MILAN - Italy's top telecoms tower firm INWIT on Thursday confirmed its 2022 guidance while raising next year's targets as contracts with customers adjusted to rising inflation.
INWIT's core earnings rose by 12.6% to 283 million euros in the six months through June, in line with an analyst consensus provided by the company.
Revenue in the period rose by 9.2% to 418 million euros, also in line with consensus, as customers including Telecom Italia (TIM) and Vodafone installed an additional 1,080 antennas on INWIT's towers.
INWIT now expects 2022 revenue of more than 960 million euros and core earnings above 690 million euros. Both numbers are higher than the top end of a previously provided range.
Recurring free cash flow is expected at the top of the existing guidance of 560-600 million euros, it said.
INWIT management has so far ruled out major risks in terms of contract renegotiation driven by inflation.
Born as a spin-off of TIM's mobile tower operations, INWIT merged in 2020 with Vodafone's mast business in Italy to create a national champion in charge of 22,000 towers.
Earlier this year TIM agreed to sell a 12.4% indirect stake in INWIT to French investment firm Ardian for 1.3 billion euros, maintaining a residual indirect 3% holding..
