INTRED S.p.A.: the Board of directors approved the half-year report as at 30 june 2023.

Press Release

THE BOARD OF DIRECTORS APPROVED

THE HALF-YEAR REPORT AS AT 30 JUNE 2023

SOLID AND PROGRESSIVE TURNOVER GROWTH + 7% AND

MARGINALITY + 12% EQUAL TO 43.5%

• REVENUES at € 24.5 million, up 7.0% (vs € 23.0 million 1H2022)
• EBITDA1 at € 10.7 million, up 12.1% (vs € 9.6 million 1H2022); EBITDA margin at 43.5%
• EBIT at € 6.0 million, in line with last year (vs € 6.0 million 1H2022); EBIT margin at 24.1%
• Net profit at € 3.9 million (vs € 4.3 million 1H2022)
• Net debt at € 19.3 million vs € 11.5 million 31 December 2022
• Capital expenditure of € 16.4 million, focused on network development, reaching over 10,600 km at the end of June 2023

Brescia, 27 September 2022 - The Board of Directors of Intred S.p.A. ("Intred" or the "Company"), a telecommunications operator listed on the EGM market of Borsa Italiana (ITD.MI) since July 2018, examined and approved the Half-Yearly Report as at 30 June 2023, prepared in accordance with Italian GAAP and subject to a limited audit.

Daniele Peli, Co-Founder and CEO of Intred S.p.A., commented: "The results of the half-yearconfirm, once again, the excellent performance of the company, which improves both in volumes and margins year after year. This success is the result of the dedication that the Company has always had in developing the proprietary fiber optic network in the Lombardy region, which is fundamental for guaranteeing ample margins. In particular, in this first half of the year, we invested over 16 million euros to support growth and to respect the commitments relating to the School Calls. The constant growth in the number of customers and the good visibility on recurring revenues allows us to be confident in achieving still flattering results in the second half of the year".

1 EBITDA: Alternative Performance Indicator: EBITDA (Earnings Before Interest Taxes Depreciations and Amortizations - Gross Operating Margin) represents an alternative performance indicator not defined by Italian accounting standards but used by the company's management to monitor and evaluate the operating performance of the itself, as it is not influenced by the volatility due to the effects of the various criteria for determining the taxable income, by the amount and characteristics of the capital employed as well as by the related amortization policies. This indicator is defined for Intred as Profit / (Loss) for the period gross of depreciation and write-downs of tangible and intangible assets, financial income and charges and income taxes.

MAIN ECONOMIC AND FINANCIAL RESULTS AS AT 30 JUNE 2023

RECLASSIFIED PROFIT AND LOSS ACCOUNT

2023	%	2022	%	DELTA	%
Revenues From Sales And Services
24,525,742	99.3%	22,947,077	98.3%	1,578,665	6.9%
Other Revenues
174,931	0.7%	398,974	1.7%	(224,043)	-56.2%
TOTAL VALUE OF PRODUCTION
24,700,672	100.0%	23,346,050	100.0%	1,354,622	5.8%
TOTAL PRODUCTION COSTS
9,852,397	39.9%	9,747,734	41.8%	104,663	1.1%
ADDED VALUE	60.1%	13,598,316	58.2%	1,249,959	9.2%
14,848,275
GROSS OPERATING MARGIN	43.5%	9,587,003	41.1%	1,161,767	12.1%
10,748,769
OPERATING INCOME	24.1%	6,033,999	25.8%	(81,967)	-1.4%
5,952,032
INCOME BEFORE TAX	22.3%	6,144,939	26.3%	(635,143)	-10.3%
5,509,795
OPERATING PROFIT
3,900,606	15.8%	4,267,026	18.3%	(366,420)	-8.6%

The value of production as at 30 June 2023 amounted to € 24.7 million, up 5.8% year-on- year, while the value of sales revenue in the first six months of the year was € 24.5 million, up 7.0% year-on-year (€ 23.0 million).

The increase in turnover was mainly supported by sales of fibre-optic connections, up by 12.3 per cent compared to the same period last year.

In detail, growth was mainly driven by services with recurring fees, the company's core business, which accounted for around 86.0% of sales, or € 20.8 million, an increase of 7.9%. Revenues from so-called"one-off" products and services rose amounted to € 3.5 million, mainly on the back of School Tenders.

As to geographies, the most significant growth, in absolute terms, was reported in the provinces of Como, Lodi, Pavia, Sondrio e Varese. Thanks to the Schools Tenders, Intred is vigorously supporting the expansion of sales in provinces where it had a limited presence, especially in the local PA sector and the professional sector.

Regarding the School Tenders, as at 30 June 2023, over 2,800 schools had been activated, of which 2,700 related to the first tender, equal to 68.2% of the total, and over 120 schools related to the second tender, equal to 9.8% of the total, for a total turnover produced in the semester of € 4.2 million.

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At the infrastructure level, in the first half of 2023 the owned fibre-optic network expanded from 9,500 km as at 31 December 2022 to over 10,600 km as at 30 June 2023, an increase of 12.6%.

Regarding the type of customer, the greatest growth came from sales in the public administration sector, with an increase of 28.0%, thanks to the Schools tenders worth € 4.2 million (17.1% of total sales). Sales in the professional sector also performed very well with a growth of 4.2%.

The churn rate on sales remained at an excellent level of 4.4%, confirming the high level of customer loyalty to the company.

The gross operating margin (EBITDA) in the first six months of the year was € 10.8 million, up 12.1%, compared to € 9.6 million in the previous year, and with an EBITDA margin of 43.5% (41.1% as at 30 June 2022).

Operating Income (EBIT) amounted to € 6.0 million, substantially in line with the 30 June 2022 figure and with an EBIT margin of 24.1%.

Net profit for the six months ended 30 June 2023 stood at € 3.9 million, down from € 4.3 million in the same period of the previous year due to higher financial expenses as a result of rising interest rates.

BALANCE SHEET

Net Financial Debt amounted to € 19.3 million against € 11.5 million as at 31 December 2022. Cash and cash equivalents amounted to €20.7 million, compared to €17.6 million as at 31 December 2022. Short-term bank debts amounted to €14.5 million versus €13.9 million at the end of 2022, while medium- and long-term debts amounted to €25.4 million against €15.2 million at 31 December 2022, as a result of investments in support of the Schools Tenders.

Equity as at 30 June 2022 amounted to € 50.7 million, up from € 48.0 million as at 31 December 2022.

INVESTMENTS AND NETWORK DEVELOPMENT

Investments in the first half of 2023 amounted to € 16.4 million, mainly focused on the development of the backhauling and fibre-optic access network in FTTH mode in the Lombardy region. The strong investment acceleration was necessary to meet the commitments related to the Schools Tenders; the same networks will subsequently be used to activate connections for other local PA users, business and residential customers. The bulk of investments in INTRED's network infrastructure is made up of tangible fixed assets (90% of total investments in the network), consisting of civil works for laying, fibre optic cables, shelters, manholes and electronic equipment; the investments in intangible fixed

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assets - 10% of total investments in the network - include acquisitions of multi-year rights of use for fibre optic cables and/or cable ducts in IRU (Indefeasible Right of Use) mode.

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MAIN SIGNIFICANT EVENTS OF THE PERIOD

On 2 February 2023, Intred announced that it had started work on the preparation and publication of the Company's first Sustainability Report to report on its activities in the area of ESG (Environment - Social - Governance) sustainability in line with the principles of the UN 2030 Agenda. In order to make Sustainability an integral part of the Company's business, it has appointed an internal multidisciplinary team that will follow the issue.

The drafting of the Sustainability Report (or "Report") will be the result of the close cooperation between the specially identified internal team and a team of experts from the University of Brescia, which has prepared an ad hoc project for the Company. The work will take place throughout 2023.

On 20 February 2023, Intred announced becoming a partner in the "STEM in Gender" project conceived by the University of Brescia in line with the objectives of the Gender Equality Plan 2022- 2024 and with the support of LOG - Laboratorio Osservatorio Studi di Genere, for a gender rebalancing in the STEM disciplines (Science, Technology, Engineering, Mathematics).

On 31 May 2023, Intred announced the allocation of rights related to the "Stock Grant Plan 2021-2023" approved by the Shareholders' Meeting on 29 April 2021. The vesting of a total of 16,300 bonus rights was approved.

As a result of the foregoing, the share capital of Intred S.p.A. will therefore be increased free of charge through available reserves for a maximum total of €10,432, resulting in 15,881,600 outstanding ordinary shares with no express par value.

MAIN SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

On July 6, 2023, Intred announced, pursuant to and for the purposes of Article 85-bis of Consob Regulation No. 11971/99, the new composition of the share capital resulting from the allocation of 16,300 ordinary shares following the exercise of 16,300 bonus rights relating to the "2021-2023 Stock Grant Plan".

On 5 September 2023, Intred announced the signing of a multi-year framework agreement with Vodafone Italia for the provision of Intred's fibre-optic network sections under IRU (Indefeasible Right of Use).

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OUTLOOK

The growth outlook for the remainder of the financial year is largely positive. In the second half of 2023 too, revenue growth will be underpinned by sales of ultra-wideband services.

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The company's development will be driven by the ongoing investment programme aimed at extending the network to the entire territory of Lombardy. We therefore believe that results will keep accelerating in the second half of the year especially thanks to the positive effects of the Schools Tenders; the steady growth in the number of customers and the good visibility on recurring revenues make us confident that we will achieve even more flattering results.

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FILING OF DOCUMENTATION

The documentation relating to the Half-Year Report as at 30 June 2023, required by current regulations, will be made available to the public at the Company's registered office (via Pietro Tamburini, 1, 25136 Brescia) as well as through publication on the institutional website www.intred.it,section "Investors/Financial Statements and Reports" and on the Borsa Italiana website www.borsaitaliana.it.

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This press release is online at www.1info.itand on the Issuer's website www.intred.it(Investors / Price Sensitive Press Releases section).

Intred

Reference telecommunications operator in Lombardy founded in 1996 by Daniele Peli, the company's current Chairman and CEO, and listed on the Italian Stock Exchange EGM market since 2018 (symbol: ITD.MI). With an optical fiber network over 10,600 km, Intred provides business, PA and retail customers with broadband and ultra- broadband connectivity, fixed access wireless, landline telephone services, cloud services and related services. The direct management of the infrastructures allow efficiency, profitability, quality of service and a guaranteed and extremely high level of assistance. Its high-value assets and consolidated, highly scalable business model, combined with a turnover of € 24.5 million as at 30 June 2023, make Intred an ideal infrastructure technology partner with a full range of high-quality, reliable and secure solutions. www.intred.it

Euronext Growth Advisor	Investor Relation Advisor
Banca Profilo S.p.A.	CDR Communication
[phone]	Vincenza Colucci
[e-mail]	Tel. [phone]
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Specialist
Integrae SIM S.p.A.	Claudia Gabriella Messina
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Investor Relation Intred	Media Relation
CFO & Investor Relations Officer	CDR Communication
Filippo Leone	Angelo Brunello
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Attached are the Profit and Loss Account and Balance Sheet of Intred S.p.A as at 30 June 2023

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