INWIT immediately pushed back, calling TIM’s characterisation of the ruling “incorrect” and insisting that the core contractual question—whether the MSA runs until 2038—remains unresolved and must be decided at a full trial. On 27 and 28 July, the company formalised its appeals against both precautionary orders, signalling that it intends to fight the contract terminations on the merits.
The legal standoff is already reshaping the company’s investment profile. Industrial investments in the second quarter fell 22.7% year-on-year to €49.8 million. Over the half-year, capital expenditure dropped 11% to €131.7 million, new site additions collapsed 76.2% to just 50 units, and new tenancies shrank 47.2% to 380 units. The slowdown reflects not only the end of certain PNRR-linked projects but also a deliberate pullback while the MSA dispute clouds the revenue outlook.
Financial leverage has risen in parallel. Net financial debt, including IFRS 16 lease liabilities, stood at €5.45 billion at 30 June 2026, up 10.4% from a year earlier. The increase was driven largely by shareholder dividends, pushing the leverage ratio to 5.7 times EBITDA—a level the company had already flagged in its forecasts.
Despite the legal headwinds, INWIT reaffirmed its 2026 guidance and its medium-term baseline outlook. Director General Diego Galli stated that the results reflect a “contingent industrial context” and that the company expects a return to business growth in 2027. He also reiterated the group’s conviction in the strength of its legal position.