
| Operating income | €588.4m | €558.9m | €508.7m | €415.5m | €354.7m | €290.7m | €219.8m | €200.3m | €179.2m | €147.3m |
| Net income | €361.5m | €353.9m | €339.5m | €293.3m | €191.4m | €156.7m | €139.3m | €140.8m | €126.7m | €97.9m |
| Diluted earnings per share | 0.40 | 0.38 | 0.36 | 0.31 | 0.20 | 0.16 | 0.23 | 0.23 | 0.21 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €9.60bn | €9.48bn | €9.35bn | €9.26bn | €9.36bn | €9.09bn | €2.59bn | €1.93bn | €1.81bn | €1.77bn |
| Cash and short-term investments | — | €116.2m | €95.1m | €72.9m | €96.3m | €120.2m | €66.6m | €114.2m | €54.4m | €85.6m |
| Total liabilities | €6.12bn | €5.40bn | €5.01bn | €4.80bn | €4.88bn | €4.50bn | €1.03bn | €384.3m | €288.2m | €289.9m |
| Debt | €4.09bn | €4.63bn | €4.30bn | €4.15bn | €4.15bn | €3.83bn | €794.1m | €170.6m | €100.1m | €120.0m |
| Shareholders' equity | €3.47bn | €4.08bn | €4.34bn | €4.47bn | €4.48bn | €4.58bn | €1.56bn | €1.55bn | €1.52bn | €1.48bn |
| Shares outstanding | 902m | 932m | 954m | 960m | 960m | 966m | 599m | 600m | 597m | 602m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €799.6m | €764.0m | €811.2m | €687.0m | €217.8m | €486.6m | €304.8m | €162.0m | €114.3m | €104.4m |
| Capital spending | −€282.0m | −€469.7m | −€499.2m | −€255.0m | −€168.4m | −€89.3m | −€210.8m | −€62.2m | −€35.7m | −€27.9m |
| Free cash flow | €517.6m | €294.3m | €312.0m | €432.0m | €49.4m | €397.3m | €94.0m | €99.8m | €78.6m | €76.5m |
| Dividends paid | −€674.7m | −€452.2m | −€336.2m | −€307.5m | −€286.8m | −€696.7m | −€126.6m | −€114.0m | −€88.2m | −€56.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €267.0m | €264.1m | €270.8m | €271.1m | €269.0m | €266.2m | €263.9m | €260.3m |
| Operating income | €137.8m | €138.1m | €145.0m | €148.2m | €145.9m | €142.2m | €140.6m | €140.1m |
| Net income | €79.8m | €81.2m | €84.8m | €92.2m | €93.9m | €91.4m | €87.9m | €87.0m |
| Diluted earnings per share | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 |
| Cash from operations | €206.0m | €172.0m | €195.0m | €604.0m | €176.0m | €194.0m | €172.0m | €208.0m |
| Capital spending | −€73.0m | −€81.0m | −€71.0m | −€348.0m | −€80.0m | −€130.0m | −€47.0m | −€15.0m |
| Free cash flow | €133.0m | €91.0m | €124.0m | €256.0m | €96.0m | €64.0m | €125.0m | €193.0m |
| Total assets | €9.45bn | €9.79bn | €9.60bn | €9.39bn | €9.48bn | €9.44bn | €9.48bn | €9.33bn |
| Cash and short-term investments | — | — | — | €33.7m | €111.3m | €57.8m | €116.2m | €56.4m |
| Debt | €4.23bn | €4.23bn | €4.09bn | €4.63bn | €4.83bn | €4.04bn | €4.06bn | €4.05bn |
| Shareholders' equity | €3.13bn | €3.55bn | €3.47bn | €3.59bn | €3.68bn | €4.17bn | €4.08bn | €4.00bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 53.5% | 54.0% | 53.0% | 48.7% | 45.2% | 43.1% |
| Net margin | 33.6% | 34.2% | 35.4% | 34.4% | 24.4% | 23.6% |
| Return on equity | 10.4% | 8.7% | 7.8% | 6.6% | 4.3% | 3.4% |
| Return on assets | 3.8% | 3.7% | 3.6% | 3.2% | 2.0% | 1.7% |
| Free cash flow yield | 16.8% | 16.1% | 16.6% | 14.0% | 5.7% | 8.5% |
| Revenue growth | 4.0% | 7.9% | 12.6% | 8.6% | 18.4% | 67.8% |
| Earnings growth | 2.2% | 4.2% | 15.7% | 53.3% | 22.2% | 12.5% |
| Current ratio | 0.59x | 0.37x | 0.39x | 0.57x | 0.50x | 0.75x |
| Debt to equity | 1.30x | 0.94x | 0.80x | 0.75x | 0.74x | 0.64x |
| Equity ratio | 36.1% | 43.0% | 46.4% | 48.2% | 47.9% | 50.4% |
| Interest coverage | 4.15x | 4.16x | 4.49x | 5.12x | 3.94x | 4.39x |
| Buybacks as a share of market value | 1.6% | 2.1% | 0.7% | 0.0% | 0.6% | -61.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.1% | 10.2% | 16.2% |
| Operating income | 12.3% | 15.1% | 19.9% |
| Net income | 7.2% | 18.2% | 19.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 54.3% | 52.8% | 50.5% | 50.3% |
| Net margin | 33.9% | 34.3% | 31.6% | 32.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.7 | 25.9 | 32.2 | 30.8 | 53.5 | 61.2 | 37.5 | 25.4 | 29.2 | 27.1 |
| Price to sales | 6.6 | 8.8 | 11.4 | 10.6 | 13.1 | 14.4 | 13.2 | 9.4 | 10.4 | 7.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 24 Nov 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.73 | 0.48 | 0.347 | 0.323 | 0.432 | 0.805 | 0.19 | 0.147 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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