Press Release

INTRED S.P.A.: TURNOVER FOR THE FIRST NINE MONTHS OF 2021 UP 11% TO EURO 28.9 MILLION

SCHOOLS TENDER LAUNCHED WITH ACTIVATION OF 442 SCHOOLS

ULTRA-WIDEBAND CONNECTIONS UP 22%.

Brescia, 5 November 2021 -- 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, met today and examined the unaudited turnover for the nine months ended 30 September 2021, which amounted to €28.9 million, up 11% compared to the same period last year (including QCOM figures).

The increase in turnover was mainly driven by sales of ultra-wideband connections, which amounted to €14.1 million, up 22% compared to the same period last year. There was also significant growth in voice & data services (+14% to €5.7 million). As expected, as a result of a strategic decision to encourage customers to switch to fibre optic connections - the best technology available today - broadband connections are down (-17%, in line with previous years). There was a significant reduction in ancillary services (-12%), which include many ex-QCOM one-off services that are no longer strategic for INTRED.

In more detail, the strongest growth was in recurring fee services, the company's core business, which account for around 91.6% of turnover, or €26.5 million, an increase of 12.6%. Revenues from one-off products/services decreased by 4.4% to €1.9 million due to the divestment of low-yielding, non-strategic ex-QCOM assets (websites, web marketing, hardware sales, etc.), a reduction mitigated by the one-off portion relating to the schools tender of €0.5 million. Sales of telephone traffic also fell by 15.3% to €0.5 million, mainly due to users migrating to flat-rate and/or voice & data solutions.

From a geographical point of view, the greatest improvement in terms of volumes was reported in the province of Brescia, where the company generates the largest portion of its turnover, with an increase of 11% compared to the previous year. In percentage terms, the greatest rise occurred in the province of Lecco with over 50%, while growth in the province of Bergamo was more contained, penalised by the divestment of non- strategic services.

At the infrastructure level, in the first nine months of 2021 the owned fibre-optic network went from 3,570 km at 30 September 2020 to over 4,800 km at 30 September 2021, with a percentage increase of 36%.

Daniele Peli, Co-Founder and CEO of Intred S.p.A., commented: "We are very pleased with Intred's continued growth, quarter after quarter, confirming the quality of our business and our ability to innovate and look ahead. This quarter, in particular, has been characterized by the management of the tender for schools and given the number of activations at schools in Lombardy, we can only be satisfied as we are fully in line with the plan. For the coming months, our primary goal will still be to expand our pervasive infrastructure, as this will enable us to increase the number of customers".

With regard to the type of customer, the greatest growth came from sales in the PA, up 62% thanks to the effects of the so-called schools tender, which was awarded on 1 March 2021 and envisages the provision of ultra-wideband Internet connectivity for schools in Lombardy. Sales results in the residential sector were also positive, with growth of 17.3%, and in the wholesale sector, with growth of 11%. The professional category reported the lowest percentage growth, + 5.4%, due to two main reasons: on the one hand, the limitations imposed by COVID, which slowed down the commercial action of physical contact with customers as well as the obtaining of permits and the relative activation of FTTH PTP connections; and on the other hand, the divestment of services previously offered by the acquired company QCOM, which are no longer strategic for INTRED.

The growth in the number of users with data lines continues, reaching around 44,200 at 30 September 2021, up 12% on the same period last year.

The "churn rate" on turnover remains at an excellent level and is equal to 4.5%.

With regard to the so-called schools tender, cabling works started and 442 schools throughout Lombardy were connected as at 31 October 2021.

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This press release is online at www.1info.it and 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 AIM Italia market since 2018 (symbol: ITD.MI). With an optic fibre network of over 4,200 km, Intred provides business 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 € 28.9 million as at 30 September 2021, make Intred an ideal infrastructure technology partner with a full range of high-quality, reliable and secure solutions. www.intred.it