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Strong Inwit Q2 Broadly In Line With Consensus; Credit Metrics Stable

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Rating: BB+/BBB-

  • Strong growth that was broadly in line with consensus. Debt higher QoQ which is seasonal; -0.1x from Q223. FCF lower on construction and land acquisitions which is evident in the KPIs and ultimately supportive of the growth figures. Doesn’t look like a spread mover.

  • Q2 revenue +8.2% YoY (-0.7% vs. BBG consensus). H1+8.6% on new hustings/services and inflation charges.
  • EBITDA +8.9% (-0.4% vs. consensus). Margin of 91.6% in line with FY23 level and up slightly from the 91.5% seen in Q1. EBITDAal +11.1% YoY (-0.5% vs. consensus).
  • KPI’s hosting on own sites +920, towers +240, tenancy ratio of 2.28x (from 2.26x at Q1).
  • EUR 159mn of Recurring FCF -14.9% YoY (+0.4% vs. BBG consensus). H1 figure was -4.5%, largely on the back of nearly EUR 35mn increase in business investments on construction and land.
  • EBITDA leverage of 4.9x from 4.5x at Q124 and 5x at H123.
  • FY guidance confirmed.
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