INWIT slumps as TIM, Fastweb tower JV deal raises growth concerns

Swisscom AG

19/03/2026 09:26

** INWIT INWT.MI shares fall 14.5% to a seven-year low, after Telecom Italia TLIT.MI and Swisscom's SCMN.S Fastweb said they will build up to 6,000 telecom towers in Italy, a potential blow for the country's biggest mobile telecoms towers company

** "This appears negative for the existing tower operators, as it indicates their customers are looking beyond their established MSAs to develop new site infrastructure in order to lower the overall cost of their portfolio," Jefferies says

** It adds INWIT is "most exposed" given its heavy reliance on TIM and Fastweb/Vodafone for roughly 80% of revenues

** Intermonte calls the agreement a "clear threat" that could reduce future site commitments and weaken INWIT's negotiating position, estimating an around 1.7 billion euros  ($1.9 billion) (roughly 2 euros per share) hit to valuation

** The group's shares are on track for their worst day ever and are down over 14% YTD including Thursday's fall

** In a statement to Reuters INWIT said the newly announced agreement was simply an "evolution" of the previous accord between Fastweb and TIM

** Jefferies adds Spain's Cellnex's CLNX.MC is less affected, with Italy accounting for about 20% of profits and a more diversified customer base including Wind Tre and Iliad

** Cellnex shares are down 4.7%

($1 = 0.8731 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))