Inwit earnings date
Inwit (INWN) Q3 2026 Earnings Report
MX:INWN Q3 2026 EPS Results
- Actual EPS
- MXN 2.01
- Consensus EPS
- MXN 2.01
- Beat/Miss
- Met expectations
- One Year Ago EPS
- MXN 2.08
MX:INWN Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- MXN 5.58B
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/10/2026
- Time
- TBA
- Conference Call
- Tuesday, November 10, 2026
Inwit's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call conveyed confidence in INWIT's operating efficiency, cash generation, network quality, balance sheet and medium-term structural growth prospects, with guidance reaffirmed and normalized revenue growth of approximately 3%. However, reported revenue and EBITDA declined year-over-year, the Italian telco market remains weak, and the unresolved MSA disputes create significant legal, commercial and industry uncertainty. Overall, the positive operating performance and strategic positioning were balanced by material market and contract-related challenges.
The company reiterated its 2026 targets and medium-term baseline outlook, including around 200 new towers and more than 1,500 new PoPs in 2026, full year total CapEx in line with the previous indication of EUR 270 million, and recurring free cash flow in line with the full year recurring free cash flow guidance range. The baseline plan assumes no discretional investment from the MNOs, no densification, continuation of the MSA and its contractual commitment, inflation of 1.5% and some development with other customers, supporting revenue growth of 3% and EBITDA growth of 4% through 2030, with an attractive stable dividend and a solid balance sheet; the guided leverage range remains 5x to 6x.
- Q3 Results and 2026 Guidance ReaffirmedManagement stated that Q3 2026 results were in line with full-year 2026 guidance and reiterated both the 2026 targets and medium-term baseline outlook.
- Normalized Revenue GrowthReported Q3 revenues declined approximately 1% year-over-year, but excluding uncommitted, project-based revenues from Q3 2025, normalized revenue growth was approximately 3% year-over-year.
- Anchor Revenue GrowthTower anchor revenues increased 2.8%, supported by inflation and MSA commitments.
- Strong Operating MarginsQ3 EBITDA was EUR 241.9 million, with an EBITDA margin of over 90%. EBITDA after leases was stated at around EUR 192.3 billion, with a 71.6% margin; management highlighted the structural operational efficiency of the business model.
- Leverage Improvement and Stable Debt ProfileThe leverage ratio improved from 5.7x in Q2 to 5.5x, the midpoint of the guided 5x to 6x range. Debt was 80% fixed and 20% floating, with an average cost of debt of approximately 3% and average bond maturity above 4 years.
- Credit Ratings ReaffirmedStandard & Poor's and Fitch reaffirmed their credit ratings. INWIT remains investment grade with Fitch, which has a credit watch negative, and BB+ with Standard & Poor's, which has a stable outlook.
- Progress Toward 2026 Deployment TargetsINWIT deployed 50 new towers in Q3, keeping it on track to reach around 200 new towers in 2026. It also added 310 new PoPs in the quarter and continues to target more than 1,500 new PoPs in 2026.
- DAS and Real Estate ExecutionYear-to-date, INWIT built 70 new dedicated DAS. It completed 290 real estate transactions in Q3 and continued increasing tenancies on existing locations.
- Recurring Free Cash Flow and Capital ExpenditureYear-to-date recurring free cash flow reached EUR 486 million, stable year-over-year, with 67% cash conversion. Growth CapEx was just above EUR 40 million in Q3 and EUR 200 million year-to-date, while full-year total CapEx is expected to remain in line with the previous indication of EUR 270 million. Free cash flow to equity was about EUR 287 million year-to-date.
- Structural Growth DriversNormalized revenue growth was attributed to inflation linked to a 2025 average index of 1.4%, anchor commitments, new towers, new PoPs, DAS deployment in line with MSA commitments, steady growth across other MNOs, and growth in IoT and Smart Infra, particularly indoor DAS in premium locations and Smart City projects.
- Medium-Term Baseline Growth OutlookManagement said that even in an unrealistic scenario where the market remains stuck over the medium term, INWIT could deliver around 3% organic revenue growth and 4% EBITDAaL growth, alongside an attractive stable dividend and solid balance sheet. The baseline plan assumes approximately 1.5% inflation, continuation of MSA commitments, no discretionary MNO investments, and some development with other customers.
- Network Scale and Strategic PositionINWIT highlighted its network of about 26,000 sites, with approximately 75% consisting of unique locations that are hard to replicate, close to 20% of land owned, fiber-connected locations, optimized lease costs, and a strong tenancy ratio. Management described the network as strategic infrastructure critical to national security and the economy.
- Potential Market Densification OpportunityBased on AGCOM's proposed quality-of-service KPIs and milestones, management estimates that the Italian market may need more than 15,000 new sites by 2035, compared with its previous estimate of 7,000 to 12,000 new towers by 2030.
- Commitment to Investment and CollaborationINWIT reiterated that it remains committed to investing, is open to constructive discussions with its anchor customers, and is willing to discuss inflation regulation, pricing for new investments, the existing contract perimeter, and contract duration in pursuit of a fair, value-driven, win-win solution.
- Regulatory Engagement on Industry DisputeManagement viewed the involvement of AGCM, AGCOM and CONSOB as positive for the industry and INWIT. AGCOM has initiated a conciliation process to facilitate a voluntary agreement between INWIT and TIM, although management said the process is not expected to be quick.
MX:INWN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2026 (Q4) | 1.64- | 1.87 | ― | ― |
| Nov 10, 2026 | 2026 (Q3) | 2.012.01 | 2.08 | -3.00% (-0.06) | |
| Jul 28, 2026 | 2026 (Q2) | 1.891.89 | 2.08 | -9.00% (-0.19) | |
| May 13, 2026 | 2026 (Q1) | ―- | 2.04 | ― | |
| Apr 02, 2026 | 2025 (Q4) | 2.081.87 | 2.04 | -8.16% (-0.17) | |
| Nov 10, 2025 | 2025 (Q3) | 2.082.08 | 1.89 | 9.89% (+0.19) | |
| Jul 29, 2025 | 2025 (Q2) | 2.142.08 | 1.93 | 7.53% (+0.15) | |
| May 13, 2025 | 2025 (Q1) | 2.142.04 | 3.9 | -47.87% (-1.87) | |
| Mar 04, 2025 | 2024 (Q4) | 2.241.89 | 1.97 | -4.21% (-0.08) | |
| Nov 05, 2024 | 2024 (Q3) | 2.061.89 | 1.97 | -4.21% (-0.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
