Rai Way Spa · MIL:RWAY
Rai Way Spa — H1 2025 Earnings Presentation
20 slides from Rai Way Spa's earnings presentation, Jul 31, 2025
Slide 1: 1H 2025 Results Presentation
1H 2025 Results Presentation 31st July 2025
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: Key messages on 1H 2025
Key messages on 1H 2025 Financial Results: • Both Media Distribution and Digital Infrastructure revenues growing above CPI, supported by o DAB coverage extension for RAI o rising tower hosting volumes (in particular from Radio broadcasters) o initial contribution from diversification initiatives • A
Slide 5: 1H 2025 Financial highlights
1H 2025 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m) Adjusted EBITDA margin +2,0% +3,0% 137,6 140,3 93,5 96,3 +0,2% 68,0% 68,6% 47,2 47,3 1H2024 1H2025 1H2024 1H2025 1H2024 1H2025 Capex1 (€m) Net Debt (Cash) (€m) Cash Conversion2 Net Debt/Adjusted EBITDA 15,3 16,1 177
Slide 6: Core revenues
Core revenues +2,0% 140,3 137,6 • Media Distribution up 1,8%, mainly driven by: 16,4 − Digital Infrastructure 15,8 +3,6% o link to inflation o coverage extension of RAI DAB network (New Services to RAI up 20%) 124,0 +1,8% • Digital Infrastructures up 3,6%, driven by: − Media Distribution o tower hos
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) Personnel costs: +3,7% 45,9 • up approx. 6% YoY when excluding lower level of 44,3 capitalization compared to 1H24 • Main drivers: Personnel 23,4 25,7 +9,9% o renewal of the collective labour agreement costs o planned increase in workforce, also related to diversificat
Slide 8: P&L
P&L Eur Mln, % 2Q2024 2Q2025 % YoY 1H2024 1H2025 % YoY Core Revenues 68,7 70,3 2,4% 137,6 140,3 2,0% Other Revenues & income 0,1 1,8 0,3 1,9 • Proceeds from asset sale included in Other Income Adj. EBITDA 46,7 49,4 5,8% 93,5 96,3 3,0% % margin 68,0% 70,3% 68,0% 68,6% Non recurring costs -0,1 -0,7 -0
Slide 9: Net Debt bridge
Net Debt bridge IFRS-16 Debt 40,0m Gross Debt 148,3m Cash&Eq(5) -10,5m IFRS-16 Debt 33,6m Gross Debt 107,5m Cash&Eq(5) -13,5m 177,8 Mainly related to capex payment and Including € 6,2m usual tax cycle 0,94x 127,6 of development capex 89,2 0,69x (95,7) 9,9 9,3 19,1 2,2 16,1 Net Debt 2024YE EBITDA Cap
Slide 10: Outlook for 2025 updated
Outlook for 2025 updated Improvement mainly driven by more favorable electricity tariffs and higher non-core benefits Adjusted • Adjusted EBITDA now expected above 2024 level EBITDA • Underlying(1) trend confirmed, with further healthy growth of traditional business partially offset by absorption fr
Slide 11: Q&A Session
Q&A Session
Slide 12: 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 /12/
Slide 13: Appendix
Appendix
Slide 14: Edge DCs: Enterprises reference market
Edge DCs: Enterprises reference market Why DC is needed: Type of customer Typical sales cycle COLOCATION PRIVATE CLOUD Large Direct Indirect Channel Channel ENTERPRISES Medium Simple projects: Direct + Indirect Indirect Channel Channel up to 6 months Small Indirect Channel Complex projects: DIGITAL
Slide 15: Edge DCs: go-to-market improvement
Private Cloud provider with DC operator with Private Clo DC ope Edge DCs: go-to-market improvement Infrastructure offer extension to better capture the enterprises’ DC needs • Data center requirements originating from private clouds represent approx. half of Rai Way's priority market (medium-size en
Slide 16: Detailed summary of 1H 2025 Income Statement
Detailed summary of 1H 2025 Income Statement (€m; %) 2Q24 2Q25 1H24 1H25 Core revenues 68,7 70,3 137,6 140,3 Other revenues and income 0,1 1,8 0,3 1,9 Purchase of consumables (0,3) (0,3) (0,6) (0,6) Cost of services (9,6) (9,3) (19,1) (18,9) Personnel costs (11,8) (13,1) (23,5) (25,7) Other costs (0
Slide 17: Summary of Balance Sheet as at 30 June 2025
Summary of Balance Sheet as at 30 June 2025 (€m) 2024FY 1H2025 (€m) 2024FY 1H2025 Non current assets Shareholders' Equity Tangible assets 306,0 301,1 Share capital 70,2 70,2 Rights of use for leasing 33,6 37,4 Legal reserves 14,0 14,0 Intangible assets 27,0 25,9 Other reserves 37,2 37,5 Financial as
Slide 18: Balance Sheet as at 30 June 2025
Balance Sheet as at 30 June 2025 (12,6) (24,4) 328,0 Including rights of use for leasing under IFRS- 16 (€ 37,4 m) 177,8 365,0 150,2 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 for l
Slide 19: Summary of 1H 2025 Cash Flow Statement
Summary of 1H 2025 Cash Flow Statement (€m) 2Q2024 2Q2025 1H2024 1H2025 Profit before income taxes 32,5 34,6 65,9 66,3 Depreciation, amortization and write-downs 12,7 12,9 24,6 26,7 Provisions and (releases of) personnel and other funds (0,9) 0,9 0,2 1,9 Net financial (income)/expenses 1,4 1,3 2,8 2
Slide 20: Slide 20