Rai Way Spa · MIL:RWAY
Rai Way Spa — FY2025 Earnings Presentation
24 slides from Rai Way Spa's earnings presentation, Mar 23, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation 23rd March 2026
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation contains forward-looking statements regarding future events and the future results of Rai Way that are based on current expectations, estimates, forecasts, and projections about the industries in which Rai Way operates, as well as the beliefs a
Slide 3: Speakers
Speakers Roberto Cecatto, Chief Executive Officer Adalberto Pellegrino, Chief Financial Officer Giancarlo Benucci, Chief Corporate Development Officer /3/
Slide 4: Consolidating our upward trajectory
Consolidating our upward trajectory Adj. EBITDA, pre and after leases1 (€m) Adjusted EBITDA margin, pre and after leases1 +72,6% 191,8 +13,5pps 185,6 Pre-leases 180,3 67,8% 66,3% 67,2% 151,0 Pre-leases 142,9 62,2% 61,5% 136,1 181,4 After leases1 59,3% 60,6% After leases1 131,2 169,4 174,8 53,4% 62,3
Slide 5: 2025 confirmed strong business fundamentals
2025 confirmed strong business fundamentals Financial Results – 2025 well above initial expectations thanks to a mix of better operating performance and higher non-core benefits • Core Revenues up 2,4% vs 2024, doubling the CPI contribution, supported by DAB roll-out for RAI and acceleration of acti
Slide 6: FOCUS ON: solar panel project
FOCUS ON: solar panel project Project update: Milano 2 • Priority on 8 sites Milano 1 6,6 MW 5,2 MW • Total capacity at run rate of approx. 40 MW, in line with Industrial Plan expectations Rimini 7,5 MW • 4 sites already authorized (12,5 MW), currently being rolled-out • Full capacity expected in 20
Slide 7: FOCUS ON: Hyperscale DC project authorized
FOCUS ON: Hyperscale DC project authorized Project overview: • Tier IV Hyperscale Data Center made up of 4 independent buildings • 17,500 sqm of total built area • 16 data halls totaling 16,000 sqm (excluding office and ancillary spaces) • 344 total racks per data hall • 35.2 MW of IT power capacity
Slide 8: FY 2025 Financial highlights
FY 2025 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m) Adjusted EBITDA margin Excluding impact from +2,4% +3,3% non-recurring costs, Adjusted Net Income +0,4% 276,1 282,8 191,8 -1,4% 185,6 89,9 88,6 67,2% 67,8% 2024FY 2025FY 2024FY 2025FY 2024FY 2025FY Capex1 (€m) Net D
Slide 9: Core revenues
Core revenues +2,4% • Media Distribution up 2,2%, mainly driven by: 282,8 276,1 o link to inflation o New Services to RAI up ~30% at € 9,7m thanks to (1) 33,3 +4,1% DAB network coverage extension − Digital Infrastructure 31,9 & Other o Rising contribution from CDN • Digital Infrastructures underlyin
Slide 10: Opex (excluding non-recurring)
Opex (excluding non-recurring) +1,0% Personnel costs: 92,4 93,3 • Traditional business personnel costs up approx. 4% mainly driven by the renewal of the collective labour agreement Personnel costs 46,3 48,7 +5,2% • Slightly higher headcount devoted to diversification initiatives (+0,3m vs 2024) Othe
Slide 11: Change in 2025 Adjusted EBITDA vs 2024
Change in 2025 Adjusted EBITDA vs 2024 -3,4m in FY25 vs -2,2m in FY24 Traditional business - underlying • Continued healthy growth of +6,2 traditional business, furtherly +5,7 supported by efficiencies +4,8 +2,6 -2,1 +1,1 -1,2 • Lower-than-initially-expected EBITDA absorption from diversification, w
Slide 12: P&L
P&L Eur Mln, % 4Q2024 4Q2025 % YoY 2024FY 2025FY % YoY • Other Income including capital gain Core Revenues 69,6 71,6 2,8% 276,1 282,8 2,4% on asset sale and tax credits on Other Revenues & income 0,2 0,3 1,9 2,3 development projects Adj. EBITDA 43,4 45,7 5,2% 185,6 191,8 3,3% % margin 62,3% 63,8% 67
Slide 13: Net Debt bridge
Net Debt bridge X,Xx Net Debt/LTM Adjusted EBITDA IFRS-16 Debt 27,1m IFRS-16 Debt 33,6m Gross Debt 118,7m Gross Debt 107,5m Cash&Eq(5) -9,3m Cash&Eq(5) -13,5m 136,5 127,6 0,71x Including € 28,7m of development capex 89,7 0,69x 14,7 (187,3) 4,8 (0,8) 35,7 52,1 Net Debt 2024YE EBITDA Capex(1) Taxes(2)
Slide 14: 2025 recurring cash generation and dividend proposal
2025 recurring cash generation and dividend proposal 89 ● Dividend proposal of 33,00 €cent/share (pay-out ratio of 181 ~100% of Net Income), with a dividend yield(5) of 5,7% (5) ● Approx. € 761m distributed to Shareholders since listing (37) (~95% of IPO market cap), when including the proposed divi
Slide 15: Sustainability key targets achieved
Sustainability key targets achieved ENVIRONMENTAL Current ESG Ratings • Carbon neutrality achieved across the entire company on Scope 1 & 2 Dic. 2025 • Definition of Rai Way's climate strategy and submission of SBTi targets Score: A- Previously A- Leadership • 146% increase in use of HVO biofuel for
Slide 16: 2026 Outlook
2026 Outlook Substantially in line with the previous year with underlying1 business growth offset by lower benefits from non-core items, not including changes in energy Adjusted price vs 2025 EBITDA ca. +/-0,7 €m impact on Adjusted EBITDA for every -/+10 €/MWh change in wholesale electricity tariff2
Slide 17: Q&A Session
Q&A Session
Slide 18: Contacts
Contacts Andrea Moretti, Head of Investor Relations +39 335 530 1205 +39 06 331 70391 andreadanilo.moretti@raiway.it andreadanilo.moretti@raiway.it investor.relations@raiway.it investor.relations@raiway.it www.raiway.it / Investors www.raiway.it /18/
Slide 19: Appendix
Appendix
Slide 20: FY 2025 revenue breakdown by client
FY 2025 revenue breakdown by client +2,4% 282,8 276,1 − Third-Parties 43,8 45,4 +3,7% − New services 7,5 9,7 227,7 − Fixed consideration +2,2% & recurring services 224,8 2024FY 2025FY /20/
Slide 21: Detailed summary of FY 2025 Income Statement
Detailed summary of FY 2025 Income Statement (€m; %) 4Q24 4Q25 FY24 FY25 Core revenues 69,6 71,6 276,1 282,8 Other revenues and income 0,2 0,3 1,9 2,3 Purchase of consumables (0,4) (0,4) (1,3) (1,4) Cost of services (12,1) (13,0) (42,0) (42,9) Personnel costs (13,0) (13,9) (46,5) (50,1) Other costs
Slide 22: Summary of Balance Sheet as at December 2025
Summary of Balance Sheet as at 31 December 2025 (€m) 2024FY 2025FY (€m) 2024FY 2025FY Non current assets Shareholders' Equity Tangible assets 306,0 304,0 Share capital 70,2 70,2 Rights of use for leasing 33,6 36,6 Legal reserves 14,0 14,0 Intangible assets 27,0 33,7 Other reserves 37,2 37,8 Financia
Slide 23: Balance Sheet as at December 2025
Balance Sheet as at 31 December 2025 (22,7) (23,8) 328,5 Including rights of use for leasing under IFRS- 136,5 16 (€ 36,6 m) 375,0 192,0 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use f
Slide 24: Summary of FY 2025 Cash Flow Statement
Summary of FY 2025 Cash Flow Statement (€m) 4Q2024 4Q2025 FY2024 FY2025 Profit before income taxes 26,5 25,2 125,4 124,4 Depreciation, amortization and write-downs 13,0 15,6 51,1 56,4 Provisions and (releases of) personnel and other funds 4,2 2,1 5,3 4,9 Net financial (income)/expenses 1,5 1,4 6,4 5